february 2013 part 1

7/29/2019 February 2013 Part 1

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FEBRUARY 2013

AN ACCA QUALIFICATION

GLOBALBENEFITS

SECTOR VIEWWORKING IN

BANKING

THE POWER OF

INFLUENCEHOW TO MANAGEYOUR MANAGER


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3

EdITOrS

chOIcEWElcOME TO THE FEBRUARY IssUE OFsTUdENT AccOUNTANT

Pubihe by the certie Aountant Euationa Trut in ooperation with AccA.

The couni o AccA an the pubiher o not guarantee the auray o tatement mae by ontributor oravertier, or aept any reponibiity or any tatement whih they may make in thi pubiation.

No part o thi pubiation may be reproue, tore in a retrieva ytem, or tranmitte in any orm or by anymean, eetroni, mehania, photoopying or otherwie, without prior written permiion o the pubiher. cAET 2013 IssN 14730979

Thi iue inue a eature on the banking etor ueu inormation i youre oniering a areerin thi area. We ao take a ook at the ot kirequire to manage your manager. We have aeature on AccA internationa reognition an wepeak to tuent an member who have moveareer a a reut o thi.

For thoe o you expeting exam reut, thewait i neary over. I you regiter to reeive yourreut by sMs or emai, you wi reeive themon Friay 8 February. Make ure youve et yourpreerene in your myAccA aount o you anget the reut a oon a poibe.

Thi iue learning centre inue ome avieor baaning your tuie with work, an we aoinue inormation about the Proeiona Ethi

moue an the pratia experiene requirement.What better time to ae your progre to atewhie youre waiting or exam reut?

We have a number o new tehnia artieor you to take a ook at reevant to a range opaper, inuing ome important upate toPaper P6 (UK) an Paper P6 (cYP), an how totart at the right eve on the Founation evepaper. We ao highight our ubetpeivieo to hep you pratie your exam tehnique

an ink to the tehnia artie arhive.Notieboar ontain important inormation

about annua ee, exam reut, exam entry,My Experienean the Oxor Brooke egree.

We hope you enoy thi iue ostudentAountant. I you have any eebak,peae ontat u at [email protected]

magaine, peae emai u at

Victoria MoranEitor, Student Accountantmaaine
https://portal.accaglobal.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://portal.accaglobal.com/


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TECHNICAL | cOMMUNIcATION

STUdENT ACCOUNTANT | FEBRUARY 2013

WELCOME | cONTENTs

24 sEcTOR VIEW:BANKING

28 INTERNATIONAlREcOGNITIONWITH AN AccAQUAlIFIcATION

34 MANAGING YOURMANAGER

FEATURES

06 GRAPHIcs NEWs08 PIcTURE NEWs10 NEWs ROUNdUP

dISPATCH

LEARNINgCENTRE

12 EXAM TEcHNIQUE

14 AFFIlIATE PROFIlE

16 PER: MAKING PROGREss

18 PROFEssIONAl ETHIcs

20 AccA cAREERs

10

24

28

34

SA TECHNICAL ARTICLE ARCHIVEA tehnia ontent rom stuent Aountantion AccA webite

PRACTICAL EXPERIENCEWhy not og into your myAccA aount to reor yourexperiene uing the onine reoring too My Experiene?

1620

08
http://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/publications/sa-archive.html


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Dean Westcott |Presient

Barry Cooper | deputy Presient

Martin Turner | Vice Presient

Helen Brand | Chief Executive

EdITORIAL TEAM

Victoria Morgan | Eitor

Glen Patterson |deputy Eitor

Jackie Dollar |desin Manaer

Jane C Reid |desiner

Kate Jenkinson |Eitorial

Executive

WWW.ACCAgLOBAL.COM

Jamie Ambler | diital Eitor

29 Lincolns Inn Fields

London WC2A 3EE

United Kingdom

tel: +44 (0)20 7059 5700

email: [email protected]

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PUBLISHINg ANd AdVERTISINg

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CONTACTS

47 NOTIcEBOARd

RESOURCES

EssENTIAlINFORMATIONABOUT AccA ANd

YOUR sTUdIEsAccA connet,exam entry,ubription,reoring your PER,rue an reguationan importantinormation aboutthe OBU egreeprogramme

TECHNICAL

40 TEcHNIcAlREsOURcEs

Ae the tehniaartie arhive at: www.accaglobal.com/en/student/publications/sa-archive.html

42

49

studentaccountant@

accaglobal.com

EMAILUSYOUr

FEEdBAcKAT

UploadyourCV,accessglobalcareeropportunitiesandfindadviceoncareersinaccountancyandfinanceatwww.accacareers.com

AccAcArEErS

JOINAccASFAcEBOOKpAGE

FindouthowotherACCAstudentsplantheirstudies.Joinatwww.facebook.com/ACCA.Official

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SeethefulllistofACCAsApprovedLearning

Partnersstudenttuition,beginningonpage42

QUALITYTUITIONINYOUrrEGION
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6/38STUdENT ACCOUNTANT | FEBRUARY 2013

dISPATCH | GRAPHIcs NEWs

GLOBAL BUSINESSES TO pUT MOrE EGGS IN ASIA pAcIFIc BASKETSWith growth in Asia Pacific continuing to impress, global multinational corporations are shifting their investmentbudgets towards the region, according to the latest Asia Business Outlook Survey by The Economist CorporateNetwork. China and India remain the top two regional destinations for investments, with Indonesia a close thirdand Malaysia fourth. The graphic here shows the top 13 investment destinations in Asia Pacific and by how muchglobal multinationals say they intend to increase their level of investment there.

MALAYSIA SMEs OUTwArd BOUNdNearly a third of Malaysian SMEsplan to expand overseas in the next

three years, according to a UnitedOverseas Bank survey. ProjectedGDP growth rates of 6.3% and 8%respectively for 2013 make Indonesiaand China the most popular countriesfor expansion.

