Number of accountants 'needs to rise'
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ICAEW's target
In its five years in China, ICAEW has produced a mere 51 graduates out of 500 students. In 2011, ICAEW in China aims to have 160 new students with 70 of its existing students taking the final exam.
"We want quality, not quantity," she said.
ICAEW has formed a partnership with Tsinghua University to offer external exams for students majoring in accounting or finance to obtain the prestigious ACA industry qualification, on top of their degrees.
"At the moment, China has 80,000 certified chartered public accountants (CPAs) working for accounting companies, while an additional 80,000 CPAs work in governmental institutions and agencies and private businesses. However, it's not enough for the current demand of the fast-growing economy.
"We need highly, qualified talent with international exposure because this country has become a global economy," she said.
Although China has adopted international accounting standards, Wang said the lack of talent hampers the country's effort in liberalizing its economy.
With per capita income doubling every seven years in China, it has created an economy that changes more in one year than a developed economy changes in five years.
She said because of this dynamism, it has profound consequences for talent management and the development of sustainable competitive advantage.
There are more than 136,000 ICAEW chartered accountants, holding the ACA qualification, in 160 countries. More than 200 ICAEW members are based on the Chinese mainland and at least 3,000 in Hong Kong.
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