The Prospects of Accounting Professions in Bangladesh 2011
The objectives of a university establishment at present times are two- to educate young
scholars in thousands and to delay the entry of those thousands into the job markets, as
full time employees. This is so because the existent job markets do not exactly suffer
from lack of people looking for employment. And with the current stressful economic
conditions throughout the world, quality jobs with a lucrative paycheck can prove to be
an elusive hunt to catch. Thus, it is never too early or a waste of time to do some
advanced research on the job prospects related to a certain academic field, worldwide or
at a national level. Therefore, even though our topic of research is ‘Prospects of
Accounting Professions in Bangladesh’, we have also taken a look at its worldwide
popularity besides keeping a close watch on national prospects, in the hope that we may
prosper in any part of the world, should we decide upon an accountancy profession in the
future.
WORLD OVERVIEW
The Early Years of Accounting:
Accounting has evolved, as have medicine, law, and other professions, in response to the
social and economic needs of society. For the most part, early accounting dealt only with
meeting the financial information needs of a relatively few owners of business
enterprises. As business and society became more complex over the years, the
accounting function expanded in order to meet the needs of a variety of interested parties.
The two major users of accounting information may be referred to as internal users and
external users. The management of the entity is an internal user; all other users, such as
investors, creditors, labor, and governmental bodies, are external users of accounting
information.
The different information needs of the various decision makers results in two related, but
different accounting reporting systems. The accounting system used to provide
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information to the management of an entity is referred to as managerial accounting. The
accounting system used to provide information to external users is referred to as financial
accounting. It should be pointed out that there is not a complete separation between the
managerial and financial accounting systems. The primary accounting records are for the
preparation of the financial statements, which are directly or indirectly required by law.
Much of the accounting information for managerial decision making comes from those
records. Moreover, management is responsible for the content of financial accounting
statements. Also, management is obviously concerned about the financial statements,
since these statements are often used to evaluate management. In addition, external users
would probably want to have much of the economic information referred to as
managerial accounting, but such information is not provided externally because it would
be available to competitors; hence it is viewed as confidential information. Finally, the
term financial accounting is somewhat misleading because all accounting is financial in
that it is stated in monetary terms.
Prospects of Accounting Profession:
Accountants are involved in different levels of management. From simple recording of
transactions to preparation of financial statements and report, to business analysis and
even to controllership, accounting professionals flock the corporate ladder. They
participate in cost efficiency measures, consensus of mergers and acquisitions, total
quality management, development of information systems and tax management.
Future Prospect of Accountants:
Economic Growth
Development of Financial Industry
Market Development of a country
Role of Accountants in the Future Economic Growth
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Average 6% GDP growth
Continuous expansion of economy
Demand for commercial services increases
Accounting profession benefits from economic expansion
Development of Financial Sector:
CE emphasizes financial sector
Supportive governmental actions
Profits tax cut
Frequent promotion of different financial services in overseas countries
Number of enterprises increases
Demand for accounting service increases Lack of Talent
Shortage of talents still exists
Accountants shift to other sectors
Big accounting firms absorb a lot of talent
Small and medium size firms fail to compete for talent
New accountants fail to fill up vacancies
Different Roles of Accountants:
Traditional roles
Auditing
Accounting
Tax advice
Additional Roles
Management Consultant
Financial Planner Auditing
Most profitable field in the past
Now facing more challenges
Professional liability risk
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Stricter regulatory system
Competition and auditing agents
More complex accounting standards
Accounting Standards:
Quality services expected
Strict accounting standards developed
Development of Small GAAP for SMEs
Difficult for accountants
More than one set of standards
Frequent changes
Time needed to become familiar with all sets of standards Accounting Service
Traditional roles of accountants are facing more and more difficulties. Accountants are
relying only on traditional services and would face a diminishing future career. Value
added services are needed to preserve competitiveness. New accountants should focus on
prospective fields
Other Challenges:
Long working hours
Accountants in big accounting firms always face long working hours
Difficult to solve in foreseeable future
New accountants should be prepared
Less promotion chance and income in top positions
Broader scope of knowledge
Professional knowledge
Current issues
Corporate cultural issues
Communication skills
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Physically and psychologically prepared
High working pressure
Long working hours Conclusion
Accounting profession generally has good prospects in the future
Risks and challenges are faced by traditional field of accounting services
New value added services are key to future success of accountants
New accountants should be well prepared for the bright career path in the
accounting profession
The Development of International Accounting Standards:
Accompanying the movement to a global economy has been the development of an
international capital market. A U.S. company in need of funds, for example, may seek
financing in one or more foreign countries, or a foreign company may seek financing in
the United States. Similarly, a U.S. investor may invest in foreign securities, or a foreign
investor may invest in U.S. securities. The movement of capital across borders is sizable.
