The Higher Education Commission (HEC) has announced that it will not issue an equivalence letter for the Final Examination Certificates awarded by the Institute of Chartered Accountants of Pakistan (ICAP), Institute of Cost and Management Accountants of Pakistan (ICMAP), and Membership of the Association of Chartered Certified Accountants (ACCA), U.K.
In a notification, HEC stated that it recognizes the certificates of aforementioned institutions as equivalent to Master of Commerce (M.Com.) degree. Therefore, the authority will not issue any equivalence letter for the above certificates.
It means that from now on, the said certificates will be considered as equal to M.Com by the local employers and universities. The notification has advised the employers and the educational institutions to ascertain the suitability of candidates for jobs and admissions in accordance with the rules and regulations.
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It needs to be mentioned here that prior to this notification, the HEC used to issue a letter of equivalence on an individual basis after considering the applications.
However, it was causing trouble for both students and HEC alike. In order to keep its operating procedures simple for students, faculty, and the public, the HEC has decided to recognize the certificates under question as equivalent to M.Com.
Many students in the past have complained about this condition of equivalence letter, which is not issued without a considerable experience of around three years. This move is going to ease the job hunt for them.
Via: HEC
Better late than never. This is a great decision. This effectively puts these Professional Certifications as a Masters Degree.
However, internationally such professional certifications are like a Post Graduate, and not Masters. Instead, they give the certificate holders a chance to pursue masters degree with lesser years/cost needed. For example, ACCA affiliates (the ones who have completed all papers) and members (who also have completed the required practical experience requirement) have the option to pursue MBA/MSc in just ONE year (against the usual 3 years).
Foreign Qualifications students i.e ACCA, ICAEW, CIMA etc Affiliates and Members should be considered as per the equivalence and given an exit route who do not want to continue the annual registration fee (Extortion by foreigners to be exact) payments. Such organizations should be taxed aswell.
But in Pakistan, level of M.Com is far below than these professional qualifications. It needs guts and commitment to pass final exams. Majority just leave in between.
M.Com is a 16 years education, not equal to International Masters.
Yes, that’s what i was saying when i mentioned “Post Graduate” in 2nd para. International education only adds 2 more years to the Masters. Still, whether the masters is from Pakistan or from International universities, it doesn’t change it’s status. Your studies PLUS the experience count as combined. Education alone isn’t worth anything. You can read book all day, but without any practical experience with you, you’re nothing.
Who needs M.Com Equivalence when you are CA. I am Finalist (CA) and don’t give a **** to M.Com, MBA, MA, Phd, MS…. Professional Qualification has one great advantage. It speaks even if you have not the certificate in your hand in front of employer. It’s the great decision, perhaps for the Professionals who need to apply to Govt Institutions and departments. Other than this, it’s a joke!