Pioneering practitioner

During decades as an accountant and ACCA member, Khaled has seen the world of business and the profession transform. ‘Technology has affected everything,’ he says. ‘We are recruiting more data analysts and accountants with data analytics skills, but there is a scarcity of these professionals.’

Evolving profession

The nation’s audit and accounting profession has also evolved. ‘If I look back at the profession in Egypt 20 years ago and compare it to the profession today, I see a lot of advancement,’ he says, noting that all incorporated companies in Egypt are obliged to apply Egyptian Accounting Standards, which are to a great extent compliant with IFRS Accounting Standards. ‘I think we are at a similar level to other countries that have applied international standards, in terms of audit requirements and even regulation,’ he says.

Reaching that level comes with its own pressures, not least because it creates a host of new opportunities and challenges for individuals and firms. ‘Now we have a good number of subject-matter experts, other countries are looking to recruit our professionals,’ says Khaled. ‘Egypt is known as a good school for Arabic speaking auditors, and this makes it very appealing as a source of talent for neighbouring Arab countries.’

The attraction of higher compensation and remuneration packages in richer countries in the region where fee levels are higher is, however, just one factor that can make it more challenging for Egyptian accounting and audit firms like BDO Khaled & Co to attract, develop and retain the best talent.

Generational shift

Also significant is the presence and power of social media. ‘If one of our colleagues is thinking of leaving the firm, they will see job advertisements every day and can easily be headhunted,’ Khaled says. He points out that generational differences in ambitions and expectations also contribute to the difficulty of retaining younger professionals.

This disparity is particularly noticeable in audit, he says. ‘Older generations often joined the profession knowing that they would be paid less at the beginning. People knew that with audit experience you could move on in practice or move into other industries.’ In the 21st century, though, cultural change and economic pressures make this less appealing. ‘These days, the ambition in younger generations is more about making quick money, rather than the longer-term potential of a profession such as accounting.’

Khaled himself went through a generational shift in thinking, initially eschewing a career in accounting or in the firm his father had founded. Instead, he studied mechanical engineering at university before gaining a master’s degree in business administration (MBA). ‘I worked as an engineer for some time, at General Motors and later at Shell, but after studying finance, management and marketing during my MBA I was drawn towards a consultancy and advisory career,’ he says. ‘So I decided to join my father’s accounting firm.’

After a period on the advisory side, he took a rotation in audit and tax, during which he decided to study for a professional accountancy qualification. After researching the possibilities, he opted for ACCA. At the time he was something of a pioneer: there were then just a handful of ACCA members and students in Egypt, no local training support, no past papers and no e-learning. But Khaled was drawn to the subject diversity and international popularity of the qualification: ‘I decided to get the books and study on my own.’

Some exemptions were available, due to his MBA, and Khaled felt optimistic enough to take three ACCA papers at his first sitting: ‘I passed them all at the first attempt and saw that as a sign to keep on going.’

Supporting ambition

It was hard work, he recalls, and he studied for his final ACCA papers to the tune of his first baby crying in the background, qualifying in 2004. ‘I would not have made it without the support of my wife and the family at large,’ he admits. As well as qualifying with ACCA, he had to study for a couple more subjects to gain a local qualification before he was able to practise in Egypt, where his late father was then prominent in the profession and a member of a different professional body. ‘He was always very, very supportive of my choice,’ says Khaled.

Throughout his accounting and finance career, he has been a firm advocate for ACCA. ‘Back in the early years of the millennium I became the first voluntary representative for ACCA in Egypt, so that I could help to support others on their journey,’ he says, adding that since then, he has seen ACCA in Egypt go from strength to strength. ‘I’m very happy to have been part of that,’ says Khaled.

Recently nominated to represent ACCA on an IFAC (International Federation of Accountants) advisory group on small and medium practices, he looks back on his accounting career with a sense of satisfaction.

‘I’m proud and humbled – and pleased that even with an engineering background I’ve reached this point.’