�����Professional Opportunities for Indian Cas in Gulf Countries�
Chartered Accountancy, being a professional degree, is one of the most favourable profession because of the prospering ability inherited by it.
This profession has gained prominence not just in India, but abroad as well. It has grown multi-fold, thereby broadening the budding avenues in the domain within and beyond the national boundaries.
The Institute of Chartered Accountants of India (hereinafter called ICAI) has entered into a Mutual Recognition Agreement (MRA) and Memorandum of Understanding (MoU) with a number of International Accounting Bodies that enabled the members of the Institute to practice the profession in the concerned country. This has helped India to tap the budding opportunities and provides a platform for growth and expansion.
Career prospects for an Indian CA
The course of Chartered Accountant has a wide-ranging scope of practice which includes areas like accounting, auditing, corporate finance, corporate laws and taxation. While every other firm, globally, has revolutionised its accounting management, these firms consider it essential to hire a CA to assist them in improving the company’s resources and at the same time increase their efficiency along with achieving their goals. This has led to an expansion in the limited practice areas of CA.
�Since the ambit of the practice of a CA is no longer limited to its traditional pursuits, the employment option has also been extended. Various employment opportunities that can be seen are:��
The above list stipulates some of the employment options that can be opted by the students and CAs. With the advancement of the economy and the development of society, the roles performed by a CA professional have been upgraded in accordance with the requirements. Considering the global perspective, some of the roles that have attained growing relevance in recent times are:�
While some roles mentioned above have specific tasks that CAs are expected to perform, others include multiple roles that can be performed by CAs. These include:�
Financial Accountant– The expected roles are:
Tax Manager– The roles performed by them are:
Auditor– The tasks performed by an auditor include:
Consultant– The role of the consultant includes:
A Flourishing Industry with an Affirmative Growth�
The ICAI has so far been successful in tapping some of the most handsome employment opportunities for the members. The results were visible not only domestically but even internationally. Many countries have now recognised its qualification ties with that of India. This has led to the removal of professional barriers and allowed the members to explore the vast avenues available to them.
Countries Providing Professional Opportunities to Indian CAs�
The professional course of Chartered Accountant has been widely accepted by many countries. As far as the degree obtained by a CA professional is concerned, foreign countries that have either entered into a Mutual Recognition Agreement (MRA) or Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of India would provide the members registered with ICAI to practice in the respective countries in accordance to their terms and conditions. This does not conclude that an Indian CA would only be able to practice in these recognised countries. The countries that have not entered into any agreement with India, allow people to consider the option of CA only after fulfilling the prerequisites for the same in their home countries like passing their notified exams.
With the broad objective of the Institute to expand the opportunities for professionals in the foreign jurisdiction, the Institute has a global presence in 43 overseas chapters and 33 representative offices across the globe. This has, however, not limited the scope of proliferating the object of a global presence as the Institute continues to make efforts to observe the same.
UAE and the other Middle East countries have the largest resource of oil and gas and it contributes more than half of the entire GDP of the UAE. With recent developments in the oil sector, these countries have established a growing demand for Chartered Accountants.
The robust relations between India and GCC Countries has led to the establishment of various opportunities within the country.
With the constant change in the tax regime, VAT implications, foreign exchange, licencing schemes and promotional activities, the demand for Chartered Accountants is on the rise.
List of GCC countries, Gulf countries
Bahrain�
The ICAI signed the MoU with the Bahrain Institute of Banking and Finance (BIBF) in 2018.
Bahrain lacks a local professional accountancy institution and since ICAI is in collaboration with it, Bahrain is desirous to obtain the proficiency and assistance of ICAI members in developing its own nationals in the field of accounting and finance. This paves way for immense career opportunities for a CA.
Many renowned international firms find their way in the Kingdom that, in turn, provides ample opportunities to Indian Chartered Accountants to get themselves employed under these firms.
For an expatriate to establish an audit firm, several prerequisites have to be satisfied as it is regulated by the Ministry of Commerce.
One of the major requirements is that the expatriate professional should collaborate with a local professional to incorporate an audit firm.
Kuwait�
The ICAI has signed the MoU with the Kuwait Association of Accountants and Auditors (KAAA) in 2019.
The objective is to strengthen the accounting, financial and audit knowledge base in Kuwait.
Greater opportunities are provided to fresh Chartered Accountants in both large and mid-size accounting firms as compared to practising CAs.
In Kuwait, CAs are well reputed and are well established in top-tier organisations and banks.
Various roles that are prominent among the CA group include Finance Manager, CFO, CEO, Financial Analysts, etc.
Oman�
Some major positions in the finance sector have been occupied by the Indian citizens in Oman.
