Changes to the ACCA Qualification.Producing the finance professionals who will take your organisation into the future.

Embracing change. Shaping futures.

UK

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The world is changing fast – and the role accountants play in your organisation is more vital than ever before.

That’s why we’ve made major updates to our flagship qualification – to make sure it produces finance professionals with the skills your organisation needs, both now and for the future.

This brochure includes everything you need to know about the redesigned ACCA Qualification, including what we’ve changed and why. It also highlights the many ways you can benefit from working with us to bring the right people into your organisation.

4 About ACCA

5 Our ground-breaking global research

6 The profession is changing, fast

7 The Seven Professional Quotients

8 How the ACCA Qualification is changing

10 Strategic Business Leader Creating accountants who deliver in the real-world

10 Strategic Business Reporting Advanced corporate reporting and communication

10 Ethics and Professional Skills

11 Testing essential skills with CBEs

12 How do these changes benefit your organisation?

14 Unlocking your employees potential with flexible routes into ACCA

14 Accelerate

15 Apprenticeships

15 Our offer

Contents

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About ACCAWe’re the world’s most forward thinking accountancy body. We believe that accountancy is vital for economies to grow and prosper – which is why we work all over the world to build the profession and make society fairer and more transparent.

ACCA in numbers

200,000 members

486,000 students

101 offices and centres

in 57 countries

7,291 approved employers

323 quality-checked tuition providers

261 strategic partnerships

501 exam centres

in 148 countries

1,784 exemption-accredited programmes from

804 universities

We have more than 200,000 fully qualified members and 486,000 students worldwide. They’re among the best and most highly sought-after accountants, and they work in every sector you can imagine.

We also have more than 80 global partnerships, including businesses large and small, governments, educational establishments and opinion formers. This network gives us unrivalled insight into where the accountancy profession is today, and what the future holds.

We offer the world-leading accountancy qualification

Employers all over the world seek out ACCA-qualified people. They know our qualification produces accountants with the technical and financial ability – and professional skills and behaviour – to work in any sector, anywhere in the world. Indeed, 92% of employers say ACCA people have the skills needed to drive their businesses forward.

Our qualification is benchmarked at Master’s level on educational frameworks worldwide. It’s used by national accountancy bodies around the world to train future finance professionals in the real-world skills they need to succeed. It’s

rigorous, flexible and completely relevant to modern business.

We think ahead

The world doesn’t stand still – and neither do we. Throughout our 100+ year history, we’ve worked hard to innovate – from basing our qualification on IFRS to introducing tax and law variants. We are always looking for ways to adapt and enhance our offer to meet the changing needs of the accountancy profession.

Now, more than ever before, the role of the professional accountant is changing. So once again, we’ve updated our flagship qualification, to make sure it continues to produce the finance professionals your organisation needs to succeed in our fast-changing world.

Our ground-breaking global researchWhat does the future look like for your organisation – and what skills will your finance teams need to help you succeed?

We regularly talk to employers from all over the world to understand what they want and need from our members – so we can make sure our offer remains as relevant and up-to-date as possible.

The world – and the accountancy profession – is changing fast. Which is why over the course of two years, we carried out a major global research programme, Professional Accountants – the future. Our vast membership spans more than 180 countries – putting a highly skilled network at our fingertips and making us uniquely positioned to carry out this type of research.

Our approach

To explore what the future will bring for the accountancy profession, we carried out extensive qualitative and quantitative global research in 2014 and 2015. We spoke to experts in every continent to get their insight into what accountants will face in the next 10 years – and what skills they’ll need to help their organisations succeed.

More than 2,000 c-suite and senior finance leaders took part in our global survey – and helped us to develop a fresh perspective on the future of accountancy.

We spoke to experts in every continent to get their insight.

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The profession is changing, fastWe took all of the insights from our global survey and identified four overarching drivers of change that will shape the role future finance professionals will play in your organisation:

Drivers of change

§ Increased regulation and stronger governance: This will affect all organisations in all areas of the world, as governments increasingly share information, strengthen regulation and emphasise transparency.

§ Digital technologies: Technology is reshaping accounting practices – automated systems, cyber security, analytics, artificial intelligence and cloud computing are opening doors to new business models where analytics and emerging technology will be vital tools for accountants.

§ Higher expectations: Future accountants will need to be able to look beyond numbers and think strategically. They’ll have to deal with increased ad hoc reporting, collaborate with all areas of the business – and maintain the highest levels of integrity at all times.

