PQ magazine, July 2025

ACCA QUALIFICATION REDEFINED

ACCA is launching a redesign of the ACCA qualification, which will be introduced in mid-2027.

ACCA told PQ magazine that the changes being demanded from business and employers is leading to a redefinition of what it means to be an accountant, broadening roles and increasing future opportunities. It believes this cutting-edge redesign will equip future generations of ACCAs for the ever-changing world of work.

The new exam levels will be known as ‘Knowledge’, ‘Expertise’ and ‘Strategic Professional’.

At the Expertise level (old Applied Skills) there will be five exams: Taxation; Financial Reporting; Audit, Risk & Control; Finance & Investment; and Performance with Data Analysis.

At the Strategic Professional level, the current Strategic Business Reporting exam will be evolved into Business & Sustainability Reporting. The Strategic Business Leader exam will remain the same. Students then have to select one option from five. The new option is the Data Science Professional exam, with the other four evolutions of the current option papers. Yes,

you read that right – you only have one optional paper to sit in the redesigned ACCA qualification. However, a key focus of the change is employability, with ACCA introducing new Employability Modules at every level. Some of these will be compulsory and are attached to each level, while others will be optional.

ACCA is also developing AI-tailored advice technology, and

each student will get their very own digital mentor.

Achievements will be recognised too, as a student progresses through the qualification. So, when you pass the Expertise level, for example, you will be awarded an Advanced Diploma.

ACCA has promised a smooth transition for all students currently on, or about to start, their journeys. It said: “All of their hard work will

be recognised and rewarded in the switchover to the redesigned qualification. Students won’t need to take any equivalent elements of the new qualification that they have already completed.”

There is a transition tool too, and students can input their expected passes to see their future journey. This can be found, along with videos and lots of other useful information, on the website at www.accaglobal.com/futurequal

Helen Brand, chief executive of ACCA (pictured), told PQ magazine: “Accountancy is being redefined. Accountants are drivers of sustainable business, promoters of social value, and enablers of new technologies. They are sharpening their financial and ethical skills for a changed world of ever-shifting opportunities and challenges. They innovate with new business models and fresh thinking about what success looks like. They focus on people, planet and prosperity to create value for all.

“The changes we’re making will equip the next generation for this exciting new future that will bring wider and more varied opportunities.”

• Check inside as Reza Ali, ACCA director of innovation in learning and assessment, goes into more detail about the redefined qualification.

CGMA – THE FUTURE OF FINANCE

There is a problem with professional education, and the current ‘operating system’ needs an upgrade, says Stephen Flatman, VP Education and Professional Qualifications – CIMA (pictured).

In an exclusive interview about the CGMA upgrade, Flatman told PQ that many accountancy bodies’ offerings have hardly evolved for the past 25 years, and that can’t continue.

He stressed that traditional jobs are being hollowed out, and entry level roles now need accounting and finance people who have powerful problem-solving skills and have critical thinking.

CIMA believes some ‘traditional’ roles, such

as book-keeping, are ripe for automation, but there will be strong growth in other roles, particularly in finance teams.

This, stressed Flatman, is where the CGMA upgrade comes in, putting critical thinking skills to the fore, developing these skills right at the start of the qualification rather than waiting until year three or four.

CIMA is preparing for roles in finance teams that focus on value creation, with PQs who understand the importance of business partnering, and have key strategic and analytical skills. This is where the growth in jobs will be in the future.

Check out more about the CGMA upgrade on page 22

IN THIS ISSUE

Everyone has gone ‘new qualification’ crazy! This month we have ACCA and CIMA looking to ensure their PQs have all the right skills for the future. There is no doubt accountancy is changing and the professional bodies are fighting hard to ensure the next generation of accountants are properly equipped for what lies ahead in the world of work.

ACCA is putting employability at the heart of what it is offering, and CIMA wants to ‘upgrade the operating system’. Both explain in-depth how they are changing, and as always PQ magazine gives you a unique opportunity to benchmark your body against the rest.

Don’t forget AAT is also updating its qualification, and ICAEW PQs, from 1 July, will be signing up to Next Gen ACA.

There’s lots more in this month’s issue, too. We explain how to launder £1m the easy way, how to write the perfect CV, and why older accountants are adopting AI faster than most PQs.

ICAS asks who should be able to own an audit firm, and the ACCA global trend survey reveals the new generation of accountants are looking to be their own boss.

And, finally, did you know 43% of Brits admit they couldn’t confidently recognise one or more of their colleagues if they met them in the street? Check out more on this on page 40 Graham Hambly, Editor and Publisher, PQ magazine

4 Global Talent Trends survey

Majority of UK Gen Z accountants have real entrepreneurial aspirations, ACCA survey finds

5 AAT initiative

AAT’s inaugural silent study sessions have proved a huge success with PQs

6 ICAEW syllabus update

The ICAEW Next Generation ACA is almost upon us – so what will it mean for you?

8 New ACCA BSc degree

ACCA and University of London launch BSc (Hons) Professional Accountancy programme

10 Mental health focus caba wants to reach out to 80,000 ICAEW students and members

12 Tech news

Most UK consumers want ban on social media for under 16s Features, etc

14 Have your say

Government doesn’t seem to understand nature of apprenticeships; why is it oldies are ‘better’ at AI; and the gender pay gap that shames profession. Plus our social media round-up

16 ACCA’s new-look qualification

In an exclusive article for PQ readers, ACCA’s Reza Ali outlines the changes being introduced in mid-2027 and explains how they will affect you

19 AAT spotlight

Clare Dye discusses what can be

expected from AAT’s upcoming qualifications, launching in 2026 and 2027

20 Your career A short guide on how to craft the perfect CV

21 ACCA spotlight

The lowdown on ACCA’s new BSc (Hons) Professional Accountancy programme, a joint venture with the University of London

22 CIMA syllabus revamp

All you need to know about the upgrading of the CIMA CGMA professional qualification

26 CIPFA spotlight

CIPFA President Carol Culley shares what makes a career in public finance so rewarding. And are we measuring and reporting our sustainability impact sufficiently?

28 ACCA exam feedback

So, how did June exam sitters cope with what the examiners threw at them?

30 AAT exams

Karen Groves explains the accounting equation, a subject AAT studiers really need to know about

32 CIMA spotlight

How to turn the negatives you are bound to encounter in your studies into positive outcomes

34 Money laundering Want to know how to launder

£1 million in ill-gotten gains? It’s easy, says Richard Simms!

36 AAT Level 3

Nick Craggs explains the difference between mark up and margin, and tests your knowledge with a few questions

37 A question for Tom Tom Clendon tackles another subject area students frequently struggle with – impairment losses

38 Artificial intelligence

Older accountants are more AI savvy than their younger counterparts, survey finds

39 Careers

ICAEW makes a drama of training for auditors; more wise words from our Agony Aunt; and PQ’s Book Club review

40 Fun

The lighter side of life – and accountancy

The columnists

Lisa Nelson Why it pays to embrace change 4

Sunil Bhandari A warm welcome to PQ’s newest columnist 6

Prem Sikka Without enforcement, our AML laws are toothless 8

Anna Kate Phelan Flexibility is key to breaking glass ceiling 10

Hannah MacDonald How to reduce pre-results-day stress 12

LISA NELSON

Embrace change –you can’t ignore it

Change. It’s a word that can stir a mix of emotions, sometimes leaning towards discomfort. From the relentless march of digitisation to recent shifts in apprenticeship funding, the landscape for the accountancy profession is dynamic.

For accountants, mastering the art of adaptation isn’t just beneficial; it’s a critical skill. Think of technological advancements streamlining audits, AI assisting with routine tasks or new sustainability reporting standards demanding a fresh perspective. Your ability to learn, evolve and integrate will be a key differentiator, positioning you for long-term success.

So, how can you navigate this effectively? Firstly, cultivate a growth mindset. View challenges not as roadblocks, but as valuable opportunities for learning and development. Seek out chances to enhance your technical skills and grow as a professional.

Secondly, stay curious. Actively engage with industry news, webinars and workshops so that you understand and can anticipate the forces shaping our profession. Don’t wait for change to impact you; be proactive in preparing for the potential implications.

Thirdly, identify the areas where the profession is heading and invest time in acquiring the necessary competencies. Whether it’s delving into data analytics tools or getting to grips with new accounting software platforms, continuous learning will keep you ahead of the curve and make you a more valuable asset to your organisation.

While change can feel unsettling, it often paves the way for progress and innovation. Embrace it!

Want to be your own boss?

Being your own boss is a driving ambition for many of the new generation of accountants, according to new data from ACCA. The 2025 edition of its Global Talent Trends survey found 61% of UK Gen Z accountants have real entrepreneurial aspirations, double the number of the rest of the UK’s accountants (31%).

Mental health and wellbeing also emerged as a key trend, with half of UK finance professionals saying their mental health suffers because of work pressures, and almost a third (30%) have considered

resigning due to wellbeing issues. When it comes to AI, less than a quarter (23%) of respondents said they are provided with training opportunities at work, despite seven

ICAEW has a new President

Derek Blair (pictured) has become the new ICAEW President. His priorities for the year will be centred on strengthening connections across ICAEW’s diverse membership, with the hope of enriching the member experience.

Blair explained: “One of my key aims is to encourage the growth of micro-communities – small, supportive networks that bring members together to

share experiences, learn from one another and build lasting professional relationships.”

Blair studied accountancy, finance and economics at the University of Essex, and began his career at Stoy Hayward as an audit trainee in 1990. He founded his own practice with fellow ICAEW accountant David Pinkham in 2004.

Caroline Smale has become

out of 10 (71%) feeling confident in their ability to learn new AI skills Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, said: “It’s an exciting time to be a young accountant in the industry, with so many aiming for the goal of being an entrepreneur. With almost threequarters also keen and confident to learn new AI skills, and more employers looking to prioritise mental health and wellbeing, our survey data shows a profession that is striving to do better for everyone.”

Read the UK Talent Trends 2025 report here

ICAEW’s Deputy President and Robert Tindle has become Vice President.

Who can own an audit

With the rise of private equity investment in audit firms, ICAS is calling for a full-scale review of who can own these firms.

The institute believes the rules of ownership need to be reassessed to ensure they are fit for purpose.

ICAS said there is still uncertainty over the medium to long-term impact of private equity on the audit profession, and a new ICAS paper says private equity

PQ JOB OF THE MONTH

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Reporting to the FD, your main responsibilities will include agreeing prices, supporting decision-making, preparing targets and generating and presenting reports.

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Applications close on 11 July 2925. For more click here

Back to Basics – our free video series

We have fours videos in our Back to Basics series 2, with more coming soon! Three-time PQ

magazine award winner Tom Clendon has provided an eightminute video looking at IAS 37 and provisions. IAS 37 is a strict about

investment in audit firms presents both risks and opportunities. There is a real concern that providers of capital will unduly seek to influence behaviour, and ICAS strongly believes that the number-one priority must be ensuring high standards of audit quality and auditor independence.

Read what PQ magazine said about private equity in our November 2024 issue.

when you can recognise a provision – do you know, for instance, the three conditions that must be met? You will after watching Tom – click here

We also have PQ magazine award-winner Will Boardman looking at the VAT control account. With his help you will understand what goes on the credit side and what goes on the debit side, and all in under eight minutes. Check out his video here

Check out more stuff at PQ Magazine - YouTube

firm?

Need the right course?

If you are looking to move quickly from PQ to NQ then you need to choose a top training provider. But which one?

Well, you need to check out our Course Finder page. Select who you want to study with and you will see our trusted providers.

Also in the news, top tutor Sunil Bhandari has launched a new ‘Indian Package’ AFM online course. For more information go to https://lnkd.in/eYyy8EgZ

Lisa Nelson is Director of Learning at Kaplan

AAT silent study sessions a big hit

AAT’s inaugural silent study sessions have proved a huge success with PQs.

Studying by yourself can be a lonely experience, but initial feedback appears to show the sessions reduced feelings of isolation and helped those participating to be more connected to their AAT community.

So how does it work? Well, students register for a one-hour video call and use it to focus on their studies.

Feedback shows 90% of those

who took part felt less isolated, and 100% said they found the sessions really useful and would attend again.

AAT’s customer and partner life-cycle team leader, Neil Maguire, said: “We understand that one of the biggest hurdles that students face when progressing through their studies is balancing their commitments and maintaining motivation.

“To help address this, we introduced our silent study

ICAS CEO to step down

Bruce Cartwright (pictured) has told ICAS Council that he will be stepping down as CEO in April 2026. Cartwright became CEO at ICAS in March 2018.

He is currently also chair of the Global Accounting Alliance (GAA), director of Chartered Accountants Worldwide (CAW), a director of CCAB and a technical adviser to the IFAC board. He qualified as a CA with PwC in 1989.

sessions – dedicated, focused time slots where students can study alongside their peers in a supportive environment.

“By scheduling these sessions into their diaries, we give students the time they need to concentrate without distractions. At the same time, studying together helps to create a sense of community and shared purpose, so students don’t feel alone on their journey.”

Commenting on his announcement, Cartwright said: “After eight years I feel the time is right for me to move on from my role and pass the baton onto a new CEO. My time as CEO will undoubtedly remain with me as a highlight in my career. It has been both a privilege and an honour to lead ICAS over this period.

“During my time as CEO, ICAS has transformed into a modern, future-facing professional body with a strong strategy and a bright future for it and its 24,000 members.”

Big drop off in international students

The UK university sector is facing significant financial pressure, with new data revealing a 17% drop in international students.

New figures from the Office for National Statistics show net migration fell by 50% to 431,000 in the year to December 2024, with the decline driven in part by tighter visa rules. A key policy change – restricting dependants of international students – has resulted in an 86% (105,000) fall in studyrelated dependants, contributing to the decline in overseas learners choosing the UK as their study destination.

Dr Joe Marshall, CEO at the National Centre for Universities and Business (NCUB), said: “International students are vital to the UK’s higher education system – they are essential to its global standing and connectivity, as well as its long-term economic health. They contribute to the internationalisation of UK universities, enabling investment in cutting-edge research, world-class facilities and the development of a highly skilled workforce.

