Fluent in finance

Focusing on becoming a qualified accountant is important, but to really progress your career you need to be able to communicate your knowledge and ideas effectively. Employers seek well-rounded accountants; as you gain more experience, you’ll find yourself in an increasing number of situations where you will be expected to discuss finance and business with many different types of people.

Feedback from ACCA examiners often cites lack of proficiency in the use of the English language as a reason for poor performance. This is reinforced by research which shows that up to a third of accountancy firms are dissatisfied with the communication skills of entry-level accountants.

But where should you start? If English is not your first language, then brushing up on your English language skills is a good place to begin. Globalisation and the internationalisation of financial reporting standards mean that English language skills are increasingly valued by finance professionals across the world. So as a career‑focused student, it makes good business sense for you to demonstrate that you have first-rate English language ability.

Holding high-level conversations about financial and accounting matters in English requires not only a strong grasp of the language in general, but also a good knowledge of specialist financial and accounting terminology and vocabulary. To really impress, employers will expect you to be proficient in all four skill areas - speaking, listening, reading, and writing - to be able to communicate professionally in any business situation.

Cambridge ICFE - International Certificate in Financial English

ACCA recognises that it is important for finance professionals and ACCA trainees to demonstrate to employers that they have the financial English skills they need to succeed in the global business arena. So ACCA has combined its expertise with that of world‑renowned Cambridge ESOL (English for Speakers of Other Languages) Examinations to develop the Cambridge ICFE - the International Certificate in Financial English.

Cambridge ICFE is designed to assess the ability to understand spoken and written English in the type of realistic situation that accountancy and finance professionals are likely to meet regularly in their working lives. Although the qualification is a test of English language skills, it is set within the context of finance and accountancy. Areas covered include financial reporting, banking, auditing, corporate governance, cost and management accounting, and acquisitions and mergers. As a result, it is relevant to both student accountants’ studies and to their working environments.

Employers in every sector are actively recruiting individuals who have excellent abilities in English. In particular, individuals who have strong financial English language skills stand out during the recruitment process, as they are able to explain their interpretation of financial information clearly and concisely. Leading employers such as KPMG recognise that Cambridge ICFE validates ability and allows the ambitious to demonstrate their skills and aptitude for working in an international finance context.

KPMG Czech Republic is integrating Cambridge ICFE into its in-house professional development programme as part of its mission to provide high-quality professional training for all its employees. Katerina Duchacova, training manager, explains: ‘Cambridge ICFE will help ensure that our accountants and auditors develop and maintain their ability to communicate effectively in English with other financial professionals around the world. At a time when accounting standards, such as IAS and IFRS, are being implemented globally, Cambridge ICFE provides an exciting new opportunity for professionals in the accounting and auditing fields to increase their competency in financial English, while at the same time enhancing their portfolio of professional, internationally‑recognised qualifications.’

Studying towards Cambridge ICFE could help you develop advanced financial English language skills, enabling you to speak confidently at interviews and in business situations. For students who are already competent in English, Cambridge ICFE will give independent validation of linguistic ability, provided by two leaders in international assessment.

A practical approach

Cambridge ICFE consists of four papers - reading, writing, listening, and speaking - providing a comprehensive approach to developing financial English language skills. Successful students will be able to use these skills in a wide range of practical situations, in meetings and discussions of a financial nature, and will be able to express their opinions clearly. By passing the exam, students will be able to demonstrate a proven ability to understand financial documents written in English, including statements, journal articles, letters, reports, and proposals.

The Test of Listening paper assesses the ability to understand spoken language in contexts such as presentations, lectures, news broadcasts, discussions, and interviews on finance-related issues. The Test of Speaking assesses the use of spoken English, including candidates’ ability to respond to questions and to express themselves coherently on finance‑related topics using appropriate language. These tests are conducted face‑to‑face by specialist oral examiners.

The Test of Reading and Test of Writing papers assess the ability to understand written texts on international accounting and auditing standards, corporate documentation, financial reports and sets of financial accounts, and to write letters, reports, and proposals in an accounting and financial context.

Like other Cambridge ESOL exams, Cambridge ICFE tests real English in real contexts, not simply vocabulary and grammatical structures. This means that successful performance in the exam demonstrates the ability to use English effectively, and is not simply a reflection of good exam technique and an ability to pass exams. 

Sitting the exam

Cambridge ICFE is examined twice a year, in May and November, and the next exam session will be 17 November 2007. Unlike ACCA exams, students interested in sitting Cambridge ICFE need to register with an authorised Cambridge ICFE exam centre. Visit www.financialenglish.org to find details of your nearest exam centre.

International standards

Cambridge ICFE is a high-level exam set at levels B2 and C1 of the Common European Framework of Reference for Languages, published by the Council of Europe. It covers the levels of the Cambridge First Certificate in English and the Certificate in Advanced English, and bands 5.5 to 6.5 of IELTS (International English Language Testing System).

Results are reported as three passing and two failing grades: C1 pass with merit, C1 pass, B2 pass, narrow fail, and fail. All candidates will receive a Statement of Results six weeks after the exam which will include a graphical display of performance for each paper. 

Interested?

If you are interested in taking the Cambridge ICFE exam, visit www.financialenglish.org for further information.

University of Cambridge ESOL Examinations

University of Cambridge ESOL Examinations is a part of Cambridge Assessment - Europe’s largest educational assessment organisation. Cambridge ESOL exams are taken by more than 1.75 million people in 135 countries each year. The exams are characterised by an uncompromising commitment to assessment of the highest quality, recognition by universities, employers, and official bodies throughout the world, and a high level of support for learners and teachers. Visit www.cambridgeesol.org for more information. 

Fran Riches is marketing project manager at ACCA