31% INdONESIA

24% chINA

13% SINGApOrE

11% ThAILANd

11% INdIA

INdIA

INdONESIATAIwAN

MALAYSIA

ThAILANd

VIETNAM

SINGApOrE

SOUTh KOrEA

phILIppINES

AUSTrALIA

JApAN

hONG KONG

73.8% chINA

53.5%15.2%

43.0%

38.6%

37.7%

34.8%28.9%

28.1%

27.0%

26.2%

21.4%

54.1%


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779

hAppY 30thThe internet quietly celebrated its 30th birthdayon 1 January. It began life when the US defencedepartments Arpanet network switched fully to aninternet protocol suite communications system.Above are some figures rounded up by the UKsMetronewspaper.

pErFEcT pArTNErS AT ThE TOpTraditional stakeholder relationships are stillconsidered the most important by senior financestaff, according to the Finance leaders survey report:December 2012, published by ACCA and the Instituteof Management Accountants. www.accaglobal.com/transformation

200m

TwITTErUSErS

32,647,819

NUMBErOFLAd

YGAGAS

FOLLOwErSO

NEOFThE

wOrLdSMOSTpOpULA

r

AccOUNTS

2.4bnINTErNETUSErS

wOrLdwIdE

symbolics.comFIrST.cOM

ONLINEAddrESS1trillion

wOrLdwIdEINd

USTrY

wOrThIN2011

2.5trillion

wOrLdwIdEINd

USTrY

wOrThIN202

0

INSEcUrE ABOUT SEcUrITYThe human element is one of the biggest causesof information security risk, according to Deloittes

Blurring the lines: 2013 TMT Global SecurityStudy. Levels of third-party involvement, thegrowth of mobile devices and cloud computing,and insufficient privacy protocols all increase risk.

78%NUMBEr ANdTYpE OF ThIrdpArTIES

74%INcrEASEdUSE OF MOBILEdEVIcES

70%LAcK OFSUFFIcIENTAwArENESS


8/38STUdENT ACCOUNTANT | FEBRUARY 2013

dISPATCH | NEWs IN PIcTUREs

UKThe five-star Lough

Erne hotel and golfresort in CountyFermanagh, NorthernIreland, is the venue forJunes G8 summit ofworld leaders

cHINAA waterfall in central

Chinas Hubei provincefreezes over as thecountry is hit by thelowest temperatures inalmost three decades

AUsTRAlIAA firefighter is engulfedby flames as heprotects a propertyin New South Walesas fires raged acrossthe south-east ofthe country

UK

cHINA AUsTRAlIA


9/38999

UKLondon Underground,the oldest subterraneanrailway in the world,celebrated its 150thanniversary. Thepicture shows workerstunnelling through clayto carry out extensionwork in 1937

FRANcEActor GrardDepardieu was grantedRussian citizenship

after baulking at aproposed 75% tax ratein his native France.Russia has a flat taxrate of 13%

UsPresident BarackObama winked as

he arrived to make apress statement on thepassing of the fiscalcliff bill, which will raise$620bn in tax revenuecHINAThe 29th HarbinInternational Ice andSnow Festival one ofthe largest in the world opened on 5 Januaryin Chinas northernHeilongjiang province cHINA

FRANcE

UK

Us


10/38

dISPATCH | NEWs ROUNdUP


AccA AWARds BANK WITHGlOBAl AccREdITATIONStandard Chartered Bank has

joined a distinguished group oforganisations that have achievedglobal Approved Employer (TraineeDevelopment Gold) statusfrom ACCA in recognition of thesupport they provide to employeesworldwide who choose to trainto become ACCA members. Thismeans that all Standard Chartered

finance and accounting employeesregistered as students with ACCAwill receive valuable support intheir ACCA studies and gain thenecessary practical experience toacquire the range of competenciesrequired of finance and accountingprofessionals in business today.Helen Brand, ACCA chief executive,said: ACCA greatly values theopportunities Standard Charteredprovides to ACCA students andmembers worldwide to gainan internationally recognisedqualification and to pursue variedand rewarding careers.

GlOBAl AUdIT PROBlEMsProblems with audits are consistent

across the world, according to aglobal survey of inspection findingspublished by the InternationalForum of Independent AuditRegulators. Common weaknessesin audit include lack of consistencyand failure to identify root causesof negative findings. Issues ofconcern discussed between national

inspection bodies include professionalscepticism, group audits, revenuerecognition and the role of theengagement quality control reviewer.The report found that inspectionsof international firms audits variedaccording to jurisdiction.

AFRIcAN EXPANsION PREdIcTEdAfrican governments success inreducing their debts puts themin a strong position to grow theireconomies in the coming years,International Monetary Fund (IMF)

managing director Christine Lagardesaid during a visit to Malawi. Statedebts in Africa have fallen from an

average of over 100% of GDP tounder 40% in the last 12 years.Governments have also succeededin cutting inflation and more thandoubling foreign exchange reserves.The IMF predicts growth insub-Saharan Africa of 5.25% thisyear, rising to 6% in some of thepoorest countries.

AsIA RETURNING TO sUPREMAcYBy 2030 Asia will be well on its wayto returning to being the worldspowerhouse, just as it was before

1500, so projects the Global Trends2030: Alternative Worlds report by theUS National Intelligence Council of

the Office of the Director of NationalIntelligence. The report notes thatit took Britain 155 years to doublegross domestic product per capita,with about nine million people, whilethe US and Germany took between30 and 60 years with a few tensof million people. India and China,however, are doing this at a scaleand pace not seen before, with apopulation 100 times that of Britain.In addition, by 2030 the majorities inmost countries will be middle classrather than poor.

Low unemployment, high staffturnover and competition forgood candidates will continue tobe challenges for employers inHong Kong in 2013, according torecruitment firm Hays.

With the Hong Kong labourmarket remaining in a stateof full employment in 2012

(official unemployment figureshover around 3%), financeprofessionals, engineers anda range of IT specialists will

Specialists in the IT sector will be in demand in Hong Kong in 2013

be in demand in 2013 alongwith procurement and supplychain roles.

Marc Burrage, regionaldirector of Hays in Hong Kong,said: Employee retention is apriority for 2013, regardless ofhiring plans, with our researchshowing local candidates are

still happy to move jobs withina year or two of joining anemployer to gain a new title ormore money.

rEcrUITMENT A BATTLEGrOUNd


11/38

Jonathan SimonsKaplan ACCA ULE student

1st in World, ACCA P7, Dec 2011

Email us >

* Based on ACCA P7 classroom part time students at the June 2012 sittingfrom the majority of Kaplans UK centres.

