We have gone big on this year’s PQ magazine awards in the magazine. It is not often we blow our own trumpet, but they are unique, and this year we took over Salsa Temple for one night only!
The awards truly are the biggest night in the accountancy education industry and we bring together the whole profession.
We have a letters page full of praise, but I have to admit Libby Walklett hit the spot when she said that “the awards were a little quirky, slightly messy around the edges… and absolutely brilliant for it!” Apparently, we created an evening with charm, too!
You may have already seen the highlights video https://youtu.be/ YO-92UOysyw. Now you can check out the full winners video at https:// www.youtube.com/watch?v=Vdu0i3pv_jE
If you missed out don’t worry – we will be back for our 23rd awards next year. We will open for nominations in October, so keep reading.
I also used the event to talk about the ‘Make Accounting Great Again’ campaign. I received a cap from Joe Kaleb through the post just days before the awards. But I am amazed that Joe has received some negative comments (on top of the hundreds of supportive ones). The core of this grassroots campaign is to inspire the next generation to choose accountancy. No one can argue against that, surely? Graham Hambly, Editor and Publisher, PQ magazine
4 AAT pass rates
We assess the latest set of exam results, both from the UK and across the world
5 CIMA unveils CGMA 2026 upgrade Institute publishes details of a radical overhaul of its professional qualification
6 CIMA case study results
February CGMA case study pass rates compare well with previous sittings.
8 ICAS ethics survey
Calling out ethical failings is key part of an accountant’s role, ICAS research finds
10 ACA exam results
We run the rule over the latest set of professional exam results
12 Tech news
Quantum technology to be utilised to tackle financial crime
Features, etc
14 Have your say
The PQ Awards were a little quirky and slightly messy round the edges – and you loved them! Plus our social media round-up
17 PQ Awards 2025
We’ve three pages of photos capturing the fun and excitement of the best accountancy awards out there! Plus a list of all the winners
20 ACCA spotlight
Association’s annual accounting talent survey is out now – and the results are revealing
22 Artificial intelligence
We explain the value artificial
intelligence can bring to accountancy professionals
23 ACCA SBL exam
How you can maximise your SBL marks from the exhibit information
24 CASSL spotlight
New CASSL Chair Sophie Armstrong reflects on a very busy and successful past 12 months
25 AAT Q2022 pass rates
AAT has released the CBA pass rates for year ending 31 December 2024 – and here they are…
26 AAT exams
Karen Groves explains how to approach an exam question on bank reconciliation
29 Study techniques
Some excellent advice on how to smarten up the way you learn
30 CIPFA spotlight
The public sector must take practical action to prevent corruption
31 AAT bursaries
With 50 bursaries up for grabs, now’s the time to get the help you need to become AAT qualified
32 ACCA exam tips
Tips for passing four problem papers at the Applied Skills and Strategic levels – PM, AA, APM & AAA
34 CIMA spotlight
Some simple steps to improve your study regime – and your general wellbeing
35 ACCA APM exam
When it comes to Advanced Performance Management, the answers are in the question
36 IFA spotlight
The importance of honing your soft skills ‘superpowers’
37 Careers
UK businesses lag behind other countries when it comes to adopting AI ; more sound advice from our Agony Aunt; and PQ’s Book Club review
38 Fun
The lighter side of life – and accountancy
The columnists
Lisa Nelson How to make the most of prime revision time 4
Robert Bruce Why blowing the whistle must be rewarded 6
Prem Sikka Is the FRC up to the job? 8
Anna Kate Phelan All hail the awards that put people first 10
Hannah MacDonald Gen-Z accountants are human too! 12
p18
LISA NELSON
Make the most of prime revision time
June and July see crucial exam dates approaching for ACCA and ICAEW students, so it’s prime revision time. It’s easy to feel overwhelmed by the volume of knowledge you need to master. However, exam success is fundamentally about moving beyond ‘knowing’ the material to being able to apply it effectively under exam conditions.
Re-reading study texts can feel like progress, but this passive learning isn't sufficient for exams designed to test application, analysis and evaluation skills. The real key is making past exam questions the cornerstone of your revision. Engaging with questions is the most effective way to become familiar with the exam style, understand how topics are examined and develop your exam technique.
Practise questions under timed conditions (include mock exams from your training provider). This builds the approach needed to tackle questions and manage exam day pressure. Once you’ve attempted a question, the real learning happens in the debrief. Compare your answer to the model solution and use examiner reports to pinpoint common errors. Practise selfmarking to evaluate your performance. Supplement this practice with active learning techniques like spaced repetition and retrieval practice. And remember, looking after your wellbeing – sleep, exercise and breaks – is non-negotiable.
Preparing for these exams is demanding, but by focusing your energy on smart, active and practice-led revision you’re building the confidence and skills to succeed. Keep practising, stay focused – and look after yourself.
Lisa Nelson is Director of Learning at Kaplan
Your ACCA June tips
When it comes to PM you should never spend more than five minutes on any question in section A, according to our friends at BPP. Remember, even the toughest calculations are only worth two marks.
It will also pay off if you learn the standardised layout for calculations, such as variance, learning curves and limiting factors.
When it comes to TX, to help you build confidence spend at
Your AAT pass rates
The lowest CBA pass rate of any AAT exam in the UK is FAPS at 60.9%, according to the latest set of stats from the AAT.
Interestingly, the Rest of the World pass rate for this assessment is slightly higher, at 61.9%.
The results cover the whole of 2024, and while there are several early assessments with pass rates above 80% (BUSK, BKFN and ITBK), most pass rate fall between the low 60 per cents and high 70 per cents.
The highest pass rate at Level 3 and 4 was achieved in BNTA, at 78% (once you exclude the old AUDT paper).
And the overall CBA pass rate
And the winners are…
There was dancing and singing, and moving to the music – yes, it was the PQ magazine awards 2025!
The Salsa Temple was rocking for the 22nd PQ magazine awards, which saw 23 ‘PQs’ given out on
for Level 3 is 66.9%; for Level 4 it is 67.5%.
Looking at the Rest of the World pass rates, the AAT will need to put more resources in helping students pass the Level 4 CRDM assessment. While the UK pass rate for this paper is 67.9%, the Rest of the World pass rate is just 35.7%. That means nearly two out of three students who have got through three levels are still failing this exam. Rest of the World students are also struggling with the Audit and Assurance exam – just 37% pass this one.
For all the results go to page 25
the night.
PQ of the Year went to Sunny Yang (pictured), who was the youngest and first Chinese chair of CASSL in its 200-year history.
AAT Grace Hardy picked up two PQs, a first for an individual in the awards’ 22-year history!
Accountancy Body of the Year went to ICAS, and the Student Body of the Year award was won by the University of Chichester Business Society.
Other winners on the night include ICB founders June and Garry Carter, Martin Jones from LSBF and Anum Hassan from FC Training.
The first person to be inducted into PQ magazine’s Hall of Fame was Clare Finch from HTFT. For more, and to find out all the winners, go to page 17
New firm being created to challenge Big 4?
Former PwC and EY executives have joined forces to create Unity Advisory, with some experts saying it could challenge the Big 4 in time.
Unity Advisory, backed by private equity firm Warburg Pincus, says it will be more agile and have innovative pricing models. A June launch is planned for
least 50% of your revision time answering section C questions in the practice and revision kits. And remember to learn your income tax and corporate tax pro formas.
Check out our tips on page 32, with more online at www.pqmagazine.com
The rise of fake jobseekers!
As if it isn’t hard enough to get your dream job, now it appears fake jobseekers are flooding US
the firm, and ex-EY UK chair Steve Varley is the firm’s new chair, with the former PwC COO Marissa Thomas set to become CEO.
Interestingly, Unity Advisory will not offer audit services, instead focusing on tax, accounting and M&A services.
Varley told the Financial
companies that are hiring for remote positions, says CNBC news. Industry experts told CNBC news that these job seekers are using AI tools to fabricate photo IDs, generate employment histories and even provide answers during interviews.
AAT expands bursary provision
The AAT Bursary scheme for 2025 is now open! There are now 50 bursaries up for grabs across Level 2, 3 and 4.
Times that CFOs are open to a new proposition. He explained: “The Big 4 are a classy bunch of service providers, but people are looking for a proposition that is super client-centric, has really low administrative costs, is AI-led rather than based on legacy infrastructure and, crucially, has no conflicts.”
They include full training provision fees, the one-off registration fee and assessment fees. There is even a provision in the bursary for one resit per assessment if you need it. The scheme is open to anyone 16 or over and who can demonstrate a genuine financial need.
Applications for this year’s bursaries close on 23 May, and successful applicants will be informed by the end of June. To find out more go to page 31
CIMA unveils CGMA 2026 upgrade
CIMA is increasing the emphasis on Finance Business Partnering and applied problem solving (particularly for the operational level) as part of its upgrade of the CGMA qualification.
The changes, which take place in 2026, place greater attention on simulating finance roles across the operational, management and strategy levels, to meet the growing expectations of modern finance professionals to be highperformance business partners capable of utilising technology and applying critical thinking skills.
CIMA has also expanded its sustainability (green financing, IFRS S1 & S2) and digital technology (GenAI) topic coverage, but the real shift and change is focused on applied learning, critical thinking and business case simulation needed for today’s business partners.
In short, CIMA is preparing its students for future finance jobs, areas that require the combination of human cognitive
skills and technology to create value, so they won’t be replaced by machine automation.
CIMA informed PQs of the changes on 7 May as part of a soft launch, with the main launch taking place a week later at the CIMA President’s Future of Finance Conference.
Tuition providers have also been briefed, and CIMA is rolling out events around the world
explaining the changes. These are open to students, employers, tuition providers, universities and members.
A CIMA spokesperson told PQ magazine: “The important thing has been to make sure all students got the heads up on the new 2026 syllabus coming in before reading about things elsewhere first, so we messaged them as part of our ‘soft launch’.
The main point of that message was to relay that there will be changes that come into effect next year, however there is no impact on any 2025 examinations – so keep studying.”
The CIMA PQ syllabus is updated annually, which means no new or disruptive transitional arrangements, no changes in exam formats or requirements for top-up knowledge. The spokesperson said: “It is more an upgrade than a wholesale rootand-branch overhaul, to make sure students are future ready and fit for the future of finance.”
To find out more go to https://tinyurl.com/pdhv2stv
The first CIMA CGMA PQ update event took place on 13 May in London. More events are taking place in Warsaw (20 May); Kuala Lumpur (28 May); Dublin (29 May); Johannesburg (3 June); Las Vegas (9 June); Columbo (12 June); Shanghai (16 June); and, lastly, at the CIMA Annual General Meeting on 19 June in London. All events are free.
ROBERT BRUCE
Blowing the whistle must be rewarded
CIMA February case study results
The February CIMA CGMA case study pass rates are now out, and the headline news is that they generally held up well compared with previous sittings.
The Operational pass rate of 68% is exactly the same as last November’s sitting.
There are, as we know from recent events, enormous cultural differences between the US and the UK. And one of them, oddly, is the way we blow the whistle, or not, on fraud. In the US they encourage whistle-blowers; they are not only protected when they do so but they can also make huge amounts of money as thanks for their actions. When I say huge I mean life-changing amounts. Regulatory body the SEC has paid out $2bn over the past 14 years. It pays out once the whole case is done and dusted and the whistle-blower gets a percentage of the fine imposed. The largest, a couple of years ago, was north of $250m. Real money, by anyone’s standards.
And there are now, at last, sensible efforts to move towards a similar system here in the UK. But why so late? There are numerous stories of the dreadful, humiliating treatment of anyone who blows a corporate whistle in the UK. Quite often they are simply sacked. I suspect the difference is cultural. A century ago the Chicago mobster Al Capone was only brought to justice over his tax evasion. That is how it is done. Whereas English culture in particular hates the idea of a sneak. A sneak is more likely to be vilified than a bully. But fraud needs whistle-blowers, and the UK needs such laws. Bring them on.