A major problem that exists relates to differences in accounting principles and practices,
which are peculiar to a particular foreign country in which operations are conducted.
Significant advantages are expected to be achieved if a universally applicable system of
accounting principles were adopted.
“Global Accounting” Phenomenon
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The term “global accounting” is often used lately to describe the phenomenon of widely
use of the IAS/IFRS and their adoption by more and more countries and institutions.
Complying with the international standards or preparing domestic standards which
conform with the IAS/IFRS has created a vast area of identical or similar accounting and
financial reporting rules that facilitates the flow of capital and increased investments thus
reducing considerably the costs of converting from one set of rules to another. In this era
of “global finance” and “global markets” the “global accounting” was a must and a due
necessity.
Nevertheless one can question if the “global accounting” is the right trend for small
countries with mainly small businesses like Bangladesh. A noticeable trade-off between
the cost and benefits of adopting internationally compliable standards has been a field of
debate among practitioners and academics even in Bangladesh. “Global accounting” is
costly especially for small countries like Bangladesh that don’t have an active capital
market that would benefit from better accounting rules and more transparent financial
information. Still we believe that the initial technical difficulties and expensive
requirements will pay off in the long-run future.
Efforts to Develop Worldwide Accounting Standards:
Most countries recognize the need for more uniform accounting standards. Probably the
best hopes for finding areas of agreement among all the different countries are the
International Accounting Standards Board (IASB) and the International Federation of
Accountants (IFAC). The International Accounting Standards Committee IASC was
formed in 1973 as a result of an agreement by accountancy bodies in Australia, Canada,
France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland, and
the United States. At the beginning of 2001, the IASC appointed a new International
Accounting Standards Board (IASB) with the responsibility of working toward a single
set of high-quality global accounting standards. The role of the IASB is to contribute to
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the development and adoption of accounting principles that are relevant, balanced, and
comparable throughout the world by formulating and publicizing accounting standards
and encouraging their observance in the presentation of financial statements. The IASC
was especially helpful to companies in developing economies that did not have the
financial history or resources to develop accounting standards.
The IFAC, which was formed in 1977 and also consists of most of the world’s
accountancy organizations, fully supports the work of the IASB and recognizes the IASB
as the sole body having responsibility and authority to issue pronouncements on
international accounting standards. The IFAC’s objective is to develop international
guidelines for auditing, ethics, education, and management accounting.
Advantages of Universally Applicable Standards:
The successful development of and convergence toward high-quality internationally
accepted accounting standards will provide direct benefits to auditors, users, preparers
and regulators of financial information and statements. More generally, the availability of
common and more reliable financial data should facilitate international investment and
reduce the cost of capital worldwide. Accounting costs for multinational firms operating
in different jurisdictions will be reduced with the narrowing and eventual elimination of
national differences. Regulators will benefit from the greater consistency and quality of
information.
Despite this and other benefits that could be achieved by the international harmonization
of accounting practices, those attempting to achieve an internationalization of accounting
standards have encountered numerous barriers.
Barriers to Harmonization:
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The most serious barriers to harmonization of accounting standards are
Cultural Differences - Countries differ in economic environment, political structure,
and language. These differences contribute to the diversity in accounting principles
among countries, and this diversity makes it harder to agree on a common set of
principles. An economic environment with a high rate of inflation, for example, may
generate an accounting principle that requires inflation adjustments to the financial
statements, but a country with a low inflation rate may not require such adjustments.