Only available with ULE, T&Cs apply. Visit www.kaplanfinancial.co.uk for details.

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12/38

LEARNINg CENTRE | EXAM TEcHNIQUE


MANY AccA sTUdENTs cOMBINE AccA sTUdY WITH A FUllTIME jOB BUT As PRIzEWINNING sTUdENT AKOsUA FREMPONGKORE EXPlAINs,THIs dOEs NOT MEAN EXAM PERFORMANcE HAs TO sUFFER

How long have you been combiningwork and study?I have worked for KPMG sinceleaving school and started my ACCAstudies when I joined. Finding timeto study can be difficult as althoughmy job is extremely rewarding,it is also very demanding. I aminvolved in the audit of severalcompanies and so tight deadlines

often mean working in the eveningsand at weekends, with assignmentsrunning back to back and not allof these are based in Accra.

What coping strategies do you use?I download podcasts and audiolectures on to my iPod and listento these when commuting, and

I reserve weekends for lectures these are my main form oftuition as I cannot attend lecturesduring the week because of myhectic schedule.

I also make sure I meet all mywork deadlines so that any sparetime is free for study, rather than

GETTING prEpArEd FOr YOUr STUdIES

cOMBINING wOrK, STUdY ANd EXAMS

spent catching up with my in-tray.I also now know how importantit is to say no to any additionalresponsibilities that could affectmy studies, especially near anexam not just from work, but alsofrom my church and from otherclubs and societies. This is notabout shying away from my dutiesbut about prioritising in order to

achieve success.Most importantly, I make the

most of the study leave I receivefrom KPMG by completely isolatingmyself no phone, internet, TV,friends or family. It is not easy butit is effective.

How important is a supportive

employer?It is very important that anemployer is supportive andrecognises the value of theACCA Qualification, as thenthey understand that you needto focus on your studies as anexam approaches.

KPMG Ghana provides financialsupport and exam leave; if a

student works for an employerunfamiliar with ACCA, then the mostuseful support to ask for is studytime and, if possible, that workexperience is matched to exams asthis improves understanding. If youcan put learning into action thenknowledge retention and examsuccess is much more likely.

Given the demands of yourschedule, is leisure timestill important?A break is important, especiallynear an exam. I always take aday off from my studies to have apedicure and watch a movie, as Ifind this rejuvenating, and helpsif Im feeling overwhelmed. Dontfeel guilty about taking a break make an effort to relax during freetime and reconnect with familyand friends.

NAME: AKOsUA FREMPONGKORECURRENT CAREER STATUS: THIRd YEAR AssOcIATE,

KPMG GHANA, AccRAPRIzEWINNER: PAPER P1 WORldWIdE, jUNE 2012

dONT FEEl GUIlTY ABOUT TAKING A BREAK MAKE AN EFFORT TO RElAX dURING FREE TIMEANd REcONNEcT WITH FAMIlY ANd FRIENds
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13/3813

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14/38

LEARNINg CENTRE | AFFIlIATE PROFIlE


NAwShEEN chOOMKAMAUrITIUS

QWhat challenges did youencounter while studying theACCA Qualification?The main challenge has beencarefully balancing my ACCAand law studies, especially whenconsidering that the exams forboth took place during the samemonth. Although my exams havebeen scheduled closely together,

I have managed to organisemyself effectively.

QHow did you maintain a study/life balance?The key has always been timemanagement, self-discipline andeffective planning. I believe thatachieving a balance is essential

to succeed. I have enjoyed mystudies, and look forward toputting into practice all theknowledge that I have acquired.

QWhere do you see yourself infive and 10 years?In five years, I hope to work foran established institution in

Mauritius. In 10 years, I wouldeither like to be an expert in mychosen field or will have set upmy own internationally renownedaccountancy and law firm.

QWhat is your strategy forachieving the practicalexperience requirement (PER)for ACCA membership?

I follow a structured step-by-stepprocedure to master each andevery performance objective.Gaining real-life work experience

Q What is it that first attracted youto accountancy?Accountancy was one of myfavourite A-level subjects. I reallyenjoyed devising balance sheetsand doing accounts.

QHow did you first hearabout ACCA?My father was keen for

me to register with ACCAwhile I was completing mycollege studies and my eldersister, who was an ACCAstudent, recommendedthe qualification to me. Iregistered with ACCA inFebruary 2008 and I passedmy final exams in June 2012.

QWhat do you hope to do onceyou have qualified as anACCA member?I am currently studying lawwhile working towards the ACCAQualification, and I would liketo use the skills and knowledgeI gain from both specialisms

to help me realise my dreamof working for a regulatorybody, such as the Registrar ofCompanies or the FinancialServices Commission. I alsoplan to apply for roles atstatutory institutions such asthe Financial Intelligence Unitor the Independent CommissionAgainst Corruption where

having a background in law andaccountancy will enable me tobecome involved in complexand challenging assignments.

AFFIlIATE NAWsHEEN cHOOMKA REVEAls All ABOUTHER PlANs FOR A cAREER FIGHTING cORRUPTION,THANKs TO HER AccA ANd lAW BAcKGROUNds

is essential to developing myaccountancy skills.

Q Would you recommend ACCA toothers? If so, why?Definitely. In Mauritius, manysectors are experiencinga downturn. Yet, withthe incorporation of anever-increasing number of

firms, both domesticallyand internationally, skilledaccountants will always be indemand. Also, the nature ofthe ACCA Qualification meansthat anyone can study for itwhile working.

Q If you could invite three

people to dinner (living ordead) who would they be?They would be my lategrandmother, whose wishit was to see me completemy studies and become anaccountant; Prince Harrybecause he is single; andShah Rukh Khan, my favourite

Indian film actor.

Q What do you like to do in your

spare time?I like to watch films and playsports. I also undertake somevoluntary work by trainingcollege students in basketball.I am an avid basketball fan

and I also play badmintonevery week. I attend culinaryclasses and will soon beginswimming classes.


15/38

Naomi SmithKaplan Live Online student

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16/38

MAKING prOGrESS

When My Experience was launchedin May last year, one of the manybenefits of the new platformwas that you could now recordyour practical experience in onesimple and user-friendly onlineprocess you simply record it asyou progress.

