ACCA – Pathway to a top UK Finance Degree and MSC
Mrs. Nilusha Ranasinghe, the Head of ACCA Sri Lanka gives an in- depth insight into the future of the finance profession and the demands and skills that will be needed to meet both business and employer requirements. She also outlines how ACCA have aligned their qualification to meet the future needs of the profession.
What exactly is the ACCA?
NR: The Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants, founded in 1904. ACCA is present in 180 countries, supporting 200,000 members and 486,000 students. It offers business relevant, first choice qualifications to people of application, ability and ambition, seeking a rewarding career in accountancy, finance and management.
Speaking of which, what are the basic requirements to register?
NR: As I mentioned earlier, students need to have the proper application, ability and ambition, but we’re against artificial barriers such as age. Even students who have completed their O/ Ls can sign on, which means that they can do a diploma while studying for their A/ Ls. Students who choose to do this often find that the knowledge they gain while studying for the diploma actually helps them achieve better results at their A/ L examinations. The open access, flexible entry and exit routes are an attempt to ensure that we offer a qualification that is all inclusive.
How can you get an ACCA qualification?
NR: You can do a Diploma in Accounting and Business which consists of the first 3 exams of the ACCA qualification (F1 – F3) and the Foundations in Professionalism ethics module.
Then you can do an Advanced Diploma in Accounting and Business which is awarded when a student has passed all the Fundamental level exams (F1 – F9) and the Ethics and Professional Skills module.
When you’ve got your ACCA qualification, if you would like to enhance it further without doubling your workload, you can get a BSc degree in Applied Accounting from Oxford Brookes University by simply submitting a research and analysis project.
I think when it comes to accountancy; a fear on a lot of minds is whether opportunities available will become very limited since the world is fast heading towards workplaces that will be heavily technology based. How can we adapt to these changes?
NR: ACCA is a forward thinking global professional accounting body, and after an extensive 2 year review, has built in 3 main changes to its program of study so as to accommodate the predicted changes in the industry
he main change that will take place is that the Fundamental level exams F5 – F9 from the Advanced Diploma in Accounting and Business, will now be Session CBEs (Computer Based Examinations). We have 4 exam windows during the year – March, June, September and December – which means that a student can choose a window according to their convenience.
Computer literacy is no longer an advantage but rather, an imperat ive requirement. That is why the CBEs are employer-friendly, since they will have a word processor and spreadsheet platform, making sure that an employer need not invest more time and energy to train employees to be conversant with such applications.
The CBEs are being systematically rolled out to allow students enough time to adapt to the new examination method. The March 2018 session was the first fully Computer Based Exam for F5- F9. These examinations will require constructed responses including answers to objective testing questions out of a case study. Online facilities provided will help students become accustomed to the platform.
A global survey in March 2018 showed that 75% of the students who sat for session CBEs found it to be a more comfortable platform. Another interesting fact is that 3 out of the 5 world prizes won at the June sessions were from Computer Based Exams.
What are the additional benefits that student studying for ACCA will gain?
NR: ACCA has formed strong alliances and partnerships with Oxford Brookes University and the University of London. This means that students will gain the opportunity to study for the BSc (Hons) Degree in Applied Accounting from the Oxford Brookes University as well as the MSc in Professional Accountancy from the University of London. ACCA incidentally is currently the only professional accountancy body that gives students the opportunity to gain degrees of this caliber whilst gaining a globally reputed professional qualification.
What about the people skills that employers expect?
NR: The second change is the redesigned Ethics and Professional Skills module that went live on the 31st of October 2017. We know that ethics are an integral part of an organisation. Looking at the employability agenda, we saw that building the skills for students to become equipped with the employer needs is a mandatory requirement. This standalone qualification is a sure endorsement that you are equipped with the necessary ethical, behavioural and negotiation skills that will make you a boon to any employer.
You mentioned a third change to the curriculum. What is that?
NR: The third change refers to additions to our professional exams.
We have introduced a case study named ‘Strategic Business Leader’ which is an innovative case study based on realistic business scenarios. We have seen in our experience that academic knowledge is different when put into practical use. This case study trains the student to act realistically and practically in a real life business scenario.
We have also introduced ‘ Strate gic Business Reporting’, which is a new exam exposing students to the wider context of finance and business reporting giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting. This particular module is a continuation of the case study, which will look at the practical element of it.
Strategic Business Leader and Strategic Business Reporting will be rolled out from September 2018.
Do you see a rise in the demand for the ACCA qualification?
NR: Definitely. Most students and influencers have stopped going with the herd. They take into account the unique selling points and the benefits they will get when they are looking into selecting a qualification.
Sri Lankans are very committed and driven once they start a particular course and they know that through ACCA, you can be the proud holder of a global passport that is the qualification, in a span of 3 years. All the skills that the employers expect too are built right into you. Since students are now making an informed choice, numbers are absolutely on the rise.
As for employers, the demand for ACCA qualified individuals is so high that it outweighs the supply, so we are finding it difficult to cater to their needs.
What else can you do, other than be a certified accountant, with the ACCA qualification?
NR: You can become a business enabler. There used to be a myth that finance professionals are those that point at possible issues and say why something can’t be done. However, this myth has been bunked because with the knowledge one gets and the competencies built, ACCA qualified individuals can get involved in a business proper.
Quite often you come across a millennial who wants to be an entrepreneur but this kind of a position demands the right skills and aptitude.
Because of the diversity of the qualification, our students are able to go in to and survive in the corporate sector, become an entrepreneur, a strategic business leader, you name it! Millions of opportunities become available since we produce financial professionals that can fit into any role.