Finance and Accounting: A Globally Demanded Profession

This article was last updated on April 16, 2022

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When I first started my career in professional accounting, I overheard a senior accountant saying that next ‘World War’ would not be fought by people with weapons, but rather by clever finance professionals who would enable their respective countries to attain dominance. Almost two decades since, we live in a world where corporations and multinationals have budgets and resources far exceeding the GDP of many small countries. And indeed, the strategies, objectives, and motivations of such corporate entities have shaped regional economies, as well as influenced geo-politics. The path of such corporations is generally decided by people with strong understanding of finance and economics and those who generate insights and analyses as well as who re-write playbooks in numbers, and create business cases for redefining the future. These trailblazers are your CEOs and CFOs, your auditors and financial advisors, your risk managers and investment professionals.

Across the globe, accounting and finance profession remains the choice of career for many who are looking for great success. As Pakistan’s economy continues to develop and grow – and private sector companies look to scale and partner with international entities – it is essential that more Pakistanis look towards careers in accounting and finance. Numbers remain the common language that links everything from media to manufacturing. They tell us what we’re investing, and what kind of return we can expect, and in what time frame. Numbers help to spell out the level of risk, and track the progress or execution. In simple terms, we’re talking about the ability to analyze an opportunity, evaluate risk and return, and make the relevant decisions required to meet success. This is the language spoken by finance and accounting professionals.

Over the past few decades finance professionals have become extremely en vogue. According to Spencer Stuart Index of 2014 the demand for director candidates with financial backgrounds rose slightly; 20% of new appointees have banking, finance, investment or accounting credentials. With the recent development in Information Technology, these professionals became even savvier, looking to evaluate opportunities, implement new systems, and create business cases to attract investment. In 2008, we saw a downturn in the global economy. Yet even so, finance professionals remained in high demand, as they helped businesses with debt restructuring, divestment decisions, creating cost-conscious cultures to sustain businesses. As the economy recovered the same contemporaries were engaged in project appraisals, raising funds, implementing new IT solutions and new reporting tools etc. to support the growth of businesses.

Historically, Pakistan has remained a net exporter of finance intellectuals. This is due to the various national and international accounting entities that operate in Pakistan, and which have leveraged local talent for global needs.

Today, Pakistani accountants and finance professionals can be found across the globe, from the North America and Europe, to the Middle East, Africa, and Australia – either working as employees or alternatively running their own accounting practices. This has been made possible by the provision of international curriculum, English language proficiency, technology availability, as well as solid training grounds in accounting firms and the industry at large. In Pakistan, finance qualifications are offered by most of the universities, as well as professional accounting bodies, such as ACCA (UK); CA Pakistan; the Institute of Cost and Management of Pakistan; and PIPFA. The professional accounting qualification is a combination of exams and extensive experience, usually over three to four years, which provides a good opportunity for students to apply their knowledge and learn by practice. Professional accountants have to observe a specific Code of Conduct and keep themselves updated on the latest thought processes. These accounting bodies offer flexibility in terms of entry route, study patterns, and experience requirements for their students.

Recently, Pakistan has witnessed a new phenomenon where professional accountants have managed to attract accounting jobs under Business Process Outsourcing (BPO) and ‘shared services’ umbrella. Young and smart finance professionals are using the Internet to sell their services online, using different freelance websites. This is a great opportunity to earn for these young and smart professionals; an opportunity that was not present for someone with similar qualifications a decade ago. Shared services or BPO for finance and accounting is expanding globally, and Pakistani accountants are gaining their share of business, albeit in an unstructured manner. This opportunity can be influenced to grow bigger if a concentrated effort is put in place to join all the dots together.

Despite the global recognition of Pakistani accountants, finance profession in Pakistan remains materially undersubscribed. With increasing investment and private equity opportunities, as well as foreign investors’ interest in public and private sector companies, it is essential that we continue to develop a set of ethical finance and accounting professionals, with communication and basic IT competency. These professionals should understand the compliance requirements in branchless banking or mobile banking; understand tax collection systems and SECP reporting and audit initiatives. Professionals who will pave the way for the future and help usher Pakistan into the next era of prosperity.

The Author is a Fellow Chartered Certified Accountant(FCCA) with more than 16 years of progressive experience in operations, financial management and expertise in telecoms, IT, media, real estate and manufacturing operations.