Some political systems place more emphasis on private ownership of property than do
other systems, and this may lead to differences in accounting principles. The
relationship between tax law and accounting principles also differs among countries.
In some countries, financial statements must conform to tax returns, but in other
countries, tax returns and financial statements may differ significantly. Language
differences also create problems in establishing a uniformly understood set of
international accounting principles. Accounting contains many technical terms and
not all languages can easily assimilate the fine points of technical definitions.
Difference In National Principle-Setting Bodies - The nature of the group with
primary responsibility for formulating accounting principles varies from one country
to the next. The group may be a committee in the private sector, or it may be a
governmental body. The group’s membership may consist of accountants only, or it
may be a mix of accountants and non accountants. A governmental body containing
non accountants is likely to have a different perspective about appropriate accounting
principles than is a private-sector committee composed of accountants only.
Nationalism - A strong national principle-setting group, for example, may not want
its role to be only that of advocate for its country’s interests at the international level.
Concerns about compromise and future roles create a tendency in principle-setting
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bodies to resist, or slow down, the movement toward international harmonization of
accounting principles.
Legal Enforcement - The IASB has no legal power to establish accounting standards
and therefore must rely on the voluntary actions of member bodies and other groups
to support and enforce its standards.
The road to international harmony is a difficult one. However, there is reason for
optimism because an increasing number of countries are recognizing the appropriateness
of international accounting standards in international trade and commerce.
FUTURE OF ACCOUNTANCY IN BANGLADESH
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In Bangladesh the profession of accountancy developed during the British colonial period
and is represented by two professional bodies, the Institute of Cost & Management
Accountants of Bangladesh (ICMAB), and the Institute of Chartered Accountants of
Bangladesh (ICAB). The GAAP in Bangladesh are based upon standards set by the
ICAB, which has stated its intention to adopt the International Financial Reporting
Standards As of 2001, 23 such standards had already been adopted, and listed companies
are required to use the IFRS. So the road to international harmony in accounting practices
is paved for Bangladesh.
Since accountancy is a critical component of the infrastructure for the Bangladeshi
market economy, no economically sound activity would be possible without accountancy.
Beyond the information it provides on the financial position and profitability of
operations, it is the foundation of countries' fiscal systems and it plays a key role in
corporate governance. Accountancy is relied on when enforcing prudential management
requirements for banks, insurance companies, securities dealers, and other market
participants. As a result, the accountancy sector is among the most regulated in the
world's advanced economies in terms of its liabilities towards to the society. Appropriate
accountancy can ensure accountability for finances, fairness, and performances and
prescribe way to guarantee good governance by institutionalizing a powerful
accountability structure that holds every public and private sector official answerable for
his or her actions as public or corporate official.
Thus, keeping the importance of accountancy in mind, Bangladesh too has many
accounting jobs to offer. Finance and accounting, along with marketing and sales sector
employs a large number of people in Bangladesh. The sector of finance is one of the most
developing sectors in Bangladesh at present. Due to its stable economic growth, a large
number of accounting and financial organizations are opening and have opened its
branches in Bangladesh. Presently due to the stable condition of this sector, Bangladesh
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government is trying to improve pays and perks for this sector specially. Along with this
a large number of private organizations have come up now.
So there accounting jobs available in four main categories: public accounting,
management accounting, government accounting and internal auditing.
Public Accounting:
Public accounting jobs offer the broadest and most varied type of accounting tasks.
Public accountants practice bookkeeping, financial analysis and account management
services for their clients, whether they are individuals, private businesses, public firms,
government agencies or not-for-profit organizations. A public accounting business can be
one accountant, a partnership involving two or more accountants, or a firm containing
hundreds of accountants.
The duties carried out by the various types of public accountants range from simple tax
preparation and advice, to consultations in the areas of employee compensation and
accounting system design. Some public accountants are involved in external auditing,
where they audit their clients' financial records to ensure statements have been handled
properly, reporting their findings to investors and authorities. These accountants
primarily look at historical financial data, discovering problems or errors in retrospect.
