Shortage of accounting, finance grads looms amid rising demand

CEBU, Philippines - Demand for accountants and finance related professionals continues to rise as local companies now see the importance of employing a financial analyst.

Add to that the influx of finance related outsourcing jobs in the country.

In line with this, the Financial Executives of the Philippines (FINEX) is intensifying its campaign to encourage high school students to consider accountancy and finance related courses as the country faces a looming shortage of accounting graduates, said FINEX former director Benito G. Soliven III.

Soliven and other FINEX officials were in Cebu recently to host an inter-school competition, which is one of the efforts of FINEX to raise the quality of accounting graduates.

According to Soliven, FINEX is simultaneously moving towards increasing the number of accounting graduates to meet the sprouting demand, at the same time, constantly improving the quality of accounting degree holders.

"The companies are seeing the value of beefing up their finance departments, and international financial companies like JP Morgan, and others are now making their presence in the Philippines, "said Soliven, explaining that accounting graduates or accountants have bigger opportunities for high paying jobs in the country.

At present though, multinational companies like JP Morgan and Chase and the likes are having difficulties in hiring good people in the field of finance and accounting as hiring becomes a tough competition among companies amidst the scarcity of professionals.

Soliven, who is also the managing director for BV Partners, Inc., added that while the quality requirement is higher now, some finance and accounting professionals are also getting international certifications, as Certified Accounting Technicians, to serve sophisticated financial job requirements from both local and foreign companies.

In Cebu, FINEX is closely working with major universities like University of the Visayas, University of Cebu, and University of San Jose-Recoletos, among others. — Ehda M. Dagooc (FREEMAN)