With 2013 well under way, whynot take stock and assess your

PER progress so far? How manyperformance objectives have youmanaged to achieve and how manyhave you left to complete? Perhapsyou have yet to fully engage withMy Experience if so, why not takea moment to remind yourself of theimprovements that ACCA has madeto the process of recording your

practical experience?Understanding and recognising

the desired outcomes for eachperformance objective, as well ashow you will go about achievingthem, will put you in a better placeto complete your PER without fussand within a reasonable timeframe.

PROPER PlANNINGThe development plan section inMy Experience has been designedto help you focus your efforts andensure you make the most of thetime you spend working towardsthe PER. Here are some tips to getyou started.

Take the time to read throughthe performance objectives, with

particular attention to those you areconsidering selecting for your fourOptions performance objectives.

2012 sAW THE lAUNcH OF MY EXPERIENcE, AccAs IMPROVEd ONlINEPlATFORM FOR REcORdING YOUR PRAcTIcAl EXPERIENcE. WHY NOT TAKETIME TO REFlEcT ON YOUR PRAcTIcAl EXPERIENcE REQUIREMENT (PER)AcHIEVEMENTs sO FAR?

Then sketch out various factors thatmight influence your success inachieving each objective.

Ask yourself: Which Essentials performance

objectives will I be most likely toacquire with minimum hassle?

Which will be the mosttricky, and why? How might I

overcome these? Which Options performance

objectives tie in most cleanly withmy job, and might therefore beeasier to achieve?

Apart from my workplace mentor,who else might help me? If my

workplace mentor has offered toput a word in for me to get theexperience I need, what can I doto help him or her sell the ideaof, say, a secondment to anotherteam leader?

What resources are available fromACCA that would help me? Howcan I access these resources?What resources are available for

my workplace mentor? When am I going to concentrate

on each performance objective?

LEARNINg CENTRE | PRAcTIcAl EXPERIENcE


How many can I feasibly handleat any one time? How will I know when I have

developed sufficient expertiseor competence in certain areasto be able to complete therelevant challenge questionsand obtain sign-off from myworkplace mentor?

Preparation is key. If, after thisinitial period of introspection,you find yourself facing a scarilyextensive action list, break downeach task into its components. Plotyour key milestones and build insafety nets that allow you to getback on track if you fall behind.

BE GENTlE WITH YOURsElFIf you discover that you have beenoverly ambitious about certainobjectives, it is important toregularly review your progresstowards completing your PER,revising certain dates or goals sothat you dont feel that you areperpetually scrambling to catch up.

Read through the regular membercase studies that are published inStudent Accountant, featuring thosewho have already completed theirPER. Of course, everyone will havetheir own approach what works forone person may not work for others.But what they virtually all shareis recognition that planning is thebest strategy.

gET YOURSELF ON TRACk

IF YOU FINd YOURsElFFAcING A scARIlY

EXTENsIVE AcTION lIsT,BREAK dOWN EAcHTAsK INTO ITscOMPONENTs
http://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/Experience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/professional-ethics.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/professional-ethics.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/professional-ethics.htmlhttp://www.accaglobal.com/en/student/Experience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.htmlhttp://www.accaglobal.com/en/student/qualification-resources/acca-qualification/acca-exams/Practical-experience/recording-experience/myexperience.html


17/381717

dATES FOr YOUr dIArYThis month we will be taking your questionson the experience requirements for

transferring to ACCA membership.Do you have a question concerning the My Experience tool

or the Professional Ethics module? Perhaps you need adviceon finding a suitable workplace mentor to help you achieveyour practical experience requirement (PER).

If so, join us on ACCAs official Facebook page on: 19 February, 810am* 20 February, 46pm*

ACCESS ACCAS FACEBOOk PAgE

(*UK times)
http://www.facebook.com/ACCA.Officialhttp://users/Cozmick/Library/Caches/Adobe%20InDesign/Version%207.5/en_US/InDesign%20ClipboardScrap1.pdfhttp://users/Cozmick/Library/Caches/Adobe%20InDesign/Version%207.5/en_US/InDesign%20ClipboardScrap1.pdfhttp://users/Cozmick/Library/Caches/Adobe%20InDesign/Version%207.5/en_US/InDesign%20ClipboardScrap1.pdfhttp://www.facebook.com/ACCA.Official


18/38

EThIcS ANd ThEAccA STUdENT

As an ACCA student, ethical andprofessional development starts assoon as you register with ACCA.

The ethics theme is maintainedthroughout the ACCA Qualification.To complement this, ACCAdeveloped the Professional Ethicsmodule to form part of your ethicaldevelopment as a professionalaccountant. The module allows youto test your ethical knowledge in aseries of real-life situations.

On completion of the ProfessionalEthics module, you are required toreflect on your learning and give astatement about your experience ofcompleting the module.

As you may need time to thinkabout the material, the module canbe worked on in several sessions. Youare given access to the Professional

Ethics module as soon as youbecome eligible to take Paper P1,Governance, Risk and Ethics. It isrecommended that you take it at thesame time as, or before, Paper P1.

INTEGRITY ANdPROFEssIONAl BEHAVIOURIntegrity and professional behaviourare two of the five fundamental

principles of professional ethics.For you as students this means

that you must be straightforward,

As A PROFEssIONAl AccOUNTANcY BOdY, AccA MUsT ENsURE THATITs sTUdENTs UNdERsTANd WHAT IT MEANs TO WORK ANd AcTPROFEssIONAllY ANd ETHIcAllY IN THE WORKPlAcE. WE EXPlAIN WHYTHE PROFEssIONAl ETHIcs MOdUlE Is sUcH AN INTEGRAl, ANd NOWMANdATORY, cOMPONENT OF THE AccA QUAlIFIcATION

honest and fair when dealing withACCA in the following areas: Supplying valid information for

the purpose of your admission asa student.

Providing authentic informationfor the purposes of gainingexemptions from anyACCA exams.

Conducting yourself properly inall exams, using fair practice.

Making regular and honest

submissions relating to thepractical experience requirement(PER) in My Experience.

