Unlike Case Study exams, exams for Objective Test modules do not follow an exam sitting cycle. Therefore, you can book Objective Test exams at various dates all year round. Likewise, you’ll find that FI courses for Objective Test exams start all year round, online and in local study centres. You can also study on-demand via FI Online. Planning and preparation are key to getting the result you want on the big day. Find tips on preparing for your exam below:
📅 Course dates for August: 30th June – 24th July 2025
Case Study courses for the August CIMA exams run between 30th June – 24th July in local study centres and via FI Online Live or FI Online. Courses come with instant access to online study resources, so you can start studying straight away and get a head start on your August exam preparation. Spaces are limited, so book now to secure your place:
📅 Course dates for November: 25th September – 28th October 2025
Case Study courses for the November CIMA exams run between 25th September – 28th October in local study centres and via FI Online Live or FI Online. Courses come with instant access to online study resources, so you can start studying straight away and get a head start on your November exam preparation. Spaces are limited, so book now to secure your place:
We wish you the best of luck with your studies. Remember to balance your study time with some fun and relaxation too.
OUR PROGRAMME FOR 2025!
AAT Revision Sessions
We are delivering online revision sessions. It is important to keep the topics fresh in your mind. These sessions will help students to iron out technical issues with key syllabus areas in papers they have already been studying and also give some much-needed motivation and structure to keep them going until their assessment.
These sessions are free and each one is standalone. If you are unable to attend one of the sessions it does not stop you from attending another one.
We will be running a revision session for each paper listed below on the days and times shown.
Our schedule for Q2022 Revision Sessions!
COURSE
EVENING
SESSION TIME
LINK TO BOOK
Q2022 Level 2 The Business Environment Synoptic (BENV)
Please note that these sessions are recorded and shared on our YouTube channel.
You will be given the option at the beginning of each session to turn off your web camera and change your name, should you wish to.
Recordings from our previous sessions can be found on our YouTube channel.
FAQ’s
How do I subscribe/unsubscribe from the revision sessions?
You can subscribe using the BOOK NOW links above, you can sign up for more than one unit at a time, and don’t worry if you can’t always attend live as you will receive a link to the session recording each week. Once you have completed your unit you may want to unsubscribe, to do this you also follow the BOOK NOW links above. Click on the unit you want to unsubscribe from (as though you are going to register again), enter your details, and then on the next screen, you can click unsubscribe. We are unable to do this for you.
Where do I find the pre-work
Each week your tutor will take you through a key topic incorporating some question practice. You can find links to the revision questions that will be used here.
I have a question; can I speak to the course tutor, please?
Our tutors are happy to answer questions during the revision sessions, be sure to join a live session and ask your question there. If you feel that your studies would benefit from more regular tutor support then you can sign up for one of our online or online live courses which include unlimited support from an expert tutor.
Can you send me some free mock papers to try, please?
You can access the AAT website where you will find a range of practice resources including e-learning modules and practice assessments; these are included within your AAT membership fee. If you feel you would benefit from more question practice then why not try our mock package, find out more details here. At only £15 per unit, it is definitely worth a look!
In addition to the AAT revision sessions, we also hold the following student forums:
Weekly Student Webinars via Zoom on Wednesday evenings at 6 pm. These sessions provide an update on what’s happening in relation to exams, apprenticeships and courses, as well as answering any questions students may have. Click here to register and book your place.
We also have a range of technical articles aimed at AAT students that you may find useful.
The details of our AAT programmes can be found here
Join our free ‘How to study ACCA webinar’ and discover more about our study methods. Register Now
September 2025 Exam Sitting
📅 Tuition courses for September Exams: 2nd June – 22nd July 2025
Tuition courses for the September ACCA exams run between 2nd June – 22nd July in local study centres and via FI Online Live or FI Online, however, most of our courses will start from 24th June. Courses come with instant access to online study resources, so you can start studying straight away and get a head start on your September exam preparation. Spaces are limited, so book now to secure your place:
📅 Revision courses for September Exams: 29th July – 28th August
Revision courses for the September ACCA exams run between 29th July – 28th August in local study centres and via FI Online Live. Revision courses form a key part of your Pass Guarantee Eligibility, provide a mock exam with marking and feedback, and exam question debriefs with an expert tutor. Spaces are limited, so book now to secure your place:
Examiners’ reports are a great resource for your ACCA resit. You can use them to understand more about the marking process and common mistakes that other students – and potentially you – may have made. ACCA’s recent examiner reports include question walk-throughs and performance feedback on questions sat by real students. Find the examiner’s reports here.
2. Speak to your tutor 1:1 about your resit
Get in touch with your tutor to organise a 1 on 1 chat. Use this time to talk about any areas of the ACCA exam that you found difficult. They’ll be happy to talk you through how that syllabus area should be approached and any advice for what to do differently next time.
3. Mock exams – more is more
Practice is the key to success. At each exam sitting, we have seen a clear correlation between the number of mock exams attempted by a student and their chance of passing the real exam. Mock exams work because they allow you to identify difficult areas of the syllabus that you struggle with and therefore should focus on more. Mock exams also offer the opportunity to work out how much time to dedicate to each question, if you choose to take your mocks under exam conditions. Find out how you can turbo charge your exam prep with an ACCA mock exam.
If you didn’t sit a Revision Course, Question-Based Day or Online Mock for your recent exam, we’d highly recommend booking a question practice-focused course to help with your resit. Each of these courses includes a mock exam with marking and personal feedback. Book a Question-Based Day or Online Mock and Revision Course here.
4. Find more resources to help you prepare
Tutors may have different approaches to calculations or questions that may suit you better than the tutors you have learned from so far. It’s these little hints and tips that you could benefit from when preparing for your resit. You can find different approaches on our YouTube channel, pre-recorded Masterclass sessions or on a Revision course if you didn’t attend one for your recent exam.
5. Book your resit exam straight away
Timing is important. It can be tempting to take a break after having a negative exam experience, but we’d encourage you to book your resit exam as soon as possible. The longer the gap between your recent ACCA exam attempt and your resit exam, the more knowledge you will forget. Start preparing for your resit now while the syllabus knowledge is still fresh in your mind. Use the time between now and your resit exam to focus on the areas you struggled with in the real exam, but don’t let your more ‘confident’ areas slip away.
For more exclusive news and tips from First Intuition, visit the FI Hub
Studying for an ACCA Qualification
You can use this guide to help you create your own plan as to how to progress through your ACCA studies. The ACCA qualification is made up of three levels, and we’ve provided some information for each of the levels below. For more details on the ACCA new syllabus changes, head to our blog.
ACCA Applied Knowledge
The Applied Knowledge level consists of three modules:
Business and Technology
Management Accounting
Financial Accounting
The exams at this level can be attempted any time (they’re “on-demand” exams) and in any order.
The most common approach for students at this level is to study these modules one at a time.
At the Applied Knowledge level, each module will require around 35-50 hours of study. This includes attending tuition sessions if you study via a classroom or Online Live course. Consequently, many students find that planning to study each module over 6-8 weeks is a reasonable target.
Therefore, students can aim tocomplete the Applied Knowledge Level in 6-8 months, which allows for plenty of time to study with a few well-earned breaks!
ACCA Applied Skills
The Applied Skills level contains 6 modules:
Corporate and Business Law
Performance Management
Taxation
Financial Reporting
Audit and Assurance
Financial Management
Corporate and Business Law can be sat at any time as an on-demand exam, whereas the remaining 5 modules are examined in one of four sittings a year: March, June, September and December.
Each module will take between 45-60 hours of study. This includes attending tuition sessions if you study via a classroom or Online Live course. Most students spend 6-8 weeks studying each module.
Many ACCA students start the Applied Skills level by completing the Corporate and Business Law module. This exam is computer-based and on-demand. It follows a very similar pattern to the Applied Knowledge modules.
Once you have completed Law, the vast majority of students will aim to complete the remaining exams over three exam sittings. You can choose to study one at a time, or tackle two ACCA exams at the same exam sitting, studying the course content concurrently. Read our advice on how to study two ACCA modules at the same time.
For those completing ACCA who are working in a financial accounting role, we recommend the following exam combinations:
If you are in a non-financial accounting role, we recommend the following exam order:
Nevertheless, the flexibility of the ACCA allows you to move through the qualification at a pace that suits you.
ACCA Strategic Professional
The Strategic Professional level has two components; essential modules that every student must complete:
Strategic Business Leader (SBL)
Strategic Business Reporting (SBR)
ACCA students must also pass two of four optional modules:
Advanced Financial Management
Advanced Performance Management
Advanced Taxation
Advanced Audit and Assurance
As with Applied Skills exams, Strategic Professional exams can be taken at one of four sittings a year: March, June, September and December.
If you’ve completed the Applied Skills level in line with our advice above, you can sit your first Strategic level module alongside your final Applied Skills module. For example, you could complete SBR alongside Financial Management in the example we have used above.
An example of the study route you may follow would be:
If you’re completely new to ACCA, read our best advice for beginning your ACCA journey by following the link above.
Once you have a plan, you can get started with your studies. With Online, Online Live and Classroom course options, you can join an ACCA course at any time.
If you have any questions and would like to discuss your options with our expert team, please contact us below and we’ll be in touch. We’d love to hear from you!
For more exclusive news and tips from First Intuition, visit the FI Hub
Why do I need an Online Mock?
All FI Ltd ACCA students who attempted 3 practice exams in June 2023 passed their real exam. When we compare this group to students who didn’t attempt any practice exams, only 55% of these students passed the real thing. Therefore, ACCA students who complete a timed course exam, mock exam and online mock are more likely to pass compared to those that don’t.
Incidentally, whether these students passed or failed their practice exams didn’t make a significant difference to their real exam mark. Simply attempting the mock exams boosted their chances of passing the real thing by up to 40% compared to students who did not attempt any mock exams. Find out more about the importance of mock exams.
Who is an ACCA Online Mock exam for?
Online Marked Mocks are perfect for ACCA students who would like extra practice before their exam, at a reasonable price. The mocks can be attempted at any time before the deadline, anywhere you have internet access. Therefore, you don’t have to be based near a classroom centre or give up any day time to complete them.
What’s the difference between an Online Marked Mock and an Online Self-Marked Mock?
We’ve highlighted the key differences for you in the below chart.
What’s Included?
Online Marked Mock (£95)
Online Self-Marked Mock (£55)
Timed questions that mirror the real exam
✔
✔
“Pre-brief” videos preparing you for the upcoming exam section
✔
✔
Question debrief videos for each section
✔
✔
Immediate access and available for 2 exam sittings
We are pleased to say that both our Online Marked Mocks and our Online Self-Marked Mocks are available for all Applied Skills level and Strategic Professional level modules, excluding Law.
What’s the latest date I can purchase a Mock (Marked or Self-Marked) before my exam?
For a Marked Online Mock, there is a limit to the number of spaces for each sitting and a booking deadline, which is usually a week before the beginning of exam week. For a Self-Marked mock, you can purchase the product whenever you like, as close to the exam as you like.
How much does it cost?
Online Marked Mock: £95 per module.
Online Self-Marked Mock: £55 per module.
There is a limit to the number of spaces for each sitting, so book your place now.
REBECCA WHITE Chelmsford & Southend
Phone: 01245 209900
rebeccawhite@firstintuition.co.uk
BEN BULLMAN East Anglia
Phone: 07933 292000
benbullman@firstintuition.co.uk
GINNY BRADWELL London
Phone: 020 7323 9636
ginny@firstintuition.co.uk
Our full Safeguarding and Prevent policy can be found here.
Non-significant Behaviour
Behaviours in this category are characterised by democratic means of expression and peaceful actions. They are associated with diverse forms of religious, political or community engagement.
Behaviours might include:
Arguing with family and friends to defend their views, wearing visible signs or items that express their identity or sense of belonging (religious symbols, traditional clothes, beard, shaved
head, specific tattoos, etc.)
Is active on social media
Takes a stand peacefully for a cause related to a group, community or individual
Is interested in current national or international events
Expresses the desire to re-engage, or increase involvement in a political movement, religious practice or other activities associated with identity
Converts to a new religion, political view or ideology
Follows a specific diet owing to religious requirements
Expresses a need for adventure or excitement
Wants to address social injustices
Concerning Behaviour
This category includes behaviours that point to a person being unhappy or unhealthy. It can also include signs that a person is increasingly identifying with an ideology or cause which could arise from having issues with self-worth. The results can be major changes in behaviour.
Behaviours might include:
They express polarising views of absolute truth, paranoia
or extreme mistrust
They suddenly behave in ways that create a rupture with
family practices
They seem drawn to conspiracy theories
They pull away from the people they are close to or their
usual social network
They suddenly change their habits
They feel a strong sense of rejection and victimisation because of their own identity or beliefs
They reject rules and regulations of institutions and organisations such as their school or workplace, based on ideological, political or religious grounds
They refuse to take part in group activities or to interact with certain individuals because of their religion, ethnic group, skin colour, gender or sexual orientation
They seem to need to dominate or control others in the name of beliefs or an ideological view
They find it difficult to reassess their own opinions and recognise different points of view
Troubling Behaviour
This category includes the beginning of a person’s radical trajectory. It is characterised by a strong mistrust of the outside world and having views that legitimise the use of violence to achieve their goals or to help their cause.
Behaviour can include:
Cutting off ties with friends and family in order to to keep only the company with a new group of friends, because of extremist beliefs
They defend the use of violence as legitimate in the service of a cause or an ideology
They hide a new lifestyle or belief system or from family members and/or close friends (either online or in real life)
They draw closer to radicalised individuals or extremist groups
They are suddenly no longer interested in professional or educational activities
They display symbols of affiliation or support with recognised violent extremist groups
They are obsessed with conspiracy theories, end-of-the-world narratives or messianic views
They express threatening, hateful or dehumanising views towards other individuals or groups
They make threatening or intimidating gestures towards groups or individuals they believe are against their own beliefs or ideologies
Alarming Behaviour
This category includes a set of behaviours that show a sectarian and exclusive allegiance to an ideology or cause, which lead the individual to believe violence as
the only legitimate and valid means of action
Behaviour can include:
They take part in the activities of violent extremist groups, regardless of the means ( financial, material or physical)
They recruit other individuals for a violent extremist cause
They’re in contact with a group known to be violent extremists, either online or in real life
They regularly consult with violent extremist Internet forums and websites to reinforce their own beliefs
They plan or commit violent or hateful acts (vandalism, physical attacks, etc.) inspired by ideological motives or an extremist cause
They learn about, try to acquire and/or practice handling weapons (firearms, explosives, etc.) outside the legal bounds
They plan a trip to a conflict zone or to a region in which violent extremist groups are known to be active
What to do if you are worried about someone’s behaviour
Notice something of concern
Check your concern and ask the opinion of someone you trust to see if they agree
Want to read more exclusive updates and news from First Intuition? Head to FI Hub.
Lucy has demonstrated unwavering dedication and a positive, “can-do” attitude towards her studies, resulting in many high grades in her level 3 exams. She has consistently engaged throughout the program, highlighting her continuous growth and commitment, particularly with confidence, as this has grown immensely since starting level 2.
Here’s what our Apprentice of the Quarter said in the interview:
What are you most proud of from your experience to date?
I am very proud of achieving good grades in my Level 2 and having finished this, gave me the opportunity to now complete my level 3. I feel I have been doing very well so far and have put in extra study time using the online videos to help explain some scenarios in a different way than the classroom to help me understand more complicated subjects.
What made you choose a career in accountancy? Was there anything that triggered your decision?
