Professional exams: ACCA redesigns breadth and depth of qualification

Association of Chartered Certified Accountants (ACCA) has made latest innovations to its qualification through new strategic professional exams which will replace the existing professional level exams in September 2018 and a new ethics and professional skills module, which will be introduced in 2017.
Stuart Dunlop, Director - MENASA (Middle East, North Africa & South Asia) of ACCA told Business Recorder Wednesday that our latest innovations are to the top level of our qualification. The redesign enhances the breadth and depth of the qualification, with greater focus on employability and the practical application of core skills in the contemporary workplace. It included Strategic Business Leader - an innovative case study exam, based on a realistic business scenario. This gives students the skills and technical expertise required by modern business where decisions need to be made, measured and effectively communicated to the wider organisation. Strategic Business Reporting - a new exam exposing students to the wider context of finance and business reporting, giving them the vital skills needed to explain and communicate to stakeholders the implications of transactions and reporting. Thirdly, an Ethics and Professional Skills module - making modifications to the existing ethics module which ACCA was the first professional body to offer to students in 2008. This new module will equip them with the professional skills that are needed in the modern workplace.
Giving rationale behind changes to its qualifications, he said that the world of business and the public sector is changing very fast. "You just have to see the news headlines to realise that globalisation is on the rise. We believe that accountants have an important part to play on the stage here in Pakistan and globally".
About the changing accountant's role, he said that the accountant's role has been revolutionised over the past decade, with finance professionals becoming leaders, trusted expert counsel and key strategic advisers to organisations whether in the public or private sectors. There is also a need for accountants to have an ethical approach to their work and this is vital in our more transparent and open business world. The changes we are making are preparing the profession for these demands.
The future research showed how external pressures and drivers will impact the profession, from audit to tax. Almost all of the drivers showed that technical, ethical and communication skills are needed, with sector-specific knowledge; business awareness and a global perspective becoming increasingly important.
Thus, accountancy profession has to be ahead of the curve on all fronts - trained to the highest of professional standards, looking beyond the numbers and with a global mind set, Stuart Dunlop added. Sajjeed Aslam, head of ACCA Pakistan informed that with the introduction of Strategic Professional, we're setting a new standard by fully integrating deep and broad technical expertise with ethics and professional skills. And because every element has a real world-focus, ACCA students will be prepared to handle the challenges of the workplace. The result is strategic, forward-thinking professionals equipped with the unique blend of skills which are so highly valued by employers.
He said that the Strategic Business Leader is a case study exam with a single scenario. Students will be presented with a variety of different exhibits - financial statements, board reports, newspapers, etc - which they must analyse, interpret and evaluate, and then communicate the impacts to stakeholders - this is very much what an accountant would do in a real-world work environment.
In this way, we'll be helping students to develop and demonstrate the integration of their technical, ethical and professional skills - all of which are highly valued by employers, he said.
About the role of technology in accountants professional work, Sajjeed Aslam added that the accountancy profession has always been adept and confident with new technology, so we know that robotics and automation is something that the profession needs to work with and utilise to the best advantage for their organisations and their clients.
To ensure our members are equipped and ahead of the curve, our redesigned qualification includes areas like data analytics, mobile technologies, crowd funding and other real-world topics relevant for finance professionals working anywhere in the world, head of ACCA Pakistan added.
Ayla Majeed - ACCA Council Member stated that the expectations from accountants are expanding - we need to be even more forward looking and go beyond the numbers. The profession has to be able to explain in plain language what the financials mean for clients. There are also high expectations about our ethical conduct and this is something that ACCA holds dear as a value - that ACCA members act with integrity and ethically. The revised ethics module is setting an excellent standard.
About the challenges for the accountancy profession in Pakistan, she said that we see similarities and consistencies across the world, not just here in Pakistan and that's about being relevant and about going beyond the numbers. How the profession handles and manages technology and automation is also important.
The ethical dimension is also a challenge not just here in Pakistan, but in many countries. We have to be able to prove public value, and that we act in the public interest. For me, this is a fundamental aspect of being an accountant, and this is why our ethics and professional skills module is so important, Ayla Majeed added.