PQ magazine, November 2025

November 2025

ACCA RESULTS ARE HERE

A wobble in the financial management pass rates, a record Advanced Taxation success rate and steady SBR exam results, despite the tears, are the main headlines from the latest set of ACCA exams.

September saw a record pass rate for Advanced Taxation, at 53%, and Strategic Professional optional pass rates in the other papers also held up. APM stayed at 40%, the same rate as June – but before that you would need to go back to June 2010 to see another 40%-plus pass rate.

AAA stayed at 40% too, with AFM (44%) dipping two percentage points on June’s results.

Despite all the tears following the SBR exam (see last month’s issue), the actual pass rate wasn’t too bad – 49%.

When it comes to the Applied Skills papers the audit paper pass rate is certainly moving in the right direction, with a 46% success rate. At 43%, PM now has the lowest pass rate by some distance. FM also seems to be going the wrong way, with a pass rate of 46%. You have to go back to December 2020 to find a lower pass rate for this paper.

However, the Tax paper had the highest pass rate with a healthy 55% this time around. It has had the top Applied Skills pass rate for 16 sittings.

Commenting on the latest exam results, Alan Hatfield, executive director – content, quality and innovation (pictured), said: “Many congratulations to the students who have

achieved success in this session. It’s always pleasing to see so many students focus on their journey towards ACCA membership as demonstrated by this robust set of results.

“The lead up to the September session saw continued strong engagement with key learning resources, which were complemented by a number of live sessions to reinforce effective exam preparation. We also continued to support Approved Learning Providers in incorporating ACCA resources into their own offerings, including mock exams.”

Interestingly, some students aren’t happy with

the time ACCA releases the exam results. One asked: “Daft question, but does anyone know if it is possible to change the time we receive results – to say 9am? The Monday morning release time usually means no sleep pre-midnight and then struggling to sleep post-midnight due to being overjoyed or too frustrated This then has a knock-on effect for at least the first couple of days of the working week.”

Another PQ said they had actually called the ACCA about this and asked if they could opt out of the results email and just log in online on Monday morning instead. But the ACCA said this was not possible. The PQ explained: “I really struggle with the midnight thing as well! Saturday at midnight would be so much better probably for everyone, extremely frustrating.”

However, a fellow student stressed: “The results come out the same day, at the same time for everyone, so it cannot be changed. You can put your phone on mute and look at the message when you want, I never managed it, so I understand the disruption. It will end before you know it, just bear it. Exams are not forever.”

Others have opted just to receive them by email, while some put their phones on ‘airplane’ mode. As one trainee said: “You can switch off your phone and have it in a separate room until you wake up.”

ACCA SEPTEMBER 2025 PASS RATES: TX 55%; FR 48%; PM 43%; FM 46%; AA 46%; SBL 51%; SBR 48%; AAA 40%; AFM 44%; APM 40%; ATX 53%

CATERING FOR THE WEALTHY?

The profession has a real perception problem, and accountants need to start demonstrating their value to wider society, according to the findings of the ‘Society First’ report from ICAS.

The ground-breaking study found half of the general public (exactly 50%) admit they do not clearly understand what the accountancy profession does. Worryingly, some 55% believe accountants “cater to the wealthy”.

Many outside the accountancy profession still associate it mainly with tax and bookkeeping services. Reputational damage from sector scandals isn’t helping, either. Just 62% of the general public associate accountants with ethical behaviour.

The research discovered overall trust in the profession sits at 66%. However, this drops to 58% among those less familiar with accountants’ work.

Even accountants themselves highlighted the fact that a key challenge is the fact that profession is seen as too complex (41%). It means accountants themselves see staying relevant as the profession’s main challenge (57%), partly because of technological changes and disruption.

James Baird, Chair of ICAS’ Shaping the Profession steering group, said: “Our research shows that public perception of the profession is generally positive, particularly around trust, but there is limited understanding

about what accountants do, and outdated stereotypes persist.

“What’s clear, and exciting,

about our findings is that there is significant opportunity for the profession to take on a broader role in areas such as strategic advice and the adoption of AI. The profession can also do more to demonstrate to stakeholders and the public the full range of capabilities that it offers beyond the numbers, and how it positively contributes to society.

“ICAS is committed to making these opportunities a reality by shaping a profession that feels more accessible, understandable, and supports society’s evolving needs.”

• The ‘Society First’ report is the first publication of ICAS’ ambitious Shaping the Profession programme.

Exciting changes have been made to our CTA Joint Programmes. To align with the proposed new CTA qualification updates, the ICAS and ACA developments, we have evolved these study routes to better support the future learning and development in taxation.

Key changes to the ACA CTA Joint Programme with ICAEW, and the CA CTA Joint Programme 2026+ with ICAS include:

•Staged academic progression through the introduction of the Tax Knowledge and Skills paper

•Streamlined structure which ensures learners apply their tax knowledge in an integrated way

•Wider breadth and depth of tax knowledge plus skills including understanding the tax landscape, ethical practice and impact of technology on the profession.

The CTA Joint Programmes development mark a significant evolution in our professional training, designed to align with the latest in tax and accountancy education, and continues to support the development of skills for employers.

Discover more about the redesigned CTA Joint Programmes:

www.tax.org.uk/joint-cta-programmes

IN THIS ISSUE

A note from the Editor

Welcome to the latest PQ magazine – it’s number 275! As always, we have lots of news for you this month, including the latest ACCA and AAT pass rates. We will be putting the CIMA and ICAEW results up online too, as soon as we get them.

AI seems to be taking over our world. Deloitte Australia recently showed everyone how not to use it (see page 5). CIMA has also announced it is updating its E3 and SCS syllabuses to make sure its students learn all about GenAI.

And we even look at how AI can help avoid natural disasters. In his latest column Sunil Bhandari wonders if AI is going to do the grunt work then accountancy bodies should make lower-level technical papers easier (page 8). I am not so sure about that, sorry Sunil.

We had a great roundtable discussion recently on how you can unlock some of that AI power. Check it out at https://getrogo.com/pqwebinars/. A big thanks to our sponsors – ACCA, ICAEW, ICAS, IFA and Reed Partnership.

Oh, and watch out for next month’s issue – we will be launching the world-renowned PQ magazine Awards 2026! These will be our 23rd annual celebration of everything that is good about accountancy education. Now off to find a venue… Graham Hambly, Editor and Publisher, PQ magazine

8 New Gen ACA

4 AAT pass rates exam feedback

We run the rule over the CBA pass rates for the year ending 30 June 2025

5 PQ sent to jail

ACCA student sent to prison for running illegal streaming services

6 PwC to cut jobs

‘Slowdown’ prompts Big 4 firm to reduce headcount – but partner pay rises

New qualification will give accountants ‘superpowers’, says education chief

9 Tax initiative

CTA launches joint programmes with ICAEW and ICAS

10 ACCA online initiative

Association unveils online careers skills resource for students and members

12 Tech news AI could be used to mitigate damage from natural disasters Features, etc

14 Have your say I can’t afford to live and work in London; so what if you’re ‘chartered’; and in praise of the office. Plus our social media round-up

17 CIOT spotlight Tax institute launches redesigned learning initiatives in conjunction with ICAEW and ICAS

18 Next Gen ACA

ICAEW Director, Education and

Qualifications Shaun Roberston talked us through the revamped qualification

19 ACCA spotlight

How ACCA is keeping ethics at the heart of its flagship qualification

20 ACCA SBL exam

Three top tips for success in the Strategic Business Leader exam

21 AAT exams

Karen Groves explains the differences between financial accounting and management accounting

23 AAT pass rates

All the pass rates for the CBA exams for the year ending 30 June 2025 – so are they better or worse than last year?

24 Social mobility

In the second of a three-part series, Tim Mickleburgh explains why working-class accountants face barriers to success

25 CIMA spotlight

How to stay focused and beat procrastination in the run up to an exam

26 CASSL spotlight

Some do’s and don’ts for those just starting out on their accountancy qualification

27 A question for Tom Tom Clendon explains a new international standard that’s sure will be on the examiner’s agenda

29 CIPFA spotlight

How the UK’s heads of internal audit are shaping the future of their profession

30 Study advice

You need to learn how to learn –and we’ve some advice on how you can do just that

33 AAT exams

Nick Craggs offers some insight for students attempting task 6 in the AAT level 3 Business Awareness exam

35 Audit reform

Pressure mounts on UK government to act on its audit reform promises

36 Sustainability

Why sustainability and ethics must be at the core of accountancy education

38 IFA spotlight

The IFA’s Tim Pinkney shares how students can use AI to add value

39 Careers

If you want to work in film, then Netflix is recruiting; our Agony Aunt deals with your career issues; and our Book Club review focuses on bad bosses!

40 Fun

The lighter side of life – and accountancy

The columnists

Lisa Nelson Bridging the ‘gap’ between the syllabus and the job 4

Sunil Bhandari Dearth of new accountants threatens profession 6

Prem Sikka Economic recovery depends on fair shares for all 8

Anna Kate Phelan Why you should embrace digital exams 10

Hannah MacDonald Three top tips on passing that resit 12

LISA NELSON

Bridging the ‘gap’ between syllabus and job

A challenge for PQs can be seeing a direct link between your accountancy studies and professional work. The practical tasks in your job today may not align neatly with the content of your exam syllabus. The key to success is shifting your mindset from focusing on exam tasks to the holistic business context.

Exams test your ability to apply knowledge under pressure, but your workplace builds the professional judgement required to apply it correctly. To truly build confidence you must actively seek the connections between the two.

For example, while your exam syllabus may require you to prepare a set of group accounts or complete a complex tax return this may not be your immediate focus at work. However, you can explore the connections between your work and studies by asking yourself questions such as: Where would this figure fit into the financial statements? What is the tax implication of this decision?

Even if you aren’t performing detailed calculations or drafting audit reports at this stage of your role, knowing the context allows you to contribute confidently to discussions with managers, clients and other stakeholders. This ability to translate technical concepts into clear, confident language for clients and nonfinance colleagues is what ultimately defines a competent professional.

Embrace this challenge; it will prepare you well for both exam and professional success.

CIMA syllabus GenAI updates

Updates have been made to the CGMA PQ syllabus in 2026 to incorporate GenAI into the exams.

CIMA said: “The changes to the Strategic Level means the syllabus reflects an evolving AI terrain, where the need for these additional skills set is critical.”

From January 2026, the E3 OTs will include questions on GenAI. The Strategic Level Case Study exam from May 2026 onwards will also incorporate AI.

Latest AAT pass rates are in

AAT has now released the CBA pass rates for the year ending 30 June 2025. They show the global pass rates for Levels 2, 3 and 4 are all up on a year ago. In fact, the Level 4 pass rate at 70.3% are higher than the Level 3 pass rate (68.6%).

The four UK assessments with the lowest pass rates are FAPS (63%), AMAC (63.7%), MATS (65.3%) and PNTA (68.6%).

There is still a disparity between UK and the Rest of the World (RoW) pass rates. That means while students in the UK sitting CRDM achieved a pass rate of

71.7%, just 38.2% of those sitting from the RoW managed to pass.

Obtaining a distinction in the Level 4 Diploma in Professional Accounting is still tough, too. Just 3% of candidates received one, with 47% awarded a merit and 50% a pass.

Late night sittings

ACCA students can now sit exams in the early evening at the most popular exam centres.

ACCA has periodically been offering a 5.30pm exam time slot in areas of high demand, on top of

Tim Mickleburgh has won another accountancy prize

CIMA PQ Tim Mickleburgh has taken home the Student of the Year prize at the recent CIMA UK & Ireland Finance Awards 2025. The judges loved his exceptional drive, resilience, and leadership.

This marks his second win following three shortlisting in the past year-and-a-half. He can

You will see the changes in the E3B and E3F Blueprints.

For FLP there is new GenAI content in the digital strategy and competitive advantage competencies.

UK Virtual Careers Fair

The ACCA UK Virtual Careers Fair is planned for Thursday 23 October, focusing on helping members and affiliates explore new opportunities, meet employers, and be inspired about

now add this trophy to the one he picked up at the PQ magazine awards. It is a remarkable achievement for someone who was once told they were not cut out for finance.