“While many leave after their studies –contributing less to long-term migration –they deliver substantial short and mediumterm benefits to institutions, regions, and the wider economy.”

Become an Intermediate Financial Accountant

Graduates, recently qualified and part qualified accountants get the support, guidance and recognition you need to set yourself apart in a competitive SME job market with:

• Designatory letters IFA AIPA

• Access to a variety of technical resources

• Relevant CPD webinars and networking meetings

• Financial Accountant, our member magazine

• MyCommunity, our online member space

• A weekly enewsletter covering accounting, finance and business

SUNIL BHANDARI

Meet the boy from Bradley, Bilston

“Hey you, Paki – you are nothing. You’ll never make a good tutor.” So said a fellow trainee tutor to me in 1986. It was far from the first time I’d been called that name, but coming from a ‘professional’ made it far worse.

My heritage is Indian Hindu – born here in the UK to Indian migrants. Where I grew up racism was all around. I was told to ‘grin and bear it’, but that’s not my nature. When I see injustice, I confront it. My younger brother walks the same path as Chair of Kick It Out.

I accepted the challenge: “Turn your enemies’ energy against them.” I became a ‘something’: the first Indian heritage Director of an FTC (now Kaplan) company, the founder and inaugural MD of BPP Birmingham, the first successful online ACCA tutor with FMELearnOnline.

I’ve tutored 20 students to an ACCA Prize since September 2022 alone.

My brother and I confront racism. We know “all that is required for evil to triumph is for good people to do nothing”. Sadly, my story is still relevant to many of you. My advice? Don’t be labelled (as anything!). Be your best. And encourage others to be their best, too.

If a boy from Bilston can make it, so can you.

Next Gen ACA nearly here

The ICAEW Next Generation ACA is almost upon us. Students who register with the ICAEW from 1 July 2025 will be starting the updated qualification. That means they will be taking new exams within a slightly different structure.

Students who register before that date can complete either the current qualification, or transfer to the new qualification.

Current ICAEW students have until March 2026 to complete their current Certificate Level.

Professional Level students have three sittings in 2026 –March, June and September – to wrap up their

Professional level exams.

Next Generation ACA students will be starting the new Professional Level from March 2026, so there is

a period of parallel running. ICAEW believes there should be plenty of exams for students to complete the level they are on.

Advanced Level is a bit more complicated. The new exams start from July 2027, but there is less of a parallel run for these.

One warning from the ICAEW is that there is an overlap; if you slip up in your exam make sure you get your resit done.

If you are a current student you have 15 exams to do. If you are a New Gen student you will have 14 exams plus some specialised learning.

New host for ACCA Practice Platform

ACCA has moved its Practice Platform onto a new hosting platform, as of 18 June. Students needed to note that

the move means they will now not be able to transfer any previous practice test history onto the new platform – this includes any historic practice tests or mock exams that have been completed.

Students were told to take screenshots of any tests ahead of the move. ACCA should have contacted all PQs about this.

Existing credentials will still work on the new platform, but

the web link/url has changed for the new platform. So you won’t be able to use existing bookmark/favourite links.

ACCA explained: “This move is part of our commitment to review and improve support and user experience across ACCA, and we hope students will enjoy a new and improved user-friendly Practice Platform interface as they prepare for the September exams and beyond.”

AAT launches virtual work experience programme

AAT has launched its first Virtual work experience (VWEX) programme as part of its commitment to improve social mobility and widening access to professional opportunities. The programme, developed in partnership with Springpod, an online careers and work experience platform, is aimed at pupils aged 14-19 years old. It is free to all schools and pupils in the UK.

Reed Business School acquired

Reed Business School (RBS) has been acquired by the Reed Group. RBS said that the change will “allow us to collaborate with fellow Reed Group learning provider Reed Learning to enhance our product offering and better serve our customers and leaners”.

RBS promised current students and apprentices will not be impacted by this change and that

programmes will continue to be delivered by the school as usual.

ICAS partners with King’s College

London

ICAS has unveiled a new Accredited Programme Partnership with King’s College London. This means BSc (Hons) accounting and finance graduates from King’s Business School can now secure exemptions from the first level of the

Through the fully remote interactive programme participants explore eight modules focusing on different topics such as ‘the world of bookkeeping’, ‘the world of accountancy’, and ‘employability skills’.

AAT’s Isla Billet said: “We know how powerful work experience can be in shaping a young person’s future – but access to it is not always equal. Our Virtual programme is designed to help

Chartered Accountant (CA) qualification.

EU disclosures need ‘simplification’

The European Union’s current sustainable financial disclosure rules are hindering business practices, says ACCA. The association stressed it is imperative that the European Commission (EC) simplifies the requirements and reduces the reporting burden for companies.

ACCA called on the EC to

level the playing field by giving students a meaningful, engaging and practical insight into the world of accounting and bookkeeping.”

address key issues in the regulation including, amongst others:

• The requirement to gather large volumes of data, which puts a strain on asset managers’ budgets and leads to financial products being deprioritised by investors.

• Lack of enforcement, which has led to concerns that some asset managers may not fully comply with the regulations. ACCA wants to see enforcement mechanisms introduced.

For the full story go to www.pqmagazine.com

• Sunil Bhandari is an AFM tutor at FME Learn Online

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PQ Hall of Fame, Clare Finch 2025

LORD SIKKA

AML laws are toothless without enforcement

All too often UK governments soothe public opinion about financial crimes by announcing tough legislation. How well is it enforced?

Global estimates of annual money laundering range from 2% to 5% of GDP – that amounts to $2 trillion to $5.5 trillion. It emanates from tax dodges, drugs trafficking, fraud, people/organ smuggling, corruption, sanctions busting and other practices. Some 40% of the world’s dirty money passes through the UK and its Crown Dependencies and Overseas Territories.

Following the Criminal Finance Act 2017, regulators can follow the money by seeking unexplained wealth orders (UWO) and prosecute. Only seven UWOs have been issued since 2017. No one has been prosecuted.

The same legislation empowered the government to prosecute enablers of tax evasion. However, prosecutions have plummeted by at least 75% in the past five years, with fewer than five criminal cases in 2023–2024. There were 16 in 2018-2019. HMRC admits failing to collect £40bn tax a year.

Anonymous companies are central to illicit financial flows. Last year, 49,521 companies did not provide details of any current persons of significant control (PSC) or any PSC statements. In 2024/25, only 13 companies and 13 directors were prosecuted and fined for offences relating to PSC registration requirements.

Without visible enforcement the deterrent effect of legislation is eroded. With deregulation as the prevailing ideology it will weaken further and decrease confidence in institutions of government.

Prem Sikka is Emeritus Professor of Accounting at the University of Essex

Tax briefs

Collecting tax from the wealthy

Wealthy individuals’ complex tax affairs make it more difficult for HMRC to identify the tax they owe and present more opportunities to deliberately not pay the correct amount of tax due, says a new report from the National Audit Office (NAO).

The NAO said that while HMRC has greatly increased the additional tax revenue collected from wealthy individuals by tackling non-compliance, the

ACCA offers a new BSc degree

ACCA and the University of London are launching a BSc (Hons) Professional Accountancy programme.

This new BSc integrates degree studies into the ACCA global accounting qualification, enabling students to achieve both an academic and a professional qualification at the same time.

From March 2026, the BSc will be open to all current ACCA registered students, affiliates and members who meet the eligibility criteria. But you can apply for the degree from December 2025.

To complete the BSc Professional

Accountancy programme students will need to complete two modules aligned to ACCA’s performance management and financial management exams and a Project Module.

The BSc (Hons) Professional

Level 7 apprenticeships funding scrapped for all those over 21

The UK government has formally scrapped funding for postgraduate apprenticeships in England, with the promise of more training for people aged 21 and under.

From January 2026, only 16-21-year-olds will qualify for Level 7 apprenticeships under new confirmed plans. Seven new foundation apprenticeships are also being introduced.

The government promised to create 120,000 new training

opportunities for young adults and those who need to retrain.

The argument being put forward is that many Level 7 master-equivalent apprenticeships are being used by those already in a permanent job – such as solicitors, accountants and tax advisers.

Another problem is that while Level 6 & 7 apprenticeships boomed there has been a contraction at Level 2.

The Education Secretary,

Accountancy Top Up can be achieved in a minimum of 12 months. Students have up to three years to complete the programme, and can study online or face-toface.

Alan Hatfield (pictured), ACCA Executive director – Content, Quality and Innovation, said: “Choosing between a professional and an academic qualification is a significant dilemma for many students. This new route offers a great career launchpad for those who want to do both at the same time.”

For more information click here

Bridget Phillipson (pictured), said: “When we invest in skills for young people, we invest in a shared, stronger economic future.”

The changes don’t come without concerns, particularly as the NHS use the higher apprenticeships to train staff in specialist areas.

FRC concludes FRS 101 review

The Financial Reporting Council (FRC) has issued ‘Amendments to FRS 101 Reduced Disclosure Framework – 2024/25 cycle’, which brings to a close the 2024/25 annual review of FRS 101 ‘Reduced Disclosure Framework’.

The amendments ensure that FRS 101 will continue to enable streamlined group reporting and, where possible,

scale of success suggests noncompliance among the wealthy could be much higher than it previously thought.

Wealthy people (defined by HMRC as those earning more than £200,000 a year or with assets of more than £2 million) paid £119 billion in personal taxes to the Exchequer in 2023-24, an average of £140,000 tax paid per person. This accounted for 25% of the UK’s personal tax receipts.

Until 2017, HMRC had a dedicated unit to focus on those

deliver cost-effective disclosure reductions. Amendments relate to developments in IFRS Accounting Standards, notably disclosure exemptions from new requirements of IFRS 18 ‘Presentation and Disclosure in Financial Statements’.

It is confirmed that IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ and FRS 101 cannot be applied

taxpayers with assets above

£10 million but now all 850,000 wealthy individuals are dealt with by the wealthy compliance team.

Penalties ‘the price of doing business’

Penalties for rogue tax agents should be reviewed amid fears some may consider them “an acceptable cost of doing business”, the Association of Taxation Technicians (ATT) has warned. Responding to an HMRC consultation on powers to tackle

together. See:

• FRS 101 Reduced Disclosure Framework

• Feedback Statement and Impact Assessment – Amendments to FRS 101 Reduced Disclosure Framework – 2024/25 cycle

• The FRS’s Explainer: FRS 101 ‘Reduced Disclosure Framework’ and IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’

tax advisers facilitating noncompliance, the ATT says the current limit of £50,000 under Schedule 38 Finance Act 2012 may not be enough to deter “high value tax loss cases”. It proposes the threshold be removed and penalties instead based on the fees received by the adviser.

ATT President Senga Prior said: “The fact that there remain ‘dishonest’ tax advisers causing harm to the tax system would suggest that HMRC could still do more to tackle both these groups.

ANNA KATE PHELAN

Why flexibility is the key

At a recent panel I facilitated, ‘Breaking Barriers: Advancing Women’s Careers through Inclusive Test Delivery’, we unpacked the invisible obstacles women face in assessment and qualifications.

Women are disproportionately impacted by among other things care responsibilities, extended career breaks and health-related experiences such as menopause, IVF and menstruation. These aren’t fringe issues; they directly affect access to assessment, performance and, ultimately, career progression.

We heard from leaders across the sector — from Ami Copeland (CEO, the Institute of Certified Bookkeepers), Danni Duric (Head of Product Strategy at Reed in Partnership) and Joanne Herman (Marketing Manager at TeamCo) — on how inclusive test design and delivery can dismantle systemic barriers.

One key theme? Flexibility. Whether it’s taking exams from home at 9pm after the children are in bed, or creating test centre environments that accommodate real-life physical needs, thoughtful design empowers candidates. This isn’t just ‘nice to have’ — it’s crucial for retention, re-entry and equity.

We also explored how qualification relevance and digital literacy are pivotal. Too many women returning from career breaks lack the confidence to know where to start. Clear guidance, supportive policies and mentorship go a long way in restoring that confidence.

Importantly, inclusive assessment benefits everyone. Designing for women makes systems fairer for all. Assessment providers and professional bodies hold power to drive real change. Flexible, inclusive delivery isn’t a future concern — it’s essential to any profession that values merit.

caba wants to do more for you

As part of a new strategy, caba says it wants to reach out and help 80,000 ICAEW members, students and their families.

This is a big shift for the charity, which believes more needs to be done to help members and students who are increasingly struggling with mental health pressures and financial stress.

The charity feels the demand is there. Last year its digital resources were accessed 60,000 times and 5,000 people were supported on a one-to-one basis, too.

CEO Cristian Holmes (pictured) said: “Evidence suggests that those

who face challenges often don’t reach out for support as quickly as they might, and that’s something we want to change. We’re working hard to raise awareness and break

the stigma around asking for help. After all, our only purpose is to listen, help and assist.

“Our recent needs analysis has highlighted that there are many more people who could be benefitting from our support. We believe that at least 7,000 individuals could benefit from our direct support each year. Beyond that, caba plays a crucial role as a trusted source of information, helping people find the right resources – we estimate up to 70,000 people could be reached through our wider guidance and tools.”

ACCA June exam feedback

AFM stood out as the ACCA paper sitters really didn’t like at the June sitting, with many calling it ‘brutal’. In the Open Tuition Instant Poll a whopping 40% said the exam was a ‘disaster’, and another 34% explain they had found it ‘hard’.

The 38-mark question in the SBL exam also threw quite a few sitters. Many PQs were hoping for

some generous marking in order to avoid a resit. Many hated the intrapreneurship and change of culture question – others were simply stumped by it.

ATX was another tough test, with many taking this exam saying they were overwhelmed with the amount of information the examiner threw at them.

Then there was APM, which

FRC sanctions former Thurrock Council CFO

The Financial Reporting Council (FRC) has punished former Thurrock Council CFO, Sean Robert Clark, following his admission of misconduct over his role in the operations and investment activities of the council for the financial years ended 31 March 2018 to 31 March 2022.

