Increasing numbers of ACA students are struggling with the ongoing cost-of-living crisis, with one in five (19%) admitting they have experienced financial hardship in the past 12 months.
A new study from caba, the occupational charity for ICAEW members, students and their families, said PQs are not alone, with one in 10 ICAEW members saying they too had experienced financial issues.
The main causes of hardship are consistent across all groups. Nearly three-quarters (72%) attributed their struggles to rising accommodation costs (mortgages and rent) and other household costs. One in three identified work-related stress and burnout as contributing factors.
The pressure is not just emotional – many students are relying on credit to manage essentials. More than a quarter (28%) of ACA students surveyed used credit cards to cover basic purchases in the past year, double the proportion of current members (14%) and five times that of former members (5%).
Meanwhile, over two-fifths (44%) expressed
concern about affording emergency expenses, and half said they had little or no emergency savings.
Commenting on the findings, Cristian Holmes, Chief Executive at caba, said: “This data confirms what we’ve been hearing from the people reaching out to us: ACA students are under growing financial pressure. Many are entering the
profession at a difficult time where they’re facing rising living costs, the uncertainty of early career stages and, in many cases, no financial safety net.
“At caba, we’re already seeing a 50% increase in enquiries from students compared with this time last year. That’s why we’re expanding our work to make sure support is accessible before things reach crisis point. Whether it’s financial grants, debt advice or confidential counselling, we’re here to provide practical help that makes an immediate difference.”
Worryingly, the effects of the cost-of-living crisis can be felt far and wide. Among those experiencing financial hardship, six in 10 ICAEW members have cut back on non-essential spending, while four in 10 are cutting back on essentials such as heating and hot water.
The study also highlighted that to cope with economic adversity almost two-thirds began to switch to cheaper alternatives while buying food and other goods, while over half have been using budgeting apps to track expenses.
Click here for more information on caba’s services and how to access support.
ACCOUNTANCY NEEDS TO GO GLOBAL
International mobility is the key to attracting the next generation of professional accountants, according to Madeleine Knopf (pictured).
Writing for the International Federation of Accountants (IFAC), she explained that international mobility is no longer just a benefit of professional accountancy – it’s a strategic recruitment tool.
She said: “For professional accountancy organisations navigating talent shortages and evolving workforce expectations, promoting the profession as a global passport to opportunity may be one of the most effective ways to attract, inspire and retain the next generation of accounting leaders.”
Knopf says the talent shortage is real, with accounting and auditing job openings projected to exceed 130,000 a year by 2033. She points out that in the UK some 45% of accounting firms already report they are ‘severely’ or ‘significantly’ affected by the skills shortage.
Knopf reveals that recent data shows encouraging signs, such as a 12% increase in undergraduate accounting enrolment from spring 2024, largely driven by growth at two-year institutions. However, the profession continues to face longterm talent risks.
To reverse this trend, Knopf believes the accountancy bodies must reframe how they communicate the value proposition
of becoming a professional accountant – and one of the most compelling elements is its international career potential.
The ability to work across borders, gain exposure to international markets and build a portable skill set is often seen as just as important as salary or title.
This is where professional accountancy qualifications offer significant value, explained Knopf.
She said: “In many jurisdictions, credentials such as the CPA, CA or ACCA provide opportunities to work internationally through
Mutual Recognition Agreements (MRAs) with leading global bodies. For example, through MRAs with jurisdictions such as Australia, Canada, Hong Kong, Ireland, New Zealand, South Africa and others, qualified accountants can pursue international career opportunities without restarting the credentialing process.
“In most cases, individuals are required to complete only a short exam covering local tax and law, rather than retaking core qualification exams. These agreements make many professional accountancy designations among the most globally mobile credentials in business.”
CONFIDENCE
Nichole Ama, ACA
IN THIS ISSUE
A note from the Editor
Welcome to the latest issue of PQ magazine, where we look at Deputy PM Angela Rayner’s ‘careless’ error as only we can! Check out Dan Neidle’s take on it on page 14 and Neil da Costa’s thoughts on page 29
In the news we picked up caba’s research which found that one in five ACA students are experiencing financial hardship; we provide feedback on an ACCA exam that was ‘torture’, and report on how chartered accountants are still among the most trusted professionals.
We also have a great piece from our Accountancy Graduate of the Year, Tim Mickleburgh, who writes about social mobility (or the lack of); we look at CIMA past papers; and AAT’s Clare Dye continues her series on the new AAT qualification.
The first ICAEW students have now sat their first Next Gen ACA qualification exams. This is a real milestone, and as ICAEW CEO Alan Vallance says it is the biggest overhaul of the flagship qualification in more than a decade. You can read more on page 17
Do join us for our roundtable discussion on the power of AI on Wednesday 8 October at 4pm (GMT). We have a great line-up of speakers, and as always I will be throwing my twopence worth into the debate! Sign up at: https://shorturl.at/C2Hgz
Happy reading.
Graham Hambly, Editor and Publisher, PQ magazine
8 Wellbeing
4 ACCA exam feedback
One paper was so tough it left some sitters in tears, with one PQ describing it as a ‘nightmare’.
So which paper was it?
5 New ICAEW qualification
Next Gen ACA ‘the biggest overhaul of the qualification in a decade’
6 Trust survey
Chartered accountants are among the world’s most trusted professionals, survey finds
Young accountants yearn for the office as loneliness takes its toll
9 ICAS Rising Stars
Scottish institute names its 35 leading young chartered accountants worldwide
10 ACCA cheats
Association names, shames and fines PQs caught photographing exam papers
12 Tech news
Warning to PwC staff: the Big 4 firm is watching you!
Features, etc
14 Have your say
ACCA’s practice platform ‘far from perfect’; and the ICAEW app that is failing to deliver. Plus our social media round-up
17 New ICAEW qualification
We run the rule over the biggest overhaul of the flagship qualification in more than a decade
18 Social mobility
CIMA PQ Tim Mickleburgh explains why working-class
accountants remain outliers in an elite occupation
19 ACCA exam feedback
Our feedback from the September ACCA sitting – the good, the bad and the ugly…
20 New AAT qualifications
AAT’s Clare Dye explores what can be expected from AAT’s upcoming qualifications, launching in 2026 and 2027
22 CASSL spotlight
CASSL chair Sophie Armstrong looks at the issues digital assets can create for accountants and auditors
23 ACCA spotlight
ACCA used AI to source thousands of comments on career planning for people in the early stages of their finance career. Here’s what they said
24 The Rayner affair
What can we learn from Angela Rayner’s tax affairs debacle?
Neil da Costa shares some thoughts
25 Big data
Karen Groves explains what big data it is and outlines its benefits and limitations
26 CIMA exams
Nasheen Wuisman explains how you can make the most of past exam papers
27 Study advice
Taking three simple steps before you start to study will massively improve your ability to learn
29 CIPFA spotlight
Why shared outcome frameworks could be the key to public service sustainability
30 ICAS spotlight
The Scottish institute is expanding a success collaboration in order to make its qualification more accessible
31 AAT exams
Rachel Spence outlines the specific key purposes of internal controls
32 CIPFA exams
We outline a technique students should find helpful when
tackling the Public Sector Financial Reporting exam
35 CIMA spotlight
Mandy Ross explains how she qualified after changing her study pathway to the CGMA Finance Leadership Programme
37 Your career
Why honesty is the best policy when it comes to landing a new role
39 Careers
UK’s FTSE 100 CEOs earn record pay, survey finds; our Agony Aunt deals with another of your career dilemmas; and our Book Club review focuses on life’s big issues
40 Fun
The lighter side of life – and accountancy
The columnists
Lisa Nelson Embrace the concept of ‘desirable difficulty’ 4
Sunil Bhandari Why our profession will never speak with one voice 6
Prem Sikka It’s time to put the brakes on dividends 8
Anna Kate Phelan Could AI help keep politics clean? 10
Hannah MacDonald Now’s the time to reflect on the positives 12
LISA NELSON
Creating ‘desirable difficulty’
As a PQ your learning may involve a mix of self-study and live, tutorled sessions, either in a classroom or online. When participating in tutor-led sessions it can be easy to fall into the trap of passive learning – simply listening and taking notes. However, to master complex topics and prepare for exams you need to actively engage with your tutor’s guidance and embrace the concept of ‘desirable difficulty’.
Good tutors aren’t just there to transmit information; they are the architects of your learning. They introduce moments of desirable difficulty by posing challenging questions, presenting complex scenarios, or letting you struggle with a concept for a moment before explaining it. This might feel harder in the moment, but it’s a deliberate strategy to force your brain to work harder, strengthening the neural pathways associated with that knowledge and making it more resilient and easier to recall what you have learned.
Your role as a learner is to meet this challenge with active participation. When your tutor poses a difficult question resist the urge to wait for the answer; instead, formulate your own.
Ultimately, a great tutor won’t just give you the answers; they will provide you with the tools to find them yourself. By recognising and embracing these moments of deliberate challenge you’re building the critical thinking skills that are essential for your exams and your future career.
Lisa Nelson is Director of Education at Kaplan
New CTA joint programmes unveiled
The CIOT has launched two newly revised CTA joint programmes with the ICAEW and ICAS. The institute says the new 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
Did the ACCA exams make you cry?
ACCA’s latest SBR exam left some students in tears. It was described as ‘torture' by one sitter, and ‘the worse exam I have ever sat' by another.
One PQ admitted: “I cried when I got home because after all the months of hard work I did not expect to see what I saw. But I am still hoping for the best.”
Another sitter, who was on their fifth SBR attempt (they got 49% last time), said they had never faced anything like it before: “All the questions were extremely difficult, and the exam felt very unbalanced.
Each new question seemed even worse than the one before – it was a complete nightmare.”
Deloitte welcomes next generation of talent
Deloitte welcomed 1,400 new people to its graduate, BrightStart apprenticeship, and industrial placement programmes in early September.
Another 98 new recruits are due to join in December, bringing Deloitte’s 2025 intake in line with that of last year’s.
The new joiners, of which 43% will be based outside of London, will take part in a firmwide virtual induction into the world of professional services,
in which they will be introduced to Deloitte’s innovative GenAI platform, PairD, and participate in networking events with colleagues. They will then participate in an in-person technical induction tailored to their specific business areas. These include audit and assurance; tax and legal; and the firm’s consultative businesses – strategy, risk & transactions advisory; and technology & transformation.
Jackie Henry, managing partner
Do not plagiarise!
Provisional member Sachin Sharma has been found guilty by an ICAEW Tribunal Committee of plagiarising the work of a colleague when submitting his ‘A’ case study mock exam for assessment.
By copying the answer and submitting the work as his own, when he knew it was not, he broke the ICAEW’s code of ethics.
programmes will open in the spring of 2026, and you can register your interest on CIOT’s website.
For more click here
Public Finance future leaders
The shortlists for the 2025 Public Finance Awards are out. This year the event is taking place at Manchester’s Midland Hotel on 28 November, and in a break from tradition will be a lunchtime affair.
The category PQ magazine always homes in on is the Public
Finance Future Leaders of the Year category.
Here’s this year’s shortlist:
• Elgan Roberts, Head of Finance and Procurement, North Wales Fire and Rescue Service.
• Liam Sadler, Assistant Finance Business Partner, West-Midlands Police.
• Charlotte Turner, Finance Business Partner, Children & Young People’s Services, St Helens Council.
We will tell all about the winner in a future issue!
There appear to be problems with logging on to some remote exams too, and PQ magazine has heard of lots of stories of individuals struggling to sit the exam.
While some students got a sitting the following week many will now have to wait until December to try again.
There seem to have been problems with PM, APM, ATX and AFM. Do tell us if you had a problem – email graham@ pqmagazine.com
Check out the feedback from all the papers on page 19
for people and purpose at Deloitte, said: “We’re always very proud of our graduates, apprentices, and those on work placement at Deloitte. They bring a wealth of talent to our firm, demonstrating strong communication, adaptability, resilience and analytical abilities which we value highly.”
Sharman, from Birmingham, has been severely reprimanded and ordered to pay a financial penalty of £700 and costs of £2,300.
In a separate case, provisional member Balraj Oberoi was also found guilty of plagiarising information from the model answer in a mock he submitted to his training provider. His status as a provisional member was withdrawn and he is ineligible to re-register for such status for two years. He was ordered to pay £9,000 costs.
Fancy working in the Caribbean?