• Mickleburgh was the PQ magazine Accountancy Graduate of the Year in 2024. He has written

‘what’s next’. Remember, this is an award-winning careers fair.

You can drop in any time between 8am and 4pm no matter where you are, and you can even join on your phone.

Expect live job chats, career insights, expert talks and lots of chances to connect. And you will be able to apply for live job vacancies and explore hundreds of job opportunities for all experience levels.

To join go to https://lnkd.in/ gyQk-sAm

• Check out all the pass rates for assessment sat between 1 July 2024 and 30 June 2025 in page 23

the 9am and 1.30pm start times. However, students should note these later sessions can vary from session to session.

A spokesperson for ACCA told us: “ACCA aims to offer students exam entry options that fit around their work and personal commitments.”

Top tutor Sunil Bhandari said he asks his students to sit their mocks at the same time as they plan to sit their exam. He feels it is a good way of simulating the reality. He even tells his students if they are sitting at an exam centre they should undertake the mock outside their homes, again so they get the feeling of what it will be like.

a series of three articles for the magazine on the barriers to success faced by finance professionals from working-class backgrounds. Read his second in the series on page 24

Ensors signs up 17 new PQs

East Anglican firm Ensors recently unveiled its 17 new accountants. The group, made up of a combination of graduates and school leavers, will work in one of Ensors’ six offices over the region.

David Scrivener, Managing Director, Eastern, said: “I’m delighted to welcome the class of 2025 to the firm – and look forward to seeing them complete their qualifications and progress through the business in the future.”

Lisa Nelson is Director of Education at Kaplan

PQ jailed for illegal streaming service

PQ accountant Nishan Silav (pictured) has been jailed for running an illegal IPTV streaming service.

Silva, from Hitchin, has been sentenced to three years in prison following an investigation by City of London Police into an illegal streaming service that offered cheap access to premium TV channels and on-demand content.

The ACCA trainee set up Andy UTV and Ultimate TV Services, but Sky reported the websites to the police.

Financial investigators uncovered that one account had received £256,726 in payments.

A rising star

Aaron Michael Dorsett has been named the Rising Star of the Year at the Black Talent Awards 2025.

A student in the PwC Flying start programme at the Queen Mary University of London, the award recognises individuals under 30 who have shown exceptional

Some £125,941 had been withdrawn, including £20,100 transferred directly to Silva’s own account.

Two other bank accounts linked to the scheme were also discovered to have been opened using fraudulently obtained identity documents.

Detective Constable Daryl

growth, impact and leadership –all demonstrating the potential to be a future leader in their industry.

Aaron said: “Winning Rising Star of the Year is an honour, not just as recognition but as proof of what’s possible when you move without waiting. Not for permission. Not for age. Not for a title. You can just do things.

Fryatt, of the Police Intellectual Property Crime Unit (PIPCU), said: “Silva was a highly intelligent accountant who abused both his expertise and trusted position to commit serious criminality.

“This activity should serve as a reminder that PIPCU will pursue criminals who seek to profit from illegal streaming and disrupt their operations.”

On his LinkedIn profile Silva says he is an adaptable and resourceful ACCA PQ, a graduate from the University of Hertfordshire with over eight years accounting experience. He said he is currently studying ACCA, with five exams complete.

“From building a six-figure business in my teens, to developing a tech prototype for private markets with tier 1 consultants, to now sharpening my capital acumen through PwC’s Flying Start degree, every chapter reflects a long-term ambition to build in the private equity space. The world doesn’t reward perfection.”

AI errors highlighted in Deloitte report

Deloitte Australia has agreed to issue a partial refund to the federal government after admitting that AI had been used to create a $440,000 report littered with errors.

The report in question included three non-existent academic references, and a made-up quote from a Federal Court Judgement.

It was University of Sydney’s Dr Christopher Rudge who highlighted the multiple errors in the document, produced for the Department of Employment and Workplace Relations (DEWR).

Rudge has suggested that any recommendations in the report can no longer be trusted as core analysis was done by AI.

He said: “You cannot trust the recommendations when the very foundation of the report is built on a flawed, originally undisclosed, and nonexpert methodology.”

Deloitte has now supplied a replacement report and acknowledged the original was written with the assistance of Microsoft’s Azure software.

SUNIL BHANDARI

Why the profession is ‘challenged’

PwC UK cuts jobs as growth slows

PwC UK has reported flat revenues and said ‘tough’ job cuts are coming amid a marked slowdown for the Big 4 firm.

There has been a marked decline in the number of students choosing accounting as a career. This trend threatens the talent pipeline essential for sustaining the profession’s future.

Given rising UK university tuition fees students face difficult choices. For many, the prospect of accumulating over £50,000 in debt is prompting a re-evaluation of university as the default path.

ACCA holds a unique position in this landscape. Unlike many qualifications that require a university degree, ACCA offers non-graduate entry routes, allowing students to begin their journey straight from school via its Foundation in Accountancy (FIA) pathway –especially when combined with its London University partnership. This inclusivity opens doors for a broader demographic – and a way to avoid a lifetime of debt.

ACCA also offers generous exemptions to relevant graduates. Such graduates often struggle with professional exams, and ACCA’s response seems to have been to be to make their final papers less technical and more ‘academic’, emphasising skills graduates are strong in.

But if AI says technical accounting skills are no longer key, shouldn’t ACCA be making lower-level technical papers easier, too?

And if AI is really going to make such skills of marginal relevance, maybe the whole profession should pivot to becoming the pathway of choice for IT specialists whilst we’re at it?

Or are we chucking the baby out with the bathwater here?

Total revenue for the UK firm (which includes the Middle East and Channel Islands) rose by 0.4% to £6.35bn in the year to 30 June 2025. This is stark contrast to the growth of between 9%–16% in the previous three years.

The slowdown has affected staffing levels. Last year’s report put staff numbers at 36,000; this year the figure was 33,700. More

job cuts are now expected. The report explains that as part

England Touch and CIMA renew partnership

CIMA and England Touch have announced the renewal of their partnership, reinforcing their shared commitment to develop future leaders through the power of sport and business.

This renewed three-year agreement will spotlight the strong parallels between sport and business – teamwork, communication, resilience, and strategic thinking – while elevating Touch Rugby as a sport of choice

across UK universities.

“This partnership goes beyond sport,” said Claire du Rose, Lead Manager – UK Student Recruitment at CIMA. “It’s about empowering students with the skills, confidence and collaborative mindset they need to succeed in today’s workplace. Touch Rugby is fast-paced, inclusive – especially as a mixed team sport – and mirrors the dynamics of modern professional environments. We’re

FRS 101 to stay unchanged

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle.

As part of its annual review of FRS 101, the FRC has reviewed amendments to IFRS Accounting Standards to assess whether any exemptions or consequential amendments are required as

a result of changes to IFRS Accounting Standards. While two relevant amendments have been issued by the International Accounting Standards Board (IASB)

of PwC’s transformation it took tough decision to reduce roles in some areas, but has maintained its commitment to pay and promotions. Overall spend on remuneration is in line with FY24. Cost management and operational transformation helped profits rise from £1.14bn a year ago, to £1.37bn this year.

Partners pay held up well; average pay was £865,000 this year, up £3,000 on last year, but down on the record £920,000 achieved in 2022.

excited to partner with England Touch to bring this enriching experience to students across the UK.”

Check out the website at englandtouch.org.uk/play

during this review cycle, the FRC has concluded that existing exemptions in FRS 101 ‘Reduced Disclosure Framework’ remain appropriate to address these changes.

The FRC remains confident that FRS 101 will continue to enable cost-effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements.

Consultation on FRED 88 is open until 16 January 2026.

Don’t lie about your passes

ICAEW provisional member Lewis Edmondson has been found guilty of lying about passing all the Certificate Level exams, and falsifying ICAEW exam reports, even claiming he had passed exams that he had in fact not even taken!

He was dismissed when the firm discovered he had not achieved the 65% in the Assurance exam and 63% in the Accounting exam that his forged documents claimed.

An ICAEW Tribunals Committee

ruled his provisional status be withdrawn, and Edmondson be ineligible to reapply for two years. He was also ordered to pay costs of £6,000.

Discord ID photos leak

Gaming messaging platform

Discord has said up to 70,000 of its users’ official ID photos could have been leaked, following a cyberattack.

Discord explained that it recently discovered ‘an incident’

where an unauthorised party compromised one of its third-party customer service providers. This unauthorised party then gained access to information from a limited number of users who had contacted Discord through its customer support or trust and safety team.

Data impacted may include users’ names, Discord username, email and other contact details. Also compromised was limited billing information such as payment type, the last four digits of a credit

card and purchase history of the account.

ACCA and unifrog join forces

ACCA and unifrog, a school careers platform, have formed a key partnership to help promote the accountancy sector to UK 16 to 19 year-olds and their teachers. unifrog reaches into more than 3,000 schools and colleges in the UK and 1,000 international schools, and has over 2.2 million active students on its platform.

Sunil Bhandari is an AFM tutor at FME Learn Online

Nichole Ama, ACA

LORD SIKKA

Recovery depends on fair shares for all

Successive UK governments chase the rainbow of sustained economic growth but have failed to address the fundamental problem: a large proportion of the population lacks adequate purchasing power.

Despite economic growth, the average real wage of workers has hardly moved since 2008. The median annual wage of a full-time employee is £30,816. According to the Joseph Rowntree Foundation, a single person needs to earn £30,500 a year to reach a minimum acceptable standard of living. A couple with two children needs £74,000 a year between them.

Some 4.5 million jobs pay less than the real living wage; 1.17 million workers are on zero-hour contracts. Work doesn’t pay enough – 34% of the people claiming Universal Credit are in employment. Unsurprisingly, 16 million Britons live in families in poverty. Millions rely upon food banks and charity.

Just 50 families hold more wealth than the poorest half of the population. The richest 1% have more wealth than 70% of the population combined. The top fifth own two-thirds of wealth and receive 36% of the UK’s income. The bottom fifth own 0.5% of wealth and receive 9% of the UK’s income.

No political party has any credible plan to increase workers’ share of GDP, or redistribute income and wealth. None wants to end profiteering on energy, water, housing, groceries and other essentials. Without a major shift in government policies sustained economic growth is unlikely.

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

Tax briefs

HMRC has football ‘firmly in their sights’ HMRC has instigated a deliberate and sustained strategy to recover unpaid taxes from the wider football industry, according to DMH Stallard’s Oliver Jackson. Some £90m was recovered last season alone from clubs, players and agents.

In 2023, HMRC collected £67.2m from the sector, but there are 397 investigations still ongoing – including 277 into players – so it

Next Gen ACA gives you ‘superpowers’

The ICAEW opened its doors at Moorgate Place recently to formally launch its much-heralded Next Generation ACA qualification.

More than 100,000 students, employers and stakeholders were consulted on the changes to future-proof the ACA, which are the biggest updates to the qualification in 30 years.

Will Holt, ICAEW’s Education and training MD, told a packed hall the Next Gen ACA will help students develop the professional ‘superpowers’ they will need to succeed.

He said he was really excited about the three new case study

exams, and felt that the redesign allows for a smoother passage between levels for students.

The new Specialised Learning programme is now up and running and the Excel ‘unleashed’ and project management programmes

ACCA and EAA sign MOU

ACCA and the European Accounting Association (EAA) have signed a Memorandum of Understanding. The partnership aims to strengthen collaboration between academic leaders across Europe and professional body counterparts, with a focus on advancing research, providing opportunities for upskilling and inspiring the next generation of students to pursue careers in accountancy.

This partnership aims to strengthen the link between university research and real-world work in accounting and finance. The goal is to make sure academic programmes match what the industry needs, while training the next generation of accounting and finance professionals, teachers and leaders. By working together, both organisations want to create strong connections between classroom learning, new research

are already proving to be very popular.

Holt promised this was just the start, and said there is a lot more to come.

During the roundtable discussion it was revealed that the innovative Specialist Learning programme was not part of the original proposals.

ICAEW’s Andrea Cook explained that the institute was challenged on how it was going to introduce specialisation, flexibility and personalised learning, and the Specialist Learning programme was the result.

