Acting on the feedback that the Association of Chartered Certified Accountants (ACCA) received in Pakistan on entry routes to the ACCA qualification, the global body of accountants on Tuesday launched the ACCA foundation diploma, which will provide matriculation/intermediate/O-level students with essential knowledge and skills to pursue the globally recognised qualification in a seamless manner.
The new ACCA foundation diploma has seven exams, namely recording financial transactions, management information, maintaining financial records, managing costs and finance, accountant in business, management accounting, financial accounting and an online ethics module. After passing the seven exams, students will get transferred to the ACCA main accountancy qualification without any additional charges.
ACCA aspirants with a graduate degree have to clear 14 papers and gain practical experience of three years in order to get the ACCA qualification. But students with a matriculation certificate will get exemption in three papers in case they choose to pursue the ACCA qualification through the foundation diploma.
With computer-based exams available all year, and paper exams twice a year, foundation diploma students can complete the entire diploma in less than 12 months.
Speaking on the occasion, Karachi Electric Supply Company Deputy Chief Financial Officer Shehzad Yousuf said the KESC is the largest employer of ACCA students and members within Pakistan. He said the company received as many as 400 applications from ACCA students for about 30 trainee positions recently. “I can tell you that the foundation year of ACCA matters a lot to employers. At KESC, we prefer to hire those who cleared their ACCA exams in their first attempt,” Yousuf said, adding that only a strong understanding of basic principles of accounting and finance can ensure success in the first attempt at the fundamental and professional study levels of the ACCA qualification.
Addressing the audience, ACCA Middle East, North Africa and South Asia Regional Director Stuart Dunlop said Pakistan is one of the most important markets for ACCA in terms of business.
Published in The Express Tribune, May 22nd, 2013.
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