Diligently working through andcompleting the ProfessionalEthics module, independentlyreflecting on your own personalexperience and learning.

Paying all due subscriptions and

fees in a timely fashion.

It also places an obligation onyou to properly conduct yourselfin exams and in the completionof all requirements (including theProfessional Ethics module) of theACCA Qualification.

HOW TO AVOId

dIscIPlINARY AcTIONTo comply with the ACCA Rulebookand with the fundamental principles

LEARNINg CENTRE | ETHIcs


of professional behaviour expectedof ACCA students, certain minimumstandards of behaviour are expected

from students completing andsubmitting their ProfessionalEthics module.

These minimum requirements areas follows: Work through the module

independently and at yourown pace.

Read and complete allsections fully.

Take adequate time to ensurethat each section is properly read,understood and completed.

Undertake and complete allexercises and self-tests diligently,including those requiring thecompletion of text boxes.

Recap on any material wherethere are any obvious gaps in yourknowledge or understanding.

Complete the reflective statementresponsibly and entirely in yourown words.

Ensure that you describe yourlearning experience honestlyand objectively.

ACCA audits ProfessionalEthics module submissions. Anysubmissions that contain reflective


19/381919

statements that are far too short,inappropriately written, or deemednot to be the original work of thestudent, will be investigated and

will leave students submitting thempotentially liable to disciplinaryaction. This could ultimately lead

to them being removed from thestudent register.

Students should especially makesure that their personal learning

statement is not copied from othersources, but is reflective of whatthey have learned.

The value of the ProfessionalEthics module is to familiarisepotential ACCA members with the

ethical dimensions of professionalaccountancy and the widerresponsibility of the accountant tothe client, to ACCA, to the profession,and above all to promoting publicvalue and the public interest.

The module is intended to be takenseriously as a development resourceand as a reflective exercise. Althougha mandatory element of the ACCA

Qualification, it can also be used as aflexible resource to return to and usewhenever it is required.

THE VAlUE OF THE PROFEssIONAl ETHIcsMOdUlE Is TO FAMIlIARIsE POTENTIAl AccA

MEMBERs WITH THE ETHIcAl dIMENsIONs OFPROFEssIONAl AccOUNTANcY ANd THE WIdERREsPONsIBIlITY OF THE AccOUNTANT


20/38

TECHNICAL | COMMUNICATION

STudENT ACCouNTANT | DECEMBER 2012

TAKING ThE pLUNGE

THE HUNT

Be proactive, imaginative andpersistent. It helps to be a littlethick-skinned too.

Accountancy jobs arent in thehabit of seeking you out, and whileit is important to search throughadvertised positions, there isevidence that 80% of jobs dont getadvertised, so you need to hunt themout. When it comes to searching for

an accountancy job, dont just relyon ads.

Here are some ways to sniffout those buried roles:

network, network,network. The

importance ofnetworking

cannot be

emphasisedenough,

YOU HAVE GOT YOUR cV, cOVER lETTER ANd sOcIAl MEdIAPROFIlE PRIMEd ANd YOU ARE REAdY TO dIVE HEAd FIRsTINTO YOUR AccOUNTANcY jOB sEARcH. NOW IT Is TIME FOR...

LEARNINg CENTRE | AccA cAREERs


according to the successful

professionals who have beeninterviewed on ACCA Careers(Peter Moller at Deloitte andEvgeniya Mironova to name two).

Aumni an reativeDont be afraid to call up olduniversity friends and even thoserelatives you only see every fewyears at a family wedding. You

would be surprised at how helpfulpeople can be if you are connectedto them, either by family ties oruniversity associations.

Be inquiitiveWrite short letters as well wordedas you can, accompanied by a CV,introducing yourself and your skills

to companies. It is a speculativeapproach that may turn up a fewsurprise opportunities and isyet another way to increase yournetwork. It may seem like a lot of

work and futile when youhear nothing back,

but if just one of those letters lands

on the desk of someone about topost a job ad, and you are just whatthey are looking for, it will make it allworthwhile. For this approach to be asuccess, you need to make sure yourCV is in tip-top form and contactsmall firms they will probably bemore responsive to this approachthan large firms. You also need to doyour research: know the company

and the name of the person you arewriting to; find out if they went toyour old university or if you sharesome other connection (played forthe same local football team, isa friend of your older brother orsister), and point this out in yourintroductory letter.

OnineofineYou need both an online and anoffline presence. This is simplyanother way of saying network,network, network. Do it via socialmedia and email, and get intouch with old friends, bossesand teachers.


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ReerraWhen you are doing the networkingrounds and making contact with all

these people, dont be afraid to askto be referred on. The person you arespeaking to may not be able to helpyou directly, but they may well knowsomeone who could use your skills.

WHAT Is THE PERFEcT jOBANYWAY?Ah, the dream accountancy job! Butwhat exactly is it and how do you

know when you are ready for it? Whileit is good to have goals and direction,be careful that your outlook doesnot narrow from being too focusedon attaining one role. Be sure thatwhile you are working towards theperfect accountancy job you arealso open to all the challenges andopportunities that will arise along the

way. You never know there may bean accountancy job that is perfect foryou that you had never considered.

Also, be prepared to take a stepbackward to reach your perfect role.Sometimes one route wont seem towork for whatever reason, so go awayand attack it from another angle, withnew skills and experience to bring to

the table.

ARE YOU EXPERIENcEd?Employers want it and candidatesneed it but experience is not alwaysthat easy to find. In a tough labourmarket, employers can be veryfussy about who they hire, so workexperience can give you the edge.Good universities, professional

qualifications and technical skillscan be prerequisites that manypeople have, but work experience isalways valuable.

HOW TO GET WORK EXPERIENcEFrom a one-day-a-week job ina local accountancy firm to a

month-long work placement or asummer internship with a Big Fourfirm, such work experience alladds incredible value to your CV,proving that you are committed,proactive and enthusiastic. It alsoshows you have office experience,can work with people and knowthe basics of certain roles. Andthat tells an employer they wont

have to spend as much time ormoney on training or integratingyou into a team, making you muchmore appealing.