As CFO, the FRC said Clark was responsible for the administration

of the Council’s financial affairs. As part of the settlement Clark received a severe reprimand and

many sitters found ‘a pretty tough exam’. Some were surprised by the benchmarking question, which they found challenging. As one PQ said: “I didn’t even know there was different types of benchmarking!”

Students now need to wait until 14 July for their results. To find out more go to page 28

was excluded from membership of the ACCA for a recommended period of five years.

FRC explained that in October 2017 Thurrock Council formally approved an Investment and Treasury Management Strategy document which set out an approach for borrowing on a short-term basis, primarily from other local authorities, and using the funds to make longer-term commercial investments. Under this approach, short-term borrowing and investments eventually exceeded £1 billion, more than six times the Council’s annual budget.

Deloitte UK to cut bonuses, pay rises

Deloitte’s UK consulting staff have been informed they can expect lower bonuses as profits for 2025 are below expectations. Bonuses for other division are expected to hold up.

In a memo seen by the Financial Times, UK senior partner Richard Houston said that bonuses for those working in the consulting arm will be down 20%, with partners’ pay also affected. Expected pay rises will also be moderated. Last year pay went up 5%, but this year they will go up 2.9% on average.

Houston also confirmed Deloitte will promote fewer employees than in previous years.

A tech catalyst

PwC UK has announced the launch of ‘Tech Catalyst’, a dedicated AI and technology innovation unit that will fast-track technology, AI and data-driven transformation for both its clients and its service delivery.

Tech Catalyst has been in the making over the past 10 months and brings together humancentric design and technical capabilities in AI, cloud, data and software engineering, together with a dedicated emerging tech research function to help clients assess the opportunities of new technologies.

Umang Paw, CTO PwC UK, said: “We’ve invested in Tech Catalyst to help our clients navigate this exciting era and rapidly find new and different ways of approaching business

opportunities with innovation at the core.”

Sanctions against KPMG LLP

The FRC has issued KPMG with a financial sanction of £690,625 over its audit of Carr’s Group plc for the FY21. The Big 4 firm has also received a severe reprimand. Nick Plumb, who signed off the audit report has been fined £38,675 and received a severe reprimand.

KPMG has also paid the costs of Executive Counsel’s investigation.

The FRC said Plumb and KPMG breached the FRC’s 2019 Ethical Standard and International Standards on Auditing (ISAs) by failing to ensure compliance with applicable independence requirements. Read

Anna Kate Phelan is Head of Product at Eintech

HANNAH MACDONALD

How to reduce preresults day stress

If you sat exams in June, now’s a good time to take some time to rest and reflect. Waiting for your results can be nerve-wracking, however, especially if you suspect the exam didn’t go to plan on the day. Here are my tips for managing the apprehension in the lead up to exam results day:

Keep things in perspective: Results are important, but they don’t define your worth or future. Whatever the outcome, there are always options and paths forward. Remind yourself that one set of results won’t make or break your career ambitions.

Talk about it: Bottling things up often makes anxiety worse. Talk to someone you trust about how you’re feeling – a friend, parent, flatmate or even a counsellor.

Plan for the day: Have a plan in place for results day. Whether you’re checking online from home or going to work, know what to expect.

Practice self-compassion: Be kind to yourself. You’ve already done your part by showing up, working hard and taking the exams. Try not to replay what-ifs or worstcase scenarios.

Stay busy: The more you sit and worry, the more your anxiety can spiral. Try to keep your mind occupied with activities you enjoy— hang out with friends, go for walks, read, or play sports.

Whatever the exam results, you have options, support and a future full of possibilities.

of Accountancy Hub

Environmental cost of AI

The rush to embrace AI use could wreck universities’ net zero targets, according to a new report in The Times Higher Education (THE). There is, says the story, a huge ‘hidden’ environmental impact to embracing artificial intelligence, which is a very energy-intensive technology. This means the increased carbon emissions and water consumption from using generative AI tools need to be added to any calculation. Experts believe it will

Time for a social media ban?

A majority of UK consumers would favour a ban on social media for under 16s, including over half (53%) of Gen Z respondents who grew up in a social media age.

According to the latest Deloitte Digital Consumer Trend survey, one in five (20%) consumers also said they have deleted a social media app in the past 12 months, rising to almost one in three (29%) among Gen Zs.

A quarter (25%) of those who deleted a social media app said they did so because it consumed too much of their time, while one in five (21%)

blamed seeing misinformation on the app, or said it was having a negative impact on their mental health (20%). This comes as three-quarters (76%) of consumers said they have seen misinformation on an online platform in the past 12 months. Additionally, half of consumers (50%) have turned off all notifications for one or more apps, with 32% doing so to reduce their time using technology. Meanwhile, one in five (18%) said that they have set new screen time limits on their devices, including 12% who did so to reduce usage.

Even HMRC has been scammed!

HMRC lost £47m after a phishing scam breached tens of thousands of tax accounts. Two senior civil servants at HRMC told the Treasury Select Committee that 100,000 people had been contacted, or are in the process of being contacted, after their accounts were locked down in what was am ‘organised crime’ incident, which began last year.

Freeths LLP’s Will RichmondCoggan said: “While HMRC

are at pains to stress that they own systems had not been

compromised in a cyber attack, this incident nonetheless underscores how widespread the consequences of cyber incidents can be. It is clear from HRMC’s explanation that the crime against HMRC was only possible because of earlier data breaches and cyber attacks. Those earlier attacks put personal data in the hands of the criminals, which enabled them to impersonate tax payers and apply successfully to claim back tax.”

Sage Copilot integrated into Sage 50

Sage has announced major AI-driven enhancements to its Sage 50 software.

With this update, Sage Copilot is being rolled out to early adopters in Sage 50 – joining a growing suite of Sage products powered by AI. Sage 50 is the sixth Sage product to integrate Sage Copilot.

To access Sage Copliot and all the latest cloud-connected

make many current net zero goals almost impossible to achieve.

THE points out that Google recently revealed that its carbon emissions had increased by 48% in five years, primarily because of its data centre energy consumption and supply chain emissions.

What to do with your two weeks?

If civil servants use AI for routine admin work they will free up two working weeks a year, suggest a new government trial.

features Sage 50 customers have to sign in using their Sage account. Sage believes this secure login provides a more seamless experience and gives businesses greater control over how their teams access Sage 50.

“Sage 50 has been the backbone of small business accounting for decades, and these new enhancements ensure it will remain a trusted tool for

In the study over three months, some 200,000 workers used AI to help them generate draft reports, update records and summarise emails. On average 26 minutes a day were saved by using AI for these basic tasks.

Technology Secretary Peter Kyle said: “These findings show that AI isn’t just a future promise, it is a present reality. Whether it is helping to draft documents, preparing lesson plans or cutting down on routine admin, AI tools are saving civil servants time every day.”

London leads Europe

Greater London maintained its position as the leading European region for digital technology investment last year and the UK also led the rest of Europe in attracting tech-related Foreign Direct Investment, according to EY’s 2025 UK Attractiveness Survey. It attracted 96 Foreign Direct Investment (FDI) projects in the software and IT services sector in 2024, more than any of the 259 European regions assessed by EY.

years to come,” said Neal Watkins (pictured), EVP, Accounting & HR, Sage.

Hannah Macdonald is the founder

Level 7 move harmful for UK plc I really don’t think the Government understands the true nature of apprenticeships. It’s recent decision to restrict Level 7 apprenticeships to those under 21s, from January 2026, forgets what apprenticeships are really for – to help increase social mobility and give people a chance to upskill and retrain for the more stable/flexible careers of the future.

The average starting age for Level 7 accountancy apprenticeships is 22, so the 16 – 21 policy change will affect thousands of people’s future. For the worst.

I have to agree with CIPFA CEO Owen Mapley (PQ, June 2025,

Our

page 10) that the government’s decision has skewed recruitment in favour of school leavers.

There is a real worry too, that this shift could unbalance the talent pipeline and have lasting consequences for the profession.

His idea of keeping Level 7 open to under-25s is much more logical. This is particularly true in the public sector where I work, where Level 7 apprenticeships are used to top-up skills of clinical staff and other allied health professionals (including accountants).

I understand the concern about the drop in the take-up of Level 2 apprenticeships, but this should not mean we stop educating people who need it.

Name and email address supplied

The Editor says: This is going to be a hard one to fight. I think Level 7 has suffered because of the huge decline in lower-level take-up. The government has also announced new areas it wants to focus apprenticeships on, which all adds to the pressure on our profession.

star letter writer wins a fantastic ‘I love PQ’ mug!

You are never too old to learn

Why is everyone so obsessed with AI? PQ seems to be no different and loves an AI story, but I must admit you finally wrote one that makes sense!

Your ‘older accountants adopting AI faster than PQs’ (PQ, June 2025, page 12) should not surprise anyone. A lack of training and ‘authority’ has meant junior staff have only been allowed to use AI in a very limited way. As a more mature professional I have embraced AI for what it is – a tool to help me become more efficient.

Everyone keeps talking about the UK’s lack of productivity, but used in the right way AI will put us back on top of the league tables, not languishing near the bottom.

It is good to see us old, pale and stale accountants are bucking the adoption curves for at least one thing.

Name and email address supplied

What has happened to the gap?

I was so disappointed to read the latest gender pay gap stats from GAAPWeb. How in 2025 can there seriously be a 20% difference between men and women doing

the same accountancy job?

It gets even more blatant at the top, which you would have thought would have been harder to justify because of the so-called scrutiny that takes place. But there it is, in black and white – a male CFO earns on average £126,000 compared with their female equivalent earning £92,000. That’s a £34,000 difference!

As the GAAPWeb Salary survey says “there remains much more work to do” in this area. I also saw men were also more likely to receive a bonus too, and these were a higher percentage of their salaries.

So, what can we do? Does anyone have any constructive suggestions?

Name and email address supplied

Following the news that P&O Ferries had a new auditor, Rachel Davis, owner of Just Audit Limited, went online to stress her firm was ‘not them’! The new auditors are in fact Just Audit & Assurance Limited (JAA). Davis explained she had issued a press statement and gone online to “mitigate any damage to our established name and reputation”. There was, she said, quite a few news outlets that didn’t get the name right. One that did was The Guardian. And it reported that Just Audit & Assurance is based in Witney and has four employees. That’s right – four! P&O Ferries hiring a tiny accounting firm after KPMG quit the audit job has raised more than a few eyebrows. Lord Sikka told the Guardian: “There are some serious questions about auditor independence. A small firm of four staff is auditing a giant conglomerate. The fees from this are likely to form a large part of the firm’s income and the concern will be that the fear of losing a major client might influence the auditor approach.”

JAA has a very basic website, which explains the major shareholder is Jonathan Russell, a chartered accountant with almost 40 years’ experience. He is one of two people who are Responsible Individuals –authorised to sign off reports. The other RI is Martin Wright. On the website it says “Martin brings a fusion of technological savvy and professional understanding to the engagement.” He going to need that for the P&O Ferries audit! It has been suggested that JAA has quoted £265,000 to undertake the audit, which is quite a bit off the £1.3m fee charged by KPMG. This story will run and run…

Accountancy redefined

ACCA unveiled the redesign of its gold standard ACCA qualification on 24 June. In this exclusive article for PQ readers, ACCA’s Reza Ali (pictured) outlines the changes being introduced in mid-2027

We’ve always been ambitious at ACCA. We’re ambitious for the future of the accountancy profession, for our qualification and, most of all, for you and your career. But achieving our ambitions won’t happen if we stand still. That’s why we’re excited to unveil our redesigned ACCA qualification which we’ll be introducing from July 2027. Together with you, our students, our members, employers and the rest of our community, we will redefine accountancy.

Why change the qualification?

ACCA has a long-standing history of excellence in qualification design, and these changes reflect our unwavering commitment to employability and integrity.

Evolution is in our DNA and we regularly review and refine the syllabus and the qualification. This means that future members like you are equipped for the future workplace. Keeping our qualification on the cutting edge also equips you for a huge and growing range of opportunities across many sectors with a cuttingedge qualification which is recognised around the world.

We’ve consulted on these changes with students, members, employers and learning providers around the globe, as well as representatives of Gen Z, so we know we’re developing the skills that are in demand. This approach ensures the qualification evolves with the changing needs of employers, students and the profession, and those needs are now changing fast and in significant and exciting ways. In other words, accountancy is being redefined.

How is accountancy being redefined?

The world needs accountants now, more than ever. A much wider concept of business value is taking hold, with new thinking of what success in business means and looks like. The future is not just about profits, but planet and people as well, and technology is offering far-reaching opportunities to shake up and improve the way organisations work. Accountants are at the heart of this and have an increasingly exciting and critical role at the heart of change.

This means the remit of accountants is expanding, with greater focus on the following areas. These are already central to the existing ACCA qualification syllabus, but we’re sharpening and increasing our focus on them, ensuring they’re woven throughout the qualification:

• Sustainability: Accountants are central to driving an organisation’s sustainability strategy, helping to drive rounded business decisions, push forward sustainable approaches and drive measurement and reporting in this area.

• Social impact: Accountants are increasingly considering the impact of business on communities and individuals, to reduce exploitation and increase fairness, and drive better, more rounded decisions.

• AI and other new technologies: These present huge opportunities for business efficiency, analysis, decision-making and customer services, but also a lot of risks. AI and new tech are also driving the development of new business models. Accountants are core to steering a route to success in this area. More than ever, they need to be tech-savvy and at the cutting-edge of new technologies.

• Ethics: These have always been core for accountants, but in this changed world it’s even more challenging for organisations to chart an ethical course. It’s the job of accountants to navigate the new landscape and consider their impacts on their organisation.

• Business strategy: Accountants have long been central to business strategy, but as the world is becoming more complex, the challenge of this role is ramping up the importance.

The overwhelming evidence from employers is that while businesses and other organisations will always need accountants with the best possible technical expertise, they are now looking for more in the areas above. They need accountants with a strong ethical grounding, but who are also forward-looking with strong professional skills, and who are strategic thinkers. The changes to the ACCA Qualification have these needs at its core.

So what’s new?