CASSL has joined forces with Deloitte to offer some real insights about the global career opportunities of working in the Caribbean.
A fun-filled evening is planned at the Flight Club, Shoreditch, on Tuesday 7 October. So you can learn about jobs in Bermuda and the Cayman Islands.
For more information check out the Eventbrite page
Next Gen ACA has arrived
The ICAEW’s new ACA syllabus went live on 1 September. This means students can now either complete the old syllabus or transfer onto the Next Gen ACA through the transitional rules.
The new syllabus has three central themes – sustainability, technology and ethics.
The key differences include fewer Advanced Level exams with three new case studies, the launch of the specialised learning and development platform, a new sustainability and ethics exam
at the Certificate Level, and the introduction of the Fundamental Case Study at Professional Level.
Current students should note that the old syllabus Professional Level will be examined up to and including September 2026, with the new level running in parallel from March 2026.
ICAEW CEO Alan Vallance said the launch of Next Gen ACA is the biggest overhaul of the flagship qualification in more than a decade, and it is landmark moment for the accountancy
Time to focus on AI?
PQ magazine and Rogo are hosting a free live online roundtable, this time to discuss how AI is going to transform every facet of your professional life!
If you want to be a leader in the industry and drive change then you need to master AI, and not let it master you.
Join us online on 8 October at 4pm (GMT) by signing up at: https://shorturl.at/ C2Hgz
Among the roundtable panel are Stuart Pedley-Smith, an AI advocate and former head of learning at Kaplan; ICAS director of AI and Data Sean Robertson; and IFA’s
profession. He said the first students took their new-look exams on the morning of 1 September, “and they will be the first to complete this dynamic qualification and become tomorrow’s leaders”.
Check out how the Next Gen ACA works on page 17
Kyle Baker-Kemp. Our very own columnist and Eintech’s head of product, Anna Kate Phelan, will also be on hand to discuss the role of AI in assessments.
Last and by no means least will be Peter Beard of GenFinance. ai, who has helped the ICAEW develop its Gen AI accelerator programme.
Together they will hopefully provide some real insights into how you can master AI and navigate the new digital future of finance.
PE forcing CPAs to drop credentials
Some private equity firms in the United States are telling their CPAs that they must remove their CPA designations from email signatures and even their LinkedIn profiles.
Firms with PE are adopting alternative practice structures, becoming effectively non-CPA firms delivering everything but audit and assurance.
A recent informal poll by AICPA’s Susan Coffrey revealed that 14% of CPAs had been asked to omit their credentials. There is real concern that this trend will ultimately damage the CPA brand, and many CPAs are rightly angry.
AICPA President Mark Koziel said in a statement: “We support the use of CPA to everyone who has gone through the process of becoming licensed. As I’ve heard in my listening tour, the passion behind CPA is evident. The CPA and what goes with it – integrity, accountability, objectivity, competence –is the value that we bring to the market, to our clients and to communities. It’s what creates trust in firms of all business models, including alternative practice structures.”
SUNIL BHANDARI
Speak with one voice? Never!
I recently enjoyed a very nice lunch with a very good friend of mine. He was a former director of one of the well-known accountancy colleges. We talked about various matters relating to accountancy training, but there was one where we had a difference of opinion. Nothing new there. He put across a view that the accountancy profession is losing its status and importance. One reason is that ‘we’ don’t speak with one voice.
The contrast was with the legal profession who are more unified. They are one for all and all for one. The view put to me is that there should be just one accountancy body. Not the several that we currently have. He wanted my opinion.
After a sip of wine, I gave my response in my normal manner. Nope – it will never ever happen! Why may you ask? The answer is obvious. They are disparate and they all have their clear objectives.
So, as I see it, the ACCA seek world domination. With CIMA, their partnership lies over the pond. ICAEW is led naturally by the Big 4 and their needs. ICAS have a nice niche – why upset that? ICAI not sure and can’t comment. CIPFA may seek a partner (again).
No – it won’t happen.
Nice wine – let’s order another bottle.
You can trust accountants!
Despite the climate of economic uncertainty, digital disruption and eroding institutional confidence, chartered accountants are recognised by finance and business decision-makers as among the world’s most trusted professionals.
The fifth Trust Survey, conducted by Edleman DXI for Chartered Accountants Worldwide (CAW), put chartered accountants third in the table for trust, just behind doctors and engineers.
Interestingly (well to us!), trust in the ‘accountancy profession’ overall has declined by three points since 2023. However, trust in chartered accountants remains steady, recording a record fivepoint gap that reinforces the value of the chartered accountancy designation.
Edleman DXI found that 83% of those surveyed trust chartered accountants to do the right thing. Doctors and engineers scored 85%.
Lawyers scored 64% and journalists 48%. Bottom of the pile was politicians on 36%.
Accountants, the non-chartered type, had a trust score of 78% and auditors 73%.
Chartered accountancy professional bodies also scored well, at 83%. Five years ago that score was just 71%.
“At a time of eroding trust in institutions, chartered accountants are bucking the trend,” said Ainslie van Onselen, Chair of Chartered Accountants Worldwide. “In a world shaped by AI, disinformation and rising demand for accountability, our profession is standing tall – not just for technical excellence, but as guardians of trusted data and ethical leadership.”
ACCA Practice Platform ‘error issues’
ACCA recently admitted a number of users have been experiencing intermittent problems with the new ACCA Practice Platform.
PQ magazine has known for a few weeks that tutors were experiencing problems, but now it appears students have also been affected by these issues just weeks before the exams.
Some students were really
unhappy. One said: “ACCA is a joke!! The new portal is awful!” Others said they were getting error messages and couldn’t access the platform at a critical time in the revision phase.
As one student said: “So frustrating when the weekly emails from them keep reminding you that practice is the key to success and you can’t even get on the platform.”
Henderson Loggie trainee boost
Henderson Loggie has expanded its trainee intake to 14 this year, welcoming 11 new starts to add to the three recent appointments.
The latest recruits included eight graduates, one modern apprentice and four direct-entry trainees.
This brings the total number of employees undertaking a professional or recognised qualification to 56 across its
FRC pays staff for extra commute
The Financial Reporting Council is offering cash to staff to help them ‘adjust’ to their new office commute, according to the Daily Telegraph.
However, the Telegraph suggests the move from Moorgate to Canary Wharf in London’s Docklands only adds six minutes to the commute time – two stops on the Elizabeth Line.
An FRC insider told the paper: “It’s a temporary scheme to
help people adjust. It’s targeted support on a case-by-case basis, as not everyone will have the same circumstances. It’s a small sum to help people get acquainted with their new commute.”
Seoul to host WCOA
The International Federation of Accountants (IFAC) has picked Seoul, South Korea, as the host city for the 2026 World Congress of Accountants (WCOA). The Korean Institute of Certified Public Accountants (KICPA) and IFAC will
Edinburgh and Dundee offices.
Henderson Loggie people partner Fiona Doctor said: “Developing the next generation of professionals is central to our strategy. We are proud to support our trainees as they begin their careers and equally proud of the progress our qualified staff are making through the ‘Thrive’ programme.
“With more than 50 people
serve as joint hosts for the event which runs from 17-20 November.
WCOA brings together professional accountancy organisation from over 100 countries in the hope of strengthening the global accountancy community by sharing experiences, learning and deepening relationships across the profession.
Interestingly, in-person participation will be by invite only. However, select sessions will be live-streamed.
ACCA said it has identified the underlying issues, and the Practice Platform should now be up and running as expected.
This is the first exam session using the Practice Platform on the new hosting platform. ACCA’s team will be closely monitoring the platform over this critical preparation period to limit any further impact.
now training towards recognised qualifications, we are investing heavily in the future of our business and the profession in Scotland.”
UK Budget date set
The Chancellor of the Exchequer, Rachel Reeves, has set the date of the Budget for Wednesday 26 November. She said: “Britain’s economy isn’t broken. But I know it’s not working well enough for working people.
“Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change. We’ve got huge potential: world-leading brands, dynamic industries, brilliant universities and a skilled workforce. We’re a global hub for trade.”
Sunil Bhandari is an AFM tutor at FME Learn Online
LORD SIKKA
It’s time to put the brakes on dividends
The UK is investing 18.2% of GDP in productive assets compared with 26% for France, 25% for Germany and 23% for OECD countries. For 24 out of the past 30 years, the UK has languished at or near the bottom of the G7 countries’ investment league. It is ranked 28th out of 31 OECD countries. This is despite low rates of interest, inflation and corporate taxes, and numerous tax reliefs in recent years.
Cash extraction by shareholders is a major reason for low investment. The Bank of England Chief Economist noted that in 1970 major companies paid £10 in dividends out of each £100 of profits, but by 2015 the amount rose to between £60 and £70, often accompanied by a squeeze on labour and investment.
In 2024, companies listed on the London Stock Exchange (not all UK-based) raised £25.3bn in new shares and paid out £92.1bn in dividends and £57.1bn in share buybacks. Excessive shareholder returns force companies to use expensive debt or sweat assets, which leads to low productivity.
Another reason is poverty – 16 million people live in poverty. The median wage is £30,432, barely enough to survive. Low purchasing power drastically reduces the size of markets and dissuades investment.
To boost investment in productive assets, governments must shackle the power of shareholders to extract excessive returns and boost people’s spending power by redistributing income and wealth.
Prem Sikka is Emeritus Professor of Accounting at the University of Essex
Tax briefs
HMRC is using AI to track tax cheats
HMRC has told the BBC that it is using AI to monitor social media posts of suspected tax cheats. In a statement it said: “Greater use of AI will enable our staff to spend less time on admin and more time helping taxpayers, as well as better target fraud and evasion to bring more money for public services.”
HMRC explained the use of the tech will not replace human decision-making and was subject to legal oversight.
Back to the office everyone?
Loneliness and social isolation are causing many young workers to yearn for the office.
A report from health insurance firm Bupa has found four in 10 of 16-to 24-year-olds are now unhappy with working from home, and want a traditional office to go to.
Many of these workers began their careers during the Covid pandemic and have never experienced a fully office-based role. They feel they have missed out of having supportive colleagues to talk to, socialising at lunchtime, and evenings in town with friends.
Bupa found that a lack of support from employers for those feeling isolated was an issue, with a fifth of
young workers (21%) saying their workplace does not supply mental health support.
Dr Naveen Puri, medical director of Bupa UK, warned that loneliness can have significant implications for both physical and mental health. “Loneliness can have a devastating impact on our mental and physical health, with knock-on effects on depression, anxiety, stress and type 2 diabetes,” he said. “We’ve seen loneliness become an increasing problem in our personal lives, but it’s worrying that we’re also seeing it in the workplace.”
ICAS expands apprenticeship path
ICAS, in collaboration with Robert Gordon University, has welcomed the first cohort of RGU’s Graduate Apprenticeship scheme to Edinburgh, marking a major milestone in the expansion of the programme.
Responding to demand from employers in Scotland’s Central Belt, on-campus teaching is now being delivered in Edinburgh as well as RGU’s Aberdeen campus. The move provides students with access to the same expert tuition while reducing the need to travel, creating greater flexibility for both apprentices and employers. The apprentices will earn a BA (Hons) accounting degree while simultaneously
working towards their ICAS qualification.
Gail Boag, Executive Director of Learning at ICAS, said: “Welcoming our first RGU graduate apprentices to Edinburgh is a
ACA Advanced Level results
The July 2025 Advanced Level ICAEW results were released at the end of August. Some 6,471 students sat the summer exams, with 10,268 papers attempted and 4,995 students passing all the exams they took.
While all the paper pass rates in Europe exceed 80%, this was not the
It also confirmed AI was only used as part of a criminal investigation, and was not used on the everyday tax issues.
Carousel fraudster loses £90m
The mastermind of one of the UK’s biggest ever carousel tax frauds has been ordered to pay back more than £90 million with the sale of property across London, Preston and overseas.
Sock manufacturer Arif Patel, 57, of Preston, and his criminal
case for the rest of the world, where all three paper pass rates ranged from 51.7% to 55.4%. For example, the European pass rate for the Case Study exam in July was 80.3%. This drops to 51.7% for the rest of the world.
In all, 2,248 trainees sat just the
gang tried to steal £97 million through VAT repayment claims on false exports of textiles and mobile phones.
They also imported and sold counterfeit clothes that would have been worth at least £50 million.
