Kyaw Lwin Oo has over 13 years of professional experience in the development of the education, media, service, and financial sectors. Currently he serves as the head of ACCA Myanmar, an association aimed at developing the accounting sector in Myanmar by providing educational tools and professional networking opportunities in the country.
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Please explain to our readers about the history of ACCA in Myanmar.
ACCA organized in 1904 and has over 100 years of experience. ACCA has been in Myanmar since the colonial era. ACCA became popular around 1993 or 1994 in Myanmar. Many people went abroad at that time and they realized ACCA and London Chamber of Commerce and Industry (LCCI) play vital role, when it comes to job hunting in the foreign market. However, ACCA is a more professional body than the earlier associations where students can learn and develop skills. There were over thousand students who studied accounting through the ACCA in the late ‘90s.
Officially, ACCA joined Myanmar in 2014 when we opened our 91st office. There are over 3000 licensed students. Myanmar ranks 4th in market share in ASEAN society after Vietnam, Singapore, and Malaysia. ACCA signed an agreement with the Myanmar Institute of Certified Public Accountants (MICPA) in 2013. In early 2014, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and ACCA signed agreement for mutual growth collaboration for business and financial sectors.
In 2014 again, ACCA also signed an agreement with the Daw Khin Kyi Foundation to contribute to the accountancy knowledge of the staffs. ACCA again signed with Yangon University of Economic (YUE) for the purpose of capacity building, staff development and research for students.
Currently, we are trying to sign an agreement with the Office of the Auditor General of the Union and Ministry of Planning and Finance. There are many ACCA Learning providers in Yangon and three learning providers in Mandalay. Three approved learning partners are Excellent Choice, Nay Lin Aung Finance & Accountancy Academy and Zaw Business School which recognized by ACCA.
How Do You Plan to Increase Student and Member Enrollment?
Currently, there are over 3000 students. In total, ACCA has 14 subjects. There are over 50 members who have already passed all subjects and fill all the requirements such as practical experience. People may ask why we only have around 50 out of 3000 students. It is because of Myanmar’s situation. In past, the business infrastructure of Myanmar is small as well as job’s requirement is not that much. They might need to finished part 1 or 2, no need to finish all subjects.
But now Myanmar has opened up andchanged. More and more foreign investments and banks are coming into Myanmar.
Finally, stock exchange has arrived in Myanmar. According to needs of job, we need more professional accountants. Some students moved to foreign countries such as Singapore, United Kingdoms and became a member.
What is ACCA’s main competitive advantage for Myanmar students?
Let me say, we are not competitor to other associations, just partners. Since we came to Myanmar, we did not compete with the others. Locally, there are only certain Certified Public Accountant (CPA) members and we try to get more members. Only ACCA cannot fill the vacuum of Myanmar’s accountancy sector. So, we collaborate with local relevant CPA. Some people who finished ACCA also learn CPA. On the other hand, some people who finished CPA also learn ACCA.
The purpose of ACCA in Myanmar is to strengthen the Myanmar accountancy sector. So we collaborated MICPA and other organization in local and will be more work in future.
I stress again, we are not competing, just aiming for mutual growth. ACCA and CPA share the same perspective and work together hand-inhand to boost the Myanmar accountancy sector.
ACCA signed an agreement with MICPA two years ago. Can you explain the features of this agreement and how the ACCA has progressed since then?
When we signed an agreement with MICPA in 2013, we hadn’t opened a Myanmar office yet. The primary purpose of signing the agreement is that we strongly believed that Myanmar needs more professional qualified accountants. At that time, there were few of CPA members. The entry to CPA was also rigid. At that time, to become a CPA member, there were lots of requirements such as be a degree holder of BCOM, had to passed 14 subjects of CPA.
Later, Myanmar changed the trend and loss some of the requirements to enter the CPA. For example, any graduate can sit on the entrance of CPA. If you already finished ACCA, you can become a CPA member when you finished Tax, Law and audit subjects of the CPA.