• Read more about the Next Gen ACA qualification on page 18

and what the profession requires today.

Caitriona Allis, Head of Europe, ACCA, said: “By working together, we can make accounting education more dynamic, more connected to industry, and more attractive to the next generation.”

AAT degree apprenticeship a hit

The University of Exeter’s Accounting Finance Manager Degree Apprenticeship programme has welcomed its first cohort of students (pictured).

Delivered by the university and AAT, the programme is unique in offering both academic and professional accounting and finance qualifications.

Apprentices work towards the AAT Level 4 Diploma in Professional Accounting in the first year of

is clear this is far from over.

Jackson said HMRC’s approach is no longer reactive, it’s forensic. He said: “For clubs and individuals, the lesson isn’t just to pay your tax bill on time, but to ensure your entire financial strategy is watertight.”

The tax burden

A record 60% of UK firms are worried about the tax burden, a tenfold increase in just five years, according to the ICAEW’s latest Business Confidence Monitor.

the programme, making them immediately ready for a range of finance and accounting roles.

ICAEW said the tax burden is putting undue pressure on profits, recruitment and investment activity. This, paired with disappointing domestic sales growth, is bringing expectations down.

ICAEW CEO Alan Vallance explained: “Economic growth will require the country’s businesses to be confident, to innovate and to invest.

“But concerns over further tax rises next month – which appear inevitable – are quashing any sparks of risk-taking or ambition.”

After three years the apprentices receive a BSc in Applied Finance from Exeter, and completion of the programme provides maximum exam exemptions when progressing to complete full chartered accountancy qualifications.

Apprentices work in full-time jobs while they study, so by the time they complete all their formal qualifications they also have three years’ work experience under their belts.

Government plans miss target

The Chartered Institute of Taxation (CIOT) has warned the UK government that new legislation aimed at tackling rogue tax agents and those pushing tax avoidance schemes simply won’t do the job properly.

It argues that the current proposals are not well targeted, imposing potentially unworkable conditions on tax agents, whilst many of the ‘bad actors’ will continue their abuse of the systems.

CTA joint programmes with ICAEW and ICAS

The CIOT has launched two newly revised CTA joint programmes with the ICAEW and ICAS.

The CTA Joint Programmes allow candidates to accelerate their studies and become fully qualified chartered accountants and chartered tax advisers (CTAs) in around four years, depending on how quickly you pace your studies (and once you have undertaken relevant professional work experience).

The programmes also benefit employers by reducing the time and overall cost for their employees to complete two prestigious qualifications. They fast-track professional development and provide accountancy students with both broad tax knowledge and a tax specialism early on in their career.

The institute says the new

PQ Job of the Month

Each week PQ magazine posts a ‘Job of the Week’ on our website, but we didn’t want magazine readers to miss out on some great career opportunities – so here’s our Job of the Month!

Check out a great position in Nottingham for an assistant

management accountant. You will be joining the client accounting team of a well-established company, supporting senior leadership in delivering high-quality client reporting and driving operational improvements across a diverse property portfolio.

updated programmes mark a significant evolution in professional training, which are “designed to align with the latest developments in accountancy education and to better support students pursuing these dual qualifications in accountancy and taxation”.

Registration for both programmes will open in the spring of 2026, and you can register your interest on CIOT’s website. Students should note that they must register with CIOT at least four months before their first CTA exams.

Read more on page 17, or click here

The salary on offer is between £30,000 and £32,000. Interestingly, you will be able to work hybrid after an initial probation period.

This is a fantastic opportunity for someone looking to take the next step in their financial career. The closing date for applications is 7 November 2025. For more go to https:// tinyurl.com/2pm8s2zy

Unlocking the power of AI

Using AI could actually be ‘dulling your brain’, according to the Massachusetts Institute of Technology.

In a study, participants had their brains scanned while using ChatGPT to write an essay. The study found some 83.3% of users couldn’t recall a single sentence they had written. Even after stopping using ChatGPT those in the AI study group showed continual under-engagement. In contrast, those writing without AI had no trouble remembering what they had written.

This was just one of the topics touched on by our recent roundtable on the power of AI.

The importance of prompts was another subject put under the microscope by the panel, who included AI advocate Stuart Pedley-Smith, ICAS director of AI and Data, Sean Roberston, IFA’s Kyle Baker-Kemp and Eintech’s James Carter.

Check out our roundtable discussion here

ANNA KATE PHELAN

Why you should embrace digital exams?

Change is rarely comfortable, and the same can be said when it comes to taking exams. For some PQs, moving from paper to digital assessment can feel like another concern on top of studying. Will I know what to do? What if I click the wrong thing? These are valid concerns, and ones we think deeply about when designing assessment platforms.

The truth is that digital exams are about far more than convenience. They’re part of a wider shift in how the profession works. Today’s accountants spend their days interpreting data, working with software and communicating insights through dashboards and reports. Assessment needs to reflect that reality. It should test how you apply knowledge, not just how you recall it.

You’ll find that the familiarity of typing, the ability to flag and revisit questions, and even tools like spreadsheets can make the experience smoother than a paperbased exam. A good digital exam should be a seamless, intuitive experience.

Change fatigue is real, but so is progress. Every time you sit a digital exam, you’re building the digital fluency that employers now expect. My advice would be to treat the format itself as part of your preparation. Get comfortable with it early. So that when exam day comes around, it’s certainly not a hurdle, it’s an advantage.

Because the future of accounting isn’t just digital. It’s already here.

Anna Kate Phelan is Head of Product at Eintech

ACCA launches Virtual Skills Platform

ACCA has launched a new online skills resource to help new members and affiliates prepare for their careers ahead.

The ACCA Virtual Skills platform provides practical guidance on everything from job applications to the final interview.

The platform is structured around two key components:

1. Interview prep videos – a series of short, on-demand videos that cover a wide array of career topics, including:

• Crafting an impactful CV.

• Making a great first impression.

• Creating a strong LinkedIn profile.

• Dressing for interview success.

• Navigating salary and growth conversations.

• Asking the right questions.

2. Virtual flashcards – short, visually engaging, downloadable flashcards based on key

ACCA reports on topics like AI, technology, global economics and sustainability. They are designed to serve as conversation starters for networking events and to aid in interview preparation.

ACCA’s Director of Brands and Marketing, Lindsay Degouve de Nunques (pictured), said: “ACCA is committed to equipping our members and future members with the skills and knowledge they need for success. This practical resource is designed to help new professionals face the future with confidence.”

Explore the ACCA Virtual Skills platform at https://accaskills.com

BDO welcomes 600 new trainees

BDO has onboarded over 600 new trainees across its UK offices.

The trainees, who join the firm’s 8,000 strong workforce across its four core business areas –Audit, Tax, Deals and Consulting, Risk & Outsourcing (CRO) – are a combination of school leaver apprentices, university graduates and students undertaking a 12-month industrial placement. Over half are based in regions outside of London.

In their first week the trainees

attended a two-day induction at Wembley Stadium, where they gained insight into the firm’s culture and values, while also having the opportunity to network and collaborate with their new colleagues.

Head of People, Culture & Purpose, Anna Draper, said: “Welcoming our new cohort of trainees to the firm is a huge privilege. Our success has always been built on people with ambition and curiosity. This new group of

trainees brings all of that and more. I am excited to see the impact they’ll have on our firm, our clients, and our communities.”

CIOT and ATT partner with TestReach

The Chartered Institute of Taxation (CIOT) and Association of Tax Technicians (ATT) have agreed a deal with a new software provider to improve the exam process for students from 2026 onwards.

TestReach will provide improved platforms and interfaces for CIPT and ATT’s

flagship qualifications. The new agreement follows feedback from students on the usability of the organisations’ exam system.

Vicky Purtill, Director of Education at CIOT and ATT, said: “This partnership with TestReach is a vital step in future-proofing our qualifications. We needed a modern, secure and highly

usable system that not only safeguards the integrity of our assessments today, but also positions us for the future as we design and roll out new qualifications. Working with TestReach gives us the confidence that we can continue to provide excellence in taxation assessments.”

PwC UK secondbest graduate employer

PwC has again been voted one of the UK’s top graduate employers – coming in at number two overall after the Civil Service – in the Times Top 100 Graduate Employers survey for 2025.

The ranking is based on interviews with over 15,000 final year students at 30 UK universities. The firm also won awards for the Best Social Media presence and the sector award for accountancy.

PwC holds the unsurpassed record of being voted number one 17 times in the 27-year history of The Times Top 100 Graduate

Employers, and was the country’s top graduate employer in both 2023 and 2024.

Deloitte UK FY25 results are down

Deloitte UK has reported revenue for the year ended 31 May 2025 down 1% at £5.68bn, with what it says was “differing performance across the business”.

This is the first fall in revenue for Deloitte in 15 years, with the 10% drop from technology and transformation business the main culprit. That said, distributable profit was up 4%, with the average profit per equity partner staying over the million mark, at £1.051m.

Deloitte also revealed that a year after opening Deloitte University EMEA (Paris) some

4,600 UK participants have gone through various programmes.

Deloitte’s total UK tax contribution was £1.78bn in FY25.

Sanctions against KPMG and Anthony Sykes

The Financial Reporting Council has issued a final settlement decision notice against KPMG LLP and Anthony Sykes over the audit of N Brown Group plc for FY22.

After deductions for co-operation and early admissions KPMG was fined £710,937.50. It also received a severe reprimand.

Skyes, who was the audit engagement partner, was fined £52,187.50 and given a severe reprimand.

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PQ Hall of Fame, Clare Finch 2025

HANNAH MACDONALD

Three tips for resit success

At Accountancy Hub we focus on study skills, accountability, boundary setting and exam resit strategy. So here are my three top tips for approaching a resit with confidence.

1. Start with the syllabus: Dig out the syllabus for the exam you’re resitting find the section which shows the weighting of the marks by syllabus area. For example, for the ICAEW SBM exam 30%-40% of the marks can be collected within the syllabus area of ‘Business Strategy and Management’. That’s huge when you think this is only one of five areas. Start with this topic and remember that you can spend 30%-40% of your study time on this topic!

2. Don’t underestimate the power of a great study plan: Organisation and forward planning is key. When do you work at your best? Before or after work? Which days will you not study at all? Ensure your study plan is detailed enough so that you know the exact topics and chapters you will complete, and even which questions you will answer. This means that when you start a study session you can just begin immediately. Make sure you take lots of breaks to keep yourself motivated and rewarded.

3. Gather a support network around you: Studying for an exam resit can be a lonely endeavour, so stay close to others in your cohort who are in a similar position to you.

Time to use AI to avoid natural disasters?

Natural disasters are projected to cause average annual losses of $460 billion to infrastructure globally by 2050.

However, new analysis by Deloitte shows leveraging artificial intelligence (AI) could help global leaders fortify infrastructure to plan, respond and recover quickly and decisively to more frequent and intense natural disasters.

Deloitte’s Center for Sustainable Progress has estimated AI can help prevent around $70 billion in infrastructure losses every year (that’s 15%).

The Big 4 firm said AI has the potential to be especially advantageous in mitigating

damages from storms and floods, which are projected to be some of the costliest natural disasters.

And it stressed cross-sector collaboration – from insurers to technology companies – is critical to unlocking the economic, environmental and societal benefits of AI for infrastructure resilience.

“AI-enabled infrastructure resilience can transform how leaders protect their communities from the growing risk of extreme weather,” says Jennifer Steinmann, Deloitte Global Sustainability Business leader. “If deployed strategically, AI can help leaders identify risks sooner, optimize resources, prevent costly failures and disruption, and accelerate response and recovery times during natural disasters. Investing in both preventative and reactive AI-powered infrastructure solutions can help safeguard economic value and increase business resilience.”

Check out Deloitte’s report at: AI for infrastructure resilience

CIMA launches 2025 cybersecurity tool

CIMA has launched the latest version of its CGMA Cybersecurity Tool, designed to help finance professionals tackle the growing threat of cyberattacks through robust risk management, response and remediation strategies. Featuring actionable steps to assess and respond to cybersecurity risk, the updated tool provides finance professionals with guidance on:

• How to protect sensitive data.