The ‘unrepresented’
New HMRC figures suggest around 200,000 landlords and selfemployed businesses that will be required to sign up to MTD for Income Tax are ‘unrepresented’. HMRC stats show 864,000 self-
landmark moment for ICAS and for the future of the scheme. At our induction session this week we met apprentices from Glasgow, Edinburgh, East Lothian and Fife.”
Read more on page 30
Case Study exam at this sitting. Of these, 84.8% were successful, leaving 15.2% (341) with a fail.
The overall ICAEW pass rates for the Advanced Level July 2025 exams were:
• Case Study 78.9%.
• Corporate Reporting 84.2%.
Strategic Business Management 87.1%.
employed businesses and landlords will be affected by the phased introduction of MTD from April 2026. The worry is some of those 216,000 without an accountants or tax adviser will still be unaware of the changes and what they need to do to comply with the new rules. Affected taxpayers will need to keep digital records, make quarterly reports to HMRC and, importantly, must have the appropriate commercial software to participate. HMRC is not providing software for MTD.
The first cohort of central belt RGU graduate apprentices at ICAS HQ
CA rising stars unveiled
ICAS has revealed the winners its CA Rising Stars competition, recognising the 35 leading chartered accountants (CAs) worldwide aged 35 and under.
Grant Thornton’s assistant manager of public services advisory financial modelling, Laura Mason (pictured), has been named the overall winner and CA Rising Star for 2025.
Although Mason only qualified as a CA last year, the judges praised her impact in using finance to drive social change – from improving access to mental health care to championing marine
sustainability. She will now represent ICAS at the One Young World Summit in Munich, a global forum that brings together young leaders from over 190 countries to tackle the world’s most pressing issues.
WH Smith’s accounting error
Getting your accounting wrong can cost big time – just ask WH Smith. It was recently forced to admit it had ‘overstated’ its North American profits by £30m. That saw it shares fall by 30%, wiping nearly £600m of its stock market value in just one day.
The reason? Apparently, it
was due to recognising income too early. So instead of the £55m forecast for US trading profits the real figure was around £24m.
Susannah Streeter, head of money and markets Hargreaves Lansdown, said: “Getting it so wrong is not a good look and affects the reputation of
Mason said: “I’m incredibly honoured to receive this award, and grateful for the support of ICAS and the opportunities that have shaped my journey so far. I’ve had the privilege to work across public services, engage in civic advocacy as a Young Ocean Advocate, and contribute to global dialogue through forums like UN Women and the Doha Forum.
“It’s been extremely rewarding to help grow the ICAS network beyond Scotland and champion fresh voices, diverse ideas and responsible leadership in our profession.”
the company. What investors want to see is sound financial management, and errors of this kind shake confidence in future guidance.”
ACCA’s annual report is out
ACCA has had another successful year, recruiting 102,667 new students and adding 13,068 new members to the list.
The annual report, for the year ended 31 March 2025, highlights the fact that it was PQ magazine’s Accountancy Body of the Year in 2024. As well as celebrating 120 years of ACCA, it also introduced a new Professional Diploma in Sustainability.
CEO Helen Brand said: “ACCA is the world’s only truly global accountancy body and this year we demonstrated the power of that position, turning ambition into action. We set out to seize opportunity. And we did just that – exceeding every target on our strategic balanced scorecard.”
The accounts show ACCA now has 257,956 members and 530,124 ‘future members’. Student numbers are growing, but they still lag behind the 2022 total.
ACCA’s operating income broke the £250m barrier for the first time. The surplus for the year was £3.6m, after ACCA paid £998,000 in tax. • Read our full analysis at www.pqmagazine.com
ANNA KATE PHELAN
Could AI help keep politics clean?
Angela Rayner’s tax affairs raise an uncomfortable but important question. Should MPs’ financial dealings be left to the occasional media exposé or could AI offer a fairer way of keeping public servants accountable? Given that these types of scandals have affected many politicians on all sides over the years it’s an important question.
AI is already transforming fraud detection in banking, where it can spot anomalies humans missed by analysing patterns across millions of transactions. If such tools were applied to MPs’ expenses, property holdings and tax declarations they could quickly flag inconsistencies.
For instance, a housing record that doesn’t match a declared primary residence, or expense claims that don’t align with public duty. Instead of relying on journalists or political opponents to uncover potential discrepancies the system itself could act as an impartial auditor.
Of course, technology is no panacea – AI only works with the data it’s given. There are also civil liberties to weigh. Constant automated scrutiny could risk turning oversight into surveillance and blur the line between accountability and intrusion.
In a climate of deep political mistrust it is imperative that voters have confidence that their representatives are held to the same rigorous standards as the rest of us.
Would Angela Rayner’s difficulties have been avoided? Perhaps. But the bigger question is whether we’re willing to let technology shine a brighter light into Westminster’s murkier corners.
More ACCA students caught
PQ magazine recently covered the ACCA disciplinary case of Melbourne-based part qualified Naveed Hussian, who was removed from the student register and fined £7,000 in costs for taking pictures of his exam and then sharing them.
Well, Hussain is not alone, and over the past few months five other students have been caught taking pictures of their ACCA exam papers.
Here they are:
• Miss Yiran Shi, found guilty of using a mobile phone during the exam. She was removed from student register and ordered to pay costs of £8,500.
• Mrs Daria Verkeenko, who used
an unauthorised item to take one or more photographs of her computer screen and exam content. She was removed from the student register and ordered to pay costs of £5,900.
• Ms Aditi Dinesh Kumar Nahar
copied the exam content by taking photos of her computer screen. Nahar was removed from the student register and ordered to pay £5,600 in costs.
• Miss Qinru Li used an unauthorised item during an exam and took a photograph of an exam question, and then shared it. Li was removed from the student register and ordered to pay £5,800 costs.
• Mr Agus Rahmat allowed a third party to be present in the room when they sat the exam, and allowed an electronic device to take photos of one or more of the questions. Rahmat was severely reprimanded but paid nothing towards costs.
New ‘super-university’ created
The UK’s first ‘super-university’ is being created with the merger of the University of Greenwich and University of Kent.
The partnership will lead to the creation of the London and South East University Group, a new model bringing both institutions under one structure, while enabling each university to retain its name,
identity and local presence. The name ‘London and South East University Group’ is subject to consultation and is only a working name at this stage.
The new ‘super university’ will have one unified governing body, academic board and executive team, and one vice-chancellor. The first vice-chancellor will be
Bermuda looks nice for ADIT
More than 500 international tax professionals are celebrating passing their exams for the Chartered Institute of Taxation’s ADIT (Advanced Diploma in International Taxation) qualification, including firsts in Bermuda and the Maldives.
The online exams in June saw 530 students successfully passing at least one exam, with 151 of them attaining ADIT in full by passing their third module. A further 10
students around the world have demonstrated their academic research prowess during the last six months by completing ADIT through the extended essay route.
Of the new ADIT holders, 13 were awarded a distinction grade for excellence in their exams.
Professor Jane Harrington.
The detailed work is expected to conclude by the end of the year, with a decision on the implementation timescale shortly after. If approved, it is anticipated the London and South East University Group will be established for the 2026/2027 academic year.
The ADIT qualification is now held by 2,373 tax practitioners, more than 450 of whom have chosen to subscribe with the CIOT as International Tax Affiliates since achieving the qualification. Alongside the successful ADIT students, a further 35 students met the ACA CTA Joint Programme examination requirements of the CIOT and the ICAEW by successfully completing an ADIT exam as their final assessment.
Ellucian and KPMG alliance
Elluican, a leading higher education tech company, and KPMG have announced a new strategic alliance. The collaboration aims to help UK institutions manage their student data more efficiently, driving operational efficiency and delivering improved outcomes and experiences for students and staff.
KPMG UK is experienced in delivering largescale digital transformation across the higher education sector. Its Powered Student offering focuses specifically on the challenges institutions are encountering across their student-facing services and systems, providing an end-to-end
operational and digital improvement solution for the whole of the student lifecycle.
Ellucian Student, a SaaS-native Student Information System, simplifies administration while offering high availability, resilience, security and enhanced user experiences.
York is top-performing city York has been named as the bestperforming city in the annual Demos-PwC Good Growth for Cities Index, with Edinburgh rising to second place and Bristol in third. These cities scored highly across high streets, skills and jobs which are key indicators of prosperity that the public increasingly values. York ranked among the top three cities for both high street and jobs.
The Index ranks 50 of the UK’s largest cities, excluding London, based on both the public’s assessment and the actual performance of 12 economic measures. These measures include jobs, health, income, safety and skills, as well as work-life balance, housing, transport, income equality, high street and shops, environment and business startups.
Mind the productivity gap
A new EY report, Mind the Productivity Gap, found that if UK public sector growth had kept pace with the private sector since 2019, UK GDP would have been 3% larger by the end of 2024. This means that weak growth in public sector productivity is currently costing the UK economy around £80bn a year in lost output.
Anna Kate Phelan is Head of Product at Eintech
HANNAH MACDONALD
It’s time to reflect on the positives
You are being tracked!
PwC is tracking staff attendance at the office with a new dashboard system that monitors swipes of work passes and wifi connections, according to the Financial Times newspaper.
As the nights draw in and we start to see a glimmer of autumn, it’s a good time to reflect on all you have achieved so far this year.
Have you passed accountancy exams? Did you overcome exam failure and go on to pass on your next attempt? Perhaps you are in the process of studying for your next set of exams. Wherever you are on your journey to qualification, don’t forget to congratulate yourself on the progress you’ve made so far.
The process of starting at zero (with little to no knowledge of accountancy topics or themes) to the stage where you are passing advanced-level exams containing complex topics, and answering questions under strict time constraints, with both logic and clarity – it is no mean feat. In fact, it is very impressive. I hope you step back and give yourself some credit for the hard work and dedication it has taken for you to get to this point.
Unlike school or university, this period of your life has likely meant balancing full-time work with studying, at a time when you may have moved to a new city or country for a particular role. You’re doing so well! So this is your PQ Magazine reminder to remember that, in the words of Arthur Ashe, “Success is a journey, not a destination. The doing is often more important than the outcome.”
Hub
Beware the scammers
Some 170,000 scams were referred to HMRC in the 12 months to 31 July 2025. While that is a 12% reduction compared with the previous year, more than 47,000 of these reports still involved fake tax refund claims.
That means HMRC is urging selfassessment customers to remain vigilant to scams that claim to come from them.
HMRC has reiterated that it will never:
The current PwC policy is that employees must spend 60% (three days) of their time at clients’ premises or in the office.
A new system means bosses (as well as staff) are now alerted if employees fall below this 60% threshold, and an amber warning is flagged on their dashboard. It goes red if attendance drops below 40%.
The FT said the increased monitoring of staff is causing unease amongst PwC’s 23,000 workforce. Those falling in the red zone could face formal sanctions, which would in turn affect bonuses and performance ratings.
A PwC spokesman said: “There are clear benefits to in-person work for both our people and clients, and we have seen these borne out since adjusting our approach to hybrid working at the beginning of the year.
“The dashboard ensures our people have easy access to their
attendance data, so they can manage and plan their time in a way that works for them, our teams and our clients.”
Hackers attack Jaguar Land Rover
Jaguar Land Rover (JLR) is the latest big company to be hit with a cyber-attack. It was forced to shut down its systems to contain the damage, and weeks after the initial attack was still struggling to get production lines and dealerships back online.
The exact nature of the attack is unclear, but it is another setback following Donald Trump’s tariff announcements.
In a statement the company said: “JLR has been impacted by a cyber incident. We took immediate action to mitigate its impact by proactively shutting down our systems. We are now working at pace to restart our global applications in a controlled manner. At this stage there is no evidence any customer data has been stolen but our retail and production activities have been severely disrupted.”
HMRC v Marc Gunnarsson
Marc Gunnarsson recently lost his appeal over repaying two loans he received during the pandemic under the self-employment income support scheme (SEISS).
The Upper Tribunal agreed with HMRC that the respondent was not a qualified person to receive £12,918 as they were a director/ employee of a limited company which was trading at the time.
However, it is Gunnarsson’s use of AI that has really brought a spotlight on this case. He was defending himself and was required to provide
• Leave voicemails threatening legal action or arrest.
• Ask for personal or financial information via text message or email.
• Contact customers by email, text or phone to inform them about a refund or ask them to claim one.
