Sri Lanka's Accounting Advantage: How STEM Recognition is Unlocking Global Careers

The international accounting community has seen a push recently to recognize accounting as a STEM (Science, Technology, Engineering, and Mathematics) field. This move holds significant advantages for Sri Lankan accountants, who are already well-positioned to capitalize on this emerging trend.

Here’s the why, the how, and everything in between.

Why Accounting Belongs in STEM

• Acknowledging Reality: Modern accounting heavily relies on higher-level math and technology skills. From data analysis and automation to machine learning and financial analysis, accountants are increasingly using sophisticated tools that require a strong STEM foundation.
• Building the Future Workforce: Exposing more students to dynamic and rewarding career opportunities in accounting and finance is important. STEM recognition can help bridge the gap and attract a new generation of talent to the profession.
• Addressing Shortages: The US, like many other countries, faces a shortage of qualified accountants. In the past two years alone, more than 300,000 U.S. accountants and auditors have left their jobs, a 17% decline, the Wall Street Journal reports. STEM recognition can help build a stronger pipeline of talent and ensure the profession remains well-equipped to meet future demand.
• Economic Advantage: Studies show that STEM graduates tend to have higher earning potential compared to non-STEM graduates. This economic advantage creates more stable careers and can attract a wider pool of talented individuals to the accounting profession.

Sri Lanka's Advantage:

Over 85,000 Sri Lankan graduates enter the finance and accounting field annually, thanks to a network of state and private universities offering specialized programs. The presence of globally recognized institutions including the American Institute of Certified Public Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA), Chartered Accountants (CA) Sri Lanka and the Association of Chartered Certified Accountants (ACCA) Sri Lanka supports this pipeline by providing a well-established framework for professional qualifications.

Sri Lanka's impressive literacy rate (93%) and computer literacy rate (71%) provide a strong foundation, ensuring a workforce well-equipped for the demands of modern accounting practices.

This comprehensive expertise, coupled with the STEM designation for accounting, creates exciting new opportunities:

• Global Recognition, Local Expertise: Sri Lanka boasts a well-established outsourcing industry, where our skilled professionals have redefined financial technology on a global scale. Their enterprise solutions power the engines of the world's most renowned exchanges, including the London Stock Exchange, Borsa Italiana, and the London Metal Exchange.

Such home-grown talent, combined with the international recognition of accounting as STEM, elevates the qualifications of Sri Lankan accountants on the global stage.

• Well-Rounded Professionals:

Sri Lankan accountants are renowned for their broad skill sets, often possessing multiple certifications like CPA, ACCA, and CIMA and coveted Bachelor’s and Master’s programs offered through a combination of state and private universities. These private universities are affiliated with prestigious bodies in the UK, US, and Australia including Monash University Australia, Deakin University Australia, Staffordshire University UK, and John Hopkins University US.

Add a STEM background to this mix, and you have a powerful combination highly sought after by international employers.

Such seasoned accountants can not only handle complex financial matters but also grasp the technical aspects of financial technology – a true asset in today's data-driven world.

• Early STEM Exposure: Sri Lanka's education system often incorporates STEM elements throughout primary and secondary education. This early exposure prepares Sri Lankan accountants to excel in the increasingly technical aspects of accounting, giving them a significant edge in the global market.

The H Connect International Advantage

Through exposure to advanced technology integration within our workflows, our accountants gain practical experience alongside their certifications in CPA, CIMA, ACCA, and more.

This powerful combination of in-depth accounting knowledge and real-world tech expertise keeps our team ahead of the curve.

We are an example of the intersection of diverse accounting certifications and a STEM background that Sri Lankan professionals leverage for a distinct advantage in the global market.

As companies increasingly seek individuals who bridge the gap between financial expertise and technical proficiency, our STEM accountants are perfectly positioned to meet this rising demand.

The Future is Bright

The inclusion of accounting in STEM represents a significant shift for the profession.

For Sri Lankan accountants, leveraging our technical skills, data-driven approach, and existing qualifications, positions us to excel internationally. We are poised to become a global hub for "STEM Accountants," leading the way in a world where finance and technology are seamlessly intertwined.