The MCS pass rate in February was 64%, and for Strategic sitters it was 57%, which was slightly down on the past two sittings.
Stephen Flatman, Vice President, Examinations –Management Accounting, told PQ magazine: “CGMA candidates are off to a promising start this year as evidenced by the February 2025 Case Study exam results. It reflects their deep commitment and
dedication to becoming Chartered Global Management Accountants and thriving in their careers.
“At CIMA, we put our candidates’ success at the forefront of everything we do. Our curriculum, exam resources and dedicated support teams are designed to help them do well in their exams, progress towards completing their professional qualification, and hone both the technical and job performance skills they need to support their organisations in a competitive business environment.”
Mind the gender pay gap!
The 2025 GAAPweb Salary survey is out, and it reveals the average salary for accountants is £74,100.
The big worry, however, is the widening gender pay gap – which stands at 20.4% across all those surveyed. The disparity, particularly in leadership roles such as CFO and Finance Director, is a real concern. The report is worried that the progress seen in previous years seems to have stalled.
This means male respondents
working as CFOs were paid on average £126,000, compared with a female equivalent earning £92,000. When it came to FD, the male average was £114,800,
New President for ICAS
Karen Scholes has been appointed the new ICAS President for 202526, and becomes the sixth woman to hold the role in ICAS’ 171-year history.
Scholes is the partner director of Scholes Chartered Accountants, an independent firm with a strong focus on sustainability and
Engage 25 awards open for nominations
Could you be our next Rising Star of the Year or a Finance Business Leader of the Year? The AICPA & CIMA Engage 25 Finance Awards nominations are now open. This is your opportunity to shine a spotlight on exceptional talent. The deadline to nominate is Monday 30 June. Engage 25 is also looking for a Student of the Year and Mentor of the Year.
Find out more at https://tinyurl.com/4zd7y994
Get in the groove! Can’t settle to studying in the hushed silence of the library? Well, a new study suggests what you need to be in a livelier environment!
Researchers have discovered certain kinds of upbeat instrumental music appear to boost brainpower. Put to the test, people complete cognitively demanding tasks more quickly when this type of music was blasted out.
The scientists explained that the results are due to the ‘arousalmood theory’, which states music
entrepreneurship. Her focus in office will firmly be on the future. Scholes said: “Our globally respected Chartered Accountant (CA) qualification continues to open doors to rewarding careers in business, finance and beyond. Yet, with only around 20% of professionals in
with a groove increases mental agility.
What is important is the music must not contain lyrics or have sudden changes of melody that would distract you. PQs need to look for instrumental tracks with strong rhythms and simple melodies.
Public Finance Live 2025
CIPFA annual conference is taking place at the ICC in Birmingham on 24-25 June this year. One talk that
compared with the female average of £101,500.
Another worry is the fall in average salaries for junior level roles, following a spike last year. For example, finance assistants, accounts assistant and bookkeeper salaries look to have returned to 2023 levels (with 49%, 27% and 43% respective decreases on last year).
See the full report at https:// tinyurl.com/5cdarxm6
fields like accountancy coming from working-class backgrounds it’s clear there’s more to do. The ICAS Foundation is leading the way in closing this gap by supporting young people from lowincome backgrounds to access careers in accountancy and finance.”
David Cruickshank has been appointed as new ICAS Deputy President.
particularly caught our eye was on the second day – ‘How public finance professionals can save the world: combatting corruption, fraud and waste’. But you will to be there for 9am to hear it. Among the speakers for this one are Daniel Bruce from Transparency International UK and Daniela Sota Valdivia, who is a crime prevention and criminal justice officer for the UN.
CIPFA students can attend any day of the conference for free, or both days for the reduced price of £95 plus VAT.
Robert Bruce is an award-winning writer on accountancy for The Times
CIMA CGMA case study pass rates
LORD SIKKA
Is the FRC up to the job?
You need ethics!
Calling out ethical failing is a key part of an accountant’s role, according to 94% of accountants surveyed by ICAS.
Somewhat belatedly, the Financial Reporting Council (FRC) is investigating Ernst & Young’s 2015 to 2018 audits of The Post Office (TPO).
TPO had been plagued by known flaws into its Horizon accounting system since 1999. This resulted in false accusations and criminal convictions of hundreds of innocent postmasters. Under pressure, they paid large sums of money which languished in TPO suspense accounts. The 2019 High Court judgment blew the lid off the scandal and has been followed by a public inquiry. Taxpayer-funded compensation to postmasters is likely to be around £2bn.
Ernst & Young were external TPO auditors from 1986 to 2018. Publicly available evidence shows that auditors were aware of the Horizon failures. The flawed system meant that TPO failed to keep proper accounting records. Its directors could not have prepared ‘true and fair’ financial statements. There was no mention of any contingent liabilities. Auditors issued unqualified audit reports.
The FRC has not been proactive and has been forced to act by questions in parliament. All the prosecutions of postmasters occurred before 2015, so the audits for that period are of vital interest. But the FRC is ignoring them. It could have taken out injunctions to prevent destruction of auditor files, but it did not.
The FRC seems to be going through the motions of an inquiry which raises more questions about its fitness to be a regulator.
Prem Sikka is Emeritus Professor of Accounting at the University of Essex
Time to update VAT?
It is time to simplify VAT, and tax expert Dan Neidle says there is a compelling case to be made for abolishing the VAT exemption on food.
In his Untaxing podcast for the BBC, Neidle explained in episode 3 that in 1972 when the tax was introduced it was put on ‘luxury’ items only – but that has had longterm consequences. It means the UK raises some of the lowest levels of consumption tax because of this political and policy option.
The results also found that 42% of CAs think there has been a recent increase in ethical issues, as new technologies and changing societal attitudes reshape the modern business landscape.
Alarmingly, a skills gap remains, with 39% of those surveyed admitting that they are not very well equipped to deal with the growing challenges.
ICAS CEO Bruce Cartwright
(pictured) said: “Ethical leadership is not just about knowing the rules, it’s about having the courage to do the right thing when it matters most. In line with the ICAS motto,
‘seek the truth’, we’re committed to empowering the accountancy profession to cultivate trust and act as ethical leaders.”
To explore this topic further, ICAS will host a live online Ethical Leadership Forum on Tuesday 3 June. Hosted by broadcaster Sally Magnusson, the event will feature a keynote address from journalist Nick Wallis on his extensive reporting of the Post Office scandal, followed by thought-provoking panels on the importance of ethical culture and the ethical implications of new technologies.
Register to attend the ICAS Ethical Leadership Forum here – it is free for ICAS students and members.
EY to be investigated over Post Office audits
The Financial Reporting Council has announced an investigation into the statutory audits of the Post Office conducted by EY for the financial years 2015, 2016, 2017 and 2018.
The FRC said it would be paying attention to matters related to the Horizon IT system. Its remote investigation will be focused specifically on the role of statutory auditors in meeting the auditing standards pertained at the time, and not the broader issues relating to the Horizon IT system itself. This decision was taken at a
meeting of the FRC’s Board in March. So as not to interfere with the Post Office Horizon IT Inquiry, the opening of this investigation follows the conclusion of the public hearings.
Lord Sikka has called for an investigation of the auditors many times, and again at our 2024 conference. Check out what he had to say at https://tinyurl. com/32fh5hzd. Nearly 14,000 people have already watched ‘The Post Office Scandal: Where were the accountants?
New logo for PwC
PwC has ‘refreshed’ is visual identity –it’s first global brand update in over a decade.
The Big 4 firm said the new look reflects how the firm already works – fast, sharp and focused on what’s next!
In all, the UK raises £180bn from VAT, but another £180bn disappears in all the exemptions and special rates. By scrapping the 0% VAT on food the government would raise an additional £25bn in revenue.
Neidle suggested that most of the benefits of the 0% rates of VAT goes to the wealthy because they
and client experiences in the coming weeks and months.
The new logo will now appear across advertising, sponsorships
spend more, but increasing the rate would make food and other products more expensive too for those on lower incomes. That, he says, is a problem but not an insurmountable one. The government could use some of the money raised to support the poorer in society, but the revenue gains would be massively significant.
US senior partner Paul Griggs said: “We’re entering a bold new chapter – driven by sharp thinking, deep expertise and an unwavering focus on what’s next. In a world that’s changing faster than ever we are reshaping how we deliver value as we drive our clients to the leading edge.”
We could, he suggests, use the revenue raised to reduce VAT across the board (to say 17%), or drop the rates a bit less and support those on benefits more. It is something that happens in countries like New Zealand and Australia.
Neidle explains that putting VAT on food “would make the tax system fairer, more efficient, and raise £25bn”.
Check out episode 3 ‘Jaffa Cake or biscuit?’ at https://tinyurl.com/ zmracafm
Old
New
ANNA KATE PHELAN
All
hail the awards that put people first
The 2025 PQ Awards proved once again why they are the gold standard in recognising achievement, ambition and innovation in accountancy. The event brought together rising stars, seasoned professionals and visionary educators to celebrate the people and institutions driving the industry forward.
What makes the PQ Awards so important isn’t just the trophies handed out, but the stories they represent. In a time of rapid technological change and shifting professional demands, these awards remind us that people remain at the heart of accountancy. They highlight resilience, ingenuity and a commitment to continual learning –traits essential for navigating today’s complex landscape.
For more than 23 years PQ editor Graham Hambly has been the driving force behind both PQ magazine and the PQ Awards, championing aspiring accountants with unwavering passion and energy. His commitment to highlighting talent, tackling key issues and keeping the profession informed and inspired has made him a true pillar of the industry. The continued success of the PQ Awards is a testament to his vision, leadership and tireless dedication to the future of accountancy. I’m incredibly proud to be part of our PQ community.
The PQ Awards help ensure that excellence doesn’t go unnoticed. They set a benchmark, celebrate progress, and unite the community around shared values. Here’s to another year of recognising brilliance – and to the many more who will follow in this year’s footsteps.
ACA professional exam results are out
A total of 4,194 students sat the March 2025 Professional Level exam session. Some 6,486 exams were attempted (an average of 1.5 paper per PQ), with 3,154 passing all the exams they took.
However, 679 ACA PQs failed all the papers they sat. One student sat all six professional paper and failed them all. Two more PQs sat four papers each. One passed them all and another passed three.
The pass rate for those sitting just one paper was 76.9%.
Business Strategy and Technology had the highest paper
pass rate in March – 87.4%. If you exclude FAR (UK GAAP), where just two people sat the paper, then the paper with lowest pass rate this time around was Business Planning: Taxation, at 73.5%.
The ICAEW publishes pass rates for Europe and the Rest of the World separately. The 42 students who took the Business Planning: Taxation paper in the rest of Europe achieved a pass rate of 52.4%, compared with the Europe pass rate of 74.4%.
ICAEW March 2025 Professional Level exam results (all students):
Audit and Assurance: 81.2%; Business Planning: Taxation: 73.5%; Business Strategy and Technology: 87.4%; Financial Accounting and Reporting (IFRS): 82.9%; Financial Accounting and Reporting (UK GAAP): 50.0%; Financial Management: 79.4%; Tax Compliance: 81.5%.
Age-restricting rules will skew recruiting!
In response to the Department for Education’s (DfE) proposal to limit public funding for Level 7 apprenticeships — with a potential exemption for 16–21-year-olds — CIPFA CEO Owen Mapley said: “CIPFA supports the principle of an age concession for apprenticeships and welcomes the news that the government may be re-evaluating its approach to Level 7 funding.
“However, we urge caution around proposals to exempt only 16–21-year-olds. This approach risks skewing recruitment in favour of school leavers, who typically require a longer route to chartered accountancy qualifications. Such a shift could unbalance the talent pipeline and have lasting consequences for the profession.
