Professional Career with ACCA

10 Oct 2016

LSBM were delighted to welcome Orrin Thomas from ACCA (white shirt in the middle!) to talk to our first-year students about the opportunity that ACCA qualification represents for them.

Orrin started his talk to the packed, standing-room-only, event in room 102 in sunny 26 Russell Square, with the observation that accountancy skills are always in demand. So, no matter whether you aspire to be a CEO, CFO, or just have an enjoyable career that you find challenging, that ACCA has something to offer.

He spoke about how ACCA is a vibrant and global organisation that has 92 offices around the globe, with 633,000 students and members located around the world.

He spoke proudly about the different companies that actively encourage the employment of graduates with an ACCA qualification, including Dyson and MTV.

Beth Jenkins, a senior executive at Shell, had this to say about ACCA:

“ACCA provides our graduates with a globally recognised qualification covering all key areas of business financial management”.

 

ACCA... A 'Wider Reaching' Qualification

The good news though is that ACCA is far wider reaching than just an accountancy qualification.

Orrin chose to define the difference between the ACCA and CIMA qualifications as that he felt that ‘ACCA produced a more complete, all-rounded business and finance professional’. (Though the folks at CIMA clearly may think differently!). With competency areas that cover ten areas:

  • Corporate Reporting
  • Leadership and Management
  • Strategy and Innovation
  • Financial Management
  • Sustainable Management Accounting
  • Taxation
  • Audit and Assurance
  • Governance Risk and Control
  • Stakeholder Relationship Management
  • Professionalism and Ethics


Overall, according to Orrin, this meant that someone who qualified with the ACCA qualification could expect to be able to do any of the following ten activities within an organisation:

  • Take strategic pricing decisions
  • Decide the best sources of finance
  • Decide which business to acquire
  • Provide decision support
  • Wind up businesses
  • Restructure businesses
  • Detect fraud
  • Ensure tax compliance
  • Investigate money trails
  • Audit large firms / organisations

Clearly, this selection represents a wide array of potential career opportunities, and so it is easy to grasp that an ACCA qualification opens up employment avenues to finance professionals that wouldn’t otherwise exist.

 

The 5 Big Differences for LSBM BA (Hons) Accounting and Financial Management Students…

The good news about studying for a BA (Hons) Accounting and Financial Management degree at LSBM though is that you get the unique opportunity to decide for yourself whether the CIMA or ACCA route is best for you!

This is because our students enjoy 5 great benefits for BOTH CIMA and ACCA!

These are:

1/ Benefit from free student membership to both ACCA and CIMA throughout the duration of their studies. 

2/ This means that our students can take advantage of both ACCA and CIMA online communities and free resources.

3/ Can access career support services relevant to their studies at both bodies such as: interview tips, CV support, discussion forums and graduate vacancies.

4/ As well as have information about networking events, and career skills classes run by employers run by both CIMA, ACCA and ourselves.

5/ In addition, our Accounting and Finance courses are accredited by BOTH CIMA and ACCA.

The CIMA exemption means our graduates have been granted exemptions from seven CIMA exams. In addition, this course is also accredited by the ACCA and our graduates are also granted similar exemptions from nine ACCA exams.

This means you can save yourself a lot of time and stress in the future, because this degree will equip you with a whole host of ready-made exemptions from the exams of the two leading professional accounting bodies in the UK.

 

ACCA Fundamentals

The nine ACCA papers that our students have been granted exemptions from are:

Knowledge (CBE)

F1 - The Accountant in Business
F2 - Management Accounting
F3 - Financial Accounting

Skills

F4 - Corporate and Business Law
F5 - Performance Management & Control
F6 - Taxation
F7 - Financial Reporting
F8 - Auditing in Context
F9 - Financial Management

 

You can learn more about what exemption accreditations mean on the ACCA website here:

http://www.accaglobal.com/uk/en/learning-provider/learningproviders-exemptions.html   

As well as the specific instructions of how to see the ACCA exemptions that you will be entitled to, on our website here:

http://www.lsbm.ac.uk/headline/news_detail/61  

 

Time and Money Savings...

In practice, these exemptions mean savings in time and money for our students, and also that those who study with us have a degree that is more valuable to them when they leave in a very practical sense over (most) accounting degrees that don’t offer this.

In purely financial terms, for example, Orrin mentioned that an LSBM student could expect to only pay £213 extra to the ACCA to gain the necessary ACCA Qualifications, as compared to £900 for students who didn’t attend an institution that had already sought out exemptions.

Clearly, these figures can and will vary over time. But the key takeaway is that LSBM actively supports its students, and is always looking for new ways to save you time and money.

It is very common to seek out accreditations with leading bodies such as CIMA and ACCA after the completion of your accounting degree, and the exciting news of our extensive CIMA and ACCA exemptions means that LSBM have already done much of the heavy-lifting in getting our students successfully established as accounting professionals.

 

Moving Forward to Become a Professional

The message from the talk with Orrin was also that achieving the ‘Fundamental’ ACCA Qualification was just a starting point.

That there were a whole series of more advanced ‘Professional’ levels available as well, such as:

  • Advanced Financial Management
  • Advanced Performance Management
  • Advanced Taxation, and
  • Advanced Audit and Assurance

So, that when students do decide which aspect of accounting and finance they want to specialise in. That they can then take advanced courses to further their knowledge, which really help them to stand out from the crowd.

 

An Exciting Future!

All of this adds up to the fact that there are exciting times ahead if you are one of our LSBM BA (Hons) Accounting and Financial Management students!

We would like to thank Orrin for giving his time today to explain the ACCA options that are available to our students.


You can learn more about ACCA here:

http://www.accaglobal.com

 

Stuart Brown
Media and Content Manager

Partners and Accreditations

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