The impact from the coronavirus pandemic is plain to see, having taken an unprecedented toll on public health, society and the economy. It is normal to hear the term ‘social distancing’ mentioned at least once in conversations, and for most people, wearing a mask is as natural as putting on footwear when leaving home. Economically, almost every industry is bracing for a looming recession as companies work to find solutions to a range of complex challenges that affect financial management and business continuity.
As challenging as times are at the moment, history has shown that economic conditions are cyclical. No matter the state of the economy, business & finance professionals play a key role in helping businesses through tough times, and plan for future success. With that in mind, here are three reasons why chartered accountancy is a career that is always in demand and offers stability in any economic environment.
1. Business & Finance Professionals Provide Essential Business Services
As the backbone for industry and the economy, business and finance professionals provide vital guidance and advice for companies. Chartered accountants are business and finance professionals who emerged at a time of corporate crisis in the 19th century. Essentially, they are problem solvers who provide advice, solutions, and financial expertise to businesses.
Today, economies and businesses around the world are in different stages of the Covid-19 pandemic, with some still in lockdown while others are restarting. Recovery and growth will require knowledgable professionals who can respond to the challenge and help nurture organisations in achieving short and long-term goals. What this means is that services of business & finance professionals will be essential for companies of any size, in both good and bad times. It is their astute business acumen that makes business & finance professionals highly employable and always in demand.
Ashlee Phuah, Senior associate at Deloitte Malaysia, was recently seconded to Singapore to assist one of Deloitte’s clients with their annual valuation and impairment reviews. It goes to show that business & finance is a resilient career path with cross-border opportunities that transcend beyond industries and functions. Here’s what she has to say about her journey in Singapore, “I was chosen for this secondment because of the unique skill sets that the ICAEW ACA training provides. This assignment in particular taps into knowledge I acquired from the case study in the ICAEW ACA programme and has been a good opportunity for me to broaden my horizon in this unique economic environment.”
Nicholas Tay is currently training for the ICAEW ACA at Genting Malaysia. Here’s what the Finance Management Trainee has to say about his experience.
“The ICAEW ACA programme helped me developed key leadership skills such as resilience, agility and critical thinking. These are important skills for business and finance professionals especially in a constantly changing and challenging world.”
2. Business & Finance Professionals Drive Real Impact on the Economy
On the road to economic recovery or growth, many companies will depend on insights and advice from business executives and financial analysts to drive strategic direction and innovation. Business & finance professionals, particularly chartered accountants, play an important role as companies face challenges they have never encountered. Serving as business consultants, they are also trusted to provide management teams with a complete picture to help them make sound, informed decisions.
Assistant Manager at Mahzan Sulaiman, Sarmila Ramamoorthy shares with us her first-hand experience on how her firm is working with small and medium enterprise (SME) clients to support them with the continuity of their business during these trying times.
“As a progressive firm of professionals, we work with a range of companies across industries through our accounting and advisory services. Leveraging on our experience, we help SMEs better understand their challenges and identify solutions, such as improving their business processes with technology or complying with statutory obligations.”
3. Business & Finance Professionals Have Skill Sets That Are Highly Transferable and Valued Across Industries & Countries
Training to be a business & finance professional is a rigorous process. Apart from demonstrating a high level of knowledge and technical competence, business & finance professionals also need to be adaptable, develop perspective and professionalism, as well as irreproachable ethics. Business & finance professionals create trusted information and insight, which informs understanding of the world and the resulting decisions that will shape lives.
The development of these skill is what sets business & finance professionals apart and makes them highly valued. The skills they develop are also universally applicable which means business & finance professionals can always find work in any country or industry, beyond just the conventional accounting and audit fields.
One such individual is Aneesha Veriah, who decided to pursue the prestigious ICAEW ACA programme upon completing her medical degree. After working as a consultant with KPMG and PwC, she co-founded The Bowery Group while also working with her family’s two consulting businesses – Rabin & Associates and Real Time Group. Here’s what she has to say about her unique career journey, “During my time as a consultant, I took on the role of a business advisor, offering high-level strategic advice to drive businesses forward, improve profit margins, and increase market share for our clients. When I co-founded The Bowery Group, I found that my experience as a business & finance professional enabled me to apply my acute business awareness and strong personal judgement to effectively build a company that I am very passionate about.”
Interested to Learn How You Can Build a Resilient Career in Business & Finance? Here’s What You Can Do to Get Started…
If you’re looking to explore a career in the field of business & finance, you can consider pursuing a professional qualification to fast-track your career aspirations. Among the many professional qualifications, the ICAEW ACA is a highly recognised and sought after qualification. It is also one of the most advanced learning and professional development programmes available.
School leavers or graduates from any background or discipline can pursue the ICAEW ACA at Sunway TES Centre of Accounting Excellence, one of ICAEW’s training providers in Malaysia.