Aca Opportunities For GraduatesPresentation Transcript
The ACA – A Career Accelerator
Why the ACA
1a. The ICAEW – our role and objective
The Institute of Chartered Accountants in England and Wales (ICAEW) operate under a Royal Charter (since 1880), working in the public interest.
L argest professional accountancy body in Europe, with132,000 members running and advising businesses in over 162 countries.
Its primary objective is to educate and train chartered accountants, to maintain high standards for professional conduct among members and advance in theory and practice of accountancy.
E arly presidents of the ICAEW formed today’s Big 4
William Welch Deloitte
Sir William Barclay Peat
1b. The ICAEW – Reputation and Influence We provide our members with knowledge and guidance based on the highest ethical and technical standards. We shape opinion, understanding and delivery to ensure the highest standards in business and in the public interest.
Thought leadership programme – engage with senior policy-makers and stakeholders, shapes government thinking on regulatory policy and looks ahead at long-term issues for the profession.
Dialogue in Corporate Governance - Analysing the impact of developments in capital market products on listed company governance. re : Assurance - Exploring new types of external assurance other than audit Inspiring Confidence in Financial Services - Debating issues affecting confidence in the financial services sector.
1c. The ICAEW – Faculties and Special Interest Group
Only institute globally to have its own specialist faculty expertise –sharing cutting edge guidance with members and advising them of the latest best practice.
Specialist knowledge and networks – Nine Special Interest Group for sector-specific support
Team of advisory service experts – handling top quality confidential advice , ethical and technical issues.
Audit and Assurance Corporate Finance Finance and Management Financial Reporting Financial Services Information Technology Tax Entertainment & Media, Farming and Rural Business, Forensic, Healthcare, Tourism and Hospitality , Public Sector Group, Charity and Voluntary Sector, Interim Management, Non-Executive Directors, Solicitors, Valuation
1d. The ICAEW – international presence
Founder member of the Global Accounting Alliance (GAA) , representing over 700,000 of the world’s leading professional accountants.
Key member of International Federation of Accountants, influencing setting of global accounting standards.
Only international professional body invited to the World Economic Forum
Working with World Bank to develop best practice in accountancy standards and training in Bangladesh
1e. The ICAEW – Member services
Staying Alert – email on up-to-date, worldwide issues on topics impacting the working environment of all members
Professional Conduct Directorate – to assist members to assist in resolving commercial disputes which falls outside the disciplinary arena
Chartered Accountants Benevolent Association (CABA) – to assist members and former members, spouses, dependent partners and children who have special needs.
Lifelong Learning through a portfolio of courses
Up to date information
The library and information service is the world’s leading accountancy resource – available 24/7, 365 days a year.
1f. Did you know?
London, major capital market - 90% of FTSE 100 companies have an ACA on board and 67% of qualified accountants acting as Finance Director or CEO have an ACA (that’s four times the number holding any other single qualification)
ICAEW salaries approximately 22% higher than other professional bodies (ACCA, CIMA, CIPFA)
1g. ICAEW members in Malaysia Tan Sri Hassan Merican, Chairman of Petronas
Dato Yusli Yussoff, Chief Executive of Bursa Malaysia
CEO Air Asia
Dato’ Johan Raslan Executive Chairman, PricewaterhouseCoopers
Mr Lim Kian Onn, founder ECM Libra Avenue
Dato’ Gan Ah Tee
Managing Partner, BDO Binder and Chairman of City Group Malaysia
1h. The ACA track record in Malaysia
Training programmes in Malaysia ( also in China, Cyprus, Greece, The Gulf, Pakistan, Romania, Russia, Singapore )
Office in Chulan Tower, Jalan Conlay, Kuala Lumpur. Officially open by the ICAEW President, David Furst in September 2008
Offered at Sunway University College since 2004
Malaysia’s pass rate is exception , producing the following World Prize Winners :
1 st place and the Watts Prize, Dec 04 (Audit & Assurance) 1 st place and the Little Prize, Dec 05 (Taxation) 1 st place and Watts Prize, Dec 07 (Audit & Assurance) 2 nd place and the Stephens Prize, Sep 05-Dec 06 5 th place and the Cassleton-Elliott Prize, Sep 05 – Dec 06 Order of Merit (Professional Stage) Overall Order of Merit (Professional Stage)
The ACA Pass Rates in Malaysia
(based on 1 st attempt)
Professional Stage April 2008 pass rates Knowledge Modules AG AS LW MI Malaysia 92% 92% 92% 82% World 70% 88% 93% 82% Advanced Stage July 2008 pass rates Advanced Stage TI-RR TI-BC CS Malaysia 69% 65% 100% World 81% 82% 80%
A CA REER ACCELERATOR
2a. What does the ACA provide? A global benchmark for professionalism, ethics and business excellence International appeal DIVERSE MARKET NEEDS Core technical skills Specialist skills Broad content and rigour Recruit high calibre people Flexible delivery Requirements of regulation and legislation Individual client needs
2b. Where can the ACA take you ? Public practice Partner Corporate or Public sector FD/CEO/Chairman Change careers Investment Banking Management Consultancy Venture Capitalist Go it alone Start up your own company Where can the ACA take you?
