It is VERY regrettable that the
Accountancy Profession in Sri Lanka, much to my disappointment, and all the pompous words emanating from their
senior decision making body is going the way of the Rabid Dogs, like the Legal
Profession and the Medical Professions before them.
The Institute has just put out a series
of half page ads costing millions, especially after the recently concluded A level
exams, firstly showing with photos and names that the top 10 in the Island in
the Commerce Stream at the 2013 August A levels have ALL consented to study for
the chartered accountancy qualification carried out by the said Institute! This
is an invitation if ever there was one, that this is the preferred mode for the
newly minted lot too!
A powerful ad like that will persuade
any parent to direct their kids to that, by getting them first to enroll them
in, first as students, then into a related tutory to follow the study course,
and thirdly to sit for the first CAB exam the start in this long road to
impending doom for the many.
Let us start with the enrollment of the
students. There is an annual fee as a student who is enrolled, as without it
one cannot sit the exams, and if one is late one is charged a punitive late fee
too! To keep them in check and ensnared by force, and indirect threat of
expulsion. The Starting fee is Rs7,400 see the attached and click on the
registration and initial course fee.
In a recent document from the profession
they said that there were 45,000 students enrolled and at most 450 qualify a
year. So we have 100 years of students enrolled! With at most 10% of students,
who will be able to be employed either as part of fully qualified accountants
the institute is fooling at least 40,000
of those students!
They have lost what they are here for,
and have put petty personal and greedy goals infront of, and I have now come to
the conclusion instead of the noble goal to create a product of excellence that
can hold its own anywhere in the world with pride. It is them who can
contribute directly by unparalleled professionalism to the rapid growth of the
Sri Lankan Economy to achieve the targets that the State has set and an economy
that is both equitably fair, and will be on course for a GNP per capita of
US$7,000 by 2020.
While I believe this goal is possible
and do able, I don’t believe the profession by their action, is contributing to
that target AT ALL.
I am speaking as one who is a Chartered
Accountant and mercifully from the Institute in England and Wales and did not
seek reciprocity with the local one, who qualified 33 years ago. I wish to add
that I am not currently seeking to make it more difficult for qualified
accountants to obtain employment in Sri Lanka, by presenting myself to the
employment pool, and remind every applicant I meet for employment in accounting
of this fact, as they struggle desperately to find a job.
I am writing in my capacity as an unpaid
adviser to desperate job seekers, in tears due to their inability to obtain employment
in the accountancy field. I have to firstly explain the plight the Institute
has wronged them into, and secondly trying to get them to accept the current
predicament they are in, and MORE importantly in doing my utmost into mentally
transforming them into an optimistic person in their employment search, where
they are willing to explore the possibility of other avenues to achieve their
personal goals in life.
I have helped those at various stages of
qualification get jobs, (all without a fee, I might add, and as our culture has
it, NO thanks from the person who gets the job once they are able to secure the
position either!) In preparation for their job, I first have to get them to
prepare a Resume at least worthy of getting an interview as most CV even from
qualified accountants would not even get a look in if sent!
The gulf between expectation and disappointment,
once they realize what the real world for accountants is like is mind bogglingly
disheartening.
MY RECOMMENDATION – Stop being
indecently greedy, as the entry requirement is just too lax. Have an entrance
exam that restricts the annual student numbers to only 2,000, but the exam must
test analytical skills and NOT ability to pass exams. Take these 2,000 and give
them the training to run any company on the face of the earth.
You will then
have an Institute that is respected worldwide and alumni that are likewise
employable globally. The insinuation that the current syllabus has been upgraded
to fit with the times and therefore will answer my allegations is just hogwash.
That in itself is NOT enough, until you have people who are designated trainers
who know how to get the most of the students under their tutelage. Let us hope
those preening peacock primadonnas of the Institute read this, and act to save the profession
from disgrace, and possible agitation against their unethical policies and
misleading claims.
No wonder accountants are NOT permitted to advertise. See
what a mess the Institute has made by trying to do it themselves! One of the most misleading ads in Sri Lankan print media of late!