“Skills are central to the
Restoring trust in local audit
New reforms to repair the ‘broken’ local audit system will boost taxpayers’ confidence in council spending and streamline the sector so it’s fit-for-purpose, legal and decent, says minister of state for local government, Jim McMahon (pictured). He outlined 16 commitments
EY breaks 10-year rule
EY and partner Christopher Voogd have been sanctioned over the audit of Stirling Water Seafield Finance plc (SWSF) for the year ended 31 December 2019. By undertaking the audit EY exceeded the maximum 10-year engagement period for audits of a public interest entity (PIE).
EY received a fine of £325,000 along with a severe reprimand. The Big 4 firm also needs to provide a report identifying the reasons for such a basic breach. Voogd was given a £32,500 financial sanction and severe reprimand.
Jamie Symington, FRC Deputy Executive Counsel, said: “Mandatory firm rotation is a
that have been set out to achieve this, including simplifying financial reporting requirements and increasing capacity to avoid reliance on a small number of auditors.
The reforms will be backed by up to £49m of support to help councils clear their backlogs
clear requirement for auditors underpinned by company law and the FRC’s Revised Ethical Standard.”
Jobs go at PwC US
PwC is laying off 1,500 employees in the US, a company spokesperson has told Reuters news agency. This is around 2% of the staff.
In a statement PwC told Reuters: “This was a difficult decision, and we made it with care, thoughtfulness, and a deep awareness of its impact on people, appreciating that historically low levels of attrition over consecutive years have made it necessary to take this step.”
In November last year, Reuters reported that KPMG would be laying off 5% (330 people) of its audit workforce in the US.
growth of public and private sector organisations — and to the wider economy. That’s why CIPFA has called on the Education Secretary to reconsider setting any funding restriction on under-25s. This would protect access to highquality apprenticeships for young people while better aligning with how Level 7 programmes operate in practice.”
and cover the additional cost of restoring audit assurance. Releasing funds to councils will be reliant on compliance with statutory backstops and linked to the publication of audited accounts and audit fees being paid.
In addition, a further £15m of grant was paid to local bodies in March 2025 as part of an existing package to help meet the wider costs of meeting audit requirements and fees.
Where’s the education?
New research from KPMG and the University of Melbourne has found that almost three-quarters (73%) of people in the UK have had no AI education or training, yet almost half (48%) of the UK public still believe they can use AI tools effectively.
Their ‘Trust, Attitudes and Use of Artificial Intelligence: A Global Study 2025’ report highlighted that out of the 47 countries surveyed the UK was in the bottom third for AI literacy and training, based on how many people in those countries have had formal or informal training in AI or related fields. Despite the UK’s lower AI literacy and training rates, the study found the UK’s results are in line with other G7 countries.
Anna Kate Phelan is Head of Product at Eintech
IFA Conference & awards 2025
26 JUNE 2025 | Royal College of Physicians, London
Our one-day IFA Conference is especially curated to cater to professionals working in or with micro, small, and medium-sized enterprises. Expert-led sessions offer opportunities to enhance your professional skills, network, and build connections.
We are delighted to announce that at this year’s IFA Conference we will be hosting The IFA Awards followed by a drinks reception.
•IPA Group update
Andrew Conway, CEO, Institute of Public Accountants
•Breaking the communication barrier: transforming accountantclient relationships
Shane Lukas, AVN Inspiring Accountants
•Quicker payments: thriving businesses
Liz Barclay, Office of the Small Business Commissioner
•Leading with impact: from business operator to strategic leader
Michelle Howard, Michelle Howard Consulting Ltd
•Making Tax Digital for Income Tax – getting ready!
Lenny Barry, HMRC
7.5 CPD HOURS
HANNAH MACDONALD
Gen-Z accountants are human too!
A recent PQ headline stated the ‘Talent Crisis is Real’, noting an average 56% decline in student enrolment in UK accountancy programmes. So why is the attractiveness of the profession in decline?
I believe it is largely due to evolving expectations when it comes to careers. Firstly, accountancy is still seen as a profession where one tends to climb the corporate ladder until retirement. We are hearing that Gen-Z have different measures of success (flexibility, entrepreneurialism, greater autonomy, fulfilment, valuealignment) yet the profession is not evolving at a fast-enough pace for their change in expectations.
But why do Gen-Z have different career expectations? Dr James Rogers, an education consultant, spoke to me on the Human Too podcast about ‘collective trauma’ – the psychological impact shared by a group of people following a significant, distressing event that disrupts their sense of normalcy and safety. Interestingly, around 32% of Gen-Z individuals have been diagnosed with a mental health condition, and studies indicate that Gen-Z is the loneliest generation, with 72% reporting regular feelings of loneliness.
This shared experience persists, and I believe firms have a duty to secure the future of accountancy by listening to trainees, providing more support at the early careers level, sharing how brilliant an accountancy qualification can be and demonstrating flexibility. Gen-Z are far from ‘lazy’, they just need reassurance and some bespoke support.
Quantum boost to tackle money laundering
Cutting-edge quantum technology is being put to work to deliver the government’s Plan for Change, with a new £121 million investment to help tackle challenges including fighting crime, spotting the first signs of fraud and halting money laundering, which could save billions for the economy.
The funding is being made available over the next year to expand the use of the technology, which “uses the properties of the universe’s smallest particles to build ultra-powerful computers
and sensors”. This will further secure the UK’s position as a world leader in quantum as part of the government’s long-term commitment to the sector.
This is the latest part of the UK’s National Quantum Technologies
Older accountants adopting AI much faster than PQs
It may not be what you expect, but new research shows accountants over 55 are adopting AI faster than their younger colleagues.
The study by Silverfin wonders if firms are limiting AI use among its junior members of staff. A lack of training of new recruits may be another reason why more seniors are getting ahead in the AI game.
Lisa Miles-Heal (pictured), Silverfin CEO, said: “This trend
Thousand at
Just 3% of self-employed people are currently using the required third-party software to submit their tax returns, says a new survey from Accountex London.
The survey also showed that one in three accountants are not prepared for the change, with one in 10 saying they were ‘very unprepared’.
This could mean we are heading for a perfect storm when MTD for Income Tax is introduced next
challenges everything we know about adoption curves –20-somethings first, 50-somethings last.”
She stressed what AI offers isn’t just a flashy sales tool, either – it is a way to rebuild day-to-day workflows and free up staff time to do their best work. But Miles-Heal said firms need to ensure everyone is feeling the benefit.
Read more next month.
risk of
Tap to pay on iPhone
Xero has launched Tap to Pay on iPhone, enabling its customers with a Stripe account to seamlessly and securely accept in-person contactless payments.
Nothing apart from their iPhone and the Xero accounting app is needed – no additional hardware or payment terminal.
Bharathi Ramavarjula, SVP, Payments and Ecosystem at Xero, said: “Managing payments plays a vital part of the cash flow equation… with the launch of Tap to Pay on
iPhone we’re excited to support small businesses to streamline payment processes, enabling them to accept payments on the spot, and maintain a healthy cash flow.”
Time for a review?
As leading retailers become the latest victims of massive cyberattacks, RSM UK is advising businesses to review their cyber risk controls to ensure they are as robust as possible. It points to the government’s recent launch of its National Cyber Security Centre
Programme, which sets out the long-term effort to back early-stage research and support moving quantum technologies out of the lab and onto the marketplace. It sets the UK on the pathway to deliver its ambitious National Quantum Missions – the plan to make this tech deliver for the private and public sectors.
Secretary of State for Science and Technology Peter Kyle said: “Quantum – manipulating the universe at its smallest scale – has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country – stopping fraudsters in their tracks, protecting our bank accounts and more.”
£200 MTD fines
April for all those self-employed people earning over £50,000.
Penalties for late filing under MTD will only occur for annual
(NCSC) Cyber Governance Code of Practice, which provides organisations with clear guidance and best practice on managing cyber risks.
RSM UK’s Sheila Pancholi said: “The first line of defence against cyberattacks is often employees, so it’s important to also ensure staff are regularly trained and educated on cyber risks and how to spot attempts to access systems via increasingly sophisticated phishing emails (e.g. ClickFix Phish), or links to bogus websites.”
filing during the testing period, but after April 2026 those qualifying will start receiving penalty points for late quarterly filing, incurring a £200 fine after four missed deadlines.
The new rules are slightly more flexible than current late penalties, but with the added complexities of adopting new software and having to submit quarterly reports rather than yearly there is more room for error once the testing period ends.
SFO raids five properties
The Serious Fraud Office has searched five properties and made three arrests as it announced a new multi-million-pound international bribery investigation.
The target of the investigation is UK company Blu-3 and former associates of the global construction firm Mace Group. Individuals at Blu-3 are suspected of paying over £3m of bribes to former associates of Mace Group.
Hannah Macdonald is the founder of Accountancy Hub
What day is it?
I think I've lost a week – the PQ magazine Awards were last Monday and it’s taken me this long to post!
If you'd told me I’d see Graham Hambly’s maracas and be looking up the words to ‘Canta y No Llores’ so I could sing along to a Mariachi band on a Monday night I’d have thought you had been on the gin!
Anyway, as always the awards were a little quirky, slightly messy round the edges… and absolutely brilliant for it!
I’ve got such a soft spot for the PQ’s. Graham pours his heart into every detail, and the charm of the evening is that it never
takes itself too seriously – which is exactly why I love it.
There were some really welldeserved winners. It’s always inspiring to see hard work recognised. No nomination
for me this time, but I still left feeling proud of the brilliant community we’re all part of.
I had to sneak off a bit early before the dance floor got too lively… a wedding was calling at the weekend, and let’s face it, a midweek hangover and client work don’t mix well.
Still, I squeezed in some fun, even if it was the more responsible kind! Already looking forward to next year.
Libby Walklett BA Hons, FMAAT, AATQB
The Editor says: Thanks Libby, that’s one of the best reviews of the PQ awards I have ever read. Quirky and a bit messy around the edges is exactly what we are!
Our star letter writer wins a fantastic ‘I love PQ’ mug!
An exceptional event
Thank you for hosting such an exceptional Awards event. We thoroughly enjoyed the experience and deeply appreciate the effort, creativity and hospitality that went into making the evening so memorable. The attention to detail and seamless execution truly reflected the high standards PQ magazine is known for.
We are grateful for the opportunity to be part of such a well-curated event and look forward to future collaborations.
The team at Professional Careers Training
A fantastic evening
What a fantastic evening at the PQ magazine Awards. It was amazing to celebrate all the energy, talent and dedication across the accounting world.
Huge congratulations to all the winners and a big shout-out to Graham Hambly and the whole PQ team for an amazing event –and for always backing the next generation of accounting talent.
Ishani Chandrasekara, Professor of Accounting Education, Queen Mary University London
A
top night
You know it was a good night
when you didn't take any decent photos!
My first PQ magazine Awards were brilliant! Great seeing the industry come together with a Mariachi band and a singing accountant – naturally.
Thanks Graham for a top night!
Hannah Macdonald, Accountancy Hub
An amazing bash
A thoroughly enjoyable evening last night at Salsa Tempe for the PQ magazine Awards 2025, with
colleagues David Mathouse, Nick Craggs and Philip Toomer.
Graham Hambly always puts on an amazing bash (complete with a Mariachi band!). Congratulations to all of the winners especially Lauren Healy, Kataria Collins, Sunny Yang and amazing double-winner Grace Hardy.
And great to catch up with so many of the sectors most influential leaders.
Thanks so much for the invite, Graham!
Gareth John, Policy Director, FI
Everyone is jumping on the AI doll trend! They are very sweet, and last month we featured the one ACCA created for students in the UK, which included coffee on drip! So, have you ever wanted to repackage yourself as a pocketsized action figure? It is very simple – you upload a picture of yourself and write some prompts that explain how you want the final picture to look. Tell the AI tool everything you want it to generate and which box you want to mimic and you are away!