2c. ACA – who’s involved?
Salary & rewards
Authorised Training Employers (ATE) in Malaysia
3a. ACA – Exam Structure Advanced Stage Professional Stage Application modules Knowledge modules Financial accounting Financial management Accounting Management information Assurance Business and finance Business strategy Audit and assurance Taxation Law Principles of taxation Financial reporting Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Technical integration – Business change Technical integration – Business reporting Case Study Ethics Ethics Ethics Integrated ethics training throughout to support business decision-making Work experience puts learning in context
3b. ACA – Credit for Graduates Graduate credit available Some credits awarded to: University Malaya, UNITEN, Nottingham University, Sunway University College, HELP University College, Multimedia University Advanced Stage Professional Stage Integrated ethics training throughout to support business decision-making Application modules Knowledge modules Financial accounting Financial management Accounting Management information Assurance Business and finance Business strategy Audit and assurance Taxation Law Principles of taxation Financial reporting Ethics Ethics Ethics Ethics Ethics Ethics Ethics Ethics Technical integration – Business change Technical integration – Business reporting Case Study Ethics Ethics Ethics Work experience puts learning in context complimented by IPD
3c. ACA – A combination of 4 components Work Experience 450 days of technical work Experience Initial Professional Development (IPD) Staged development in the key areas that define an ACA Structured Training in Ethics (STE) Framework for professional judgment Examinations 6 Knowledge 6 Application 3 Advanced (inc. Case Study) Training agreement = Provisional member Linking work & study ACA
4a. Degree disciplines Business 42% Business 35% English Classics Arts 17% Law 3% Accounting 5% Science 13% Engineering 4% Other 0.1% Maths 14% English Classics Arts 16% Law 3% Accounting & Finance 11% Science 15% Engineering 4% Other 0.3% Maths 13%
87% of ACA graduate intake have a 2:1 or 1 st at degree
Why the ACA?
5a. Quality Intake = Quality Output
ACA = Quality intake
87% of ACA graduate intake have a 2:1 or 1 st at degree
Graduates and students from other professional bodies have chosen to continue with the ACA qualification
ACA = Quality output
79% students pass ACA first time
Amongst the highest pass rates of professional bodies, where some has less than 50%
5b. Technical Rigour
Robust, world-class case study
No other accountancy body (CCAB) has this amount of inter-disciplinary assessment
Challenges students on every aspect of their financial and business learning
Develops critical thinking at a early stage of your career
Compulsory vs optional
All modules of ACA are compulsory
Provides consistent benchmark of academic/practical achievement
5c. Integrating work and study
Initial professional development (IPD)
Sustained development over length of contract
Variety and depth – provides well-rounded business and financial acumen
Monitored and approved
ACA = high ethics content
Ethics in 11 of 15 exams
Additional structured training in ethics (STE) throughout length of training contract
5d. Reputation “ It’s what the ACA says about you that matters. It tells any prospective employer that you are bright and hard-working. In short, it says that you are one of the very best” David Grigson, CFO “ If an ATE picks you for an ACA training contract, you are among the privileged few whom they believe have the makings of a future leader.’ Dato’ Gan Ah Tee, Chairman of ICAEW Malaysia City Group & the Managing Partner of BDO Binder Malaysia.
5e. Reputation “ My rigorous training with the ICAEW provided an excellent foundation for my business career and I continually apply the skills and knowledge I gained. The ACA qualification remains a quality mark for today’s accountants and business leaders” Mark Tucker, CEO Teo Ee Sing, Executive Director of Sunway University College, Financial Courses Division ‘ The ICAEW is one of the largest and most highly respected accounting bodies in the world. ACA graduates are often known as astute business advisors and captains of industry.’
6. The ACA qualification
Be your best and be recognised among the best
The 21 st century new battle – remain employable
Your Options : Life after Graduation Secure a training agreement Study and train as an ACA ACA in years. 5 years work experience. Your investment: +RM 108,000 Member in 5 years+ 3 years work experience. Your investment: (RM 12K) + RM 64,800 = RM 52,800 Work Study full time for another qualification
Thank you Loh Wei Yuen [email_address] Pat Aw [email_address] T : 03 2171 6022/23