• Influencing software investment decisions to prevent, detect and

neutralise cyber threats.

• Risk management and governance structures.

• Incident response and recovery.

• Evaluating cyber security insurance.

Andrew Harding, Chief Executive of CIMA (pictured), said: “Finance professionals have a deep understanding of risk,

A £2bn boost to the UK AI startups

NVIDIA has unveiled a £2bn investment to help catalyse the UK’s AI startup ecosystem.

The world’s biggest company said the new capital will help foster economic growth, develop more innovative AI technologies and create new companies and jobs.

Scaling AI companies in the UK has been challenging due to limited access to supercomputing,

constrained venture capital outside London, rising energy costs and difficulty for VCs in accessing leading academic institutions, where many researchers are also

compliance and reporting, and financial planning. They’re uniquely positioned to help their organisations build resilience against cyber threats. This latest edition of the tool equips them with insight and strategies to manage risks and respond effectively to incidents.”

entrepreneurs.

“This is the age of AI — the big bang of a new industrial revolution,” said Jensen Huang, founder and CEO of NVIDIA. “The UK is in a ‘Goldilocks’ moment, where worldclass universities, bold startups, leading researchers, and cuttingedge supercomputing converge. With new capital and advanced infrastructure, we are doubling down to empower the UK to lead the next wave of AI innovation.”

Data hack at Renault

Renault UK recently confirmed that the data of some customers has been stolen in a cyber-attack, which targeted a third-party processing provider.

Renault stressed that no customer financial data, such as passwords or bank details, have been stolen. However, other personal details have been accessed.

The car company has emailed customers to be vigilant.

The news comes after Jaguar Land Rover were forced to stop production

after a cyber-attack on their systems.

A Renault spokesperson explained: “The third-party provider has confirmed this is an isolated incident which has been contained, and we are working with it to ensure that all appropriate actions are being taken. We have notified all relevant authorities.”

OpenAI and NVIDIA announce tie-up OpenAI and NVIDIA have unveiled a new strategic partnership, with NVIDIA promising to invest $100bn

in OpenAI.

And it all starts happening pretty quickly, with the first phase targeted to come online in the second half of 2026, using NVIDIA Vera Rubin platform.

“NVIDIA and OpenAI have pushed each other for a decade, from the first DGX supercomputer to the breakthrough of ChatGPT,” said Jensen Huang, NVIDIA CEO. “This investment and infrastructure partnership mark the next leap forward — deploying 10 gigawatts to power the next era of intelligence.”

Faster payroll payments

IRIS Software Group has partnered with Telleroo to help deliver faster payroll payments. As part of this partnership, the faster payments tool will be integrated as a core feature of IRIS Payroll Services and made available to its 5,500-plus customers, extending payroll submission deadlines by up to two additional days.

The partnership also introduces a range of robust security and compliance features, including:

Hannah Macdonald is the founder of Accountancy Hub

Scary cost of living

I was shocked by the sheer number of chartered accountancy students who are struggling with the cost-of-living crisis (PQ magazine cover story, October 2025). I thought it was just me who had no money, despite the fact I work for a great accountancy firm!

I came down to London to ‘get qualified’, but rent, utilities, council tax, travel and food take my first £2,000. I am not left with much after that. In truth my family still sub me, so I can go to the gym and occasionally go out! They know how important these things are for my sanity (thanks mum).

My firm thinks a salary of just under £40,000 is pretty generous for someone with no

experience, and I sort of agree with them, but it’s not enough to live in London. The capital really chews though my pay packet, and I think I need at least another £10,000 to live comfortably in renter world. Ultimately, the lack of cash it is having a dramatic impact on my life. I am seriously looking to go back home, and I am as I write this checking out how to do it.

I just wished I had thought about it a bit more before signing my training contract.

Well done caba for highlighting the shocking truth!

Name and email address supplied

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

Chartered nonsense

I am a little dubious about your story that appeared in last month’s issue headlined ‘You can trust accountants!’ (PQ, October 25, page 6). How can putting ‘chartered’ in front of our name mean we are more trusted? You said the research showed accountants had a trust score of 77% and chartered accountants 83%. But do people really understand the difference? No one ever asks me if I am a chartered accountant. Some people don’t even ask if I am qualified. And then I saw who had conducted the study – Chartered Accountants Worldwide. Um, that doesn’t sit right with me. That said, it is always pleasing to beat the lawyers, who only managed 64%. And we have some way to go to beat chartered doctors and chartered engineers who have a trust score of

85%. Sorry they are not chartered – or are they?

Name and email address supplied

Back at the office

Bupa have it right –working from home isn’t all it is cracked up to be (PQ, October 25, page 8). When I started a new job during Covid I really did feel isolated and

yes, a little lonely. I had been used to the fivedays-a-week routine, and although the commute was expensive and tiring, at least I knew who I was working with. I also felt more loyal to the company (don’t ask me why).

There is a detachment when you work from home and it is hard to get that sense of

Our story last month ‘Do the ACCA exams make you cry’ certainly had social media buzzing! The SBR exam was picked out for being particularly tough this time. The story also talked about issues with the remote exam platform, with what seemed like huge numbers of September students having to resit exams in week two. On LinkedIn one PQ said: “I guess the biggest complaint as highlighted by PQ magazine is the platform not operating properly, my friend was a victim of this in her SBR exam.” Another said: “Happy to admit to being one of the SBR cryers!”

Top tutor Tom Clendon joined the debate: “How distressing it must be to have done your best and still come out of the exam frustrated that you haven’t had the opportunity to demonstrate your competence and the work you have put in. I have taken to advising students to sit the exams in a centre rather than remotely in order to avoid the risk of IT failure where practical.

belonging. I have changed jobs again and this time I go in three days a week. The hybrid model has to be the way to go, you get the benefits of both. It is true some mornings I don’t look forward to the commute, but once I am in and see real people I am so much happier.

Name and email address supplied

“When it comes to SBR specifically, yes, it is a tough exam and students need to be prepared for its challenges. That preparation is easier if they can afford to get their scripts marked, etc., but there are also free resources showing exam technique on handling past exam questions (e.g. my YouTube channel).

“In building student confidence I remind my students that to pass only requires a 50% score.”

Tax body unveils new initiatives

The CIOT launches redesigned learning initiatives in conjunction with ICAEW and ICAS

Two newly revised Joint Programmes have been launched by the Chartered Institute of Taxation (CIOT). They are:

• NextGeneration ACA CTA Joint Programme with ICAEW.

• CA CTA Joint Programme 2026+ with ICAS.

CIOT said the programmes “mark a significant evolution in professional training, designed to align with the latest developments in accountancy education and to better support students pursuing these dual qualifications in accountancy and taxation”.

Why the change?

The updates respond to several key drivers:

• Alignment with new accountancy and taxation qualification structures: The ACA qualification is undergoing transformation, with the NextGeneration ACA structure launching for students who registered after 1 July 2025. The revised ACA CTA Joint Programme has been tailored to fit this new framework, as well as aligning both the CA and ACA Joint Programmes with the proposals for changes to the CTA qualification scheduled to be introduced from September 2027.

• Addressing student feedback: Both programmes introduce a new Level 6 equivalent paper, delivered by the CIOT – Tax Knowledge and Skills – to ease the transition into CTA studies and reduce the challenge of jumping straight into Level 7 CTA content.

• Enhancing breadth and skills: The new Tax Knowledge and Skills paper develops breadth and level of tax knowledge and critical skills, preparing students for their advanced CTA paper and enabling them to understand how their specialist area interacts with broader tax areas.

CTA assessments covered

The CTA elements of both Joint Programmes are identical. These are:

• Professional Responsibilities & Ethics.

• Tax Knowledge and Skills (a choice of direct tax or indirect tax).

CTA Joint Programme Assessments

•

•

• One specialist tax paper. The specialist paper options are:

• Direct Tax: Owner-managed Businesses, Larger Companies and Groups (Advanced Technical or Application and Professional Skills).

• Indirect Tax: Domestic Indirect Taxation (Advanced Technical), Cross Border and Environmental Taxes (Advanced Technical), VAT and Other Indirect Taxes (Application and Professional Skills).

Other Joint Programme highlights

Next Generation ACA CTA Joint Programme:

• This is available to students registering with ICAEW from 1 July 2025.

• The first CTA papers under the revised programme (the Tax Knowledge and Skills) will be available from November 2026.

• Depending on how students phase their studies, the Joint Programme potentially enables qualification as both ICAEW chartered accountant and Chartered Tax Adviser in four years, subject to practical experience requirements.

CA CTA Joint Programme 2026+:

• Launching for the academic year 2025/26 onwards, this provides flexibility for existing students to complete their studies under the previous programme, subject to transitional rules. The first CTA papers under the revised programme (Tax Knowledge and Skills) will become available from November 2026.

• Depending on how students phase their studies, the Joint Programme potentially enables qualification as both ICAS chartered accountant and Chartered Tax Adviser in four years, subject to practical experience requirements.

Registration

CIOT registration for both programmes will open in spring 2026. You will be able to register your interest for the new Joint Programmes on the CIOT’s website.

All students must register with CIOT at least four months before their first CTA exam.

If you are an employer of CTA students on either programme, or are a student wishing to embark on either programme, take a look at the dedicated website area for more information

• Joint CTA Programmes| Chartered Institute of Taxation: https://www.tax.org.uk/joint-cta-programmes

Your enhanced ACA

PQ magazine recently sat down with ICAEW’s Shaun Robertson to talk about the Next Gen ACA qualification

Shaun Roberston is ICAEW Director, Education and Qualifications (pictured), so if there is anyone who knows everything you need to know about the Next Gen ACA qualification it is him.

In a fireside chat with PQ magazine editor Graham Hambly, he explained that the ICAEW really did go out there with a blank piece of paper, and asked what stakeholders wanted – no holds barred! The introduction of the Specialised Learning element of the new qualification is for him proof positive that something radical has begun. It came from stakeholders wanting to match personal learning, flexibility and specialisation.

The Specialised Learning units (students need to complete 30 units across their training) will allow learners to tailor technical, professional and sector specific skills to the areas they want to develop. Robertson stressed: “While other bodies seem to be putting in a few more options into their exams, we have gone down the specialist route.”

What will really help is that units will evolve and change at lightning speed. Robertson explained: “Who would have thought learning about tariffs eight months ago would have been

For him, this also allows students to match their skills to the real job world, ultimately making them more employable.

When you compare the old with the new syllabus there is one less exam – students sit 14 rather than 15 exams. However, Robertson is excited about the three case study exams (instead of one in the old syllabus), which are again there to help future members develop those all-important professional, real-world skills.

But he stressed the fundamentals are still there; the new, earlier case study helps to bring them together.

The financial accounting and reporting stream has five exams in total (two more than the old syllabus), which is another way of helping students build their competence step-by-step.

The separate Sustainability and Ethics exam helps show the importance ICAEW is placing on this subject, says Robertson.

And we haven’t even seen the new Technology Hub, which will give students the ability to develop their digital skills in a safe ‘sandbox’ environment. That comes online this December, he revealed.

So, what are the timetables for the transition of the Next Gen ACA exams? Robertson explained some Certificate Level students have already sat exams, and he is monitoring the results to ensure they are ‘fair, pragmatic and equitable’. The Professional Level exams begin in March 2026, and Advanced Level exams will run from July 2027.

What is clear talking to Robertson is that ICAEW really listened to ensure it made the bold changes it needed to the qualification. And, ultimately, Next Gen ACA will prepare future chartered accountants for the new realities of business, especially with the added focus on sustainability, ethics and digital skills.

To find out more go to: https://www.icaew.com/ learning-and-development/aca/next-generationaca

useful? Well, we can create a unit explaining how trade tariffs work and have it on the site in weeks.”

Why ethics still matter

ACCA’s Ann Lamb explains why ACCA is keeping ethics at the heart of their flagship qualification

The Ethics and Professional Skills module will no longer be part of the ACCA qualification following the 2027 redesign. However, that doesn’t mean ACCA has forgotten about ethics. Quite the opposite. We recognise that ethical principles are still the foundation of everything professional accountants do. Because when every decision made has far-reaching implications, trust is paramount.