Management Accounting:
Management accountants are also known as private accountants, or cost, industrial or
corporate accountants. Rather than offering their services to the general public, this type
of accountant is employed by a business or agency for the purpose of recording and
analyzing the company's financial data. The accountant uses this data to carry out tasks
such as asset management, budgeting, performance evaluation and cost management.
They are often involved in budgeting for the release of new products, as well as in
preparing financial data for investors and tax authorities. As opposed to public
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accountants, management accountants primarily look at past and current data in order to
plan for the future.
Certified Public Accountants can be employed by the private sector in positions such as
Chief Financial Officer (CFO) or CEO, provided they are fully skilled in business
practice.
Government Accounting:
Government accounting is a form of public accounting, applied to government agencies
and private businesses that are subject to government regulations. Accountants in this
field perform public accounting duties for these agencies, making sure revenues and
expenditures are carried out according to law. Accountants employed by the Federal
Government can be part of the IRS, or can be involved in budgeting and government
asset management.
Internal Auditing:
Internal auditing accountants review their company or firm's financial management
practices, checking for mismanagement, fraud and waste. They evaluate the company's
budgeting and management systems and operations for performance, efficiency, and
compliance to laws and regulations. Under this designation, internal auditing accountants
may specialize in areas such as information technology auditing, compliance auditing or
environmental auditing. Some of the posts offered to carry out accounting and finance
jobs in Bangladesh are as follows:
Business development manager
Financial sales consultants
Financial controller
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Book keeper
Bank official
Management accountant
Manager (internal audit)
Financial consultant (mortgage)
General manager (finance)
Senior accounts officer
Commercial executive
Share manager
Management trainee officer
Social mobilizer
Director/Deputy director (finance)
Audit officer
Accountant
Credit inspector
Cost accountant
Finance and administration assistant
Assistant financial controller
Qualifications :
The job seeker must be from the commerce background. The candidate must be an
M.Com/ MBA (Accounting/Finance)/ACA/ FCA/ ACMA/ FCMA/.Candidates should
also have people management skills, should be able to work along with other departments
in the organization, must have time management /prioritization skills, must have the
knowledge of advanced ERP. In case of some posts, the employee will have to prepare
monthly cash flow records and also have to manage the working capital. The job seeker
must also be able to review the balance sheet and should be able to prepare various
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monthly financial reporting schedules. The candidate should also have good knowledge
of computers and should have good communication skills, both oral and written.
Work Experience :
Work experience required for finance and accounting jobs in Bangladesh is at least 2-3
years. For higher posts substantial experience is required. Some companies even demand
up to 10 -12 years of experience. The applicants should have the experience in accounts,
finance, audit, tax which includes VAT, customs duty, income tax etc.
Working Hours :
Nothing is mentioned about the working hours for the finance and accounting jobs in
Bangladesh. All the jobs in this sector are full time jobs.
Pay Scale :
The pay scale for finance and accounting jobs in Bangladesh are not specified but they
are according to the industry standards and also depend upon the qualification and
experience of the job seeker.
Chartered Accountancy:
Aside from these posts, Chartered Accountancy (CA) has emerged as a unique profession
of capital importance and is now discussed at various economic seminars, capital
markets, investments and such other forums. To cope with the increasing demand in the
field of economy, innovative financial instruments are being constantly introduced and
the profession world-wide, apart from accounting, taxation, financial management and
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other financial consultancy is in the forefront in launching these financial products. The
qualification of a Chartered Accountant is being increasingly acclaimed as the “best”
professional qualification in this millennium of free market economy and globalization of
trade and services. Education and training system of Chartered Accountants is such that
after qualifying, a Chartered Accountant may go for public practice either on his/her own
or in partnership with other Chartered Accountant(s) or he/she may go for employment in
trade, commerce, industry, finance, etc.
In today’s free globalized world, Chartered Accountants are in public practice, in all
sizes of accounting firm from sole practitioners to affiliates of large international firms.
They are also employed in industries, finance and commerce playing a wide variety of
financial, management and senior policy making roles both at home and abroad. The
members of the Institute of Chartered Accountants of Bangladesh are known as the
Chartered Accountants of Bangladesh.