§ Continued globalisation: As countries become more and more connected, organisations will need multilingual and culturally diverse finance teams who can work across borders and accommodate different business practices.

All these changes mean the roles accountants play in your organisation are more vital than ever before. You still need professionals with strong technical skills. But they should also have the highest ethical standards and management skills, the ability to take advantage of new technology – and the confidence to thrive on a global stage.

The Seven Professional Quotients As well as identifying drivers of change, our research considered the impact of existing and emerging trends on what is expected of professional accountants, and how they will need to respond to changes and plan for action.

What are the Seven Professional Quotients? Technical skills and ethics (TEQ)

The skills and abilities to perform activities consistently to a defined standard while maintaining the highest standards of integrity, independence and scepticism.

Intelligence (IQ)The ability to acquire and use knowledge: thinking, reasoning and solving problems.

Creative (CQ)The ability to use existing knowledge in a new situation, to make connections, explore potential outcomes, and generate new ideas.

Digital (DQ)The awareness and application of existing and emerging digital technologies, capabilities, practices and strategies.

Emotional intelligence (EQ)The ability to identify your own emotions and those of others, harness and apply them to tasks, and regulate and manage them.

Vision (VQ)The ability to anticipate future trends accurately by extrapolating existing trends and facts, and filling the gaps by thinking innovatively.

Experience (XQ)The ability and skills to understand customer expectations, meet desired outcomes and create value.

Our Seven Professional Quotients model is based on over two years of qualitative and quantitative research, carried out at over 300 workshops across the world – as well as in one-to-one interviews with senior executives. It highlights the essential technical, ethical and interpersonal skills future accountants will need to become indispensable members of your team.

This model forms the basis of the updated ACCA Qualification – a qualification that will make sure ACCA people have the professional skills, business acumen and dynamic integrated thinking to add value to your organisation from day one.

We live in a world today where there is an even higher demand for businesses to adapt and predict the next best thing. Leading professional organisations such as ACCA have a role to play in preparing tomorrow’s leaders to be equipped to develop strategic ideas, and proactively identify market and industry trends in the ever-changing business environment.

Raymond Ofungi Head of Institutional Sales, Barclays

Applied Knowledge

Accountant in Business

Management Accounting

Financial Accounting

Applied Skills (Optional BSc)

Corporate and Business Law

Performance Management

Taxation

Financial Reporting

Audit and Assurance

Financial Management

Strategic Professional**

(Optional MSc)

ESSENTIALS

Strategic Business Leader

Strategic Business Reporting

OPTIONS (PICK TWO)

Advanced Financial Management

Advanced Performance Management

Advanced Taxation

Advanced Audit and Assurance

Ethics and Professional Skills module*

Experience

Three years of relevant work experience.

Qualified Professional Accountant

Exam

sEn

try

re

quire

men

ts

University-entrance level or non-relevant degree

ACCA Diploma in Accounting and Business or relevant accounting or

finance qualification

Fully accredited degree

* The Ethics and Professional Skills module introduces complete range of professional skills being assessed in our Strategic Professional Exams – particularly Strategic Business Leader. That’s why students should complete this module before or at the same time as they attempt any of the Strategic Professional exams.

** Because there are no progression rules, students can attempt the Strategic Professional exams in any order.

ACCA apprenticeship routes

Accounting Technician Apprenticeship (Level 4)

Professional Accountant Apprenticeship (Level 7)

Professional Accountant Apprenticeship (Level 7 - flexible entry points dependent on experience)

Apprenticeship end-point

assessment

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How the ACCA Qualification is changing Our redesigned qualification gives students the strategic abilities and advanced skillset modern accountants need to shape the future of global business.

What does the new employer-led ACCA Qualification look like?

The changes enhance the breadth and depth of the ACCA Qualification, placing even more emphasis on employability and applying skills in the modern workplace. They include:

Applied Knowledge and Applied Skills

These exams are designed to make sure students are ready to make an immediate impact in your workplace – and for the rigours of the Strategic Professional level.

Applied Knowledge gives students a broad understanding of essential accounting techniques such as effective business operations, management accounting, and financial accounting. Applied Skills develops the strong, practical skills that make up the toolkit of modern finance professionals, including corporate and business law, taxation, and financial reporting.

