Regional and global demands for Filipino CPAs on the rise
The number of certified public accountants is seen to grow in the coming years as demand for Filipino accountants in the Asean region continues to grow, according to a top-ranking Australian CPA.
Alex Malley, CPA Australia chief executive officer, told reporters on Tuesday that the number of CPAs in the Philippines is seen rising as there are many job opportunities for accounting professionals not only in the country but globally as well.
“The thing about being a CPA is you don’t actually have to be in an accounting role,” Malley said.
“You [as a CPA]are recognized as a strategic leader, so what you find is that [CPAs] work in many areas of management and leadership. And they have skills around governance, skills around business management, strategy development and people management, and all of these areas are in demand and having a CPA qualification gives you an opportunity,” he added.
When asked if there is a shortage of CPAs in the Philippines, Malley said there is but not necessarily in the accounting business.
“I think if it’s strictly within the profession, I think there are good numbers of CPAs, because CPAs work in all sectors,” he explained.
Meanwhile, Joel Tan Torres, chairman of the Profesional Regulation Commission- Board of Accountancy, said there is a shortage of accountants as CPAs cater to a lot of different industries.
“Filipino accountants are servicing the requirements of not only Filipino businesses, or the needs of the country, but also the needs of our neighbors in the world,” Torres added.
“We have so many Filipino accountants who work in the Middle East, Singapore, the United States even. So definitely, there’s so much opportunities and demand for Filipino accountants,” he said.
Malley said CPAs are able to work in any part of the world as accounting uses the same international language.
“I think we need to keep producing CPAs because they work in all sectors and it’s an international language. I speak accounting, that’s the global language,” he added.
On Tuesday, a total of 5,249 CPAs who passed the recent board examinations took their oath at the Philippine International Convention Center in Manila.
Tan-Torres said that on average basis, the Philippines produces a total of 7,500 to 8,000 accountants a year.