Unlimited contactless payments
The Financial Conduct Authority (FCA) wants to give UK card providers the flexibility to decide the right limit for them and their
his skeleton argument before the case. Gunnarsson duly referred to three previous decisions made by the First-tier Tribunal (FTT), which he said supported his interpretation of the legislation – Patel v HMRC
customers, removing the current £100 limit.
It said many card providers already offer customers the ability to adjust their personal contactless limits or turn off contactless functionality on their card altogether.
The FCA is now encouraging firms to continue to offer their customers this choice, which could means having to remember your four-digit PIN may become even rarer!
The move comes despite recent research that found 78% of consumers saying they did not want
(2023), Ali v HMRC (2022) and Kamran v HMRC (2023). However, when HMRC searched databases for these ‘decisions’ it discovered the cases did not exist. When called out on this Gunnarsson admitted he had used AI software to assist him with his written submission.
This is not the first case involving an AI response that referred to fictitious sources. Other examples include the decisions of the FTT in Felicity Harber v HMRC (2023) and Bodrul Zzaman v HMRC (2025).
any changes to the limits. There is a genuine fear that having no limits would also increase card thefts.
JAX meets OpenAI
Xero has announced the next evolution of its AI financial superagent JAX (Just Ask Xero).
As part of Xero’s new product offering, the company is collaborating with OpenAI on its deep web research feature, to extract financial information from across the web, including tax laws and market trends, right into Xero.
Practice platform far from ‘perfect’ ACCA’s launch of its iAssess practice platform reaffirms its commitment to student success and professional excellence, but my college’s experience reveals four critical gaps that risk undermining its adoption.
Key concerns are:
1. Colleges cannot grant extra time to students with approved needs (dyslexia for example), compromising fairness and accessibility.
2. There is no way to extend deadlines for students facing emergencies, limiting responsive course management.
3. Inability to export spreadsheet responses as PDF or CSV prevents use of preferred external marking tools and slows feedback.
4. Tutors cannot download past exam questions and model answers in PDF, hampering the creation of quality teaching materials.
Impacts include:
• Students lose tailored support and face delayed feedback.
• Tutors waste time on workarounds rather than pedagogy.
• Colleges struggle to maintain inclusive, flexible learning environments.
Recommendations include:
• Enable per-student extratime settings and emergency extensions.
• Provide PDF/CSV export for all
response options.
• Offer downloadable, secure tutor accessible archives of past exam questions and model answers in selectable text form.
Implementing these enhancements will streamline administrative workflows, bolster confidence among colleges, and reaffirm ACCA’s leadership in educational excellence.
The college community would surely welcome the opportunity to collaborate on testing and refining these features in the near future.
Name and email address supplied The Editor says: Tutors have been genuinely concerned that they can’t give their ACCA students the experience they deserve via the ACCA’s Practice Platform. Our lead letter writer is not asking for anything unreasonable. And the idea that the system was designed without thinking about creating extra time for student with approved needs seems a big oversight. We will be watching this one closely.
Our star letter writer wins a fantastic ‘I love PQ’ mug!
Where are my results?
The ICAEW has an app called the MyICAEW. This allegedly can handle such tasks as viewing your progress, exam results, booking exams, and so on. However, this is patently not true, and l am both infuriated and stunned that the Institute can publicly profess information which is blatantly untrue.
On results day I went onto the website to view my results. But all I found was a tutorial, which oddly pointed to exams and exams results. Unless l have been missing the link or the section of the software, I can say confidently that it does not exist at the moment! If it does then it
is inaccessible or hidden. It is possible I am missing something but l don’t think l am.
I am very frustrated because l cannot believe why anyone would remove the function,
but still say the function exists.
As you can imagine results day is very stressful, and not being able to access my results did not do anything for my blood pressure. It is
saddening to think all this stress could be avoided by the ICAEW having a properly functioning app or other means of accessing the results.
For the record, l was able to view my exam results after about an hour or so and after having been referred to a queue where at one time l was about 2,000 or so places from being given a timeslot. I think this is very poor for a world-class institute, they should have a more reliable and robust system for results delivery. l really feel the Institute should remove all mention of the software being able to do certain functions which it plainly cannot do it.
Name and email address supplied
On LinkedIn this month tax guru Dan Neidle explained former deputy PM Angela Rayner (pictured) is likely to pay £8,000 in stamp duty penalties for her ‘careless’ error, on top of the £40,000 she owes.
Neidle points out that when she acquired the Hove flat it was the only property she owned. She was registered at Land Registry as one of the owners of the Ashton-underLyne house, but she was just a trustee, with no beneficial interest. So the higher rate did not apply.
However, he said Rayner’s son was the beneficiary of a trust for the Ashton-underLyne house, and so the Finance Act 2003 (paragraph 12) deems Rayner owns the house. Why didn’t the exclusion in paragraph 12(1A) apply? At this point we don’t know, he said. Possibly something to do with the terms of the court order/ trust that we’re not aware of. Possibly because the trust was in favour of her other children as well.
Let’s get back to the penalty. Neidle emphasised the maximum penalty for ‘carelessness’ is 30% of the lost tax. Carelessness penalties are reduced, potentially to zero, if a taxpayer approaches HMRC with the error – in tax parlance, they made an ‘unprompted’ disclosure. But in Rayner’s case, her correction is realistically ‘prompted’ – she only obtained proper tax advice after a week of press scrutiny, and HMRC were already aware of the issue. That means the level of penalties will usually be 15% to 30%.
Richard Simms, Owner and Director of AMLCC
AMLCC has kept 15,000+ UK accountants, bookkeepers, TCSPs and tax professionals compliant since 2008 and has enabled over 10,000 AML regulatory inspections to be passed. Visit AMLCC.com to discover how AMLCC could work for you, or get in touch with our AML team.
We’re endorsed by and partner with other AML supervisors and professional bodies.
The future is here
ICAEW has launched the Next Generation ACA, which will ensure its future chartered accountants are equipped with the technical and professional skillset they need to thrive
You’re building a career in a profession that’s evolving fast. From AI to ESG, the expectations on finance professionals are changing. It’s no longer just about technical precision. It’s about adaptability, insight and forward-thinking leadership.
This September, ICAEW launched the refreshed ACA qualification in answer to these challenges. Built in consultation with employers, students and education experts, it is the evolution of a professional qualification that has opened doors for thousands for almost 150 years.
This marks a major moment for the accountancy profession. Recent enhancements to the ACA have strengthened its relevance, preparing future ICAEW chartered accountants who will drive value, navigate complexity, and uphold the highest standards of integrity. The changes bring together the technical rigour the ACA is known for with a new structure and content designed to meet real-world needs. Redefined and ready for the future, the Next Generation ACA reflects the needs of organisations and future ICAEW Chartered Accountants of today and tomorrow.
The next generation
The Next Generation ACA reimagines the core components of the ACA, preparing students and employers alike for the future of work in business and practice, and is leading the way in sustainability, ethics and technology, integrating these core themes throughout.
From September, the ACA will comprise:
• 14 business, finance and accountancy exams.
• Specialised learning.
• Professional skills and experience.
Business, finance and accountancy exams
With 14 new exams, designed to enable smooth, supportive and attainable progression, yet with no compromise on learning outcomes. The ACA will remain fully flexible, with students able to take exams in any order.
Split across three levels, a new exam at Certificate Level is focused on introducing the fundamentals of sustainability and ethics. At Professional Level, the introduction of the Fundamental Case Study will embed learning from the Certificate Level, preparing students for further Professional Level learning. The Advanced Level now includes two case studies, which assess both technical and strategic knowledge, preparing students to address complex real-world scenarios.
Specialised Learning
Innovation in the ACA qualification includes the introduction of ground-breaking Specialised Learning. A range of engaging and interactive courses will span specialised technical content, sector specific content, professional skills and emerging issues and updates.
Specialised Learning enables students and employers to tailor learning to individual development needs, facilitating early career specialisation. Designed to react quickly
to changes, the introduction of Specialised Learning will deliver real-time learning on the latest emerging trends and issues, keeping trainees at the forefront of the profession.
Students must complete a minimum of 30 units of Specialised Learning across the course of their training agreement, with one unit equivalent to around one hour of learning.
Professional skills/experience
Developing professional skills and gaining realworld experience remain central to the Next Generation ACA, preparing students for success in today’s business environment.
Professional skills will develop resilient, inclusive leaders who are critical thinkers and effective communicators. There are 25 skills which will be assessed at three proficiency levels across five new competency areas:
• Communication.
• Critical thinking.
• Leadership.
• Professionalism.
• Understanding self and others.
Students will also continue to gain invaluable business and commercial insight implementing technical and specialised knowledge in the workplace. Students will complete a minimum 450 days of professional work experience with an Authorised Training Employer, typically taking between three and five years.
From December 2025, students will also have the opportunity to develop their digital skills with the new Technology Hub. This will include demonstration platforms and dummy datasets where students can safely interact and experience different technologies in a sandbox environment.
What this means for students
Students starting the ACA from 1 July 2025 onwards will become some of the first to begin their ACA journey on the updated qualification. Students who started before this date will continue the existing ACA components, with the opportunity to complete the existing or new exams for the period of exam dual running.
Whether you’re just starting your studies or nearing the finish line, all ICAEW chartered accountants will come into membership with a qualification respected by employers around the world and become part of a community that is always looking ahead.
Learn more
You can learn more about the Next Generation ACA and how changes to the qualifications might impact you at www.icaew.com/ nextgenerationaca
A class apart
In the first of a three-part series, Tim Mickleburgh explains why working-class accountants remain outliers in an elite occupation
Hello PQ readers! My name is Tim and I’m a 23-year-old CIMA part qualified accountant. You may recognise me as PQ magazine’s ‘Accountancy Graduate of the Year 2024’, or as a finalist for ‘PQ of the Year 2025’.
This the first instalment of a three-part series of articles I have written to put a spotlight on the lack of working-class representation in the finance profession. I thought I’d kick off the series by sharing my own experience of what it’s like to be an outlier in an elite occupation.
I come from a working-class background. No one in my family went to college or university; my parents both had working-class jobs. I went to state school, where I received free school meals and textbooks because of our low household income.
In 2020, I was one of 3% of A-level students in England to have my provisional results downgraded by two grades – from A*A*A to BBC – on the basis of my college under-performing. I wouldn’t have met the entry requirements for my dream university if this hadn’t been reverted.
I felt like a fish out of water when I first stepped into the world of finance – and I still do. Research by the Bridge Group found that more than half of finance professionals come from higher socio-economic backgrounds, and four in 10 attended fee-paying or selective schools.
Most of the people around me speak eloquently, with interactions characterised by small talk and pleasantries. I found myself forcing a more received pronunciation during job
interviews – in case recruiters were put off by my indistinct regional accent.
Everyone dresses smart, too. I felt like an outlier at assessment centres, where I was often the only candidate not wearing a suit and tie. I didn’t own my first suit until my university graduation. The next time I wore that suit was for my first day at work – because I felt compelled to ‘look the part’.
Professionals from working-class backgrounds don’t experience a natural sense of fit in professional environments; something which I find gets overlooked by our more affluent peers. We find ourselves assimilating to the higher socio-economic organisational culture in a bid to fit in; efforts which can distract from job performance and cause feelings of exclusion, a lack of belonging, and exhaustion.
PQ Magazine’s 2024 awards ceremony was my first time attending a fancy event. My mum came with me, and again in 2025. On both occasions, she was asked by other attendees about the line of accounting she works in, or the organisation she works for – their assumption that accounting ran in the family goes a long way in indicating the occupation’s high rate of nepotism.
In next month’s issue, I will discuss the barriers to entry and progression that are inhibiting the success of finance professionals from working-class backgrounds and causing the occupation to be dominated by those from professional backgrounds.
ACCAexamSeptember feedback
Here’s our feedback from the latest ACCA sitting – the good, the bad and the ugly…
Audit & Assurance (AA)
Some sitters worried that the exam felt ‘easy’. Finishing all the questions didn’t help diminish that worry! Others said it was very predictable, with lots of tests of control, risk and substantive procedures.
In the Open Tuition Instant Poll, 53% of sitters ticked the ‘OK’ box, and 25% the ‘hard’ one. Another 15% said they had a ‘disaster’.
Advanced Audit & Assurance (AAA)
Q1 was very challenging, according to one AAA sitter. One in five (21%) of sitters voting in the Open Tuition Instant Poll said the exam was a ‘disaster’. Another 34% found the September test ‘hard’.