After my mum had gone into accountancy, I found out from her that it seemed quite interesting so wanted to give it a try and have found it very enjoyable so far.
How did you approach your studies as an apprentice, and what resources/support that FI offer did you find most useful?
I make use of the First Intuition online videos and also approach my study using checkpoints to work on areas I am less confident in to develop my knowledge, following the checkpoints with the videos to explain the scenarios in a different and more understandable way. The AAT website green light tests are also useful to identify which areas I may be struggling on and also help me to check that I am exam ready.
Do you have any study tips for other apprentices about to start their studies as the Apprentice of the Quarter?
Always make use of the mock bank, it is good to work through this as it lays out the questions as they will be in the actual exam. This also helps to understand and practise exam technique ready for the real thing.
How do you manage juggling work & study?
I complete most of my studying at home after work, and before doing anything else, I revise. I will make sure not to study too late, and only up to 3 hours a night, not every day. Often, I like to give myself a break on one day a week for socialising and to have time to refresh.
How have you been supported by your company and colleagues throughout your apprenticeship so far?
My employer allows me to attend all of my courses and always motivates me to do well. They also congratulate me on doing well, meaning I feel I am gaining their approval. My colleagues are great with extra support, especially with spreadsheets, as I was struggling with these initially and went through Excel questions with them to help understand more and become more confident.
How has this contributed to both your success with your qualifications and adding value to your employer?
Helps me understand things in greater detail, know what doing at work, but not always the why. I now understand more of the process in what I am doing now, such as double entry, as the current system shows you it is already completed, so it has really helped.
What are your goals/plans for when you finish your current apprenticeship?
After level 3, I am looking to complete L4 and aim to do well in that one as well, as I would like to become fully AAT qualified. I will then decide from there if I would like to take on a level 7 qualification.
Why would you recommend the apprenticeship route for others?
It is a great way to not be left in debt, and you get plenty of extra support from tutors and coaches. You get paid to do job whilst learning which is relevant to the role at work. You can gain extra support form colleagues around you, this especially helps when they have been through the qualification before and understand the requirements around it.
Want to know more about our apprenticeship programmes at First Intuition? Take a look at our helpful apprenticeship page.
An interview with Krita Shah: Summary
Krita Shah, an exceptional international ICAEW student, shares her inspiring journey to becoming a double prizewinner, earning 1st place in the Simon Morris Prize and 6th place overall in the Arthur Swinson Prize. In this interview, Krita reflects on the study strategies, personal discipline, and support systems that helped her succeed.
The power of structure
Krita highlights how having a clear daily routine was essential, especially as someone managing ADHD. While planning far ahead was difficult, setting out each day’s tasks gave her consistency and focus. She also prioritised balance by making time to socialise and take breaks, ensuring she avoided burnout.
Effective use of study resources
Question banks and mark schemes played a central role in Krita’s preparation. She emphasises the importance of understanding how examiners allocate marks and what concepts they’re assessing. This insight allowed her to tailor her revision more strategically.
A supportive study environment
Krita credits her firm for providing access to the office for revision, which offered a dedicated space free from distractions. This helped her establish a clear boundary between study time and personal time, supporting a healthy work-life balance.
Key takeaways for ICAEW students
Establish a structured daily routine with room for rest and social time
Use mark schemes and question banks to understand examiner expectations
Choose a study environment that supports focus and consistency
Congratulations on being chosen for First Intuition’s Apprentice of the Quarter Award for June 2025. How did you feel when you found out?
Thank you so much! I was honestly a bit surprised. I hadn’t heard of the award before, but I’m incredibly grateful. It came at the right time and lifted my spirits after such a hectic quarter balancing work and study.
Let’s start right back at the beginning. What was it that made you want to choose a career in accountancy?
I didn’t have a set plan to go into accountancy. I kind of stumbled into it. I’d taken business for my A levels, which included a few accountancy units, but I still wasn’t sure what I wanted to do afterward. My mum signed me up for an AAT course at our local college, and I thought, “Why not?” I gave it a go and ended up enjoying it. That led to my first role in a finance function, working in accounts payable, and things just progressed from there.
What was your preferred approach to studying ACCA?
I’m quite a visual learner, so reading and rereading large blocks of text doesn’t work for me; it just doesn’t stick. What works best is condensing everything down into flashcards and bullet points, then doing as many practice questions as possible. I tend to use ACCA materials and often reach out to tutors if I’m stuck or need something marked. The textbooks can feel overwhelming, especially when something doesn’t click right away, but applying it through question practice helps it all come together.
How has your company (Directional Pizza LTD) and colleagues supported you throughout your apprenticeship so far? How has this contributed to your success with ACCA?
Work has been supportive. Over the past couple of years, I’ve had a few different managers, and all of them have done qualifications like ACCA or CIMA, so they understand how tough it is to balance full-time work and exams. They’ve made sure my workload stays manageable and have been happy to give me time off for study, lectures, and revision. They’ve also checked in on my wellbeing and stress levels, which has made a big difference. Honestly, without that support, I don’t think I would’ve achieved first-time passes on some of the tougher exams.
You’ve overcome several challenges throughout your ACCA apprenticeship, showing your strength and resilience. Do you have any study tips for other students and apprentices?
One of the biggest things I’ve learned while studying is to maintain a life outside of exams; it’s so important. With four exams a year and a pretty constant study cycle, taking time for yourself helps. I still go out for meals, take my dog out on weekends, go to the pub, just keep doing the things I enjoy. It makes the process more manageable and stops me from feeling like I’m missing out.
The other key thing is constant question practice. There are loads of great resources on FI Learn and the ACCA website. Even if you only have 10 minutes, doing a quick multiple-choice question helps keep the knowledge fresh.
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
I’d say the key things are clear, concise study materials and engaged tutors. What I really like about FI is that the tuition and revision notes get straight to the point. There’s no overwhelming bundles of information, just exactly what you need to know and how to apply it. The tutors are also really responsive and approachable, always quick to help if you have a question, and they make the learning experience engaging.
How do you feel the ACCA apprenticeship route has benefitted you, and what has it added to your study experience and professional development?
I think the apprenticeship route has really added structure to my journey. I haven’t had to worry about planning what’s next, that’s all been mapped out for me. My focus has purely been on the exam in front of me. Dates are set, everything’s organised, so I’ve been able to concentrate on preparation.
Plus, the additional elements of the apprenticeship, like Project Reports, have helped me reflect on how much my professional skills, like communication and leadership, have developed along the way.
Do you have any goals/plans in mind for when you finish your ACCA apprenticeship?
First goal is to have a holiday and relax. But, career-wise, I would probably be looking at doing more of a leadership management role with financial planning and the analysis side of finance. I’ve been doing that a lot lately, and I’m quite intrigued, getting more hands-on with the strategic goals of the business and how we can achieve that.
Thousands of apprentices have submitted reviews to RateMyApprenticeship.co.uk, forming the basis of these awards. These reviews come directly from apprentices who have trained with the provider over the past year. As a result, any provider featured in the table has earned a genuine seal of approval from real learners.
What our RateMyApprenticeship position means to us:
Hazel Rogers, Managing Director – London and National Clients, commented:
“We’re proud to see such positive feedback from our learners, it’s a real testament to the passion and commitment our coaches, tutors, and support teams bring every day. Their dedication plays a vital role in helping learners reach their goals and succeed in their careers.”
Read our apprentice reviews on ratemyapprenticeship.co.uk Read now
Thank you to the learners who have rated us in the past year, this award will be coveted by colleagues across First Intuition.
What inspired you to pursue accounting and the AAT qualification at such a young age? Were there any specific people or experiences that influenced your decision to pursue accounting?
I attended a careers event at school and there were various jobs on show. However, there were loads of different things you could do with accountancy qualification, and you aren’t stuck in one area, and there were lots of options available. I did also know about the various different qualifications as my dad is a chartered accountant and teaches AAT.
How did you find the course, were there any challenges you faced while studying for AAT Level 2 Certificate in Bookkeeping?
I didn’t really know what to expect, but it was good when I got into it. Double entry bookkeeping was tricky so I had to practice a lot with that.
How did you balance your studies with your schoolwork?
I also was in the school production and play in a netball team, so I had to study on evenings when I wasn’t doing them. I also did some in the school holidays as well.
What skills have you developed through the AAT programme that you think will benefit you in the future?
I have learnt about bookkeeping but I have also learnt lots about businesses and how they work which was really interesting.
What are your next steps after completing AAT Level 2 Certificate in Bookkeeping?
I have started studying the Final Accounts Preparation, Final Accounts unit, but I haven’t decided if I will do the Level 3 Certificate in Bookkeeping or the Level 3 Accounting Qualification.
Do you have long-term career goals in accounting?
I would like to do my work experience at a local firm of accountants so I can see what an accountant does on a day-to-day basis, and get some real experience and then take it from there, and see where it goes.
How do you think achieving this milestone at a young age has shaped your personal development?
I think it has given me more options for when I finish school and a better idea of what being an accountant involves so I can make better decisions about what I want to do.
What advice would you give to other young people who might want to pursue the AAT qualification?
I would definitely suggest you should consider it, it is really interesting, and you never know where you might go with it.
For more news and exclusive tips from First Intuition, visit FI Hub.
Quarter 2 2025 Winner: Levi Noonan, ACCA Apprentice
Congratulations to our Quarter 2 2025 winner, Levi Noonan, from Directional Pizza LTD! Levi has shown unwavering resilience, delivering top-tier work throughout her ACCA apprenticeship. Her openness to feedback and ‘can-do’ attitude make her a true standout, and a well-deserving Apprentice of the Quarter.
A massive well done from everyone at First Intuition, Levi!
Quarter 1 2025 Winner: Charlotte Helm, CIMA Apprentice
Congratulations to our Quarter 1 2025 winner, Charlotte. She has overcome many hurdles in her apprenticeship journey and has transitioned in her roles within the DfE, taking on challenging pieces of work which have really supported her skills and behaviour development.
A massive well done from everyone at First Intuition, Charlotte!
Congratulations to our Quarter 4 winner, Lea, who is an exceptional student who anyone would look forward to interacting with. Her name frequently comes up among other apprentices who have benefited from her assistance.
A massive well done from everyone at First Intuition, Lea!
Visit Lea’s interview blog to learn more about her ICAEW apprenticeship experience and get top study tips.
Quarter 3 Winner: Alex Travers, CIMA Apprentice
Congratulations to our Quarter 3 winner, Alex, who has been awarded for his consistent performance, valuable contributions, and dedication to learning. Both his manager and skills coach have learned a lot from him, and his commitment to projects and training shows his eagerness to grow at British Airways.
A massive well done from everyone at First Intuition, Alex!
Visit Alex’s interview blog to learn more about his CIMA apprenticeship experience and get top study tips.
Quarter 2 Winner: Amy Bradbury, CIMA Apprentice
Congratulations to our Quarter 2 winner, Amy, who has shown a high level of perseverance with her CIMA Management Case Study. During the period of study in January. Amy was moved to a new role and was experiencing additional factors to contend with. Amy persevered during this difficult time with her studies and passed her exam with a high score. Amy has now brought her studies forward and is on track to achieve her level 7 apprenticeship 3 months early.
A massive well done from everyone at First Intuition, Amy!
Quarter 1 Winner: Molly Smith, ICAEW Apprentice
A huge congratulations to Molly Smith, ICAEW Apprentice from Orbis! Molly is our first winner of the Apprentice of the Quarter Award as she has shown great effort and skills whilst studying and working simultaneously, as well as the progression of the skills and behaviours she has developed.
Watch the interview: Molly shares her study tips for apprentices and her experience of balancing work and study in an interview with her coach!
Why we introduced Apprentice of the Quarter?
We would like to show our apprentices that their efforts are valued and acknowledged. Even if exams aren’t something that comes as easily to some as they do to others, it’s important to recognise hard work. We intend to do this by taking into account the apprenticeship requirements of their skills scan. This enables them to gain valuable work experience ‘on the job’ whilst also studying for their Professional Qualification. This adds value to both the apprentice and the employer. It will hopefully help to inspire and motivate learners.
What do we want to celebrate with the Apprentice of the Quarter awards?
We would like to recognise the perseverance of learners who find exam sittings particularly challenging, as well as the progression of the skills and behaviours they are developing throughout their programme. Factors such as achieving consistent timely objective deadlines and exceptional submission evidence will be taken into account for nominations. It is an opportunity to celebrate the hard work and effort our apprentices are putting in.
The value of apprenticeships to employers and learners
Apprenticeships are a fantastic way for people to progress with their career paths whilst learning valuable workplace skills and still earning a salary. Even better still, the employer gains capable, qualified members of staff. It’s an absolute pleasure to be a part of this journey and to assist people in furthering their education. We have a wonderful ‘feel good’ sensation from supporting these people every day as part of our jobs, so this is a perfect opportunity to acknowledge, celebrate and motivate our learners.
Many organisations promote top performers into managerial roles without efficient training in leadership or coaching, creating “accidental managers.” These employees are thrust into roles that involve people management without the necessary managerial skills. meaning that despite having the technical expertise, these managers struggle to effectively manage and lead their teams.
Common pathways to becoming an ‘Accidental Manager’
Technical stars get promoted based on expertise, not aptitude for leadership.
Sudden vacancies lead to interim promotions without proper onboarding.
Growing teams demand new supervisors but lack structured hiring.
Startup dynamics push early employees into leadership roles without frameworks.
The impact on business health
Poor staff engagement & retention: Without coaching, conflict-resolution ability, or motivation, teams rapidly disengage.
Inconsistent performance: Mismanaged goals and undefined roles create productivity drops.
Damaged organisational culture: Low-trust environments breed gossip and tension.
Stalled leadership pipeline: Without formal development, teams lack future-ready leaders.
Compliance & risk exposure: Untrained managers may mishandle HR, performance, and legal procedures.
First Intuition’s Digital Leadership & Management programmes are designed to help tackle accidental managers and rescue businesses from their pitfalls at individual, team, and organisational levels.
Join Hannah Campbell, Head of our Online Programmes here at FI, as she guides you through what’s included within our several different study modes. Her insights will help you choose which
study method best suits you and your learning style.
Hannah will focus on the CIMA qualification during this webinar and will be able to answer your questions live during the session.
What will we cover?
An introduction to FI
CIMA qualification structure
Exam route vs FLP
What do students get if they study with FI?
What is the difference between Online, Online Live, and Classroom study?
CIMA Unlimited – what is it?
Q&A session
Can’t attend the first ‘how to study’ webinar? Register for a future webinar:
Hannah Campbell, Head of Online Programmes at FI, will walk you through the features and specifics of our study methods. Her guidance will help you choose the study method that best aligns with your learning style.
Hannah will focus on the ACCA qualification during this webinar and will be able to answer your questions live during the session.
What will we cover?
An introduction to FI
ACCA qualification structure
What do students get if they study with FI?
What is the difference between Online, Online Live and Classroom study?
ACCA Unlimited – what is it?
Q&A session
Can’t attend the first ‘how to study’ webinar? Register for a future webinar:
We’re delighted to announce that First Intuition will be running Level 3 AAT classroom courses alongside ICAEW and ISP Skills Days, at our Exeter centre from October 2025.
Level 4 classroom classes will start in February 2026, and full details are available on our website.
Quotes from our staff
James Cumming, FI South West MD, said:
“We are delighted to be offering face-to-face AAT courses in Exeter, particularly at a time when L3 and L4 apprenticeships can be delivered with shorter durations. We have been thrilled with how successful our Exeter programme for ICAEW and Impact Skills Days have been since 2022 and can’t wait to begin our AAT programme here.”
