"The employment landscape for certified accountants is expanding consistently with a burgeoning need in the private sector. From auditing to financial management, manufacturing to commerce, every sector requires accounting professionals. Nonetheless, we face a shortage of qualified accountants, leading to a disparity between demand and supply," stated Dr. Md Hamid Ullah Bhuiyan, chair of the Financial Reporting Council (FRC) Bangladesh, during the "Future of Accounting and Finance Profession" event on Thursday.
At the event, The Association of Chartered Certified Accountants (ACCA), Bangladesh, unveiled two online career platforms, ACCA Careers and ACCA Career Navigator.
Dr. Hamid, delivering the keynote address, remarked, "Each year, we are witnessing a rise in the number of accountants graduating from universities and institutions like the Institute of Chartered Accountants Bangladesh (ICAB) and ACCA. However, the crucial challenge lies in nurturing top-tier accounting professionals."
The introduction of the two new employment portals aims to facilitate job searches for accounting and finance practitioners and aid employers in finding suitable candidates.
ACCA, a global accounting organization boasting over 233,000 fully certified members and more than 533,000 students worldwide, currently counts only 450 members and over 5,000 students in Bangladesh.
Dr. Hamid noted, "In today's business landscape, proficiency in digitalization is paramount. Regrettably, many students lack familiarity with this domain."
Elaborating on the matter, he added, "Despite the abundance of talented accountants graduating from esteemed institutions like Dhaka University, we've observed a minimal grasp of relevant software. However, in contemporary finance and accounting, software proficiency is indispensable."
Recent statistics indicate a rising trend in the recruitment of accounting and finance professionals globally, presenting ample opportunities for qualified accountants worldwide.
According to the US Bureau of Labour Statistics, employment in accounting and auditing is expected to grow by 7% from 2020 to 2030, with an average of 135,000 job openings annually.
Speakers at the event deliberated on the profession's demand-supply gap and its future trajectory in the digital era.
Discussing the government's initiative to establish 100 special economic zones by 2025, speakers highlighted the potential surge in demand for qualified accountants as local and international investors set up diverse industries in these zones.
Arif-Al Islam, Managing Director and CEO of Summit Communications Ltd, remarked, "Bangladesh's economy is burgeoning, particularly in the private sector, with numerous development projects underway. However, the current pool of accounting professionals falls short of the nation's requirements."
Mr. Arif, also the chair of ACCA Bangladesh Member Advisory Committee, emphasized, "Compared to neighboring countries and those with similar GDPs, Bangladesh has significantly fewer accountants. We currently have around 15,000 accountants, indicating a shortage of qualified professionals."
He urged ACCA and local bodies to undertake initiatives to cultivate more qualified accountants and bridge the knowledge gap among professionals.
Financial expert Hasan Haidar noted, "There is often a single position for a financial expert in various projects, yet we observe a scarcity of Bangladeshi experts in such roles, with many companies recruiting from India or Africa. Thus, there's a pressing need for more financial experts."
Tariqul Haque, Chief Consultant at Enroute Management Consulting, suggested expanding ACCA training and classes beyond Dhaka to provide students with opportunities to become chartered accountants and address the growing demand for such professionals.
Other speakers at the event included Nigel Bicknell, head of ACCA Careers; Nilusha Ranasinghe, head of ACCA South Asia; Michael Schwoerke, head of ACCA Marketing Planning (Employability); Micky Lynch, qualification education liaison manager, ACCA; Prawma Tapashi Khan, head of education & member affairs, ACCA Bangladesh; Seezan M Choudhury, partner, ACE Advisory; Mohammad Tanvir Hossain, CFO, Somatec Pharmaceuticals Ltd; Yusha Khondker, founder, HeadStart; Mohsena Munna, financial controller, Startup Bangladesh Ltd; and Riaduzzaman Ridoy, MD, Padma Bank Securities Ltd.
Shah Waliul Manzoor, Senior Business Development Manager (Learning) at ACCA Bangladesh, moderated the event, with The Business Standard serving as the media partner.