Taxation (TX)
Section C was the hard part of this exam. With section A and B described as ‘normal’.
In the Open Tuition Instant Poll some 44% of sitters said the exam was ‘OK’. That left 33% finding it ‘hard’ and 18% having a ‘disaster’.
Strategic Business Leader (SBL)
‘Average’ is how one sitter described the September sitting. Another agreed it was ‘OK’, but just struggled with time management. The three hours 15 minutes flew by for many.
There was a lot on sustainability and ESG in some papers. Robotics also came up, which confused some.
In the Open Tuition Instant Poll some 54% of sitters felt the exam was ‘OK’. Another 29% found it ‘hard’. It was described a ‘disaster’ for more than one in 10 sitters (11%).
Performance Management (PM)
Not a bad exam according to some, with an OK section A. Some sitters expecting variance analysis in section B or C were surprised it didn’t come up for them. Instead, they got expected value in part B and C, and as one sitter said: “They seemed very similar, so it was slightly confusing.”
In the Open Tuition Instant Poll
15% of sitters said the exam was a ‘disaster’ and 31% found it ‘hard’. That left 46% saying it was ‘OK’.
Advanced Tax (ATX)
The September sitting was deemed ‘weird’ and ‘hard’. Time was an enemy for some here, too.
The bulk of the marks in section A were to do with inheritance tax. Many sitters admitted they spent too long on section A.
Interestingly, one PQ went on ChatGPT and retyped the question they had just sat to see if their answer was close.
In the Open Tuition Instant Poll a massive 33% of sitters said they had a ‘disaster’ this time around. Another 37% found it ‘hard’, leaving just 24% saying the test was ‘OK’.
Advanced Performance Management (APM)
Many students found the September exam hard, with over 41% clicking the ‘hard’ box in the Open Tuition Instant Poll. Another 15% said they had a ‘disaster’. This left just one in three (34%) sitters claiming the exam was ‘OK’.
As one sitter said: “ACCA wasn’t kidding when they said they added some new things to the syllabus. It immediately gets tested.”
So, there was a question on budgeting, predictive analysis, and brand awareness and brand loyalty.
Financial Reporting (FR)
The lack of consolidation question annoyed some, due to the revision time they had put in towards that area.
In the Open Tuition Instant Poll
some 20% of sitter said they had a ‘disaster’ and another 34% found the September exam ‘hard’. That left 45% thinking the exam was ‘OK’.
Strategic Business Reporting (SBR)
As one student put it: “What was this exam!” Another said it was simply torture. Other words used to describe the September sitting were ‘brutal’ ‘horrific’ and ‘awful’.
A sitter explained: “It was so difficult this time. I am resitting from June (got 49%), and now this!”
Another said: “I don’t care what ACCA says, this exam was designed to fail students.”
The groups P&L with foreign associate disposal threw many. Hardly surprising then that in the Open Tuition Instant Poll some 45% ticked the ‘disaster’ box (that might be a record). Another 36% said the September test was ‘hard’ and just 18% felt the exam was ‘OK’.
Financial Management (FM)
Sitters said the exam felt like answering a lot of past paper questions – which was good! Quite a few sitters also admitted the paper went well, which is rare. But that wasn’t the case for everyone.
In the Open Tuition Instant Poll some 40% of sitters said the exam was ‘OK’. Another 41% said they found it ‘hard’. That left 15% having a ‘disaster’ – the rest found it ‘easy’.
Advanced Financial Management (AFM)
Those who have sat previous AFM exams felt the questions were ‘kinder’ this time around. Another said: “The questions were as good as they will ever be.”
There were quite a few students telling us they had problems with the remote exams. Lagging was a key issue.
This sitting was deemed ‘OK’ by half of sitters in the Open Tuition Instant Poll. Some 28% found the exam ‘hard’ and 15% admitted they had a ‘disaster’.
Designing a sustainable future
In the third article of a six-part series, AAT’s Clare Dye explores what can be expected from AAT’s upcoming qualifications, launching in 2026 and 2027
Sustainability has become one of the most important issues facing businesses today. From environmental pressures and evolving regulations to increasing consumer expectations and the UK government intensifying its sustainability drive, organisations of all sizes are under scrutiny to operate responsibly and transparently.
For tomorrow’s accounting professionals, this means developing a deep understanding of how sustainability impacts business, decision
making and financial reporting. That’s why sustainability will be a core theme across AAT’s new qualifications launching from 2026.
Building knowledge
The refreshed qualifications have been designed to ensure that students not only understand the financial fundamentals but also develop the knowledge and skills to navigate today’s complex sustainability challenges. At every level of study, learners will explore the principles and practices
that underpin sustainable business, with each stage building on the last.
At Level 2, students will begin by exploring the foundations of sustainability in business, such as the principles of triple bottom line (TBL) reporting – people, planet and profit. This early grounding helps them understand how sustainability links directly to business performance, and why profitability and responsibility increasingly go hand in hand.
Moving into Level 3, learners take this understanding further by examining environmental, social and governance (ESG) frameworks, the role of carbon offsetting, and the wider benefits of corporate sustainability. Here the focus shifts to how organisations can not only meet compliance obligations but also turn sustainability into an opportunity to build resilience and strengthen their reputation.
By Level 4, students are ready to apply their knowledge at a strategic level. They will explore how sustainability shapes long-term planning and performance, looking at issues such as sustainable operations, accounting systems, regulatory requirements and target-setting. This ensures they are equipped to support organisations in embedding sustainability into the heart of their strategy.
A global outlook
Throughout the qualifications, students will engage with real-world case studies. These will showcase businesses that have successfully integrated sustainability policies, as well as the challenges faced in doing so. By considering both the barriers and benefits, learners will develop a practical and balanced perspective. Importantly, the qualifications will also give students a global outlook. They will learn about the role of the International Sustainability Standards Board (ISSB), sustainability reporting under IFRSs, and the United Nations Sustainable Development Goals (UN SDGs). They will also examine the interrelationship between law, ethics and sustainability, as well as the impact of emerging technologies such as AI on sustainability reporting and performance. Finance professionals are increasingly expected to contribute to sustainable decision-making and transparent reporting. By embedding sustainability throughout our new qualifications, AAT is preparing the next generation to lead in this space – ensuring they can deliver value not only for their organisations, but for society and the planet as a whole.
For further information click here • Clare Dye, Product Manager, AAT
The CGMA FLP is your flexible path to CIMA membership and the CGMA designation. The CGMA FLP brings a syllabus with a 100-year reputation of excellence to you in a convenient, fully online platform that lets you progress anywhere, anytime and at your pace.
Milk and volatility
CASSL chair Sophie Armstrong looks at digital assets, and explains why we should care about the ‘milk and volatility’ problem
Bitcoin, Ethereum, Dogecoin, Tether… to name but a few. New digital currencies and tokens seem to appear every day, creating a dizzying landscape of possibilities and confusion.
But isn’t money supposed to be stable, predictable and boring? After all, you rely on it to pay for your groceries, bills and rent without worrying about sudden price swings.
That is exactly the problem with many digital assets. They are anything but stable. William
Hobbs, Head of Multi-Asset Wealth at Barclays Wealth Management, recently shared an example that makes this crystal clear. Imagine going to buy a carton of milk with a digital asset whose value is changing every minute. One moment you have enough to buy it; the next, the price drops so much that you do not. This ‘milk and volatility’ problem perfectly sums up why digital currencies are not ready to replace the money in your wallet just yet.
For accountants, this volatility creates very
real challenges in how to value, report and audit digital assets. Traditional accounting methods don’t always fit neatly, especially as regulations continue to evolve. Valuation requires a consistent and transparent policy that reflects market changes, while the fast pace and complexity of digital asset transactions demand robust tracking systems to maintain accurate records. Regulatory uncertainty adds another layer of difficulty, making it crucial for accountants to stay informed through professional groups and ongoing education. These challenges mean accountants must develop new skills and approaches to confidently guide clients and organisations through this rapidly changing financial landscape.
Understanding digital assets and their quirks is no longer optional. While they may not replace traditional currency overnight, their growing role in finance means accountants must be ready to lead the way.
At the Chartered Accountant Student Society of London, we regularly host events on emerging topics such as the above to help aspiring accountants stay ahead of the curve. If you want to explore these issues further, keep an eye out for our upcoming sessions and resources designed specifically for those building their careers in accounting.
• On 7 October CASSL and Deloitte are holding a darts event where you can also learn more about global career opportunities in the Caribbean. Find out more here
Ten insider tips for young professionals
ACCA used AI to source thousands of comments on career planning for people in the early stages of their finance career. Jamie Lyon shares some of the insights
1. Personal networks matter
Professional relationships are crucial for career success. A strong external network built over a career lifetime opens new opportunities and helps people learn and develop. In a digitally driven world, being prepared to invest in the relationships that matter – and not just seeing networking as acquiring online connections – is essential. Strong, personal relationships and contacts can often be a valuable differentiator.
2. Have an entrepreneurial mindset
As work transforms and careers transition, building an entrepreneurial mindset pays dividends for accountants. This isn’t necessarily about deciding to start your own business –increasingly, many finance roles now require more entrepreneuriallike skills. Whatever your chosen finance career path is, traits such as commercial acumen and innovative thinking will be increasingly prized.
3. Build early momentum
The early stages of careers are all
about exploration, learning and setting a strong foundation for the future. The truth is that these early years can often build the basis for what happens much later. Being prepared to try different roles, industries and working locations can keep options open. Having ambitions that are based around short, medium and long-term goals also helps give your career a sense of direction.
4. Protect your wellbeing
A positive work-life balance is essential in protecting your mental and physical health. It’s important that wellbeing is never sacrificed for work reasons, and employees are more productive if their health is good. Work should support your life but not take over it. It’s also important to choose employers carefully, ones that respect your values and support your personal and professional growth. And sometimes it’s necessary to say ‘no’ – clearly defined work limits help prevent burnout and overwork.
5. Learn for life
Life-long learning and continuing education are essential as work
technologies in particular, roles will change and more routine transactional work will be automated. But new roles focused on value will continue to emerge, and many of these will require a much greater understanding of AI as well as data literacy. Data-centric skills and tools must be a core part of the future accountant’s toolkit.
8. Be authentic
Confidence, integrity and discipline are key to navigating work challenges and building a fulfilling career. It’s important to maintain personal values and, above all else, to be authentic. Authenticity helps build meaningful connections and creates a solid foundation for success. But it’s also an invaluable trait to develop for later career stages. Authentic leaders are admired because they build trust, have an indelible impact on an organisation’s culture, and help their co-workers feel engaged.
9. Do the right thing
and jobs transform in accountancy and finance, with new skills in demand. Workers can no longer rely solely on their employers to provide all the necessary training and learning opportunities. It’s vital that learning is increasingly selfdirected, proactive and continually updated – whether through formal qualifications and microcredentials or work-based learning initiatives. Stay curious.
6. Be resilient and adaptable
Longer term career success is built on determination and patience. It’s about working hard, learning from mistakes, and staying focused to achieve your career goals. As careers transition and new, different opportunities open to finance and accountancy professionals, having sufficient resilience is crucial – along with belief in your own abilities, knowing your own value and backing yourself. Career success is a lifetime journey.
7. Embrace AI and data Technology will transform work in accountancy – for the better. With the advancement of AI
Doing the right thing as an accountant and complying with professional codes of conduct and ethics are vital. The workplace is increasingly complex – the risks that organisations face continue to grow in terms of technological advances and a more unpredictable business environment. This heightens the individual risks faced by finance professionals, but it also reinforces why professional accountants are so important at the core of future sustainable and ethical businesses.
10. Do what you love
It’s difficult to fake enjoying a job that you don’t. Those who have real ‘career success’ are the ones who love what they do. It’s about finding a purpose in life and ensuring that whatever career path you choose – it ultimately proves to be fulfilling. This also matters because growing life expectancy and dwindling financial security mean that career life spans are extending for many, and it’s not unreasonable to assume a career to last for 50 years or more now. Find your cause.
The insights in this article were researched during the compilation of ACCA’s Global talent trends study. You can read all the findings of ACCA’s UK talent trends report here
• Jamie Lyon is Global Head of Skills, Sectors & Technology at ACCA
Tax is complicated!