Andrew Taylor, FI South West, AAT Qualification Lead said:
“Having run AAT courses in Bristol for six years with first-time pass rates over the last 12 months of 87% for Level 2 / 3 and 89% for Level 4, we are looking forward to delivering the same high-quality service from our Exeter centre.”
Location
Just off Junction 29 of the M5 and close to the Honiton Road Park & Ride, First Intuition’s premises are easily accessible both from Exeter and the surrounding areas by car and public transport.
We will be running computer-based exams in our Exeter centre from October 2025.
L3 and L4 Apprenticeships
At First Intuition, we provide both Level 3 and Level 4 apprenticeships, which include our AAT courses. Please contact us if you would like further information.
We also offer a range of online and self-study options. If you would like to find out more about how First Intuition can support you or your learners, please contact exeter@fi.co.uk.
Renamed levels: The familiar Applied Knowledge, Applied Skills, and Strategic Professional levels will be renamed as Knowledge, Expertise and Strategic Professional to better reflect the learner journey.
Law exam change: The Corporate and Business Law exam will move to the Knowledge level within the qualification structure.
Fewer exams at the Expertise stage: The revised syllabus will feature one fewer exam at the Expertise stage. To make this change, ACCA is removing Business and Technology from the Knowledge level and moving Law into it.
Optional exams simplified: Where students currently choose two optional exams, they’ll now choose just one.
Employability modules added: ACCA will introduce new employability modules, aimed at strengthening career readiness alongside technical knowledge.
Continue your studies as planned: The syllabus changes are a few years away. There is no need to change your approach right now. Staying focused on your current pathway remains the best strategy. Explore our ACCA courses to see how we can support you at every stage.
Stay informed: As a platinum ACCA learning provider, we’ll keep you up to date as more details emerge. Visit our LinkedIn page for the latest news and updates.
Ask us questions: In case you have any concerns about how these changes could affect you or your team, feel free to contact us. We’re here to help.
Final thoughts
The ACCA’s updates are designed to ensure the qualification evolves with the profession. Although 2027 might feel a long way off, rest assured, we’ll be with you every step of the way to help you navigate these changes with confidence.
Contact us today if you have any questions about your ACCA journey.
Key Tax Deadlines
There are two key dates, 31st January and 31st July. The 31st January is the deadline for submission of the previous tax year’s tax return. Anyone working on their tax return at the moment will be working on the 2023/24 tax return which runs from 6th April 2023 to 5th April 2024. This must be submitted to HMRC by 31st January 2025 at the latest. This is also the latest date that you will calculate how much tax you have to pay, and pay the tax owing. Take an example of someone who started their own business on 6th April 2023 and prepares their accounts to 5th April 2024. They then submit their tax return on 31st January 2025. At this point they calculate the amount of tax and national insurance they owe at £3,000. They will need to pay their tax for the 2023/24 tax year, but they will also need to pay their first payment on account for the 2024/25 tax year. That’s right, they are making their first payment of tax for the 2024/25 tax year in the actual tax year. You won’t know how much profit you will have made at that point, but you will be expected to make an estimated payment towards it. The estimate is based on half of your tax bill from the previous year. Taking our example where someone owes £3,000 for their 2023/24 tax year, they will also have to make their payment on account of £1,500 for the 2024/2025 tax year. The payment on account of £1,500, and they tax they owe for 2023/24 of £3,000 will make a total payment of £4,500.
Adjusting for the Actual Tax Bill
The taxpayer then makes their second payment on account on 31st July following the end of the tax year. Taking our scenario our taxpayer would pay a second payment on account on 31st July 2025 of £1,500. Even at this point in time they might not know what their actual tax liability might be. They might not know what their tax bill is until 31st January 2026, which is the deadline to submit their tax return. At this point they know what they owe HMRC, however, due to the fact they have made some payments on account they won’t have to pay it all, or maybe even get a refund. If we return to our scenario, and the taxpayer has now calculated their tax liability to be £4,000. They can deduct the two payments of £1,500 so they only owe £1,000 for the 2024/25 tax return. That, unfortunately, isnt all they will have to pay though. They have paid the balance on their 2024/25 tax year, but they will also need to pay their first payment on account for the 2025/26 tax year. Again, this will be based on half of the previous tax years liability, which will be half of the £4,000, making a payment £2,000 for the payment on account and £1,000 for the balancing payment for the following year.
Conversely if the tax liability for 2024/25 was only £2,500, and they had paid two payments of £1,500 each, they would have paid too much. This would result in a tax refund of £500. However, they wouldn’t get this back, as they will need to make their first payment on account for the following year, but this time it will be half of the £2,500. The refund of £500 will offset the payment of £1,250 leaving an amount payable of £750.
Planning Ahead: Managing Your Tax Responsibilities
If you assume the taxpayer always does their tax return at the last possible moment, the 31st January after the end of the tax year, they can only know their tax bill at that point in time. It is then that they will have to make the balancing adjustment between what they owe, and what they have paid with the two payments on account.
For more news and exclusive tips from First Intuition, visit FI Hub.
Celebrating Progress and Promoting Inclusion
Pride Month, observed each June in the UK and worldwide, is a vibrant celebration of love, identity, and progress. It’s a time to recognise the resilience, achievements, and ongoing struggles of the LGBTQIA+ community, while honouring the history that sparked a global movement for equality. Central to this history are the Stonewall riots, an act of resistance that became a defining moment in the fight for gay rights.
Pride at First Intuition
At FI, we are proud to celebrate Pride Month with a variety of activities across the country. We are proud to celebrate Pride Month with a variety of activities across the country. We look forward to sharing images of these events at the end of the month. Some of the exciting initiatives include:
Pride decorations at FI Maidstone
Inclusion Series Event: An Introduction to Gender Identity and LGBTQIA+ Terminology, exploring gender identity beyond the binary system and promoting inclusive language.
Liverpool Pride Representation: Our North West team will be proudly representing FI at Liverpool Pride.
LGBTQIA+ Allyship Group: This newly launched internal allyship group will work year-round to support both internal teams and apprentices.
Fundraising for Pride Charities: FI centres will be supporting Pride charities through various activities. For example, our South Central centre will host a cookie decorating contest, while our Bristol office will be raising funds through additional initiatives.
FI Podcast: FI will be holding a special episode in support of Pride. Find our podcast episode here.
Our Bristol office hosted a quiz with their apprentices.
FI People are also actively supporting Pride
Freddie, from our Chelmsford centre, is attending Proud Sound, a songwriters’ Pride event for queer artists run by Spotify. He’s also taking part in Cardiff and London Pride on behalf of Switchboard LGBTQIA+, as well as volunteering for the support line.
Additionally, we will be sharing resources with our tutor teams to help them understand the unique challenges faced by LGBTQIA+ students and how FI can better support their education.
Pride Month is a time to celebrate, reflect, and continue advocating for equality and inclusion. At FI, we stand with the LGBTQIA+ community-not just in June, but every day of the year.
1. You are more likely to guarantee sitting the exam at the exam centre and time that you prefer
The earlier you book your exam, the more choice you will have. The later you leave it, the less you will be able to be sure that you can take full advantage of the flexibility on offer!
2. Having a date for your exam increases focus and motivation
Having a fixed date that you are working towards can really help you plan your studies more effectively. It also will ensure you are more motivated and less likely to procrastinate when following your plan! From personal experience, I know that I am often much more effective (at work or at home) when I have a fixed deadline. If something I am working on doesn’t have a deadline, it is easy for that to fall to the bottom of the to-do list (even if it’s really important!).
3. You are likely to progress through your studies faster
Many students who put off agreeing a date for their exam often fall into the trap of waiting until they “feel ready”. Unfortunately, for some, it is easy for this to turn into a bit of a negative cycle. Not having a fixed date means that you don’t have the same motivation to study. This means you don’t feel ready, so you don’t book your exam, which reduces motivation to study. At First Intuition, we have a team of experts to help if you do feel a bit stuck. We can provide the personal, local support you need to build your confidence and pass your exam. So if this is you, please get in touch!
4. Booking your exam sooner can help reduce stress
By having an exam booked, you’ll have the knowledge that it’s in your calendar and exactly when it’s coming up. The benefit of this is, you’ll know exactly what you need to prepare for and when to be prepared by. This can considerably reduce the stress of last-minute exam booking. At First Intuition, we completely understand the impact this can have on your mindset. Explore our resources for practical tips on planning your studies or dealing with exam nerves.
5. Increase the chances of achieving your overall goals
We all talk about action plans. When you started your study programme, you’ll most likely have had an overall goal in mind. For example: you may have told yourself that in 12 months’ time you want to have achieved your ACCA Advanced Audit and Assurance. By having your exam booked, you can create and follow an action plan to align with your overall goal. Makes sense, right?
You will also receive login details to our online platform with free access for a whole month!
What’s included in the free AAT online course demo?
Included in the free AAT Distance Learning Demo are the first few chapters of the course notes, online lectures, and question bank. The question bank helps to prepare you for the first online assignment as well as being somewhere you can test your knowledge and understanding.
You can also look at exam standard questions from our task bank, mock bank, and then check your answers with a full online debrief by one of our tutors.
You will also receive a welcome email from an AAT tutor and personalised feedback on the one assignment included in the demo.
All this in a Free Demo. You have nothing to lose.
Please note, that this demo is for our AAT Online and Online Live packages only. For self-study packages, you can find out what is included here.
How to book a free AAT Distance learning course demo
Sign up for the free AAT demo below. This is completely free, with no obligation to buy:
We are confident that when you see what we have to offer, you will want to study with us!
When you’re ready to book a full course, see our dates & prices here or book online here.
Got any questions? Speak to a member of our support team on 01425 618124 or email aat@fi.co.uk
Congratulations on achieving 1st place for your CIMA Operational Case Study exam. What do you think was the biggest factor that led to this achievement?
It was a bit of a surprise to me; I honestly had no idea what my result would be. The biggest factor, without a doubt, was completing three mock exams during my FI Online Live course. Although I didn’t do particularly well in them, I was able to learn where I was going wrong. In the days leading up to the case study, I worked through past papers from the CIMA website. I applied my pre-seen material to the past papers so I could replicate exactly what I would write in the exam. I also want to say thank you to my tutor, Nadia; she taught us the exam technique really clearly.
What made you choose a career in accountancy? Was there anything that influenced your decision?
At university, I studied Economics and Politics and was interested in finance, I decided to do a year in industry to see if I liked it. I worked for Disney as a Commercial Finance Intern and gained a broad range of experience. I enjoyed my placement and knew I wanted to pursue finance further. In my final year, I was offered a place on the finance graduate scheme at Imperial College London. CIMA was the obvious choice for me, as I was particularly interested in data analysis and management reporting. During the scheme, I rotate between different departments. So far, I have completed placements with Management Reporting, Financial Accounting and have been shadowing our CFO for the last six months. Through the combination of exams and work experience, I have built up my knowledge of accounting and finance. I am looking forward to seeing where my career will take me.
Over the course of your CIMA qualification, you have studied via FI Online, FI Online Live via an apprenticeship. What was your preferred approach to studying?
I like both, but my preference depends on the exam. The live teaching for the case study is great as it is heavily focused on exam technique. I will definitely use FI Online Live for the next two case study exams. I also like live teaching for the more technical exams, as it’s good to have someone explain concepts to you and the ability to ask questions live. For the core exams, I tend to use FI Online.
Do you have any study tips for other CIMA students? Are there any factors you feel massively impacted your CIMA success?
The best way to get exam-ready is by doing as many practice questions as possible. I use FI’s question bank and mock exams to prepare myself. These are a good way to test how well you know the syllabus, and they show how CIMA tends to word their questions and what they are looking for. From my experience, I think CIMA likes to ask questions about small areas of the syllabus that are easy to miss. Make sure you pay attention to the details, even if it’s just one or two sentences in the study notes.
In my opinion, it’s really important to carry out ‘good quality’ revision. If you can’t focus, it’s better to do something else or take a break. It’s best to come back to it when you’re in the right headspace. Learning what works for you when it comes to studying and revising is vital. I am a morning person, so on the weekends leading up to an exam, I tend to study in the morning and have the afternoon off.
Specifically for the Operational Case Study exam, the hardest part is trying to understand the exam technique. I tried to give myself a formula for the ‘perfect’ answer, based on where I was picking up marks in the mocks. I think the key things are:
Mention the business from the pre-seen material in every single part of each question, even if just by name.
Include obvious points in your answer.
Always reference the material you’re given during the exam.
As a CIMA prize winner, what qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
I started studying CIMA with another provider but moved to FI during the Operational level. FI is easy to get in touch with and has helped me with any queries efficiently. New learners should look for a provider that offers different modes of learning, provides plenty of practice questions and mock exams, and has tutors available for any questions.
How have you been supported by your company and colleagues throughout your studies and how has this contributed your success with CIMA so far?
I am studying CIMA via a Level 7 apprenticeship with FI, so I am lucky that I can do my courses during weekdays as part of the 20% off-the-job learning. I also get some study leave in the days leading up to the exam, which really helps with managing work-life balance. My colleagues are very supportive, and we have a small community of finance trainees at work, all doing CIMA exams, so we help each other out, which is great.
If Izzy has inspired you to start your CIMA journey, you can read more about the CIMA qualification at the links below.
🎯How can setting achievable, realistic goals help you to stay motivated?
Set yourself realistic and achievable goals and objectives. This will encourage you to stay motivated, rather than discourage you with unachievable targets. Generate to-do lists and checklists, giving yourself a sense of direction and purpose.
🗃️What are some effective methods to stay organised, boost momentum and reduce stress during exam preparation?
Create a plan and stick to it. Set yourself interim deadlines and hypothetical exam dates for your self-marked mocks, practicing how to work under pressure and in timed-conditions. This will ease stress when it comes to the real thing. Keep your resources and course notes organised, tidy and easy to access.
🌟How can a reward system help to improve your mental health and maintain motivation whilst studying?
Decide on a reward system individual to you, enabling yourself to be rewarded after completing specific goals and objectives e.g. takeaway, trip to the cinema, drinks with friends. It’s important to acknowledge your hard work and give yourself a pat on a back now and again. Rewarding yourself will motivate you to reach the next goal. Don’t forget, it’s important for your mental health to take regular breaks and have a social life!
😀How can maintaining a positive mindset help with overcoming exam preparation setbacks?
There’s nothing greater than a positive mindset. Focus on your strengths and achievements so far. Learn from your mistakes and remember that setbacks happen to everyone and that everything happens for a reason. Constructive criticism and self-assessment are very powerful tools.
💻📒How can exploring different study methods improve your learning and increase motivation?
Mix it up from time to time, to keep yourself interested and your mind entertained. Alternate between different resources, text books, course notes, pre-recorded videos and practice questions. Take regular breaks in between to keep your mind stimulated and make sure to drink lots of water!
The pre-seen content will be available to students two weeks before the exam. Therefore, the aim of these sessions is to help students understand the activities of the fictional organisation and industry they will write about in the exam. The exam preparation webinar will walk you through the pre-seen information for the specific exam sitting you’re studying towards.
Each webinar session will run 1 week before the exam, at 6pm for 45 minutes. At the end of the webinar there’ll be a 15 minute Q&A session with the tutor for you to ask any questions you have.
To register for the webinar session, click the sign-up link for your exam sitting in the table above and fill in a few simple details.
ACCA SBL Exam – What’s changed and what does it mean for me?