Now, not everyone likes to do it the easy way. And our friend Libby Walklett (please don’t lick me) took it all to a whole new level! With Libby you get a reallife-sized doll, which comes with its own jazz hands. She also says: “No AI. No plastic box. Just me, lying on the floor for reasons that made sense at the time. I’ve seen a million of those mini figure posts doing the rounds and thought… what if I just did it for real?
“We put so much effort into packaging ourselves – digitally, professionally, personally. I wonder what would it look like if we stopped trying so hard?”
Walklett spoke at Accountex London this year about exactly that – authenticity, and showing up as yourself in a world full of perfection.
Do send us any dolls you have created of yourself, and we will feature the best and funniest in PQ magazine.
AAT Distance Learning AAT Distance Learning
Premier Training has been named Online College of the Year at the PQ Magazine Awards 2025.
The award recognises Premier Training’s improvement plan, which has boosted AAT pass rates, and the launch of its prac�cal work experience programme, Premier XP.
Premier Training’s commitment to social mobility, mental health and local communi�es also contributed to the win.
With AAT Distance Learning Training Provider of the Year awards in 2024 and 2025, it has been an outstanding year for the team.
Start your AAT distance learning course any day and study at a pace that ts around your job and commitments.
All courses include the op�on to pay across interest-free instalments.
Get Started Today
Start your studies the same day24 hour online access with instant access to tutor support.
Learning Resources
Award winning learning resources including printed books, eBooks & e-learning, videos and quizzes.
Assignments
Prompt marking turnaround –marked by a tutor (not a computer).
Xero Advisor Cerঞcaঞon
Premier Training has teamed up with Xero and is pleased to offer the Xero Advisor Cer�ca�on Equivalency Course FREE OF CHARGE to anyone who enrols.
A night to remember!
Check out all of the action and the winners from the PQ magazine awards 2025. Photos by Phil Gammon
The PQ magazine 22nd awards night went off with a bang, rapturous applause and the sounds of trumpets!
The ’sold out’ crowd at London’s Salsa Temple were entertained by Mariachi Las Adelitas and the much-loved ‘singing accountant’ Jean-Paul NoelCephise.
The big winner on the night was Grace Hardy, who won both the Personality of the Year and Podcast of the Year trophies.
Accountancy Body of the Year went to ICAS, and the Net Zero Accountancy Initiative walked away with Innovation of the Year.
Online College was awarded to Premier Training, and Chesterfield College’s Faye Hill won the Public Sector Lecturer of the Year to add to her AAT Training Provider award, which she won earlier this year.
For the first time PQ magazine also created the PQ Hall of Fame, and the first person to be inducted was HTFT’s Clare Finch. June and Garry Carter, who founded the ICB, were also jointly awarded the Editor’s Special Award on the night.
Sunny Yang won the ‘big one’ – the PQ of the Year, while Katy Hickey was named Distance Learning Student of the Year.
The PQ magazine 2025 winners in full are:
STUDENT BODY OF THE YEAR
University of Chichester Business Society
ACCOUNTANCY BODY OF THE YEAR
ICAS
ACCOUNTANCY COLLEGE OF THE YEAR
PUBLIC SECTOR
University of Chichester Business School
ACCOUNTANCY COLLEGE OF THE YEAR
PUBLIC SECTOR
AccountancySchool.ie
ONLINE COLLEGE OF THE YEAR
Premier Training
ACCOUNTANCY LECTURER OF THE YEAR
PUBLIC SECTOR
Faye Hill, Chesterfield College
ACCOUNTANCY LECTURER OF THE YEAR
PRIVATE SECTOR
Anum Hassan, FC Training
STUDY RESOURCE OF THE YEAR
Kaplan’s Enrichment and Inclusion Weeks
INNOVATION IN ACCOUNTANCY
The Net Zero Accountancy Initiative
BEST USE OF SOCIAL MEDIA
TCS Guernsey
PODCAST OF THE YEAR
The Unconventional Podcast, Grace Hardy
TRAINING MANAGER/MENTOR OF THE YEAR
Lauren Healy, Buzzacott LLP
ACCOUNTANCY TEAM OF THE YEAR
Wildstar Films, Finance Department
GRADUATE/APPRENTICESHIP TRAINING
PROGRAMME OF THE YEAR
Flying Start, Queen Mary University of London
ACCOUNTANCY PERSONALITY OF THE YEAR
Grace Hardy
EDITOR’S SPECIAL AWARD
Martin Jones, LSBF
EDITOR’S SPECIAL AWARD
June & Garry Carter, ICB
PQ HALL OF FAME
Clare Finch, HTFT
ACCOUNTANCY APPRENTICE OF THE YEAR
Malachi Swen, Morrisons
DISTANCE LEARNING STUDENT OF THE YEAR
Katy Hickey
ACCOUNTANCY GRADUATE OF THE YEAR
Avneet Chopra, Queen Mary University, London
NQ OF THE YEAR
Katarina Collins
PQ OF THE YEAR
Sunny Yang
STUDENT BODY OF THE YEAR: University of Chichester Business Society
Welcome to the Salsa Temple - a bit of Cuba in London!
Mariachi Las Adelitas in action
University of Chichester Business School
Faye Hill, Chesterfield College
Hassan,
MANAGER/MENTOR
THE
GRADUATE/APPRENTICESHIP TRAINING PROGRAMME
PERSONALITY & PODCAST OF THE YEAR:
OF THE YEAR: Flying Start, Queen Mary University of London
BEST USE OF SOCIAL MEDIA: TCS Guernsey
ACCOUNTANCY
Grace Hardy
TRAINING
OF
YEAR: Lauren Healy, Buzzacott LLP
EDITOR’S SPECIAL AWARD: Martin Jones, LSBF
ACCOUNTANCY TEAM OF THE YEAR Wildstar Films, Finance Department
EDITOR’S SPECIAL AWARD: June & Garry Carter, ICB
PQ HALL OF FAME: Clare Finch, HTFT
ACCOUNTANCY APPRENTICE OF THE YEAR: Malachi Swen, Morrisons
DISTANCE LEARNING STUDENT OF THE YEAR: Katy Hickey
NQ OF THE YEAR: Katarina Collins
PQ OF THE YEAR: Sunny Yang
Global talent trends 2025: the results are in
The third edition of the world’s largest annual talent survey of accountancy and finance professionals has just been published – and the results are revealing, says ACCA’s Jamie Lyon
ACCA’s latest annual Global Talent Trends Survey 2025 explores perspectives among accountancy and finance professionals, providing a unique view of how people feel about their life at work. Over 10,000 professional accountants from 175 countries responded to our survey on issues ranging from career ambitions, hybrid working and inclusivity to skills, mental health and employability.
In the UK, 1,360 individuals participated in the survey, and several key themes have emerged – with respondents seeing a pathway for entrepreneurial ambitions, especially among younger professionals. Artificial intelligence (AI) continues to be regarded as a valuable future workplace skill, although there are concerns over training opportunities. And while EDI indicators score highly, social mobility still needs improving to meet talent and attraction challenges.
Here are our top 10 findings for the UK:
1. Accountancy is a gateway for Gen Z entrepreneurial ambitions
A key result reveals that many see accountancy as a gateway for entrepreneurial ambitions and skills. With 61% of Gen Z respondents in the UK indicating they have career ambitions
to be entrepreneurs, it’s clear that many see accountancy as a natural springboard to eventually running their own businesses in the future.
2. Second jobs are motivated by purpose
Compared with other regions, UK respondents undertaking additional work are less motivated by money than they are by altruistic reasons, such as an opportunity to give back and seek ‘purpose’, but this is largely driven by older respondents.
3. Hybrid work patterns remain firmly established
While hybrid working preferences remain elusive for many, the UK continues to lead the way globally for its high level of hybrid and remote working. Around two-thirds of UK respondents (63%) indicate they work in a hybrid model in 2025, almost identical to the proportion of 64% recorded in both our 2023 and 2024 reports.
4. Room for improvement on equity, diversity and inclusivity
The UK scores highly on the indicators for equity, diversity and inclusivity (EDI) with 64% of respondents believing their organisation is inclusive, compared with a global average of 40%. While the UK picture is more positive than that
globally, our data suggests more effort is needed to address social mobility – with 27% believing it remains a barrier to progression.
5. Employers risk falling behind in AI
UK respondents cite proficiency in AI and technology/systems understanding as the two most valuable skills in the future workplace. While they are confident in their ability to learn and apply AI-related skills only a little over a quarter suggest their employer currently offers relevant training opportunities.
6. The cost-of-living crisis isn’t over yet
The impact of inflation tops the list of biggest work-related concerns for a third successive year – with 36% of UK respondents expressing concern. Despite inflation not expected to ease in the near term, there’s been a steady increase in salary satisfaction with fewer respondents (41% – 50% in 2024) expecting to ask for a pay rise in the next 12 months.
7. Employability confidence is high
Despite fewer respondents (34% – 41% in 2024) suggesting they want to move roles in the next 12 months, UK employers continue to face retention challenges. Levels of mobility remain high, with almost two-thirds (57%) expecting their next move to be external.
8. Mental health indicators improve but remain challenging
Half of UK respondents (50% – 55% in 2024) indicate their mental health as suffering due to work pressures, while almost a third (30%) say they’ve considered resigning as a result.
9. Demand for sustainability-related careers outstrips supply
This year’s findings confirm that UK respondents (51%) are generally interested in pursuing future roles focused on environmental issues. Some 49% of respondents agree an organisations stance on environmental issues would be a key factor in deciding to work at an organisation; 68% suggest similar for social and human rights issues.
10. Accountancy remains a gateway for global careers
While employers face retention challenges in the near term, career aspirations for employees are still confined to the UK. This is despite a small rise in UK respondents (22% – 15% in 2024) wanting to move internationally at some point. Find out more in the full report on our website. • Jamie Lyon, Global Head of Skills, Sectors & Technology at ACCA
Advance your career with an award-winning course or apprenticeship
Flexible, inspiring and engaging. Mindful Education courses are expertly designed to bring learning to life and achieve outstanding results.
Discover more mindful-education.co.uk/learners
Why AI is the accountant’s friend
Richard Clarke shares his thoughts on the value artificial intelligence can brings to accountancy professionals
Artificial Intelligence is the topic on everyone’s lips, from business leaders to politicians to the man in the street.
Something you may have missed though is the difference between data centre AI and portable AI. Supercomputers (not home computers) began to reach human-brain levels of computation in the 2010s. Any computer can multiply 678,971 by 657,589 far quicker and more accurately than we can – that’s a specific task. AI is good at those, too.
The brain, though, excels at performing many complex things simultaneously, reasoning through all sorts of tasks on the spot, without help. Brains are great at dealing with ‘exceptions’. AI currently not so good.
Our brains take inputs from the five senses and extra sensory receptors, like our feeling of acceleration, allowing us to orientate and balance. They have an incredible understanding of our environment, and uses various pre-set routines, while reasoning through all sorts of obstacles and issues that arise.
Power usage and space
The human brain runs on only about 20 watts
of power (less than an incandescent lightbulb!). Supercomputers, on the other hand, run at over 20 megawatts, or about a million times as much power.
While the brain fits neatly into your skull, supercomputers need football pitches of space.
So, when AI rivals broad human abilities you need to also understand its energy usage in order to do so.
This is no problem for us, as humans, using AI on our desktop and getting supercomputers to run the programs in the US, for example, but putting all that power into a robot or a car is a
magnitude harder. So it’s going to take longer than we estimate before AI is advanced enough to be as efficient as the human brain.