We regularly update the content of both Applied Knowledge and Applied Skills to make sure they’re always aligned to what employers are looking for.

Options exams

Our Options exams remain unchanged in the Strategic Professional level. They build on the broad, cross-sector relevant technical foundation that all ACCA students gain by adding expertise in a specialist area to their skillset.

Students choose two of the following four options:

§ Advanced Financial Management § Advanced Taxation § Advanced Performance Management § Advance Audit and Assurance.

Within the Strategic Professional level students have the flexibility to take their exams in any order they choose.

Practical experience requirement (PER)

Our qualification is designed to produce professionals who are ready to start working and making an immediate impact beyond the classroom. Which is why practical experience is a fundamental part of the ACCA journey.

Students need to gain at least 36 months’ relevant finance experience and achieve a number of performance objectives to become an ACCA member. This is where students put the knowledge, skills and tools they’ve developed throughout their exams into practice in the workplace.

We regularly review the performance objectives to make sure the PER reflects the changing role of accountants and meets the needs of employers. Students have to complete five ‘Essential’ and four ‘Technical’ objectives. These demonstrate that as well as having technical ability, our students develop the right values and attitudes that are expected of a professional accountant.

Strategic Professional

(Replaces the current Professional level from September 2018)

This new level fully integrates deep, broad and relevant technical expertise with ethics and professional skills. Because every element has a real-world focus, students develop the skills they need to handle real workplace challenges. The result is strategic, forward thinking professionals – equipped with the unique blend of skills they need to hit the ground running and add immediate value to your organisation.

It includes two exams:

§ Strategic Business Leader – (Replaces P1, Governance, Risk and Ethics and P3, Business Analysis)

§ Strategic Business Reporting – (Replaces P2, Corporate Reporting)

A new Ethics and Professional Skills module

(Replaced the Professional Ethics module in October 2017)

New computer-based exams for Applied Skills

These updates build on innovative changes we’ve made to the qualification in recent years.

In this latest series of updates, these elements are staying the same:

Creating forward thinking, strategic finance professionals

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Strategic Business LeaderCreating accountants who deliver in the real-world

This ground-breaking, innovative case study exam is based on real-world challenges future accountants will face. Students have to complete a number of tasks and demonstrate that they have the right technical, ethical and professional skills to add value to the organisations they work in.

The exam is designed to mirror the workplace. Students need to present their answers to the standard employers expect from professionals. They also need to consider how to present ideas to different stakeholders in a clear and compelling way – a skill that is essential for modern finance professionals.

The syllabus brings together core areas from governance, risk and strategy, links to other leadership areas such as organisational control, innovation and change management – and uses new technologies and data analytics.

Of course, ethics remain crucial. And students will need to draw on their core technical accounting skills – as the exam can include any technical area covered in the Applied Skills syllabus.

All of these elements combine to produce a powerful, unique way of assessing whether a student is ready to hit the ground running when they start their career.

Strategic Business ReportingAdvanced corporate reporting and communication

This enhanced corporate reporting exam exposes students to the wider context of finance and business reporting – and gives them the vital skills they need to communicate the implications of transactions and reporting across your organisation.

Strategic Business Reporting builds on the qualification’s current holistic view of reporting. The underpinning principles covered in P2 remain – but students also develop the skills to communicate with multiple stakeholders, explain reports accurately and confidently speak the language of business.

Ethics and Professional SkillsAs new technologies emerge and moral dilemmas become more complex, it’s essential that accountants work to the highest ethical standards. And this is going to become even more important as we move further into the digital age.

This is why we’ve developed Ethics and Professional Skills – an online learning module that tests students’ decision making and behaviour in a number of real-world business scenarios.

As with our Professional Ethics module, it emphasises the importance of ethical behaviour and judgment. It also incorporates broader communication, commercial, innovation analysis and evaluation skills – and how to apply them to business situations.

The innovative Ethics and Professional Skills module is another example of how we’re getting students ready for the workplace – by:

§ Introducing them to the full spectrum of advanced ethical and professional skills

§ Exposing them to realistic business situations

§ Teaching skills like commercial awareness, problem solving, leadership, ethical judgement, teamwork and personal effectiveness.

Testing essential skills with CBEsAll of our Applied Skills exams are now innovative computer-based exams (CBEs) – with a challenging format and real-world focus that tests students to the same rigorous standards as paper exams, using real-life technologies.