ACCA SBL pre-seen material
The pre-seen material will offer you important contextual information about the case study organisation ahead of the exam. This will help you to understand and apply the additional information presented on the exam day. The exam will allow you to showcase your strategic thinking and professional abilities, as opposed to relying on exam content alone.
A shorter exam
The exam is now shorter at 3 hours 15 mins. Fear not – this doesn’t mean you’ll be rushed! Receiving the pre-seen material in advance means you’ll have time to examine the scenario thoroughly, without the pressure of the clock ticking during the exam.
Other ACCA SBL exam changes
Other changes to the SBL exam include:
Fewer exam exhibits
Compulsory tasks
More of a focus on professional skills
The exam format is still an integrated case study with a role-playing element. This will emphasise the application of knowledge, strategic thinking, business direction, and problem-solving.
The Government has officially announcedthat Level 7 apprenticeships will continue to be government-funded for:
Young people aged 16–21
Individuals under 25 who are care leavers or have an Education, Health and Care Plan (EHCP) at the start of their apprenticeship in England.
These changes will take effect from 1 January 2026.
What Should Employers Do Now?
If you currently employ, or plan to employ, learners on Level 7 training programmes, here’s what you need to know:
No immediate change in 2025
Any apprentice who begins their Level 7 programme before 1 January 2026 will still receive full government funding through to completion.
Support timely progression
If you have Level 4 apprentices nearing completion, we recommend planning for progression to Level 7 as soon as possible. Prompt completion of their current programme will ensure they are eligible to enrol before the 2026 funding deadline.
How First Intuition Is Supporting You
We understand that navigating these changes can be challenging. That’s why we’re actively working to provide guidance and practical solutions to support your organisation.
Webinar 5th June 2025
Key points covered during the session included:
A detailed explanation of the recent Level 7 funding announcement (released on 27th May) and what it means for employers.
Updates on the revised Level 4 standard and new funding band.
Discussion of themes emerging from the 2025/26 Apprenticeship Funding Rules, with a particular focus on the government’s drive for greater flexibility in the use of levy funds.
Reflections on the impact of policy shifts and how they signal a new phase in the apprenticeship system
You can watch the recording of the webinar below and download our slides here.
Developing Solutions:
We’re developing solutions to help you adapt to the new funding landscape. Join us this summer, where we’ll be hosting a webinar event to share these in more detail. Sign-up details coming soon.
Questions and feedback:
Feedback from our clients is crucial during this time – please keep engaging with us so we can shape solutions that truly support you and your learners.
We’d like to thank our clients for your continued partnership. We remain committed to supporting you and your apprentices every step of the way.
Whether you’re just starting out or looking to upskill, this fully funded opportunity is the perfect stepping stone into the world of finance and accountancy. Delivered at our Leeds centre with expert tutors and high-quality materials, the course is designed to give you a strong foundation in bookkeeping principles.
What You’ll Learn:
Introduction to Bookkeeping: Understand the basics of recording and managing financial transactions
Taught by experienced tutors
Includes expert-written course materials
Delivered by an award-winning training provider
Supported by a local customer service team
Who Can Apply?
To qualify for this free course, you must:
Work for a business based in a BD (Bradford) postcode
Provide a work email address
Be new to First Intuition training
Act fast – limited spaces available
This is your chance to gain valuable, industry-recognised skills at no cost to you or your employer.
Course Dates & Times
Attend an AAT Introduction to Bookkeeping in October 2025.
Apprenticeships and the careers that they lead into were skipped over pretty much in the school presentation – an opportunity missed.
We have to do more than this. We have to ensure that in year 12, both students and parents are informed about all the options that lay ahead of them and can make a considered decision.
If you want to be a chartered accountant, especially ICAEW qualified, I would absolutely advise against doing an accountancy and finance degree. Join a school leaver programme – all the top 100 accountancy firms have them.
If you want to work in IT, don’t do a traditional computer science degree; do a systems professional apprenticeship, which many firms now support. And this is relevant for so many other careers as well. If your degree is “job/career related”, there is a great chance that there is an apprenticeship programme that will be far more effective.
A note to parents and students:
Universities are great and have their place, but they’re part of the solution, not the only show in town. If you want the “university experience” really consider what you think that is and compare to joining a firm that has an intake of 40+ other trainees, that has year 2s and year 3s, buddy systems, sports teams, will pay you £50k when you are 23, and give you a globally recognised professional qualification.
A note to sixth form leaders in schools:
Be more focused on careers, on how your sixth formers are going to make a positive impact on our society, not just about working hard for the next stepping stone. Talk about where the stepping stones could get them. If they knew that, then they may decide to take a different route, and you should be pleased to help them get there.
I’m not convinced that the penny has dropped yet, but as more and more traditional “graduate jobs” move to “school leaver jobs”, the grads will realise they have spent 3 more years, £50,000+ and that the jobs they were hoping for have already been filled.
It is up to all of us to help inform the next generation of their options – it’s great to be involved!
Back in March 2025, we asked employers across the FI network to complete a survey to contribute to impartial data on retention, recruitment, benefits and salary paid from different experience levels across England. The report brings together the data from over 200 employers to help employers benchmark salaries and stay informed on the latest trends in accountancy recruitment, retention, skills, and benefits.
Here are the top takeaways from the 2025 Accountancy Salary Guide report:
💷 Salaries on the rise – but with regional disparities
The average salary across all levels of accountancy in England now stands at £32,802.
London remains the highest-paying region, with an average of £39,263, while the Midlands ranks lowest at £29,567.
Those in Industry are paid on average 8.4% (£2,636) more than those in Practice, with the greatest differential for School Leavers
Newly qualified accountants (ACCA, CIMA, ICAEW) earn an average of £41,130, rising to £50,441 for those 3 years post-qualification.
School leaver roles average £19,340, and interestingly, Newly Qualified AATs (£27,903) earn 11% more than graduates (£25,195).
53% of respondents said Audit is the specialism where they have found the greatest increases in salary expectations. Followed by 49% for Tax.
📉 Recruitment and retention remain challenging
Over half of employers (54%) say they’re struggling to recruit, particularly in Practice roles and in the South West.
Employers in Practice have found it more difficult to recruit staff than in Industry (by 41% more)
Newly-Qualified is the job level that the most employers have found difficult to recruit (23%)
First-year trainees are the level of staff that most employers are currently recruiting (37% of employers), however, only 6% of employers have found it difficult to recruit them
Retention is less of a concern, though 18% of employers still report difficulties—mainly at the newly qualified level. However, 54% of employers in the South West said they were finding it difficult to retain staff
Employers are turning to incentives to hold on to staff, with increased salaries and enhanced benefits being the most common retention tool, followed by increased responsibility
🧑🎓 Apprenticeships are gaining ground
70% of employers actively pursue apprenticeship programmes, with Level 7 being the most commonly supported level.
The North West leads in apprenticeship adoption, with 100% of participating employers we surveyed supporting Level 7 apprenticeships.
78% of employers pay apprentices the same as commercial trainees, showing a shift in perception of apprenticeships as equal value career routes.
61% of respondents believe the Level 3 apprenticeship programme could benefit from being shorter, whilst 53% believe the Level 2 could be 59% feel as though shorter duration lower-level programmes would improve the accessibility of apprenticeships
🧠 Skills gaps in digital and communication
The biggest gaps identified in their workforce were in digital accounting and automation (25%) and taxation (23%). There is also a growing skills gap in ESG and sustainability reporting
Employers continue to value verbal and written communication skills the most, but many say entry-level staff fall short—57% feel verbal communication is below expectations 54% feel written communication is below expectations.
The top two skills that employer’s expect are also the two where entry-level employees are most commonly not at the level they are expected to be at
A significant 88–90% of employers say their teams need more training in leadership, data analytics, and AI.
🧍 School leavers outpace graduates
42% of employers now actively recruit school leavers, compared to just 24% targeting graduates.
47% of employers have increased their intake of school and college leavers
More employers in Practice have increased the proportion of their intake made up of school and college leavers compared to Industry
Employers are also increasing their engagement with schools—44% say their school outreach has grown in recent years.
30% of employers still don’t engage with schools as part of their recruitment process
🎁 Motivators and benefits
The most common motivator for staff? Professional development and training, offered by 73% of employers.
Study leave is the most widely offered benefit (84%), followed by flexible hybrid working (81%).
When it comes to rewards, 77% of employers offer a pay rise for strong performance.
🌍 Social causes employers support
Mental health and wellness is the top social issue supported by accountancy employers.
One-third of employers are not actively engaged with social or environmental causes, suggesting further room for growth in this area.
Watch a recording of the key findings being discussed:
Want to get involved in next year’s survey? Contact us at ficambridge@firstintuition.co.uk.
Are you looking to kickstart a rewarding career in finance? Now is the perfect time to take the leap. First Intuition is offering an unmissable deal on the AAT Foundation Certificate in Bookkeeping – for just £750 (inc. VAT), down from £1035! This limited-time offer gives you everything you need to begin your journey into the world of accountancy — with expert support, engaging classroom sessions, and practical skills that open doors to a brighter future.
Why Choose a Career in Accountancy?
Accountancy is one of the most trusted, in-demand professions in the UK. It offers incredible flexibility, job security, and potential for progression. Whether you’re just leaving school, changing careers, or returning to work, accounting and finance skills are always relevant and widely respected.
You can work across industries, from healthcare to fashion, or even go freelance. Roles in accountancy also offer strong salaries, globally recognised qualifications, and the chance to climb the ladder in both practice and business settings.
What’s Included in This Offer?
When you sign up for this AAT-accredited Foundation Certificate in Bookkeeping, you’re not just getting a discounted course — you’re gaining a full learning experience designed for success:
📘 Introduction to Bookkeeping – Build a rock-solid foundation in key bookkeeping concepts.
📊 Principles of Bookkeeping – Understand how to manage and record financial transactions with accuracy.
🏫 Classroom Tuition – Study in person in Leeds or Hull with engaging, hands-on lessons.
👨🏫 Expert Tutor Support – Access to experienced, approachable tutors who are with you every step of the way.
📒 Comprehensive Course Materials – Everything you need to study effectively and pass with confidence.
Tuition for Leeds and Hull courses starts in May 2025, and places are limited.
How to Book
To book a place on this course in Leeds or Hull, select your study centre and email our friendly team.
Introduction to Bookkeeping – 28th May, 3rd, 10th, 17th June 2025
Principles of Bookkeeping – 30th July, 6th, 13th August 2025
Leeds AAT Course Dates
Introduction to Bookkeeping – 12th, 19th, 26th June, 3rd July 2025
Principles of Bookkeeping – 31st July, 7th, 14th August 2025
Classroom tuition takes place from 9:30 am – 4:30 pm.
Next Steps – First Intuition’s Free Recruitment Service
If you are looking to start an accountancy apprenticeship in September, our expert team could help. First Intuition Yorkshire and Humber offer a free recruitment service to help local employers find the best talent. We use our extensive network and 10+ years of expertise in training accountants to consult, advertise, screen, and advise potential candidates.
For more information or to enquire about the Apprenticeship Recruitment Service, please contact our team at bd.yorkshire@fi.co.uk.
Why Choose First Intuition?
First Intuition is a multi-award-winning professional education provider with centres across the UK. At our Yorkshire and Humber locations, we pride ourselves on delivering:
A personal, student-first approach – You’re not just a number; we know your name, your goals, and how to help you succeed.
Expert tutors with real-world experience – Learn from professionals who’ve worked in the industry and know what it takes.
Support that goes beyond the classroom – From flexible learning options to wellbeing resources, we’re with you throughout your journey.
Outstanding success rates – Our students regularly exceed national averages in exam results and progression.
What Our Students Say
“First Intuition has been the best decision I’ve made for my career. The tutors are incredible, the classes are engaging, and I felt supported from day one.” – Former student, Leeds
“I loved the structure and flexibility. I felt prepared, confident, and part of a real learning community.” – Student, Sheffield
“We received a variety of discussions from our clients throughout the two days,” said Tim Howes, Client Director at First Intuition. “Everything from funding to career changes, as well as clients from some of our competitors asking why we are different and more on what we do.”
Supporting Careers and Shaping Conversations
The Talent Theatre proved a popular platform, giving First Intuition the space to highlight real stories and challenges within the industry. Sessions tackled pressing topics including apprenticeship funding, career transitions, and the future of accountancy – all led by experienced professionals and industry leaders.
“We’ve received lots of positive feedback from our students – many of whom have gone on to forge successful careers in the accountancy world,” Tim added.
Insight, Impact and Industry Engagement
Accountex 2025 wasn’t just a chance to connect with new audiences – it was a strategic moment for listening and learning. “This event is a massive part of giving back to the accountancy community, as well as gaining insights from within the industry,” added Tim.
From a branding perspective, the event also helped First Intuition amplify its message to businesses and learners across Essex. “The Talent Theatre enables us to have a wide range of topical discussions and gain feedback from people within the industry about what matters to them.”
Looking Ahead
The strong interest in funding conversations highlighted a key area for ongoing engagement. “We know, moving forward, we need to continue to communicate this with our clients,” said Tim. First Intuition’s presence at Accountex 2025 has laid the groundwork for deeper relationships, smarter solutions, and continued success across the accountancy sector.
Digital transformation is reshaping the finance function, challenging traditional processes and redefining the role of the finance professional. These resources bring together expert perspectives on the tools, trends, and thinking that are influencing the future of the profession.
DIGTAL FINANCE RESOURCES
What are the key differences between ACCA, CIMA, ICAEW, and AAT?
CIMA (Chartered Institute of Management Accountants) is the awarding body, and CGMA (Chartered Global Management Accountant) is the name of the qualification, as well as the designation you will earn on completion of your qualification. There are various routes to obtain your CGMA qualification and we can help guide you as to the best one for you.
Registering as a CIMA student
Once you’ve made the decision to pursue the CGMA qualification, the first step is to register as a student. This registration process grants you access to a wealth of CIMA resources and means you can sit exams when you’re ready to. Here’s how you can get started:
Visit the CIMA Website: Once you’ve decided to study CIMA’s CGMA qualification, you can create an account.
Answer a few questions to find out if you have any exemptions (see below for more information on exemptions).
Select your qualification path: CIMA offers several CGMA qualification paths. If you’re starting at the beginning, the entry point is the Certificate in Business Accounting. If you have relevant qualifications or exemptions, you might enter at a higher level. Review the qualification options and choose the one that suits your background and career goals.
Complete and submit your application: After completing your registration, you’ll receive a unique student number, which you should share with your chosen training provider as soon as you can.
Begin your studies!
Understanding the CGMA qualification
Understanding the CGMA qualification structure is essential to map out your journey effectively. Here are some key points to consider:
There are three main study methods at First Intuition, all designed to help you get the most out of your study time. Find out more by clicking the links below:
CIMA FLP: The Finance Leadership Programme (FLP) is a digital-first pathway to completing the CGMA qualification, including all the resources you need to earn exemptions for the OT papers. With the FI FLP learning and assessment model, students will only have the Case Study exams to complete. Find out more.
Exemptions
If you have previous qualifications or a relevant degree, CIMA may award you exemptions from certain CGMA exams. The availability of exemptions depends on your academic background.
To find out which level you need to start at, based on your qualifications and work experience, you can create an account and register with CIMA. After entering your qualifications and number of years work experience, you’ll be informed of the level of entry for CGMA. At this point, you can either continue and complete the full registration, or simply log off during the registration process.
Should I claim my exemptions?
When deciding whether to claim exemptions, think about factors such as the depth of your knowledge as well as your career goals. Claiming exemptions can accelerate your progress, but it’s important to have a strong foundation in the subject matter before you decide to skip any exams. Contact us for advice if you’re uncertain about claiming exemptions.
