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ICAEW qualified opportunities in Pakistan - SJ - 06-18-2004

Dear all,

I just have a few questions and am wondering if someone might be able to provide some answers.

Just a bit of background about myself

I work for a Big 4 firm in London in the financial services sector. I am planning to move permanently back to Lahore after spending the last 5 years in UK. I qualified with ICAEW a year ago. I work normally on investment bank audit and my main clients include HSBC, Citigroup, CSFB etc.

On top of that I have an MSc Accounting & Finance from the London School of Economics.

I am also a permanent resident in the UK.

I have never worked in Pakistan before but i have to come back due to family commitments and live in lahore

Now coming to my questions)

1. What kind of opportunities if any, are out there for someone with my qualifications?

2. Is partnership in a Big 4 firm in Pakistan a realistic possibility?

3. Is there anything available in the Private sectors or banks (multinationals)?

4. What kind of salary level should I expect?

5. I can join one of the investment banks here and work for a year in Corporate finance or equity research. Would that make me more/less marketable in the pakistani market?

Well if nothing works out in Pakistan I can always come back to London, but I have to give it a try.

Regards









- derivativetrader - 06-18-2004

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
Dear all,

I just have a few questions and am wondering if someone might be able to provide some answers.

Just a bit of background about myself

I work for a Big 4 firm in London in the financial services sector. I am planning to move permanently back to Lahore after spending the last 5 years in UK. I qualified with ICAEW a year ago. I work normally on investment bank audit and my main clients include HSBC, Citigroup, CSFB etc.

On top of that I have an MSc Accounting & Finance from the London School of Economics.

I am also a permanent resident in the UK.

I have never worked in Pakistan before but i have to come back due to family commitments and live in lahore

Now coming to my questions)

1. What kind of opportunities if any, are out there for someone with my qualifications?

2. Is partnership in a Big 4 firm in Pakistan a realistic possibility?

3. Is there anything available in the Private sectors or banks (multinationals)?

4. What kind of salary level should I expect?

5. I can join one of the investment banks here and work for a year in Corporate finance or equity research. Would that make me more/less marketable in the pakistani market?

Well if nothing works out in Pakistan I can always come back to London, but I have to give it a try.

Regards


<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

For which partnership are you working for?

Cheers, DT




- Omar Salah Ahmed - 06-18-2004

Dear SJ,
First of all for someone who is qualified from the ICAEW, there is alot of demand in Pakistan particularly in the banking sector, the multinationals are also keen on hiring uk qualified personnel. As for the partnerships, yes they would definately be interested in hiring a quality CA from ICAEW but for the personal development point of view you will need to pass the local tax and law exams in order to progrss to the level of a partner ..
As for salary, well ranges anywhere from 45 K to 150K .. yea i know whats a very large range but it basically depends on the particular company that you get into .. partnerships would pay you a starting of 50k plus a car maybe .. and other companies like unilever pakistan or british petroleum can pay you upto a 80k starting plus a car .. best of luck in pakistan ..
and on a more personal note if you can gimme your email address i have some questions regards to ICAEW .. if you can kindly, help out ..

OSA

OSA


- SJ - 06-18-2004

My email address is shazibjavaid@hotmail.com

I work for KPMG in london.......




- derivativetrader - 06-20-2004



OSA, you said that BP pays something like 80K plus a car as starting. Is this for ACA's only? What I am trying to ask here is to whom (what kind of qualification you need here) they pay such packages as starting? Also, what car they offer to you in your package and is this car brand new? What about the running cost like maintanance, petrol etc. is that also get paid by the firm?

Cheers
DT




- sumaaan - 06-20-2004


Just to make a point here... The main problem I see in working in UK and earning high salaries is

1. 40% of your salary gets deducted for income tax
2. and also those NI etc etc


One more thing that I've observed there is the houses are too small <img src=icon_smile_sad.gif border=0 align=middle>... Believe me, EXTREMELY SMALL!!!




- AIM - 06-23-2004

Well, 40% is the top rate. The effective tax rate would be around 30%. And NIC is applicable for permanent residents. Overseas workers on a permit dont have to pay any NIC for the first 2 years.
I agree houses are small...though cosy.
Lifes a lot difficult, but the experience gained there is well worth it.




- sumaaan - 06-23-2004


Because as SJ mentioned he's a permanent resident in UK, he might have NI deducted as well.

And obviously as he's working in KPMG, certainly the work experience gained is worth a lot... I'm sure he'd find a good job in Pakistan.




- Ceiga - 06-25-2004

just a query for anyone who has been to london. im a equity research analyst here in khi and want to goto london to gain some good experience as well as money. howz the job mrkt in london for a person like me dun mba in finance last yr and doin cfa?




- Azeem Shah Khan - 06-26-2004

Dear all

as my tax teacher once said

"Don't make ur own tax rules - there are enough rules already"

every single person no matter he's a resident or not has to pay NI at 11%. i would appreciate if u dont argue on this matter, i m working as a payroll manager in a uk accountancy firm.

regards

azeem





- sumaaan - 06-26-2004

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
Dear all

as my tax teacher once said

"Don't make ur own tax rules - there are enough rules already"

every single person no matter he's a resident or not has to pay NI at 11%. i would appreciate if u dont argue on this matter, i m working as a payroll manager in a uk accountancy firm.

regards

azeem



<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

Thanks for clearing that out... I was never good at Taxation myself so I was a bit hesitant in shedding light on my doubts on AIM's reply!



Edited by - sumaaan on Jun 26 2004 020912 AM


- sumaaan - 06-26-2004

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>
just a query for anyone who has been to london. im a equity research analyst here in khi and want to goto london to gain some good experience as well as money. howz the job mrkt in london for a person like me dun mba in finance last yr and doin cfa?


<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

If your work experience is from a multinational or big four, that would certainly count a lot...

Secondly, getting work permit is the main thing... You get a work permit, problem solved!... The rest is upto you how you mould your place there.




- Azeem Shah Khan - 06-26-2004


thanks sumaan!!!

regards

azeem




- derivativetrader - 06-27-2004

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>

One more thing that I've observed there is the houses are too small <img src=icon_smile_sad.gif border=0 align=middle>... Believe me, EXTREMELY SMALL!!!

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

Not exactly true!! Have you ever seen the houses in North London, particularly near the Hamstead Area - they are proper family houses.




- derivativetrader - 06-27-2004

<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote>

every single person no matter he's a resident or not has to pay NI at 11%. i would appreciate if u dont argue on this matter, i m working as a payroll manager in a uk accountancy firm.

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>

ASK, isn't it true that for any income above £31600 (or something in that range), you only pay 1% as NI Contribution.

DT