03-07-2008, 05:30 PM
Dear,
If your so-called vision can locate the things, I wonder why don't you locate the requirements of foreign qualifications here in Pakistan. Arguments are necessary where something is likey to be clarified. There is no question of doubts over increasing requirements of CA either these are from Pakistan or ICAEW. I told you that only 3222 CAs are available in Pakistan. So any body who would come up with CA will not find any sort of problem. They are always required. There was a time when partners of big firms were only those who were UK qualified. This situation is materially same even at the moment. Multinationals, foreign financed companies, big refineries, international banks etc have CAs of ICAEW. You are at UK, get the statitcs of ICAEW members working at Pakistan. This may broaden your vision.
As far as CFA is concerned, in earlier days its utilization was not enormous. But now there are so many local and international banks who are undertaking major investment projects (you can see that in Pakistan banks have become a commodity and mergers/take overs have become a routine process). Stock markets rarely go down significantly irrespective of political unrest and has touched the historical ever highest limits in 100 index and 30 index. Capital market improvement has lead extreme shift in the securities business / investments, as well as emergence of companies/groups like AKD, Arif Habib, Jahangir Siddiqui etc who always look forward to take up big projects in each sector. Privatization plans of government could be seen from the web of Privatization Commission which gives an extensive length of companies to be privatized among which 26 major big projects are in hand for the current year. Due to this so many foreign companies have established their offices in Pakistan and typically require CFAs being in M&A stage. You can see examples of ABRAAJ, AL-GHURAIR, NOOR FINANCIAL and GULF-CAP etc. I have personaly dealt with assignments of privatization for these comapnies and personally know CFAs working over there. Yes these cannot be in thousands becoz supply is very short but this does not depict a short demand as well.
Apart from above, the business of mutual funds and NBFCs like Asset Management Companies is at peak. In fact the whole financial sector is at peak in Pakistan. People have been fed up of investments in properties due to severely declining returns (as it has gone to such increase over the period which could be called a limit) and now every body is investing in these businesses. Check how the net assets value of these funds is going up. NAFA, NIT, ABAMCO, UBL funds, JS funds and so many could be quoted as examples. Come down and see the CFAs working over there. Further they upcoming have a demand for CFAs. If there does not appear some abundance or they are rare, this is due to issue of supply and not of demand.
CFAs can find their place in professional firms offering services of risk management, transaction advisory, corporate finance, valuations and financial modeling, due diligence studies, insolvency and other related areas. Do you have doubts that firms do or not do this business. Recently Karachi Shipyard advertised to get services from consulting consortia for designing, lay outing, financial modeling and option studying regarding two big shipyards to be constructed in public private modaility basis at port Qasim and Gwadar. I contacted big shipyard constructing companies of UK for technical association and come to know that most of them were already contacted by other firms. This is just one example. If you have worked for any transaction advisory assignment you may know how much professional people are required in Pakistan. One man cannot do anything on all fronts. This is in fact the time of collaboration and wide expertise. So this is the situation which grants a big requirement of CFAs in upcoming days even in professional firms. Some are alreday there. The issue again is of supply and not of demand.
I think if you have to understand through your "Vision" you should undersand by now. If you don't want to understand then so many people like you do exist in this world who cannot change the facts but always speak against them. In punjabi there is a phrase "GIRJAAN DAY AAKHIYAAN TAGGEY NAI MARDEY HONDDEY". You can know what I said if you understand punjabi. Otherwise you don't normally understand the things. Your all above efforts show this fact. So my statement is not vague. think about your vision.
Yes , you are right I might have wasted my time in these two paragraphs referred by you becoz these were addressed to a man like you and this is called to play some instrument in front of some one. I agree to you. Still thanks God you agreed that studying additional books may not create problem if concept is not clear. Hope you will now study such books. It's great you know IFRS development process. My effort remained fruitful to this extent. Exposure drafts are developed by consensus and then so much deliberation is made and even dissenting comments are given at the end of IFRS after finalization and periodically IASs have to be improved and changed to bring some global convergence to meet the requirements like reporting for cross border offerings, ADRs and GDRs and other issues of IOSCO. If this is the process, this does not come from skies. Concentrate on it. Don't reply merely for reply. Though I know (keeping in view your aptitude) you will not do what is required.
Thank you for your suggestion for me to write in some journals etc. I do agree on it. I am in the process of doing and will do it in future. Thanks.
Some of your words cast doubt over how many audits you might have seen where auditors have qualified the opinion. Normally auditors no where explain why they qualified except in the qualification itself. Always management has to explain why auditor has qualified. This is what I we see here in Pakistan. There could be some difference in foreign countries. Authorities always inquire irectors why report was qualified. Management has to defend itself becoz the qualification always speaks why it is there. If it does not speak, this would not be a qualification. Have you ever seen some qualified report?
Patriotism cannot be harmed if any body visits other countries and even if migrates due to unavoidable reasons. Your vision may not understand it. So its useless to tell you more on it. And if the case is what you say then where do you personally fall? I just have plan in extreme situation which may or may not be implemented while you are already done with it.
If you say that you don't have negative opinion about Pakistani people then it must be given importance. Try to improve your vision about "approach" as well. The same approach has created worldly heros. Would you require me to give you details as you childishly discussed the requirement of CAs of ICAEW and CFAs in Pak and more than one qualification of foreigners etc. Political unrest and corruption of a specific category of people is a different thing. If you talk about that I agree on it. But if you speak about abilities, you have to revisit your statements.
The one who cleans his own mess is very normal as every one has to do it. It's the time to clean the mess of people like you to save public at large. And this is what we learn from a best code either worldly terms or on religious grounds. Some one should be there to do it.