Practical experience
As part of CIMA’s CGMA qualification, you must gain practical experience through relevant work in a finance role. This practical experience is known as the Practical Experience Requirement (PER).
The deadline for submitting your membership and PER application is 30th September of the fourth year after you pass your final exam. Visit CIMA’s website to find out more about PER.
Balancing work and study
Many CIMA students choose to study while working, which can sometimes feel like a juggle. Here are some tips to help you maintain a healthy work-study balance:
Use available resources: Make use of CIMA’s CGMA study resources and consider enrolling onto a CIMA-approved training provider’s course to benefit from structured learning and expert tutor guidance. Find out more about CIMA courses at First Intuition.
Break it down: Divide your CIMA course material into manageable chunks and set specific and achievable goals, such as a date for your next exam. This approach will help you stay motivated whilst making steady progress.
Seek support: Join social media groups or use online forums to connect with fellow CGMA students. Working with others can enhance your learning experience and make you accountable. For example, if you’ve told your study group you’re sitting an exam on Monday, you’re more likely to study hard to pass that exam!
Maintain a good work-life balance: Set aside time to relax, exercise, and spend time with friends and family to support your wellbeing and avoid burnout. Studying for a professional qualification is challenging, but by making time for other activities in the week, you’ll stay focused and stick to your study plan.
What are you waiting for?
Starting your CIMA journey is a big step towards a rewarding career in management accounting and business finance. By following the steps outlined in the above guide, you’re setting yourself up for exam success.
Remember, dedication, goal-setting, and effective time management will be your allies on this exciting path to becoming a qualified CGMA professional. First Intuition is here to support you every step of the way. Contact us today for more information on how to get started, your exemptions and which study method will suit you best.
Mock exams are a key part of the FI educational model. They are assessments FOR learning, rather than assessments OF learning. As these are a key part of your learning journey, we mark and return your script in a matter of days. Therefore, you can review your marked script against our model answers/any debriefs, with the assessment still fresh in your mind. Taking time to carry out this review is beneficial, no matter your result.
What are our mock exam markers doing?
Our markers are here to help you improve your skills. To get your marked mock exam back to you efficiently, our markers will notspend time seeking for your workings. Nor will they try to find you an odd half mark, here or there, as they are not trying to get you to a passing grade. They aim to help you improve. So, at this stage, missed half marks are not important. The important thing is that you attempted the assessment under exam conditions and now know what you need to do to improve.
What sort of feedback can you expect on your mock exam?
It’s useful to submit a script that has been attempted under exam conditions. You’ll benefit from someone else’s perspective on the quality of your script and what you could improve upon. Our markers will aim to make a couple of comments regarding what you need to do to improve your score.
However, if your presentation is poor, the marker will likely comment on that. This may be something you didn’t notice and can work on. If our marker found your script hard to mark, so will the real examiner. Therefore, you may not score all the marks that you might have done had your work been well-presented.
Why do markers advise students to review the model answer?
If you’ve misunderstood part of a question, the best advice a marker can give is to review the model answer and any debriefs. The model answers and debriefs are an important element of our learning resources.
However, sometimes the best advice a marker can give you is to ‘review topic X in your notes’. We strongly recommend you take this on board, as this is advice from an expert. Sometimes, the marker may comment on your time management if you did not complete a paper. Crucially, this is a high-level comment that you need to think about. Learners who do not finish professional mock exams rarely pass them.
How do mock exam markers award marks?
When reviewing the comments and marks awarded by the marker, it’s worth noting that if you have given a very strong answer there will be little to comment on, other than highlighting points that may have been missed – this may just be through a reference to the model answer. Equally, if an answer is incomplete or doesn’t demonstrate understanding of the concepts, the best course of action would be to review the model solution and your course materials for that area.
Why didn’t you get ‘own figure’ or ‘follow through’ marks?
For numerical answers, markers should award follow-through marks. However, if you’ve done something obscure, they may miss these. In the real exam, the markers have weeks to mark and many opportunities to discuss each script. The real exam is the assessment of learning, rather than the assessment for learning to build your skill.
Well done for attempting mock exams to time. We consistently see that learners who attempt all assessments achieve higher pass rates than those who don’t.
Where: First Intuition Gatwick, Crown Plaza Hotel Gatwick, 90 Langley Drive, Crawley, RH11 7SX
At our Open Day, you will get the chance to find out about:
✓ Who First Intuition are and why we are an award-winning training provider.
✓ Find out about our AAT Level 3, AAT Level 4 and ICAEW qualifications at FI Gatwick.
✓ Have a Q&A with our tutors to find out any burning questions you may have.
✓ If you are an employer, you’ll be able to find out how FI can support your team.
We hope you can join us for this Gatwick Open Day to get the opportunity to speak to real tutors.
If you can’t make the day but would like to have a chat with one of our team about our qualifications, please click here, and we’ll get in touch!
Want to view our upcoming course dates and prices? Click here.
Employer Information: AAT & ICAEW Apprenticeship Options at First Intuition Gatwick
At our FI Open Day, you will learn about the multiple funding options that are available under the apprenticeship route. This will include levy and non-levy funding.
Apprenticeship Programmes
You will learn about our AAT Level 3, Level 4, and ICAEW Level 7 programmes available under an apprenticeship programme. This will include information for both levy and non-levy employers.
Within an apprenticeship programme, students will get expert support throughout their full qualification. Alongside our classroom courses, students will receive a skills coach to support them through their apprenticeship and attend our impact skills days. Our impact skills programme is designed to help students to develop all the skills they will need for work in a modern environment.
What is covered during the CIMA revision sessions?
Each session is available to any CIMA student and will be recorded to watch on demand if you can’t make the live webinar. Sign up for the webinars to receive a link to the recording, or watch any previous session using the links below. The sessions include:
A presentation from an expert tutor, recapping key points from the syllabus area.
Example objective test questions that the tutor will work through live, demonstrating how to answer them.
An opportunity to attempt questions with the tutor’s expert guidance.
Why are we running CIMA revision sessions and who are they for?
These sessions are aimed at students looking for extra revision and support with their CIMA studies.
Whether you’ve yet to attempt your exam, or are preparing for a resit, these revision sessions will provide you with additional question practice, a chance to ask questions and solidify your knowledge.
When do the revision sessions take place?
CIMA revision sessions will run for 45 minutes, from 12.30pm to 1.15pm.
How to register for a CIMA revision session
To register for a revision session, click on the ‘register’ button below. You’ll be taken to a registration page on Adobe Connect to sign up.
There are no CIMA Revision sessions currently scheduled. Please keep an eye out for further updates – watch the recordings of previous sessions below.
Watch recordings of previous CIMA revision sessions:
A webinar focussing on basic and more advanced variance calculations (including mix / quantity variances and planning / operational variances).
The session will include exam technique guidance and question practice.
CIMA F3 – Weighted Average Cost of Capital with Pete Hanslip | Watch Recording
A webinar focussing on advanced WACC calculations (including de-gearing and re-gearing betas and the M&M cost of equity and WACC formulas using the ungeared cost of equity).
The session will include exam technique guidance and question practice.
CIMA F2 – Revenue Recognition with Dan Gaukrodger | Watch Recording
A webinar focussing on theory regarding Revenue Recognition (including, Input vs Output methods, IFRS 15, Buy now, Pay Later, Accounting for Revenue, Recognition and Transactions).
The session will include exam technique guidance and question practice.
CIMA F3 – Interest Rate Hedging with Pete Hanslip | Watch Recording
A webinar focussing on theory regarding Interest Rate Hedging (including, Swaps, Forward Rate Agreements and Interest Rate Futures).
The session will include exam technique guidance and question practice.
CIMA P1 – Activity Based Costing (ABC) with Gavin Pidgeon | Watch Recording
A webinar focussing on theory regarding Activity Based Costing (including, relevancy, steps in approaching ABC, analysis and advantages and disadvantages).
The session will include exam technique guidance and question practice.
CIMA P2 – Transfer Pricing with Adam Turner | Watch Recording
A webinar focussing on theory regarding Transfer Pricing (including, objectives, approaches and why transfer pricing is needed).
The session will include exam technique guidance and question practice.
CIMA P2 – Divisional Performance with Adam Turner | Watch Recording
A webinar focussing on theory regarding Divisional Performance (including, ROI, RI and EVA ).
The session will include exam technique guidance and question practice.
A webinar focussing on theory regarding Risk Management (including, Maximax, Maximin & Maximax regret, expected values, value of perfect info and sensitivity analysis).
The session will include exam technique guidance and question practice.
A webinar focussing on theory regarding FX Hedging (including, recap of Foreign Exchange and FX Hedging techniques, forwards, money market hedges and futures).
The session will include exam technique guidance and question practice.
CIMA P1 – Breakeven Analysis with James Bratton | Watch Recording
A webinar focussing on theory regarding Breakeven Analysis (including, breakeven analysis theory, breakeven revenue, target profit and breakeven charts).
The session will include exam technique guidance and question practice.
CIMA F2 – Group Accounting with Evie Halliwell | Watch Recording
A webinar focussing on theory regarding Group Accounting (including, what group accounts & why they’re needed, soFP, goodwill and NCI calculations, retained earnings, proportionate and full fair value calculations).
The session will include exam technique guidance and question practice.
A webinar focussing on theory regarding Valuations (including, a recap of key valuation, asset, earnings, dividend and cash flow valuations).
The session will include exam technique guidance and question practice.
CIMA P1 – Limiting Factors with James Bratton | Watch Recording
A webinar focussing on theory regarding Limiting Factors (including, calculations, single limiting factors and multiple limiting factors).
The session will include exam technique guidance and question practice.
CIMA F2 – Financial Instruments with Lauren Russell | Watch Recording
A webinar focussing on theory regarding Financial Instruments (including, recognition and initial measurements, financial assets, financial liabilities, amortised cost, fair value through profit/loss, derivatives and compound instruments).
The session will include exam technique guidance and question practice.
CIMA P2 – Pricing and Straight-line Demand Equation with Adam Turner | Watch Recording
A webinar focussing on theory regarding Pricing and Straight-line Demand Equation (including, relationship between price and demand, 4 steps to conquering optimum pricing questions and pricing scenario).
The session will include exam technique guidance and question practice.
CIMA F3 – Mergers and Acquisitions with Pete Hanslip | Watch Recording
A webinar focussing on theory regarding M&A (including, calculating the price to pay for a target company, determining goals from acquisition and the impact of M&A on key ratios).
The session will include exam technique guidance and question practice.
Looking for a CIMA course?
Find more exam tips and advice for CIMA students on the FI Hub.
Congratulations on being chosen for First Intuition’s Apprentice of the Quarter Award for March 2025. What do you think was the biggest factor that led to your apprenticeship success this quarter?
Thank you! I think prioritising study where I’ve needed to outside of my study day each week has been important for making sure I pass my exams and progress through the apprenticeship. I’ve tried to maintain a positive attitude and ensure I feel confident and ready before booking my exams.
Was there anything that triggered your decision to choose a career in accountancy?
I studied History at university but ended up working as an analyst and discovering an interest in finance and analysis, before moving into the public sector. I’ve worked in different areas of government finance for almost 4 years now, and I wanted to make sure that I have the skills and capability to progress in my career. Finally undertaking a qualification felt like the next big step for me, and I look forward to seeing where it takes me.
What was your preferred approach to studying CIMA?
I prefer to study independently and figure things out for myself through practice questions, which First Intuition offers plenty of.
How has your company and colleagues supported you throughout your apprenticeship so far? How has this contributed to your success with CIMA?
My organisation and colleagues have been very supportive, many of my colleagues have been through a similar programme for their own qualifications, and I know they would help me if I needed any extra support.
Colleagues being understanding and respectful of my allocated study time made a massive difference to being able to pass my exams! Having a dedicated period of several hours to study each week makes a huge difference.
You’ve overcome several challenges throughout your CIMA apprenticeship, showing your strength and resilience. Do you have any study tips for other students and apprentices?
Be strict and efficient with your time and recognise that you’ll need to dedicate plenty of time outside of work/study hours, particularly in the weeks leading up to an exam. Practice questions are the most efficient way to fully understand a topic.
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
Flexibility and ability to adapt to your style of learning and quality of resources and materials available through the tuition provider, particularly practice exam questions.
How do you feel the CIMA apprenticeship route has benefitted you, and what has it added to your study experience and professional development?
The most significant benefit has been having a formal allocation of time in which to study during my contracted hours – it would have been extremely challenging balancing study alongside work without this.
Do you have any goals/plans in mind for when you finish your CIMA apprenticeship?
I’ll be starting my L7 apprenticeship in the summer, so I’ve still got several years of study ahead of me! I look forward to exploring different roles in Finance in the future and learning more about what I find fulfilling.
Our workshops are delivered in person and designed to be highly practical, providing delegates with valuable, hands-on insights they can immediately apply in their workplace. Each half-day workshop counts as 3 hours of CPD, offering 6 hours for a full-day session
Hot Topics
These workshops provide cutting-edge insights and practical strategies on current business challenges. These sessions address the most pressing challenges and opportunities, equipping participants with the skills to drive innovation and enhance performance. Additional topics will be introduced as needed to address emerging trends and business challenges.
Sustainability for SMEs: What is sustainability and why is it important? Understand the impact of climate change and biodiversity loss on businesses, identify benefits of sustainable initiatives, and foster a positive mindset for change.
Sustainability for SMEs: Starting your organisation’s journey – how to implement a sustainability strategy Understand global and national initiatives to reduce emissions and improve biodiversity, identify scope 1, 2, and 3 emissions, measure a business’s carbon footprint, and develop sustainability strategies.
Financial Intelligence for Non-Finance Managers: Understanding Financial Statements Develop the ability to read and interpret financial statements, empowering non-finance managers to make well-informed decisions and contribute to your organisation’s financial health.
Financial Intelligence for Non-Finance Managers: Budgeting Essentials Acquire essential budgeting skills, enabling non-finance managers to plan and manage resources effectively and contribute to your organisation’s financial goals.
Getting Going with AI Gain an understanding of the basics of AI, its workplace applications, and the importance of ethics and governance. Learn how to use AI to improve operations, make better decisions, drive innovation, and ensure ethical practices for more effective leadership in a rapidly changing world.
Digital Skills and Management Essentials Workshops
Click the buttons below to find out more about our Digital Skills and Management Essentials workshops – and how they can support you and your team
Want to learn more about our digital, leadership and management training?
Are you interested in developing your knowledge? First Intuition host FREE bite-size Digital, Leadership and Management sessions. Each session features guest panellists from companies to discuss hot topics in technology for accounting and finance and leadership and management.
This is a great opportunity to learn from our expert tutors on the topics your company is facing today, as well as hearing first-hand how companies have successfully adjusted and implemented changes in response to the rapidly evolving field of accountancy.
Management Essentials workshops equip you with critical skills in emotional intelligence, self-awareness, people management, team building, cultural understanding, and change management. These sessions provide you with the tools you need to foster a resilient, inclusive, and high-performing workplace.
Our workshops are delivered in person and designed to be highly practical, providing delegates with valuable, hands-on insights they can immediately apply in their workplace. Each half-day workshop counts as 3 hours of CPD, offering 6 hours for a full-day session
Self-Development
Emotional Intelligence and Self-Reflective Strategies for Growth
Enhance your self-awareness, decision-making, emotional intelligence, and sustainable leadership skills to foster a resilient and responsible workplace culture.
Self-Awareness and Personal Development for Growth
Enhance your self-awareness, working styles, and personal development through self-assessment, reflection, and CSR integration, fostering continuous growth and effective teamwork.