The members of ICAI occupy senior positions in various private, public and government sectors in Oman.
Indian CAs majorly prefer Oman and UAE for their career prospects due to the rising demand for CAs in these places.
College of Banking and Financial Studies (CBFS), Oman CBFS regularly conduct professional seminars, conferences, panel discussions, certificate courses etc. to enhance the knowledge of the professionals.
Qatar�
The Doha chapter in Qatar is affiliated with the Indian Embassy in Qatar and is registered under Qatar Financial Center (QFC) laws.
The industries that require the expertise of a Chartered Accountant include oil and gas, construction, retail and infrastructure sectors.
Local conglomerates also provide career prospects to Indian CAs.
With the technological advancements, companies in Qatar are looking for professionals who are well versed with soft skills to complement the new working system.
Saudi Arabia�
The ICAI entered into the MoU and later renewed the same with the Saudi Organisation for Certified Public Accountants (SOCPA) in Saudi Arabia.
It promotes mutual cooperation in the areas of corporate governance, technical research and advice, quality assurance, forensic accounting, issues for Small and Medium-sized Practices (SMPs), Islamic finance, Continuing Professional Development (CPD) and other subjects of mutual interest related to the accountancy profession.
While considering the role of Indian CA in small or mid-tier companies, finance managers and finance controllers are the most common.
UAE�
UAE has provided Indian CAs with wide-ranging employment opportunities in firms as well as boosted the setting up of businesses.
Big firms usually hire 150-200 Indian CAs every year in accordance with the requirements.
As far as mid-tier firms are concerned, they hire around 25-30 fresh Chartered Accountants every year.
A strong trend along with robust relations with the UAE has enormously contributed in escalating the employment opportunities for the members of ICAI.
Skills needed :
Recruiters at major firms do not care about the nationality or background of a person. Instead, they look at the skills one can contribute to them. Some of the quality’s recruiters prefer in prospective employees are-
One skill that can be easily defined, charted out and planned for easily is technical skills. Computerized systems will be used for purchase returns, sales, sales returns, and tax. In a nutshell, they are needed for everything required to do the job. How efficiently one can work with these would matter.
Lowest-level firms, places that most people start from, often cannot afford high-end software, and stick to using MS Excel. So, it is no overstatement to say that familiarity and expertise in Microsoft Excel is a hidden ace in this field. Linking sheets to formulas and conditional formatting and how acquainted one is with this software can make and break their career.
At a higher level, knowledge of some advanced software is essential. While different companies use different software, familiarity with some in the species would be beneficial.
Tally, QuickBooks pro, ERP systems, Sage, etc. are widely used in Gulf countries. While a basic idea of these systems is enough for an average applicant, practical experience can benefit them greatly. To increase their chances at the top firms, one can pursue a course in this software. Additionally, acquaintance with MS PowerPoint in making presentations of accounts and MS Word for day-to-day reports is also helpful.
People often ask when is the time to start working on this- university, post-graduation or while working? The answer is simple- These skills need time to develop, so the best time is now. To chart out the path and plan the future, working on skills generally and soft skills especially is important.
How to get the jobs?
The best way to get a reliable job is to work at a domestic audit firm that has branches abroad. After a few years of working at a firm, it may allow you to be sent for secondments. An employee can talk to a senior who has already completed an articleship and is working at another organization abroad in audit firms. The employee must ideally also do their research too to ensure the opportunity works for them.
While pitching oneself to a senior for secondments, these skills need to be highlighted. Now, when the company needs to send a person for secondment for a few months, the senior or the employee can put their name forward.
However, if there is no company to rely on, a person needs to chart out their path. Most Indians who choose this course go on a visit visa. If they find a job then the visa is converted into a long term one. Still, entering the market is perhaps the most difficult step for any emigrant. The entry-level job in most of these countries is accounting. If your articleship is from the ‘Big 4’- Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and Klynveld Peat Marwick Goerdeler (KPMG) or any other good firm, your chances will increase.
After grabbing the most accessible and easy-to-get job right after immigrating, people look for better jobs. The best place to look for job opportunities is on the very website of the firm a person would want to work at. Even so, at times, firms- big and small alike- use LinkedIn to announce vacancies. Apart from this, Naukri Gulf and Gulf Talents are popular sites to connect job- seekers to employees. A useful tip is to constantly keep updating your profile and CV so whenever an opportunity at the major firms opens up, you can grab it.
Job opportunities at audit firms are often for small periods- like 3 to 6 months. They have a reasonable chance of being renewed, however, it completely depends on how well one is working there.
In today’s context, the pandemic has opened a unique work from home opportunity. So, this is the optimal time to look for this job. It offers experience and exposure while giving the person an opportunity to try and be able to blend with the cultural shock.
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