The objectives of Chartered Accountancy in the national level are:
Regulates the accounting Profession and matters concerned there with in the
country
Administers its members and students
Ensures sound professional ethics and code of conduct by its members
Provides specialized training and professional expertise in Accounting, Auditing,
Taxation, Corporate Laws, Management Consultancy, Information Technology
and related subjects
Imparts Mandatory continuing Professional Education (CPE) to its members
Fosters acceptance and observance of International Accounting
Standards(IAS)and International Standards on Auditing (ISA)and adopt IAS &
ISA in Bangladesh as Bangladesh Accounting Standards(BAS)and Bangladesh
Standards on Auditing (BSA) respectively
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Keeps abreast of latest developments in Accounting techniques, Audit
methodology, Information technology , Management consultancy and related
fields
Liaises with regional and international organizations to influence the development
of efficient capital markets and international trade in services.
Chartered Accountancy is also driven by a mission.
“To provide leadership in the development,
Enhancement and coordination of the
Accountancy profession in Bangladesh”
Benefits of being a Chartered Accountant:
A Chartered Accountant is a Professional who is trained in and possesses the expertise to
perform the various types of work such as Accounting, Taxation, Auditing, Financial
Management, Project Appraisal, MIS, IT, Computer Auditing, Consultancy etc. In
certain areas, like audit, they have the monopoly.
The practicing Chartered Accountants mainly carry out audit, inter alia, of financial
statements of various enterprises/organizations as Public Accountants under the banners
of approved Chartered Accountant Firms.
Chartered Accountants engaged in public practice mainly carry out the following
functions:
Perform professional services involving auditing or verification of financial
transactions, books, accounts or records, or preparation, verification or
certification of financial, accounting and related statements;
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Render professional services or assistance in or about matters of principles or
details relating to accounting procedures, costing techniques, or recording,
presentation or certification of financial facts or data;
Render professional services or assistance as Management Consultant in or about
matters of accounting methods, systems and techniques involving forecasting, in
order to assist management in its task of formulating policies, programmes,
management systems and procedures for maintaining and improving efficiency.
Management Consultancy services encompass, inter alia, the following areas:
Valuation of business and shares
Designing of accounting, internal control and operational systems for
organization. Rendering of services like maintaining computerized financial
accounts of companies, business process re-engineering, management selection
and recruitment, disinvestment of government enterprises, etc.
Apart from these CA Firms are also engaged in:
1. Taxation services
2. Business Information System (BIS)
3. Statutory and Liquidation services, etc.
Many positions of trust and responsibility are open to a Chartered Accountant such as
Chief Executive, Member Finance, Finance Director, Company Secretary, Chief
Accountant, Finance Controller, Systems Analyst, Internal Auditor, Accountant, etc. in
Listed Companies, Corporations/ Autonomous bodies or in industrial, financial,
commercial or educational enterprises.
A Chartered Accountant can also serve on the Board of Directors of various
organizations, particularly financial institutions. Such positions of responsibility, trust,
honour and dignity are offered to Chartered Accountants because of their excellent
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educational & training background, professional know-how & technical expertise and
sound financial knowledge & experience, enable them to contribute towards solving
accounting, financial, educational and business problems at top levels.
Linkage to International bodies:
The Institute is a permanent active member of several International and Regional
Accounting Bodies like:
International Federation of Accountants (IFAC), the apex body of the accounting
profession in the world and sole authority for adoption and implementation of
Auditing Standards Ethics etc.
International Accounting Standards Committee (IASC),the sole custodian for
adoption and implementation of Uniform Accounting Standards for member
countries
Founder member of South Asian Federation of Accountants (SAFA), the
Regional Accounting Organization of South Asia
Confederation of Asian and Pacific Accountants(CAPA)
International Accounting Standards Boards(IASB)
Moreover, the Institute has to make liaison with various government agencies, local and
international Chamber Bodies and business houses.