What can we learn from Angela Rayner’s tax affairs debacle? Here’s what top tax tutor Neil da Costa had to say…
Angela Rayner has now resigned from her position as UK Deputy Prime Minister. But what should she have done to avoid the tax scandal that cost her position?
She suffered every parent’s worst nightmare when her son suffered a disability at birth as the result of an accident (he’s now 17, a minor). In order to receive the compensation, she set up a ‘Trust for a Vulnerable Beneficiary’, which entitles the family to tax benefits as her son will need lifelong care. This was a perfectly legitimate exercise sanctioned by HMRC.
Rayner also received council assistance to adapt her home to enable her son to have a reasonable
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standard of living. This was her first mistake. She should have used the generous compensation to buy a flat for her son and then adapted it for his disabilities. Instead, she used the council funds to adapt the family home.
Her next mistake was to transfer 50% of her family home to her son’s trust on her divorce. Division of equity in a home and putting it into trust creates suspicion, as the main reason this is done is to avoid stamp duty and to take advantage of the exemptions available for disabled trusts.
Her final blunder was to sell her 25% interest in the family home to the disabled person trust for £162,500 to buy her £800,000 Hove flat, despite being a trustee. This is a connected
person transfer and the argument here is this transaction did not take place at full market value.
What Rayner should have done was to keep her personal assets separate from her son’s trust. By entering into a series of complex transactions with the trust with no justifiable economic substance, public opinion turned against her, leading to her inevitable resignation.
Following her divorce, it would have been relatively simple for her and her ex-husband to divide up their assets and enable her to purchase her new property instead of involving her son’s trust.
The lesson we can all learn from Angela Raynor is the importance of transparency and keeping our tax affairs simple. Unnecessarily complicating them to achieve some small tax saving may prove far more costly in the long run. It also emphasises the importance of having a good ethical framework for everything we do.
• Neil Da Costa, tax lecturer, author, tax consultant and podcaster
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What is big data?
Karen Groves explains what big data is and outlines its benefits and limitations as it becomes increasingly important for businesses
Big data refers to extremely large data sets that may be analysed to reveal patterns, trends and associations relating to human behaviour and interactions.
Big data will include more than just financial data, and the data can come from anywhere, and be either internally or externally generated.
Internally generated data can include, for example, website tracking data and accounting systems. Externally generated data can include, for example, social media and industry data.
The characteristics of big data are:
• value – big data enables an organisation to add value; for example, by identifying the customer’s purchasing habits and targeting the right products at them at the right time.
• variety – refers to the different forms the data can take, including text, images, GPS data, video files and audio.
• velocity – data will be constantly streaming from sources such as social media and is available in real time.
• veracity – data sets may contain inaccuracies and bias, so the data needs to be verified before it can be relied on as accurate. This will require the users to apply professional scepticism to big data.
• volume – big data is available in large quantities.
Pros and cons of big data
Some of the benefits of big data include:
• faster decision making – real-time processing of data will result in faster decision making, giving an organisation a competitive advantage over their competitors.
• focused marketing – a business can use big data to analyse trends in the market and focus their marketing.
• insight and understanding – the data can reveal patterns and insight into how the organisation operates. This would help identify any potential unknown issues and improve productivity.
• driving innovation – using the data from customers, would enable an organisation to understand the customers’ needs and improve products accordingly.
• risk management – risk management processes can be supported by data analytics. Some of the limitations of big data include:
• security of data – if an organisation does not have the resources to manage the data, then there is a risk of data being lost or leaked. The
organisation must ensure they protect the data from leaks, hacking or data losses.
• data protection – some of the information collected via social media platforms is from personal sources. An organisation will need to ensure they adhere to the data protection principles.
• lack of knowledge and skills – the systems are rapidly changing so is the requirement of skills to use big data systems. A business will require skilled data professionals to manage big data.
Question
Which of the following is not a characteristic of big data?
• Value
• Variety
• Visual
• Velocity
• Veracity
• Volume
Answer
Visual
• Karen Groves is an AAT tutor and Faculty Director – Accounting at e-Careers.
Past papers make perfect
Nasheen Wuisman answers a question about how to make the most of past exam papers
Question
When studying for the case study exam I have tried to use past papers and the solutions to past exams to try to improve my answers, but my answer never looks like the suggested solution. I find this demoralising and struggle to see the point of this exercise. Should I carry on using past papers?
Nasheen’s answer
If you were cooking, creating a piece of artwork or singing a song you would put your own personal stamp on it, use your own flair to create something that is unique to you. Your version, done well, is not of less beauty than anyone else’s version.
The same applies when you write an answer to a case study task. You adopt the persona, you learn the technical knowledge, you analyse the pre-seen. And when you put it together, the key is to demonstrate the exam skills in a clear way –but make it your own.
Past exam papers are an excellent basis to prepare for your next case study exam; they
help you get in the right mindset and familiarise yourself with the exam format. Most importantly, they help you test your knowledge and practise your question-answering skills.
Using past papers efficiently
• Your answer will always look different from the model answer, and that’s okay. Your writing reflects your unique style and there’s no need to change that.
• Don’t assume that if your answer looks different from the model answer it won’t score well. However, you need to make sure you understand the suggestions in the model answer to help improve your approach for your next attempt at a task.
• Carefully consider the approach taken in the model answer. Take time to study how different pieces of information from different sources (pre-seen, unseen, technical knowledge) have all been pulled together to create a comprehensive answer.
• Look at the way each point has been communicated – concise, value-adding
sentences, without having to increase the amount you write.
• Be fair to yourself. Give yourself credit for the parts of your answer where you have demonstrated recommended skills well – and remember to replicate that next time.
• Reflect and revise. Actively try to see how you would change your attempted answer, especially when it comes to bringing in knowledge application skills and linking more effectively to the pre-seen.
• And finally: practise, practise, practise! The examining team is very clear: practising past papers and learning from the guidance offered will increase your chances of passing your case study. So, make it a central part of your exam preparation. Don’t shy away from it!
Remember, past papers aren’t old news, they’re a powerful tool to sharpen your exam skills and confidence. Make the most of them.
• Nasheen Wuisman, Senior Manager of Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants
Learning to learn
Taking three simple steps before you start to study will massively improve the efficacy of your learning, says
Liliya Kirylenka
When I was between 13 and 17 years old I kept disappearing from school to chase medals at the national mathematics ‘Olympiad’. It sounded glamorous, until I came home to 10 chapters of chemistry, physics and biology waiting for the next test. I had to cover all of that within a week or two.
For me, learning to ‘learn fast’ was not a hobby, it was a necessity. And now, as a tutor, I have loads to read – past papers, changes in syllabus, technical articles – so I’m still motivated to learn about ‘learning lifehacks’. So what have I learned?
Silence the noise
Most revision plans fail in the opening five minutes. That’s because the brain is already overloaded. Strip out three kinds of noise and you’ll double what you learn.
Noise Why it hurts
Visual clutter
Audio chatter
Every dirty mug, every Post-it Note is treated by your brain as a ‘to-do’ item.
Multi-tasking is a myth: the brain just toggles between tasks and loses time. So no, you can’t listen to Billie Eilish while tackling MCQs if you want to maximise your outcome.
One-minute fix
Clear your desk. If a task can be done in a few minutes, just do it. If it can’t, write it down in your diary and put it out of sight.
Ditch radio/podcasts. I personally prefer tiny earplugs like Loom –they don’t hurt my ears and block out barking dogs, playing kids and other noise.
Noise Why it hurts
Mental dialogue
Ever caught yourself halfway through a chapter with no idea how you got there? If your brain is repeating a dialogue with your boss or thinking about next Friday, you just can’t concentrate.
Make it a ritual
One-minute fix
Run a 30-second ‘Five-Finger Reset’ (see below) or try a simple breathing exercise.
The Five-Finger Reset
Place the index finger of your right hand at the base of your left thumb.
Inhale as you trace up the thumb, exhale as you trace down into the valley.
Repeat for all five digits.
The light touch sparks both brain hemispheres, the paced breathing drops your heart rate. Best of all, it has a clear end, so even those people that hate breathing exercises stick with it. Use it before an exam, an interview or a tricky conversation.
Do the three-step noise check every time you sit down. The whole sequence (desk sweep, earplugs in, Five-Finger Reset) takes barely two minutes but pays back in sharper reading and longer recall.
Next up
Silence is step one, step zero is motivation to push yourself to open the book in the first place. I’ll be back to tackle that in the next issue. For now, clear the noise and let the learning stick.
• Liliya Kirylenka is an SBR tutor at AMALearnOnline.com
Accountants… time to unlock the power of AI!
PQ magazine and Rogo have joined forces again to host an online roundtable on how AI is going to affect every facete of your life!
We are gathering together experts from the accountancy industry around the table to have a frank discussion on the reality of AI.
Understanding AI will become a huge ‘differentiator' for your education, learning, and future career, you can’t escape it! Whether it’s revising for exams or writing your CV, AI will be there…
Join us on Wednesday 8 October, with the live roundtable beginning at 4pm (GMT) and will run for about 45 minutes.
Places will be allocated on a first-come, first-serve basis.
To sign up, register your interest at: https://shorturl.at/C2Hgz
The sharing solution
Florence Bastos explains why shared outcome frameworks could be the key to public service sustainability
Imagine if local councils could measure success not by what services they deliver but by how residents’ lives improve. That’s the promise of shared outcome frameworks (SOFs), and they’re essential if public services are to become resilient and sustainable in the decade ahead.
Public bodies are being asked to do more with less, while demand and complexity continue to rise. Finance professionals know that every pound must stretch further, but they also know that lasting value is about more than budgets. The real opportunity lies in using the vast datasets already generated by councils to deliver joined-up insight, collaborative action and prevention.
Part of the solution?
Councils hold a range of information – from housing records and budgets to health and care data – but much of it sits in silos.
A recent CIPFA roundtable on public sector data showed that this fragmentation holds
organisations back. The problem isn’t just technology, but coherence: partners too often pull in different directions, making it harder to invest and plan for long-term outcomes. SOFs are designed to change that. They create a jointly agreed set of high-level outcomes, indicators and measures that multiple organisations in the same place can use. When data is aligned and investments are coordinated, the focus shifts from individual agency performance to real-world outcomes and citizens’ experience.
Why shared outcomes?
The shift is powerful because it changes incentives. Instead of tracking services delivered, public bodies ask: are communities healthier, safer, more resilient? Investment decisions are then judged by progress against shared goals. When services pool resources to meet those goals, data becomes a common language rather than a closely guarded asset. Evaluating services in isolation limits impact.
But when organisations commit to shared outcomes – safer streets, healthier families, thriving local economies – the role of finance and data is transformed. It allows leaders to see connections across systems, not just within departments.
A preventative approach
CIPFA has long argued that prevention makes both financial and social sense. Shared outcomes bring this to life.
In Greater Manchester Police, the violence reduction unit and local authorities are using police data to identify young people repeatedly involved in incidents but ‘invisible' to other services because cases were closed without prosecution.
By combining police data with local authority pathways, the PIED model creates single referrals into youth justice, early help, or commissioned prevention services. Instead of missing opportunities to intervene, the system now acts early, saving money downstream in criminal justice and social care, while improving life chances for young people.
Your role
Finance professionals are central to making shared outcomes work. They can demonstrate, with evidence, how early investment reduces pressure later – for example, quantifying how youth support saves costs in the criminal justice and health systems. By doing so, they make prevention not just a moral imperative but a financial one.
Heads of finance and audit can also champion coherence, ensuring that budgets, reporting and governance are aligned to shared goals rather than confined to service silos. Their stewardship gives decision-makers the confidence to take bold, collaborative action.
A collaborative future
Shared outcomes won’t solve every problem, and they demand cultural as well as technical change. But they offer a clear route to sustainability.
If councils and partners commit to shared goals, align their data and direct investment towards prevention, they can create services that are both financially resilient and socially transformative. For finance professionals, the challenge is to move beyond line-by-line scrutiny and take on the role of architects – designing frameworks that make better outcomes possible.
Public services face unprecedented strain. Shared outcomes are not the whole solution, but they could be the bridge between today’s pressures and tomorrow’s sustainable, peoplecentred services.
• Florence Bastos, Public Finance Technical Advisor, CIPFA
Widening the pathway
The Scottish institute is expanding a success collaboration in order to make its qualification more accessible. ICAS’ Gail Boag explains all
The pathway to becoming a chartered accountant (CA) in Scotland just became more accessible. ICAS, in collaboration with Aberdeen’s Robert Gordon University (RGU), has officially expanded our Graduate Apprenticeship programme into Scotland’s Central Belt.