These are some key innovations in our new structure:

• A holistic journey: What’s really exciting about the changes is how we’ll provide a holistic journey. It won’t be a linear journey, where you first do your learning, then sit exams and then focus on employability. It all comes together and is a unified and holistic journey where at each level of the qualification, we’ll provide learning guidance and support, assessments, employability support, and help develop skills.

• Focusing on your employability: This is a key focus of the changes. We’re introducing new Employability Modules. Some will be compulsory and attached to each level of the qualification. Others will be optional and will cover a whole range of professional, technical and technological skills, from communication to using Python and cloud accounting.

• AI-powered advice: We’re developing tailored advice and support embracing AI technology and a digital mentor to support students through their journey.

• Enhanced awards and designations: Achievements will be recognised, and you’ll be issued awards and designations as you progress through the qualification to help demonstrate your employability and help you find career opportunities.

Our redesign brings together core technical and professional skills and capabilities. It will be an integrated learning and exam journey with a clear focus on employability and delivering career impact.

How will it impact me?

Ensuring the qualification remains cutting edge means that our members are always in demand with employers. So those of you who are expecting to complete your studies before these changes come in 2027 will benefit because they’ll protect and boost your reputation and brand as an ACCA member. They’ll ensure the magic four letters after your name will become even more powerful and relevant far into the future.

Those of you who still expect to be on your study journey in 2027 will be fully supported. There will be no disadvantage in terms of progression or cost to complete the qualification. All of your hard work will be recognised and rewarded in the switchover to the redesigned qualification.

You won’t need to take any equivalent elements of the redesigned qualification which you have already completed. We’re working closely with learning partners so that they’re well placed to support the changes we’re making.

We’ve developed a transition tool which will detail what this means for you. If you input your expected passes into the tool it will then give you an updated status showing how they carry over to the new structure. You can find this, along with videos and lots of other useful information, on our website at accaglobal.com/futurequal

Your ACCA record will automatically update in 2027 when the new syllabus is introduced.

How will it be structured?

Our redesign focuses on bringing together technical expertise and professional skills and capabilities to ensure you’re developing the skills you need for the workplace. We’ll have a clear focus on your employability and delivering career impact.

Those who meet the minimum entry criteria can start the ACCA qualification at the Knowledge level.

But inclusivity and opportunity have always been core to ACCA. That’s why we will still provide an entry route to the qualification for those who don’t meet the criteria. No prior qualification or experience will be required to start at our newly streamlined Foundations level, which will replace the current Foundations in Accountancy structure.

The first Foundations and Knowledge level exams will be examined in July 2027, and the first Expertise and Strategic Professional level exams will be in September 2027. Optional Employability Modules will start to become available in mid-2027

There are three primary components in our redesigned ACCA qualification:

1. Exams – will ensure you’re equipped with the skills needed in the workplace, developing technical expertise and professional skills using real-world scenarios. We will support you through all stages of the qualification, maximising your chances of success.

2. Essential Employability Modules – mandatory at each level of the qualification, these will provide an integrated learning and assessment experience, developing your technical expertise and professional skills in key areas.

3. Experience and Employability – developed throughout the journey, with a requirement for you to complete 36 months’ workplace experience. If you’re working in a relevant role you can meet the PER objectives as you complete your exams. There will also be an option to complete additional new Optional Employability Modules at any stage of the learning journey, and up to six months of the experience requirement will be able to be met through completing some of them – we’ll share more details nearer the time. Note that 36 months of workplace experience will still be required for audit qualification and practising certificates (PC).

Students completing the Foundations, Knowledge and Expertise levels will be awarded diplomas to showcase their skills to employers. Our existing opportunities to achieve additional qualifications will remain; the Certified Accounting Technician Qualification (CAT) and the MSc in Professional Accountancy for affiliates and members – more information is available on our website. And we have just launched an exciting new BSc collaboration.

BSc (Hons) programme

ACCA students will continue to benefit from the opportunity to attain a world-leading academic qualification alongside their ACCA studies with our new BSc (Hons) Professional Accountancy collaboration with the University of London.

Applications for the first intake open in December but you can register your interest on our website now to receive all the latest information by email.

This new programme allows you to work towards the ACCA qualification and a BSc at the same time. It means there’s no need to choose between an academic and a professional qualification, and you will also benefit from savings in terms of both time and money. And, of course, it boosts your CV and employability in the world of accountancy, finance and business. Read the article on page 21 to find out more.

Where can I find out more?

• Visit our web pages on the changes, where you can:

• Find full information about the changes including timings.

• Read a page dedicated to students.

• Use our transition tool to help you work out how your exam passes will carry over into the new structure in 2027.

• View our Accountancy redefined video.

• View our video on the qualification changes.

• Link to your YouTube Premiere announcing the changes.

• For more go to accaglobal.com/futurequal

• Reza Ali, Director of Learning & Commercial at ACCA

More opportunities for you

Helen Brand, chief executive, ACCA, writes: “Accountancy is broadening with a greater focus on sustainability, and data and technology, so there’s a drive for wider skillsets which is expanding existing roles and creating new ones. Supported by your ACCA Qualification, this means more career choice in a in a profession already known as launchpad for all kinds of business careers, the flexibility to work across sectors and geographies, and the ability to flex based on lifestyle and ambitions. “So you have an exciting future ahead, and one that is full of opportunity! That’s accountancy redefined.”

Discover

Why communication skills are crucial

In her second article in a six-part series, AAT’s Clare Dye discusses what can be expected from AAT’s upcoming qualifications, launching in 2026 and 2027

There’s no doubt that accounting remains rooted in technical precision and financial acumen. But as the profession continues to transform, ‘power skills’ are becoming just as important as data analytics, budget forecasting and reconciling accounts, and continually feature in the top skills sought after by employers.

One of the core power skills that is woven into our evolved qualification suite is communication. Whether it’s building rapport with clients, collaborating with colleagues, or

clearly explaining financial information to nonfinancial stakeholders, strong communication underpins a successful career in accounting.

Top in-demand skill

The Pearson Skills Outlook 2022 report ranked communication as the number-one most in-demand skill globally. This isn’t a trend that’s passing by the accounting sector – it’s a wake-up call for everyone involved in training and hiring the accounting technicians of tomorrow.

Additional research supports this shift. According to the World Economic Forum’s Future of Jobs Report 2023, analytical thinking and effective communication are the two most sought-after core skills by employers globally.

The rise of AI

The rise of AI and automation is transforming the way accountants work. Many of the timeconsuming, repetitive administrative tasks – such as data entry, invoice processing and reconciliations – can now be handled by intelligent software. This shift frees up accounting technicians to focus on highervalue activities, such as client liaison and advisory support.

As automation takes over routine transactional tasks, the ability to effectively listen, engage, explain, and influence becomes the human differentiator. Interpersonal skills like communication, empathy, and active listening are becoming even more important. Being able to engage with clients, understand their needs and explain financial insights clearly is now a key part of the role – and one that machines simply cannot replicate.

Getting real-world ready

We’ve designed our new qualifications with this in mind. At Levels 2 and 3, students will learn about the importance of communication in establishing effective business relationships, as well as recognising the impact of ineffective or inappropriate communication, alongside how to effectively communicate to meet the users’ need.

At Level 4, students will focus on the importance of collaboration, escalation and delegation. It’s about building confident professionals who are not only technically capable, but also credible and articulate in real-world settings.

This also aligns with what employers are telling us. Feedback from our employer partners consistently highlights the value of those who can communicate clearly with clients and colleagues – particularly when working remotely or across departments. The ability to simplify complex data and offer clear, actionable insight is now a crucial part of the job.

While technical knowledge remains a bedrock of our qualifications, we’re ensuring that future AAT students are just as equipped to build strong working relationships, express themselves with clarity and confidence, and become the well-rounded professionals employers need.

For more information click here

CV perfection

Tom Leatham presents a short guide on how to write your most effective CV

Writing an accountancy CV that stands out to employers, one that highlights your skills, experience and qualifications and shows that you are the best candidate for the job, requires careful strategy. In this competitive job market it’s not enough to simply list your qualifications and experience; you need to demonstrate how these make you a valuable asset to potential employers.

Below are some steps to take to make your CV the best it can be.

Making an impression

A CV is the first impression an employer has of you, so it’s essential to make it count. It should be professional, concise and tailored to the specific job you’re applying for. For an accountant, most employers want to see evidence of your technical accounting skills, your ability to manage financial information and your understanding of the business environment.

Your CV should include the following key components: personal details, education, work experience, skills and references, each of

which play a crucial role in demonstrating your suitability for the role. Simply, a CV serves as a short summary of who you are and the journey you’ve taken to apply for a given job vacancy.

Tailor your applications

One of the most important aspects of writing an accountancy CV is tailoring it to the specific job you’re applying for. This means researching the company and the role to understand exactly what they’re looking for in a candidate.

Be sure to include relevant keywords from the job description in your CV, which can help your application get past applicant tracking systems (ATS) that many companies use to screen CVs.

Highlight skills and

experience

It’s also vital to highlight any specific achievements and experience that aligns with the requirements of the job, and make sure to quantify them where possible. For example, instead of saying “I managed company finances”, you could say “I managed a budget of £1 million, resulting in a 10% increase in company profits”. This not only shows that you have the necessary skills, but also demonstrates the impact you’ve had in previous roles. Just remember to focus on skills and achievements that are most relevant to the job you’re applying for.

Writing an accountancy CV that stands out to employers requires considerable planning, but by highlighting your skills, achievements and experience in a clear and concise manner, you can show potential employers why you’re the best candidate for the job. Remember to tailor your CV to each job you apply for, use relevant keywords and focus on the skills and experiences that make you a good fit for the role and you should receive interview offers in no time.

For all the latest accountancy vacancies visit GAAPweb’s jobs page

• Tom Leatham, GAAPWeb

Proven to boost your exam results

Study Hub is proving to be a great success for ACCA students, increasing exam results by as much as 18%*. With online access to study chapters, practice questions, flashcards and short quizzes, it streamlines revision and enhances your understanding.

Use Study Hub as an essential part of your exam prep and boost your chances of success.

*Based on pass rates of Study Hub users vs. non-users for the September 2023 session-based exams.

ACCA + University of London = BSc (Hons) Professional Accountancy

ACCA and the University of London have collaborated on the launch of a new BSc (Hons) Professional Accountancy programme. ACCA’s Alan Hatfield tells us more

Deciding whether to study for a professional qualification or a degree is a dilemma that many of you will be familiar with. There are the pros and cons to weigh up: time, career benefits and not least cost are factors that aspiring young professionals have to seriously consider as they plan their journey towards becoming a professional accountant.

That’s why we’re delighted to announce our new collaboration with the world-renowned University of London to give ACCA students the opportunity to gain a BSc degree as they study for their accountancy qualification. This new route offers a great career launchpad for those who want to do both at the same time.

Let’s run through some of the key questions: What is the BSc programme? This innovative programme integrates studies for the ACCA qualification with those for the University of London BSc (Hons) Professional Accountancy into one study route, meaning that students can

achieve both as part of their route to becoming ACCA members.

How does it work? The BSc (Hons) Professional Accountancy has been designed to fit into a student’s journey through the ACCA qualification, with a clear pathway for those wanting to attain a degree.

How can I study for it? Students will have the flexibility to study for the BSc online anywhere in the world. They can choose between supported online learning or, as it becomes available, faceto-face tuition support, through the University of London’s network of Recognised Teaching Centres.

What’s the timescale for registration? ACCA students can register their interest now and will be able to apply for the degree from December 2025. The first cohort will begin their studies in March 2026.

We plan to offer two cohorts every year, in spring and autumn after the exam result releases.

How long does it take? The programme

involves undertaking two 30-credit points modules mapped to the ACCA’s Performance Management and Financial Management exams and a 60-credit points project module. Successful completion of the programme can take as little as 12 months and exempts you from these exams in the ACCA syllabus, and can be done at the same time as preparing for other exams in your journey.

Is it flexible? Yes – it gives students the flexibility to study for a University of London degree programme from anywhere in the world with ACCA. The programme is also flexible so students can choose to take a break from their studies due to personal reasons as long as they complete the programme within a three-year period from enrolment.

How much does it cost? Tuition fees are charged dependent on where the student is based and the method of learning. By completing the BSc, students will save tuition costs on the Performance Management and Financial Management papers and associated exam fees that would normally be incurred. On successful completion of the BSc modules we’ll apply the exemptions to their ACCA record for no additional fee.

Students can choose to study online or at local recognised teaching centres (RTCs) where they will pay a lower tuition fee to the university but will pay a fee to the RTC for teaching. We’ll be sharing more details on RTCs in coming months.

University tuition UK fees are £4,000 for online study or £3,300 if you choose an RTC. How will the degree classification be determined? The degree classification is purely based on the 120-credits completed with University of London.

Why did you choose to collaborate with the University of London? University of London is a world-renowned university with a global reach and values that mirror ours. This new route supports our efforts to increase inclusion and opportunity in the accountancy profession, and to bridge the accountancy skills gap that exists in many countries.

Sounds great – what are my next steps?

Simply visit our website and register your interest. We’ll send you more information and get in touch when registration opens in December.

To summarise, this BSc programme gives students the best of both worlds – gaining both credentials simultaneously to improve their career prospects in global accountancy.

We’re looking forward to helping develop the next generation of qualified professionals who can meet the evolving demands of the business world. So what are you waiting for? Find out more here

• Alan Hatfield is executive director of content, quality and innovation at ACCA

‘We have a longstanding commitment to innovating the way we provide accessible, quality, distance education to students around the world. This includes providing courses that allow students to choose the best learning experience to suit them and their needs, whether professional or academic.’

Dr Sky Zheng, Executive Director of University of London Worldwide

Fit for the future

The future of finance has arrived with the latest CIMA CGMA professional qualification upgrade, say CIMA’s Daniel Prendergast and Colin Ward

To succeed in a digitally enabled business world, finance professionals must not only possess sound technical accounting and finance skills but also be able to combine them with critical thinking, technology and high-performance business partnering skills. This is the future of finance.

The good news? The CIMA CGMA professional qualification has been upgraded to help finance professionals do just that.

Even better, we’re introducing skills most in demand by employers earlier in your learning journey – without increasing the difficulty of the exams. Our commitment is to continuously evolve the syllabus, keeping you aligned with the latest professional standards and business practices.

