Dubbing the new qualification the ‘new economy model’, the institute said that it hoped it would become new yardstick for those seeking a career in business.It said that it combines traditional accountancy skills with business training and will provide the tools to respond to new demands on accountants.
Speaking at Tuesday launch, institute president Graham Ward said: ‘The new ACA has at its core the idea that professionals need to be equipped with the intellectual skills to deal with what the future holds Ñ whatever this may be.’
Professor Brian Chiplin, the institute’s executive director of education and training, said it would be easier to ‘revise the materials on an annual basis dependent upon changes in the industry’ now that training materials are developed by the institute.
Chiplin denied the decision by Ernst & Young earlier this year to withdraw its trainees from the institute in favour of the Scots ICA had had a major impact. PricewaterhouseCoopers also withdrew a large number of its trainees in favour of the Scots. The firms were concerned over the lack of optional papers in the syllabus.
But Geoff Norman, Ernst & Young’s national head of audit, said: ‘Whilst I welcome and endorse many of the proposed changes to the institute’s education model it still sticks firmly to the principle that ‘one size fits all.
‘In an increasingly complex and ever-changing business world that principle must be challenged if the young ACAs of tomorrow are to be properly equipped as world class business advisers.’
John Collier, secretary general, said he hoped that potential cost reductions made by reducing the study leave from 32 to 22 weeks would attract smaller firms to train students at the institute.
Most of the institute’s student intake comes from the Big Five and the top 15 mid-tier firms.
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