Interview with Mr Azeem Hussain Siddiqui – FCA, FCMA
PAGE: Tell me something about yourself and your organization, please
Azeem Hussain Siddiqui: I am a Fellow Member of Institute of Cost & Management Accountants of Pakistan, Institute of Chartered Accountants of Pakistan and Institute of Corporate Secretaries of Pakistan. Having more than 30 years of working experience, I am currently Partner at Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants. Previously have served KPMG Taseer Hadi & Co. Chartered Accountants. Besides, I am current Chairman of Karachi Branch Council of ICMA Pakistan and Vice President of Pakistan Quiz Society International. I have also been involved in teaching accounting, finance and related subjects. I have also been invited as Guest Speaker and Lead Trainer at seminars/workshops corporate, tax and other laws in Pakistan.
PAGE: Your views on education system in Pakistan:
Azeem Hussain Siddiqui: I believe education in Pakistan is at its lowest ebb at all three levels; primary, secondary and higher education. In 75 years of our existence we have only been able to literate 62.3% of our population according to Ministry of Federal Education and Professional Training, which is not at the par with the countries that started their journey as independent counties after us. The Constitution of Islamic Republic of Pakistan makes it compulsory that all children between the ages of 5 and 16 will have free education and that adult literacy must be improved. Unfortunately, we have not been able to fulfil our constitutional promises.
PAGE: What is your perspective about business in Pakistan?
Azeem Hussain Siddiqui: In the post-modern world knowledge economy and professional education gained lots of importance. After World War-II, businesses grew unprecedentedly which made it an absolute necessity to acquire business education. Many specialized professional qualifications in the fields of finance, accounting, auditing and marketing, etc., came existence world over. And Pakistan is no exception to such a change, established institutes for professional a business education. Two primary examples in this regard are the Institute of Cost & Management Accountants of Pakistan and Institute of Chartered Accountants of Pakistan.
PAGE: Have we made headway in maintaining the global standards of education?
Azeem Hussain Siddiqui: A straightforward reply to this question would be ‘no’ unfortunately. There are inherent problems in the system of education in our country which are either institutional or governmental. We need a dynamic approach to develop the foundations of the system which will only be possible through collaboration among all the stakeholders, the society, educational institution and the government. Once such a system is developed, the day is not far when we will be able to come at par with global standards of education.
PAGE: Is our industry developed enough to accommodate the graduates churned out by the universities in Pakistan?
Azeem Hussain Siddiqui: According to the Labour Force Survey 2017-18, around 8.78m youth, 20 years or older, hold a Bachelor’s degree. Out of these, 5.97m are economically active while 0.97m are unemployed. According to one estimate, as of 2019, the graduate unemployment (GUE) rate is touching 16.5%. With the economy growing at below 5% and graduates coming out in a huge number, it is obvious the industry will not be able respond to such vast supply.
PAGE: Are our graduates on a par with the rest of the world?
Azeem Hussain Siddiqui: There is no straightforward answer to this question. It depends and varies from individual to individual. Those graduates who work on their skills set make name for themselves and the country. There are numerous examples in this regard.