And there’s no need to worry about disruptive changes. As we roll out the 2026 syllabus or future upgrades you won’t be required to take additional modules or meet tight deadlines to complete your qualification.

So why the upgrade?

Just five years ago, most finance teams operated within a traditional pyramid structure: a broad base of entry-level roles narrowing toward senior leadership positions like Finance Director or CFO. But in 2019, our landmark ‘Future of Finance: Reinventing finance for a digital world’ report predicted a technology driven shift that would fundamentally reshape this model.

What we didn’t fully anticipate was the speed of this transformation.

Today, many accounting and finance programmes remain geared to developing skills for outdated finance structures

Fast forward to 2024. The world has changed – and so has the finance profession. Our follow-up global report, ‘Future of Finance 2.0: Re-defining finance for a sustainable world’, published last year, confirmed that transformation is well under way. Many finance functions are already leveraging AI to automate routine tasks, freeing up time for professionals

to focus on higher-value activities like problem solving, analysis, decision support and strategic recommendations.

This evolution made the mission for the upgraded Chartered Global Management Accountant Professional Qualification clear: to accelerate the development of high-performing finance business partners. That means embedding critical thinking skills earlier in the learning journey and expanding the syllabus to cover areas such as sustainability and generative AI (GenAI).

The upgraded CGMA professional qualification syllabus enables students to develop critical thinking skills from day 1

Developed by finance professionals for finance professionals, the CGMA qualification equips learners with the knowledge and capabilities to drive strategy, support decision-making and deliver value across both private and public sectors. It opens doors to countless career opportunities for CGMA designation holders.

In this new era, finance is no longer just about reporting the numbers –it’s about shaping the future. Finance roles are being refined to meet the future demands of business and economies. Finance professionals need to be equipped with the right technical and critical thinking skills, a strong understanding of their organisation, and the ability to analyse, assess, influence and lead. They must be capable of providing the insights their organisations need to craft and successfully execute their strategies.

Accelerating capabilities

The CGMA qualification consists of three levels – Operational, Management and Strategic levels – culminating in a Case Study business simulation exam. The syllabus is a blend of accounting, finance and management content. It covers areas such as strategy, performance and financial management, resource allocation, corporate reporting, risk management and sustainability. The qualification prepares individuals for diverse roles and levels across various sectors, including careers in finance, marketing, IT, operations, sustainability and business management.

To keep pace with the rapid transformation of business, the 2026 upgrade to the CGMA professional qualification introduces a bold new professional educational approach to developing the skills modern finance professionals need.

We’ve moved beyond the traditional, linear model of learning. Instead, we’ve adopted a ‘spiral’ curriculum – a dynamic framework that builds and reinforces interrelated skills at every stage of the qualification. This means students don’t simply accumulate knowledge level by level; they revisit and deepen their ability to solve increasingly complex business problems and add value as they progress.

From day one, learners begin developing critical thinking, problemsolving and communication skills, no longer waiting until the final stages of their qualification. The result? They’re equipped to tackle real-world business challenges early in their journey and deliver meaningful value to their employers from the outset.

What does this mean in practice?

At the heart of the 2026 CGMA syllabus upgrade is a shift in focus, from simply acquiring knowledge to demonstrating real-world competencies. The syllabus is now structured around the roles and responsibilities found in today’s modern finance functions, ensuring that what students learn directly aligns with what employers need.

In a world where information is readily accessible, technical knowledge alone is no longer a differentiator. What sets finance professionals apart

is their ability to apply that knowledge – accurately, effectively and strategically. This is where true professional value is created. Today’s finance leaders must become ‘T-shaped professionals’ – combining deep technical expertise with a broad set of complementary skills such as communication, collaboration and critical thinking.

The T-shaped finance professional

One of the most powerful tools in this transformation is our Case Study exams. These are not theoretical exercises; they’re grounded in real-world job roles and responsibilities across all levels of an organisation. Students are challenged to solve business problems, starting with well-defined scenarios at the Operational level and progressing to increasingly complex and ambiguous challenges at the Management and Strategic levels.

We’ve redrawn the CGMA qualification to reflect the changing roles of finance professionals

Through this problem-based learning approach, students develop essential skills like critical thinking, decision making and finance business partnering. They learn to solve problems through practical simulations, preparing them to deliver value from day one, and to grow into the strategic finance leaders of tomorrow.

What will you learn?

For those unfamiliar with it, the CGMA syllabus consists of three levels, compromising of nine subjects organised across three pillars.

These levels provide a scaffolded approach to qualification progression, building students’ knowledge and technical skills as they advance. Each level introduces increasingly complex problems and scenarios, helping students develop the power skills necessary for professional success.

This structure aligns learning and Case Study business simulation exams at the Operational, Management and Strategic levels to roles that reflect the shape and evolution of the modern finance function.

The Operational level focuses on the short term and the implementation of decisions. Students learn to work collaboratively across the organisation and use relevant data and technology to translate medium-term decisions into actionable short-term plans.

The Management level focuses on translating long-term decisions into medium-term plans. Students develop the ability to manage performance, allocate resources, monitor and report on decision implementation, and prepare and interpret financial statements to evaluate performance, using data and relevant technology throughout.

Students develop the ability to manage performance, allocate resources, monitor and report on decision implementation, and prepare and interpret financial statements to evaluate performance, using data and relevant technology throughout.

The Strategic level focuses on long-term strategic decision-making that drives value creation. Students will be able to support organisational leaders to craft strategy, source financing to implement the strategy, perform valuations, and manage the risks that might prevent the successful implementation of strategy.

The three pillars represent specific areas of knowledge. The content of each pillar develops as students move up the qualification. The three pillars are interlinked to provide a coherent body of knowledge that will equip successful students with the competencies they require.

The Enterprise pillar: Focuses on the role of the finance function and its interaction with the wider organisation through the use of data and technology. It explores business models, as well as the management of people and projects to achieve organisational goals. The pillar also addresses the formulation and effective implementation of strategy.

The Performance pillar: This applies the tools and techniques of management accounting and risk management assess the feasibility of strategy and monitor its execution. Students learn how to apply cost understanding to budgeting, pricing, capital expenditure decisions, cost control, and performance management. Digital costing is introduced alongside traditional costing techniques and cost management is expanded to reflect its growing importance in an increasingly competitive environment for organisations. Students also progressively develop the ability to identify, classify, and evaluate risk, including enterprise, strategic, and cyber risks and manage them primarily through internal controls.

The Financial pillar: This puts the focus on the financial accounting and reporting obligations of the organisation. This includes an understanding of the regulatory framework and external reporting requirements, including integrated reporting. The ability to construct and evaluate complex financial statements, including those relating to group accounts to show the financial position and performance of an organisation is essential. The pillar also includes principles of taxation, the tax implications of financing decisions, and the formulation of financial strategy linking to strategy development in the Enterprise Pillar and risk assessment in the Performance Pillar.

Each pillar’s subjects follow a structured learning path from Operational to Strategic level, ensuring a continuous and practical development of knowledge, tools, and capabilities aligned with the evolving demands of the finance profession.

What’s new for 2026?

Starting with the May 2026 Case Study exams, the CGMA qualification has been enhanced to reflect the evolving demands of the finance profession,

with a stronger emphasis on sustainability and technology.

Key updates include:

Expanded sustainability content: All subjects now feature extended coverage of sustainability topics, such as environmental costing, green financing, and the latest IFRS Sustainability Disclosure Standards (S1 and S2).

Enhanced technology focus: Building on existing tech content, the syllabus now incorporates GenAI and explores how AI-driven transformation is redefining working practices across finance functions. Evolved Case Study exams: The Case Study business simulation exams have been updated to reflect real-world challenges, including current and emerging issues particularly those related to sustainable business practices. These simulations are designed to assess students’ ability to apply their knowledge in dynamic, practical scenarios that mirror the complexities of modern finance roles.

To help students and educators navigate these changes, we’ve provided a summary table below outlining the key enhancements and clarifying what’s expected at each level of assessment.

Case Study exams content updates from May 2026

Flexible routes

At CIMA, we’re not only leading the future of finance through our upgraded CGMA syllabus, we’re also reimagining how students can become CGMA designation holders. Today, there are four flexible routes, each designed to suit different learning styles, career stages, and levels of experience:

1. Traditional exam route

This well-established path combines structured objective tests with Case Study exams, allowing students to progress at their own pace. It’s ideal for those who prefer a self-directed, exam-focused approach.

2. CGMA Finance Leadership Program

Launched in the UK in 2023, this offers a digital-first, subscriptionbased learning experience. It features continuous assessment and Case Study exams, making it perfect for learners who thrive in a more flexible, interactive environment.

3. Experiential routes for experienced professionals

For seasoned finance professionals, we offer tailored pathways through the Professional Gateway, Senior Executive and CFO Programmes. These routes recognise prior experience and focus on completing Case Study exams to earn the CGMA designation.

4. Apprenticeship pathways

We also support Level 4 and Level 7 Apprenticeships, delivered in partnership with employers and training providers. These programmes allow students to earn while they learn, gaining practical experience on their journey to becoming Chartered Global Management Accountants.

CGMA is the future

Since its founding in 1919, CIMA has been at the forefront of advancing management accounting. With its singular focus on finance and business, the CGMA professional qualification continues to prepare future-ready professionals to meet the challenges and opportunities of a rapidly evolving financial landscape.

• Daniel Prendergast, Technical Director – Professional Qualification and Colin Ward, Associate Director – Professional Qualification Design & Development at CIMA

Why I chose public finance – and why you should too

CIPFA President Carol Culley (pictured) shares what makes a career in public finance so rewarding – and why the sector needs the next generation now more than ever

As my time as CIPFA President comes to an end I’ve been reflecting on what first drew me to public finance – and why I’m still as passionate about it today. For anyone considering their career options I want to share why I believe public finance – and CIPFA – is the right choice.

I’ve always been driven by the idea that finance isn’t just about numbers; it’s about people. In public finance every decision you make affects lives. Whether it’s funding frontline healthcare, supporting social care or maintaining essential services, your work matters.

Right now, public services face huge pressures. We need skilled, committed finance professionals who want to make a difference. Choosing this career means doing work with purpose: helping to build a fairer, more sustainable future.

Why CIPFA?

When I was starting out I wanted to be part of something that truly understood public finance. That’s why I chose CIPFA. It’s still the only professional body dedicated solely to this field,

offering members the technical skills, values and insight needed to lead in today’s complex financial environment.

For students and early-career professionals, the CIPFA qualification opens up a world of opportunities – in local or central government, charities, audit bodies and even international organisations. But more than that, it builds your leadership skills, strengthens your ethical mindset and prepares you to solve real-world problems.

A career that keeps on giving

The CIPFA qualification has supported me

through a rewarding and varied career. I began in social care finance, progressed into corporate finance, and took on major roles including work on devolution, serving as Section 151 Officer for Manchester, acting as a government-appointed Commissioner – and now as the CFO of the largest local authority in Europe.

I’ve embraced opportunities to stay involved with CIPFA throughout my journey, and that connection has been a key part of my progression. It hasn’t always been easy, but it has always been worth it.

Fairer and greener finance

Throughout my presidency I’ve focused on issues like diversity and inclusion, because our profession should reflect the communities we serve. I’m proud that CIPFA continues to lead in this space, creating a more welcoming and representative profession.

Sustainability is another critical priority. Finance professionals have a huge role to play in tackling climate change. CIPFA is at the forefront, helping members make greener, more informed decisions that support long-term resilience.

Your future starts here

As I prepare to hand over to my successor, Sir Mark Lowcock, I do so with real optimism. The next generation of public finance professionals will shape the future – and we need you. If you’re looking for a career with impact, purpose and growth, this is the place to be. And if you want to lead in the sector, there’s no better partner than CIPFA.

Green goals or red tape?

How effectively are we measuring and reporting our sustainability impact, asks Amit Verma

As the global focus on climate action intensifies, sustainability reporting in the public sector remains no exception.

The International Public Sector Accounting Standards Board (IPSASB) released an exposure draft on Climate-Related Disclosures Standards in October 2024. This initiative aims to gather feedback from public sector stakeholders on how sustainability reporting should evolve.

In response, the CIPFA and the ICAEW collaborated on a joint consultation response submission in February 2025.

Our response, which was informed by extensive discussions with stakeholders –

including the CIPFA Sustainability Forum, ICAEW Sustainability Group, HM Treasury and the National Audit Office (NAO) – outlined key considerations and potential challenges for implementing the proposed standard.

However, as IPSASB refines the standard ahead of its final release, questions remain: will it offer public sector bodies a viable framework for sustainability reporting, or will it become yet another compliance burden on an already overstretched sector?

Are we ready?

Sustainable efforts to reduce greenhouse gas

(GHG) emissions and achieve Net Zero are no longer just a private sector issue – public sector organisations at both central and regional levels are leading climate initiatives and integrating sustainability into their policy and operations.

The urgency of this transition is underscored by the latest UN Emissions Gap Report, which warns that without immediate action, global temperatures could exceed 3°C, far surpassing the 1.5°C target. This unsustainable scenario presents significant environmental and socio-economic risks for present and future generations, reinforcing the need for robust and immediate collective action.

To meet global emissions targets, governments must not only strengthen regulations to reduce GHG emissions but also implement comprehensive and transparent sustainability reporting.

The fine print

The CIPFA-ICAEW response to the exposure draft highlighted six critical areas for further debate:

1. Public policy programmes

2. Climate-related public policy

3. Materiality

4. Timeliness and data collection

5. Existing frameworks

6. Judgements and estimates

While CIPFA and ICAEW welcomed IPSASB efforts to develop a Sustainability Reporting Standard at pace, we also cautioned against rushing the process. Namely, we need to address the numerous challenges that public sector organisations already face. Limiting sustainability reporting to climate-related policies alone risks being too narrow and may lead to accusations

of ‘greenwashing’. We also proposed a ‘phased approach’ – such as the Taskforce for Climate Related Financial Disclosures (TCFD) in the UK.