In a world of ever-shifting opportunities and challenges presented by the rise of AI and sustainability, ACCA’s future members will have their ethical judgement tested more than ever before. Ethical issues around privacy, consent, algorithmic bias, intellectual property and accountability for machine-assisted decisions must be navigated. Meanwhile, while financial success remains critically important, a new way of business is emerging that focuses on environmental and social sustainability. Our future members must allocate resources in ways that achieve financial, economic, social and environmental returns – to drive profitability at the same time as driving sustainability.

That’s why our commitment to the ACCA qualification’s purpose remains unaltered – to act in the public interest by developing trusted finance professionals. As a result, ethics and professional skills will continue to be embedded throughout the entire redesigned ACCA qualification – in our exams, Practical Experience Requirement and new Essential Employability Modules.

Within our exams

In the workplace, professional accountants don’t encounter ethical questions in isolation. Ethical considerations are integrated within the full spectrum of their work, whether it be in audit planning, tax advice, sustainability assurance, data analytics or perhaps even AI deployment. That’s why ethics will continue to be woven into the fabric of our exams, within contexts and scenarios where our future members might face them. We will encourage students to recognise ethical dimensions as a natural and essential part of a professional accountant’s decisionmaking process.

Across our exam syllabi, students will continue to gain the knowledge and skills to make ethical decisions in a range of professional settings, covering topics like integrity, objectivity and professional behaviour. And by integrating ethics throughout all our exam levels we’ll be supporting future career-long habits from day one. This will help to ensure our future members will be able to spot dilemmas early, challenge appropriately, and act in the public interest–every time.

Essential Employability Modules

Our qualification redesign features an Essential Employability Module at each level of the ACCA qualification, which must be passed alongside

sound ethical judgement.

For example, in our Responsible Business Management module at the Knowledge level, students will practise applying ACCA’s Code of Ethics to common workplace dilemmas. Meanwhile, within our Digital Tech and Innovation module at Expertise level, ethics is embedded into the decision-making students will be assessed on around technology use.

Finally, reflecting the need for tomorrow’s accountancy leaders to not just act with integrity, but operate in a genuinely sustainable way that balances environmental and social considerations, at Strategic Professional students will be required to complete the Ethical, Sustainable Leadership Essential Employability Module.

As part of our transition rules, depending on their existing progress, some students may not be required to complete some of these modules. Please use our Transition tool for further information.

Practical Experience Requirement

Our Practical Experience Requirement will continue to provide a framework for our future members to live out and experience ethical

considerations in the workplace. For example, our Essential Performance objective, Ethics and Professionalism, will continue to require future members to show lived examples of where they have acted in the wider public interest. Evidencing how they have used their professional judgement, personal values and scepticism to evaluate data to make sound ethical decisions. Meanwhile, within reflective statements future members have the opportunity to reflect on how they managed ethical dilemmas, applied ACCA’s Code of Ethics, escalated concerns or upheld professional values.

Qualification changes in 2027

The Ethics and Professional Skills module will continue to be available. If you are approaching or currently at the Strategic Professional level we’d encourage you take the module. Alongside supporting your ethical decision making, the module will also develop a number of professional skills such as leadership, communication and commercial awareness, which will maximise your chances of exam success.

For more information on the future ACCA qualification structure please visit our website • Ann Lamb is Director of Professional Qualifications at ACCA

the exams for that level. Within each of these modules students will have to demonstrate

How to master SBL

Top tutor Shane

O’Grady

offers three top tips for success in the Strategic Business Leader exam

ACCA’s SBL exam is unlike any other in the ACCA qualification. It challenges students to apply technical knowledge, strategic thinking, and professional skills.

Use pre-seen material wisely

The introduction of the pre-seen material in September 2023 has been an excellent development. Use the pre-seen material for familiarisation, not speculation. Think logically about the fallacy of using the pre-seen material to predict exam topics.

There are at least three completely different exams for each exam sitting; a morning exam, an afternoon exam and a contingency exam for students who experience technical difficulties. The exact same pre-seen material is used for those completely different exams. The unseen exhibits in each exam give the SBL examination team free rein to ask anything on the SBL syllabus.

Focus on professional skills

Professional skills account for 20% of the marks in the SBL exam, so think ‘CCASE’ –Communication, Commercial Acumen, Analysis,

Scepticism and Evaluation.

Each professional skill appears once on the exam (for four marks). Communication is often linked to a task that requires the slides response option. Practice the use of ‘Notes’ and ‘Presenter View’ in Microsoft PowerPoint to fully understand the dynamic of slides and notes in the exam. Slides are visual aids so make sure that they are brief, whereas the notes are where the bulk of your answer should appear. Use different font sizes and indentation to symbolise the hierarchy and relationship between the slide title, main (parent) bullets, and sub (child) bullets.

Practice with purpose

Use the Practice Platform to work through past papers, specimen exams and the official ACCA mock exam. Exam kit questions may seem appealing due to their brevity and convenience, but they do not replicate real exam conditions. As exams approach, students often say they are ‘practising lots of questions’. But this brings up two critical issues:

• What does that practice actually involve?

• Who is reviewing and providing feedback on

that practice?

Simply reading a question and then jumping straight to the solution is not meaningful practice. To truly improve, you need to simulate exam conditions and receive feedback on your performance. Seek input from fellow students, workplace mentors, recently qualified members and/or tutors to help identify areas for improvement and build exam confidence.

Conclusion

The official syllabus and study guide states that “the SBL examination has a broad syllabus and the assessment style as a fully integrated exam requires more teaching and learning time than in the other exams at this level”. However, this doesn’t mean that you need to fear the SBL exam. You just need to approach it properly to maximise your chances of passing.

• Shane O’Grady is an SBL expert lecturer at AccountancySchool.com

Spot the difference

Karen Groves explains the differences between financial accounting and management accounting

As part of your AAT studies, you may get a task in the assessment on financial accounting versus management accounting. So, what is the difference between the two?

Financial accounting

The main purpose of financial accounting is to produce the statutory financial statements for external users. Financial statements are prepared on a regular basis, usually once a year, and are set out in a standard format dictated by law and accounting standards, which includes a statement of financial position and a statement of profit or loss. The financial statements are a historic record of the organisation’s financial transactions for the period. The users of the financial statements can include:

• HM Revenue and Customs: to work out what tax the business needs to pay.

• Potential future investors: to see how the business is performing and decide on whether to invest or not.

• Business owners: to assess the profitability and business performance.

• Employees: both current and new, to see how the business is performing, as this will impact on job security and potential growth opportunities within the job role.

Management accounting

Management accounting describes the process of identifying, measuring, analysing and interpreting financial information used by managers. This assists with planning, controlling and decision making, and to ensure the appropriate use of, and accountability for, its resources.

An example of management accounts could be a quarterly sales report, which would be prepared from the sales of the business and analysed between the different sales representatives to establish who had achieved the most sales in the period, or done by region.

Management accounts are produced from the accounting transaction records of the business and may be presented in any format which is useful for the business in making business decisions, as there is no legal requirement. They may be prepared monthly, or quarterly, or whatever the business requires – however, they are usually prepared on a monthly basis.

The aims of management accounting are:

• Decision making: Management accounts are financial information

reports which are usually made available to the internal management of the business to inform and assist the management’s decision-making process; for example, what new product to launch.

• Planning: When a business is looking forwards to a new accounting period they will want to know how much income they might expect from sales and how much cost they expect to incur, for example rent costs. This information is used to set a budget.

• Communicating: Management information can be very helpful when management need to feedback performance information to a range of departments, or to communicate business aims.

• Co-ordinating: All departments should be co-ordinated and work together to achieve the business aims.

• Motivating: Management accounts will include targets which should be set to motivate managers and their staff and improve performance. Targets should be realistic and achievable, because if they are too difficult to achieve then they are likely to demotivate staff.

• Controlling: Once a budget is set for a future period it is important to then compare what has actually happened, to see if there is any significant over or under spending in comparison to the budget and investigate the cause.

Question

Identify if the statements below apply to financial or management accounting:

Financial accounting Management accounting

Produced for internal use, for example managers

Produced for external use, for example banks and the government

Usually produced annually

Usually produced monthly

Mainly a historic record

A legal requirement

Format dictated by law and accounting standards

Content can include anything useful for the users

Answer

Identify if the statements below apply to financial or management accounting:

Financial accounting Management accounting

Produced for internal use, for example managers X

Produced for external use, for example banks and the government X

Usually produced annually X

Usually produced monthly X

Mainly a historic record X

A legal requirement X

Format dictated by law and accounting standards X

Content can include anything useful for the users X

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

Become an Intermediate Financial Accountant

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AAT Q2022 pass rates released

We have the pass rates for the CBA exams for the year ending 30 June 2025 – so are they better or worse than last year?

The latest AAT pass rates are here, and we have compared them with last year’s to see which pass rates are up and which are down. The stats show pass rates year-on-year are up in six of the eight Level 4 assessments. One assessment (AMAC) remains the same, while BNTA fell.

Drafting and Interpreting Financial Statements (DAIF) has the best pass rate at Level 4 – at 77.4%. The lowest Level 4 pass rate this time around is AMAC, which came in at 63.7%. Last year the worst Level 4 pass rate was PNTA with 62.4%.

Pass rates were also all up across the board at Level 3 year-on-year, apart from MATS, which dipped from 68.9% to 65.3%.

It was more of a mixed bag for Levels 1 and 2, but all the pass rates are now 70% or above.

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 July 2024 and 30 June 2025.

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 July 2024 and 30 June 2025.

END POINT ASSESSMENTS

The following table shows the pass rates for the End Point Assessments for year-ending 30 June 2025.

Do not pass go…

In the second of a three-part series, Tim Mickleburgh (pictured) explains why working-class accountants face barriers to success – and what they are

In last month’s PQ magazine I described the lack of working-class representation in what is a finance profession dominated by people from professional backgrounds. So, why are finance professionals more likely to come from professional backgrounds?

People from professional backgrounds are far more likely to have familial or professional connections who can advise on entry routes into finance and assist in accessing all-important work experience. Research by KPMG finds that four in 10 people working in financial services have parents working in the same occupation.

Recruitment practices that assess candidates on the basis of ‘cultural fit’ may favour those from more affluent backgrounds – who are likely to ‘match’ the predominantly higher socio-economic organisational culture –while excluding those from working-class backgrounds.

The disadvantages don’t stop there.

Research by the Bridge Group finds that finance professionals from higher socio-economic backgrounds get promoted six months

faster than those from lower socio-economic backgrounds. As a result, nine in 10 senior-level employees come from higher socio-economic backgrounds, and almost half attended feepaying or selective schools.

There is nothing to indicate that people from working-class backgrounds perform worse in their roles than their more affluent peers –they perform the same, if not better – which would imply that they are no less deserving of a promotion. So, what’s causing the progression gap?

Career progression can be aided by polish, visibility, gravitas and confidence – among other makers of presentation, speech and style – which are often conflated with perceptions of talent, despite having zero link to performance. This can have an advantageous effect for professionals from more affluent backgrounds, who are likely to display what are inherent forms of higher socio-economic behaviour.

Professionals from higher socio-economic backgrounds may find it easier to form connections with senior colleagues – with whom they are likely to share ‘exclusive’ social and cultural experiences – who can offer mentorship and sponsorship to aid their career progression. Some working-class professionals may even exclude themselves from promotion for fear of not fitting in at the top.

The lack of working-class representation in senior roles – which are, of course, more lucrative – causes a disparity in earnings.

According to research by the Bridge Group, finance professionals from lower socio-economic backgrounds are paid on average £17,500 less per year than those from higher socio-economic backgrounds. This is the widest pay gap across all sectors.

In next month’s issue I will discuss why the UK government must mandate socioeconomic background reporting to prompt employers to take action to boost working-class representation across all levels of seniority in their workplaces.

Escape procrastination

Students frequently ask CIMA’s Nasheen Wuisman about how to stay focused in the run up to an exam. Here’s her advice

When an exam approaches it’s extremely common for people to put off studying in favour of, well, anything that doesn’t involve studying.

For many of us, delaying these essential tasks is inevitably followed by negative emotions – guilt, self-doubt, inadequacy and anxiety –creating a cycle that’s often hard to break out from.

