A guide to CFAB Certificate in Finance, Accounting and Business

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1 A guide to CFAB Certificate in Finance, Accounting and Business

2 CONTENTS Maintaining our reputation 3 Maintaining our reputation 4 Staying ahead of our competitors 5 What is CFAB? 9 The benefits of CFAB 10 Who is it for? 10 How much does it cost? 12 CFAB for ICAEW staff 15 Outstanding qualifications and learning programmes The Institute and its members are recognised for inspiring business confidence and leading the accountancy profession. However, in order to maintain our reputation and influence in the marketplace, it s essential that we are aware of our competitive environment and respond to new opportunities and market changes as they arise. With this in mind, we regularly renew and refresh our qualifications and programmes. After carrying out research, we identified a gap in the market for a product that provides fundamental knowledge of finance, accounting and business. I m delighted to share with you our new ICAEW Certificate in Finance, Accounting and Business (CFAB). This is a leading finance and business foundation qualification, which is recognised by firms and businesses not only in the UK, but also in key international markets. This new certificate will continue to strengthen our global outlook as well as reinforce our aspiration to be the best in the accountancy sector. Besides offering the new CFAB qualification to our clients, we are also giving our staff the opportunity to study for the qualification as part of our career development programme. To find out more, please read this guide to CFAB carefully. With best wishes Michael D M Izza Chief Executive 3

3 Staying ahead of our competitors The Certificate in Finance, Accounting and Business (CFAB), is aligned with the Institute s strategy for 2008 to build a portfolio of premium qualifications internationally. It is also one of our 10 key priorities, sitting under the objective of achieving desired levels of growth in key income-generating areas. The CFAB benefits from the updated ACA and the technical expertise and quality of the ICAEW. The CFAB qualification provides wider access to the profession and financial learning for both practice and the business community in the UK and internationally. It will also provide the opportunity to provide training for those in smaller practices and businesses. Not surprisingly, there are a number of foundation qualifications, primarily those offered by the other Consultancy Committee of Accountancy Bodies (CCAB) bodies and institutes such as the Institute of Financial Services (IFS) and Chartered Insurance Institute (CII). Interestingly, we have developed the CFAB to be linked to the ACA in order to give the ICAEW a competitive advantage. What is CFAB? The CFAB qualification is based on the same six rigorous knowledge modules used in the Professional Stage of the ACA, which introduce students to the core concepts underpinning accountancy. The qualification enables employees from a wide range of business functions to have a shared level of understanding of finance, accounting and business. Modules Business and finance Management information Accounting (mandatory) Law Assurance Principles of taxation 5

4 Modules in detail Business and finance business objectives and functions business structures the role of finance and accounting the impact of the external environment Law impact of civil and criminal law on business and professional services company and insolvency law overall impact of law in the professional context ethics Management information costing and pricing budgeting and forecasting performance management management decision-making Assurance concept, process and need for assurance internal controls how to gather evidence on an assurance engagement professional ethics Accounting maintaining financial records making adjustments to accounting records performance management management decision-making Principles of taxation the objectives of types of tax ethics and administration income tax capital gains tax and corporation tax on chargeable gains corporation tax and value-added tax (VAT) principles

5 The benefits of CFAB Benefits to employers Syllabuses are available with the option of self study or tuition, enabling the organisation to choose which option is best The examinations are undertaken at a time appropriate for both the employee and employer Helps retain valuable employees by investing in their career and personal development No academic qualifications are required to undertake the course. Benefits to the student Flexibility students can decide how they learn, at what speed and when to be assessed Career enhancement the qualification can enhance a student s career, demonstrating a greater understanding of business, accountancy and finance Rigorous the qualification is of a high standard and quality, provided by the Institute. The complete syllabus is tested through objective testing Increases business understanding with a broad grounding in accounting and finance Qualification is internationally recognised enabling career progression Increases credibility among peers Free access to an e-faculty in the first year of study, which provides expert, exclusive and unbiased information Possible to retake exams up to three times. 9