Boosting Personal Impact and Collaboration
Develop critical thinking, personal branding, cross-generational communication, and time management skills to enhance your decision-making, innovation, and teamwork.
Elevating Personal Effectiveness and Inclusive Leadership
Develop strategic thinking, ethical decision-making, inclusivity, and networking skills to build your resilience, adaptability, and ability to create a positive work environment.
Understanding Culture and Structure
Master organisational dynamics and leadership to drive sustainable success and positive cultural change.
Developing Skills, Trust, and Team Synergy
Gain an understanding of essential leadership skills, the importance of trust and respect, and strategies to strengthen team synergy. Learn how to evaluate and develop your leadership skills, build a culture of mutual trust and support, and analyse successful leaders’ techniques.
People Management
Effective People Management for Nurturing Safe Environments, Individual Growth, and Continuous Learning
Enhance your emotional intelligence, adapt your leadership style, and set SMART goals to foster psychological safety, team collaboration, individual growth, and continuous learning.
Effective People Management through Feedback, Coaching, Conflict Resolution, and Delegation Techniques
Elevate your team’s performance through effective feedback, coaching, conflict resolution, and delegation techniques. Focus on cultivating team growth, resolving conflicts, empowering through delegation, and building resilient teams.
Building and Leading Exceptional Teams
Explore effective team management strategies, lead diverse and remote teams, and achieve team balance and growth through strategic recruitment and capability assessment.
Enhancing Team Performance through Coaching and Development
Enhance your people management, mentoring, and coaching skills, foster collaboration and inclusion, and achieve team balance and continuous growth through practical approaches and strategic recruitment.
Leadership Excellence
Leading through Change
Effectively manage organisational transformations, enhance your team’s resilience, and drive sustainable success through practical change management strategies and adaptive leadership skills.
Mastering Stakeholder Relationships
Master stakeholder relationships by identifying key stakeholders, developing effective communication strategies, building trust, navigating conflicts, and implementing successful engagement plans.
Digital Skills and Hot Topics Workshops
Click the buttons below to find out more about our Digital Skills and Hot Topics workshops – and how they can support you and your team
Want to learn more about our digital, leadership and management training?
Are you interested in developing your knowledge? First Intuition host FREE bite-size Digital, Leadership and Management sessions. Each session features guest panellists from companies to discuss hot topics in technology for accounting and finance and leadership and management.
This is a great opportunity to learn from our expert tutors on the topics your company is facing today, as well as hearing first-hand how companies have successfully adjusted and implemented changes in response to the rapidly evolving field of accountancy.
Why FI tutors believe in the power of mock exams
In this video, Tutors Ginny Bradwell and Sarah Wakefield explain exactly how taking a mock exam improves your chance of a pass. Based on years of teaching and watching students build exam technique, they discuss the way in which mock exams help students to apply their syllabus knowledge and put themselves in the shoes of the examiner.
The mock result does not matter – it’s all in the practice
Whether you pass or fail a mock exam, your chances of passing the real exam are the same. We’ve found that simply attempting the practice exam and experiencing exam conditions is enough to significantly boost your chance of a pass. We have seen this in every exam sitting for every qualification over the past 5 years. Our student pass rates show that by attempting two mocks, FI students are 78% more likely to pass the real thing – a stat that can’t be ignored.
Why do mock exams work?
Whilst the exam results speak for themselves, hearing from some of FI’s most successful students helps us to understand exactly why mock exams have this impact. CIMA prizewinner, Eleanor, explains that attempting mock exams allowed her to spot gaps in her knowledge, or instances where she had not read the question properly:
“Having three mocks with feedback really helps to cover a lot of the course and identify where my knowledge was lacking. Or indeed, where I had not read the question properly.” – CIMA Prizewinner, Eleanor Tapia.
Eleanor achieved the highest mark worldwide at Operational Case Study. Read her full interview to learn more about her exam technique and study experience: How to become a CIMA prizewinner.
ICAEW Quilter prizewinner, Alison Gamble, who received this award for her Corporate Reporting ICAEW exam, whilst working as an apprentice for HW Fisher LLP says:
“I found mocks invaluable to my learning experience as they would either motivate me to spend more time on a particular area, or prove that I was on the right track.”
Whilst simply attempting mock exams and experiencing timed conditions is proven to boost exam success, what you do after practising questions can make a real difference to your exam result. Mock exams can be a tool to identify which syllabus areas to focus revision efforts on.
Ali, who achieved an ACCA Gold Medal and the highest marks worldwide at Strategic Professional level, explains this key study technique:
“I attempted all questions in full, under timed conditions from the outset. Then, I’d give myself unrestricted time during the self-assessment phase to re-attempt segments and create notes.” – Ali Ahmet, ACCA Gold Medal Prizewinner
Rachel won the ACCA Gold Medal prize for her performance in her Strategic Professional level exams. She explains the important role question practice played in her exam preparation routine:
“I would write out notes in my own words, which would help me to absorb the information, and then practise all of the questions in the question bank, making sure to revisit any areas that I struggled with.Question practice is key to passing these exams and think it is essential to do at least one mock exam under timed conditions.” – Rachel Ilott, ACCA Gold Medal Prizewinner
You can learn more about Ali’s and Rachel’s study techniques and experiences below:
Standalone mocks are available for ACCA students as part of Question Based Days or Online Final Mocks.
AAT Online Mock Bank packages can be attempted at any time and anywhere.
We wish you the best of luck in your next exam.
Every session brings together a vibrant room of experienced professionals who share invaluable real-world insights. It’s a brilliant way to pick up new perspectives and best practices that you simply can’t get from a textbook or a YouTube video. Not only that, but these sessions massively support my Continuous Professional Development (CPD) in key areas like communication, professionalism, and self-confidence—skills that are critical for career success but often hard to develop just through day-to-day work.
Sales Club – It’s not just about learning
Sales Club isn’t just about the learning; it’s also about the connections. Each session offers time to network before and after, allowing me to meet like-minded individuals across a wide range of industries. These conversations have helped me build a support network I can turn to for advice—and more importantly, taught me the art of confident, professional communication with people I’ve never met before. It’s the kind of soft skill that makes a huge difference in the real world.
Ultimately, attending Sales Club has given me opportunities I wouldn’t find anywhere else. The skills I’ve developed, the confidence I’ve gained, and the professional connections I’ve made are already proving invaluable—and I know they’ll continue to support my journey long after my apprenticeship is over.
If you’re serious about taking your skills (and your career) to the next level, trust me—Sales Club is a secret weapon worth having.
As part of this ongoing work, LSIP is launching “The Education Landscape – A Guide for Essex Employers”, a new resource to help local organisations better understand and navigate the skills and training ecosystem.
The roundtable isn’t just talk—it’s action. It gives employers a platform to voice the challenges they’re facing, from attracting new talent to upskilling existing teams, and to influence how training and policy adapt to meet those needs.
Reflecting on the most recent event, Jo Giles from Essex Chambers of Commerce commented:
“Employers must remain central to the discussion. It is through such events that policy and, crucially, language can be held accountable. We must always remember ‘The Why,’ enabling employers to help shape ‘The What’ and ‘The How.’ Thank you immensely for hosting. There is much to reflect upon.”
A big thank you to everyone who attended and contributed to this important dialogue in March. These are not just discussions—they’re building blocks for a more skilled and future-ready Essex.
If you’d like to be part of the next session, please get in touch with Leah Holdeman, Head of Sales and Marketing Essex at First Intuition, via leahholdeman@firstintuition.co.uk.
Leveraging Data & Analytics: Getting Started with Power BI for Effective Decision Making
8th & 15th October 2025 – 09:30-12:30
£495 + VAT
Key learning objectives and course contents: whether you are creating reports for your team or your clients, in this two-part online live programme you will learn the essentials from importing and transforming data to designing interactive reports and sharing them with stakeholders. Our course is tailored specifically for accounting and finance professionals to equip you with the skills to leverage Power BI effectively in your role.
Don’t yet have Microsoft Power BI? You can download the Desktop version for free, which is sufficient for this course.
CPD hours: This course is eligible for 5 hours of Continuing Professional Development (CPD), including compliance with the new regulations set by ICAEW, effective from 1 November 2023.
Maximum class size: secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants, allowing you the opportunity for tailored personalised training.
Leveraging Data & Analytics: Mastering Data Transformation with Power Query
Key learning objectives: discover how to automate routine processes such as month-end reporting, saving days each time the task is repeated.
Key course contents: this two-part online live programme provides the core Excel skills, including Tables, Power Query and Charts, for finance professionals to manage information, convert information into data and build reports and dashboards which can be updated through automation.
Not used Power Query before? Power Query is available in Excel via Get Data in the Data Ribbon.
CPD hours: this course is eligible for 5 hours of Continuing Professional Development (CPD), including compliance with the new regulations set by ICAEW effective from 1st November 2023.
Maximum class size: secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants, allowing you the opportunity for tailored personalised training.
To watch a demo of Power Query watch the video below:
“In 2020, Power Query users estimated they saved from 22 to 89 working days per year (average 76 days)”
Navigating Digital Transformation and the Future of Work
Key learning objectives and course contents: develop an essential understanding of digital transformation in this non-technical half-day course, including the use of automation, machine learning and artificial intelligence, and data visualisation. Use this knowledge to adapt to rapid technological change, embrace the future of work, and guide teams through digital transformation to ensure organisational resilience and agility.
CPD hours: this course is eligible for 2.5 hours of Continuing Professional Development (CPD), including compliance with the new regulations set by ICAEW effective from 1st November 2023.
Maximum class size: secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants, allowing you the opportunity for tailored personalised training.
Mastering the New Normal: Digital Skills and Strategies for Successful Managers
Key learning objectives and course contents: understand the skills, mindset and roles required to overcome the barriers and pain points to digital transformation in this non-technical half-day course. Build essential digital skills and adopt effective strategies to excel in remote or hybrid work environments, leveraging technology to enhance team performance, collaboration, and overall organisational success.
CPD hours: this course is eligible for 2.5 hours of Continuing Professional Development (CPD), including compliance with the new regulations set by ICAEW effective from 1st November 2023.
Maximum class size: secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants, allowing you the opportunity for tailored personalised training.
Hot Topics and Management Essentials Workshops
Click the buttons below to find out more about our Hot Topics and Management Essentials workshops – and how they can support you and your team
Want to learn more about our digital, leadership and management training?
Are you interested in developing your knowledge? First Intuition host FREE bite-size Digital, Leadership and Management sessions. Each session features guest panellists from companies to discuss hot topics in technology for accounting and finance and leadership and management.
This is a great opportunity to learn from our expert tutors on the topics your company is facing today, as well as hearing first-hand how companies have successfully adjusted and implemented changes in response to the rapidly evolving field of accountancy.
Understanding the latest trends and best practices in the accounting industry is crucial for staying competitive. That is why in a special employer-focused FITT Forum, FI offered an exciting preview of the key themes, expert speakers, and innovations they will be bringing to The Talent Theatre at Accountex— a brand-new feature curated by FI for two action-packed days of insight, inspiration, and forward-thinking discussion.
In this session, First Intuition colleagues, along with expert speakers, discussed:
The key themes and topics that will be covered in sessions in the FI Talent Theatre across the two-day expo
A taster of what will be discussed across the speaker sessions at Accountex, including ‘WTF – Where’s the funding’, ‘Unlocking Data Potential: Strategies to Attract Staff, Clients and Future Investment’, and ‘The Future-Ready Business: Leveraging Technology for Talent Growth and Digital Transformation’
Heard from the organisers of Accountex about the event and what employers or their colleagues can gain from attending
The Talent Theatre: Spotlighting the Future of Accountancy
This year, First Intuition is proud to host The Talent Theatre, showcasing the evolving face of the accountancy profession. From skills development and recruitment to leadership, sustainability, and digital transformation, the Talent Theatre aims to explore how firms can stay ahead in a changing landscape. Key themes include:
Funding and Investment: The provocatively titled session “WTF – Where’s the Funding?” will explore the evolving funding landscape and how businesses can future-proof themselves financially.
Unlocking Data Potential: Experts will unpack how firms can leverage data not just for analytics, but to attract staff, clients, and investors.
Future-Ready Business: With the rise of AI and digital tools, this session examines how businesses can use technology to drive growth and talent retention.
What to Expect at Accountex
Caroline Hobdon, the Event Director at Accountex, described Accountex as “the best and busiest industry event”. With over 11,000 visitors, 300+ exhibitors, and 12 seminar theaters, it promises unmatched opportunities to connect, learn, and discover new tools. Noteworthy features this year include:
“All You Say” audio streaming – giving attendees crystal-clear access to sessions via personal headphones
A Solo Traveller Lounge – for those attending alone, helping make meaningful connections
A Quiet Room – providing space to recharge during a packed schedule
The LinkedIn Lounge and Content Creation Clinic – for those looking to network, build their personal brand, or boost visibility
Session recordings – available after the event, so you won’t miss out even if you can’t attend everything live
Insights to Expect from the Experts
FI will be joined by an impressive lineup of speakers, including industry leaders such as Lord Bill Amoria, Michael Itza, and experts from ACCA, AAT, ICAEW, UCAS, CMI, and CBI.
Felix Mitchell, Co-CEO of Instant Impact, will dive into global talent megatrends, examining demographic shifts, Gen Z expectations, and the influence of AI on workforce planning.
Becky Glover, an experienced accountant and board member, will reflect on generational differences in the workplace, growing demands for sustainability, and the role of digital transformation in modern finance roles.
Aaron Westgate, from FI, will share insight on how sustainability is becoming as fundamental to accounting as ethics once was. With carbon accounting growing and frameworks like TCFD and CSRD gaining traction, there’s a strong call for upskilling in green finance.
Learning & Networking Opportunities
Offers a rich mix of content, from tax and tech to recruitment and neurodiversity.
First-time attendee-friendly – Solo traveller lounge and quiet rooms help make networking and breaks more comfortable.
Ideal for both practitioners and in-house finance teams, with a noted balance of 2/3 practice and 1/3 industry professionals.
Encourages meaningful conversations and connections, even for those attending alone.
Views about Accountex from Speakers
Viewed as “the best and busiest” industry event — buzzing yet welcoming, with a positive, inclusive atmosphere.
Regarded as an essential calendar event for professional development, especially by ACCA and other leading institutions.
Offers valuable free CPD opportunities, with recorded sessions available post-event.
Becky Glover: Emphasized the event’s welcoming vibe and offered practical tips (e.g., comfortable shoes, regular breaks).
Louisa Matheson: Highlighted excellent networking, easy navigation between theaters, and a “buzzing but structured” event experience.
Gemma Gathercole (ACCA): Called Accountex a “valuable opportunity to hear from experts” and share new insights on talent trends.
Don’t Miss Out
Accountex 2025 promises a rich blend of CPD, conversation, and cutting-edge insight. From evolving talent trends to game-changing tech and sustainability practices, the FI-curated Talent Theatre is the place to be!
Wednesday, 14 May 2025, 9:30 am – Thursday, 15 May 2025, 4:30 pm
Address: Accountex, ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL
Why choose us for your digital, leadership and management training
At First Intuition East Anglia, our philosophy is that exceptional professionals possess a strong foundation in three core competencies: technical skills, digital skills, and ‘impact’ skills, i.e. essential soft skills.
