News from ACCA

2005: growth in reputation
Results for 2005 have shown that ACCA continues to set new records for student intake and is building an enviable reputation worldwide. It was also a record year in terms of the number of new long-term partnerships developed with other leading organisations around the world.

Commenting on the year, Allen Blewitt, ACCA’s chief executive, said: ‘It is very pleasing to note that, in the past 12 months, we have entered into more partnerships with other bodies, institutes and tuition providers than ever before, which gives a clear indication that ACCA’s reputation continues to grow and to attract organisations which choose to work with us to develop the accountancy profession around the world.’

In 2005, ACCA won valuable consulting projects in Russia and Trinidad and Tobago; undertook successful monitoring and regulation projects in Cyprus, East Africa and the United Arab Emirates; and signed new agreements with national accountancy bodies in Singapore, Vietnam, Cyprus, and Egypt. Among the new tuition providers which ACCA signed agreements with was Tsinghua University, often referred to as ‘China’s Harvard’. Two further ACCA members were appointed to committees of the International Federation of Accountants.

During the year, ACCA undertook the largest ever consultation project of its kind over the future shape and direction of its professional qualification. The feedback from over 25,000 employers, tuition providers, members and students around the world helped to develop the new syllabus, which will be first examined in 2007 with a strong focus on professionalism and ethics. ‘The consultation process for the new syllabus showed our intent to ensure we secured as wide a range of views as possible to develop a qualification which meets the needs of a 21st century profession,’ commented Blewitt. ‘We value the views of our stakeholders on how we should take ACCA forward and it is encouraging that through surveys we found that over 80% of our members would recommend ACCA to others. Regular student surveys also indicate that they are highly supportive of our work and that they identify strongly with our core values such as opportunity, diversity and integrity, which enable many thousands to go on to enjoy successful and rewarding careers.’

Major regional conferences were held in Central Europe and East Africa, and there was also a successful introduction of ACCA Realise, the new continuing professional development (CPD) scheme. In addition, 77,000 accountants attended over 1,300 CPD events worldwide. A new Approved Employer programme provides enhanced support for our students and members – there are now 7,500 Approved Employers globally.

In the UK, ACCA’s new Public Policy Unit developed rapidly, and achieved high recognition and impact in Westminster and Whitehall, raising issues of direct concern to ACCA’s members, their clients and employers. It is intended to develop public policy initiatives globally. ACCA also launched the skills2share initiative, working closely with leading development agency ActionAid to enable ACCA members to volunteer their skills to help local communities in the developing world.

The results for 2005 underline that ACCA has maintained excellent rates of growth throughout 2005, adding 76,000 new students – a record intake – and over 7,000 new members in the past 12 months. ‘We are delighted with the sustained growth in our membership and the record intake of students for the past year which means that ACCA now has 260,000 students and 110,000 members in 170 countries worldwide,’ said Blewitt. ‘Overall, total student growth was 8% and total member growth 5%. There were nearly 20,000 new students in the UK and Ireland and over 14,500 in Greater China, Malaysia, and Singapore. Student numbers in core markets in Central and Eastern Europe grew by nearly 38%, Africa by more than 14%, Pakistan by over 14%, the Middle East by 13% and Mainland China by 12%. There are now nearly 420 registered tuition providers around the world,’ he added.

Unrivalled global standards and delivery
Following ACCA’s recent announcement that worldwide membership has reached 110,000 – with 260,000 students pursuing ACCA’s qualifications – Calum Robson looks at how ACCA delivers a global qualification to common standards worldwide – from syllabus to assessment, practical experience requirements, and a global approach to professional standards.

To underpin the global nature of ACCA’s Professional Scheme, students study towards a single educational standard regardless of whether they are in London or Lusaka, St Vincent or Singapore. ACCA’s combination of international, variant, and adapted examinations demonstrates the ‘think global, act local’ ethos: all variant exams are set and marked to a common standard to ensure the integrity of the assessment process.

