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New research identifies demand for international finance and management skills

29 May 2007

Senior finance professionals and company directors in India believe globalisation brings a high level of opportunity to businesses in the country, according to new research from ACCA.

Called India: international accountancy and the future, the report surveyed 100 senior accountants and company directors, revealing that 94% believe globalisation is already beneficial for the country, while 95% of respondents are optimistic about the future opportunities globalisation will bring for India.

Despite this optimism, more than 90% said increased competition and the difficulty of attracting and retaining qualified finance staff was a 'medium to high' challenge for the country in the future.

In the face of this challenge, obvious skills gaps amongst finance professionals were identified in the research. 75% of respondents considered an understanding of business ethics to be essential, but only 60% believed that finance managers are well equipped in that area, identifying a clear need for more training and development.

Significantly, nearly 60% of respondents were also interested in offering finance employees access to, and support for, international accountancy qualifications.

Andrew Steele, ACCA's head of Strategic Business Unit for the Middle East and South Asia, said: 'This report coincides with the Lord Mayor of London's visit to India on 24 May 2007. Lord Mayor John Stuttard has said in the past that professional skills hallmarked Made in the UK offer a career boost that is hard to beat because they offer a passport to the global industry of financial services.'

Steele added: 'This research offers a unique and timely snapshot of Indian business leaders' attitudes to the opportunities and challenges for the country, as well as their attitudes to international accounting and its relevance to the Indian economy. Importantly, we also have a picture of their attitudes and perspectives to skills and training - a major issue for the global accountancy profession. In the face of increased globalisation, the benefits and relevance of international accounting standards and training are being welcomed by individuals aspiring to careers in finance, and employers of finance professionals.'

To read the report in full please click on the link under 'related documents'.

For further information about the survey, please call:

Helen Thompson, ACCA Press Office
+44 (0)20 7059 5759 / +44 (0)7725 498654

For information about the ways in which ACCA works with employers worldwide, visit our dedicated Employer section