Modern market demands for professional competencies of a financier. Interview with ACCA in Ukraine
Modern market demands for professional competencies of a financier. Interview with ACCA in Ukraine
Victoria Volotovska,
Business Relationship Manager for ACCA Poland, Ukraine and the Baltic countries
Recently, we had a great opportunity to talk with Victoria Volotovska, Business Relationship Manager for ACCA Poland, Ukraine and the Baltic countries, who has been working at ACCA for more than 4 years. We asked questions that concern many financiers regarding new requirements in the profession, changes in the training process and retraining of experts, and about the perspectives that come with ACCA qualifications and certificates. Read more in the article below.
1. Can you briefly tell us about the work of ACCA in Ukraine: what developments have occurred over the past year and what are your plans for 2023?
Back in 2021, our ACCA Ukraine office joined ACCA Poland, which is also responsible for the Baltic countries, so nothing has changed geographically for 2022. If before that we worked with the countries of the Caucasus, now these are European countries. Personally, I believe that these changes are for the better, as this is where we are headed in terms of development, standards, recognition and cooperation. Since the onset of the war, we have ended up in different cities and countries, but the support of our members, students and partners is key, as this is our mission. In March 2022, our students passed exams and this is an indicator of amazing commitment and willpower.
In 2023, the organization's strategy has not changed. We operate in Ukraine to support the professional development of members, provide opportunities for students to study independently and with partners, and enable them to take exams. However, with power and the Internet outages, of course, it is hard to predict, and even harder to control, all of this.
2. How has interest in ACCA DipIFR exam changed?
The Diploma in IFRS offered by ACCA was launched in 2001, and the Russian version — in 2003. Over the years, more than 12 thousand students in Ukraine have passed the DipIFR. This, in fact, speaks of the need and popularity of this diploma. It helps professionals to fill knowledge gaps and does not require a long-term commitment. The diploma allows professionals to master the international reporting language, namely, standards, as they are used in more than 160 countries. Professionals in Ukraine are more and more in need of expertise in standards and are practically experiencing the impact of acquired expertise in their work. The diploma itself has not changed lately, but covid and war still matter. Learning is not a priority for everyone, as first of all it is life and safety. Those, who were able to provide themselves with safe conditions — keep studying and passing the ACCA DipIFR and ACCA qualification exams.
Also, the interest in qualifications is expected to be sustained in the future, as we understand that the war will end, there will be investments, and qualified specialists will be needed in various fields. Financial professionals' functions will require knowledge, including standards. Banks, institutions, and organizations will want to see reports, budgets, and do monitoring to get financing. There will be a need for reporting according to the standards. This is where IFRS will help as the reporting based on these standards is a clear format for financial institutions. Investment opportunities are available for such organizations, institutions and companies around the world. Do you think we have enough professionals with expertise in standards in our country? I believe — we do not.
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3. What changes have occurred during ACCA DipIFR exam? What impact do you think they have had and will have further on the interest of Ukrainian professionals in getting certification?
Previously, the students had to register manually and provide packages of documents, and since 2020, the students of this diploma, and the students of ACCA qualifications, register the student's office and from there register for the exams. This opened up new opportunities for the students and at the same time complicated the procedure, as the registration takes place in English. Understanding that this will be a challenge for a certain category of the professionals, we have drafted detailed instructions and guidelines. A few years ago, the exam was taken in a large hall and written by hand, and since 2020 the exam became computer-based (CBE), and in 2021 it became possible to take the exam online, and the ACCA qualification exams. This opened up opportunities for passing the exam from anywhere in the world, the main thing is a laptop, good Internet connection and knowledge. However, what we began to notice was that the students were not paying attention to key details and were making basic mistakes. This is probably due to the stress of the exam. More and more students want to take the exam in the centers where the administrative team takes care of the technical support, but until the war is over, we cannot provide such an opportunity, as safety is the most important thing. We expect the war to end so that every student can choose the format of the exam.
Also, I would like to note that the exams are quite difficult and we are proud of successful, goal-oriented students who pass exams, although sometimes not on the first attempt.
4. As for getting ready for the exam, what effective advice do you have for potential students?
The first is consistency and mindfulness that are quite important. Register on time so that you don't get stressed before the exam and don't desperately try to change something after the deadline. Despite our desire to help, some processes cannot always be influenced by us, because if registration is over, this is relevant for students in all countries of the world. Of course, when we can, we are happy to help and do our best. Next, study well and don't ignore the test exams available on the website, which are written by training partners to assess your level of study. Thirdly: do not rush and carefully read the terms of registration and exam. And finally, it is equally important to carefully read the questions and answer exactly what you are asked about, and not describe all what you know on this topic. ACCA exam questions and tasks are professional and specific, which is why there are so many companies, organizations and professional institutions trust our diploma. Sometimes an apt and concise answer adds that extra point to pass the exam. After all, when you see 49 points out of the minimum 50, you can only imagine the despair that the students feel. Be careful and good luck to you.
5. And finally, tell us about the prospects for Ukrainian ACCA certificate holders. What opportunities are opening up and for whom exactly?
It is no secret that the ACCA DipIFR diploma is just one of the diplomas offered by ACCA. The main product is a qualification consisting of 13 exams, ethics and professional experience. It is the qualification that opens up opportunities for professionals to get a good job, top salary, career development, the opportunity to work in any country in the world. Since the beginning of the war, millions of people have been forced to seek safety in different parts of the world and we are pleased that the ACCA members and students have found work in their specialty, have the opportunity to fulfill themselves in their careers and support their families. I believe this is one of the reasons why students so determined to keep passing the exams, as it opens up opportunities for them.
On December 2, 2022, ACCA held the 12th International Public Sector Conference, at which Ukraine was represented by Vladislav Rashkovan, Alternate Executive Director of the International Monetary Fund (IMF). And I agree with every word of his speech available at the link. He voiced the processes, in which financial specialists of different levels and directions will be involved. And there is a great shortage of such specialists. I think this is a chance that should be used to be directly involved in the recovery and development of the country. Vladyslav highlighted such functions as needs assessment, renovation cost, priority setting, planning, budgeting, project finance management, procurement, accounting, controlling, reporting, data analytics, project monitoring, risk management, government and donor audits. This is a real demand of our time, and we see that there are currently few professionals, who could handle these processes and negotiate with international banks, organizations, the EBRD, IMF, IFC, etc.
Financial professionals need to get trained today. And our training partners will support them in this. I am sure that the holders of the DipIFR diploma and ACCA qualification will soon have a lot of work that will contribute to the recovery of our country.
Learn more about the ACCA Certification from BDO Academy here or Contact us and BDO in Ukraine experts will help you to understand all the matters.