Regards,
KAMRAN.
If your so-called vision can locate the things, I wonder why don't you locate the requirements of foreign qualifications here in Pakistan. Arguments are necessary where something is likey to be clarified. There is no question of doubts over increasing requirements of CA either these are from Pakistan or ICAEW. I told you that only 3222 CAs are available in Pakistan. So any body who would come up with CA will not find any sort of problem. They are always required. There was a time when partners of big firms were only those who were UK qualified. This situation is materially same even at the moment. Multinationals, foreign financed companies, big refineries, international banks etc have CAs of ICAEW. You are at UK, get the statitcs of ICAEW members working at Pakistan. This may broaden your vision.
As far as CFA is concerned, in earlier days its utilization was not enormous. But now there are so many local and international banks who are undertaking major investment projects (you can see that in Pakistan banks have become a commodity and mergers/take overs have become a routine process). Stock markets rarely go down significantly irrespective of political unrest and has touched the historical ever highest limits in 100 index and 30 index. Capital market improvement has lead extreme shift in the securities business / investments, as well as emergence of companies/groups like AKD, Arif Habib, Jahangir Siddiqui etc who always look forward to take up big projects in each sector. Privatization plans of government could be seen from the web of Privatization Commission which gives an extensive length of companies to be privatized among which 26 major big projects are in hand for the current year. Due to this so many foreign companies have established their offices in Pakistan and typically require CFAs being in M&A stage. You can see examples of ABRAAJ, AL-GHURAIR, NOOR FINANCIAL and GULF-CAP etc. I have personaly dealt with assignments of privatization for these comapnies and personally know CFAs working over there. Yes these cannot be in thousands becoz supply is very short but this does not depict a short demand as well.
Apart from above, the business of mutual funds and NBFCs like Asset Management Companies is at peak. In fact the whole financial sector is at peak in Pakistan. People have been fed up of investments in properties due to severely declining returns (as it has gone to such increase over the period which could be called a limit) and now every body is investing in these businesses. Check how the net assets value of these funds is going up. NAFA, NIT, ABAMCO, UBL funds, JS funds and so many could be quoted as examples. Come down and see the CFAs working over there. Further they upcoming have a demand for CFAs. If there does not appear some abundance or they are rare, this is due to issue of supply and not of demand.
CFAs can find their place in professional firms offering services of risk management, transaction advisory, corporate finance, valuations and financial modeling, due diligence studies, insolvency and other related areas. Do you have doubts that firms do or not do this business. Recently Karachi Shipyard advertised to get services from consulting consortia for designing, lay outing, financial modeling and option studying regarding two big shipyards to be constructed in public private modaility basis at port Qasim and Gwadar. I contacted big shipyard constructing companies of UK for technical association and come to know that most of them were already contacted by other firms. This is just one example. If you have worked for any transaction advisory assignment you may know how much professional people are required in Pakistan. One man cannot do anything on all fronts. This is in fact the time of collaboration and wide expertise. So this is the situation which grants a big requirement of CFAs in upcoming days even in professional firms. Some are alreday there. The issue again is of supply and not of demand.
I think if you have to understand through your "Vision" you should undersand by now. If you don't want to understand then so many people like you do exist in this world who cannot change the facts but always speak against them. In punjabi there is a phrase "GIRJAAN DAY AAKHIYAAN TAGGEY NAI MARDEY HONDDEY". You can know what I said if you understand punjabi. Otherwise you don't normally understand the things. Your all above efforts show this fact. So my statement is not vague. think about your vision.
Yes , you are right I might have wasted my time in these two paragraphs referred by you becoz these were addressed to a man like you and this is called to play some instrument in front of some one. I agree to you. Still thanks God you agreed that studying additional books may not create problem if concept is not clear. Hope you will now study such books. It's great you know IFRS development process. My effort remained fruitful to this extent. Exposure drafts are developed by consensus and then so much deliberation is made and even dissenting comments are given at the end of IFRS after finalization and periodically IASs have to be improved and changed to bring some global convergence to meet the requirements like reporting for cross border offerings, ADRs and GDRs and other issues of IOSCO. If this is the process, this does not come from skies. Concentrate on it. Don't reply merely for reply. Though I know (keeping in view your aptitude) you will not do what is required.
Thank you for your suggestion for me to write in some journals etc. I do agree on it. I am in the process of doing and will do it in future. Thanks.
Some of your words cast doubt over how many audits you might have seen where auditors have qualified the opinion. Normally auditors no where explain why they qualified except in the qualification itself. Always management has to explain why auditor has qualified. This is what I we see here in Pakistan. There could be some difference in foreign countries. Authorities always inquire irectors why report was qualified. Management has to defend itself becoz the qualification always speaks why it is there. If it does not speak, this would not be a qualification. Have you ever seen some qualified report?
Patriotism cannot be harmed if any body visits other countries and even if migrates due to unavoidable reasons. Your vision may not understand it. So its useless to tell you more on it. And if the case is what you say then where do you personally fall? I just have plan in extreme situation which may or may not be implemented while you are already done with it.
If you say that you don't have negative opinion about Pakistani people then it must be given importance. Try to improve your vision about "approach" as well. The same approach has created worldly heros. Would you require me to give you details as you childishly discussed the requirement of CAs of ICAEW and CFAs in Pak and more than one qualification of foreigners etc. Political unrest and corruption of a specific category of people is a different thing. If you talk about that I agree on it. But if you speak about abilities, you have to revisit your statements.
The one who cleans his own mess is very normal as every one has to do it. It's the time to clean the mess of people like you to save public at large. And this is what we learn from a best code either worldly terms or on religious grounds. Some one should be there to do it.
Regards,
KAMRAN.