Every year thousands of students enter the Chartered Accountancy field by enrolling in institutions that can help them pass their CA and ACCA examinations. While both these qualifications are generally seen as respectable and are known to open a wide range of opportunities for applicants, students still worry about the scope of CA in Pakistan and the scope of ACCA in Pakistan. Moreover, they want to know if excessive hours of studying, following a hectic schedule, and appearing for such difficult exams will pay off in the end. Many ideas revolve around the success of these careers, but when students select their careers, they only want authentic sources.
To help everyone in this regard, this blog will contain all the essential information that can help you gauge the scope of CA and ACCA in Pakistan.
To be eligible to do a Chartered Accounting degree in Pakistan, you need to have at least 50% marks in your intermediate and should have passed at least 2 A-Level subjects.
Main CA Subjects
Your Chartered Accountancy qualification is supposed to provide you with specialization in a few areas. This is one of the primary reasons there is a high scope of CA in Pakistan. The degree is supposed to give you a thorough understanding of Accounting, Commerce, Tax, Banking, Microfinance, and Risk Management. You must have adequate information regarding all these fields, or else you will not be able to pass your exams.
Scope of CA
CA is one of the most sought-after degrees in Pakistan, and that is due to the significant job opportunities it provides you with a foundation. Once you are done with your degree, these are possible routes you can take:
– Financial Manager
– Financial Controller
– Chartered Accountant
A huge determinant of the salaries of Chartered Accountants is whether they work in the public or private sector. The latter usually offers more because of Pakistan’s high scope of CA. The average salary of Chartered Accountants in Pakistan is Rs 80,000 to Rs 150,000 per month. The more experience you have, the more your salary increases.
Scope of ACCA
Your ACCA qualification will open multiple opportunities for you globally. While this degree is better suited if you want to move abroad, even to Pakistan, it can provide you with a strong foundation. This is because all multinational companies in Pakistan are looking for people who have done ACCA to head the finance department. Moreover, this degree is internationally recognized, which multinational companies prefer because it makes the employee’s transfer to another country more accessible. A recent example of this is Komal Altaf, who became the Chief Financial Officer of Nestle and had an ACCA degree. There are many job roles you can take up once you have entered the field.
These include the following:
– University Instructor
– Business Analyst
– Financial Advisor
To become an accountant with an ACCA degree, you need to pass 13 different exams divided into three sections. These sections are as follows:
– Applied Knowledge Papers
-Applied Skill Papers
– Strategic Professional Papers
Along with these, you can appear for Advanced Financial Management, Advanced Performance Management, Advanced Taxation, and Advanced Audit and Assurance exams to help add value to your degree.
Many students are interested in knowing the salary of people who have done the ACCA qualification. This cannot be a sure short answer since salaries depend on an individual’s skills, abilities, and education. Your salary range also results from the company you are working in. While these factors need to be kept in mind, the average salary of a fresh ACCA graduate is between Rs 50,000 to Rs 90,000. This number keeps on increasing with work experience.
While CA and ACCA are both great professions in Pakistan, you should choose your degree based on your plans. For example, pursuing CA is a better option if you want to work for Pakistani startups and firms. On the other hand, if you plan to move abroad or want to stay in Pakistan and work for a globally renowned firm, you would fare better with an ACCA qualification. The scope of ACCA in Pakistan is a lot; however, the degree is better suited internationally.