TRANsFERABlE sKIllsWork experience looks good onyour CV and teaches you invaluableprofessional skills. But what about

when you worked as a cashier atyour local supermarket, or a waiterin a restaurant? Dont ignore theseas having little to do with a careerin finance. Many experiences inlife provide us with skills, andthey may be ones that employersfind extremely important. Theyare the kinds of skills that, in

addition to an education, helpmake a well-rounded candidate.So think about the leadership skillsyou learnt when captaining thefootball team, or theinterpersonal skills yougained from workingin a bar. Do you havetransferable skills?

EXTRAcURRIcUlARAcTIVITIEsTransferable skills canbe gained through

extra-curricular activities. Joiningsocieties at university looks great onyour CV, as does doing charity work.

Also think about blogging toincrease your online profile. It is notjust about sharing your daydreamswith an audience of 10 friends comment and engage with peoplewho are studying or working inyour field. Offer advice, startdiscussion groups, hold meetingswith like-minded people and try tosupport each other. Such activities

will provide you with further skillsand will look impressive on the CV.Check out our career bloggers

So there is the big picture... itis now time to start building yourcandidate profile. Take your time, getit right, and good luck in landing thataccountancy job.

LEARNINg CENTRE | AccA cAREERs


NETWORK, NETWORK, NETWORK. THEIMPORTANcE OF NETWORKING cANNOT BE

EMPHAsIsEd ENOUGH, AccORdING TO THEsUccEssFUl PROFEssIONAls WHO HAVEBEEN INTERVIEWEd ON AccA cAREERs

RegisteryourCVonACCACareersandstartyourjobsearch

USEFUL LINKS: PeterMoller Deloitte

interview Evgeniya Mironova,

EY interview Network your way to CFO

Work experience tips

Transferable skills
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SEcTOr FOcUS:

BANKING

FEATURES | sEcTOR FOcUs

dURING REcENT YEARs, THOsE WORKING IN THE BANKING INdUsTRY

HAVE BEEN MAdE TO FEEl A lITTlE lIKE sOcIAl PARIAHs. HOWEVER,THE sITUATION Is AT lAsT cHANGING



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The financial services industry has

received a lot of flack in the mediaand, unfortunately, accountancy andfinance professionals have beenswept along with the tide, even ifthey were not directly involved,says Andy Dallas, director, RobertHalf Financial Services. Whilelingering opinions exist, thoseaware of the role that accountancy

plays will know that accountantsare adding a lot of value in thepresent climate.

That present climate isdemonstrated perfectly by a recentIpsos Mori poll, which found thebanking sector as the industryglobal consumers feel is most inneed of greater regulation. The24-country study found that 37%

of people globally think there stillneeds to be more regulation in thebanking sector.

This continuing pressure, then,as well as the regulatory changesalready seen within financial serviceshas brought regulatory, risk andcompliance professionals to thefore, as has the role that finance is

playing as driving corporate strategyand growth initiatives throughoutthe business.

Highly skilled accountancyprofessionals are highly sought-afterwithin the sector, particularly if theyhave specific product experience.Most of the accounting roles thatexist in industry, such as financialor management accounting, internalaudit and accounting operations, arealso present within financial services,although there are some specialiststreams specific to the sector,such as product control and fundaccounting, says Dallas. Regulatoryaccountants are highly in demandwithin the sector, with demandoutweighing supply, particularly as

the regulatory climate continues togain momentum.

As the financial markets continueto evolve, financial institutions

are working to grow and maintain

profits while adjusting toever-changing regulations and thedownturns effects on profitabilityand performance. So how could youhelp successful institutions reassesstheir operating models and addressthe effects of regulatory reform,competitive dynamics, evolvingmarkets and increased expectationsfrom stakeholders?

Accountants have assumedgreater responsibility throughout thedownturn and now firmly occupy aseat at the decision-making table,says Dallas. They are being calledupon to optimise performancethroughout the business, providingfinancial information, tools, analysisand insight to executives, challenging

their thinking, helping them makemore informed decisions and drivingbusiness strategy. As such, financialbusiness partners are being calledupon within the industry to delivergrowth and return for stakeholders.At the same time, finance leadersneed to balance these functions thatdrive revenue with the requirementto remain compliant withregulatory change.

During a time when the industryis focused on growth, the cost forbusinesses to remain compliant hasincreased. According to a survey offinance services executives, 53%have increased their regulatoryspend compared to four years

ago, and financial directors arespending as much as one day aweek managing regulatory change.Balancing revenue generating

activities with compliance will

continue to pose a conundrum forfinance leaders.

Dallas adds that companiesare looking for accountants withspecific product knowledge plus asolid understanding of the industryas a whole, in addition to strongaccounting skills. Business-savvyprofessionals who can provide acommercial outlook are in demand,as are those with an exposure totechnical accounting standards,particularly within the regulatoryarena. Furthermore, strong systemsknowledge, particularly SAP, Oracle,Hyperion Financial Management,SUN and TM1 are a necessitywithin the sector. Finally, financialbusiness partners who can work

with various departments to deliverefficiencies and growth will be highlysought-after in 2013.

The global nature of the ACCAQualification is a major plusbecause it makes the qualificationvery portable. Alongside this, theemphasis on commercial awarenessthat runs through the ACCAQualification is increasingly importantin banking and financial services.

While salaries vary by role, yearsof experience and product, overallthey are higher than the averagesalaries on offer for accountants inother industries.

What sector woul you want usto focus on next?Emai u at [email protected]

BUsINEsssAVVY PROFEssIONAls WHO cANPROVIdE A cOMMERcIAl OUTlOOK ARE IN dEMANd,As ARE THOsE WITH AN EXPOsURE TO TEcHNIcAlAccOUNTING sTANdARds, PARTIcUlARlY WITHINTHE REGUlATORY ARENA
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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FEATURES | sEcTOR VIEW


ThE VIEw FrOM:SIMON CHIPURIRO, TREAsURY ANAlYsT, UBANK, jOHANNEsBURG

QAre there any disadvantages?If you want to move outsidebanking later in your careeryou can find that commercialorganisations sometimes

prefer candidates withindustry-specific experience.However, I do not think this isa major disadvantage whencompared to the benefitsbanking delivers. As ACCAaccountants are trainedto thrive in any industrysector, a lack of very specific

experience should not affectones competence.

