The accountancy profession has been one of the most reputable professions. It is one of those professions that are centered on trust and confidence, usually of the general public. Accountants being such trustees are in a position in which they can either maintain or destroy such trustworthy relationships. In other words, the future of the profession is in the hands of accountants themselves.
The past shows us some instances where the future of the profession was at the brink of being ruined, such instances being the major corporate collapses and the notorious Enron scandal. Most of these issues arose chiefly because of corporate governance failures and inappropriate policies. In the world today as well, such irresponsible acts have resulted in the global economic crisis we are facing. Such incidents greatly depress investors' confidence, which gives a nasty blow to the economic environment. The public, who may not be completely informed and may lack the knowledge, blames accountants for all the menace, and the profession suffers consequently.
It can be argued that why such negativities are always highlighted, whereas we hardly get to know about the positive side of the profession? Why doesn't an accountant's achievement come into the spotlight ever? And if it does, why is it short lived? Such questions are rarely answered, but they need to be resolved if this profession is to flourish to its fullest.
It should be noted that an accountant is not the old accountant any more that used to record transactions and was appointed solely to bookkeeping tasks. The traditional role of an accountant is heavily altered and expanded, encompassing many aspects such as auditing, tax assessments, information systems development, forensic assignments, risk analysis and management, corporate finance work and the list goes on and on. An accountant, especially a member of a recognized global accountancy body such as the ACCA, is completely equipped to carry out all the functions required of him/her adequately and with the highest standard of quality. With such vast increments in his/her role, an accountant is also entrusted with a comparable amount of responsibility on his/her shoulders.
Currently, the global scenario doesn't seem so favourable. Every now and then we hear of redundancies and job lay-offs due to the prevailing recession in the economy. But for accountants, this can be a disguised opportunity to prove themselves to their employers that they are necessary for the organization's continued survival in such critical times and that what better resource than human resource. Also it can be an opportunity to study the job climate of various other organizations in order to work out the job prospects available in other sectors, to prepare for hard times in case one is unfortunately laid off from the existing workplace. Being an ACCA member brings some advantages to this point in that one can benefit from ACCA's international recognition and can seek global opportunities for work, provided he/she is willing to relocate. Every country is hit with the recessionary atmosphere, but where some places are worst hit, others are less influenced.
The growing international opportunities with ACCA will, however, benefit those associated with ACCA. Employers worldwide know that a person having ACCA after his/her name has been tested rigorously to withstand the current pressure and will finally make up to it. The financial sector, though depressed presently, still requires qualified professionals in order to bring this sector to boom once again. The various other branches of the profession are springing up offering new prospects to those who are thinking of starting their careers. These new areas will take some time to mature, which means greater growth potential for new recruits and provision of newer experience for experienced professionals.
Overall, the current situation seems demoralizing; however, the future still remains prosperous. Though there are job layoffs but in the longer term, once the economy starts to flourish again, more industries will spring up providing more employment opportunities. Under the umbrella of such qualifications as the ACCA, one is certain to expect bright prospects for one's career. With its global recognition, it facilitates international mobility and as accountancy is becoming a global business language with its now getting common dialects "International Financial Reporting Standards (IFRSs), and International Standards on Auditing (ISAs)", accountants are in a better position to get employed anywhere in the world.
Therefore, one should not get de-motivated by the presently depressing economic situation, but should try to seek opportunities to prove oneself even in this scenario and should accept the challenge wholeheartedly. The need today is to learn from the past, capitalize on the present and build, rather beautify the future.
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