ACCOUNTANCY PROFESSION
Compiled by Yamini Sequeira
MORE THAN A NUMBERS GAME
Dulani Fernando outlines the many career options that accountancy offers
Q: How do you perceive accountancy education and an eventual qualification in this field in Sri Lanka? And what are the pillars of the learning process?
A: I believe that our accountancy education is of a very high standard. Many of our qualified finance professionals are employed globally and this is based purely on the strength of their qualification.
Our members go on to head organisations as chief executive officers (CEOs) and directors; they aren’t limited to becoming chief financial officers (CFOs) or finance experts.
Take the chartered qualification as an example: the learning process we provide students is quite in-depth. Whenever we embark on a syllabus change, we go to the extent of reaching out to the corporate sector and academia to understand the needs of the marketplace, and the knowledge and skills that are required for a qualified chartered accountant.
Q: How does having accounting skills enhance career options for youth? And could you put this in the context of the economic crisis?
A: A knowledge of finance and accounting is imperative – irrespective of one’s profession or position in an organisation.
Whether it is to manage organisational or even personal finances, understanding the effects of taxation, how to invest or obtain a loan and so on, this knowledge is critical for daily survival. Knowing about finance and accounting can help one pursue personal investments, as well as engage in prudent financial management.
A certain level of knowledge about finance helps corporate leaders function more efficiently and take the right decisions, having analysed the facts and figures. Accounting knowledge provides the foundation to build professional success and enhances careers.
It is also very important in the context of the economic crisis since executives are grappling with higher taxes, inflation and so on.
Anyone choosing a career in a nonfinancial field may think twice about investing in a professional finance qualification. Having understood that not everyone would want to complete the chartered qualification, we have designed exit routes for such students to leave after the second or third stages, and obtain a qualification at those levels.
In addition, we offer the option of specialisation after exiting at the corporate level.
Q: What are your views on the ongoing brain drain – and how can it be stemmed?
A: Due to the prevailing economic crisis, many accountants are exploring opportunities overseas. This reflects the value placed on accountants from Sri Lanka. And this is due to those who have ventured abroad in the past, and built a strong brand for Sri Lankan accountants in overseas markets.
The only way to reverse the brain drain is to create more opportunities for youth and promote entrepreneurship in our country.
Q: What are some of the soft skills that accountants need to acquire?
A: For accountants to be of value to their organisations, they need to be able to understand their operations and provide solutions so that businesses can thrive within established ethical boundaries.
Soft skills such as managing people, negotiating with clients, effective communication and working with your peers are necessary to ensure that you’re successful holistically. Having understood the importance of soft skills, an accountancy qualification provides students with the necessary soft skills at each level of examinations.
Q: There has been a vision for Sri Lanka to become a financial services hub… Do we have the required numbers of financial services experts and accountancy students for this purpose?
A: Definitely, yes. Sri Lanka counts many qualified accountants who are well-versed in the required skills.
Similarly, our students can provide the required expertise in middle management roles. Understanding the nature of the prevailing economic environment and adjusting for it is not a challenge for a professionally qualified accountant.
Q: What’s the level of awareness about this field of education – and is enough importance being given by parents and teachers to pursuing an accountancy qualification?
A: There is awareness regarding the career prospects one can enjoy in the field of accounting and finance.
However, we need to ensure that a majority of the parents, teachers and students are up-to-date on the benefits of a career in finance and accounting.
Q: Your wish list for the accountancy profession is…?
A: I believe that irrespective of your profession, knowledge of accounting is essential. People should be aware of this and try to acquire some accountancy education so that they can progress in their careers.
For those who aspire to build a career in accounting and finance, I think it’s a great choice.
Whether you are an undergraduate or a student who has completed your studies, a career in finance and accounting will lay the foundation for a lucrative career. Choosing the right path and making the correct career choices will also strengthen the national economy.
My wish is that the accountancy profession goes from strength to strength – and that chartered accountants continue to be among the trailblazers of our country.
