Why is ICAI launching the new Elevation Programme?
Chartered Accountants are Ireland's leading business professionals, providing essential business advice in every sector of the Irish economy. 70% of Chartered Accountants work in business yet the vast majority receive their training in practices. There is broad agreement that the qualification would benefit from a greater number of future members receiving their training in business. Furthermore, the traditional Chartered Accountancy training structure has inherent limitations that effectively restrict the pool of would-be applicants to those just leaving college, and excludes many ambitious and able graduates with some years in the workplace behind them.
Many find the traditional entry route under a training contract unviable at their stage in life because of choice of degrees taken years ago that only takes them so far in their careers. In effect, many talented and capable students are denied to Chartered Accountancy because other bodies offer them an educational path that better suits their circumstances. In the wider economic picture, Irish business can only benefit from a greater number of highly skilled Chartered Accountants coming through the system when the inevitable upturn comes.
For over 100 years, Ireland's premier accounting professionals, Chartered Accountants, have been trained in a system based around a training contract between the student and member firm. Chartered Accountancy students are typically graduates who proceed straight to their professional exams from college.
Despite its base in accounting practices, as mentioned above the majority of Chartered Accountants now work in business. In recognition of this fact, ICAI has had a training in business programme operating for a number of years, but this programme is also based around the relationship between employers and students structured around a training contract.
However, a new initiative from the Institute of Chartered Accountants - the Elevation Programme - will change that. The Elevation Programme is designed to cater for the needs of working students for whom the existing path to the Chartered Accountancy qualification is not convenient. It is designed to appeal to the more mature graduate who has entered the workforce immediately after college - there were over 11,000 students registered in 2008 between the ages of 25 and 34. The Elevation Programme is for people like this who wish to take their careers to a new level.
ICAI has aways been keen to attract the brightest and best into the profession and the Elevation Programme is a recognition that in the modern world young professionals can chose a variety of ways to pursue their education and develop their careers.
Who can apply?
The new mature route is aimed at graduates (including graduates from the Institute of Accounting Technicians in Ireland). To be eligible to enrol on this route the student will have to have worked for at least four years prior to registration.
What does the new Elevation Programme route to the Chartered Accountant qualification involve?
Students entering the new route pursue the same courses and exams as existing chartered students. To become members they will be required to meet the same experience requirements as those in the traditional route. They will not however required to enter into a training contract.
To facilitate the work life balance of the working student, Elevation Programme students will be allowed to sit two subjects at a time up to and including CA Proficiency 2. It will also be possible for Elevation Programme students to sit their Final Admitting Examination prior to gaining their relevant experience for membership although students are advised to complete their experience requirement prior to sitting the examination.
Students entering the Elevation programme will be required to complete all their examinations and to complete their experience within eight years from date of registration.
Is the Elevation Programme a suitable and relevant way to upskill in today's environment?
The flexibility that the Elevation Programme introduces recognises the different life circumstances and challenges that experienced graduates have. It also appreciates that, as mature entrants, the expectation is that the student will be expected to have greater ownership of their own studies. Returning to study after several years is likely to be a significant challenge particularly if the student does not have the supports that a traditional graduate entrant might have. It is recognised that many of the entrants on this route will not have the same study supports and study leave that trainees will have on our traditional graduate route.
What marks the Elevation Programme out from other accountancy qualifications?
Students joining up to the new programme in October 2009 will benefit from established training courses that currently boast a pass rate in excess of 80%. The programme will be taught by the most respected lecturers in Ireland, through a new, competency-based syllabus, and will offer cutting edge facilities in 11 centres around the country, north and south, and unrivalled support technology and materials.
My practice / business currently train accountants - what's in it for me?
If your business or practice trains accountants with any professional body, you should be aware of how the new Elevation Programme can benefit your organisation.
This is your opportunity to offer the Chartered route to a more mature graduate that wants to train with the best. Chartered Accountants play a vital role in Irish and international finance and industry. Their training marks them out as business leaders that can be called upon to advise on strategy, tax, financial control or corporate governance. Businesses that train Chartered Accountants within their organisation benefit from direct access to Ireland's premier accountancy qualification. It is also an ideal opportunity to facilitate internal development and succession planning.
Contact us!
If you would like more information on how the Elevation Programme can play a key role in developing your current and future staff, go to www.elevationprogramme.ie