Our response also raises vital points surrounding the challenges of adopting a universal standard across different jurisdictions and frameworks. We also stress the need for greater clarity on data collection and benchmarking to support judgements, clarifying data collection guidelines and addressing the lack of benchmarks to support judgements.

Progress or paperwork?

IPSASB’s ongoing initiative to create and implement a climate related standard mark an important step toward integrating sustainability into public sector financial reporting.

However, CIPFA and ICAEW stress that the effectiveness of the new standard should be continuously assessed as part of IPSASB’s postimplementation review pipeline.

Moreover, given the resource constraints faced by smaller public sector entities, IPSASB must consider the significant challenges faced by smaller organisations and bodies to both comply with a standard and verify information provided as part of their reporting process. Robust assurance and audit processes must also be strengthened to enhance data reliability, given the complexity and subjectivity of sustainability disclosures.

• Amit Verma, CIPFA Sustainability Policy Manager

ACCA June exam feedback

So, how did June sitters cope with what the examiners threw at them? Here’s some of the feedback from those who actually sat the papers

Audit & Assurance (AA)

Some sitters struggled with section A, with one PQ saying they really weren’t sure how they did, so were praying for the magical 50%.

Other sitters agreed that section A was all a bit tricky. Some said it was ‘horrible’ and others claimed it was just ‘plain weird’.

In the Open Tuition Instant Poll 12% of respondents felt the exam was ‘easy’, 41% said it was ‘OK’ and 41% said it was ‘hard’. That left just 6% of sitters having a ‘disaster’.

Advance Audit & Assurance (AAA)

It was ‘OK’ was one comment, although this particular PQ did come away feeling disappointed. Another sitter thought the questions were pretty straightforward, with yet another saying their paper was ‘quite doable’. The worry was that the questions didn’t give you lots of extra stuff to include from the scenario so some felt like they were repeating themselves.

In the Open Tuition Instant Poll some 44% of sitters said the exam was ‘OK’, 41% found it ‘hard’ and 12% had a ‘disaster’.

Taxation (TX)

‘OK’ is how one sitter described the exam.

Section A was deemed ‘tough’, when compared with the mocks, and section C was described by one sitter as ‘weird’ – repetitive and odd by others.

In the Open Tuition Instant Poll not one sitter ticked the ‘easy’ box. Some 43% felt the exam was ‘OK’, 42% said it was ‘hard’ and 15% had a ‘disaster’.

Strategic Business Leadership (SBL)

There was a very mixed bag of comments for this exam.

One sitter said: “What a trash paper ACCA. I mean truly now why would you give only a few people the hardest paper in history and allocate 38 flippin’ marks to one single question on change and intrapreneurship. Really unfair! I am praying to my Gods and ancestors I’ve passed.”

Then the very next comment was: “I thought the paper was fair.”

Many hated the intrapreneurship and change of culture question. Others were simply stumped by it.

In the Open Tuition Instant Poll some 56% of sitters said the exam was ‘OK’, another 31% felt it was ‘hard’ and 9% had a ‘disaster’.

Performance Management (PM)

Many sitters took the A-C-B approach to sitting this one, which seemed to work.

In the Open Tuition Instant Poll June’s exam was a ‘disaster’ for 8% of voters, with 39% saying it was ‘hard’ and 48% feeling it was ‘OK’.

Advance Taxation (ATX)

While the exam wasn’t horrendous many students felt overwhelmed with the information thrown at

them. As one PQ said; “I don’t know how one can manage to get the task done.” Then the stress takes its toll!

Those who got the sole trader question were happy, although they found the other questions trickier.

In the Open Tuition Instant Poll 47% said the exam was ‘OK’, with a further 33% saying it was ‘hard’. A sizeable 17% had a ‘disaster’ this time around.

Advance Performance Management (APM)

Overall, many found this ‘a pretty tough’ exam. However, some PQs said they were ‘pleasantly surprised’, with one even saying: “The exam questions were nice!”

Some sitters were surprised by benchmarking, which they found challenging. As one PQ said: “I didn’t even know there was different types of benchmarking!”

Time was an issue, too. “I could have done better with an extra 10 minutes,” explained one sitter.

In the Open Tuition Instant Poll some 50% of sitters ticked the ‘OK’ box. Another 30% said the exam was ‘hard’ and 15.5% had a ‘disaster’.

Strategic Business Reporting (SBR)

“There wasn’t anything I had no idea about, which is a positive,” said one sitter. Another said: “Awful exam apart from Q2. They managed to pick the worst parts of the syllabus for me. There is a chance I’ve scrapped 50%, but will be down to generous marking.”

Others said they struggled with time management: “The 3 hrs 15 min isn’t enough time to properly think and write an answer that

seems worthy of a pass.”

In the Open Tuition Instant Poll, a whopping 21% felt they had had a ‘disaster’ of a sitting. Another 34% said the exam was ‘hard’, while some 38% said the exam was ‘OK’.

Financial Reporting (FR)

Not a lot of comments out there for this one.

In the Open Tuition Instant Poll 13% of sitters said it was a ‘disaster’ and 42% said it was ‘hard’. That left 37% saying it was ‘OK’ and 8% claiming it was ‘easy’.

Financial Management (FM)

June’s exam was “way too difficult”, according to one sitter. Another PQ was annoyed by section B and the questions on bond valuation, FX rates – and the rest!

In the Open Tuition Instant Poll just under a third (30%) of sitters said the exam was ‘OK’. For 53% is was a ‘hard’ test and for another 12% the June sitting was a ‘disaster’.

Advanced Financial Management (AFM)

‘Brutal’ was in more than one description of this exam! Sitters struggled with what they described as the chaotic nature of the NPV question. This was a challenging paper for many.

Time is always an issue in this exam and June was no different, as one student explained: “Time is never on my side”.

In the Open Tuition Instant Poll just 25% of sitters said the exam was ‘OK’, with less than 1% saying it was easy. A whopping 40% said the exam was a ‘disaster’ and another 34% felt it was ‘hard’.

Heels and hustle: the rise of women in accounting

Disha Chhugani celebrates the fact that women are making strong progress in the accountancy profession – although there’s still work to be done

Once upon a spreadsheet, the accounting world was as grey as the suits that filled the boardroom. But times have changed – in 2025 the story of finance is being told in full colour, with women not just present but pivotal.

According to the ICAEW, over 44% of its global membership is now female, and that number rises to 52% for new student joiners. Even your Chartered Accountant Student Society of London is comprised of 40% female directors. In other words: the future of accountancy has a new look – and it’s refreshingly balanced.

But let’s be clear. This isn’t just a numbers game. Women in the profession are bringing more than qualifications to the table – they’re reshaping leadership, communication and trust in the financial statements. And they’re doing it while juggling exam stress, client calls and the occasional quarter-life crisis over coffee.

Take Sharron Gunn, who was ICAEW’s Chief Operating Officer and a long-standing advocate for women in finance. She’s spoken openly about the challenges women face on the path to partnership and beyond, especially when balancing career progression with real life.

And Hemione Hudson, a former UK Head of Audit at PwC UK and now the Chair and CEO of PwC China, made partner in her early 30s and has since been a vocal champion of inclusive leadership and mentoring young women in the firm. These aren’t just impressive CVs – they’re roadmaps for the rest of us.

And it’s not just those at the top. Across the UK, part qualified ACA students (like you)

are navigating complex audit files, learning to interpret IFRSs, and figuring out how to make their voices heard in a team meeting dominated by louder colleagues. It’s a journey. One that requires resilience, a good support network and FSLIs that miraculously don’t come into scope before a deadline.

Still, there are hurdles. While women are entering the profession in strong numbers, only 23% of equity partners in the UK’s top 50 accountancy firms are female, according to Accountancy Age. The ‘pipeline’ may be flowing, but the glass ceiling? Still in need of a good smashing.

But here’s the good news: that ceiling is

showing cracks – and you might be the one to break through. The move toward inclusive leadership, flexible work and ESG-focused strategy is creating a landscape where skills like empathy, collaboration and critical thinking are valued alongside technical knowledge. And these are areas where women are excelling.

If you’re sitting in the office wondering whether anyone noticed your last contribution – yes, they did. If you’re quietly asking yourself whether you’re ‘good enough’ to become a partner someday – yes, you are. Confidence might lag behind competence, but the gap is closing.

And if you're looking to find your people?

The Chartered Accountant Student Society of London is proud to be 40% female-led – and we’re just getting started. Come along to our events, connect with like-minded women, and be part of a community that celebrates ambition, supports growth and knows exactly what it means to hustle in heels (or trainers). You’re welcome here.

So to every ACA trainee who’s studying for exams while working full time, to every woman who’s trying to be heard without being labelled ‘bossy’, and to everyone pushing quietly but fiercely toward the next level: keep going. The profession needs you. Not just to balance the books, but to lead the way forward.

The future of accounting isn’t just compliant, it’s confident, collaborative and probably carries a tote bag with six highlighters and a snack. And it looks a lot like you.

• Disha Chhugani, Mentorship & Professional Development Director, CASSL

The accounting equation explained

Karen Groves (pictured) explains a subject area that all AAT studiers really need to be on top of

Double entry bookkeeping starts from what is known as the accounting equation. For each business transaction there will be two financial effects, known as the dual effect principle.

For accounting purposes, the business owner is separate from the business itself, which is known as the separate entity principle. If the owner invests money into the business, this is shown as capital introduced and then becomes a liability for the business, as the business then owes the owner the money.

The accounting equation shows how the money invested by the owner/s will equal the assets of the business. For example, the business owner may borrow some money to set up a new business, which is referred to as a liability, and can be shown as:

ASSETS = LIABILITIES + CAPITAL

The equation can also be re-arranged as follows: ASSETS - LIABILITIES = CAPITAL

Example

The owner of the business has invested £6,000 of their own money and paid this into the business bank account. The equation would show:

ASSETS (BANK) £6,000 = CAPITAL £6,000

If the owner then borrowed £2,000 for a business loan, which was paid into the bank, the equation would show:

ASSETS (BANK) £8,000 - LIABILITY (LOAN)

£2,000 = CAPITAL £6,000

The above shows that the equation will always balance, and assets must equal liabilities.

Profit will also increase the owner’s capital account and any drawings the owner takes, will

reduce this. The equation can be shown as:

ASSETS - LIABILITIES = CAPITAL + PROFITDRAWINGS

What are assets, liabilities, capital and drawings?

Assets are owned and controlled by the business and can include:

• Plant and machinery

• Delivery vehicles

• Inventory

• Cash and Bank balance (if bank positive)

• Receivables (money owed by customers)

Liabilities are owed by the business and can include:

• Loans

• Payables (money owed to suppliers)

• Liabilities owed for VAT or tax.

• Bank balance (if overdrawn)

Capital can relate to money or assets invested by the business owner. These can include cash, vehicles, office equipment and so on. The amount is owed back to the business owner and therefore is a liability of the business. Drawings are money or goods taken from the business by the owner for their own use.

Test your knowledge

Identify if the following items are assets or liabilities:

premises

equipment

balance (overdrawn)

• Karen Groves is an AAT tutor and Faculty Director of Accounting at e-Careers

AAT Distance Learning AAT Distance Learning

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With AAT Distance Learning Training Provider of the Year awards in 2024 and 2025, it has been an outstanding year for the team.

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Award winning learning resources including printed books, eBooks & e-learning, videos and quizzes.

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Is ‘struggle’ a catalyst for long-term success?

Nasheen Wuisman explains how you can turn the negatives you are bound to encounter in your studies into positive outcomes

Ioften hear candidates talking about how they’re struggling to progress through their CGMA study journey. I know that studying for your CGMA professional qualification can be demanding, but I’d like us to stop and consider the word ‘struggle’ in the context of working towards your goals.

Adding study into the mix of life can feel like a bind. Moments of feeling overwhelmed can feel more frequent, and cracks can start to show – but they don’t last. In fact, when those cracks begin to heal they make you stronger than before.

So, let’s change our mindset on the word ‘struggle’ and turn it into what it really is... it’s simply the moment right before you succeed.

Struggle leads to self-awareness

Many of life’s success stories come from moments of struggle. It shows you’re working hard for what you believe in. It shows you value the work and investment that’s needed to go into your study journey, and you’re ready to make the necessary efforts.

Life, however, is busy. As the days go by, we do more, we take on more responsibility in all aspects. The more we do, the more we start to feel a mental and physical fatigue and all of a sudden, we feel it – the struggle.

As a result, we tend to focus on what we’re not doing and what we’re not achieving, rather than recognising all the small successes we’ve had along the way.

Extra adversities aside, struggle shows you’re overcoming obstacles, facing challenges head on, and learning from setbacks. Yes, this can take its toll on your emotions, but just under that surface you’re one step closer to your goal. Even if you didn’t pass that last exam you now have more technical knowledge than you ever did before. And, if not, then you at least have more awareness of what you need to do to prepare for your next attempt.

Struggle leads to perseverance

With a little guidance and a few strategies, such as structured study habits, mindfulness, support networks and self-care – we can focus on that tenacity that led you to the decision to pursue your CGMA designation.

Let’s look at some of the ways candidates have described their struggles and ways to overcome them:

Time pressures: Juggling work, study and personal life. You need a plan. This will help you organise deadlines, prioritise tasks and identify what you need to make time for. It will help relieve your mental overload, as you no longer have to use your brain as your sole organiser.

Fear of failure: The stakes feel high. It shows how much this means to you, and that’s exactly what you need to focus on: your goal, and the difference it’s going to make to your life. Visualise your success, it will give you the determination to succeed.

Isolation: Studying independently or remotely can feel lonely. But there are simple, effective ways to mix things up. Following a CGMA support group on social media, where your peers are on the same journey, can be very fulfilling. It reminds you that you’re not alone, that your challenges are common and therefore to be expected. Others will support you and you can support them, which can be very uplifting.

Mental and physical fatigue: We’ve mentioned the sheer lack of time, leading to having to study when you are tired. The last thing we often make time for is self-care. This care can come from the smallest gestures. Sitting outside for a short while, reading an affirmation or an article that validates your emotions and allows you to see that you are doing a great job at life.