The primary purpose the agreement is to birth the qualified professional accountants and strengthen the Myanmar accountancy sector by collaboration. The feature also included continuous professional development. Professional bodies such as CPA and ACCA, members must renew yearly and attend seminars, workshops for 40 hours. We jointly hold seminars, workshops and so on. The agreement lasts three years and we hope to extend it. How do you plan to increase awareness of ACCA among potential accountancy students here? People learn because of two main things: social status and career growth. ACCA can provide two advantages: mobility and employability. Mobility means ACCA is approved body by 180 countries globally. For example, you can go and work as an accountant at United Kingdom, Singapore, Malaysia and so on. Regarding employability, over 8500 companies, including Microsoft, are a globally approved employer of the ACCA. Those approved employers will give favor to ACCA member when it comes to hiring in the finance sector. Moreover, the approved employer will give support both financially and non-financially to ACCA students and members. For example, the employer will help with ACCA exam and course fees as well as give leave time to take the exams.
What type of specific support do you provide for local students and members here?
Regarding specific support, for ACCA, service plays vital role. Students who have registered with the ACCA needown account. In past, there was no office in Myanmar and we could not provide service for these student issues. We had to write e-mails to the United Kingdom Head Office and were met with lots of delays. Now, we can provide service directly to students without delay. Another update is ACCA live chat. Students can ask the questions via ACCA live chat!
There was no student event before we launch ACCA here. In 2016 March, we organized first time ACCA career fair which mainly focus on accountancy and finance. In last month, we held ACCA Myanmar Appreciation Night to appreciate the new ACCA members and old members.
How would you ensure the quality of ACCA tuition providers in Myanmar?
To ensure the quality of ACCA tution providers, first and foremost, we check the pass rate of students. Another standard is the quality of teaching and facilities of school.
There are two status for school – Gold and Platinum. The process to gain Gold and Platinum is really tough. First, we revised lecturer quality; course content, dealing style with students, revision and so on. Second, we check the pass rates which should not be lower than globally. Third, At least, nine out of 14 subjects must be taught. Students must sit exams. So we can check the pass rate. Fourth, we also check the school’s facilities – chair, air-condition, toilet, sanitary and so on. We also examine how to handle the students complaints. we also check the health and Safety standards of school. Fifth,we also interview the students privately and ask questions about school. After checking all things, we will give approved status. After getting approved status, school renew yearly. We will audit again.
What is the ACCA market share like in Myanmar?
It is difficult to talk. We have only opened office two years ago in Myanmar. Most of ACCA Learning providers are in Yangon. Approximately we can say we are number three after local CPA and LCCI.
How do you intend to have local employer support for ACCA training programs?
ACCA has globally over 8500 approved employers. Currently, ACCA approved employer are Maybank from Malaysia, Standard Chartered Bank from UK and British American Tobacoo from UK in Myanmar. We are talking Big 4 companies (PWC, Deloitte, E&Y, KPMG) to become approved employers in Myanmar. Big 4 already approved members globally. Moreover, we are negotiating with larger local banks to become approved employers.
To become approved employer, the cost is zero and free of charge.
What are your responsibilities as the head of ACCA Myanmar?
My responsibilities are to lead the ACCA in Myanmar Market. In the Myanmar market, there are two sectors, public sector and private sector. For example, the public sector works together with the Office of Auditor General, Ministry of Planning, Myanmar Institute of Certified Public Accountants (MICPA) and Yangon University of Economic for seminars, trainings and so on. For private sector, there are so many learning providers which are teaching ACCA. Among them, are three approved learning partners which recognized by ACCA. Three approved learning partners are Excellent Choice, Nay Lin Aung Finance & Accountancy Academy and Zaw Business School. As a Myanmar Chief Representative, I have to support these three training centers and other training centers which are trying to be approved by ACCA.
We try to promote the topics which might be popular in near future. Myanmar has opened up and lot of foreign investors are coming into Myanmar. Nowadays, there are few taxpayers in Myanmar. We are trying to promote on the advantages of being taxpayers.
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