In fact, according to Moore’s Law, which states that energy efficiency doubles every two years, it would take about 20 years for AI to become a thousand times more efficient.
That could be shortened, of course, by making use of wireless connections to data centres, although there are obvious limitations in that process.
So, generally we tend to overestimate the growth and growth rate in physical tech, yet software and electronics will continue to surprise and impress us.
While this is great news for blue collar workers, it’s a bigger disruption for white-collar office workers.
However, fear not, aspiring accountants! Technological disruption doesn’t always mean less pay or even no human job – you just you become 5x or 10x more productive, individually.
Your job description may well change but you can make full use of the advantages that AI gives us.
My advice is not to fear AI in the workplace, but to embrace it and make it work for you.
• Richard Clarke is an ACCA tutor and founder of aCOWtancy.com
Finding the hidden clues
Steve Chen explains how you can maximise your SBL marks from the exhibit information
The SBL exam is all about application; that is, it’s not about telling stories or trying your best to refer to real-life cases in your answers to pass this paper. Passing the SBL paper is all about linking the SBL knowledge to the exhibit information. To put it simply, most marks are hidden in the exhibit.
The key to improving answer quality: Therefore, I always teach my students to ‘adapt’ the exhibit information, in a way that falls into the marking scheme, so that they can pass this paper easily. Past exam question walkthrough: Let’s look at an example from June 2024 PVS case – the PVS company is a pet care service company. Question 1 from the actual exam:
‘(a) Prepare briefing notes for the BD director which assess the impact of the joint venture on the PVS brand…… (14 marks)’
Students are then given the exhibit information: ‘My suggestion is for a joint venture with Best4Pets (B4P) to establish PVS clinics in some of their stores… B4P is the largest of Arland’s two pet superstores, with stores outside town centres in the north and east of Arland…’
Poor and good answers
Poor answers focused on textbook knowledge about the joint venture; i.e. pros and cons, without addressing the requirement which requires students to assess the impact on the ‘BRAND’.
Good answers will mix the joint venture pros and cons, together with answering the requirement about the impact on ‘BRAND’.
Our answer would be structured as follows to gain two marks:
‘The JV can help increase our revenue because we are working with B4P which is the largest of Arland’s two pet superstores, this means that we can save lots of marketing expenses and more customers will know our brand. PVS only has 85% clinics inside town centres, this means by working with B4P, we can increase our brand awareness in the north and east of Arland to better increase our revenue from there.’
Analysis of our answer
The above answer mixes the key information from the exhibit, including ‘B4P is the largest…’; ‘stores outside town centres in the north and
east of Arland…’; and the SBL knowledge ‘scale up operations by using Joint Venture way to grow the business’; i.e. increase brand awareness and revenue.
How many points should be raised?
According to the marking scheme, it is two marks per point, therefore, for a 14-mark question, I would expect students to give seven points. Try to focus on ‘quality’ rather than ‘quantity’, i.e. focusing on the exhibit information is what I mean by application and quality, in this exam.
Professional marks
To earn professional marks, there are some good practices to follow:
1. Always answer ALL the sub-requirements, and never miss any small ones.
2. Always make sure each point has links with the exhibit information, if not, to the pre seen information.
3. Always answer what the requirement asks, position yourself in the management role, to analyse the requirement.
For this question, the professional marks are assessed per the following four boxes:
1. Not at all (0 marks) – The answer contains theory only, does not relate to the exhibit, does not answer the requirement, no evaluation skills (not showing the ‘storytelling’ process/thinking process in the answer).
2. Not so well (1/1/3 marks) – The answer demonstrates some evaluation skills (showing ‘thinking process in a logical way’); however, students not answering all the subrequirements.
3. Quite well (2/2/3 marks) – The answer answers all the sub-requirements, and in the correct format, with good evaluation skills; however, in terms of linking the answer to the exhibit information, still not being perfect.
4. Very well (4 marks) – The answer covers all the sub-requirements by linking closely with exhibit information/pre seen information (full assessments), with correct format and strong evaluation skills.
As you can see, the professional marks are quite subjective; however, given the high-quality marking process at ACCA, this should not be varied among different markers, as the rule is simple: always refer to the exhibit information, if not, the pre seen information, and answer the question per the requirement, demonstrating ‘thinking process’ in the answer (not to jump to the conclusion directly). This approach helps you pass the paper very easily.
• Steve Chen is an SBL and AFM tutor at GlobalAPC
In with the new
New CASSL Chair Sophie Armstrong reflects upon a very busy and successful past 12 months
The Chartered Accountant Student Society of London (CASSL) recently held its AGM General Meeting, marking the end of a successful year and the start of a new committee.
The evening was chaired by Malcolm Bacchus, CASSL’s Honorary President, who shared his journey to becoming the President of the ICAEW. He highlighted the vital role that student societies, like CASSL, play in shaping the future of accountancy. Attendees also heard from John Ellis, PwC’s London Audit Market Lead Partner, who reminded us all that the ACA is not just a qualification, but the foundation for a career that can take you anywhere.
The outgoing chair, Aydin Bolton, reflected on his highlights of the year, including the 2025 Annual Ball, which hosted over 150 ACA trainees across London and featured inspiring keynote speakers such as Malcolm Bacchus and Afua Kyei, the CFO of the Bank of England. Aydin concluded his term on a high note, having been shortlisted for the PQ of the year award, a testament to his leadership and the impact of our society.
Just one year ago I attended my first CASSL event, the 2024 AGM. Now I’m proud to serve as CASSL’s youngest-ever Chair. In September 2024 I stepped into the role of Events Director, a position that allowed me to see the society’s power to connect, inspire and support. As an apprentice from a small intake before my transfer to London, I found not only
a professional network but a community that helped me grow in confidence – from being too shy to start a conversation at my first event to now leading our ever-expanding society.
Looking ahead, my focus is to expand CASSL’s reach and continue to build relationships with firms across London. One of my first initiatives is to relaunch the CASSL Ambassador programme, with an expanded scope that includes University Ambassadors. By increasing representation from a wider range of firms and academic institutions, we aim to ensure that every ACA trainee in London feels seen, supported, and part of something bigger.
Accessibility and inclusivity remain central to our mission. We want our events to reflect the diversity of our membership and provide value to everyone, regardless of background or stage in training. In the coming months, we’ll be hosting a wide range of events, from panel discussions on AI and ESG, to exam revision workshops, activitybased socials, and professional development sessions focused on soft skills.
Finally, I want to extend heartfelt thanks to the outgoing committee for their dedication over the past year and to the incoming committee for their passion for CASSL.
CASSL is built by its members and driven by the mission of creating a community for ACA trainees in London. If you’re interested in getting involved as an ambassador, event organiser or simply someone with ideas to share, we’d love to hear from you!
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.
What’s in a name? From left, CASSL’s Sophie Bel, Sofia Bao and new Chair Sophie Armstrong
AAT Q2022: the pass rates
AAT has released the CBA pass rates for year ending 31 December 2024 – here they are…
The AAT 2024 pass rates are out, and the good news is most paper pass rates are up on a year ago.
In fact, the level pass rates at every level are up. At Level 4, the percentage pass rate jumped over three percentage points year-on-year. Four assessments – BUSK, BKFN, ITBK and AUDT – have pass rates percentages in the high 80s. However, the assessment with the lowest pass rate is Financial Accounting: Preparing Financial Statements at level 3. Although this time around the pass rate is 60.9%, a year ago it was only 55.6%.
At Level 4, Personal Tax again (it was the same in 2023) has the lowest pass rate at 62.4%, but it is much better than the 2023 pass rate, which was 55.3%.
When it comes to graded qualifications distinctions it has always been tough getting one for the Level 4, and this hasn’t changed. Just 2.8% of students were awarded a distinction for their Diploma in Professional Accounting. That said, 46.1% of students did achieve a merit at Level 4. Note: Pass rates are only published for assessments that have been available for at least 12 months or where there has been a minimum of 500 sittings. The pass rates shown are the rates for assessments sat between 1 January and 31 December 2024.
Q2022 CBA PASS RATES
ending 31 December 2024, we have made an exception to publish these pass rates to ensure transparency to students, training providers and employers.
#AUDT results period has been split due to an uplift that was in place and then subsequently removed.
CBA LEVEL PASS RATES
*Please note that the information in the above table refers to the global pass rates based on the CBAs only and not achievements rates for the qualification. It is not possible for AAT to calculate and provide qualification achievement rates.
GRADED QUALIFICATIONS
Qualifications awarded by AAT include four graded qualifications. The table below shows a global summary of the grades awarded for each qualification between 1 January 2024 and 31 December 2024.
4
*TPFB, BNTA and PNTA cover a period of 29 January – 31 December 2024, covering the FA23 assessments only.
*Most assessments completed throughout the rest of the world (RoW) have had fewer than 500 sittings. As we published RoW pass rates in March 2024, for the 12-month period
Bank reconciliations explained
Karen Groves explains how to approach a bank reconciliation exam style question and tests your knowledge on the subject
As part of your AAT Level 2 and 3 studies you will need to be confident about tackling a bank reconciliation question.
A bank reconciliation is completed at regular intervals, usually once a month. It is a reconciliation to determine any differences between the cash book and bank statement. There are likely to be items on the bank statement that are not in the cash book; for example, if a customer pays by BACS and doesn’t send a remittance advice, the first time you will notice the receipt is looking at the bank statement. Bank charges are another item often not recorded in the cash book.
Why are there items in the cash book that are not on the bank statement you may wonder? This is all down to timing differences. For example, if I write a cheque and put it in the post today, there will be the delay whilst it is delivered, and then a further delay until the cheque is actually banked.
The main areas of confusion are around prior period reconciling items. These are items that are written out in the previous month and are reconciling items during that month (think about your unpresented cheques or uncleared lodgements). All too often, students are focused on the current month only, however, consideration needs to be given for what happened during the previous month.
Our first task should be identifying any prior period reconciling items, match these, and then move to ticking off the other items between cash book and bank statement.
Any items left unticked on the bank statement need to be entered in the cash book and any items unticked in the cash book will form the bank reconciliation as we are about to see.
Example
The cash book for May needs to be reconciled with the bank statement.
The first thing we need to do is to compare the opening cash book and bank statement balances. You will see that there is a difference of £150 (£1,306.20 – £1,156.20), showing the bank statement balance is £150 higher than the cash book. You can see on the bank statement a cheque numbered 001300 for £150. This is a prior period reconciling item which can be confirmed by the cheque number, as we start with 001301 in this month’s cash book. We will mark this as matched and then continue ticking off the other items between the cash book and bank statement.
Next, we can update the cash book for any items that need to be entered. You will see two amounts on the bank statement, one BACS receipt for £150 and a bank charges payment for £20 that are not ticked and must now be entered:
We finally prepare a bank reconciliation. There are two items in the cash book that are not ticked, an uncleared lodgement for £276.55 and an unpresented cheque for £180.50.
Solution:
Bank Reconciliation Balance at bank as per bank statement Less: Cheque 001303
Add: I. Stanley Balance at bank as per cash book
The bank reconciliation is now complete, and the balance agrees as per the cash book.
Now you have read this example, have a go at a bank reconciliation question in your own study resources, watching out for any prior period items.
• Karen Groves is an AAT tutor and Faculty Director of Accounting at e-Careers
The CGMA Finance Leadership Program (CGMA FLP) is your fast-track path to the internationally recognised CGMA designation. A flexible digital-first learning and assessment platform, the CGMA FLP is designed to fit busy schedules and helps you progress faster. Make an impact in accounting and finance with the CGMA® Finance Leadership Program.
How to revise smarter
Nikki Richmond looks at the best way to revise for professional exams
Students are told that we need to work hard, learn our course material thoroughly and, as exams draw nearer, revise hard too. But what is the best way to revise for professional exams?
