A major challenge for accounting professionals working in public organisations is that great importance is attached to corporate governance and having robust rules and regulations, says William Lo, executive director, finance, of the Airport Authority.
“Public organisations also have extensive and detailed external and internal paper trails. For instance, we regularly compile separate reports to keep our board and the government posted on the progress of our projects,” he adds. “We see this as necessary because our operations involve the use of public money and diverse public interests.”
Because public interest is involved, many public organisations go to enormous effort to engage the wide range of stakeholders, he adds. “For instance, the construction of the three-runway system at Hong Kong International Airport requires us to deal with various environmental groups, trade bodies, the Legislative Council and media. I consider the concerns from the different stakeholders as positive because they help motivate us to work harder and do better so that we can achieve a high level of public accountability.”
Lo thinks the other challenge is that the Airport Authority is an organisation characterised by continuously fast growth. “Every year, flight and passenger volumes break records. This puts tremendous pressure on staff but at the same time it is motivating.”
Before joining the Airport Authority, Lo worked for Deloitte. He thinks certified public accountant (CPA) firms provide well-structured training for newcomers, as well as great exposure to different sectors in a relatively short time. “They also have a clear career advancement plan for their staff,” he says. “CPA firms have clearly defined specialisations. An accountant can choose to be focused on one area and become a specialist or partner over time. If they decide to make it their lifelong career, they should ensure they have the commitment and genuine passion for specific specialisations.”
Lo believes that professional qualifications, such as QP, form the foundation. Outstanding CPAs will become CFOs and financial controllers who are among the key members in the top management. “Apart from the professional qualifications, we need to be at the forefront of other areas, such as marketing and new technology. In my opinion, the ideal combination is CPA plus MBA/EMBA. CPA qualification is the foundation on which the executive builds his management expertise.”
To be successful in the business sector, CPAs need to “look beyond” the accountancy profession. “Excellent communication and presentation skills are required because they may need to present such items as financial reports to the board,” Lo says. “Sometimes CPAs need to seek endorsement for budgets and new business ventures, among others, so they should have persuasive prowess. Strong emotional intelligence is also a prerequisite. We need to know how to handle setbacks and stay positive.”
Lo’s advice to aspiring accountants is to complete the QP exams as soon as possible. “They should also learn to be independent and handle frustration on their own,” he says. “Sometimes regular exercise is overlooked. Exercise helps our bodies release endorphins which help reduce stress. When you take your mind off something completely for a while and return to it later, you may be able to adopt a fresh perspective.”