So, why do we put things off?

People believe the root cause of procrastination can be laziness or lack of time management skills but that’s simply not true. The real issue is emotional regulation.

We’re all unique individuals, which means that our emotional triggers vary, too. Anxiety, selfdoubt, frustration and confusion are all common triggers — and procrastination often becomes a coping mechanism to avoid these unpleasant feelings.

If you’re a perfectionist, then, you may be especially prone to procrastination. The fear of not being able to complete a task perfectly may drive you to put it off entirely.

To counter negative thoughts, try to focus on completion over perfection and celebrate your micro-moments of achievement. Remember that trying and doing it OK is better than not starting at all. In time, these small steps with result in a steady pace of progress.

When caught in a spiral of procrastination, getting started can feel insurmountable. Make it easy for yourself to act by planning your week ahead of time — using a diary, allocate date, time and duration to each study session. This will make the journey less daunting and instantly more achievable.

When you stick to a set schedule, you’ll build a solid anti-procrastination habit. If you deviate, it’s ok, stick to the plan for the rest of the week.

Short-term needs

Our brain is wired to prioritise short-term needs ahead of long-term goals; there’s an ongoing fight between your present self and your future self.

The present self prefers instant gratification, not long-term payoff. But by procrastinating, the future self is paying the price.

To pass your CGMA exams tomorrow, your preparation starts today. Set yourself some shortterm goals and want to achieve them by. Write

these down to remind you of your aspirations and exactly what step you need to take now to achieve them. Visualise how great it is going to feel when you’ve finished your tasks.

Always keep your big picture ‘why’ in mind. Why are you studying? What is the end goal? How much do you want it? These positive connotations will pave your journey between now and the exam.

Remind yourself of why you want to achieve the CGMA designation. When you get distracted, the ‘why factor’ will motivate you to stay focused

on your studies and create a meaningful connection to the tasks you need to carry out.

Overcoming procrastination is possible. By understanding your triggers, building consistent habits, and experiencing the satisfaction of completing tasks, you’ll make solid progress towards your end goal and the professional success you’ve worked so hard for.

• Nasheen Wuisman, Senior Manager of Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants

Starting out…

CASSL’s Ife Adejuyigbe (pictured) outlines some do’s and don’ts for those just starting out on their accountancy qualification

Starting a new job is daunting, particularly if you are new to the world of accounting. This autumn, thousands of graduates and school leavers began their training contracts in order to become a chartered accountant.

Settling and finding your feet at your workplace is important for long-term success in your role. Based on my experience, I have put together a few essential do’s and don’ts to help you settle and thrive in your first year.

DO: ask informed questions

As a new starter no one expects you to know everything – even senior management and partners are always learning. While formal training from your firm is helpful, on-the-job experience is where most of your growth will come from. If you have a question or are unsure about a process try

to resolve it yourself first. If not, be prepared to show that you have started thinking about the problem before you ask. This demonstrates initiative and helps you learn faster.

DON’T: be afraid of making mistakes

This is a fundamental part of learning by doing. The start of your training contract is the best time to make and learn from mistakes, ensuring you don’t repeat them in the future. Embrace the learning process; it means you’ll soon be able to mentor others and help them avoid the same pitfalls.

DO: study hard to pass exams

Working within an accounting firm the knowledge gained through study and exams is closely tied to your day job. So, it is essential you attend all the

YOUR WELLBEING HUB

courses offered to you. Ask your tutor about them and practice as much as you can before exam day.

DON’T: suffer in silence

The worst thing you can do is not tell anyone you are struggling with a particular task, or with any personal issues that may arise. Your colleagues and managers are there to help you. A typical mistake is failing to raise an issue with a working paper or software until the deadline has arrived. If you don’t flag these problems as they come up, it may be much more difficult to resolve them down the line. Speak up early!

DO: join a local student society

There are several regional student societies that are for people undertaking chartered accounting exams. I strongly encourage you to attend their events and network. These groups can form a crucial part of your support system outside of work, connecting you with peers who are going through the same exams and who can share practical tips and tricks (for example, CASSL is the society for London).

Your accounting training contract is the starting point of a challenging but rewarding journey. By following my advice you are setting yourself up to thrive in your role and build a successful career wherever you work. If you are in London I look forward to meeting you at the next CASSL event.

• Ife Adejuyigbe is Vice Chair of CASSL

A question for Tom

Tom Clendon explains a new international

standard that he’s sure will be on the examiner’s agenda

The question

What’s this new standard IFRS 18 all about?

Tom’s answer

It has been a while since we’ve had a new international financial reporting standard. IFRS 18 ‘Presentation and Disclosure in Financial Statements’ replaces ‘IAS 1 Presentation of Financial Statements’.

As the name of IFRS 18 suggests, there’s nothing in it that affects the measurement of assets or liabilities, nor the recognition of gains and losses.

On that basis, you might be forgiven for thinking that it’s a boring standard that has no real impact. But there’s nothing more important to the average user of the financial statements than an understanding of the profit reported by the business. But more of interest to students, there’s nothing more examiners like than testing a new standard.

Objective

IFRS 18 has the laudable objective of trying to ensure that the financial statements are relevant and faithful and was introduced because of investors’ concerns relating to the comparability and lack of transparency of financial statements

Accordingly, IFRS 18 introduces some new requirements designed to improve the compatibility and transparency within the profit or loss. These include defining five categories of income and expenditure and requiring three sub-totals in the profit or loss. This will naturally enhance consistency, improve comparability and increase the understanding of investors and other users.

Five and three

The five categories of income and expenditure

are operating, investing, financing, income taxes, and discontinued operations. The three required sub-totals are operating profit, profit before financing and income taxes, and simply the profit or loss at the end. Operating profit has been defined for the first time. Operating profit is the excess of all income over expenses classified in the operating category. There was a missed

opportunity perhaps to require the sub total EBITDA and to capture into regulation an agreed definition of this widely used measure of performance.

Classification

The classification of income and expenses in profit or loss is based on the nature of the asset, liability or transaction from which they are derived. In other words, an impairment loss on an item of property, plant and equipment will be presented in profit or loss as an operating expense, whereas the impairment loss on an investment in an associate will be presented as an investing expense.

Confusingly, although IAS 7 Cash flow statements (IAS 7) also use the terminology of operating financing and investing, there is no alignment between the way that IFRS 18 and IAS 7 use the terminology.

For example, on the disposal of an item of PPE, any gain or loss will be reported in profit or loss as an operating expense, but the related sale proceeds will be reported in the cash flow statement as investing activities.

MPMs – a new term

The standard also introduces a new term, Management defined Performance Measures (MPMs). IFRS 18 requires MPMs to have their own disclosure note which will contain an explanation as to why the management believes the MPM it has identified provides useful information, a description of how the MPM is calculated, and a reconciliation of the MPM to the most directly comparable subtotal in the financial statements.

• Tom Clendon is an online lecturer who helps ACCA students pass their SBR exams. See www.tomclendon.co.uk. Tom is a three-time PQ award winner

Tom Clendon

Elevating standards with the CPAA’s certification

The accountancy profession faces unprecedented challenges, from skills gaps and regulatory demands to client complexities and an evolving business landscape. The Certified Public Accountants Association (CPAA) Level 5 Professional Certification in Public Practice Accountancy emerges as a timely solution.

Unlike generic accounting qualifications, this certification focuses precisely on the practical knowledge and skills that practitioners need in small and micro accountancy practices. It recognises that these firms operate differently from large corporate entities, requiring a skillset that other qualifications can fail to address.

Learning resources

Candidates benefit from extensive resources through CPAA Learn, featuring pre-recorded lectures and study materials. The programme includes live lectures covering advanced taxation – often the most challenging area – plus revision sessions that consolidate learning.

Live elements foster peer interaction and opportunities to engage with subject matter and industry experts. This blended approach accommodates different learning styles and busy schedules without compromising quality.

Assessment framework

The certification evaluates candidates across three critical domains: Financial Reporting and Analysis, Advanced Taxation for Accountancy Practitioners, and Advanced Compliance and Ethics for Accountancy Practitioners. This approach gives graduates well-rounded expertise they can use immediately in the workplace. Assessment combines theoretical knowledge with practical application. Candidates must complete a self-reflective piece examining their professional experiences, demonstrating how they apply learning in real-world scenarios. This is complemented by a closed-book exam, remotely invigilated whilst offering flexibility. Part A comprises test questions spanning all three areas, while Part B presents a set of case studies with associated essay questions. This format tests knowledge retention, analytical thinking and problem-solving capabilities.

Professional recognition

Graduates receive tangible recognition: a digital badge for platforms such as LinkedIn, a physical certificate, challenge coin, and additional CPAA materials. These credentials provide immediate professional credibility and marketing advantages.

Graduates can join CPAA's professional community of over 1,000 accounting professionals. This membership provides access to high-quality CPD programmes and compliance support – invaluable resources for maintaining professional standards and staying current with regulatory changes.

Professional investment

The certification targets professionals with existing Level 4 qualifications or practical

experience in accountancy practices. It serves those preparing to enter practice, established practitioners seeking formal recognition, and QBE candidates requiring structured validation. As the profession addresses talent shortages and changing client demands, this certification represents strategic investment in career development and small practice health. It raises industry standards, helping ensure the next generation is equipped for future challenges.

The CPAA Level 5 Professional Certification is a pathway to excellence for modern small practice accountancy. Uptake has been strong, proving this qualification is already well-regarded within the profession.

• The CPAA is a leading member association for accountants in public practice in the UK and overseas. Find out more at www.cpaa.co.uk

Changing hats

CIPFA’s Diana Melville and Naomi Whitmore explain how heads of internal audit are shaping the future of their profession, a subject discussed at the first Head of Internal Audit Summit in Warwick in July

The role of head of internal audit in the public sector is changing – and changing fast. What was once seen primarily as a compliance and oversight function is evolving into something broader, more strategic and more connected to the challenges public bodies face.

Today’s heads of internal audit wear many ‘hats’ – and will likely need new ones in the decade ahead. The question is not just how the profession adapts, but how it shapes the future for itself.

From fixer to forecaster

The familiar hat of the pragmatic problem-solver remains vital. But the emphasis has shifted from investigating what went wrong to shaping what happens next. Heads of internal audit increasingly see themselves as strategic partners, proactive collaborators who help set systems up for success from

the start.

This shift from compliance to insight is central to the profession’s evolution. While technical reports remain important, today’s leaders are embracing clear narratives, visual tools and data-driven insights that enable decision-makers to act quickly and effectively.

Technology, including analytics and AI, offers powerful new capabilities, but human judgment, context and ethics remain at the heart of internal audit.

The assurance hat

With public services increasingly interconnected, internal audit’s remit is expanding beyond organisational boundaries. Placebased assurance means looking at value, outcomes, and how systems function across multiple agencies –making the assurance hat broader, heavier and more integral to public service goals.

The challenges ahead

But what about the challenges ahead? Resource pressures –particularly in training, development and career pathways – remain a key concern. The ongoing local government reorganisation (LGR) introduces uncertainty, with potential staff losses during transitions, but also the opportunity to build larger, more sustainable teams as authorities merge.

Advocacy for the profession, both within organisations and externally through CIPFA, is essential to ensure internal audit’s role is recognised and valued.

Looking to the future, preparing the next generation of leaders is vital. Many current heads of internal audit may move on or retire within the next decade.

Future leaders will need technical expertise, but also adaptability, curiosity, digital skills and strong leadership. Graduate recruitment,

mentoring and thoughtful workforce planning will be key to sustaining the profession.

A custom-fitted future

Some hats will remain, some will be reshaped, and new ones will appear as the public sector’s needs evolve. What’s certain is that internal audit has the chance to define its own direction – becoming more agile, embedded, data-literate and purpose-driven.

CIPFA supports this through guidance, professional development and a platform for sharing best practice, helping audit leaders maintain accountability, insight and public value.

So what hat will you wear tomorrow? Whether problem-solver, strategist, storyteller or systems thinker, the strength of internal audit lies in the willingness of its leaders to embrace multiple roles – and to shape a profession ready for the challenges of the decade ahead.