“The Leveraging Data & Analytics: Mastering Data Transformation with Power Query course is by far the most valuable course I’ve done in my whole career in terms of implementing in the workplace to create real-time savings and efficiencies”
What makes our training stand out
Flexible workshop options – Dynamic half-day workshops delivered face-to-face, allowing you to mix and match sessions of management essentials, digital skills and hot topics to suit your needs (morning, afternoon, or full day).
Certificate of attendance for CPD and optional CMI accreditation: Foundation Chartered Manager status (fCMgr).
Expert trainers – Senior personnel, directors, and subject matter experts deliver high-quality instruction with a focus on actionable takeaways.
Post workshop tasks (Optional) – Participants can effectively apply their newfound knowledge to their workplace, resulting in tangible improvements in professional performance.
“Thank you so much for today’s session, I genuinely really enjoyed it and I feel that I have taken some really key things away that I can start to implement straight away”.
Tailored digital, leadership, and management training for your organisation’s needs
We offer a custom-designed training program with clear, measurable outcomes that ensure success, using our tailored, in-depth evaluation of your organisation’s digital, leadership, and management development needs, goals, and existing competencies.
We can offer delivery for your internal cohorts at your premises, online live or at our First Intuition centre.
Want to learn more about our digital, leadership and management training?
Andrea was chosen as our recent Apprentice of the Quarter due to displaying a dedicated and positive, “can-do” attitude toward her studies, leading to a vast majority of distinction grades in both her AAT Level 2 and Level 3 exams. She has remained actively engaged throughout the program, showcasing continuous growth and commitment.
Here’s what our Apprentice of the Quarter said in the interview:
What are you most proud of from your experience to date?
Getting distinctions at level 3 was definitely not easy. I worked very hard to achieve this, and it wasn’t always the easiest to juggle work, study and home life. Now I understand more, it has helped me enjoy my work even more.
What made you choose a career in accountancy? Was there anything that triggered your decision?
I had worked in a few different roles before this, and a previous contact had been in touch to say they were opening a new practice and had asked me if I would like to join the team. I had been working in a practice now for about 8 years as a bookkeeper, and this was great timing for me with this role, as at the time I could process a lot of the information, but did not fully understand it. I decided the apprenticeship would be a good route to go down as my children were a little older, so I felt less time pressured, and it was a good time for me to start studying again.
How did you approach your studies as an apprentice, and what resources/support that FI offer did you find most useful?
You must ensure you are structured in your approach. Pick a suitable time for revision, I usually chose Wednesdays and Fridays, but if there was an exam coming up, I would make sure to also revise at weekends. You need to organise yourself, get help from family if needed, I tried to get my husband to step up in a few of his household duties! Do a few hours at a time, have a break and some time away before coming back to it.
Do you have any study tips for other apprentices about to start their studies as the Apprentice of the Quarter?
I would always suggest completing lots of mock exams before you sit an actual exam. Complete all of the ones on FI Learn and all the ones on AAT over and over again until you feel confident. Always ask if you don’t understand, don’t be nervous, as the tutors are brilliant. Just try and enjoy it and try and make the time you use worthwhile.
How do you manage juggling work & study?
Time management is huge; make sure you know what to do every day and always have flex time for emergencies or changes in priorities. The whole apprenticeship has helped me to become a lot more organised. I write a lot of notes so I don’t forget anything and reach out to other people for assistance if needed, as if you don’t know the answer, that is the time to check with someone else.
How have you been supported by your company and colleagues throughout your apprenticeship so far?
I have been strongly supported by my manager and the whole team. My manager has been brilliant though, and it was her idea to get me started on this route. As I work for a small company, we are all very appreciative of each other, and if you ever need to move anything around, they are very flexible. Anything I was ever unsure of, such as depreciation, my manager sat down and went through the topic to help my understanding.
How has this contributed to both your success with your qualifications and adding value to your employer?
I can do so much more now and understand a lot more, too. I can get involved in more work than before and apply all my knowledge from the courses I have completed. Being a smaller company, a lot can rest on the boss’s shoulders that can now be sent down to me. Learning new skills has meant that I have completed more tasks for clients, and also recently having a new starter joining, I have been able to train them in new aspects that I couldn’t have done before.
What are your goals/plans for when you finish your current apprenticeship?
I would like to use the knowledge gained in Level 3 and put more of this into practice at work to feel more comfortable with it. I would also like to continue onto Level 4 and would like to see what happens after this, as I really do enjoy studying.
Why would you recommend the apprenticeship route for others?
The scheme is brilliant, it is such a good way for to be able to train and learn and earn whilst working, as well as being a different option to university, and you can make a really good career from it. You always feel supported and it’s not just qualification, it also includes skills days to develop soft skills and can help with things such as presentation skills. By going to these skills days, it pushed me out of my comfort zone and did actually make me feel good when I had achieved something that I thought was impossible before. I think it is also invaluable to small businesses who maybe can’t afford full training fees, and can also help them to get better employees, alongside giving them career prospects.
Facilities:All rooms air-conditioned, prices include projector and flip chart. Communal break-out area available with self-serve refreshments available. Complimentary WiFi.
Local transport links: Within walking distance of Warren St, Goodge Street and Great Portland St stations.
Local shops/facilities: A diverse selection of local eateries and coffee shops only a short walk from the centre.
Prices: Room and service dependent – please see rate card below or enquire for details.
Facilities: Modern air-conditioned rooms, all with natural daylight, Multi-Media Projector, Flip Chart, Pad and Pens, Complimentary Wi-Fi, Relaxing break out area with seating for 24 and Tea and Coffee facilities, Dedicated Operations Team to assist with your requirements, Onsite Café (Coffee #1).
Local transport links: The centre is less than 10 minutes’ walk from both New Street and Snow Hill Station and local bus and tram stops making it a convenient location for all.
Local shops/facilities: There’s a great choice of coffee shops and restaurants in the Colmore Business District all within a couple of minutes from the centre.
Prices: From £375.00 inc VAT*
Accessibility: Lift and accessible toilet.
Parking: The nearest car park to FI Birmingham is Snow Hill Station Car Park on Livery Street, Disabled Access and Disabled Blue Badge parking bays can be found on Colmore Row. Bicycle racks can be found at Eden Place, just off Edmund Street which is around the corner from FI Birmingham’s front door.
*Room and layout dependent (please enquire for availability).
Room capacities: Ranging from 5 – 40, including a computer suite for 13 students.
Facilities: Modern air-conditioned rooms, all with natural daylight, Multi-Media Projector, Complimentary Wi-Fi, Dedicated Operations Team to assist with your requirements, Free tea and coffee/refreshments with a student lounge facility
Local transport links: We are a 5-minute walk from Piccadilly Bus Station, and 8 minutes from both Piccadilly Train Station and Oxford Road Train Station.
Local shops/facilities: Large range of shops, restaurants, café’s, bars around us. We’re within walking distance to everywhere in the city centre.
Prices:£525.00 inc. VAT for a full day.
Accessibility: Lift and accessible toilet.
Parking: Right next door to the NCP Chorlton Street.
*Room and layout dependent (please enquire for availability).
Room Hire at First Intuition Liverpool
Location: First Intuition Liverpool is located within the Cotton House, situated in the heart of the Commercial District. It is just a short walk from both the city centre shops and the Liverpool waterfront.
Room capacities: Ranging from 16-22
Facilities: Modern rooms, all with natural daylight, Multi-Media Projector, Complimentary Wi-Fi, Dedicated Operations Team to assist with your requirements, Free tea and coffee/refreshments with a student lounge facility.
Local transport links: We are less than a 5-minute walk from Moorfields station and 15 minutes from Liverpool Lime Street.
Local shops/facilities: Several local establishments, including shops, restaurants, cafes, and bars, are situated in close proximity. Our central location affords easy access to various amenities within walking distance.
Prices:£525.00 inc. VAT for a full day.
Accessibility: Disabled toilet, there are two small lifts available on the Ground Floor up to the sixth floor.
Parking: NCP Pall Mall, just a short walk away
*Room and layout dependent (please enquire for availability).
Enquire Now
Get in touch with the team at your local FI centre by filling in the form below. Terms and Conditions apply and may differ from venue to venue, we’ll provide T’s & C’s for your chosen FI centre upon enquiry, before signing your contract.
My Early Days as a Bookkeeper: A VAT Dilemma
Anyway, my first job was as a bookkeeper for farmers. I knew a bit about farming, and not too much about bookkeeping initially. One of the earlier tests of my career was from a farmer in Northumberland. He had bought some fertiliser, and as all readers of PQ magazine know, fertiliser isn’t cheap. Therefore, there was a lot of VAT on it, and the farmer wanted to claim it back, as you can imagine. However, the problem was the invoice was dated 3rd March 2025, but I was preparing the February 2025 VAT return. As an accountant, I stood up for my fundamental principle of integrity, and told him, he would need to wait for the next VAT return before he could claim it back.
The Simple Solution? Not So Fast
Sounds simple, just stick by the date on the invoice, right?
Well as with most things to do with VAT, it isn’t so simple. The date on the invoice isn’t always the tax point. The tax point is the date which dictates when we can claim back, or have to pay over, the VAT.
Understanding the Tax Point
If the fertiliser was delivered to the farm on 3rd February 2025, this would be the tax point as the delivery is before the invoice date. This is known as the basic tax point. As ever, it isn’t as straight forward as that. If the invoice is dated within 14 days of the basic tax point, this would override the basic tax point, and the invoice date would be used. So, if the fertiliser was delivered on 25th February 2025, the farmer still couldn’t have his VAT, as the tax point would still be 3rd March 2025 as it is within 14 days of delivery.
The farmer could have got around the invoice being dated after his VAT quarter, by actually paying for the fertiliser up front. If cash is paid before delivery or the invoice date, the date of the payment will always be the tax point. However, many of the tight farmers I know wouldn’t do this, as they would rather claim the VAT back, and then pay the invoice later, much later!
We have a tax point which could be the delivery date, could be the invoice date, or it could be the date that the goods were paid for. But wait, it gets more complicated!
What happens if the farmer pays a deposit on his nice shiny tractor up front? Well in this case, there would be two tax points. There will be the date of the payment of the deposit, then the next tax point will be dependent on delivery date, invoice date, or the payment of the balance.
Let us look at an example:
Giles is going to buy a brand new tractor for £72,000. He has agreed to pay a deposit of £12,000 on 4th June. This is a tax point as he paid cash over, so the VAT on this will be £12,000 /120% x 20% (or you can just use the VAT fraction of 1/6th), which is £2,000.
He then takes delivery of his new tractor on 25th of June. He then receives the invoice for the balance, which is £60,000, on 3rd July. He then begrudgingly pays the invoice in November, because that is what farmers do.
His VAT return quarter ends in June, and obviously he wants to claim back £12,000 of VAT from HMRC as soon as possible. Within his VAT return quarter he has made a payment of £12,000 and taken delivery of his new tractor, which is the basic tax point.
However, Giles’s problem is that his machinery dealer has issued an invoice within 14 days of the basic tax point, so the basic tax point is overridden and the actual tax point is 3rd July, outside of his VAT return, so he can only claim £2,000 of VAT this quarter. The rest of the VAT will have to wait until the next VAT return before he can claim it back.
For more news and exclusive tips from First Intuition, visit FI Hub.
At First Intuition, we believe effective leadership and strong management are essential for driving performance, motivating teams, and achieving lasting success. Whether you’re stepping into a leadership role for the first time or looking to refine your management style, our resources are designed to support your development every step of the way. Explore insights, tools, and practical guidance tailored to help you lead with confidence and purpose.
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Leadership and Management Resources
What do you think was the biggest factor that led to your apprenticeship success this quarter?
My approach is to do the best job that I can and if I don’t know something and can’t work it out to seek help from my colleagues. In turn, I also try to help my colleagues if they have any problems.
Was there anything that triggered your decision to choose a career in accountancy?
I studied chemistry at university, which allowed me to develop my problem-solving and critical thinking skills and continue to develop my maths. Post-university, I decided I did not want to pursue a career in chemistry but wanted a career that utilised the skills I had developed. Therefore, an accountancy apprenticeship was perfect.
What was your preferred approach to studying ICAEW? Do you have any study tips for other students and apprentices?
I will start my revision process by recapping the content from each section, especially for those topics that I found difficult in the tuition phase. I will then focus my revision on attempting exam standard questions, making sure I cover all the topics in the course. When I struggle to answer a question, I will refer to my notes and try to ensure that I understand the underlying concepts. I then attempt another question to test my understanding of the topic.
I believe that taking the time to plan your approach to the revision period is very important. This will allow you to utilise your time efficiently and make sure you cover as many topics and questions as possible before returning to college for revision. This also allows you to prepare any questions you would like to ask your tutor about.
How have your company and colleagues supported you throughout your apprenticeship so far? How has this contributed to your success with ICAEW?
My company, Bright Grahame Murray, and my colleagues have been incredibly supportive throughout my apprenticeship journey. They are all very approachable and are willing to take the time to answer questions or to help you work through a problem. Bright Grahame Murray has provided me with the opportunity to work on increasingly complex audits and accounts preparations which have allowed me to utilise and develop the knowledge and skills I have learnt during my apprenticeship. I work with a great team of people, who support my development every day.
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
When looking for a tuition provider, I wanted effective training delivered by approachable, knowledgeable and engaging tutors who are dedicated to helping you pass the courses, which I have found the First Intuition tutors are very good at.
How do you feel the apprenticeship route has benefitted you, and what has it added to your study experience and professional development?
The apprenticeship route has allowed me to develop additional skills, for example, through the First Intuition skills days. I also have quarterly meetings with my skills coach Milly, which allows me to reflect on my experiences and set goals to improve myself.
Do you have any goals/plans in mind for when you finish your apprenticeship?
I have enjoyed working in audit for the past two and a half years, where I have worked on a variety of clients. No two clients are the same, and each brings with it new challenges to learn from. I plan to continue working in audit, gain further supervisory experience, and develop my career as an accountant.
Time management is a biggie. In this case, the CIMA exam software moves you on when your time on that task is up. This makes getting stuck on the first sub-task a fatal mistake! My advice? Practise with a timer and plan your attack. Ensure you are strict with yourself and give each sub-task the attention it deserves!
2. Make it relevant
The CIMA exam case study is ALL about the application to the scenario. The case study exam is there for a reason! I tell my students to apply the “Tesco Test”. If I could read your answer, replace the business name with “Tesco” and it still makes sense… it isn’t applied enough. Every point you make should be backed up with an example that is unique to your case study exam. Practise this skill by explaining concepts to your friends and colleagues, giving only examples from the industry your case study is set within.
3. Structuring your answers
A well-structured answer is like a well-organised closet – everything is in its place and easy to find. Use headings, sub-headings and short paragraphs to make your exam answers clear and logical. Trust me, it makes it much easier for your examiner to give you those hard-earned marks.
4. Explain, explain, explain
Don’t assume I know what you’re thinking. Many students lose marks because they don’t fully explain their points. I know you know, but your examiner doesn’t play the guessing game. I tell my learners to go back to studying at school when their teacher would tell them to use “Point, Evidence, Explain”. You’ll be well rewarded if you hit these for every point you make.
5. Not answering all parts of the requirement
CIMA case study examiners love to ask you to do multiple things in one sub-task. Three or four requirements might be disguised in one little request! Spend a bit of that expensive exam time fully reading and breaking down the requirement, converting it into sub-headings in the answer area, and I promise it will pay back dividends when it comes to hitting the marks.
So, there you have some insider tips straight from the CIMA marking desk. Keep these in mind, practise hard, and you’ll be well on your way to exam success. Good luck and go get those marks!
Rebecca Altria
Educational Content & Assessment Lead
Where are First Intuition’s new premises?