CBEs give students an experience that’s aligned to the modern workplace. They incorporate primary tools finance professionals use on a daily basis – including spreadsheets and word processors – to assess whether a student is workplace ready. This makes new accountancy professionals more efficient when they start their careers – and because they’re already computer literate, you save time and resources on training.

In each exam, students answer a combination of short questions and questions that need a more detailed response – and all exams are marked by a team of experts. ACCA exams have always had a reputation for excellence – and we regularly gather feedback on our CBEs so we can update and enhance them.

We’re the first accountancy body to use this technology for these types of assessments – and our approach is fully endorsed by both regulators and employers.

A case study for the final examination will test the candidates’ all round knowledge and their ability to apply theories and models to a real-world situation which is so important in today’s marketplace.

Russell Nott Head of Finance, Topshop & Topman Arcadia Group We’re the first accountancy

body to use this technology for these types of assessments.

Global network Wherever you’re based, you can trust ACCA-qualified people to bring a global perspective to your organisation.

Our network spans the world. We have students and members in more than 180 countries worldwide – and we can connect people, organisations and governments like no other professional body. We work closely with universities and strategic partners to help you identify the best and brightest finance talent to bring into your teams.

You can also join our Approved Employer programme – making your organisation even more attractive to ACCA students and members.

Relevant workplace learning The qualification gives students both theoretical knowledge of accountancy and finance – and the practical experience they need to hit the ground running and add value to your workplace.

Breadth of content: We have the most comprehensive syllabus of any finance body, covering everything from innovation and scepticism to commercial awareness and problem solving. So you can be confident that your ACCA people know everything they need to know.

Practical Experience Requirement (PER): This prepares students for a career as a finance professional. We regularly review our PER policy to stay ahead of current thinking.

Syllabus updates and development: The world of finance doesn’t stand still – and neither do we. We continually review our qualification to make sure it stays relevant and up-to-date.

Ethics Our Ethics and Professional Skills module equips students with the full complement of professional skills and ethics all newly qualified accountants need.

Rigour and recognition

We work with regulatory bodies across the world to make sure our qualification is recognised and accredited at the highest levels.

Our new Strategic Professional level will be recognised at Master’s level on more educational frameworks than any other accountancy qualification.

Flexibility Our qualification is designed to be flexible and work around your business:

Four exam sessions: Exams can fit around business cycles – and you can plan study and exam leave around professional commitments. This is particularly useful if you have many ACCA students and need to plan for business continuity.

Options exams: Students can choose exams that are most relevant to their role – or the needs of your organisation.

CBEs: We’ve extended our computer-based exams across our entire Applied Skills level. And we’re the only professional accounting body that examines real-world scenarios using real-world technology – such as spreadsheets and word processors.

Future leaders ACCA professionals are more than accountants. They think holistically, consider challenges in the context of business and have strong strategic and leadership skills.

World-class support and resources

Students get all the resources they need to reach their potential – from specimen papers, study guides and examiner reports to membership of our global learning community. Whether students self-study or learn from an approved provider, we give them the best possible chance of success.

And as well as supporting your students, we’re here to support your organisation throughout the journey.

Continuing professional development

Our members need to do 40 units of CPD every year – and we have all the resources they need to stay up-to-date. This means they keep their professional edge and continue to add value to your organisation throughout their careers.

Global partnerships As well as gaining a world-leading professional accountancy qualification, our members can work towards:

§ A BSc in Applied Accounting with Oxford Brookes University

§ An MSc in Professional Accountancy with the University of London.

We also work with top universities around the world to accredit their degrees and embed our exams in their programmes.

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How do these changes benefit your organisation?You’re looking for future-ready finance professionals who instantly add value to your organisation – and the ACCA Qualification is designed to deliver them.

The updates we’ve introduced – from the innovative Strategic Business Leader exam to a new Ethics and Professional Skills module – are all underpinned by our in-depth research into what employers like you are looking for. So you can be sure that ACCA-qualified people have the broadest, deepest and most relevant skills for your business – both now and in the future.

When you partner with us, you get all of these benefits:

We’re here to help you identify, recruit, develop and retain the very best accountancy talent from around the world.

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Unlocking your employees potential with flexible routes into ACCA

You need a finance team that can cope with changes within your business and provide strategic insight to help you make informed data-driven decisions about profitability and the future of your business.

