Counting on career boost

When it comes to helping the next generation of accounting and finance professionals prepare for a successful career, professional bodies need to revise their qualification processes to align with recruitment policies, career development and employer expectations.

With the majority of stakeholders supporting reforms proposed by the Hong Kong Institute of Certified Public Accountants (HKICPA), the first phase of the new Qualification Programme (QP) process is expected to be implemented in 2018. The reforms aim to ensure the institute’s CPA qualification remains in step with the continual changes in business and professional markets in Hong Kong, as well as being recognised by the Global Accounting Alliance, says Jonathan Ng Tai-sing, HKICPA executive director (qualification and education).

Equally important, Ng says, the reforms are intended to ensure Hong Kong’s professional accountants are trained in the skills, expertise and ethics that can support Hong Kong as an international business and financial centre.

By introducing reforms in phases, beginning in 2018, Ng says current students and QP course providers will have time to adjust to the new syllabus. The reforms are based on comprehensive research, including face-to-face meetings in Hong Kong and the mainland with a variety of stakeholders such as employers, academics, education providers, practitioners, students, and graduates.

Ng says that while the majority of the technical aspects of the QP syllabus will remain, greater focus will be placed on cyber security and corporate governance, and the use of technology. “In the information age, employers tell us they are looking for people who can demonstrate higher-order skills such as the ability to think laterally, analyse complex problems from different perspectives, and provide innovative solutions,” Ng says. Employers also favour individuals who can communicate effectively and have a strong awareness of ethics.

According to Ng, the most notable changes to the QP structure are the three successive steps, with associate level (10 modules), professional level (four modules) and a final capstone level examination. “We consider the capstone component, a very important addition because through workshops and self-reflective learning activities, it integrates and assesses higher-order skills with the knowledge students have gained from the workplace and previous exams,” says Ng. He also highlights that, in keeping with the government’s policy of supporting an increase in post-secondary education opportunities, the new QP structure provides a common entry point and widens the opportunities for individuals from a non-finance background to join the accounting profession.