Preparing
Before you open your books to revise, you need to ‘GET’ started:
• Growth mindset: for example, if you do not get a question correct as you work through your question bank, see it as an opportunity to learn rather than confirmation that you are a failure.
• Effortful learning: when you are revising you should focus on recalling information and applying it to the scenario in front of you, rather than passively reading through model answers or re-reading and highlighting your notes.
• Take responsibility: you are responsible for your learning, so own your studying experience. For example, if you have identified a tricky topic then seek help from a tutor to better understand it rather than hoping it will not be examined.
Short or long-term memory?
Our working memory is the processing part that takes information in. There is a limit to the capacity of this. For example, swiping on social media while reading through notes will be less effective than focusing entirely on your notes. Our long-term memory is where knowledge and information are stored. Once information has been processed in your short-term memory it can then be assimilated with the knowledge we already have. The amazing thing is that the capacity for long-term storage is thought to be limitless.
The research literature over the past decade or so has grown in terms of the best techniques for retaining information in your long-term memory so that it can be retrieved in exams and beyond.
Massed practice
This is more commonly known as ‘cramming’. Some research evidence suggests that there may be some short-term benefit to adopting this approach. It may have worked for you in school and university exams, but with the volume of
information included in an accounting or tax syllabus it is unlikely to be sufficient and could generate a lot of stress as a result.
What’s more, as you progress through your qualifications you will need to engage in more analysis and application of principles to the facts provided. Not even cramming facts will help you here.
It is clear, then, that adopting this approach will not help assimilate information into your long-term memory. In short, cramming is a bad idea.
Retrieval practice (self-quizzing)
This technique involves ‘retrieving’ information from your long-term memory. This mechanism enables neural connections in your brain to be strengthened to make it easier to recall that information in the future. There are many ways to ‘self-test’ and you may find some ways work better for different topics. Here are some ideas for you to try:
• Structured questions: for example, questions within your course notes, revision question banks or past papers. Ideally you will be achieving around 75% when attempting questions to get the maximum learning benefit. If you score less, revisit the material before trying questions again.
• Flashcards: these can be particularly helpful for learning definitions, case law and formulae. Great ‘on the go’.
• Timed tests: especially helpful for exam standard questions so you can get a feel for
how you will handle the time pressure.
• Self-testing: cover up paragraphs or topics in your textbook and see how much you can recreate without further prompts. You could try rewriting paragraphs in your own words, creating a spider diagram to show how concepts relate to one another, or trying to explain it to someone without a technical background. Imagine a three-year-old is really interested in hearing about financial reporting (unlikely, admittedly, but you never know).
• Think of real-world examples related to the topic.
These techniques increase retention of information, even more so when you leave periods of time between each time you test yourself on a topic. Allow yourself to forget and then recall.
Interleaving
This technique will use the methods as outlined above to test yourself, but rather than focussing on one topic during a revision session you will split your time such that you will test yourself on different topics.
Moving from one topic to another will increase the effort required to recall the relevant information and – yes, you guessed it – that will help to strengthen the connections to help recall in the future.
I hope this is helpful and wish you all the best with your revision. You’ve got this!
• Nikki Richmond is an ACA and CTA qualified coach and mentor
Stopping the bad guys
The public sector must take practical action to prevent corruption, says CIPFA’s Khalid Hamid
While public sector organisations around the world grapple with a myriad of immense challenges, from political instability to mounting economic and financial pressures, there remains a persistent threat: corruption. For public finance professionals, understanding and addressing corruption is not optional; it remains a significant and ongoing risk that demands constant attention.
In fact, this year’s corruption perception index (CPI) has confirmed a worrying trend. The report, released annually by Transparency International, evaluates 180 countries and ranks them from 0–100, with zero being highly corrupt and 100 being very clean. The latest edition shows that the UK has dropped out of the top 10, with a score of 71, which is a record low.
The UK score has been decreasing since the mid-2010s, which raises concerns around both the implementation and enforcement of anti-
corruption measures, which ultimately can work to erode public trust in institutions. Similarly, Europe has not fared well in the most recent report, with 19 out of 31 European countries declining and only six improving their score.
Corruption is a notoriously difficult thing to quantify, and so many different individual actions can fall within this umbrella term. The index first and foremost is based on perception, so it’s important to note that this data has its limits. That being said, it remains an important indicative measure of global corruption, and also a stark warning for all countries on how things can and do change over time. It is crucial that levels of corruption are monitored, to ensure that public money is used effectively, as facing the problem head on is the first step in tackling it.
We cannot simply pretend that corruption does not exist in public sector organisations. It happens and being aware of the realities of how corruption occurs will enable public finance
Get Started Today
Start your studies the same day - 24 hour online access with instant access to tutor support.
professionals across the sector to better assess and mitigate risks, where possible. Because of the dynamic nature of corruption, we will never be able to completely eradicate it. However, we can make incremental improvements and increase transparency and accountability, making it harder for those engaging in corrupt behaviour.
CIPFA believes that the most effective way to tackle corruption is to attack it from both sides – investigation and prevention. We continue to advocate for a prevention-based approach as a priority, as it represents better value for money for the taxpayer. Once money has been lost to corruption, whether intentionally or unintentionally, resources and time will be wasted to try to recover it. It is imperative that front line staff and senior management teams across the public sector dedicate themselves to prevention, and contributing to an institutional culture centred on integrity and accountability.
The first rule of good public financial management is to make the most of the public pound. Not only does preventing corruption make sense from a financial point of view, but it is also paramount in retaining public trust in our organisations, which seemingly appears to be declining around the world. As public finance professionals, we must take practical steps within our own functions and careers, to reduce the evolving threat of corruption.
To find out more about how CIPFA can help your organisation tackle corruption visit CIPFA’s website
• Khalid Hamid, CIPFA Director of International
Learning Resources
Award winning learning resources including printed books, eBooks & e-learning, videos and quizzes.
AAT expands bursary scheme
With 50 bursaries up for grabs, now’s the time to get the help you need to become AAT qualified
AAT has launched the AAT Bursary for 2025, with its highest ever-number of bursaries on offer, marking a significant expansion in its commitment to fostering social mobility within the accounting profession.
In 2024, AAT offered 40 bursaries – double the number in 2023 – and this year the organisation will award a record 50 bursaries, providing comprehensive financial support to individuals from disadvantaged backgrounds who aspire to pursue a career in accounting.
The AAT bursaries cover all essential costs associated with obtaining an AAT Diploma in Accounting across Levels 2 – 4. This includes full training provider fees, the one-off AAT registration fee and all assessment fees, with provisions for one resit per assessment if necessary. By alleviating these financial barriers the bursary enables recipients to focus entirely on their studies, thereby enhancing their prospects for success in the accounting field.
The scheme is open to anyone aged 16 or over who can study with an approved AAT training provider, are not mid-course, and are able to demonstrate they are in genuine financial need.
To further expand the reach of its bursary scheme, this year AAT is working with training provider Kaplan. This will see a further six
bursaries offered for the AAT Level 2 Certificate in Accounting, which are fully paid for, along with a career guidance programme provided by Kaplan.
Isla Billett, Product Director – Membership, Commercial and Charity at AAT, said:
“The expansion of the bursary programme underscores AAT's dedication to social mobility, providing a pathway for those who might otherwise be unable to afford professional training.
“By increasing the number of bursaries to 50, and by working with Kaplan to deliver an additional six places, AAT is not only investing in individual futures but also contributing to a more diverse and inclusive accounting profession. This
initiative reflects our broader mission to unlock opportunity for everyone, regardless of their socioeconomic background, and make a career in accounting more accessible.
“In 2024, AAT received 602 applications for the bursary – proving the high demand for spaces. This bursary represents a transformative opportunity for aspiring accountants to overcome financial obstacles and embark on a rewarding professional journey.”
The AAT bursary judging panel comprises AAT members, supported by internal AAT staff. Internal staff review applications to identify suitable individuals for the panel, while external members, chosen through an application process, bring diverse perspectives to the selection process. Anonymised data from bursary applications is shared with these external panel members to ensure unbiased assessments. This collaborative approach aims to uphold fairness and integrity in awarding the bursaries.
The bursary applications are open until 23 May 2025. Following this, judging takes place and successful applicants will be informed by the end of June 2025.
For more information visit https://tinyurl.com/5h4t43re
YOUR JUNE EXAM TIPS
The June exams are almost upon us. We take a look at the tips for passing four problem papers at the Applied Skills and Strategic levels – we are talking PM, AA, APM & AAA!
Performance Management (PM)
March pass rate 42%
Section A will have 15 two-mark OTQs on a wide range of topics. Expect a mix of calculation- and discussion-based questions, but please note that there are no marks for workings in this section. Good time management is essential as it is easy to get caught up in a tough calculation, which ultimately will only be worth two marks. Never be tempted to spend more than five minutes on any question in this section.
For section B there are three separate scenarios with five objective test questions on each scenario; each question is worth two marks. Questions are not dependant on each other and can be answered in any order. Each scenario could be a mix of topic areas or focused on one topic and will usually consist of two/three calculations and two/three narratives.
In section C there are two 20-mark questions, which could be from but not limited to: budgetary systems, planning and operational variances, mix and yield variances, and evaluation of the company performance (either as a whole basis or on a divisional basis).
Familiarity with the CBE software is important as you may be expected to use both a word processing and spreadsheet format for your answer. Learn standardised layouts for calculations such as variances, learning curves and limiting factors. This will save you time in the exam and mean that you are less likely to make mistakes.
The split of marks tends to be approximately 40% calculations and 60% discussion, so don’t neglect the written elements of this paper. Make sure that you always fully explain your ideas, too. Interpretation and application are important skills that are tested in this paper so make sure you make full use of the scenarios that you are given in the exam.
Audit & Assurance (AA)
March pass rate 47%
In section A there will be three mini-case style scenarios, each with five two-mark questions based on the scenario (total 30 marks). Each mini-case question will test single topic areas of the syllabus and so will test syllabus areas A, B, C, D or E. Expect questions in section A to focus on areas A and E.
All three questions (one 30-mark and two 20-mark questions) in section B will be broken down into sub-requirements and be scenariobased. Most marks in each question will test syllabus areas B, C and/or D.
Areas expected to be tested in questions 16 to 18 include:
• Audit planning.
• Audit risk (identification and explanation of audit risks from a scenario and explanation of the auditor’s response to each risk).
• Internal audit.
• Internal controls (identification and explanation
of deficiencies in internal control and the recommendation of suitable internal controls, and identification and explanation of direct controls and description of test of control).
• Audit procedures (substantive procedures and tests of controls).
General advice: Where questions are based on a scenario it is essential that you use the information in the scenario to score the identification marks and then develop this to score the explanation marks.
The exam often provides a table for you to complete your answer. For example, audit risk questions will have a table with two columns, one for ‘audit risk’ and one for ‘auditor’s response’, with each properly explained point being worth one mark.
Advanced Performance Management (APM)
Mark pass rate 39%
Q1 section A: Q1 of the APM exam will focus on a range of issues from syllabus section A (strategic planning and control), section B (performance measurement systems and design) and section C (strategic performance measurement).
Section A (50 marks) contains one question broken down into sub requirements. You will often be required to link a business’s mission to its performance objectives using the concept of CSFs and KPIs. You may well also have to critique and recommend improvements to performance reports and the balanced scorecard and/or information systems could well be tested in this context.
Assessing the performance of an organisation is likely to be tested and this could include benchmarking as a theme.
Financial performance measures (ROCE/RI/EVA etc) are also likely to be examined in this context, but don't neglect non-financial issues from syllabus section C such as quality management, value for management and reward systems.
Q2-3 section B: ACCA has said that one of two
section B questions will come from syllabus section D (performance evaluation). This means you need to have sound knowledge of the balance scorecard, building block and performance pyramid models. You will also need to have a good working knowledge of activity based management (ABM) and value based management (VBM).
