Hello ACCA aspirant. Hope you are doing well. Here at Career Compass, we are not just lecturers, but we are here to mentor students to support them in every manner. In this space, we have highlighted about Practical experience requirement. So, let uh brief you with the same.
Practical Experience Requirement (PER)
Practical Experience Requirement (PER) is yet another needful advantage which makes ACCA qualification stand at par with the changing times and putting its students in-line with the practical working of organizations.
It is a requirement necessarily required to get admitted as a member of the ACCA body.
Basically, it comprises of 3 components:
- 36 months employment experience– You have to upload all the experience gained by practically working in any Accounting or Finance related roles. This experience can be before registering for ACCA, gained while pursuing qualification, or after completing all the examinations. Any experience gained be it under ACCA approved on non-approved employer qualifies under this.
- Performance Objectives– These are the Performance Objective areas which you have to write and upload on the portal mentioning all the knowledge you gained in the respective area. There are 5 Essential and 4 Technical performance objectives to be uploaded. Essential objectives are compulsory, whereas you get a choice to choose any 4 Technical objectives from the given list. Every objective should range between 200-500 words. This aims to validate if you possess the relevant knowledge required and expected out of an ACCA member.
- Recording and Reporting the Experience- In this stage, you have to add a qualified supervisor, under whom you gained practical experience. He will sign-off i.e. approve your experience period and even the performance objectives. Only after the approvals are done, will your PER be completed.
It is generally advised to update PER on a regular basis to avoid any difficulties faced while applying for membership. If any vital information is missing or sign-off is pending, the membership also gets delayed.
To obtain 36 months experience, it is also suggested to work in a job where most of your time is spent on activities and tasks related to accounting, finance, audit and assurance, or in other related technical areas such as taxation, insolvency, and forensic accounting. This will assist in gaining the major relevant knowledge required, along with completing the time period.
Guidelines for writing Performance Objectives
Below we have mentioned the Essential Objectives along with some helpful keywords which can be used to formulate the statements:
- Ethics and professionalism– Due diligence, honesty, integrity, Professional scepticism, Professional Competence
- Stakeholder relationship management– Empathy, Cultural awareness, Digital Communication, Commitment, Calmness, avoiding conflicts
- Strategy and innovation– Research, Anticipating changes, Targets and standards, Critical thinking, Commercial awareness
- Governance, risk and control– Compliance with regulations, data and cyber security risk, Internal control check, resolving problems
- Leadership and management– Involving teammates, managing resources, Time management, assessing business performance
For more details or query regarding ACCA you can contact at Career Compass.
Team of Career Compass hopes that this article helped you and gave you more insights about ACCA.
By Aditi Deepak Mehta
(Member of Mentors’ Team at Career Compass)