Oxana Losevskaya

There can be few economies in the world which have experienced as much change as Russia’s over the last generation.

When the command economy of the Soviet era collapsed the country was plunged into a market system. Millions were forced to find their feet quickly, and to make a living in a new way.

Entire professions were affected too – among them accountancy. Finance professionals had to grapple with an entirely new landscape, and were faced with the daunting task of guiding businesses into the strange world of capitalism. 

It is a process which still goes on – but Russian accountants are increasingly emerging as leaders, creators and important partners for businesses in Russia.

‘It has changed,’ said Oxana Losevskaya, who comes to her work in Moscow with a global perspective. She was born and educated in Russia, but has also worked and studied in other countries, including Australia. She graduated in accountancy at the University of Sydney before returning to Russia where she followed her ACCA Qualification while working for EY, taking classes on Saturdays and Sundays 

‘When I first began working in Russia, accountants were not considered to be the most important people in a business,’ she said.

Distinct path

‘Accountants were not so well established at the top of organisations. They lived in the shadow of the powerful CEOs, and their work was not seen to be as important as sales, or marketing. Finance was left behind. We were just the numbers people.’

Not any more.

‘We are far more likely to be seen as an important business partner now, with wide skills that go beyond making the sums add up,’ she said.

That is true of Oxana’s own work, as the partner of SL Partners in Moscow, a business strategy consultancy which advises companies on management and planning, financial modelling and valuation, performance analytics, digital transformation, due diligence, fundraising and mergers and acquisitions.

Oxana also says that ACCA is playing an important role in building the profession in the Russian-speaking world, by offering a distinct path into business for the leaders and entrepreneurs of the future. Crucially, it offers a  Russian language option for students, which makes it stand out for ambitious young professionals in the region.

‘The prospects for growth for ACCA are enormous,’ said Oxana.

‘You have to remember that the Russian language is used in all of the countries of the old Soviet Union, 15 countries. There are already about 3m accountants in Russia alone, and I am certain that the profession will grow even more in popularity.’

Oxana is proud that ACCA is reaching out to people who want to build a career with fellow professionals who are equally committed to working ethically and in the interests of society. She has been advocating for ACCA since the day she qualified.

‘It has become so important in my career and in my life,’ she said.

‘Too often you can get locked up in your own environment. ACCA opens your eyes to the world.

‘I love the atmosphere when I go to an ACCA event. It is so friendly it is like a family. That is the feeling I am certain I will have on Council, and I want to play my part in bringing ACCA to many more people all around the world. I want to be useful’.