- The country must invest in education and partnerships to improve standards and embrace global best practices
Interview with Mr. Mustafa Mirchawala — CEO of Mirchawala’s Hub of Accountancy
PAGE: Tell me something about yourself, please:
Mustafa Mirchawala: I am an ACCA member and the CEO of Mirchawala’s Hub of Accountancy, a leading institution in Pakistan dedicated to youth development through quality education. With over 20 years of experience in IFRS, Financial Management, and Taxation, I have had the privilege of educating more than 50,000 aspiring professionals. I regularly speak at top business schools and corporate events, simplifying complex concepts for my audience.
My expertise lies in connecting IFRS with local laws and the Karachi Stock Exchange. Additionally, I’ve contributed to society through finance programs on various TV channels, helping to address current issues. My specialty areas include IFRS, Taxation, Financial Management, and Local Law.
PAGE: What is your take on the quality of accounting & finance education in Pakistan?
Mustafa Mirchawala: The answer is that Pakistan is seeing an increase in the study of accounting and finance. Many educational institutions are revising their curricula to include real-world training and to conform to international norms. While there has been progress, even more hands-on learning and technological integration can lead to even better outcomes. Since Pakistan adopted IFRS in 1973, our chartered accountants have over 50 years of experience with IFRS. This gives our accountants an edge worldwide.
PAGE: What is your perspective on the interest manifested by students and their future prospects?
Mustafa Mirchawala: As we all know, accountants can never be unemployed, as every business needs an accountant, whether it’s an SME or a large company. Even if a person is running an Amazon business, they need company registration, tax, accounting, and compliance services, all of which are handled by accountants. That’s why we have ACCA and CA programmes growing in Pakistan.  Plus, universities are offering accounting qualifications like a B.S. in accounting and finance.
Pakistani students have a great deal of enthusiasm for accounting and finance because they see these professions as stepping stones to secure well-paying jobs. Their dedication and enthusiasm are encouraging for their future achievements.
PAGE: Why is it that our neighbouring country is deemed better in accounting and finance education delivery vis-a-vis us globally?
Mustafa Mirchawala: One of the main differences is population; they have 5 to 6 times more people than we do. Moreover, their education budget is far higher than ours. Research indicates that they have 300,000 qualified members of chartered accountancy, 70% of whom run their own firms.
However, in Pakistan, only 10-15% of members are running their own firms. Our neighbouring country gains from significant investments in education and a focus on business cooperation. They have been able to successfully improve their educational system and embrace international best practices as a result.  Pakistan can improve its own educational standards by adopting this strategy, which focusses on partnerships and strategic investments.
PAGE: Every citizen is under compulsion to cut corners. Has it taken its toll on the education sector?
Mustafa Mirchawala: Economic challenges do lead to some corner-cutting, but Pakistan’s education sector remains resilient. Many educators and institutions are dedicated to maintaining high standards despite financial constraints. By prioritising education investment and fostering a culture of ethical practices, we can ensure the long-term quality and integrity of our education system.