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Career Prospects in Comparison with other Professions:
CA is an internationally relevant and accessible qualification – a go-anywhere passport to
a successful career. In an age of growing globalization and intensified competition,
modern business demands timely and accurate financial information. That is why CAs’
are sought after by companies across the world. They are commercial business managers
with wide-ranging skills. With this globalization, the world economic scenario is rapidly
evolving. Innovative financial instruments are being constantly introduced in the twenty
first century, and the Chartered Accountancy (CA) Profession world-wide is in the
forefront in launching these financial products. Chartered Accountancy (CA) has
emerged as a unique profession of paramount importance. Anybody will find Chartered
Accountancy as a satisfying and rewarding profession. Apart from exciting opportunities
and attractive pay-packages, Chartered Accountancy qualification is recognized
internationally, and its reputation and value are maintained through high standards of
assessment and regulation. It is the professional qualification of choice for businesses
worldwide.
The profession of Chartered Accountancy is looked upon with great honour and dignity.
Chartered Accountants have developed this over the years through sincerity, devotion,
and integrity. Business promoters and owners cannot deal with every detail of their
business. The People they employ to conduct their business do a lot of things on each of
those where they cannot lay their finger tips. Promoters and owners engage Public
Accountants to let them know net results of their business activities and repose full
confidence in Public Accountants to dig out truths, where necessary.
Due to the increasing demand for their services, the average earnings/remuneration
packages of Chartered Accountants have also steadily increased in recent past. Hence a
student, on successful completion of examinations and training, could look forward to a
comfortable compensation package.
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Today’s world is governed by commerce and trade. Only the Chartered Accountants can
control the matters related to commerce and trade. So there is an increasing demand of
Chartered Accountants worldwide. And that is why the Chartered Accountancy is best
among all other professions.
Chartered Accountancy in Bangladesh:
In Bangladesh where resources are limited, support of the government for starting an
activity at national level is greatly needed. Government of Bangladesh has given total
support to the development of accounting profession in the country. Policy makers of the
country are taking keen interest in the activities of the profession.
Chartered Accountancy is the most lucrative and remunerative job, not only in
Bangladesh but, over the world. ICAB is the only organization to train the most
prestigious professionals and to regulate Chartered Accountancy profession in the
country. During the year 2007-2008, the Institute granted registration to 1257 students for
Article ship, 1064 students completed their Article ship training and 28 Articled Students
discontinued Article ship due to various reasons. In the second half of 2008, 614 students
were registered for Article ship with the Institute.
Though it is apparent that the path for accomplishment of the C.A. qualification is not an
easy task, but with the unique combination of rich inputs and active processes in a
supportive environment has been made by ICAB, the results is now well worth your
endeavors and CA profession has become preferential one day by day. ICAB has now
grown to a membership size of 914 of which 662 are Fellow Members and the rest 252
are Associate Members.
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Females are also playing a vital role as Chartered Accountants in Bangladesh and taking
leading role gradually to become co-partner of the profession. ICAB has 26 female
members (as on 18 February 2009) who are occupying the high ranking positions in CA
firms, NGOs and international organizations like, the World Bank. Female students are
increasing tremendously and are becoming matured adequately. ICAB wishes to have
many more qualified (and part-qualified) female Chartered Accountants in the near
future.
Significance of the ACCA:
As our research shows, the prospects of Chartered Accountancy jobs in Bangladesh
appears promising as our country is one of ACCA’s (Association of Certified Chartered
Accountants) fastest-growing markets – and not surprisingly, given a population of
around 150 million, all keen for their country to grow and succeed. The ACCA increases
employability and buoys up the chances of job availability as ACCA students benefit
from the flexible range of entry points meaning they can begin at the right level for them,
and then progress through the awards. And when it comes to flexibility, they can
complete qualifications in their own time, selecting those which best suit their own career
needs and aspirations. ACCA says the practical content means that the knowledge the
students gain is directly applied to the workplace, offering immediate benefits to existing
and prospective employers.
Conclusion:
Hence, in the light of our research, we are happy to conclude that the accountancy job
prospects in our country are very bright and worthwhile to be pursued. With so many
different kinds of jobs and the need for accountancy in every sector, plus the quality
education and training available to be adept in accountancy, make the accounting job
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outlook blooming, both in national and international levels. And the rosy future of
accountants does not look as though it would lack luster any time soon.
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