Global economy being growing with revolutionary pace, making financial & accounting an emerging one. With the increasing demand of financial management by the organizations, IFRS is gaining popularity globally. IFRS is considered as a standard global language for preparing accounting & financial documents. With respect to increasing need of financial professionals, IFRS has provided a platform to learn these standards and work & grow successfully in the arena.
Organizations prefer to hire candidates having certifications as it helps in maintaining a standard for financial & accounting operations globally and implementing best practices in the firm. The importance of the profession and the IFRS standard becomes even more enhanced by the fact that whenever organizations face a scarcity of resources to handle their financial operations as per IFRS standards, they usually outsource the job to consultancies and agencies carrying out the same work. Few significant aspects that make IFRS professionals important are:
- The scarcity of IFRS professionals or professionals with experience & practical knowledge about IFRS global standards.
- The demand of IFRS professionals will increase in coming few years with phased implementation approach.
- Over 100 countries across the world have opened doors for IFRS standards making them universal standards to be applied for financial & accounting operations.
- The actual implementations of these standards is very complex and take substantial time to get implemented. Therefore very few resources are available and significance is enhanced.
- Consistent additions & modifications in IFRS standards by the regulators also build up the requirement of IFRS professionals.
Professionals who can be IFRS professionals:
Professionals with experience or academic background in finance & accounts can pursue IFRS certification and become IFRS professionals. People, who have qualified courses like MBA (Finance & Accounts), Chartered Accountancy, Cost & Works Accountant, Company Secretary, Chartered Financial Analyst, Chartered Financial Planner and all other finance & accounting related courses are the potential IFRS professionals.
Prospective opportunities & career availabilities:
- IFRS professionals are required in auditing firms as they support organizations in the successful implementation of IFRS standards
- Professionals with IFRS certification are also in demand by professional advisory organizations to offer sound advisory consultancy to other organizations
- The banking industry is also one of the most potential areas for IFRS professionals as on a regular basis, the industry design new financial standards.
- Another promising industry in which IFRS professionals are needed is the insurance industry as it also goes parallel to new financial & accounting standards.
- The education industry is not behind in recruiting IFRS professionals as they target to run diplomas and courses on IFRS standards and requires professionals for the same.
- Last but not the least, Self-Employment can be a very promising option if any IFRS professional wants to open his/her own agency or consultancy.
IFRS standards being globally recognized & accepted, professionals getting certified in the field can acquire world level skills that are common across the globe hence making professionals be proficient on an international level. The scarcity can be a boon to professionals opting for the certification in near future.
Opportunities in India and Abroad:
Over 100 countries acknowledge IFRS. This means not only in India but across the globe IFRS professionals can apply for jobs and can be assured that a suitable opportunity awaits and a reputed organization hire them.
Difficulty level of operations:
IFRS standards being very intense and comprehensive are not at all easy to implement. A handful of IFRS professionals are available. The certification is not only about learning to transfer old accounts into newly acceptable international accounting standards but to consistently modify the guidelines as per the organization.
Finance & Accounts is a difficult field to work in and along with it comes the endless learning with handsome salary package earning opportunities. It offers a global elevation to professionals pursuing it. The biggest advantage of the certification is that it is recognized globally hence the job opportunities are available worldwide.