• Diana Melville, CIPFA Governance Advisor and Naomi Whitmore, CIPFA Internal Audit Advisor

Naomi Whitmore

Diana Melville

Learning to learn (part 2)

Last time we silenced the noise that distracts you as you’re trying to study, writes Liliya Kirylenka. Now we tackle the hardest part – actually starting

Ineed to confess something. I cycle to my yoga classes, spending an extra 40 minutes on the trip instead of doing it at home. Why? Because I have great motivation to study, but I’m hopeless at motivating myself to exercise. It’s just much easier to commit when I know someone is waiting for me.

So, my advice number 0 is:

0. Get help

If your budget allows I’d recommend booking a private tutor and scheduling regular classes. With a private tutor you’ll actually engage with the content and do the practice: participation is unavoidable. In my experience, two 1.5hour classes per week is the sweet spot: it fits around work commitments and gives enough continuity so you don’t forget what you’ve covered between sessions.

Another option is to buy a course from a learning provider. Make sure it includes active involvement from a tutor. Different providers have different business models, so their approach to teaching can vary. In my view, the more personal the support is, the more likely you are to stay committed.

1. Set a minimum daily plan

If you can spare five minutes to brush your teeth, you can spare 15 minutes to study. Commit to a non-negotiable micro-session, even on busy Mondays or mum-visiting Sundays. Make it non-negotiable, and don’t let yourself off the hook.

2. Anchor study to a routine

Habits beat willpower. Tie revision to a cue you already follow. “Open the textbook before brushing my teeth” or “tackle MCQs while drinking morning coffee” works for many of my students. No calendar debate, just muscle memory.

3. Reduce mental load in advance

Decision fatigue steals time. End each day by prepping for tomorrow’s micro-tasks: download a technical article, cache a YouTube video, take a screenshot of 10 MCQs. That way, commuting or standing in a queue becomes instant ‘bonus’ study time.

4. Finish on a high

Stop while you still know what’s next: leave a practice question half-done or bookmark the next page. That way, your next session starts with an easy win, not a wall of confusion. This is called the ‘Zeigarnik Effect’, discovered nearly 100 years ago.

5. Treat yourself

Pair study with a small reward: your favourite coffee, a spritz of perfume, a 10-minute break for a game. If your brain starts linking IFRS 9 to mango cheesecake, Pavlov would be proud. (No, I’m not encouraging you to develop an eating disorder, just emphasising the value of positive emotion in study.)

6. Beware the ChatGPT time trap

AI is brilliant… and dangerously hypnotic. One prompt leads to another, and suddenly you’ve lost an hour. Use it only as a supplement, when the textbook makes no sense; e.g.

“Explain hedging as if I were a 10-year-old.” Don’t use it as your main source. And always set a timer.

Build your ‘starter kit’ tonight

1 Pick your cue: “7 a.m. coffee = attempt two MCQs. 30-minute commute = video lectures. Just before bed = 15 minutes of reading.”

2 Prep tomorrow’s micro-tasks.

3 Choose your treat.

4 Promise yourself at least 15 minutes a day. Do all four and the chances are you’ll still be studying long after 15 minutes have passed, because starting is the hardest part.

What’s next?

Noise gone. Motivation loaded. Next up: how to retain what you learn. In the next issue I’ll share memory-boosting techniques you’ll actually want to use.

• Liliya Kirylenka is an SBR tutor at AMALearnOnline.com

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Say what you see!

Nick Craggs offers some insight for students attempting task 6 in the AAT level 3 Business Awareness exam

When writing this article I learned that Catchphrase is still on TV, presumably on some obscure channel. Anyway, the reason I mention this is the catchphrase “say what you see”, which is great advice for task 6 in the AAT level 3 Business Awareness exam. This task is about communication and visualisation and interpreting trends from visual data. In this task you will be given some numerical and visual data and asked to analyse it and potentially draw some conclusions. This is one of the more difficult tasks in this exam, with less than half the students meeting the required levels of competency.

But there are plenty of marks available for “saying what you see”. For example, if we look at AAT Sample Assessment 1 you are asked to discuss the performance of the business over the past six months and the expected performance in the coming three months. You are given various

graphs and information about the sales per unit per month for several products for a business which sells lawn mowers and garden equipment. Splitting the requirement into its two parts, you need to discuss the performance of the business in the past. You can see that sales revenue has increased month by month from the sales revenue graph. There you go; that’s a mark for saying what you can see. However, for all the marks we need a little bit more than that. We need a bit of analysis, so we can link the rise in revenue to data on the unit sales, and you can see that the rise in revenue is driven by selling more units.

We can then dig a little deeper into the sales data and say that the basic mower sales have declined and the sales of standard mowers have doubled in that period. Again, all you are doing here is saying what you can see from the data you have been given.

Likewise, when given the monthly sales

figures per employee, you can get marks for saying one employee is making increasing sales whilst other employees sales are in decline. Once again, for all the marks we need a little bit more insight, so suggesting that the under performing employees may need investigating will get you an additional mark.

The next part of the question is a bit trickier. You then need to predict what might happen in the future based on what you have seen happen in the past. This is the part of the exam about identifying trends. An example of which would be if you have seen sales increasing over the past six months, all things being equal and if you haven’t been told anything contrary in the scenario, you would expect sales to carry on increasing. Whereas if a certain product has seen a decline in sales over the past six months you would expect this to continue.

Looking at the Chief Examiner Report, as all students should be doing in preparation of their exams, the examiner says that students are generally good at talking about similar trends, such as several products having increasing demand, but less so when discussing when trends don’t follow similar patterns. For example, one product with increasing demand and one in decline.

The other aspect of this task that could be examined is not just analysing the data and information that you have been given, but also how this data and information could be improved for a user. This is not just looking at what extra information could be provided; instead, it’s looking at whether the information that is provided could be better presented. Could the information that is provided be more helpful if it was presented more frequently or in a timelier fashion? In this type of question, I advise students to put themselves in the position of the end user of this information. If you were the user of this information, what extra information would you find useful?

How would you want to the information to be presented to you to allow you to make better and more informed decisions?

This is typically the first large written question that students meet in their studies, and the Chief Examiner makes a very good point in their feedback about this task, that is applicable to all written questions that you might do. When writing your answer, do make sure that the answer you are giving is answering the question that has been asked. As with any exam, if you write an excellent answer that doesn’t answer what you have been asked you won’t get any marks!

• Nick Craggs, AAT distance learning director, First Intuition

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Calls for PM to look again at audit reforms

Pressure is mounting on the UK government to act on its audit reform promises

Agroup of 66 MPs and Lords from eight different political parties have sent a letter to UK prime minister Keir Starmer calling on the government to re-prioritise the Audit Reform and Corporate Governance Bill.

The government recently announced it was pushing back the bill and consulting again on the reforms – to the dismay of many! The Chartered Institute of Internal Auditors has taken the lead on putting the bill back on the agenda, helping to co-ordinate the cross-party letter.

The letter said: “We welcomed the government’s commitment in last July’s King’s Speech to publish the draft Audit Reform and Corporate Governance Bill, an important milestone following years of delay. However, we are very disappointed that, despite this early promise, it has been announced that it has once again stalled and will not be published for pre-legislative scrutiny during this session.

“The case for reform is now more pressing than ever. Strengthening audit and corporate governance is essential to laying the foundations for sustainable growth and longterm economic stability. Investors, the public, and other stakeholders must be able to rely on accurate, transparent reporting from our largest companies, covering both financial performance and other business-critical matters. This is fundamental to restoring trust and confidence in UK markets.

“We also need an audit regulator with real authority, one that can hold company directors and audit firms to account when failures occur. Without this, the system remains exposed and vulnerable, as the regulator lacks the legal powers it needs to do its job effectively.

“It is deeply concerning that over seven years have passed since the collapse of Carillion, yet no legislation has been brought forward, despite multiple independent reviews, a Government White Paper, and extensive public consultation. In the meantime, we have witnessed further high-profile corporate

failures linked to weaknesses in audit and governance, including Patisserie Valerie, Bulb, Thomas Cook, Wilko and ISG – making it clear that market oversight remains far from adequate. When companies collapse due to audit and governance failings, the consequences are devastating – impacting jobs, pensions, and smaller businesses across supply chains. This is the polar opposite of economic growth.

“In today’s increasingly volatile geopolitical and macroeconomic environment, a robust and effective audit and corporate governance framework is not a nice-to-have but a business necessity. The Audit Reform and Corporate Governance Bill enjoys strong cross-party support and represents a vital opportunity to legislate and regulate for growth, resilience,

and accountability.

“As we have seen with other important Bills, where there is political will, there is a way. We urge the Government to act now, bring forward this long-overdue legislation, and prioritise its passage through Parliament.”

The letter has been signed by amongst others our very own columnist Lord Sikka; plus Baroness Hodge of Barking (Labour); Josh Babarinde MP, Eastbourne (Liberal Democrat Spokesperson for Justice & Justice Committee); Siân Berry MP, Brighton Pavilion (Green); Ann Davies MP, Caerfyrddin (Welsh Affairs Committee) (Plaid Cymru); Graham Leadbitter MP, Moray West, Nairn & Strathspey (SNP); and Bob Blackman MP, Harrow East, Chair, Backbench Business Committee (Conservative).

Accounting for a better future

Kate Jones explains why sustainability and ethics must be at the core

of accountancy education

In an era defined by environmental crises, social inequality and economic volatility, the role of education in shaping responsible citizens and professionals has never been more vital. From senior schools to universities and professional accounting bodies, every educational institution has a part to play in preparing learners to meet the challenges of a rapidly changing world. The integration of sustainability and ethics into accounting education is not just a forwardthinking enhancement, it is a foundational necessity.

Accounting, often perceived as a discipline of precision and compliance, is in fact deeply connected to human values and societal impact. Financial decisions influence everything from corporate behaviour to environmental outcomes. Therefore, embedding sustainability and ethics into accounting education across all levels is essential to ensure that future professionals are equipped not only with technical skills but also with the moral compass and strategic insight needed to make responsible decisions.

A holistic approach

The journey towards ethical and sustainable thinking should begin early. Senior schools can introduce foundational concepts of environmental stewardship, social justice and ethical reasoning, helping students develop a sense of responsibility and curiosity about the world around them. These values, when

nurtured from a young age, lay the groundwork for more advanced learning in higher education and professional training. Universities, meanwhile, have a unique opportunity to deepen this understanding. By embedding sustainability and ethics into accounting programmes, not as optional modules but as core components, institutions can foster critical thinking and long-term strategic decision-making. Students learn to evaluate the broader implications of financial actions, considering not only profitability but also environmental integrity and social equity.

Professional accounting bodies also play a crucial role. Through certification standards, continuing education and industry guidance, they can reinforce the importance of ethical conduct and sustainable practices. Encouragingly, some institutions and accounting bodies have already taken significant steps to embed these principles into their curricula and frameworks. However, not all have followed suit. There remains a pressing need for broader adoption to ensure consistency and impact across the profession.

Shaping responsible professionals

Research shows that graduates exposed to sustainability and ethics during their education are more likely to make ethically driven decisions in their careers. They are better prepared to navigate complex dilemmas, advocate for transparency and lead with integrity. This is especially relevant in

accounting, where professionals often serve as gatekeepers of financial truth and corporate accountability.

Moreover, the integration of these principles is not just about individual behaviour, it can transform entire industries. Ethical and sustainable thinking encourages organisations to adopt more transparent, inclusive and ecologically responsible models. It challenges traditional practices and opens the door to innovation and long-term value creation.

Emerging career pathways

As sustainability becomes a strategic priority across sectors, new career opportunities are emerging that blend financial expertise with environmental and social awareness. Roles such as sustainability analysts, ESG consultants and sustainability directors are increasingly in demand. These positions require a nuanced understanding of both financial systems and ethical considerations, skills that can only be cultivated through a comprehensive and values-driven education. By embedding sustainability and ethics into accounting education, institutions are not only responding to market needs but also helping shape a workforce that is capable of driving meaningful change.

A social responsibility

Teaching sustainability and ethics is not merely an academic enhancement, it is a social responsibility. Educational institutions at every level must embrace their role in shaping future professionals who are not only competent but also committed to building a more just, equitable and sustainable world.

