ACCA 2007 - how will the new qualification affect you?

Throughout April 2005, ACCA consulted with key stakeholders to obtain their views on the proposals for a new Professional qualification, to be first examined in December 2007.

ACCA received over 12,000 responses to an online survey, which asked for feedback on all aspects of the new qualification proposals - ranging from its structure, syllabus content, progression rules, practical experience, and requirements for membership.

Commenting on the response levels to the survey, Clare Minchington, managing director of education, training and development said: 'I am absolutely delighted that so many of our students, affiliates, members, employers, and tuition providers have taken the opportunity to share their views on ACCA's proposals for the new Professional qualification. The feedback we have received will directly affect the way in which we develop the qualification. It will also help ensure that the high standards of ACCA's Professional qualification are maintained by the next generation of accountants and finance professionals.'

Following the consultation, responses will be analysed and reported to ACCA Council for consideration in July 2005. The results of the consultation will be published in the August issue of student accountant. A high proportion of students who completed the survey asked for further information about transfer arrangements and the new paper equivalents they will need to complete. They also sought clarification on how they will be affected by the changes to the qualification. In particular, existing students wondered if, under the new proposals, they would have to hold or obtain a degree before they can achieve ACCA membership.

On the issue of new paper equivalents and transitional arrangements, Minchington stated: 'When it comes to the "graduate exit" proposal and conversion arrangements, it is ACCA's aim to ensure that students are not disadvantaged. To ensure this is the case, ACCA has already agreed some guiding principles to reassure students (see page 5). It is important for students to remember that the new qualification that has been presented is a proposed model for the new qualification, shaped by preliminary research with ACCA members.

'Until we have analysed the feedback and established what our stakeholders like and dislike about the proposals, we will not be in a position to finalise the structure and the content of the new qualification, or to calculate the exact new paper equivalents. The new qualification will be finalised in February 2006. After that time, ACCA will develop the detailed syllabuses and calculate the new paper equivalents, of which students will be notified.'

Students are advised to visit a dedicated area of the ACCA website at www.accaglobal.com/horizon and to read the articles which will regularly appear in student accountant to follow progress on the development and implementation of the new qualification.

Guiding principles of examination conversion arrangements

• Students registered on the current scheme at December 2007 will receive credit for all papers they have passed or been granted exemption from on the existing syllabus against the relevant papers within the new syllabus.
• Existing students will not be required to hold a degree to be eligible to apply for ACCA membership. If the proposal on 'graduate exit' is accepted, only students registering on or after 1 January 2007 will be subject to the requirement to hold a degree to be eligible to apply for membership.
• Current students will have their 10-year registration period extended as part of the conversion to the new qualification.
• Students will be given sufficient notice of the papers they will need to complete under the new qualification. Students will be sent example conversion notices in August 2006 and also in February 2007. The last written exams under the current scheme will be held in June 2007. All current scheme students will be converted to the new qualification in August 2007 and notified of the papers they will need to complete under the new qualification.
• The number of papers that can be sat will continue to be limited to a maximum of four per exam session.
• Students will not undertake any additional hours of assessment under the new qualification than they would completing the existing scheme.