By Engel Schmidl
The COVID-19 pandemic and its devastating effect on the global economy has cast a spotlight on the jobs market and employability.
The Philippines has not been spared this pain, with recent economic data indicating tough times ahead.
The April Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) showed the number of jobless Filipinos increased to 7.254 million in 2020 from 2.267 million in the same period in 2019, a 220-percent rise.
The Philippines government has stimulated the economy with $7 billion, equal to 2 percent of the nation’s GDP. Still, the international nature of the COVID-19 crisis means no country is immune to the economic damage wrought by the pandemic.
A tight jobs market means employers can be more selective. Job seekers and those wanting to advance their careers will have to make themselves stand out from the pack.
UPSKILLING TO BUILD CAREER RESILIENCE
Ms. Mabel Alvarez, an Account Credit Manager at Robinsons Bank Corporation, is well aware of the impact the crisis is having on the economy.
With a Bachelor of Science degree in accounting, Ms. Alvarez is currently working towards attaining an MBA from Ateneo de Naga University. She started in the banking industry in 2009 and worked as a business development officer at the Development Bank of the Philippines for more than eight years.
In 2018, she embarked on CPA Australia’s CPA Program to gain an internationally recognized accreditation as a Certified Practising Accountant.
“I was experiencing a career crisis,” Ms. Alvarez says. “I wanted to broaden my options so I could take my career in a different direction, maybe with an auditing firm or a consultancy office.”
Ms. Alvarez carefully researched her options and kept returning to the range of benefits offered by CPA Australia.
“I finally decided it was best to enroll with CPA Australia to refresh my knowledge and gain the skills and perspective to build a lasting career.”
INTERNATIONAL REACH AND ACADEMIC SUPPORT
She was attracted to the program’s academic rigor and the range of higher-level subjects covered, including Ethics and Governance, Financial Reporting, Strategic Management Accounting, and Global Strategy and Leadership.
“The resources are up to date, informative, and relevant. They provide study support, webinars, and various industry updates as well. I particularly like the exam format because it does not necessarily encourage memorizing and rote learning. Rather, it pushes candidates to become more analytical, which is crucial in today’s business world.”
Despite being a keen and conscientious student, Ms. Alvarez admits it took time to get back into the swing of studying. “I forgot how to study since it has been a long time since I last went to school,” she says.
“I started with Ethics and Governance. I figured it would be better to pick a subject that does not involve any computation to set me up for the entire program. I don’t know if it is just me, but I found the material interesting to read. I was able to read the book twice or thrice before the exam and thankfully got a good mark.”
Ms. Alvarez is currently undertaking the program, which, when finished, will enable her to achieve the coveted CPA Australia designation. She says the experience broadened her thinking on subjects like business strategy and corporate finance and sharpened the technical skills she had already acquired from her working experience and previous studies.
“Completing the program will give me pride and the confidence to back my competence, which translates to better career and work opportunities ahead. Being a CPA Australia member also plays a vital role in creating valuable global networking opportunities.”
GLOBAL BENEFITS DURING TROUBLED TIMES
Crucially during such unprecedented times, the Professional Regulatory Board of Accountancy (BOA), Philippine Institute of Certified Public Accountants (PICPA), and CPA Australia are collaborating through a Member Pathway Agreement (MPA) to deliver local and international benefits to their members who aspire to global careers.
The CPA Program provides accountancy professionals with the skills and knowledge employers are turning to during these difficult times.
With the COVID-19 crisis continuing to create economic uncertainty, attaining CPA accreditation ensures you’re ready and competitive in the new business landscape.
Find out how to become a CPA Australia member through our Member Pathway Agreement with PICPA at an online information session.
