Impact of Financial Crisis on ACCA students.
As we all know the most recent Global Financial Crisis emerged in September 2008 with the failure or merger of several US based Financial Firms along with the insolvency of additional companies, recession and declining stock market prices around the globe.
Beginning with the failure caused by the lack of several risk controls for bad debts and frauds, large Financial Institutions in US and Europe faced at 1st a credit crisis and eventually a slow down in economic activity. This crisis rapidly developed and spread into a global economic shock which is the big issue of Financial Crisis as it is known.
This Financial Crisis resulted in the closure of numerous banks, businesses and many other financial institutions. The main victims are businesses. With respect to this, no one performing individual jobs like doctor, or lawyer is targeted - it is indeed mainly business concerned personnel. As such it is very alarming when we give a glance at the number of managers, accountants, directors being made redundant. So, we as ACCA students, are we directly concerned?? Obviously!!!
Therefore, the basic question imposed is - what do you think is our future on the work market both on local and international scenes? Do we really need to worry about....?
As we all know the most recent Global Financial Crisis emerged in September 2008 with the failure or merger of several US based Financial Firms along with the insolvency of additional companies, recession and declining stock market prices around the globe.
Beginning with the failure caused by the lack of several risk controls for bad debts and frauds, large Financial Institutions in US and Europe faced at 1st a credit crisis and eventually a slow down in economic activity. This crisis rapidly developed and spread into a global economic shock which is the big issue of Financial Crisis as it is known.
This Financial Crisis resulted in the closure of numerous banks, businesses and many other financial institutions. The main victims are businesses. With respect to this, no one performing individual jobs like doctor, or lawyer is targeted - it is indeed mainly business concerned personnel. As such it is very alarming when we give a glance at the number of managers, accountants, directors being made redundant. So, we as ACCA students, are we directly concerned?? Obviously!!!
Therefore, the basic question imposed is - what do you think is our future on the work market both on local and international scenes? Do we really need to worry about....?
It is during these times that you should invest. Yes there is recession, yes there is loss of jobs, yes there is closure of firms, yes there is uncertainty about the future BUT all these are plotted on a curve. A crisis cannot last over an eternity. Soon enough there will be an upward trend in the employment sector. When this happens, people will be needed-qualified ones. So instead of fearing the worst, which may happen, get prepared for the upcoming challenge. Start making yourself employable.
ReplyDeleteThe most affected sector is banking. There is a downward fall of students going for Bsc Banking and finance but what about accountancy firms. As far as i know we still need these firms. Who is going to do the auditing for the other firms, who is going to provide counseling on mergers, who is going to provide information for investors, tax authorities and so on? As long as there are businesses operating, accountants will be required. Therefore I would say: long live acca students.
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ReplyDeleteAgree that from an optimistic point of view whatever mentionned above make sense but it is also true that on an international scene the opportunities of getting ourselves employed has declined. Though the auditing sector is still smiling at us but not the banking sector. Competition will be rude, those redundant people will also be out looking for work, there will be more people chasing fewer jobs. Let us therefore concentrate in getting ourselves prepared for future challenges, let us get ourselves more qualified, more worthy, let us jump on the safe side - let us make ourselves employable!!!
ReplyDeleteThat is why Mauritius is blessed. There has not been a tsunami in the employment sector as there has been in USA for example. Did you know that in France a guy even posted his CV on EBAY? It’s as if he is selling himself to get a job. We are not at this stage though.
ReplyDeleteThis is a very serious matter because the problem of financial crisis is worsening day by day. As you said, there are many employers being made redundant and we as ACCA students really need to worry about it since our future is at stake.
ReplyDeleteIt might happen tomorrow when we completed our studies and ready to be on the job market, we find that there is no job for us. Then this will be a very serious problem since we have invested money, time, and effort in our studies. Moreover, we made lots of sacrifices to acquire this skill.
May be we must diversify our knowledge in order to have greater job prospects but this is not that easy to do because it requires more resources. If this trend keeps on following, we must definitely do something to secure our future!
I believe that it is the best time to invest on education and training. When economies start booming again, those who are the most qualified and trained will be the first ones to be employed. So, we need to focus on both our studies and employability skills.
ReplyDelete