We are your partner to advance new and existing talent to become thought leaders in finance. Our flexible routes to ACCA chartered certified status and membership such as our Accelerate scheme and Apprenticeship programmes not only allows individuals to unlock their potential, but our redesigned globally-recognised qualification allows you to develop qualified finance professionals that have the broadest, deepest and most relevant skills for your business – both now and in the future.

Making accountancy more accessible and developing and upholding high standards is just one way we are shaping the future of the accountancy profession. We are also a proactive intermediary in creating opportunities for access to anyone of ability, supporting businesses’ need to connect at early stages with the best talent.

ApprenticeshipsACCA’s government funded apprenticeships can help businesses of all sizes build a diverse and dynamic pool of future ready digital-first financial professionals, essential for business success

Now more than ever we need to ensure that the UK has a strong skills base for continued economic growth. The government is placing significant onus on the country’s skills shortages and missed opportunities for career development, advocating for closer partnerships with employers to deliver the skills and talent that businesses need. They’ve taken major steps to reduce the skills gap by introducing employer-led initiatives such as funded Trailblazer apprenticeships in England, and equivalent frameworks in Scotland and Wales.

ACCA has long been involved in the development of standards for both Accounting Technician and Professional Accountant apprenticeships. We firmly believe apprenticeships offer a cost-effective way to attract, develop and retain skilled employees – the kind of people who will help you to drive your business forward. By providing an apprenticeship scheme, you’ll also be demonstrating your commitment to building the skills of local talent as well as your own staff, and in turn, foster employee retention.

That is why we’re actively encouraging all businesses to invest in cost effective apprenticeship programmes. Employers of all sizes can give young people training opportunities, develop their softer skills, and shape the next generation of business leaders.

The apprenticeship programmes focus on complex business issues as well as financial analysis. It includes ACCA’s flagship professional accountancy qualification at varying levels and the quotients we have identified as being essential to our evolving profession. Therefore apprentices will learn the technical knowledge, skills and behaviours required for the appropriate apprenticeship level standard.

AccelerateAll over the world, employers seek out ACCA members to take their organisations into the future.

We need to continue developing the brightest and best students to become tomorrow’s ACCA members. We created the Accelerate programme as another route to give you the talent you need.

Accelerate is a fast track programme to ACCA membership for university students. It is a unique arrangement between ACCA and higher education providers that gives students an opportunity to register early with ACCA.

The scheme is designed to reduce the cost of exemptions which can be a barrier that limits student progression to membership. Students can save significantly on fees and exemptions, and kick-start their career in finance before they even graduate, giving you well-rounded and complete finance professionals that enter the workplace as an ACCA affiliate.

In today’s highly competitive business environment, we give students the opportunity to stand out by gaining a professional qualification alongside an academic one.

‘Apprenticeships should be viewed as a long term solution to training. If employers recruit apprentices trained to the new standards, they will have skilled workers to help grow business.’

Anita Brook FCCA, Founder and CEO of People for Practice

‘I’m a small entity, and it is really important for me to bring in the right staff. One of the routes was to take on an apprentice through ACCA. The cost to my business has been zero due to government funding; a win-win scenario.’

Alex Falcon-Huerta FCCA, CEO and founder of Soaring Falcon Accountancy

Our offerAccounting Technician Apprenticeship (Level 4 in England, equivalents in Scotland and Wales)An entry-level route into ACCA and our profession, this programme trains your apprentice to understand the structure and functions of different businesses. They’ll gain the technical knowledge to support financial planning in a range of business contexts as well as develop softer skills such as team work and communication.

Professional Accountant Apprenticeship (Level 7 in England only)The funded pathway to ACCA chartered certified status and membership. It’s equivalent to a Master’s degree, offering a powerful solution to build your talent pipeline at a fraction of standard recruitment and training costs. Apprentices can enter the programme at a variety of stages dependent on their previous qualifications and experience.

‘The ACCA accountancy apprenticeships have a unique blend of ethics, technical and business skills which means that the demands and challenges of modern accounting and business are fully explored. The flexible delivery, the framework and the clear route to qualification are also key factors.’

Melanie Proffitt - Chief Financial Officer of Farncombe Estate

Find out more about apprenticeship funding and our programmes by visiting accaglobal.com/apprenticeships

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What happens next?If you’re ready to partner with ACCA, or want to know more, we’d love to talk to you.

Any questions?

Please email:GEDT@accaglobal.com