QIn terms of studies and ACCAexams, how supportive is thebanking sector?From my experience, and theexperience of colleagues, mostbanks are very supportive ofaccountancy students, usuallyproviding financial support andgenerous study leave. Manybanks are also ACCA ApprovedEmployers, which is very helpfulwhen students finish their examsand need to complete their

pursue a career in this sector. Ihave now been in the industryfor almost 10 years.

QWhats the best thing about

working in banking?Support for personaldevelopment is a great benefitfor those working in banking;many banks act as learningorganisations, providing awide range of assistancefor their employees, such asmentorship programmes, and

other opportunities for staff tofurther their studies and equipthemselves with knowledge.Banking is also a very positivecareer choice as it widens yourfuture options. I have noticedduring my career that it is easyto get bored if you only work inone area of business; bankingcan help you gain experienceof different business functions,and also equips you with theskills required to succeed ingeneral management, if that isa career path you want to followin the future.

QWhats your role at Ubank?As a treasury analyst I lookafter the banks middle office,as well as the Assets andLiabilities (ALM) function. My

responsibilities are very variedbut focus primarily on balancesheet optimisation and riskmanagement from providinginterest rate risk and liquidityrisk input for regulatoryreporting, to developingand implementing treasuryrisk strategy, including risk

reporting and the governanceprocess. I also help productspecialists understand anddefine product characteristics,develop and implement thestrategic assets allocationprocess, and run a variety ofstrategic and stress scenariosto support decision makingwithin the bank.

QWhy did you decide to workin banking?As I was growing up I alwaysadmired banking staff, andbanks had a reputation forbeing the best employers andtreating their employees well.This reputation was confirmed

when I had the opportunity toaudit some banks during mytraining, providing me withfurther encouragement to

From my experience, and the experience oF

colleagues, most banks are very supportiveoF accountancy students, usually providing

Financial support and generous study leave

SEcTOr VIEw: BANKING

FORMERlY TEBA BANK, UBANK HAs OFFEREd BANKING ANd FINANcIAl sERVIcEs

FOR OVER 30 YEARs, PRIMARIlY TO MINING ANd RURAl cOMMUNITIEs IN sOUTHAFRIcA, ANd PRIdEs ITsElF ON ITs sOcIAl REsPONsIBIlITY


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2727

practical experience requirementin order to gain membership.

QDoes banking sector experiencegive accountants particular

skills, especially transferableskills?Banking offers training in anumber of skills, includingtreasury management, financialreporting and control, balancesheet and business performancemanagement, and also riskand investment management.You can also develop furtherspecialised expertise in areassuch as internal auditing,forensic accounting, andproduct management. Allthese skills are internationallytransferable, and if you hopeto work abroad during yourcareer, you will find that manyof the skills gained while

working in banking are listedas being in high demand bymany immigration authorities.ACCA membership is also very

useful in this respect, as itis internationally recognisedand easily meets immigrationrequirements for accountancyprofessionals.

QWhat is career progression like?In banking, your career couldgo in a number of differentdirections depending on theskills you acquire. For example, ifyou join the finance team as anaccountant, you could become afinance manager and eventuallyCFO. In the risk department,opportunities include riskmanager, compliance managerand chief risk officer, and there

are other career paths in internalaudit, forensic accounting, assetmanagement and investmentbanking. In my opinion, it

would take an ambitiousaccountant around five years,post-qualification, to reach thesummit of their chosen career and I have seen this happen,more than once.

For me, the next step wouldbe to head up a balance sheetmanagement team, but at theappropriate time I will considerleaving banking to pursue amore specialised career infinancial risk managementconsultancy. I therefore hopeto move into practice andgain a position within a majoraccountancy firm I predict

great opportunities, and I canuse the skills I have acquired inbanking to progress my careerin this direction.

many oF the skills gained while working in

banking are listed as being in high demand by

many immigration authorities

Johannesburg, South Africa


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TECHNICAL | COMMUNICATION

STudENT ACCouNTANT | DECEMBER 2012

FEATURES | INTERNATIONAl BENEFITs


AccA:ANINTErNATI


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INTERNATIONAl OUTlOOK

We live and work in an increasinglyglobal community, and nowhere moreso than in the financial sector. Here,

as corporate reporting standardsdevelop along international lines, thetrend towards joined up thinkingnow influences both financial andnarrative reporting strategies. Globalconvergence is also evident in thework of supra-national accountingstandards bodies such as the IASB,and education standards such as

those issued by IFACs InternationalAccounting Education StandardsBoard also reflect the reality ofan environment of cross-bordercommerce and new technologiesdesigned to make the world aneven smaller place. As a result,professional business qualificationssuch as ACCA must have internationaland multi-jurisdictional recognition ifthey are to remain relevant, valuable,and truly portable.

The globalisation of accountancyaffects every member of theprofession irrespective of wherethey work, now or in the future,and not just in terms of technicalknowledge. Some of the biggestchanges currently taking place

focus on what an accountant is anddoes, comments Wendy Towner,ACCAs head of business intelligence.Increasingly, accountants are driving

owards greater responsibility tobe considered an integral part of anorganisation, enabling a business tomake the right financial decisions.

If this drive is to be successful thenit has to be in a global context, andmust reflect changing patterns ofemployment in the sector. Our ownresearch shows that more peoplethan ever before work across bordersfor multinational organisations, andthat more students and membersare now taking advantage of ACCAs

portability to work or study outsidetheir home market.

AHEAd OF THE GAME

The ACCA brand has becomea trusted global benchmarkfor accountancy training andprofessionalism, and ACCA wasalso the first accountancy body toexamine IFRS (in 1998). In termsof appreciating the importance ofinternational understanding, wevelong been ahead of the game,says Louise Farrow, ACCAs headof marketing promotions. Weknow that the world is shrinkingand that many of our students are

working in a global context, andnot only in commerce the publicsector, for example, is increasinglydependent on external providers of

key services, and many of these areglobal operators in their own right.

