Unemployment: Accountants tipped on job retention

In order for one to remain relevant and retain a job in a world of joblessness, certified public accounts have been asked to be creative and stick to professional ethics.

In Uganda, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. In 2019, the estimated youth unemployment rate in Uganda was at 2.73 percent.

"Use new innovative ways to your advantage. Without you being innovative, you will be irrelevant," the president of Institute of Certified Accountants (CPA) Frederick Kibbedi said.

Presiding over the 12th CPA graduation ceremony, Kibbedi implored accountants to undertake the values that espouse emotional intelligence and charged them to serve as trusted business advisors.

A total of 368 graduated with Certified Public Accountants of Uganda, 40 Accounting Technicians and 16 Certified Tax Advisors.

"As you leave this room today, more importantly remember that companies will employ for the qualifications you attained but will retain you for your values and integrity," Kibbedi told graduands on Friday at Imperial Royale Hotel in Kampala.

"Pay particular attention to becoming professional. It's only our adherence to ethics and integrity that will win us public trust. Digital transformation has indicted many things and professions but human emotional intelligence, ethics, and values cannot be manufactured by a machine," he added.

The Institute of Certified Public Accountants of Uganda (ICPAU) is the National Professional Accountancy body which regulates and maintains the standard of accountancy in Uganda.

The chairperson of the Public Accountants Examination Board (PAEB) Keto Kayemba said that majority of top candidates were females.

She said over the years, young and fresh and female students have continued to excel in accountancy examinations and on first attempt.

"This trend excites us. It's an indication that the profession is getting stronger at the grassroots and as the old exit, the young are there to fill the void and serve the country even better," Kayemba who is also the Assistant Auditor General noted.

Uganda does not have enough certified accountants. Chartered accountants play a role in nation building through accountability, social accounting, taxation, capital formation and economic planning.

Statistics show that there are 3,741 certified accountants a figure below the required number of about 10,000 for a young economy like Uganda.

CPA offers comprehensive accountancy training in line with International Education Standards (IES), issued for International Federation of Accountants (IFAC).

In pursuance of functions enshrined in the Accountants Act, ICPAU, issues practicing certificates to accountants that would like to offer services to the public, conducts continuous professional education to ensure that members keep up to date with the developments in the profession.

It also sets examinations for the aspiring accountants who will gradually become certified public accountants of Uganda (CPAU) and does whatever is required of the accountancy profession with due regard to the public interest.