Finance-based career preferred
FE Report | Monday, 3 March 2014
The job-seekers among the young generations of Bangladesh prefer finance-based qualification.
An online survey conducted by Chartered Institute of Management Accountants (CIMA) between June, 2013 and August, 2013 disclosed this.
A whopping 81 per cent respondents in the online survey said they are studying finance-based subjects, among which two-third are aiming for a finance-based career.
About 61 per cent respondents want to pursue a finance-based career and want to work in major corporate enterprise, which they believe will give them the fastest progression route for their career, or establish their own business. The third option is working for the 'big 4' accountancy firms.
When the respondents were asked to specify the names of the firms/ organizations where they are interested to be employed, the result showed top ten multinational companies among which Unilever is on the top with 18 per cent support.
A majority 86 per cent of respondents pursuing finance-based careers aspired to be involved in consumer goods; food and drink; internet services; tobacco; etc.
Gen Y in Bangladesh are generally confident that they will meet the requirement for entry level jobs with their current talents but have concerns to fulfill higher level posts. Over 76% of the respondents feel that they need training in professional management skills and advanced technical skills.
Like their global counterparts, respondents in Bangladesh are also keen to consider taking a professional qualification as one of the top three priority methods of improving their technical skills and knowledge. For the fulfillment of this desire the top destination of choice is for US by 17%, Canada 13%, UK 11%, Australia 10% and Malaysia 6%. There are a couple of reasons for which the respondents want to go abroad for the professional qualification and career enrichment, and also for improved salary and better working conditions. Experiencing other culture is one of the other reasons, as well.
As compared to the global peers generally, Gen Y in Bangladesh is more optimistic about their future management prospect.
In actual 136 respondents provided responses and their average age is 22 among which 73% are male and 27% female. Gen Y in Bangladesh is career oriented and this is one of the reasons for which 81% are studying finance based qualification, among which two third are aiming for a finance based career.
On an average Gen Y in Bangladesh is eager to secure a senior management post at the age of 33 whereas, their global peers wants to secure it at the age of 35. For those who have already secured a job, the most demanding is the middle management roles followed by the junior executive positions and junior management jobs. When these workers / job holders were enquired about the job satisfaction and their current salaries almost 63% expressed unhappiness against 36% where they feel satisfaction.
On the contrary among the non workers the most demanding job to start the career is a trainee followed by junior executive positions and establishment of own business. Hence, nearly two third of non workers would like to start work from the bottom to upwards.
When a comparison was made between the working class and those who want to work in future, it was observed that the prior group ie. Working class, started work at the age of 20 but the next group is aiming slightly later at the age of 22. One of the reasons of this lagging behind could be the non availability of the opportunities for Gen Y in Bangladesh.
On the contrary the average age of the respondents who want to set up their own business is 34 whereas, the age of those business owners, who have taken their route to establish business earlier is 25. This could be because earlier, self employment was considered as the senior management jobs. As far as the expectation of the salaries of the job holders is concerned the same is $ 10,000 and as high as $ 40,000 to $ 49,000 but those who own business feel themselves lucky as they estimate to yield between $ 85,000 - $ 99,000 per year.
Gen Y in Bangladesh is more concerned regarding their future career progression as compared to their peers across the world and they are more optimistic in achieving their target goals. Amongst the nationals, 16% aspire to start their profession on self employment basis whereas; only 7% look to this option, internationally.