Even if international accountancyissues are not immediately relevant,it is an aspect of the profession allstudents must engage with, saysFarrow: You must become familiarwith International AccountingStandards because you will

undoubtedly draw on this knowledgeat some point in your working life ifnot in your current job then at somepoint in the future. Career plans thatare made while studying can changequickly once in the world of work.ACCA aims to equip its members withthe skills they need wherever theircareer path takes them, especiallyas many accountants now developportfolio careers, working across anumber of sectors and for a numberof employers. The internationalunderstanding delivered by ACCA caneffectively future proof your career,giving you the freedom to move jobwhen you want to.

NAL QUALIFIcATIONAccA Is PROUd OF ITs INTERNATIONAl REPUTATION A REAl BENEFIT

FOR sTUdENTs HOPING TO dEVElOP THEIR cAREERs INTERNATIONAllY.

BUT WHAT IF YOU PlAN TO sTAY AT HOME? WE lOOK AT THE VAlUE OF

INTERNATIONAl REcOGNITION, ANd cONsIdER HOW YOU cAN MAKETHE MOsT OF THIs cVBOOsTING AdVANTAGE

in terms oF appreciating the importance oFinternational understanding, weve long

been ahead oF the game


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MEETING EMPlOYER EXPEcTATIONs

Given ACCAs well-established, globalreputation, employers know what to

expect when considering employingan ACCA student or member,whether local or from overseas. TheACCA brand represents consistency in professional training, workexperience, specific knowledgeand broad experience. But ACCAalso provides the training requiredfor compliance with the globalaccounting standards now used inmany countries. This represents realvalue, as employers know that theworld of finance is international,even if their business or sector isnot even the smallest business canhave clients, customers or suppliersbased anywhere in the world, withinternet trading an importantaccelerator of the local/global

business model.In addition, the national

and international networkingopportunities ACCA provides, bothface to face and through socialmedia, give employees the chanceto learn from their peers around theworld, sharing ideas, and learningabout innovations and best practice.

As a result, ACCAs internationalrecognition adds significant value toa CV, and students should make themost of this both when at work andwhen job hunting. Employers shouldknow that the ACCA Qualification isbroad in scope, and gives studentsand members the skills required towork in different industries and indifferent roles, concludes Towner.But the technical understandingof international accountingpractice it delivers, together withfar reaching knowledge of a globalprofession, are real assets that willbe valued whether the employeroperates in a local market oraround the world.

FEATURES | INTERNATIONAl BENEFITs

THE AccA BRANd REPREsENTs cONsIsTENcY IN PROFEssIONAl TRAINING,

WORK EXPERIENcE, sPEcIFIc KNOWlEdGE ANd BROAd EXPERIENcE


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3131

accas international recognition adds

signiFicant value to a cv, and students

should make the most oF this both when atwork and when job hunting

FAcTS ANd FIGUrES

Recent research from ACCA shows how relevant theACCA Qualification has become:

94% of employers agree that ACCA is a world classorganisation

92% of employers agree that ACCA is a respectedglobal brand

88% of employers agree that ACCA is relevant acrossall sectors

86% of students agree that ACCA is international in

its reach and outlook 78% of students say that ACCA will give them the

skills they need for the job they want

77% of students agree that studying with ACCA hasgiven them transferable skills

74% of students agree that ACCA is a great careerchoice for young people
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decided to study with ACCA becauseI hoped the qualification wouldenhance my mobility and allow meto work anywhere in the world. Thisambition has not faded and, as Inow work for a globally recognisedfirm, I hope that when I am anACCA member I can travel to theUK to continue my accountancycareer, she says, adding: I feelI have the confidence to pursuean international career as I cancombine my experience of differentindustries and IFRS assignmentswith the knowledge that ACCA isglobally recognised.

Dhakshayenee encouragescurrent students to make the

most of ACCAs global reputationas she thinks that it undoubtedlyimproves career potential. If youcan, join a global firm where youcan work abroad, even for a shorttime, she says. This can helpyour international experience, andwill enhance your career even ifyou stay at home, as accounting

practices are becoming increasinglyconsistent worldwide such asSri Lankas adoption of IFRS, forexample. This makes the exposureto global standards and practicesgained through ACCA study,together with its internationalreputation, relevant to localbusiness as well.

JEFF TAN

ACCA member,senior associate,PwC, San Jose, USHaving ACCA onyour CV definitelyhelps yourcareer; recruiters

know how hard it is to gain theACCA Qualification, and ACCAmembership shows you haveboth tenacity and experience,

Whereas his ACCA Qualificationwas initially a passport to workabroad, its international reputationnow makes it increasingly valuablein Latvia: In a period of economicdownturn, when competition forjobs is increasing, ACCA may be thedeciding factor. Most candidateshave a degree or an MBA, but ACCAgives you real differentiation, andin Latvia it may become a specificrequirement for certain financepositions, as in most developedcountries, rather than justrecommended, making it evenmore relevant.

dhAKShAYENEEThIEErAN

ACCA affiliate,trainee associate,KPMG, Colombo,Sri Lanka

I was a full-timestudent throughoutmy studies, says

ACCA affiliate DhakshayeneeThieeran, passing all my examsfirst time, and gaining a First in theOxford Brookes University BSc inApplied Accounting. I completedmy final ACCA exam in December2010 and, in order to gain mywork experience, I joined KPMG inColombo the following June where Iam now a trainee associate.

Dhakshayenee always wanted totake advantage of ACCAs globalreputation, and so the move toKPMG was strategic; not only didDhakshayenee want to work for aleading accountancy firm, but shealso wanted to access internationalcareer opportunities. I had first

dIdzIS BErzINSACCA member,financial controllerat an internationalconsultancy,Riga, LatviaBetween 2006and 2008, ACCAmember Didzis

Berzins (then a student) was onsecondment with PwC in Australiaas a senior financial auditor, as hisACCA studies had enabled him tofulfil a long-term ambition to travel.ACCA definitely helped me in mymove to Australia, he comments.The benefit of an internationalqualification is that it is relevant

wherever you go and I foundworking in Australia very similarto working in Latvia, especially asBig Four auditors are all guided bythe same International Standardson Auditing.

Didzis returned to Latvia after twoyears, working first for PwC in Riga,then joining a major consulting

company where surprisingly hisACCA membership and internationalexperience have proved even morerelevant, as Didzis explains: Imnow the financial controller for aconsulting firm

february 2013 part 1

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