Since we launched the Graduate Apprenticeship with RGU in 2019 we’ve seen the programme go from strength to strength. The aim was simple but powerful: to create a pathway that allows ambitious students to earn a BA (Hons) Accounting degree, while simultaneously gaining practical experience and working towards ICAS’ CA qualification. It’s fully funded by the Scottish government, designed around employer needs, and delivered by one of the UK’s most innovative universities.
What makes the Graduate Apprenticeship distinctive is the way it blends practical workplace experience with two top-level qualifications: the CA and a BSc Hons. Apprentices gain hands-on skills in real roles, while also accessing the same rigorous academic study as traditional full-time students. For employers, it’s a cost-effective way to invest in future leaders; for students, it’s an accessible route into one of the most prestigious professional qualifications in business.
Until now, all classroom-based teaching took place on RGU’s Aberdeen campus. But in response to growing demand from employers in Scotland’s Central Belt, we’ve expanded delivery into Edinburgh. At our induction at ICAS’ CA House, we met apprentices from Glasgow, Edinburgh, East Lothian and Fife – illustrating why this move is such an important milestone. Bringing expert tuition closer to home reduces travel burdens, gives apprentices more time to balance work and study, and allows employers to develop talent without losing productivity.
The CA qualification is often described as a ‘passport to opportunity’. Our members go on to lead at the highest levels of business and finance in Scotland, the UK and across the globe. By opening up this pathway, we’re making sure more people than ever before can embark on a journey to the boardroom and
beyond.
A year ago, ICAS introduced the most significant overhaul of our CA qualification in over a century: a bold, modern and unashamedly rigorous reinvention. The rest of the sector is now following our lead. Some question whether these new pathways are rigorous enough, or whether modernisation risks diluting standards. For us this evolution isn’t about easing the journey – it’s about aligning accountancy education with the realities of modern business.
The success of the Graduate Apprenticeship speaks for itself. At this year’s ICAS Admission
Ceremony we celebrated 760 new members joining the profession. Among them were the very first graduates of the RGU Graduate Apprenticeship scheme, marking a proud moment that demonstrated the quality and impact of this route.
Welcoming our Central Belt cohort is just the next chapter. As demand for talent in finance and business continues to grow we at ICAS remain committed to providing innovative, accessible and above all robust ways for aspiring CAs to rise to the challenge.
• Gail Boag, Executive Director of Learning, ICAS
Meet the first cohort of the expanded ICAS/RGU graduate apprenticeship programme
Stay in control
Rachel Spence
outlines the specific key purposes of internal controls
Internal controls are crucial for an organisation’s financial operations. When effectively implemented, they ensure compliance, enhance operational efficiency and align businesses with fundamental principles. Additionally, they help organisations achieve their objectives while minimising risks related to fraud, errors and non-compliance.
But what are some of the more specific key purposes of internal controls? Let’s discuss a few as outlined by the AAT level 4 INAC exam.
Facilitating operations
Operational efficiency is a key measure of internal control effectiveness. To achieve this, businesses must implement clear, easy-to-follow processes for all staff, leading to improved productivity, reduced human error and timely task completion. Proper delegation of duties and clear authorisation rules help define responsibilities, preventing overlap or confusion among employees. By structuring workflows efficiently, tasks can be completed without unnecessary delays, ultimately fostering a wellorganised business environment.
Safeguarding assets
Protecting assets is essential for business success. Cash, machinery and physical spaces must be secured to ensure continued operations. Internal controls help safeguard assets through physical security measures such
as restricted access, surveillance, and asset tracking systems. Additionally, financial controls like segregation of duties and reconciliations prevent misappropriation and ensure accurate record-keeping. Regular bank reconciliations and inventory counts allow organisations to detect issues early, mitigating financial risks and enabling timely corrective actions.
Preventing and detecting fraud
Nobody wants to be the victim of the fraud and that goes for businesses too; it can have devastating, long-lasting impacts on a company’s financial stability, as well as their reputation. Thus, it is vital that businesses do all that they can to prevent fraud from happening, but it is also just as important to ensure that they can detect it promptly should the unfortunate need be there. It is essential that there is an environment created in which unethical behaviour is difficult to conceal.
There are many ways in which a business can achieve this. For example, ensuring that regular audits are taking place to identify any irregularities or suspicious transactions would make it significantly harder for fraudulent activities to go unnoticed. It would also be wise for employers to encourage their employees to report any fraudulent activities without fear, it is all about creating a positive work environment whereby employees feel comfortable discussing their suspicions
without being penalised for it.
Ensuring reporting quality
Accurate financial reporting is vital for decisionmaking and regulatory compliance, it is essential that this is done right. A company’s internal controls is going to play a big role in whether a company is acting in line with the relevant accounting standards, proper documentation and review processes are all going to help. Financial information must be complete, accurate and reliable. Automation is becoming a big part of the accounting industry; we need to embrace it even if we may not like it! This automation is going to likely assist in the accuracy of data as well as being a time saver in many instances, for example certain processes can be automated such as transaction recording and reconciliation. By ensuring the quality of both internal and external financial reports, businesses can maintain investor confidence and regulatory compliance.
Compliance
Compliance with legal and regulatory requirements is a fundamental aspect of internal controls. Organisations must adhere to industry regulations, tax laws and accounting standards to avoid legal penalties and reputational damage. Internally, businesses can ensure that all employees are receiving up-to-date and regular training to keep them up to speed with the latest trends, but also to ensure that they are still compliant. Internal auditing could be used here to ensure that all established policies and procedures are being adhered to, but fundamentally it is essential that there are documented policies within the organisation which establish clear guidelines when it comes to financial reporting, taxation and data protection.
In line with the ethical principle of professional competence and due care, it is essential that the importance of regulatory compliance is understood to meet legal obligations.
Internal controls are an indispensable part of financial and operational management, serving multiple purposes, including facilitating operations, safeguarding assets, preventing and detecting fraud, ensuring quality reporting, and maintaining compliance. It is essential that robust internal control mechanisms are put into place because not only will it strengthen an organisations financial framework it will also contribute to long-term success. By prioritising internal controls, organisations can enhance efficiency, mitigate risks, and maintain trust among stakeholders.
• Rachel Spence MAAT
Compartmentalise your way to success
Matthew Davies outlines a technique students should find helpful when tackling the Public Sector Financial Reporting exam
Keeping things separate can be a key to success when studying for the CIPFA qualification. Compartmentalising the various sections of each course is a helpful strategy, especially when revising for the exam.
This approach is particularly useful when it comes to preparing for the Public Sector Financial Reporting exam. Students know they will be asked to produce or redraft financial statements for each of the four main types of organisations: NHS foundation trusts, central government, local government and charities. Those who separate their studying and note according to each type of organisation are mirroring the PSFR workbooks. However, a second type of compartmentalising can also be adopted to enhance the chances of passing. Rather than separating by type of organisation only, try separating by type of transaction as well.
Let’s look at some examples, using a couple of standard scenarios that we apply across the four types of organisations: upwards revaluation of a plant, property and equipment type asset and then its disposal. Using journals, we will compare how the same transaction is accounted for in each type of organisation.
A building with a gross book value of £2.5m and accumulated depreciation to date of £0.2m (thus a net book value of £2.3m) is revalued upwards by 5% at the start of the year. This is the first time the building has been revalued in the accounts. It is then disposed of during the same year for a cash amount of £2.7m. There is no depreciation in the year of disposal. (Although the term gross book value is used in this example, it is worth noting that the terms cost or revalued amount may be used in the exam as well.)
First, let’s see how the journals will reflect the revaluation in all four types of organisations along with some brief explanation of workings. All journals use units of £000s:
(1) Clear the accumulated depreciation, (2) readjust the GBV to the revalued amount (£2.3m x 1.05 = £2.415m) and (3) credit the revaluation amount with the total increase in value (£2.415m - £2.3m)
Central government
(1) Use backlog depreciation to increase the accumulated depreciation by 5%, (2) increase the GBV by 5% (3) credit the revaluation amount with the total increase in value (£2.415m - £2.3m)
(1) Increase the NBV by 5% (2) credit the revaluation amount with the total increase in value (£2.415m - £2.3m)
Charities
(1) Clear the accumulated depreciation, (2) readjust the GBV to the revalued amount (£2.3m x 1.05 = £2.415m) and (3) credit the revaluation amount with the total increase in value (£2.415m - £2.3m)
As the above examples show, NHS and charities use the same method of accounting for revaluation, whereas both central government and local government each have their own way to revalue assets. Students need to demonstrate they understand these different methods in the PSFR exam.
Now let’s consider the journals for the disposal of the asset and resultant transfer of reserves:
* If the building was used for a restricted purpose any gain or loss would be transferred to the restricted reserve.
From the above exercise we can see the same transaction for all four types of organisations. As a result, we can see both the similarities and differences between the accounting entries. Students will be expected to use the correct accounting entries for each type of organisation and so practice is essential to pick up the necessary marks in the PSFR exam. compartmentalising is an effective strategy for students working towards CIPFA’s PSFR exam.
This article compares a basic upwards revaluation and a gain on the disposal of an asset across all four types of organisations. Employing a similar method to other scenarios – e.g. acquisitions, temporary impairments, permanent impairments and depreciation – students will be better prepared to deal with these transactions in the exam, whichever type of organisation the question is based upon.
• Matthew Davies is a tutor at CIPFA
CIMA and me, ADHD and FLP
Mandy Ross explains how she qualified with CIMA after changing her study pathway to the CGMA Finance Leadership Program (FLP)
Iaccidentally fell into finance through a prior job. There was an opening in the accounts department, and as I quite like numbers I applied for it. From there, I worked up through AP, and through processing.
Then, when I became an accounts assistant, a colleague suggested that I do my accounting exams. Both my finance director and finance manager at the time were CIMA qualified so they heavily influenced my decision to do CIMA over any other qualification – mostly because it’s a more rounded qualification, and a little bit more interesting than traditional accounting.
Once I had done the certificate level I took a break from studying, before coming back and doing the traditional route. But I found it overwhelming – not so much the content, but the actual studying with working full time.
I’m neurodivergent. I have ADHD, and as people with ADHD and other neurodivergences know, sometimes studying can be a little bit challenging, especially if there are issues around focus.
I decided to study CIMA via the Finance Leadership Program (FLP) – it just seemed like a much more accessible approach. Once I got started it really changed things for me.
My experience of FLP was a less stressful, less overwhelming experience than the traditional route. The textbooks for traditional route, as a lot of you probably know, are quite thick, and when you pick one of them up it can be quite daunting.
It made studying much easier. The content was still the same, but the actual process of studying was much easier. It’s much more flexible. Those little tick boxes, once you’ve done a module, are just like a little sticker on your sticker chart, which is a great motivator.
FLP is all online. You can literally pick it up and do it anywhere you like. I’ve sat in waiting rooms and done a little bit, even sat on the bus. And I did some lying by the pool on holiday. It’s just much easier to accommodate around a bit of a work/life
Also, it’s in bite size chunks, so although you can do the same with a textbook, it's just a different mindset. It's just a different way of learning. For me, it was easier to study that way. It wasn’t that the content was any easier. It was still hard. You still have the case study, but it was easier to learn.
You can set yourself targets for how much you want to do in a week and almost make it a little competition for yourself. There are built-in aids there to help make it more accessible for people that are not neurotypical, and possibly other disabilities or even life challenges such as working around kids. It’s really forward-thinking and it’s a very accessible approach to learning.
A stressful wait
Waiting for your exam results is probably one of the most stressful times in your life. I did, however, manage to get some sleep, but I set an alarm clock for about a quarter to midnight because CIMA are not the nicest in releasing their exam results at midnight.
I was actually in bed when I got my exam
results. I was refreshing my phone, waiting for the results to come through. When I got the little notification saying that I passed my final exam I can't even describe the feeling. It was really exciting, but it was also a huge relief. I felt the weight lifting off my shoulders. I didn't think it would affect me as much, but I was just so pleased. It was just such an achievement to get there in the end.
Being chartered rather than just an accountant, it seems to give you validation. I’ve been through all the hard work. I’ve got there in the end, and now I’m a Chartered Global Management Accountant.