Struggle can bring success

Shifting your mindset around struggle can change how you perceive challenges. Stress isn’t always negative; it often signals growth and commitment. A moment of exhaustion or frustration doesn’t indicate defeat; rather, it’s evidence of hard work and effort. Self-doubt is

normal, but persistence is what drives results. Reaching out to peers, mentors, and professional networks can help alleviate the pressure. Connecting with fellow CGMA candidates and discussing common challenges is key. No one succeeds alone, and reaching out for help is a sign of strength.

Don’t be afraid to take longer breaks. Giving your mind a break is just as important as studying itself. When your mind becomes overloaded your productivity declines and frustration rises. Take a walk, go to the gym, have a day out – just get out of your head and do something completely different. Taking time out can prevent burnout and allows for a fresh perspective, ensuring your studying remains effective rather than draining.

Never struggle alone

If life’s challenges do get too overwhelming and you need further support our global wellbeing support service is available to both our candidates and members. Don’t hesitate to reach out, help is always available.

Struggles don’t last forever. They shape you, strengthen you, and prepare you for the success that lies ahead. The moments before achievement often feel the hardest but they’re also the ones that define you the most.

Keep going. You’re closer than you think.

• Nasheen Wuisman, Senior Manager – Global Academic Progression at CIMA

The easy way to clean £1m

AML expert Richard Simms explains how he’d launder £1 million – and how you’d help him do it…

If I wanted to launder £1 million I wouldn’t need suitcases of cash or encrypted messages. I wouldn’t need to bribe anyone. Instead, I’d find a regular accountant. Someone well-respected, with a growing practice, a busy client list and a reputation for being efficient and reliable.

Not a criminal. Not corrupt. Just someone who sees themselves as a financial expert, not a fraud investigator. And before you even realised what was happening you’d help me clean my dirty money, without realising you’re breaking a single rule.

Step one: Finding the right accountant

The first move is finding an accountant. Not a dodgy operator, but a legitimate, regulated professional running a modest practice. I don’t need an accountant who’s willing to commit fraud. I don’t need someone who bends the rules. I just need someone who doesn’t ask too many questions. The perfect accountant is:

• Busy – so overloaded with clients that you don’t have time to scrutinise mine.

• Growth-focused – keen to take on fast-growing businesses.

• Trusting – someone who assumes that if a business looks legitimate, it is legitimate. These accountants are less likely to scrutinize every detail if the story holds up. I’d approach them as a new client, spinning a believable tale: I’m a small business owner with a steady, growing turnover. Nothing flashy, nothing suspicious. Just another name on your roster. And, just like that, I’d be inside your practice.

Step two: Getting my dirty money into the system

A good launderer doesn’t deal in flashy businesses. That’s how you get caught. I wouldn’t deal in luxury cars or high-end property. They raise red flags. Instead, I’d set up something deliberately unmemorable, like ‘Peak Consulting Ltd’, and list its purpose as “business consultancy services”. It’s vague enough to avoid questions and common enough to blend in.

I’d use a virtual office address – perfectly legal and widely available for a small fee – to give it a physical presence. My accountant would help file the incorporation documents, oblivious to the fact that this entity has no staff, no office and no real operations. It’s a shell, built to funnel money. Then, I’d start invoicing.

I’d send out consultancy invoices – £25,000 here, £10,000 there. Broad descriptions. No deliverables. No actual work. You’d see these payments and never think twice. What you wouldn’t see?

• The companies paying me don’t actually exist – they’re just other shell companies I control.

• The invoices I issue are for services never rendered – research, advisory, strategic planning.

• The money I receive is dirty – it’s criminal proceeds. But once it’s in my business it looks like legitimate revenue.

You would log these payments as legitimate income, prepare the books and file the tax returns. To you, it’s just another client’s revenue stream.

Step three: Using your trust

Here’s where your regulated status becomes an asset. As an accountant you’re a gatekeeper in the financial system. When you sign off my accounts or submit filings to HMRC it carries weight. Banks, regulators, and even law enforcement see that professional stamp and assume correct due diligence has been done.

I’d exploit that trust, keeping my transactions plausible but not perfect – enough to avoid a second glance. If the accountant ever asks questions I’d have a polished excuse ready: overseas clients, complex projects or a sudden spike in demand. Most likely you’d nod and move on, especially if I’m polite, prompt with payments and don’t rock the boat. Your credibility becomes my shield.

Step four: Making my money untraceable

The trick isn’t getting the money into the system – it’s making sure no one can trace it back to its origins. So I’d move the money around.

• Inter-company loans – shuffling cash between different businesses under the guise of ‘financing’.

• Rotating transactions – sending payments through multiple bank accounts to muddy the audit trail.

• Fake consultancy agreements – justifying large money transfers with vague invoices.

The more steps I add, the harder it becomes for anyone – police, banks, auditors – to connect the dots.

You’d be the one making it all look legitimate. You’d help structure my business. You’d optimise

tax efficiency. You’d ensure everything is filed correctly with HMRC. To you, it’s just good financial management. To me it’s the perfect cover-up.

Step five: Enjoying my ‘legitimate’ wealth

By now my money is fully integrated into the financial system. It no longer looks like the proceeds of crime. The final step is extracting the money, now scrubbed of its origins. I could pay myself a modest director’s salary, nothing extravagant, or declare dividends from my ‘profitable’ shell company. Alternatively:

• I can buy property – invest in real estate with money that’s technically ‘earned’.

• I can expand my business empire, using my clean cash to acquire new companies.

• I can even become a respected entrepreneur, speaking at business events about my ‘success’.

By the time the £1 million lands in my personal account, a trust or an offshore holding, it’s been cycled through enough legitimate channels to look pristine. You’ll remain none the wiser, pleased with a client who keeps the invoices flowing.

Why this works: the human factor

This isn’t a glamorous crime. It’s a quiet, calculated one. It works because it exploits the human element in regulated businesses. Accountants, like any professional, can be overworked, under-resourced or simply too trusting.

Anti-money laundering (AML) regulations are robust on paper, but their effectiveness hinges on execution. I’d bank on many accountants missing the signs. Not out of malice, but out of routine. A busy practice might not have the time to dig into every client’s story, especially if it’s packaged neatly. And that’s the kicker: I don’t

need them complicit, just compliant.

The investigation: when it all falls apart Here’s the thing about money laundering: eventually, someone asks the right questions. Maybe it’s a bank compliance officer noticing unusual transactions. Maybe it’s an audit flagging unexplained revenue. Maybe it’s HMRC investigating one of my fake suppliers, which leads straight to my accounts.

And the first person they’ll question? You.

• “Did you conduct proper due diligence?”

• “Did you check the source of these funds?”

• “Did you report any suspicious activity?” If you miss the warning signs you’re liable. Not knowing isn’t a defence. Being too busy isn’t a defence. Being ‘just an accountant’ won’t protect you.

The uncomfortable truth

Let’s not sugar-coat it: this isn’t a hypothetical exercise. Variations of this happen daily, often under the noses of well-meaning professionals. The UK’s regulated sectors – accountants, lawyers, estate agents – are prime targets because their legitimacy is the perfect disguise. Criminals don’t need to break the system, they just need to bend it. As someone who understands compliance I know where the pressure points are: lax client onboarding, inconsistent checks or a reliance on the wrong tools. It’s not hard to launder £1 million – it’s just a matter of patience and knowing the playbook.

If I walked into your office tomorrow, with my generic business name, my vague invoices and my impressive financials, would you notice?

Or would you help me clean my money, sign off on my accounts, and become the perfect money launderer’s accountant?

How to stop me

The reality is stark: laundering money through a regulated business isn’t a challenge of skill. It’s a challenge of opportunity.

For AML regulated firms the message is clear: if I can see the gaps, so can the people who’d use them. This is not a criticism but to focus the minds of busy people. Every firm has bills to pay and books to balance. I’ve been in your shoes whilst working as an AML regulated accountant and licensed insolvency practitioner, along with

being the Money Laundering Reporting Officer (MLRO) of my own busy firm.

I understand that compliance can often be seen as necessary for purely hypothetical reasons. However, bridging the gap between AML compliance and real-world risk is the reality of what needs to be achieved. ‘Context’ is one of the most underused words in anti-money laundering; no one piece of information can be viewed on its own. So make sure your systems link information together and direct you to what’s missing, or what you’re missing.

Sacrificing compliance and taking risks to get a fee over the line is the road to nowhere or, even worse, to losing the ability to practice or ending up in prison.

This is where AMLCC steps in. It was originally built for purely selfish reasons as I wasn’t prepared to put my business, or my reputation, at risk because my team weren’t skilled to manage AML compliance and risk without considerable assistance.

We can’t eliminate human error, but we can equip professionals to spot it, that’s what AMLCC is all about.

• Richard Simms, Founder and Director of AMLCC

Richard’s career as a regulated professional and MLRO has given him first-hand experience of the complexities of AML compliance. It also means he’s uniquely positioned to guide businesses in meeting their AML regulatory requirements. Go to www.amlcc.com

Mark up and margin explained

Nick Craggs explains the difference between mark up and margin, and tests your knowledge with a few questions

Being a tight Yorkshire man, I am always looking to get as much ‘bang for my buck’ as possible. So I thought, what subject can I write about that will benefit as many people as possible? Suddenly, mark up and margin came to mind. This is tested as part of incomplete records at Level 3 AAT under Final Accounts Preparation, and finally at Level 4 under Drafting and Interpreting Financial Statements in relation to group accounting. Before we get into some numbers, which I am sure you are desperate to do, as all accounting students are, let’s look at the differences between mark up and margin. Before I do that, just remember that cost + profit = sales price and, conversely, sales price - profit = cost. Mark up is where we are using the cost of the product to calculate the profit that we want to make. Once we have calculated the profit, we add this to the cost price, and this is the amount that we will charge our customers. Say, for example, we had a product that costs us £200 to make, and we want to add a mark up of 30% on this. The profit that we will add on will be £200 x 30% = £60. Therefore, when we add the profit to the cost to come to a sales price of £260.

Whereas with margin we are using the sales price of the product to calculate the profit that we want to make. So, we will start with the sales price, deduct the profit that we are going to make and that will leave us with the cost of the profit. So let’s look at an example: if we sell a profit for £260 and we want to make a profit margin of 30%, we will have a profit of £260 x 30% = £78. We can then take this from the sales price to come to the cost of £182.

Note that in these examples we have the same profit percentage and the same sales price, but the profit and costs are different. DO NOT mix these up, you will get the answer wrong.

I know you are desperate for some numbers, but I will keep you a little longer. Let’s talk about the advantages and disadvantages of both.

With margin we are using the sales price to dictate the profit, so we will set the sales price and then calculate the profit. The advantage of this is that we can set a price that is competitive compared with our competitors. The downside of this is that the cost price is whatever we have left after we have deducted our profit, and this might not be enough to cover what it actually costs to produce your product – so you might be making

a loss.

With mark up we are adding the profit to the cost, so we will always be making a profit. The downside is that the price is whatever the cost plus the profit is, and it doesn’t take into account what your competitors are charging, so you might end up being a lot more expensive than your competitors.

At level 3 and 4 we might have to work some of the costs and or sales price backwards, which is a little trickier, but remember that the figure that we are starting with is always 100%. If we have a product that costs £80, and we have a profit margin of 20% of the sales price, we know that the cost must be 80% of the sales price. We can then work backwards to come to the sales price; if £80 is 80% of the sales price, we can divide by 80 to get 1% of the sales price, and then multiply by 100% to get 100% of the sales price. The calculation would be £80/80 x 100 = £100.

With margin the figure we start with is the cost, so the cost is 100%. Under mark up we would add a percentage to the cost to come to the sales price. If we have a mark up of 20% and we have a sales price of £100, the profit ISN’T £20. We have added the profit to the cost to come to the sales price, so the sales price is 120% of the cost. Then in our example we could divide the sales price 120 to get 1%, and then multiply by 100 to get the original cost price. The calculation would be £100 /120 x 100 = £83.

Questions

Why don’t you have a go at the following questions:

A) If a company has a product it sells for £720 that includes a mark up of 20% what is the cost of the product to make?

B) A company has a profit margin of 30% and sells a product for £800 what is cost of the product?

C) A product costs £300 to make and the company sell it with a profit margin of 40% on the sales price, what is the sales price

Answers

A) £600 calculated as £720 / 120 x 100

B) £560 if the margin is 30% of the sales price the cost must be 70% of the sales price

C) £500 calculated as £300 / 60 x 100

Remember if the margin is 40% the cost must be 60%.

• Nick Craggs, AAT distance learning director, First Intuition

LEADERS LEADERS

A question for Tom

Tom Clendon tackles another subject area students frequently struggle with – impairment losses

Question

How do you calculate and explain impairment losses?

Tom’s answer

Let me dive in straight away and show you what an impairment review calculation looks like.

The carrying value is the figure that the asset is recorded at in the financial statements before the impairment review.

The recoverable amount is an estimate of how much the entity can recover from the asset. This will be the higher of what the asset could be sold for (fair value less costs to sell) and the present value of net future cash flows that the asset would generate if it were kept (the value in use).

An impairment loss arises where the carrying value exceeds the recoverable amount.

Impairment losses must be recognised and the asset written down to its recoverable amount.

Example : impairment review

A company has an asset with a carrying amount of $800m. The asset has not been revalued. The asset is subject to an impairment review. The fair value less costs to sell is $600m and the estimate of the present value of the future cash flows to be generated by the asset if it were kept is $750m.

Required: Calculate the impairment loss and explain the accounting treatment.

Example : Impairment review

Solution to calculation of impairment

Solution to explaining the accounting treatment

An asset is impaired when its carrying amount (in this case $800m) exceeds the recoverable amount. The recoverable amount is the higher of the fair value less costs to sell and the value in use. In this case, the value in use of $750m is greater than the fair value less costs to sell of only $600m. To minimise losses, in this case the asset will be kept, and the recoverable amount is therefore $750m. This means the impairment loss is $50m.

As this asset has never been revalued, the loss is charged as an expense in PL. Impairment losses on assets that have been revalued are first charged to equity until the reserve relating to the revaluation gains of that asset is exhausted, and thereafter the impairment loss is charged as an PL expense.

