The brain drain in the accounting profession was severe and over 30% of the local professionals in the field left the country, Sri Lanka Liaison Representative, CPA Australia, Dinuk Hettiarachchi said.
He said that unlike in other professions the brain drain did not reverse. “Most of the professionals who first left mainly due to the economic crisis in Sri Lanka included the cream in the age group 25 to 40.”
“They first easily grained employment in the Gulf countries and then migrated to Europe and are now settled,” he said. Hettiarachchi said that locally the second string working here were promoted to fill the void. “It will take around another three years to fully reach the previous level.”
He said that Sri Lanka’s education level is high and this will be a big advantage to breach this job gap. “Also the interest for the profession has not dropped from the youth as they know it is a highly paying profession with many opportunities and keep being involved in the profession.”
Hettiarachchi said that CPA was in Sri Lanka for many years and to further strength and the operations they have opened a Liaison office in Colombo. “Through this we not hope to get more students from the Maldives to study here to increase Education forex to Sri Lanka.”
“And for those students who wish to migrate overseas for higher education we have come up with an easy payment scheme sans any collateral,” he said.
Global President and Chair of the Board at CPA Australia Prof. Dale Pinto said that new technology such as AI would not replace the accounting profession. “These professionals are the guardians of a company hence their services would be required in the future as well.”
“We’re excited to be expanding our presence in Sri Lanka,” said “Since the launch of our local liaison office in June 2023, we’ve seen our membership flourish to nearly 500. Many of these members are now holding pivotal roles across diverse industries, showcasing the strength and influence of CPA Australia in the region.”
“This dedication to the profession truly inspires us,” said Prof. Pinto adding, “Sri Lanka is home to a wealth of experienced professionals and promising young talent pursuing careers in accounting and finance. This vibrant talent pool is a major driving force behind our strengthened commitment to the region.”