Completing the qualification not only gave me some extra technical knowledge, it’s given me confidence in my leadership. I’ve recently implemented a project at work which I’m not sure I would have had the confidence to take to the senior members of the team had it not been for my CIMA studies.
• You can listen to Mandy’s story on YouTube at youtube.com/@cimaearlycareersuk. Find out more about the CGMA Finance Leadership Program at aicpa-cima.com/flpuk
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Premier Training has been named Online College of the Year at the PQ Magazine Awards 2025.
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Why honesty is the best policy
Dr Hilary Coyle explains what she is looking for in a new employee when recruiting for her department
It’s a buyer’s market for someone like me who is in the fortunate position of recruiting new staff. This is down to the growth of student numbers at my institution and the excellence of our accounting and finance programmes.
I don’t use AI tools to shortlist but it’s clear to see that many candidates do not do the same when it comes to their applications. Manual selection of each application is down to ensuring our university’s values are upheld, those being a collegiate and inclusive organisation.
However, many applicants make basic errors that immediately make me challenge their suitability. Here are my thoughts on what I am looking for.
Attach a cover letter and complete the application form fully. Many applicants just send a CV and one applicant, when on the form was asked if there was anything they wanted to add, simply entered “you can Google me”. Sorry, I don’t have time to do that. The cover letter is your chance to shine on paper. It also shows whether you can communicate. While research is a fundamental part of academia, most of the positions I am recruiting for are teaching focused. If you can communicate well
in a cover letter, I’ll feel more assured that you can communicate in person.
AI is a great friend when writing applications but make sure it sounds like you and not a generic chatbot. Remember to remove your AI prompts – oh yes, I have received several applications with the AI prompts still there. Read it through and check it. This is a key skill of an accountant. If you are sloppy with a job application, what will you be like to work with?
Check you have attached the correct letter. I know when hunting for a job you may make many applications but always check it through. For example, I am not Professor Andy. Please check your cover letter that you have aligned the recipient, institution and job role. If you haven’t done this it’s easy to tell and I can safely say you will not make the shortlist. Never cut corners.
Say why you want the job. So many letters detail what skills you have but not why you really want to come and work here. Be honest with this. It could be because it is local, or you have researched us and really like what we do. If you are looking for a change of career from an accountant in practice to teaching, then please say why and what is motivating you to change.
Think about your CV, how you present it
and tailor it to each role. This is obvious, right? But very few candidates do this. There isn’t necessarily a right way to write or present a CV, but there are some unwritten rules when it comes to CV structure and length. I am looking at hundreds of applications and I consistently have CVs with over 20 pages to them. If I am recruiting for a teaching role I do not need 10 pages of research. And 20 pages is too long. Try to focus your key achievements on two to four pages. This is more likely to be read thoroughly. The CV is the proof you have all the essential criteria and opens the door for the interviews. It isn’t your life history. Even the best stories don’t tell you every single detail. If they did, it would be a very tedious read. Be precise, be selective, be direct.
Be clear about what you are doing now. Be honest if you have been made redundant or have taken time off. I am looking for honesty in staff and not people who window-dress their CV as it is so disappointing when this is discovered during an interview. Make sure you explain any gaps in your CV. Having gaps is fine but not if they’re unexplained. This creates uncertainty and if there are several similar candidates anyone with any questions raised will not make it through the initial cull.
In summary, the main themes are honesty, due diligence in checking your application and paying attention to detail. These are the main attributes of accountants. To stand out when many candidates all have the essential criteria I am looking for passion for the role on offer and genuine reasons why you want to join my organisation. Make it easy for me to spot you and pick you.
• Dr Hilary Coyle is Head of Accounting & Finance at the University of Leicester School of Business
Dear Karen
Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen
THE DILEMMA
I’ve received two job offers. One comes with a higher salary, the other promises stronger development and growth. How do I decide which is right for me?
KAREN’S RESPONSE
Being offered two roles is a strong signal that your skills are truly being recognised, but with choice comes challenge. Before jumping at the higher salary take a moment to reflect on what truly matters to you in your career.
Think about the direction you want your career to take; where do you want to be in one, three or five years? If you're aiming for longterm growth, the role with stronger development opportunities could be the more strategic choice. It might not deliver the highest salary upfront, but it could pave the way for greater opportunities, faster progression and greater earning potential over time. Career development goes far beyond formal training. If one role offers access to mentorship, highimpact projects or a clear path to advancement that’s not just a benefit, it’s a strong foundation for meaningful growth and long-term success.
That said, your immediate priorities matter too. If the higher-paying role helps you meet financial goals or provides the stability you need, that’s a perfectly valid consideration. The key is to balance short-term needs with long-term aspirations.
There’s no single right answer, but the best decision is the one that reflects your values, ambitions and current reality. Choose the path that not only meets your financial needs, but also nurtures your growth, challenges you and brings a sense of purpose.
• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person
Record pay for FTSE 100 CEOs
The High Pay Centre’s annual review of CEO pay is out – and records have been broken…
CEOs at Britain’s biggest companies saw their pay jump 6.8% in 2024/25. Research by the High Pay Centre found the median pay of FTSE 100 CEOs increased from £4.29m in 2023/24 to £4.58m in 2024/25. This is the highest level of FTSE 100 CEO pay on record, and the fourth successive year that CEO pay has grown. The past three years have all been record breaking!
The figures show the median FTSE 100 CEO is now paid 122 times the median UK full-time worker.
A delve into the research
In brief
Accountex Manchester awaits
The Accountex Summit
Manchester will take place at Manchester Central on 23 September 2025. Attendees will have the opportunity to meet 120-plus software and service providers, and some of the firsttime exhibitors include NatWest, Sign Up Software and Taxpad.
There is also a 30+ session CPD accredited education programme.
You can drop by the MTD Hub with HMRC to learn how to get clients ready for the MDT for Income Tax deadline next year. And visitors will also be able to connect directly to each theatre’s audio by downloading the Olyusei App.
For further information and to book your free ticket click here Use priority code ASM556.
shows the number of FTSE 100 companies paying their CEOs £10m or more increased year-onyear by 30%, from 10 to 13 firms.
Melrose paid its CEO the
MHA acquits Baker Tilly arm
MHA has completed the acquisition of Baker Tilly SouthEast Europe in a deal valued at €24 million. MHA, which has 23 offices in the UK, Ireland and the Cayman Islands, informed the London Stock Exchange of the acquisition on 7 May.
Baker Tilly South-East Europe has 12 partners and 400 professionals working in seven offices across Cyprus, Greece and other areas in Europe.
MHA chief executive Rakesh Shaunak said: “As we said at the time of our recent IPO, strategic M&A forms an important component of our medium-term growth aspirations, and our acquisition of BTSEE is a key milestone in MHA establishing a significant presence in continental Europe.”
most – £58,926,000. Next came Pearson with a salary of £18,918,000, and in third was AstraZeneca’s Pascal Soriot, who was paid £14,728,000.
For companies who had a male CEO for the whole financial year, the median pay was £4.64 million – slightly higher than the overall median pay for the FTSE 100. In total, 10 female CEOs served for at least part of the year, with all remaining in post at the end of the financial year. Nine companies had female leadership for the entire financial year, with their median pay amounting to £3.27 million.
Deloitte equality scheme a year on
Deloitte UK’s equal family leave policy, launched in September 2024 and offering 26 weeks (six months) of full pay from 1 January 2025, is approaching its first anniversary.
More than 625 non-birth parents have applied for leave, with 360 already taking leave, averaging 23 weeks. Nearly all of them (95%) are taking additional paid leave and 84% are taking or intending to take the full 26 weeks (six months).
In September 2024, the firm also enhanced carer support, providing employees with long-term caregiving responsibilities with up to five additional paid leave days annually.
The PQ Book Club: books you should read
The Zen of Business: Ancient wisdom to help modern leaders lead with intention, clarity, and purpose, by Keith Roberts (Wiley £22)
In the foreword of his book, Bennie Fowler explains that in today’s fast-paced business world finding balance can feel like an impossible task. He warns against leaders chasing success at the cost of their peace, relationship and sometimes even their health. There is a way, Fowler believes, of achieving success while cultivating inner calm, personal growth and a positive impact on
the world.
What we have is a book which provides a toolkit grounded in Buddhist and Eastern philosophies that have stood the test of time. Roberts stresses that life is too short to learn everything through experience. But this book is so much more than about business, it is about understanding yourself. So Roberts sets you a test. Imagine your doctor tells you you have seven years to live. Then, with that knowledge, write down everything you want to accomplish in the time you have left. Then imagine if the news
was worse and you only had seven months to live.
Describe how you would spend those seven months. He then wants you to imagine you have seven weeks to live, and then one week. The idea, of course, is to help you clarify what really matters in your life.
PQ rating 4/5: As Roberts says: “Today is a gift, tomorrow is not guaranteed for any of us. Use your time wisely today and spend it as if it was your last day on earth.”
Don’t blame the rats…
If you are going to claim rodents ate your tax expense records the least you must do is show you had a rodent infestation!
That is what bus driver Moses Mukuna discovered when he was taken to a tax tribunal by HMRC. He had claimed his receipts, which were stored in his loft, were eaten by rats.
Mukuna also claimed for PPE for years clearly before the onset of the Covid pandemic, and the tribunal said it had serious reservations “as to the veracity of his testimony regarding expenditure on these items”. For example, he said he spent £4,000 on N95 masks in 2018/19 when the UK was ignorant of its existence, let alone of the threat, of the Covid virus.
The taxman wasn’t convinced, and said it was looking for £18,367 in unpaid income tax and a penalty of £10,928 for submitting deliberately inaccurate tax returns from 2016 to 2021. The court sided with HMRC.
You can read the full tribunal judgement here
Eugene Amo-Dadzie update
What has been happening to the world’s fastest accountant, we hear you ask. Well, Eugene AmoDadzie recently ran as fast as Linford Christie. He equalled Christie’s time of 9.87 seconds for 100 metres. That makes our accountant the joint-second-fastest Brit of all time. Not bad for someone who started taking athletics seriously in 2019, at the age of 27. Watch his progress at the World Athletic Championships in Tokyo, which kicked off on 13 September. He is part of the GB 100 metre relay team.
Edinburgh Fringe best joke
The votes have been counted and our favourite Edinburgh Fringe joke has been decided. It’s Rob Auton’s (pictured), and here it is: “Everyone is worried about AI. I’m more concerned with what the other vowels are up to!” It’s funny!
Want some more accountancy jokes?
Here’s one we liked: A guy in a bar leans over to the guy next to him and says, “Want to hear a funny accountant joke?”
The guy next to him replies, “Well, before you tell that joke, you should know that I’m 6 feet tall, 200 pounds, and I’m an accountant. And the guy sitting next to me is 6’2” tall, 225 pounds, and he’s also an accountant. Now, do you still want to tell that joke?”
The first guy says: “No, I don’t want to have to explain it twice.”
Here’s another: Who leads accountants into battle? General Ledger!
And another: How did the accountant propose to his girlfriend? With an engagement letter…
We will stop there.
Rise in ‘AI psychosis’
Are you suffering from ‘AI psychosis’? Apparently, it is a real thing, and there are reports it is on the rise, says Microsoft’s head of artificial intelligence, Mustafa Suleyman (pictured).
AI psychosis is a non-clinical term which describes incidents where people are increasingly reliant on chatbots such as ChatGPT, Claude and Grok, and become convinced that something imaginary has become real.
So, how do you tell if you have the psychosis? If you are forming a romantic relationship with it, or begin to believe you it has given you God-like superpowers, then you might be affected.
Apple debuts iPhone 17
Apple has unveiled its new iPhone 17 range, featuring an all-new Center Stage front camera and a new powerful 48MP Fusion main camera. New Airpods (Pro 3) and Apple Watch models have also been launched.
iPhone 17 will now be available starting with 256GB of storage — double the entry storage from the previous generation — and a 512GB option, in five colours: black, lavender, mist blue, sage, and white. Available in one 6.3-inch size pre-orders began on Friday, September 12, with availability beginning Friday, September 19.
Those of you who are always dropping your phones will be pleased to hear the new model comes with a Ceramic Shield 2 – the cover is tougher than any smartphone glass or glass-ceramic, with three times better scratch resistance than the previous generation and reduced glare.
It is all powered by the latest-gen A19 chip, and Apple is promising an enormous boost in speed and a big leap in battery life.
