Finance Articles

Easybooks.741.com Calls for Radical Accounting Education Reform

(PRWeb) December 19, 2006 -- Following the release of exam results of ACA candidates by the Institute of Chartered Accountants in England and Wales, Easybooks.741.com is calling for major educational reform to help the supply of newly qualified accountants meet demand. Easybooks.741.com (www.Easybooks.741.com) has released the first of a series of professional summaries to gauge demand for additional web based training resources.

The performance of students in the most prestigious financial exams on offer in the UK was released on Friday, 15 December 2006. Whilst students sitting final exams to qualify as chartered accountants appeared to cope reasonably well with the technical parts of the qualification, professional skill appears to be lacking from the cream of the educational crop in UK, causing high failure rates.

Of 2,456 students attempting the Advanced Case Study, around 700 were unsuccessful. One employment agent from a London agency reported that forty roles for newly qualified accountants remained unfulfilled in the banking sector before results were due to be published in her portfolio alone. Registered audit practices in London report a significant deficit of suitably qualified and experienced audit managers in the employment market.

Nicole Fowler, a student attending the exam noted: "Attendance at the resit hall in Mile End was crammed for the November sitting and disturbingly, a significant proportion of those attending represented ethnic minorities."

She further commented: "Professional exams can significantly boost direct participation in public company financial decisions and auditing the results of companies. The exams are also used to discriminate in employment, pay and promotion opportunities, a frustrating factor that I have had to explain when actively trying to find work in the City. With ten years' experience, I often find good work but have to take lower pay because I need to pass two more exams."

Education reform is required to raise the general level of skill available to the UK market and to allow fair participation of ethnic minorities and immigrants in the post graduate UK education system. Reform is also required to allow exam performance to be more open to public scrutiny.

The earliest discrimination of talent occurs when ten year old students attempt 11 plus exams to assist allocation of attendance at UK grammar schools. The written papers are never returned to students, parents and teachers and this trend continues through A-levels, university graduation and professional exams.

The lack of disclosure hampers development of the majority of students in the UK education system, as they are unable to assess the cause of poor performance or failure. It is wide open to abuse by any interested parties who have a direct interest in and control over the results.

The latest drought of accountancy talent has been propelled by conversion from and convergence of UK accounting standards to International Reporting formats. Newly qualified accountants are no longer provided with formal training in UK reporting formats as part of their qualification since 2005, whilst 55% of UK companies represented by SME's still use UK reporting formats. Public listed companies and regulated industries that are required to use International Reporting formats are left with very few experienced and qualified accountants trained specifically for that purpose.

The development of qualified skill needed for specialist sectors such as FSA regulated entities, banking, insurance and legal is ignored by mainstream qualifications and largely left to professional firms that have the budget capacity to provide training, increasing costs to clients.

Easybooks.741.com has released its first professional summary of tax rules covered by most professional exams aiming at easily understandable, comprehensive notes for students under time pressure or coping with added difficulty of English as a second language. Any comments or requests for information or assistance are welcomed by the website.

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