The syllabus is designed to equip future members with the core knowledge and skills required for them to work as accountants in practice, industry, or the public and not-for-profit sectors, anywhere in the world. It also contains an essential ethical element that means those who qualify understand the obligations placed on them to act in a way that demonstrates high standards of professionalism. 

January saw the launch of the new ACCA Qualification, which will first be examined in December 2007, and which features a reinforced emphasis on ethics. The qualification retains its unique combination of global and local options – all examined to one standard. One of the major benefits of this is extensive recognition by employers around the world – there are now 7,500 Approved Employers. This is especially valid for organisations employing internationally mobile teams, to know that all their ACCA professionals share a similar background in training, skills and knowledge, and that students can study towards the Professional Scheme in whichever country they are working in, for example, on project assignments or longer-term expatriation. This is supported by exam delivery – last December, ACCA exams were held in 139 countries.

Employers – including CFOs and auditors – have confirmed that a common approach to accountancy qualifications across borders is highly desirable – according to an independent survey commissioned by ACCA in 2005 in the UK and Ireland. Respondents to the survey agreed that a consistent standard relating to the core syllabus, exams and assessment, and work experience requirements are highly valuable. In particular, a single global standard relating to exams was found to be the most relevant, as it ensured a consistent approach to assessment of individuals and their respective skills and knowledge. A large proportion of respondents also said that a registration programme for tuition providers is important too, helping to underpin global delivery and ensure integrity of learning resources.

Global working
This common approach to qualification owes much to a long history of proactively forming partnerships with other national accountancy bodies. There are 21 Joint Examination Schemes, operating in Europe, the Americas, Africa and Asia Pacific. And ACCA is recognised in EU Mutual Recognition Directives. This helps to provide ACCA members with opportunity to pursue international careers.

Accreditation of universities and colleges – against comprehensive global quality criteria – provides ACCA students with the necessary information to make an informed choice on their learning partner. ACCA forges close links with tuition providers, sharing best practice and encouraging continuous improvement of services provided to students. There are over 300 examination centres and nearly 420 registered tuition providers worldwide.

Worldwide competence
However, knowledge is only ‘half the deal’. Professional accountancy bodies around the world adopt varied positions on the importance and application of practical experience requirements. ACCA adopts one approach to competence requirements across the world. Employers and other stakeholders can therefore be confident that ACCA members not only have a theoretical grasp of accounting principles and methodology, but also possess working knowledge of the practical application of that theory.

The same standard of competence in a range of technical, management, and personal skills is required of aspiring members, no matter the country in which they ultimately qualify. However, while the standards are consistent on a global basis, the framework has been developed to be flexible enough for employers to tailor employee training, so that accommodation of one individual’s training needs need not conflict with – indeed, can enhance – achievement of business objectives.

Lifelong learning – everywhere
ACCA recognises that learning must be lifelong – it cannot end once membership has been attained. ACCA Realise, ACCA’s global continuing professional development (CPD) scheme, is the means by which members ensure they maintain and develop the capabilities required in the workplace. And because the CPD requirements are universal, employers – particularly multinationals – can be reassured that their finance professionals are continually undertaking relevant development no matter where they live and work. Members also share a common approach to professional standards, underpinned by a global code of ethics and rulebook.

A global infrastructure
Maintaining a universal exam syllabus and practical work experience requirement worldwide, as well as monitoring CPD standards, registering tuition providers, and regulating individual members’ activities, requires a massive investment in infrastructure and people. ACCA has developed a global delivery system, with more than 75 staffed offices and centres, on every continent.

Every eight minutes, someone, somewhere in the world, registers to study ACCA. More people qualify locally with ACCA in more countries than with any other accountancy body. Yet despite its size, ACCA successfully engages its members and students, who support events, contribute to a raft of publications, and participate enthusiastically in debates on issues of the day. While all ACCA members have been trained to consistently high global standards, they also contribute to their local economies and communities – providing a common global understanding, with a unique local perspective.

PASS RATES
Worldwide pass rates for the December 2005 examination session are detailed below.

• 131,624 candidates entered to sit exams at the December 2005 session
• students sat exams in 139 countries at 354 different exam centres
• 249,820 scripts were marked following the December 2005 exams