6 Who is it for? The CFAB is open to both school-leavers and graduates who are not intending to take a full accountancy qualification but require knowledge in general finance, accounting and business essential for working in today s economy. It is also highly applicable for those who want to move into consultancy-based professions, who have ambition and appreciate the importance of a broad understanding of business. The CFAB qualification can also be used as an entry route to ACA. How much does it cost? There is a one-off CFAB registration fee of 165 (inclusive of VAT). E-module assessment costs 60 and there are six modules. The study texts are 20 per module, or 120 over all six modules. The direct CFAB costs are 645. This cost is based on the assumption that exams are passed first time. 10

7 CFAB for ICAEW staff Permanent staff at the ICAEW can study for the CFAB qualification as part of their career development. The Institute has agreed to waive the registration cost and to meet 50% of the cost ( 240). The student will be expected to fund the other half of the cost, 240 over 12 months from salary. In addition to this, staff will be provided with the opportunity to join an on-line community. The qualification offers a raft of benefits for staff, which include: Essential knowledge Flexible learning Increased credibility Formal career progression Broad grounding in accounting and finance E-faculty services at no extra cost in first year Students may be eligible to gain credit for prior learning for a maximum number of five modules. All students must sit and pass the Accounting module. The only staff not able to take the qualification would be those who have not completed their probation, who have access to the assessment questions, or who have the authority to change examination records. If you are interested in signing up to the course, please contact Elaine Mulholland on T +44 (0)

8 Outstanding qualifications and learning programmes The Institute offers a collection of outstanding qualifications and learning programmes, enabling employers and individuals to excel in the fast-paced world of business and finance. Our activity is aligned with professionals careers as well as increasing our reach with school and college leavers to encourage them to think about the opportunities available to them. The ACA The ACA is the accountancy profession s gold standard and is the only accountancy qualification to offer such a broad range and depth of finance and business skills. It is recognised in over 160 countries across the world. Corporate Finance qualification Developed in partnership with the Canadian Institute of Chartered Accountants (CICA), this qualification has fast become the international benchmark of success. It has been designed exclusively for corporate finance practitioners, by corporate finance practitioners, so it draws on and delivers real-life best practice. 15

9 Diploma in Charity Accounting The Diploma in Charity Accounting has been developed for those who either work, or wish to work within the charity accounting sector. The qualification is attainable by two different paths depending on knowledge and experience: the study route and the experience route. Successful applicants, by either route, will be awarded the DChA designation. International Financial Reporting Standards (IFRS) The IFRS learning and assessment programme is available at Certificate level. This self-taught programme is flexible, easily accessible and supported by learning materials consisting of a manual, interactive online learning and an online certificated assessment. The programme is relevant to those who are required to implement, use or are affected by IFRS. MBA Essentials MBA Essentials is a powerful five-day intensive management course delivered by experienced practitioners for mid- to senior-level managers who occupy a generalist role, predominantly within the professional or financial services industry. Pathways to Membership Pathways to Membership is a route to Institute membership, which allows qualified members of ACCA, CIMA and CIPFA to qualify as members with us. Eligible applicants must have at least five years relevant work experience and two sponsors who are already Institute members before taking the Examination of Experience. Continuing Professional Development (CPD) CPD is the framework for continued professional development, and is a necessary part of career development as a qualified chartered accountant. It ensures that a member is maintaining the correct standards and keeping informed of policies, regulations and laws. Business Sustainability Programme (BsP) The Business sustainability Programme (BsP) is an online e-learning programme developed by the ICAEW. It comprises of five distinct modules which have been designed to increase the user s awareness of the business case for Corporate Responsibility (CR) and highlights the issues which face companies both now and in the future. For further information on our qualification and learning programmes go to the Products and services section of the intranet. 17

10 Because of us people can do business with confidence The Institute of Chartered Accountants in England and Wales Chartered Accountants Hall PO Box 433 Moorgate Place London EC2P 2BJ T +44 (0) F +44 (0)