Professional qualification options for ACCA Members in Australia & New Zealand

By Richard Francis, FCCA, Head of ACCA Australia & New Zealand ACCA Members who migrate to Australia or New Zealand often ask whether it is worthwhile to join one of the national professional accounting bodies. In this article, we consider the "pros and cons" of joining a national professional accounting body. ACCAs Professional Scheme is one of the worlds leading professional accountancy qualifications. The comprehensive syllabus has been developed by experts after extensive consultation with employers and other stakeholders. The examinations are very demanding to pass and are globally identical. Only the best accounting students complete our examinations. There are no exemptions from the Professional Stage examinations. In addition, ACCA students must now complete an Ethics module and three years of approved practical experience is also required. ACCA members are justifiably proud of having qualified and being members of the worlds fastest growing and most global professional accountancy body. ACCA has members in 170 countries and active branches in over 70 countries. In many countries, ACCA is well known to employers and is often their preferred choice qualification. Australia and New Zealand are mature countries where the national bodies are long established with large numbers of members. CPA Australia has over 110,000 CPA members and associates (graduates); the Institute of Chartered Accountants in Australia has around 40,000 members the New Zealand Institute of Chartered Accountants has around 30,000 members and is the only national body. ACCA Members wishing to join any of these bodies will need to sit between seven to ten papers depending on the body. While ACCA Members will be capable of passing the examinations without undue effort, it will be time-consuming and fairly expensive to do so and will not add much to an ACCA members existing knowledge. What are the advantages of joining a national body? Branding CPAA and ICAA do heavily promote their brands through advertising and other marketing efforts. Their long establishment and large member numbers in Australia will also contribute towards employers usually specifying they want a CA or CPA qualified accountant when they recruit. Applicants for accountancy positions may well find they are being interviewed by a CPA or CA who may be supportive of their own qualifications. Employers in Australia and New Zealand who are knowledgeable about global accounting qualifications may well

know of ACCA. Equally, many will not have heard of any international qualifications and only know of the national brands. This situation can present a challenge for ACCA members wishing to apply for a position which specifies a CPA/CA. Of course, employers will usually accept that a comparable overseas qualification of the same standard is acceptable. ACCA members may therefore need to persuade recruitment consultants and employers that ACCA is equivalent if not higher in standard. While the professional accounting qualification is important in Australia and New Zealand it is, of course, only one factor. Employability is based on having good communication skills, a track record of achievements and relevant experience. Australian and New Zealand employers sometimes place too much emphasis on local experience. They do not object to employing overseas trained accountants but would rather they have already had a year of local experience. This is a misconception as ACCA Members adapt to the local work environment quickly with some exceptions such as specialist taxation roles which do require local knowledge. Having a national qualification would not, of course, eliminate this problem as it is local experience that is the employers concern rather than local qualification. Professional services The national bodies do offer their members services such as technical support and continuing professional development programs. Often these are charged for as separate services. In addition to the expense of qualifying, once you qualify, you will need to pay an annual subscription and pay for most technical and CPD services. In Australia and, to varying degrees, in New Zealand, it is often possible to access technical services of various sorts and professional education courses without needing to join a professional body for example through universities, Colleges of TAFE and through paying a non-member fee to join any of the professional bodies programs. How important is a national qualification? ACCA members are divided in their views on joining a national body or relying on the ACCA qualification. The trend is undoubtedly to rely on ACCA and consider adding value by taking on new qualifications such as MBAs rather than repeating their accounting studies. Australia and New Zealand suffer from skills shortages due to ageing populations and inadequate numbers of new accounting graduates.

Strong economies have driven the demand for accountants reinforced by growth due to increased regulation, international accounting standards and greater corporate complexity in a global market. ACCA member numbers are increasing with increased quotas for skilled migration creating a larger population of members. Employers are also becoming more accepting of overseas trained accountants although some have some way to go in accepting people of differing cultures. At the time of arrival in Australia or New Zealand, some Members may find an advantage in having a local qualification. Since it will take a year or two to obtain one, they often find by the time they do it is no longer needed they are already established. In summary, a CPA or CA qualification has some advantages for ease of qualification brand recognition and it may help if an interviewer holds the same qualification. Employers, however, place maximum emphasis on choosing the best person for the job and the market for talent is very competitive. ACCA members actually have an advantage in holding a very reputable qualification which has equipped them to perform well. The challenge is in communicating and persuading potential employers and recruitment consultants that this is the case. Members who have a high degree of employability (age, ability, track record, specialist skills in demand and good interpersonal and communication skills) are the least likely to need to worry about obtaining a local qualification. Members who struggle to obtain suitable employment may do so for reasons not related to the qualification. Obtaining a national qualification will not be a magic bullet to solve the reasons for the problem. Key attributes to communicate to employers ACCA has identical statutory recognition with the Institute of Chartered Accountants in England and Wales, Scotland and Ireland. ACCA is the fastest growing body because it has a reputation for high standards. In emerging economies such as China, Russia and Eastern Europe, ACCA attracts the highest students and is used by the Big 4 accounting bodies as the qualification to train these talented people. ACCAs large membership in Singapore, Malaysia and Hong Kong is derived from its high standards. Unlike many others there are no exemptions from the ACCA Professional Stage examinations which are globally uniform and centrally marked. The demanding standards set and the applied skills acquired help to produce accountants employers can feel confident to employ.