The Institute of Chartered Accountants of Sri Lanka (ICASL), the national accounting and auditing standards setting body, says its qualifications are not just national but are a passport to the world.
“The ICASL qualification is a qualification that is affordable and opens doors all over the world for Sri Lankans. Many of our members are overseas and there is a big demand overseas for chartered accountants,” said the President of the ICASL, Nishan Fernando.
By now ICASL qualified Sri Lankans are holding down accounting jobs all over the world. Out of a 3,550 ICASL membership, around 750 are scattered across the globe, from neighbouring India and Bangladesh to the far reaches of the Asia Pacific, the African continent, the Middle East, Europe and America.
“It originally started many years ago with Africa but by now there is demand in Australia, European countries and the Middle East, and this trend is growing,” said Mr Fernando.
While many use the ICASL qualification to migrate to developed countries like Australia, the US, UK and Canada, ICASL qualified accountants are not short of jobs locally either. The institute produces about 350 qualified accountants every year and many are snapped up by local companies, even when only partially qualified. Because the first and second exams can be done in Sinhala or Tamil, students are also not slowed down by lack of English. The ICASL qualification is also the only nationally recognised qualification that allows persons to practice individually as accounting and auditing professionals in Sri Lanka.
ICASL says its students are readymade for employment because of the mandatory, on-the-job training known as articleship. The institute has the largest base of companies for on-the-job training for students, running into 800 companies and audit firms.
“The articleship, under a supervisor, focuses on technical skills, project management, communication skills, information technology skills and commercial awareness.
By the time students complete their final exams they already have about 3-4 years of on-the-job training. So they are immediately ready for at least middle management position jobs because of the work experience they already have,” said Mr Fernando.
The institute says its qualification is particularly attractive to young women and the number of women doing the ICASL exams is now increasing, in this originally male dominated profession.
The accounting body is now promoting itself outside the western province and is looking at setting up branches in Ratnapura, Badulla, Batticaloa and Jaffna, in addition to its existing branches in Kandy, Matara, Kurunegala and Anuradhapura. ICASL is also working with the Education Department to train A/L teachers of commerce subjects about international and local accounting and auditing standards.
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