The other question can be sourced from a variety of syllabus areas including quality management, information reporting (e.g. big data, lean information), HR frameworks (e.g. reward & appraisal systems), transfer pricing and environmental management accounting.
General advice: APM is primarily a skills-based exam that tests the ability to apply knowledge to practical problems. This is now even more important as 20% of the marks are awarded for professional skills. Make sure you aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.
However, application of knowledge is only possible if you have a good range of technical skills in place. So, even though APM is not about reciting technical knowledge, it is vital that you ensure that you have a good broad knowledge of core technical areas.
Advanced Audit & Assurance (AAA)
March
pass rate 39%
Recent AAA exams have contained no real surprises, although you should be prepared for the look and feel of the embedded email and supporting exhibits and the split of both technical and professional skills marks.
Section A will comprise a case study, worth 50 marks, split into 40 technical marks and 10 professional skills marks, and will be set at the planning stage of the audit, for a single company, a group of companies or potentially several audit clients.
Candidates will be provided with detailed information, which will vary between
examinations, but is likely to include extracts of financial information, strategic, operational, and other relevant information for a client, as well as extracts from audit working papers, which could include the results of analytical procedures.
The date will be set as 1 July 20X5 unless you are told otherwise.
Candidates will be required to address a range of requirements, from syllabus sections A, B, C and D, thereby tackling a real-world situation where candidates may have to manage a range of issues simultaneously in relation to planning, risk assessment, evidence gathering and ethical and professional considerations.
HEALTH WARNING
Ten professional marks will be available in section A and will be awarded based on the demonstration of professional skill within a candidate’s answer, including communication, analysis and evaluation, professional scepticism and judgement, and commercial acumen.
Section B will contain two compulsory 25-mark questions, with each being predominately based around a short scenario. The marks will be split into 20 technical marks and five professional skills marks. There are no optional questions in AAA.
One question will always test syllabus section E, and candidates should therefore always be prepared to answer a question relating to completion, review, and reporting. There are
a number of formats this question could adopt including, but not limited to, matters to be considered and evidence expected to be on file, a going concern assessment, the impact of subsequent events, evaluating identified misstatements and any corresponding effects on the auditor’s report. Candidates may also be asked to critique an auditor’s report or a report that is to be provided to management or those charged with governance.
The second section B question can be drawn from any other part of the syllabus, including sections A, B, C, D and F. Syllabus section G on current issues is unlikely to form the basis of a question on its own, but instead will be incorporated into the case study or either of the section B questions depending on question content and the topical issues affecting the profession at the time of sitting the exam.
Five professional marks will be available in each Section B question for demonstrating professional skill in analysis and evaluation, plus at least one of professional scepticism and judgement and commercial acumen.
This is a technically demanding exam which tests auditing knowledge from both AA and AAA. All three exam questions will require you to apply this knowledge to the scenarios given:
the professional marks will be awarded on the strength of your application of knowledge to the situation presented in each of the exhibits. Apart from poor auditing knowledge, lack of success usually comes from poor analytical skills, poor application, poor judgement. and poor timekeeping.
This subject can also test topical issues which have been covered by the AAA examination team’s technical articles (e.g. quality management in September 2022, and the impact of data analytics in September/December 2020).
You should even be prepared for a requirement where you will not need to refer to an exhibit at all (in other words, a knowledge-based requirement) which was seen in in 2024: for example, when candidates were asked to: ‘Discuss the challenges associated with the use of data analytics in performing external company audits’. This is most likely to be seen in Section B.
Check out the examining teams two articles on quality management, two articles on planning questions and risk, plus another two articles that discuss recent developments in social, environmental and sustainability reporting. There are also ‘Topic explainer’ videos on areas such as quality management, audit procedures and prospective financial information (forecasts) that you may find of use.
The examining team has advised that certain less-frequently examined topics such as audit committees, money laundering, internal auditing and outsourcing could make an appearance, so you should make sure you have covered a good breadth of subjects in your revision. Note that for the syllabus examinable from September 2024, there has also been an increased focus on sustainability assurance following the issue of the IAASB’s exposure draft of ISSA 5000.
• For all the June tips for TX, FR, FM, SBL, SBR, AFM and ATX go to www.pqmagazine.com
Breathe in the spring air
Nasheen Wuisman outlines some simple steps you can take to improve your study regime – and your general wellbeing
Spring is a transitional period, an opportunity to shake off the winter and create new routines. It’s also a great time to allow for change and growth in our own lives, to refresh and renew everything we aspire towards.
It seems like the perfect time to harness the new season energy to reset, improve your habits, and boost your productivity to progress more effectively and efficiently on your study journey.
Declutter your mind
Let’s begin by reflecting and bringing clarity around your goals: what’s important to you? Have you been able to direct your energy towards achieving your goals?
Your first spring-clean task is to write down everything weighing on your mind, big or small, CGMA study related or not. Externalising your thoughts will help free up mental space. Unburdening yourself from the inevitable build up of your daily grind can help put things into perspective, kickstarting your inner instinct to be organised.
Most of us spend 80% of our time on nonessential tasks. These tasks may or may not be part of your and your family’s routine. So you could de-prioritise some to make room for your
study sessions. As your second step, I want you to review your recent to-do and study task lists. As best as you can, you must prioritise items on there that will ultimately make a huge a difference in your life and get you closer to your goals (aka, earning your CGMA designation). Speaking of goals, you need to decide on your CGMA study goals for the next three to six months. Start by looking at what you achieved so far, how long it has taken you, and use this to determine what you want to achieve next. Success comes from balancing ambition with setting realistic goals within your current circumstances.
Getting your schedule on point
With your now-clearer mind, update your study plan. Start by listing all your commitments, including work, personal responsibilities, exercise and holidays and allocate time slots for each activity. Then start adding everything related to your CGMA journey, including exam dates, study sessions and mock exams. While you may have done this exercise a few months back, our needs change over time – you may need more time for yourself, or more time to exercise than you did before. As you evolve, update your schedule to fit in with these
priorities.
Now focus on the time set aside for your study sessions, and ensure that you plan to maintain a steady pace to cover all topics. Initially, aim to gain a good understanding of syllabus topics and as you get closer to the exam focus on practice questions to refine your exam technique.
Use planners, calendars or apps to keep track of your schedule and set reminders for important deadlines and review it regularly to accommodate the changing priorities we talked about.
Declutter your space
Having a neat and tidy study space is essential to stay focused and productive; it can help reduce stress that can be associated with study and give you a much-needed confidence boost towards your next goal.
Creating a more conducive environment for learning isn’t about how big your space is but about how you use it. As part of your spring clean, clean out your study area of unnecessary clutter, like old study notes. File everyday admin paperwork, or it will dampen your mood when you sit down to study. You need some space and good light.
If possible, consider rearranging your furniture to optimise the flow and functionality of your study space. If you can position your desk near a window to take advantage of natural light, which can boost your mood and energy levels. Also, bring in items that bring you joy and comfort, such as plants, artworks or a cozy chair. And for a little extra motivation and inspiration – as we all need it – place some motivational quotes or a vision board in your study area.
Declutter the fridge
To help stay focused and motivated on your CGMA journey, make space for rest and relaxation in your schedule, including properly fuelling your body and exercising to maintain energy levels and support your overall wellbeing. A balanced, healthy diet is crucial for supporting physical health and brain health. In fact, research shows that a nutritious diet can improve mental wellbeing, enhance cognitive abilities and even increase grey matter in the brain. This doesn’t involve unsustainable changes to your diet, think about small changes. For example, over the past six months I set out to increase protein, whole grain and water in my diet. It took a few months to build this into my routine but now I unconsciously make better choices as I know the positive impact it has had on my energy levels and overall health.
Exercise is important all year round. It doesn’t need to be intense gym sessions, but daily movement is key. Take advantage of the warmer weather and longer daylight hours. Walk, run or try a new way to move your body to allow for new energy to flow and reduce stress like yoga or pilates.
Remember, it’s all about progress, not perfection. Every small step you take towards making your study journey achievable is a step in the right direction.
• Nasheen Wuisman, Senior Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants
APM made easy
When it comes to Advanced Performance Management, the answers are in the question, says Geoff Cordwell
The ACCA APM exam is an application paper, and so everything you say must be relevant to the business in the scenario. For some this seems scary, but actually, if you know how, it makes the hurdle much easier to clear.
Clearly, no one can be expected to know about all business types and so if the examiner wants application, then he has to provide relevant business background and situation specifics to help you understand and answer the question. This is always in two places, an initial business background exhibit and a more focussed exhibit for each requirement. This means most of what you need to answer are in the exhibit where you found the embedded requirement. Yes really – the answers are in the question!
Maddy
(extract from actual exam in December 2022)
The embedded requirement asked you to:
1 Explain the difficulties in interpreting the cleanliness data already gathered, and…
2 Advise it on the problems that there may be with that data.
Exhibit 3 showed:
Maddy has only recently started to collect data relating to cleanliness of the franchise restaurants. Cleanliness is one measure subject to minimum performance levels and is measured using customer surveys. Customers fill out a paper form giving just one overall score, between 1 and 5, for cleanliness and some other aspects of the quality of service and place these in a box in exchange for a chance to win a free meal. The franchisee collates these responses onto a spreadsheet at the end of each quarter and sends a summary of the results to Maddy for inclusion in the next performance report.
How many helpful specifics can you see in this extract?
You need only to be able read carefully and identify the points. I think there are eight fairly obvious issues above. Can you see them?
The mark allocation here was 10 marks, so eight well-argued points, scores 80% of the marks and that is prize-winner territory!
And don’t worry about allocation between interpretation and problems, the markers will credit you if you have identified and explained the issue. Of course this is the next step, each point needs a justification and must answer the question set. You must explain what the problem is with the data or why is there an interpretation issue.
How much to write per point?
This is so important. Too little and you will not properly explain. Too much and you won’t finish enough of the exam to pass.
Most students produce around 2,500 – 3,500 words in a professional stage written exam such as APM. You need 50 marks. This means you must score every 50 to 70 words to pass.
My advice is to aim at writing a scoring point within three lines of typing on the exam software. That will be around 50 words.
The published answers are way too long in my view, with paragraphs of 10 or more lines. Don’t do that. The markers will hate it, and you will waffle, repeat yourself or wander off the point you are trying to make. I produce my own answers for my courses, which follow the 50 words per point suggestion.
Here are extracts from my own answers to this question. Note the subheading use (the markers will love you).
Problems with the data
Frequency of report
The cleanliness data is only collated quarterly, and this is not frequent enough to be useful. If a restaurant was dirty for 3 months, it could be very damaging to brand and the management would not be aware until the subsequent reporting point. 43 words – 1 mark
This is a classic ‘what – so what?’ approach. It also has a justification for my assertion that quarterly reporting is not enough.
Data interpretation
Subjectivity
Cleanliness is a subjective matter. One customer will see a problem with a smear on a knife whereas another may not even notice or might not be used to anything better. In this way answering the question – “is the restaurant clean”, might remain difficult. 45 words – 1 mark
Note again the explanation as a justification of my assertion that cleanliness is a subjective matter. If you do not justify you do not score.
Each point must be clear, answer the question and use a specific from the question. If it does it will score. Do that 50 times and you pass.
Just think you are only 50 short paragraphs away for a pass!
• Geoff Cordwell, FMELearnonline.com
Points from the exhibit?
From number-crunchers to business partners
The IFA’s Jonathan Barber (pictured) explains the importance of honing your soft skills superpowers
There was a time when being a good accountant meant mastering double entry bookkeeping, ticking boxes in audit files and producing precise sets of financial statements only. But in 2025 that version of the profession has long been seen as the bare minimum. The world of accountancy is evolving – and today’s PQs need more than just the technical knowledge in order to thrive.
