For more than 130 years, Chartered Accountants Ireland has educated trainee accountants on the island of Ireland. The formula is tried and tested and through it, the institute has ensured a pipeline of talent to meet demand in the marketplace. Over the decades, the Associate Chartered Accountant (ACA) qualification has produced many of those who have contributed to all-island growth and prosperity; leaders who bring strategic vision, dynamic thinking and financial expertise to business.
Now, in 2022, the demand for this pipeline of talent has never been greater - indeed, accountants are listed on the Department of Enterprise, Trade and Employment’s Critical Skills Occupations List, demonstrating the shortage of qualifications, experience and skills required for the proper functioning of the economy.
To meet the demand for chartered accountants across the economies on this island and globally, the institute’s training offering has evolved over the years. In addition to the well-established Training Contract pathway to qualification that is so familiar to many, other pathways have been developed to make the profession as accessible as possible.
Chartered Accountants Ireland has enhanced its training offering in two keys ways.
· First, it has expanded the relevance of the Training Contract pathway, which was traditionally associated with Practice, to suit accounting and finance environments in any sector. A wide variety of employers now train chartered accountancy students, including those across business (eg pharmaceutical, energy, financial services companies) public sector and third sector.
· Second, since 2009 the institute has offered a Flexible Route pathway into the profession, designed to attract some of the brightest and best to train in a more adaptable way. In the past decade, more than 2,100 students have opted for the Flexible Route.
The benefits of training as a chartered accountant have long been recognised, with students developing professional-level competence in both theory and practical real-world application. Chartered Accountants Ireland delivers the education programme directly, ensuring a high-calibre offering. Students enjoy tuition from subject matter experts, have full access to their tutors and are fully supported through their journey, including access to personal support and networking resources. This intense focus on quality standard and excellence ensures that Chartered Accountants Ireland enjoys best in class exam pass rates reflective of the fact students are set up for success.
While the Training Contract and Flexible Route pathways offer two different models of qualifying, both have the same entry and programme requirements and all successful students obtain the same sought-after ACA qualification.
For employers, there are considerable benefits for those who choose to train chartered accountants in-house. Chartered Accounts Ireland recently spoke with a selection of its partner training organisations to hear directly about their experiences training, across a whole range of sectors. Watch this three-minute video to hear some of the benefits they shared.
The most common benefits noted were:
1. A significant attraction and retention tool
Organisations across many sectors in the Republic and Northern Ireland find it increasingly difficult to secure the talent needed to grow. It became clear from the feedback the institute received that training chartered accountants helps organisations position themselves as an employer of choice and attract a high calibre of candidate for open roles. It allows organisations to insulate themselves in so far as possible from the tightening labour market by cultivating a talent pipeline that will feed growth in the organisation in the coming years by supporting succession planning.
Trainees emerge from their studies having worked and grown within the organisational culture of that team and environment, so are well placed to progress further within the team. In addition, the recognisable investment in people and development also delivers strong retention benefits.
2. Aligning with a respected brand and developing future leaders
According to employers, training the next generation of chartered accountants in-house also provides them with a critical link between their brand and the Chartered brand. This helps them demonstrate to clients, team members and other stakeholders the emphasis that they place on the highest quality of education and professional excellence. It aligns their brand with a prestigious global qualification, which gives their staff the ability to perform and succeed all around the world.
The education programme spans accounting and finance fundamentals, as would be expected. However, it also covers a vast array of commercial content and in recent years the syllabus has evolved to include topics on emerging tech, data, analytics, law and sustainability. The focus on developing the leaders of tomorrow ensures that students are trained for the modern workplace and that employers can strengthen their organisation’s skillset and knowledge, helping future-proof their teams.
3. Support at every step of the way
Trainees commencing their studies join a 7,000-strong community of students with all of the supports associated with that network. This enhances the learning and professional development experience for those students. In addition, employers also gain access to a wide range of supports through their partnership with Chartered Accountants Ireland, including free recruitment assistance for ACA trainees.
Recognising that businesses may not have the capacity to offer a full suite of talent management supports, a ready-made, full-service offering is provided for them. Complimentary supports include online listing for live training vacancies; 2nd and 3rd level promotion; social media profiling and showcase opportunities; and a relationship management team to provide more tailored assistance as required.
4. Flexibility for the employer and the employee
Having the choice of the Training Contract and Flexible Route pathways allows organisations to choose the best fit for their accounting and finance teams and trainees.
The Training Contract pathway entered by the employer, the student and the institute sees the organisation take on Recognised Training Organisation (RTO) status, cover registration and examination fees, and provide a learning environment to allow their trainees to meet the professional development requirements needed for the qualification. This is a formal structured pathway to qualification and students complete the programme levels on a consecutive basis within a pre-determined set timeframe.
The Flexible Route, as the name indicates, represents a more flexible arrangement. This pathway allows for students to complete the programme on a gradual basis within an eight-year maximum window. Students register directly with the institute and they can self-fund their journeys. However there has been notable growth in organisations actively sponsoring students through this pathway as they recognise the value and attractiveness of investing in staff development.
While there is no mandate for formal employer involvement, many will indirectly support students and they have full discretion over the levels of support they offer, eg around fee cover, study leave etc. Employers in this scenario outline their own study support terms within their employment agreements and L&D policies.
With more than 30,000 members working on the island of Ireland and around the world, the chartered profession is more accessible than ever before. Visit the employer hub to hear from organisations now training the next generation of leaders. The pathways into the profession, and the opportunities for career progression, are varied and exciting.
If you’d like to know how to start training ACA students, or if you are interested in training yourself, please email Robert.Crosbie@charteredaccountants.ie (ROI queries) or Sinead.Fox-Hamilton@charteredaccountants.ie (NI & ROI queries) and they will be in touch. You can also find out more on the website.