ICAEW has announced changes to its ACA qualification designed to reduce the paperwork required by employers and ensure accountancy trainees have greater technical knowledge earlier in their training.
The enhancements see initial professional development (IPD) re-named professional development, while practical work experience becomes the new term for technical work experience (TWE). A new online training file will now be issued to new students when they register, to be used to record and maintain their professional development, ethics, practical work experience and audit experience.
Gavin Aspden, director of ICAEW qualifications, said: 'There was a perception that the chartered accountancy qualification was burdensome in that it involved lots of paper - we've made the whole process of training less onerous.'
Employers can choose whether current students transfer over to the online system or continue to complete paper-based records. Under the new regime, a single employer sign-off will be required at the end of the student's training period. However, six-monthly reviews must still take place.
ICAEW says the current system for professional development has been reviewed and seven ladders will replace the three levels. Where a student starts and how fast they progress up each ladder is flexible and is managed by their employer.
The changes are the result of a two year programme which saw the institute consult with employers and other stakeholders to update the training materials and approach.
Aspden said: 'A key message was that demands made on students have become greater - one of the points made by a lot of firms and businesses is that they want students who have technical and business skills from day one.'
In response, ICAEW has introduced more technical content at an earlier stage, with the financial reporting and accounting paper now combined into one. So that students can gain an overview of the flow of accounting information, ICAEW is offering an optional and free bookkeeping programme, available online, which covers the process of recording transactions from source documents through to preparing financial statements.
There is a new online learning programme based on the ICAEW Code of Ethics, and new scenarios with ethical dilemmas so students can practise ethical skills before applying them in the workplace and their professional development.
A new web-based induction programme will help students to understand the profession, the role of accountants and the context that they work in. It will also introduce students to ICAEW and highlight the resources and support available to them as they progress through the ACA and their career.
There are still has 15 modules over three levels, with Aspden making the point that the feedback indicated continuing strong support for the ACA qualification. 'The profession is changing and we need to ensure the qualification is fit for the next 25 years, as ultimately we are training the business leaders of the future,' he said.
Full details of the changes to the ACA are available on the ICAEW website HERE