Businesses rely on accounting professionals to be strategic advisers, helping shape decisions at the highest level. Whether it’s assessing the viability of a new market, building sustainability into the supply chain or advising on cost efficiencies during economic uncertainty – accountants are now justifiably part of bigpicture C-suite conversations.
However, reaching this level and thriving requires the right blend of technical grounding and ‘soft’ skills, including:
• Communication: can you explain complex financial data in a way a non-finance director understands? Can you make the data tell a story that can inform decisions?
• Emotional intelligence: can you work with people from different departments, engage stakeholders at all levels, manage conflict when necessary and build trust?
• Adaptability: are you ready to pivot when the business needs change, or when AI takes over repetitive tasks?
• Problem-solving: can you look beyond the spreadsheet to spot opportunities or risks?
• Curiosity: will you take control of your own personal development and continue to hone ‘soft’ skills alongside your technical ones?
Don’t be fooled by the name – these so-called ‘soft’ skills can be the difference between an accountant being seen as a cost or a key asset to a business.
Automation and AI are already handling invoice processing, data reconciliation, and basic reporting. However, employers are hunting for accountants who can step into cross-functional teams, influence decision-making and contribute to strategy. It’s no longer about just preparing the numbers – it’s about what the numbers mean and what to do with that knowledge.
CPD: your secret weapon
Developing your soft skills isn’t just something you do once. If you’re studying for your IFA Direct assessments or ACCA, CIMA, or ICAEW exams, you’re already laying the technical foundation. But here’s how to take your employability to the next level:
1. Get curious: read business news, understand industry trends, join a professional membership organisation and network with peers. Ask why things happen, not just how.
2. Practice public speaking: present in class, join discussion groups or even try explaining technical topics to friends and family.
3. Seek feedback: ask colleagues, tutors or industry peers where you can improve your communication and collaboration.
4. Upskill: consider short courses in data analysis, presentation skills or leadership – many are free online.
5. Get experience: even part-time jobs or volunteering not related to accounting can teach you teamwork, communication and initiative.
The accountant of the future is a storyteller, a problem-solver, a trusted adviser and a numbers expert. So, as you power through your professional qualifications, remember to power up these additional employability skills, too. Because when AI and automation come for your spreadsheets it will be your human skills and knowledge that keep you being an asset in any room.
• Jonathan Barber, Group Executive, UK, the Institute of Financial Accountants
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 have my first presentation coming up and I’m dreading it. What advice do you have for handling my nerves and presenting well?
KAREN’S RESPONSE
You’re not alone in finding presenting daunting, so here are five tips to help you nail that presentation.
1. Establish your overriding goal
Understand exactly what you want to achieve through your presentation, which entails knowing your audience. Try to summarise the purpose of your presentation in one sentence and have this front of mind as you begin to prepare.
2. Prepare
There’s nothing worse than going into a presentation unprepared, so make sure you set aside time to prepare. Map out your main points and plan the structure around these, including any key figures, and create slides if necessary.
3. Practise
Running through your presentation is a great way to settle your nerves and ensure your presentation is up to scratch. I recommend having notes to hand rather than a full script; they are easier to digest and will allow you to engage with your audience.
4. Speak slowly and clearly
Although it can be challenging when under pressure, try not to rush. Speak slow and clearly to help get your points across. Bear in mind your body language too, including eye contact, to appear personable and confident.
5. Use breathing to minimise stress Last but not least, be conscious of your breathing. Controlling your breathing is an effective way to reduce anxiety and get you in the right mindset to present calmly and confidently.
• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person
Everyone’s got AI – at home
The UK’s AI adoption in daily life has surged, but lags behind in the workplace
Although a significant proportion of the UK population actively uses artificial intelligence (AI) in their daily lives, a new survey reveals that AI adoption in the workplace is slower in the UK compared with other countries.
The EY AI Sentiment Index surveyed 15,000 people from 15 countries, including the UK, to understand how people perceive and use AI. The survey found that 70% of UK respondents have consciously used AI in their daily lives in the past six months, which is below the global average of 82%. The specific areas where AI is used vary, with accessing
In brief
1,000 directors disqualified
Latest figures from the Insolvency Service show the agency banned more than 1,000 company directors in 2024-25, of which 736 were for Covid loan abuse. The report shows that for the 1,036 directors who were disqualified the average length of a ban was eight years.
The report also shows that there have been 131 bankruptcy restriction orders put in place, 87 of which were related to the abuse of Covid loans.
The Insolvency Service’s Dave Magrath said: “Disqualifications for more than 1,000 directors demonstrates the impact our investigative work is having.
“Whether it be Covid loan abuse or directors breaching disqualification restrictions,
customer support (32%), using AI to find the best route when driving or travelling (20%) and identifying, researching or recommending things to buy (14%) among the top use cases for UK respondents.
Despite the widespread use
we are consistently tackling misconduct and bringing those responsible to account.”
Give me flexibility
Flexible working is now the top priority for finance professionals other than salaries, according to the GAAPweb salary survey.
Some 26% those surveyed put it at the top of their list, up from 17% in 2024.
Job security, at 22%, remains in second place. However, this increased to 33% in Gen Z respondents, who may be finding it difficult to kickstart their careers in the precarious current jobs market.
Some 66% of respondents also said a return-to-the-office policy would be a deal breaker for them in their current role. They said they would actively
of AI in daily life, its integration into professional settings in the UK is lower. Only 44% of UK respondents reported using AI in their professional roles, compared with 67% globally.
Over the past six months, 31% of respondents globally have used AI for writing or editing content, 30% for learning about topics, and 27% for generating new ideas in a workplace setting. In comparison, in the UK, the usage is slightly lower for writing or editing content (19%) and generating new ideas (17%), but higher for helping with career aspirations (13%) and reviewing work outputs (14%).
seek out a new job if a mandate was issued.
Profit warnings fall UK-listed companies issued 62 profit warnings during Q1 2025, an 11% year-on-year fall; however, the proportion of listed firms to warn in the past 12 months remains high (18%).
EY-Parthenon’s latest Profit Warnings report found that the leading factor behind profit warnings in Q1 was contract and order cancellations or delays, cited in 40% of warnings – the highest percentage recorded for this cause in 25 years of EY’s analysis.
So far in Q2, half (50%) of the profit warnings issued by UK-listed businesses in April cited the direct or indirect impact of tariffs and resulting recent global trade disruption.
The PQ Book Club: books you should read
Practice! How Meera Built an Accounting Practice that Gave Her More Money, Financial and Time Freedom, by Noel Guildford (published by Guildford Accounting Ltd, £9.99)
Author Noel Guildford didn’t want to write a typical ‘howto’ manual on how to be a successful sole practitioner, so instead he has written a real life story! And a very nice one too, all about a young accountant starting her own firm. Meera is our brave entrepreneur who has to confront her fears, false starts and breakthroughs that define the journey.
The author is an ex-Big 4 accountant, but he really believes a sole practitioner can compete head-on with larger firms. What you need is robust digital systems and processes – because you will be creating a digital practice!
Guildford says he wants to challenge conventional thinking on how firms grow, why profitability often eludes even busy practices, and a what it truly means to be an adviser. What we have is a grounded tome for accountants who seek more than just compliance work and long hours. The storytelling approach really works
and we loved the summary of key points and actions at the end of the chapters.
Guildford outlines the seven principles to create a thriving business and we really liked the section on the first 90 days. There are also chapters on getting the right tech stack, AI and setting up your home office. PQ rating: 5/5 Anyone who is thinking of going out on their own must read this book first. You need to know if you are up to the challenge!
299,419 and counting
A record 299,419 self assessment returns were filed in the first week of the new tax year in the UK. That is a new record, and 10 months ahead of the next deadline!
HMRC said there were 57,815 early filers on the opening day, which was a Sunday.
People may need to complete a tax return for the 2024 to 2025 tax year and pay any tax owed if they:
• Are newly self-employed with a total income over £1,000.
• Are self-employed and earn below £1,000 and wish to have Class 2 National Insurance contributions treated as paid.
• Have received any untaxed income over £2,500.
• Are renting out one or more properties.
• Claim Child Benefit and they or their partner have an income above £60,000.
• Are a partner in a business partnership.
• Have taxable income earned from savings and investments of more than the £10,000, and have dividend income of more than £10,000.
• Have Capital Gains Tax to pay on assets that were sold for a profit above the Capital Gains threshold.
A full list of who needs to complete a tax return is available on GOV.UK
’
Nightclub boss and accountant face the music
A Blackpool nightclub owner and his accountant have been convicted for their involvement in a £4.9 million tax fraud.
Paul Kelly, who owned a string of bars and pubs across the North West, evaded paying millions in tax, with help from his crooked accountant John Parry.
Kelly submitted fraudulent VAT returns and deducted tax and National Insurance payments from employees’ salaries but failed to pay it to HMRC.
Kelly, 63, splashed hundreds of thousands of pounds from the proceeds of his crimes on luxury items, including a yacht, Bentley and Rolls-Royce cars, a £100,000 watch and a £2,000 Versace dining service set.
HMRC officers arrested Kelly at Gatwick Airport on his return from a trip to Barbados in November 2018. Parry was interviewed the same day.
Kelly and Parry were found guilty of cheating the public revenue and perverting the course of justice after an eight-week trial at Preston Crown Court. They are due to be sentenced at the same court on 25 July 2025.
Bet365 is for sale
The UK’s richest self-made woman is looking to sell her gambling empire for £9bn. Accountant Denise Coates is reportedly talking to US bankers and advisors to set up the sale of Bet365. Among the options being looked at is for a private equity investor to buy a stake.
Coates took over her father’s company of high street betting shops and launched the online platform in 2000 from a portable cabin in Stoke-on-Trent. Last year the company posted profits of £627m on revenues of £3.7bn.
She still owns 58% of the company, so any sale could mean she would have a £5bn payday
World’s fastest accountant in GB squad
Great to see the fastest chartered accountant in the world, Eugene AmoDadzie, selected for the GB squad for the World Athletics World Relays in Guangzhou Chin.
He was in the seven-man strong 4x100m relay team that ran on 10-11 May. A new discipline of a mixed 4x100m event had been added to the meet, and Amo-Dadzie was in with a shout of competing in this race too!
This is the start of a new Olympic cycle heading towards LA 2028, and UK Athletics said it has selected squads across all relay events with the overall objective of qualifying for the World Championships in Tokyo later this year.
HMRC celebrates making it to 20
Did you know that HMRC celebrated its 20th birthday in mid-April? The department was established in April 2005 with the merger of the Inland Revenue and HM Customs and Excise.
The creation of HMRC by then Chancellor of the Exchequer, Gordon Brown, brought direct and indirect tax collection under one organisation.
The key milestones include the online filing of Self Assessment tax returns (two million were filed online in the first year), and the introduction of MTD for VAT in 2019. MTD for Income Tax Self Assessment is next.
W E V E G O T T H E L O T
Two prizes in one
We have three sets of these travel-sized puzzle books up for grabs this month. And, they are a perfect companion for any get away! You have 128 pages to enjoy, so hours of fun await. You will receive not one but two books, so you can keep one and give one away.
For a chance to win these books just send an email headed ‘Travel-size’ to giveaways@pqmagazine.com along with your name and address
Planet Earth
Want to win your very own Planet Earth puzzle book? We have three to give away this month. Billed as the ultimate challenge for all inhabitants of this rock it is a perfect way to keep your brain in tune.
You can exercise your mind with the Wordku, CrissCross and Word Soup, to name a few of the puzzles.
To be in with a chance of winning one of these great books simply email giveaways@pqmagazine.com with your name and address and we will put you in the hat to win this prize, Head up your email ‘Planet Earth’.
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 13 June 2025. The main draw will take place on Monday 16 June 2025.
