Mark my words

A joint initiative by ACCA and Cambridge ESOL (English for Speakers of Other Languages), Cambridge ICFE is designed to improve the English language skills of anyone working in or studying finance - skills which are becoming increasingly important for any ambitious accountant. ACCA affiliate Fran Gu, based in China, gives her reasons for studying Cambridge ICFE: ‘I hope to specialise in internal audit - this particular field involves a lot of international travel, and it is clear that English language skills will be very important in this context, given that English has become the international working language.’

However, for many of the first students to study Cambridge ICFE, extending their knowledge was just one reason for taking the qualification - they also wanted formal accreditation of their abilities. As Cambridge ESOL’s Deshini Chetty, global manager - workplace assessment, says: ‘Cambridge ICFE gives the holder of the qualification an advantage in a competitive environment,’ an argument supported by Brazilian ACCA student and internal auditor Celso Pinheiro: ‘It is often difficult to prove - especially in an interview - exactly how good your English language skills are, and especially your ability to use English in a financial context; I therefore wanted an independent evaluation of my English language skills.’ ACCA student and financial specialist Jakub Bochenski, from Poznan in Poland, agrees. ‘I have learnt English since I was a child so it has always been with me,’ he says. ‘The world of business is inseparable from English and as my career progressed I realised that I needed formal evidence of my language abilities, and that Cambridge ICFE could provide this.’ Anna Madej, another Polish ACCA student currently working for KPMG, adds: ‘I use financial English every day in my professional life but I thought it would be a good idea to have my skills accredited, and a certificate to prove my ability. Although a prospective employer can assess these skills at interview, a certificate differentiates you as a potential employee before you reach interview stage.’

Building the network

The British Council’s Warsaw office was among the first to offer the exam. ‘The first sessions showed that this will be a very good qualification for anyone working in finance, especially if they work for international companies or plan to work abroad,’ says British Council coordinator Elzbieta Chodorska, who gains feedback from all students taking the exam. ‘Our first candidates were mainly young employees working for big accountancy firms and other financial institutions. This is the first exam we have offered which tests financial English, and it will be very useful for these candidates who can now prove their ability to deal with financial issues and documents written in English.’

The Cambridge ICFE exam consists of four papers which test the essential skills of reading, writing, listening, and speaking, all familiar to any student who has already taken an English language exam. The aim is to develop practical skills - as Cambridge ESOL’s Chetty comments: ‘Doing business internationally is a challenge, and doing business in a language which is not your mother tongue makes this challenge even greater.’ Through Cambridge ICFE, students feel more confident in meetings where financial issues are discussed, and they are better able to understand financial documents, including statements, journal articles, letters, reports, and proposals. The syllabus also covers documents such as international accounting and auditing standards, corporate documents, financial reports and accounts, and students also learn how to write letters, reports, and proposals in an accounting and financial context.

Students also improve their oral skills, excellent preparation for presentations, interviews, or simply talking with colleagues, while also enhancing their understanding of lectures and news broadcasts. As part of the exam, students undertake a face-to-face oral examination, which tests their ability to respond to questions and to express themselves using appropriate financial language.

Enhancing your language skills

Students who want to take the Cambridge ICFE exam must already have a good working knowledge of English and finance, as the qualification builds on and extends this knowledge to deliver the skills required to operate in an English-speaking finance environment. So although the thought of another exam may sound daunting, for those students already using financial English in their studies or at work, exam preparation is not too onerous. For Anna Madej, who works for KPMG in Warsaw, preparation was very simple indeed: ‘I didn’t study - I just took the exam,’ she says, adding, ‘as English is the language of contemporary communication, as well as the form in which accounting rules are presented (such as IFRS), I didn’t need any special preparation.’

The majority of students will probably need to spend at least some time brushing up their financial English skills, and feedback from recent Chinese students provides some useful pointers. For example, it’s worth getting used to the structure and layout of documents such as formal letters and business proposals, so that you can focus on English content in the exam, confident that your presentation is correct. Students also recommended reading widely to boost financial English vocabulary - including English language newspapers and journals, as well as textbooks - and to get acclimatised to an English accent.

Cambridge ESOL also provides support materials and there are also sample exam papers available for download from the British Council website, together with other forms of support. The British Council in Warsaw, for example, offers Cambridge ICFE preparation courses both for private students, held in the Council’s offices, and on site in companies.

Excellent reputation

Cambridge ICFE is also attracting many students because of the reputation of the accrediting bodies behind the qualification. Accounting students are already familiar with ACCA’s global reputation, and many will also have taken Cambridge ESOL qualifications in the past. Cambridge ESOL is a not-for-profit department of the University of Cambridge. It and offers the world’s leading range of certificates for teachers and learners of English, currently taken by over two million people in 130 countries. As Celso Pinheiro points out, ‘ACCA and Cambridge ESOL are already internationally-renowned and respected institutions. By coming together they have made the Cambridge ICFE qualification even more valuable.’ Fran Gu adds: ‘Because both the University of Cambridge and ACCA are behind the qualification, this ensures it provides a good benchmark against which to measure one’s financial English ability.’

Although many short financial English courses are available, especially for students studying finance at university, Cambridge ICFE is the first internationally-accredited qualification in this area, and therefore represents a valuable addition to an ambitious accountant’s CV. ‘Increasingly, employers assess potential candidates by examining the prestige of their qualifications,’ comments Fran Gu, ‘and they especially value international qualifications.’ Celso Pinheiro agrees: ‘Qualifications, in general, always move you one step ahead and I’m sure that a certificate issued by ACCA and Cambridge ESOL will certainly enhance my career even more.’ And Jakub Bochenski is also convinced that his latest qualification was worth the effort: ‘The most important aspect of any exam is the knowledge required to pass it,’ he says, ‘but there are also times when we need to prove our skills and one of the best ways to do this is by taking the right courses and by passing important exams. Cambridge ICFE provides real proof of my abilities in the form of a valuable certificate. In addition, when you succeed your self confidence receives a great boost and you feel able to handle any professional challenge in an English-speaking environment.’