Abstract
This study examined the effects of a declining economy on the profession of chartered accountants (CAs) in Zimbabwe. The study adopted a qualitative approach using a pragmatic grounded theory design. Primary data were obtained through in-depth interviews with five purposively sampled CAs and two key informants drawn from the professional body and an institution that trains CAs. Furthermore, secondary data were drawn from the professional body’s archives and from newspapers. Data from interviews and documents were analyzed through thematic analysis and content analysis, respectively. The study has revealed that the profession of CAs has been changing in response to the declining economy and the changes include losing its status and autonomy, increased competition from other accounting fields and compromised professional standards. It also emerged that professionals themselves engage in both negative and positive activities that enable them to survive the effects of a declining economy. Recommendations are provided for the professionals and the professional body in dealing with the impact of a precarious economy.
Highlights
The economic crisis in Zimbabwe, brewing since the late 1980s, has singularly changed the economic landscape for professional work
The focus is first on how both individuals and organizations are coping with the challenges brought about by a declining economic environment, and how the economic downturn has impacted on the profession itself
For chartered accountants (CAs) practicing in Zimbabwe, the economic situation makes their professional life very difficult and complicated
Summary
The economic crisis in Zimbabwe, brewing since the late 1980s, has singularly changed the economic landscape for professional work. This article explores the ways in which the economic crisis in Zimbabwe has impacted on the profession of CAs and the professionals themselves. The profession of CAs in Zimbabwe, just like in South Africa, has been the preserve of the chosen few. In South Africa, during apartheid, race was used as a tool of professional closure favoring the White minority at the expense of Blacks (Hammond et al, 2009). From a Zimbabwean preindependence narrative, similar sentiments of race were used as a closure tool (Karekwaivanane, 2016). It remains to be seen how the profession of CAs as one of the elite professions in Zimbabwe is holding up during these times of economic decline. The profession of CAs has been reconfigured in relation to the changing economic environment
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