If we check out the present numbers, ICAI Dubai has subscription of over 2,000 members and we understand that there are still a great deal of Indian Chartered Accountants who are working and residing in the location however have actually not enrolled themselves as members of ICAI Dubai, which might be because of one reason or the other. When we look into the penetration of ICAI members, we see a large number of locations where members are present and for the sake of clearness, the 3 major locations of presence of members include Industries, Professional Practice, and Banking. A large numbers of members are operating in industry, followed by Professional Practice and Banking and the percentage will be around 65%, 20%, and 15% respectively.
When we discuss industry, the members’ existence can be divided into the following sectors:
- Government Companies
- Big Diversified Groups consisting of MNC’s
- Other Companies which are not part of the above and can either be established on mainland or free Zones in Dubai and other adjacent Emirates.
In the above stated Business, the Chartered Accountants are mainly employed in the Financing sector with the position from the junior level to the position of CFO relying on the experience the members have actually acquired in their profession. There are a large number of Companies in the area in varied industries and massive chances exist for our members in the industry.
Moving forward, the other area of opportunities is professional practice in a large number of Accounting companies including Huge 4, mid-tier firms and the companies locally set-up by our members in the area. Throughout the years, the Big 4 Accounting companies have been among the biggest companies of Indian Chartered Accountants and lots of Indian Chartered Accountants are currently working as Partners and are on the senior level in these companies. Besides, all mid-tier companies which are ranked among top 20 accounting networks and lots of Indian Chartered Accountants with the practice developed for several years, likewise employ a large number of Indian Chartered Accountants and huge opportunities exist in the field of professional practice. In all, there are more than 200 accounting companies and most of the companies are managed by Indian Chartered Accountants in which a wide range of services is supplied to the market.
Banking is one of the most important sectors wherein substantial opportunities exist for Indian Chartered Accountants which is not simply limited to the financing but great deals of Chartered Accountants are presently used in practically all departments consisting of finance, credit, risk, operations, and sales. There are lots of banks whose CFO position is held by Indian Chartered Accountants and there has actually been a significant contribution by Chartered Accountants in the overall development of the banking sector in the region.
Although I have actually categorised the chances in three sectors above, I would likewise like to plainly express that there is no field which has actually been left unblemished by Indian Chartered Accountants who have actually made considerable contributions in the particular fields. There is significant existence of Indian accounting fraternity in numerous sectors of the nation
There are numerous examples of Indian Chartered Accountants turning business owners and lots of Indian Chartered Accountants likewise hold the position of CEOs in many huge groups of UAE. Thus, the contribution of Indian Chartered Accountants is not just limited to the financing field but with the leading positions in the management of the Business, the contribution to the general development of the economy has actually been tremendous and extensive.
Honestly, it will not be an exaggeration to say that Indian Chartered Accountants have contributed as one of the strong pillars of the economy and it has significantly helped in building confidence, trust and favorable environment in the economy. The Indian Chartered Accountants who have lived in the region have actually striven towards constructing trust and acquiring confidence which in turn has actually assisted them achieve remarkable success and provided opportunities to them in substantially raising the market requirements, offering important tactical advice and serve as service partners in the development of the economy.
To make a reliable contribution to the development of the region, it is extremely crucial that we obtain requisite skills in a great way and my genuine suggestions to all my fellow coworkers would be to work hard and gain those skills which can make a distinction to whatever field they are employed in.
Difficulties produce opportunities and it becomes needed that obstacles exist as it assists in bringing the best out of us. My best wishes to all my fellow members who want to develop their career in this region.
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