This transformation requires collaboration across sectors. Educators must be supported in developing interdisciplinary content. Industry partnerships can provide realworld insights and experiential learning opportunities. Professional bodies must continue to evolve their standards to reflect the ethical and environmental challenges of our time.

A call to action

The challenges we face, climate change, resource scarcity, inequality are complex and interconnected. Addressing them requires more than technical skill; it demands ethical conviction and sustainable thinking. Accounting professionals have a vital role to play in this effort, and education must prepare them accordingly.

Embedding sustainability and ethics into accounting education, from senior schools to universities and professional bodies, is not a luxury. It is an investment in the kind of future we want to create: one where financial decisions are made with integrity, transparency and a deep respect for people and the planet.

Let us ensure that the accountants of tomorrow are not only competent, but also conscientious. Because in the end, accounting is not just about numbers. It’s about values.

• Kate Jones is a lecturer in Financial Reporting and Audit, Finance and Accounting at the University of Reading

AI and accountants: what students need to know

Artificial intelligence is not a futuristic concept for accountants – it’s already part of the job. Here the

IFA’s Tim Pinkney

shares how students can use AI to add value

When people talk about AI in accountancy it can sound like a radical shift. However, much of the technology is simply an evolution of tools accountants already use. From invoice scanning tools that flag errors to predictive algorithms behind tax software, AI is already woven into the everyday practice of accountancy in the UK.

As you move through training contracts or junior roles you’ll likely see AI tools used in several practical areas, including bookkeeping and reconciliations, audit support, forecasting and budgeting, and tax compliance.

One of the biggest risks with AI is assuming the technology is infallible. Algorithms are only as good as the data they are trained on. If the system has learned from biased, incomplete or low-quality data its outputs will reflect those weaknesses.

This is why professional scepticism remains central. As a student accountant, you should treat AI outputs as useful but not unquestionable.

Professional responsibility

AI also raises important ethical questions. Who is accountable if an AI-driven tool makes a mistake? As a professional, responsibility sits with you, not the software. This means understanding the systems you rely on and ensuring they are fit for purpose. For example:

• If AI produces a favourable forecast are you tempted to present it uncritically because it looks positive?

• If software automates reconciliations are you still reviewing for completeness?

• If your firm uses client data to train an AI system are issues of confidentiality and consent being managed correctly?

Getting AI-ready

1. Engage with the tech you already use. Don’t just click ‘approve’ on auto-suggested entries, ask how the system made its decision.

2. Develop data literacy. Learn how to interpret large data sets, basic analytics and visualisation tools to complement AI-driven outputs.

3. Strengthen your judgement. Use case studies and exam scenarios to practise questioning assumptions.

4. Stay ethical. Revisit your professional body’s code of ethics in the context of AI. Think about how technology might pressure or influence decision-making.

5. Be curious. Ask managers and software providers about the AI tools you’re using. The more you understand their strengths

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and weaknesses, the better you’ll be at using them.

For student accountants, these changes are an opportunity. AI will handle more of the routine, but the profession will continue to need people who can exercise judgement, apply ethics, communicate insights and build trust with clients. These very ‘human’ skills – interpretation, empathy, scepticism and professional accountability – remain your strongest advantage.

• Tim Pinkney is Director of Professional Standards at the Institute of Financial Accountants

Learning Resources

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

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 know technical skills are important for accountancy, but I keep hearing that soft skills are what really make the difference. What should I be focusing on??

KAREN’S RESPONSE

Technical skills might land you the job, but it’s your soft skills that help you stay in the room, grow in the role and eventually lead the conversation. In a profession that’s as much about people as it is about numbers, these are the qualities that truly set you apart:

1. Communication: Whether you’re presenting month-end results or walking a client through a discrepancy, clarity is key. Great accountants don’t just report numbers, they explain what they mean and why they matter.

2. Adaptability: From new financial systems to shifting regulations, change is part of the job. Being open to learning and quick to adjust makes you a valuable, future-ready team member.

3. Critical thinking: It’s not enough to record the numbers, you need to understand them – spotting trends, questioning anomalies, and drawing meaningful conclusions turning data into insight.

4. Collaboration: Accountancy is rarely a solo act. Whether you’re working with auditors, tax teams or commercial leads, being approachable, reliable and easy to work with makes all the difference.

5. Emotional intelligence: Tight deadlines, tricky clients and highstakes reporting can test anyone’s patience. Staying calm, reading the room and responding with empathy helps you build trust and navigate pressure with professionalism. Technical ability might get you noticed but it’s your soft skills that make you memorable.

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

Want to work in film?

Applications for the Netflix Assistant Production Accountant Training Scheme for 2026

Netflix and PGGB have joined forces again to launch their Assistant Production Accountant Training Scheme (NAPATS) for 2026. For the first time the scheme will solely focus on applications from Deaf, Disabled and Neurodivergent (DDN) accountants who are looking to move into the film and television industry.

The original programme (APATS) was founded more than 20 years ago by PGGB. Since 2018 it has been in partnership with Netflix and is a fully funded, year-long training programme for five trainees led by experienced industry professionals.

Applicants need to have

are open until 4 November

academic or vocational accounting experience and a passion for film and TV. The programme offers a paid 12-month contract consisting of five weeks’ classroom training, followed by placements on a Netflix production, where trainees gain practical experience and a clear route into future roles either at Netflix or in the wider film and

TV industry.

Between 2001 and 2018, 85 individuals were trained across 13 APATS courses. From 2018 to 2025, a further 49 completed NAPATs, building on the programme’s legacy. Alumni have gone on to contribute to major productions including Bridgerton, My Oxford Year, and Supacell.

The NAPATS programme will be supported by the organisation Access All Areas, who support, train and mentor learning disabled and autistic people across the creative landscape.

Applications will close on 4 November. The course begins on 25 February 2026. Click here to apply

Kaplan’s five tips to improve your CV

Tailor your CV to the role: While this can be quite time consuming, tailoring your CV to each role you apply for is a great way to highlight certain skills or qualities that are specifically relevant to the company or the role. Growing your CV: If you feel like you are lacklustre in some sections, ask your current employer to work on new projects that will help you gain the experience you desire. This also allows you to gain talking points in potential future interviews.

Formatting: No recruiter or employer wants to read massive sections of text or a messily formatted CV. Make sure to keep your bullet points brief and to the point, and your formatting simple.

Research keywords: A lot of companies use software to scan through resumes that picks out keywords. Make sure to research the role extensively and include any terms which you feel are key to the role and the industry the company is in.

Use a professional sounding email address: Every small details matters when you apply for a job, so make sure to send in your CV from a mature email address. Use the template [yourname]@[emailprovider]. com.

The PQ Book Club: books you should read

The Devil Emails at Midnight: What good leaders can learn from bad bosses, by Mita Mallick (Wiley £22)

Wall Street journalist Mita Mallick explains that bad bosses aren’t born – they are made. They are a product of their circumstances, and our author admits even she was a bad boss once (I think we all have been one!).

As the title explains, only the devil boss emails at midnight, and she wants to make sure that devil doesn’t become you. Through the 13 chapters we encounter 13 bad bosses. Who hasn’t worked with ‘the

boss who cried wolf because everything is urgent’, or ‘the boss who was incredibly kind and completely incompetent at his job’.

But remember your boss, bad or good has the most significant impact on your mental health – more than your spouse or partner. You spend more waking hours with them than anyone else! Mallick explains the average person spends a third of their life at work – that’s 90,000 hours.

Left to their own devices a bad boss can ultimately break your spirits, but the author doesn’t want that to happen.

Now you may feel every bad boss you experience will make you stronger, maybe even a better leader and a better person. But for Mallick leadership is an honour, leadership is fragile and humbling. Leading others should be a privilege.

PQ rating: 5/5 One of my favourite books of the year! A very human story about how real people just don’t seem to be able to manage power. Kindness shouldn’t be left behind on your way up the career ladder.

You can’t claim for that!

Accountants attending Accountex North were asked by Cloud2Me about the most outrageous expenses claim to pass across their desk. The results included Rolex watches and racehorses!

So, do any of these real examples pass muster?

• A Rolex watch “to get to meetings”.

• Wedding dresses and engagement rings.

• Trips to Ibiza, Paris, and Las Vegas (with limousines included).

• A racehorse, categorised as “work equipment”.

• £42,000 for a box at Manchester City.

• Cosmetic surgery, including a boob job.

• £500 of McDonald’s food.

• Doggy daycare and accessories.

• School fees.

• A ski trip combined with a strip club visit.

• An aquarium and a packet of Werther’s Originals.

As you know, none of these are ‘essential office equipment’. Can you add to the list? Do email us at graham@pqmagazine.com

Don’t give under 13s smartphones

Children who owned smartphones before they were 13 have the worst mental health outcomes, according to new research. The study found that early smartphone use is linked to low self-image and low self-worth in both girls and boys.

More than 100,000 young adults between the ages of 18 and 24 were contacted for the research. They were asked about various mental health symptoms, including aggression, feelings of detachment, hallucinations and suicidal thoughts.

Those who got a smartphone at an earlier age were associated with the worst mental health outcomes for ever year they owned that phone before

the age of 13.

Study author Tara Thiagarajan revealed some 48% of young women who had smartphones by five or six years old reported having severe suicidal thoughts, compared with 28% of females who had smartphones by 13 or older.

In young men, 31% of those who had smartphones by five or six years old reported having severe suicidal thoughts, compared to 20% of males who had smartphones by 13 or older reporting having similar suicidal thoughts.

As you’d expect, the report’s authors are recommending restricting smart phones and social media access for all those under 13.

Drop the mic moments

Passing your accountancy exams has got to be a top ‘mic drop moment’. We all need those moments, and Direct Line insurance has put together a list of the top 30 everyday victories we love to celebrate, too.

In the list is waking up naturally before the alarm buzzes, completing a tough crossword or puzzle, and catching something thrown at you without fumbling. Driving through a stream of green lights is also particularly satisfying.

Direct Line’s Lucy Brooksbank said: “These moments show how great it feels when something in life goes exactly right. That whole euphoric feeling of that mic drop moment, which highlights that’s how it’s done.

“Whether it is a sharp one-liner that lands at the exact right time, a trick shot into the bin from across the room, or pulling off something unexpectedly slick, these little wins can feel like you have momentarily become the main character in your own movie.

“They might feel fleeting, but they leave a lasting impression.”

Microsoft Excel turns 40

Released on 30 September 1985, Microsoft’s Excel has turned 40 years old. It has been estimated that Excel’s monthly user base is between 700 million and 1.2 billion. So it is safe to say Excel has become a highly influential tool for CFOs and finance professionals.

New research suggests that despite the proliferation of automation and AI, finance leaders aren’t yet ready to part with Excel spreadsheets. It appears Excel will continue to play an instrumental role within the finance function for some years to come.

According to a survey from iplicit of 250

World’s toughest exam?

Accountancy exams are tough, but The Economist magazine thinks it has found ‘the world’s toughest exam’. Each year 30 million Indians try to get a job on the railways, but a fiendish general knowledge test stands in their way. There are 90,000 positions up for grabs though.

So, what questions could you be asked? You might be asked who invented JavaScript, or which element is most abundant in the Earth’s crust, or the smallest whole number for a) if a456 is divisible by 11?

It seems the questions could be about anything, and revising for such an exam is a real test of endurance. To be truthful, none of us at PQ Towers is making the grade!

midmarket finance leaders, 88% see AI as a way to enhance, not replace, tools such as Microsoft Excel. And 92% agree that AI will help their team use Excel more efficiently and powerfully.

Vantastic news

We all get lost in those online wormholes, and looking for a source of a story PQ magazine came across the fact that female van ownership has doubled in the past 15 years.

Did you know that vans now make up 12% of all vehicles on our roads, and one in every 15 vans is owned by a woman –that’s 272,000 female owners.

Last year saw almost 4.8 million vans on UK roads, a record high. In all, some 360,000 new vans were registered last year, an increase of 2% on the previous year.

We also discovered that the average age of a van is at an all-time high of 9.1 years, compared with 8.4 years in 2020.

We could go on…