ICAP launches new education scheme

May 28, 2013 Off By Web Desk

KARACHI: Institute of Chartered Accountants of Pakistan ICAP on Tuesday launched its new education scheme 2013 at its head office auditorium in Karachi.

ICAP has revamped the Chartered Accountancy qualification by incorporating latest developments in curriculum and structure. The new structure will facilitate the students to undertake the contemporary and future challenges of business, finance and economy.

The new modular system has 4 tiers of CA qualification and each stage has standalone recognition. Each certification has its own market recognition and will open up new employment avenues. If a student wanted to quit studies, the new system would confer him his passing stage degree.

To facilitate CA students, revised syllabus and exam specific study material have also been introduced. The ICAP new educational scheme would be effective from session autumn 2014.

ICAP President Ahmed Saeed while addressing the launching ceremony said that the new scheme would facilitate Chartered Accountants CA students to continue to lead in business and economy. He said that CA of today had no choice but to remain on top of the game.

Saeed said that they must now be more diligent than ever before because there is zero tolerance for any errors of judgment. He said that the dynamic nature of changing business environment had forced the CA to step outside their traditional comfort zones and take the reins across a range of business units within their organizations.

The chairman said that over the years they had successfully evolved into hybrid roles as business operator, catalyst and strategist. ‘With the passage of time, the criteria for measuring success have changed. In the not so distant future, CAs will be required to develop talent through a global finance function across geographic, language and cultural differences’, he added.

ICAP chairman quoted Malcolm words “Education is the passport to the future, for tomorrow belongs to those who prepare for it today and added that ICAP is providing its students a passport to the future.

He said that modular structure prevalent at the commencement of the new scheme is being transformed into a package of midtire and final qualification as Assessment of Fundamental Competencies AFC, Certificate in Accounting and Finance CAF, Certified Finance and Accounting Professional CFAP and Multi Subject Assessment MSA.

Saeed said that after completing all stages and undergoing prescribed training the candidates would be admitted to the membership and would be allowed to use the designation Chartered Accountant. He said that all the stages of qualification are now stand alone qualifications leading to chartered accountancy and successful students of any stage would be allowed to use the corresponding designation.

ICAP Vice President North Region Naeem Akhtar Sheikh and Chairman, Education & Training Committee in his presentation, briefed about the details of this new education scheme 2013.

He highlighted the key points of this education scheme and explained how students from diversified backgrounds would benefit from this scheme. He discussed that the contemporary testing methodology had introduced computer based examination of AFC and CAF stages.

He further defined that the study material is aligned to the examination structure to ensure the development of the professional knowledge, skills and competencies in the students.

ICAP vice president South region Yacoob Suttar in his concluding remarks emphasized the new education scheme would be an efficient step towards the value addition of the qualification and will provide a competitive edge to the students.

He lauded the efforts of the Education & Training Committee and ICAP staff for this remarkable achievement.

Badia Raza, Country Head Marketing and Communication ICAP said that this scheme would open up the new avenues for employment locally and globally for qualified students.

A large number of leading CAs, Council Members, past presidents, heads of RAETs, heads of training firms and media personnel were present at the ceremony.