Latest accountancy graduates are soaring to high-flying career

THE latest students from the UK’s first degree to include work as a chartered accountant have landed themselves high-flying careers.
It is graduation time at the BA (Honours) Business Accounting and Finance (known as the Flying Start Degree programme), offered jointly by Newcastle University, PricewaterhouseCoopers LLP and the Institute of Chartered Accountants in England and Wales (ICAEW).
This year saw the second cohort of students graduate, and almost all of the graduates now have careers with PricewaterhouseCoopers LLP, either in the Newcastle office or in other offices around the UK. The students can expect to qualify as chartered accountants in the next 12 months.
The degree is the first of its kind in the UK and combines academic study with paid professional work experience and an accelerated route to qualifying as a chartered accountant.
Dr Raymond Madden, the ICAEW’s executive director of learning and professional development, said: “Flying Start is an innovative degree programme that links academic theory with real business.
“Today’s graduates now have an excellent foundation to build a career in professional services and graduates can take an accelerated route to qualify as a chartered accountant (ACA).
“The ACA is one of the most prestigious and technically-demanding professional accountancy qualifications internationally. Students will join around 130,000 members in over 140 countries.
“Two-thirds (67%) of FTSE 100 qualified accountants acting as finance director or chief executive officer have the ACA qualification – more than four times the number holding any other single qualification – making this the qualification for business leaders.”
Rob Jones, director of studies, Newcastle University Business School, said: “We have worked closely with our colleagues at PricewaterhouseCoopers and the ICAEW.
“The input of all sides results in a programme that helps students develop their academic, personal and professional skills. As a result graduates from the degree have a real advantage once they start their careers.”
Paul Woolston, senior partner, PricewaterhouseCoopers LLP in Newcastle said: “PricewaterhouseCoopers believes in fostering and retaining the region’s graduates along with supporting the local community which we believe will help to further strengthen our practice and our local expertise.
“It is wonderful to see so many of our Flying Start students graduate and achieve the success they deserve.”

By Iain Laing, The Journal

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CIMA First Professional Accountancy Body To Offer Islamic Finance Global Qualification

CIMA (the Chartered Institute of Management Accountants) is the first professional chartered accountancy body to offer a global qualification in Islamic Finance, which the CIMA Centre of Excellence is launching today (05 December).

The Islamic finance industry is thought to be worth between £150bn and £250bn, and is growing at an estimated rate of 15 – 20%. In an exciting new development in meeting the needs of its employer and student stakeholders, CIMA today launches a global qualification in Islamic Finance. We believe that this is a first for a professional accountancy body. To date, few courses are available in this area of finance and normally comprise of short 1 – 3 day events. CIMA’s self-study qualification has been developed alongside the International Institute of Islamic Finance, with detailed input from its CEO Dr Mohd Daud Bakar, a renowned Shari’ah Scholar.

Robert Jelly, Director of Education at CIMA, says:
"CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market. The CIMA Islamic Finance qualification is the first to be created in conjunction with an Advisory Group made up of academics, practitioners and scholars of Shari’ah, and will assist employers in the City of London and other major financial centres throughout the world in equipping their employees to develop financial products."

CIMA’s new qualification is available at Certificate level and comprises four modules: Islamic commercial law; Islamic banking and takaful (insurance); Islamic capital markets and instruments; and accounting for Islamic financial institutions. It is estimated that a student can complete these modules in between 2 – 6 months depending upon prior experience.

The qualification is available across the globe as a series of study guides, revision kits and a microsite and provides students with a thorough knowledge of the theoretical and religious aspects that underpin Islamic finance. On completing the Certificate, students will be comfortable with the array of Arabic terminology used throughout as well as the regulations which govern Islamic finance in practice.