The journal entry to record the impairment loss is as follows. $m

Dr PL expense

The additional expense will reduce the profit for the year and thus from the perspective of the statement of financial position the impairment loss reduces the retained earnings.

The impairment loss must be recorded so that the asset is written down to the recoverable amount. There is no accounting policy or choice about this. In the event that the recoverable amount had exceeded the carrying amount then there would be no impairment loss to recognise, and no accounting entry would arise.

Impairment losses are non-cash expenses, like depreciation, so in the cash flow statement they will be added back when reconciling operating profit to cash generated from operating activities.

Assets are generally subject to an impairment review only if there are indicators of impairment. Examples of circumstances that would trigger an impairment review include external sources such as a decline in market value, changes in technology and internal factors including physical damage to the asset or a worse economic performance than expected.

• Tom Clendon is a triple PQ award winning independent online tutor and podcaster who helps ACCA students pass the SBR exam. Go to www.tomclendon.co.uk or WhatsApp 07725 350793

Older accountants don’t

fear

AI

Silverfin’s Lisa Miles-Heal explains why older accountants are not just wiser – they are also more AI-savvy

Who’s really embracing AI tools in accounting? If your mind jumps to Gen Z coders and fresh grads, you’re not alone. We’re usually wired to expect tech adoption to begin with the youngest and ripple upward.

But the truth turns out to be quite different in the accounting industry. Our new research reveals that far from resisting AI like a rising tide, accountants aged 55 and over are adopting it faster than their younger colleagues. For client reporting and insight generation, just 16% of 18–24-year-olds report using AI. Among those aged 55-plus, that number jumps to 50%. When it comes to compliance, the divide is even greater — 39% versus 71%.

This trend challenges everything we think we know about adoption curves – 20-somethings first, 50-somethings last. They also stand in stark contrast to norms reported by Deloitte, which found that 62% of 16–34-year-olds have actively used AI, compared with only 14% of 55-75-year-olds. So why is this happening and what can the profession learn from it?

AI appetite of seasoned pros

For one, experience plays a major role. Seasoned professionals know first-hand just how much time gets eaten up by repetitive admin, reporting and compliance tasks. They’ve also had more time to see fads come and go, making their embrace of AI all the more meaningful and intentional. The opportunity to streamline tasks through automation isn’t just intriguing, it’s irresistible. Especially if this means they get to direct their efforts to more strategy-led work.

Another reason is senior staff are typically closest to conversations around recruitment strain and talent shortages. They’ve watched new entrants to the profession decline and they’re most likely to be in the meetings where the potential impact of recruitment challenges is discussed. Because of this, they are futureproofing the tasks that can be automated, not just for efficiency, but as a buffer against an increasingly sparse talent pipeline.

Finally, with economic uncertainty placing a premium on productivity and efficiency, business leaders are looking for ways to get the most out of every billable hour. UK accountancy firms

could reclaim nearly £48,000 in billable time per accountant each year by modernising outdated systems and processes, addressing mounting admin, and better harnessing technology to improve productivity. That’s no small gain, and senior accountants, tasked with navigating tight budgets and high expectations, are understandably leading the charge.

A missed opportunity?

While the trend among older accountants is encouraging, it also raises a red flag: are older accountants embracing AI at a faster rate because firms are limiting its use among younger, less experienced professionals?

In some firms, it’s possible AI usage is being deliberately kept out of junior hands until they’ve managed to fully prove themselves. Perhaps there’s hesitation around letting inexperienced staff handle unfamiliar tools, or concern that over-reliance on automation could stifle their skills development. These instincts are understandable, but risk becoming counterproductive.

If only senior employees are benefiting from time-saving tools, firms could be missing out on broader efficiency gains. AI doesn’t just belong in boardrooms, it should be embedded into the workflows of every team member, regardless of experience.

Another possibility is that younger professionals simply haven’t been given the training. If access to AI upskilling is patchy, it’s no surprise adoption is lagging. Many juniors may lack the confidence or technical know-how to explore AI without structured support. Closing this gap will mean firms need to ensure training is provided right across the organisation, and junior staff can also tap into streamlined working practices.

Everyone must feel benefit

Overall, accountants can take real encouragement from the fact their industry is bucking the trend on AI adoption – when the senior team lead from the front, it bodes well for the future competitiveness of the business. At the same time, leaders need to make sure that AI isn’t restricted for senior and client-facing tasks but withheld from automating line-of-business tasks, where the largest savings are to be had.

Fundamentally, the abilities AI offers aren’t a flashy sales tool – they’re a way to rebuild dayto-day workflow in a much more efficient way, freeing up staff at all levels to do their best work. These findings indicate a great foundation to build on; now firms need to ensure everyone is feeling the benefit.

•

Lisa Miles-Heal, CEO, Silverfin

Dear Karen

Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen

THE DILEMMA

I’ve started to occasionally use AI to support my work, but how can I take this to the next level to enhance my role even further?

KAREN’S RESPONSE

You’ve taken the first step by integrating AI into aspects of your role which is great, but being able to truly harness its potential is where the magic may happen. As it stands, less than a quarter (24%) of finance professionals use AI tools and a huge 87% haven’t received any AI training from their employer.

The key is to be proactive, especially if you feel your employer is falling short when it comes to providing support amidst these rapid advancements in technology. Start exploring free online resources including journals, webinars and forums to help you upskill. Look for certifications or short courses to structure your learning and ensure you’re headed in the right direction. Many platforms offer courses tailored to utilising AI within the finance industry. Even dedicating just one hour a week to improving your knowledge can boost your confidence, skills and credibility. When you learn something new that you implement into your role, whether it’s a time-saving automation or a data-driven insight, share it with your colleagues to show initiative and inspire your team.

Don’t forget the crucial human element to taking advantage of AI; your judgment, ethics and communication skills are what make its insights actionable. Strengthening your ability to interpret AI outputs and being able to explain them clearly to stakeholders will really set you apart.

• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person

Crossing the line for auditors

ICAEW has launched an educational drama that depicts the high-stakes worlds of football and tech to provide training to auditors

The ICAEW’s fourth training film, Crossing the Line, explores the themes of auditing and corporate governance through the lens of a fictional football club after it is bought by a tech CEO.

The 57-minute drama was shot in part at QPR’s Loftus Road, and written and produced by Duncan Wiggetts, ICAEW’s Chief Officer Professional Standards. It features actors William Ellis (EastEnders), Priya Davdra (EastEnders), Tim Plester (Game of Thrones, Wolf Hall, After Life) and Sacharissa Claxton (Silo, Broken Bird).

The storyline follows two teams of

In brief

Forvis Mazars has launched the Foris Mazars Foundation UK, an independent registered charity dedicated to improving social mobility across the UK.

The Foundation will support charities across the UK that work with young people aged up to 25, funded by an annual donation from the partnership of Forvis Mazars in the UK. Forvis Mazars will also support the charities through providing pro bono services and skills-based volunteering to add value to the funding provided by the Foundation.

James Gilbey, CEO at Forvis Mazars in the UK, said: “Forvis Mazars has always been committed to making a difference, and we are building on the legacy of 40 years of charitable giving

accountants as they conduct audits of listed software development company Xoltic and second-tier football club Scarbridge FC, after it was acquired by Xoltic’s CEO. As the story unfolds their paths collide in unexpected ways as the CEO wrestles with the limitations of financial fair play while trying to drive growth in a tough tech market.

Crossing the Line explores audit and corporate governance themes, including the disclosure of contingent liabilities, auditor independence, revenue recognition and external quality reviews,

while football fans will recognise issues such as image rights and contentious transfer deals.

‘All Too Familiar’, a film on antimoney laundering released by ICAEW in 2022, won three awards at the Association Excellence Awards and has been streamed over 44,000 times.

Deloitte UK creates hundreds of jobs

Deloitte has announced it is opening four technology delivery centres dedicated to providing leading-edge technology solutions for its UK clients.

The technology centres, part of Deloitte’s Technology & Transformation business, became operational from 1 June 2025 in Belfast, Cardiff, Manchester, and Newcastle.

The centres will initially bring together 750 of the firm’s existing highly skilled technologists to design, build and run technology solutions that address the evolving needs of UK businesses. This will include designing apps, cloud engineering and embedding AI into software, devices or systems

Pushing global talent away

The Government’s proposed overhaul of immigration rules could deter highly skilled professionals and entrepreneurs from choosing the UK, according to Azets.

The white paper, Restoring Control over the Immigration System, proposes sweeping changes including raising salary thresholds, tightening language requirements and doubling the timeline to qualify for settlement.

While the proposals aim to reduce net migration, advisers say they could have the unintended effect of weakening the UK’s competitive edge, particularly in sectors like tech, education and innovation, where international mobility is vital.

The PQ Book Club: books you should read

A Student’s Guide to Auditing Practice, by Lisa Weaver and Steve Collings (Oxford University Press, £54.99)

This weighty tome is billed as ‘the most practical text available on auditing’ – and it’s hard to disagree.

It was a wonderful surprise to receive such a ‘real book’ in the post from Steve Collings (and he signed it) – all 785 pages!

It is pointed out early on that audit is just a specific type of assurance engagement – but as Weaver and Collings show, there is so much more to it than that. In the preface they explain the auditing profession seems

very attractive to students, but they are shocked by how little these students seem to know about the profession they seem bent on joining. Students rarely understand the problems facing the profession or anything about those who are challenging how it operates.

The aim then of this book is to open students’ eyes, by explaining both the good and bad about auditing. The books also wants to bridge the gap between theory and practice and it does this extremely well.

You don’t have to wait long (page 3) until Weaver and Collings highlight FRC’s

sanctions on PwC while they discuss ‘misleading information’.

We loved the round-up, activity solutions and end of chapter case studies, and there are also lots of ‘auditing in practice’ examples scattered throughout. Their take on professional scepticism offers great insight, too.

PQ RATING: 5/5 This book is aimed primarily at graduates, but anyone entering auditing should buy this book! It would be worth every penny.

Forvis Mazars launches charitable foundation

through the Mazars Charitable Trust.”

such as SAP.

Payroll specialist hits Love Island

Love Island Season 12 returned on Monday 9 June on ITV2 and ITVX. The show is now a decade old, and among this year’s contestants are a water operative, a gold trader, a landscape gardener and… a payroll specialist!

We will be following Megan Moore, the payroll specialist from Southampton, as she goes in search of her love match.

Meg was asked: “If your love life was a business would it be booming or would you be bankrupt?” She replied: “Bankrupt, right now. But we‘re going to make sales and get on that corporate ladder and be booming. Profits, profits, profits!”

And in case you need to know, she hates men in flip flops and she wants to see some nice clean feet!

Crooked accountant jailed

A crooked accountant who abused his position to orchestrate a £1.7 million tax fraud, spending the stolen cash on lavish holidays and cars, has been jailed for four years.

Kenneth Scott, who ran an accountancy firm from five bases across the North East, charged clients VAT but failed to pay it to HMRC.

The 69 year old from Durham also deducted tax and National Insurance payments from more than 50 staff members, which he also kept instead of declaring. This has had serious consequences for his former employees, including an impact on their entitlement to State Pension and their ability to claim certain benefits.

Scott spent hundreds of thousands of pounds from the proceeds of his crimes on himself, including a £30,000 cruise and an Aston Martin. HMRC has now restrained several assets, including Scott’s pension and a number of properties.

Scott was arrested at his home in April 2021 and admitted the fraud at Newcastle Crown Court. He was jailed for four years at the same court.

Action to recover the stolen cash is under way.

Who are you?

A staggering 43% of Brits admit they could not confidently recognise one or more of their own colleagues if they passed them in the street, despite regularly speaking to them on video calls.

The study by Slotozilla, an online entertainment

platform, lifts the lid on a bizarre but growing problem in the postpandemic work culture landscape – the breakdown of real-world visual memory.

Some 22% of respondents revealed they had already mistaken a co-worker for someone else when they meet them in public, and just went along with it.

And one in three said they had never seen a teammate’s full body on

Still waiting for payment?

Some UK government departments have outstanding invoices dating back nearly two decades, according to new Freedom of Information data obtained by Quadient.

screen, so only ‘know’ their heads and shoulders.

With 36% working with their camera off it makes recognising people even more problematic. It also means 64% said they have had to Google or LinkedIn search their colleagues before an in-person meeting – just to make sure they recognise them.

A spokesperson for Slotozilla said: “It is easy to feel you know someone, but remove the screen and that connection vanishes instantly. It is like we have built entire relationships in 2D.”

Despite strict payment rules, Quadient’s study of the oldest invoices found departments owed £1.7m and are also owed £290K.

The oldest invoice owed by the government dates back to June 2007, by the Foreign, Commonwealth & Development Office. The Ministry of Defence holds the biggest invoice still to pay – £757,000 from June 2023.

Ofwat was the only department that reported no outstanding invoices.

Laura Elliston (pictured), Senior Finance Automation Strategist at Quadient, said: “While there are many reasons for slow payments, such as disputes, unfinished work or personnel changes, these delays aren’t simply administrative oversights – they have real, tangible consequences.

“Behind every unpaid invoice lies a business potentially facing cash-flow challenges, a contractor unsure if they’ll be paid, or a critical public service disrupted.”

BYD on the rise

Could it be a watershed moment? Chinese electric car maker BYD has outsold Telsa in Europe for the first time.

In April, Jato Dynamics reported BYD had sold 7,231 vehicles across the UK and EU. Over the same period Telsa sold 7,165 EVs.

The Chinese manufacturer only started trading in Europe in 2022, but Telsa’s sales have been sliding over the shenanigans of CEO Elon Musk and an ageing line-up of cars.

Jato said Telsa European sales have halved in just a year.

The stats show that the biggest seller of EVs in Europe remains German car manufacturer Volkswagen. It sold 23,500 models in April.

W E V E G O T T H E L O T

’ Killer Su Doku

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Terms and conditions: One entry per giveaway please. You must send your name and address to be entered for the draw. All giveaway entries must be received by Friday 18 July 2025. The main draw will take place on Monday 21 July 2025.