The Association of Chartered Certified Accountants (ACCA) announces Foundations in Accountancy, a new flexible suite of entry-level awards designed with both students and employers in mind. Foundations in Accountancy is being introduced after detailed consultation with employers, learning providers, members, students and other professional accountancy bodies and regulators.
Retaining a revised Certified Accounting Technician (CAT) Qualification, Foundations in Accountancy provides a grounding in financial and management accounting, with professionalism and ethical behaviour at its core.
"For students, the flexible range of entry points means that they can begin at an appropriate level, avoiding duplication, so saving time and money in the long term," says Arif Masud Mirza, Head of ACCA Pakistan. "They can complete qualifications in their own time, selecting those which best suit their own career aspirations."
For the first time, Foundations in Accountancy will see certification awarded at each level, helping students to chart their progress, and employers to recruit and train to meet their particular business needs. The highly practical content means that the knowledge students acquire can be directly applied in the workplace, offering immediate benefits to existing and prospective employers.
"Employers need to know that they are taking on competent employees in account-support roles," says Mirza. "And they can be assured that this new range of awards will train individuals to the same consistent and high standard of the full ACCA Qualification, which is recognised and perceived highly all over the world."
"Employers can also be confident that candidates know how to conduct themselves professionally and ethically in the workplace, because completing the Foundations in Professionalism element is a prerequisite of receiving certification for any of the awards within Foundations in Accountancy." The wide-ranging syllabus spans the key elements of financial and management accounting, including an Accountant in Business module, which puts students' new knowledge into an economic, legal and regulatory context.
Flexibility is a key feature of ACCA's new suite of awards in terms of assessment delivery and level of progression. ACCA has increased its computer-based offering and now offers students the choice of sitting exams by CBE or paper for the first seven exams, which make up Foundations in Accountancy.
In addition, students can complete a combination of exams in order to achieve awards at different levels. For example, students can complete two of the core exams plus Foundations in Professionalism in order to complete the first level qualification - Introductory Certificate in Financial and Management Accounting or continue to progress to whichever level they choose.
Students who complete all seven core exams, two of three options from Foundations in Taxation, Financial Management and Audit, the Foundations in Professionalism module and a years' work experience will have achieved the requirements to gain the CAT Qualification. However, those who wish to complete an-entry-level qualification to progress onto the ACCA Qualification, can do so after completing the Diploma in Accounting and Business.
Mirza concludes: "The accountancy profession is constantly evolving to meet the demands of how businesses operate, and nowhere is this more apparent than at an accounting-support level. The accounting technician of today and tomorrow needs a rigorous and flexible qualification to help them contribute to business performance and an ever-changing business landscape."-PR