ICAEW launches future-proofed ACA qualification
ICAEW launches future-proofed ACA qualification
The biggest change to the ACA qualification in 30 years, incorporating sustainability, technology and ethics, was launched by the ICAEW this week.
Dubbed “the most advanced business, finance and accountancy qualification”, the Next Generation ACA (associate chartered accountant) qualification was launched by the Institute of Chartered Accountants in England and Wales (ICAEW) at a reception at Chartered Accountants’ Hall this week.
Speaking about the biggest updates to the qualification in 30 years, ICAEW chief executive Alan Vallance said: “We’ve incorporated integrated sustainability, technology and ethics content into the Next Generation ACA, alongside a Specialised Learning platform that will provide students with real-time insight into emerging trends and issues.”
The first students have already taken exams as part of the redeveloped ACA, with all new ICAEW students automatically registered onto the updated ACA and existing students able to choose their pathway. Meanwhile, the Association of Chartered Certified Accountants has announced plans to overhaul its qualification too.
Touch of pizazz
The launch event brought together leaders from across ICAEW membership and featured a panel discussion on changes to the qualification, with speakers Lottie Roberts (RSM), Ginny Bradwell (First Intuition), Andrea Cook (ICAEW), Ed Hacking (Lloyd’s of London) and current ACA student Henry Michaelson (Bupa).
On the stage, giant light-up letters spelling ACA and ICAEW added a touch of pizazz, as many familiar faces from tuition providers, training firms and the institute took their seats. First Intuition tutors sitting behind me shared whispered stories of their first few days of teaching on the new ACA and which elements students and staff were particularly excited about – sustainability, ethics and technology stood out.
I’ve worn a few ACA hats as a graduate trainee, an exams coach and an ACA tutor. We’ve seen many developments in that time – pen and paper exams to online learning; the introduction of data analytics and the pre-seen case study; optional modules and the transient nature of the tax content between levels, to name a few. Changing business needs mean qualification pathways need to adapt.
Aware of this, the ICAEW consulted with more than 100,000 students, employers and stakeholders on the updates, which it says will future-proof the ACA. Praising this, Bradwell enthused: “It’s really been a collaboration and that’s what sets ICAEW apart. We can see the benefit this is going to bring to our trainees.”
Rise of automation
At the reception, I bumped into my training manager from the very first days of my fledgling (and short-lived) audit career. We chatted about ex-colleagues, new cats and how the new-look ACA will meet the changing business needs of professional training firms.
The rise of automation and outsourcing of the basic “ticking and bashing” work that trainees used to do when not in college was a driving force behind the ACA Intensive Programme launched in 2013 by KPMG in conjunction with the ICAEW and training provider BPP. This route allowed students to get more of the exams under their belts in a shorter space of time, beginning office work at a higher level. Many firms have since adopted similar pathways, but they are, as the name suggests, extremely intensive. Having worked directly with students on those programmes I can confidently say that it is not an appropriate model for everyone.
Buzz word
The Next Generation ACA will blend a uniform route through the core exams with personalised development of professional skills, tailored to individual strengths, interests, sectors and needs. It promises to benefit employers and students, ensuring that when they come into the business, trainees are fit for purpose. This means that complementing the technical knowledge from the exams, they have honed the human, non-technical skills to be able to speak to partners, clients, respond to situations and apply curiosity, critical thinking and – the buzz word from the launch – adaptability.
In the age of social media, artificial intelligence (AI) and smartphones, Roberts shared with the panel that graduates, and especially school leavers, need extra support in effective communication, whether that’s talking to people in the office, picking up the phone to clients or writing a professional report.
Genuine game changer
Vallance kicked off the evening, describing the Next Generation ACA as a “genuine game changer” before handing over to ICAEW’s managing director of education and training, Will Holt. Holt walked us through the three core components to the revised and refreshed ACA: the exams, professional work experience and the innovative Specialised Learning programme.
Not much is changing in terms of the exams – there are still three levels, certificate, professional and advanced, with 14 business, finance and accountancy exams in total. That’s one fewer than previously, with a new case exam at the professional stage and the notable addition of a sustainability and ethics module at certificate level.
Groundbreaking platform
By far the most exciting change is the groundbreaking new Specialised Learning platform – an e-learning platform hosting a broad range of bite-sized courses with the ability to adapt (that word again) rapidly to push out new content on emerging topics and technical updates. Students will need to complete 30 Specialised Learning modules, which they can choose or their employer can mandate, from “Excel unleashed” – show me an accountant who doesn’t get hot under the collar about that one – to carbon accounting, inclusivity, managing difficult conversations and sector-specific content.
Which of these micro-learning courses a student opts to complete will be based on individual skills profiling, the requirements of their employer and the industry they are working in. This unrivalled personalisation will put future ACA students at the cutting edge of the talent pool.
As Vallance said: “In an era when businesses and society face complex challenges, the need for agile, ethical leadership has never been greater. We’ve worked with employers, students and educators to design a qualification that will equip future Chartered Accountants with the skills to lead now and in the future, across a vast range of careers.”
This article is sourced from the following link:
https://www.accountingweb.co.uk/practice/people/icaew-launches-future-proofed-aca-qualification