First Intuition’s new Exeter location
Just off Junction 29 of the M5 and close to the Honiton Road Park & Ride. First Intuition’s new premises are easily accessible both from Exeter and surrounding areas by car and public transport. Find directions here.
The First Intuition Exeter team
ICAEW classes and ISP Skills Days are run by experienced, highly qualified tutors. They are supported by our knowledgeable and efficient in-house Operations team. Results achieved by learners in both our Bristol and Exeter locations speak for themselves. Most recently, a 93% pass rate across all Professional papers in December 2024.
Breakout area
Andy Rogers, MD, said “Now we are running a full ICAEW programme in Exeter, taking permanent space is a natural progression and we are delighted with both the location and facilities available to staff and learners at Regus”.
Graham Harbord, founding Director, said “We are grateful to the Future Skills Centre for the relationship we have had with them. Securing premises at Regus for an initial six months gives us the opportunity to establish a more permanent base in Exeter. This allows us to better serve the needs of our clients and learners”.
Exeter’s new building
Clare Mills, Head of Apprenticeships, said, “We are now able to deliver classes and host client and staff meetings. We can also provide workspace to First Intuition staff. All of this is now possible from one location”.
Jim O’Brien, Founding Director, said, “We are proud to deliver courses in Exeter that are accessible to clients from across Devon and Cornwall. We look forward to continuing to do so from our new location”.
If you want to find out more about how First Intuition South West can support you or your learners, please contact exeter@fi.co.uk or bristol@fi.co.uk.
The ACCA qualification will be more focused around technical accounting knowledge enabling the skills needed to work internationally for companies who use International Financial Reporting Standards to report company financial activities to third parties.
Both qualifications are similar in terms of professional work experience, study time and costs for study and admission to membership. You will be required to have undertaken three years in a relevant role, as well as approximately three years of study to complete the exams. Costs are also similar for training, membership/study fees and exam fees.
Life after membership also has the same commitment with the requirement to complete Continuing Professional Development (CPD). The parameters around CPD are slightly different for each membership, however both involve development that will allow you to remain professionally competent in any given role within the profession.
When students get to level 4 of their AAT studies they encounter for the first time “narrative tasks” which require them to type coherent discursive answers to tasks rather than just filling in boxes or using drop-down menus. Students often have an initial fear of these tasks. I think that’s generally because they are new, unfamiliar and require some slightly different skills.
The most important thing is to “face the fear” and to practice as many example tasks as you can (and don’t be afraid to repeat tasks you have already done). The more you do this the more you will appreciate that there is little to be afraid of.
Tips for narrative tasks
Probably the two biggest weaknesses in these tasks are:
Students who fail to even attempt them (not a good strategy and best avoided)
Students who attempt them but do not produce answers of sufficient volume
The first of these weaknesses is easily addressed; just make sure you allocate adequate time to attempting each task in the assessment. Level 4 assessments are more time-pressured than those at levels 2 and 3 so you will need to keep a closer eye on the clock to make sure that you don’t over-run on some tasks and leave yourself too little time for others. You can even work out how long each task should take you by dividing the number of minutes that the assessment lasts by the total number of marks available and multiplying by the marks for the task you are dealing with.
The second weakness is a harder one for some students to address so here are a few thoughts that should help you:
Under the Q2022 syllabus we know how many marks each narrative task is worth. It is important to get enough individual points in your answer to score good credit. To do this you should aim for one point for each available mark. If 20 marks are available you should aim for at least 20 separate points in your answer.
Most narrative tasks will have 3 or 4 separate parts in the requirement so break your answer down to ensure that you address each area in turn. If a 20 mark task has 4 parts then you are aiming for 5 marks, or 5 points, in each part.
Make sure you write in full sentences in a way that explains each your points properly. You need to get into the habit of doing this, so don’t cheat yourself at home with short “notes”; write “proper” answers for every task you practice.
Use figures from the scenario to make simple calculations that can give credibility to your points. If the budget for sales for next year is 80,000 units compared to actual sales this year of 100,000 then we are anticipating a 20% fall in sales volume.
Use background information given to you in the scenario to help build your explanations. If the scenario tells you that a new competitor has opened this would be a good reason for a fall in budgeted sales for next year.
Add some value to your answer by suggesting responses that you think are appropriate to any problems arising, If sales are going to fall perhaps the business could consider
From the points above see if you can decide which of the following is more likely to earn solid credit:
1) “Sales are going to fall. This is bad”
2) “Sales are going to fall by 20% to a budgeted figure of only 80,000 units next year. This is likely to be the result of a new competitor opening and taking some of our market. It is suggested that we review our pricing and invest in some additional marketing.”
It is particularly useful to go through the AAT’s PC-based sample assessments and read through the model answers in detail. These will give you a good feel for the volume and the sorts of points they are looking for.
For more news and exclusive tips from First Intuition, visit FI Hub.
Our top tips for making you feel more prepared for your ACCA exam:
Make a study plan: Set aside specific time each day or week to study for your exam. Break down the material into manageable chunks and focus on one topic at a time. Remember to take regular tea/coffee/hot chocolate/squash etc breaks, your brain needs a rest!
Identify your weaknesses: Take a practice exam or go through past exams to identify the areas where you struggle the most. Then, focus on studying those areas more thoroughly. This might sound obvious when you think about it, but it’ll really help you focus on the areas where you need more help.
Practice with past papers: Familiarise yourself with the format and types of questions that may be asked on the exam by practicing with past papers. This can help you identify areas where you may need more practice. They allow you to mimic the real exam experience under timed conditions, with exam standard questions. Students that have attempted mock exams go into the real exam with better technique and also an improved sense of how much time is available. No surprises on the big day!
Studying ACCA Online? Standalone Online Marked Mocks and Online Self-Marked Mocks are available to purchase for all ACCA Skills level and ACCA Strategic Professional level papers. Both the Marked and Self-Marked mock exams are designed to complement your tuition and revision courses, allowing you to attempt an extra mock exam with marking and written feedback (Marked mocks) and marking only (Self-Marked Mocks).
Remember, feeling unprepared is normal, it’s okay to not feel ready at first. Don’t let it discourage you. Keep working hard and stay positive. With the right approach and effort, you can increase your readiness and improve your chances of success.
Visit the FI Hub for more exclusive tips and updates from First Intuition.
Looking for more ways to boost your mental health and wellbeing? Visit our Mental Health Resources section on the FI Hub.
How do I plan my CGMA Qualification?
You can use this guide as a base for you to create your own study plan. This will also help you to identify how you will progress through your studies towards CIMA’s CGMA qualification. Essentially, the CGMA qualification has four levels. This guide will give you information on the specifics of each CGMA level:
Certificate in Business Accounting
The Certificate in Business Accounting level is made up of four papers:
BA1 Fundamentals of Business Economics
BA2 Fundamentals of Management Accounting
BA3 Fundamentals of Financial Accounting
BA4 Fundamentals of Ethics, Corporate Governance and Corporate Business Law
The modules at Certificate level can be sat at any time (the exams are “on-demand”) and in any order. The most common approach for students at this level is to study for these modules one at a time.
At Certificate level, each module will require between 35 – 50 hours of study. This would include attending tuition sessions if you study via a classroom, FI Online or Online Live course and, as such, many students find that planning to study each paper over 6-8 weeks is a reasonable target.
On this basis, many students complete the Certificate level over 6-9 months which allows for plenty of time to study and also a few well-earned breaks, for example:
Operational, Management and Strategic levels
The following three levels each contain four modules. Each level contains three Objective Test (OT) modules and a case study exam.
The OT modules can be sat at any time and can be completed in any order; however, you must have completed all of the OT modules within a given level before you can sit the case study exam. The case study exam can be sat at one of four sittings a year (February, May, August, November). Many students find it helpful to identify when they would like to sit the case study for the level they are studying and then work backwards from there to create their study plan.
Each OT module will need between 45 – 60 hours of study (this would include attending tuition sessions if you study via a classroom or Online Live course) and so people tend to take 8-10 weeks to complete each OT module.
With that in mind, many students find that completing a level within 9 – 12 months is a sensible timeframe to aim for. This allows for steady progression whilst also being able to balance your other commitments outside of your studies.
We have created a high level timeline below that looks at how a student starting their Operational level in January and working towards the November Case Study sitting, may plan their studies:
If you’re completely new to CIMA’s CGMA qualification, follow the link above for tips and tricks on how to get started. Once you have a plan, you can begin your studies. With Online, Online Live and Classroom courses we will always have a course available. If you are ready to get going with your CIMA studies, you can see our CIMA timetable and online course dates here or find your local CIMA study centre. For more help or support please contact us today.
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
Our resident Directors and Tutors Ben Bullman and David Malthouse host The FI Podcast every week. Covering many topics from study, revision and exam tips, well-being and even interviewed industry professionals!
We’ve gone through our episodes and categorised them according to the topic. Save this webpage for the next time you want to listen to The FI Podcast for study, revision, exam tips and more!
Women in Accountancy – the changes, challenges and future
A quick glance around a First Intuition classroom reveals two things: engaged students learning from passionate tutors and a nearly equal split of individuals of all genders. We’re proud to foster true equality, not just in student numbers but also in career success, qualification progress, and exam results. This trend extends across awarding bodies, with women now making up 50% of registered students.
An increasing number of women are registering as students and our own centres have a virtually equal split in the male to female ratio within classrooms. So, why is it that women struggle to make it to the upper echelons of our industry? Research conducted in 2024 found the following:
The number of firms with female leaders within the UK’s top 100 Accountancy Firms has dropped 20% to 12%.
The average of female partners across the 100 firms was 24%.
Across the top 100 firms, the average percentage of female qualified UK accountants was 41%.
Factors that may affect a woman’s progression to senior roles.
To explore this further, we reviewed existing research on women’s progression in the accountancy industry. In 2021, we hosted a special webinar and podcast featuring a panel of female professionals who shared their real-life experiences. The discussion focused on what it’s like to be a woman in accountancy and the challenges they have faced. We were delighted to be joined by:
Laragh Jeanroy – Partner RSM
Christina Christoforou – Business Owner CMNC Associates
Jill Wright – Director Kirk Newsholme
Ellie Bullman – Finance Manager Wisbech Grammar School
Beatrice Scarano – Assistant Accountant BHP
Rebecca Taylor – Chelmsford Apprentice CBHC
You can listen to the recording using the link below:
A key factor hampering women’s progression into senior roles is the additional caregiving responsibilities many women face outside the workplace, often for children or, increasingly, aging family members.
Women returning from maternity leave often experience changes in their career paths. A 2023 study by That Works For Me revealed that while 98% of mothers want to return to work after childbirth, only 13% believe full-time employment is realistic. The study also found a 32% decrease in women holding managerial roles after starting a family, and that women are two-thirds less likely to be promoted within five years. Although many employers have introduced more flexible HR policies, the loss of full-time work experience can still impact career progression.
Conversely, a survey by ‘Working Dads and Working Mums’ revealed many fathers are unable to share childcare responsibilities, and women often find their requests for flexible working declined. The burden of childcare remains predominantly on women, as shown by the fact that 70% of those furloughed during the Covid-19 pandemic were working mothers.
During our webinar, we discussed this issue in depth. Our panel agreed that while the workplace has evolved, with more flexibility available, the COVID-19 pandemic demonstrated that working outside the standard 9 to 5 is possible while remaining an effective leader or team member.
Workplace Culture
A 2018 report by PWC, based on a survey of over 3,000 women, identified workplace culture as a key factor in women’s progression to senior roles. Many women cited the lack of identifiable role models as a major barrier, particularly those balancing childcare or working flexibly. During our recent webinar, the panel discussed how the perception still persists that women must be tough and develop a hard exterior to succeed. They advocated for more senior roles to be held by women who don’t fit this mould.
The report also highlighted the inconsistency of policies across companies as a challenge for women’s career progression. A survey by The Working Mother found that, among 100 companies, policies varied widely. Some offered generous parental leave but lacked career development programmes, while others provided mentorship without flexibility in working arrangements.
Changing Mindsets
The report also emphasised that HR plays a crucial role in instilling equality into the mindset of an organisation’s line managers. Stereotypes persist, and assumptions are often made about what women can achieve based on their circumstances. Creating a culture and framework for progression based on ability and performance, rather than assumed barriers, is essential. For instance, assuming a woman cannot attend important evening events due to family commitments may be incorrect if she has support at home. During our recent webinar, the panel agreed that a supportive line manager is key to a woman’s success in the workplace, with those who have families themselves often being the most understanding.
Culture also plays a significant role, as 39% of women surveyed would only apply for a promotion if they believed they met all the required criteria. Only 17% would apply if they met some but not all of the criteria. Therefore, it is crucial that talent is recognised, nurtured, and supported with clear development plans.
Networks
A woman’s network is crucial to her success. The PWC report highlighted that women need both formal and informal mentors of all genders to support their career progression. This includes a supportive line manager, as well as informal advocates and advisors to discuss and share experiences with. Equally important is a woman’s external network, particularly if she has caring responsibilities outside of work. Our panel of qualified and trainee accountants fully endorsed this, with those receiving support from family or parents describing it as invaluable. They also emphasised the need for companies to recognise and support women without external help, offering the flexibility and working arrangements they need.
How have things changed for women in accountancy?
Some of the guests on our recent webinar have worked in the accountancy profession for over twenty years. When reflecting on the changes they’ve seen, all of the qualified accountants on the panel recalled joining businesses that were predominantly men in grey suits. However, they all agreed that this is no longer the case. Despite this progress, the panel highlighted that few women occupy the most senior positions. The younger members of the panel shared their experience of feeling the need to prove themselves more than their male counterparts, acknowledging that there’s still a struggle to be taken seriously. On a positive note, they felt there were no significant barriers to their progression.
As the accountancy field evolves and becomes less reliant on technical skills, our panel agreed this shift plays to women’s strengths. Juggling tasks, effective communication, and empathy have all become key skills in the workplace. However, they also felt that the more emotional nature of women is often viewed negatively, leading many to downplay these traits in their roles.
A key point that emerged was the return of women to the workplace. The panel emphasised that taking time out to care for young children should not be seen as a negative, and employers could do more to encourage and support qualified women in their return to work.
Women at First Intuition
At First Intuition, we take pride in having a strong representation of women at all levels, especially in senior leadership. With over 77 women in leadership positions, many of our team leaders and managers are female, providing clear opportunities for progression.
In addition, many of our staff, both male and female, work part-time and flexibly, allowing them to balance caring responsibilities. These flexible roles include management positions, enabling staff to progress their careers while managing external commitments. Our culture fosters development, offering regular opportunities for staff to grow their skill sets and explore new areas within their roles.
We are equally proud of our work with local schools and colleges. We promote accountancy careers and encourage all young people, regardless of their sex, to find out more about the opportunities in our industry. Our ever-popular Accountancy Academy attracts an equal number of young male and female students aged 16-18. We recognise the need for further action and are determined to challenge existing norms, raise awareness, and ensure fair opportunities for all in recruitment and progression.
The future of women in accountancy – what can we do?
Like many businesses we are looking to see what else we can do to address the balance. In the coming months, our team will be looking at opportunities to encourage women into accountancy. We’ll work more closely with schools to encourage not just young women but people from all backgrounds to consider accountancy. Our mission is to help anyone who might be interested in our industry to explore their options. We will be investigating ways to provide the support needed to do this. We hope to achieve this by widening the work we already carry out with local schools and colleges.
Our panel of qualified and trainee accountants had some firm ideas about how women themselves can address the balance. The discussion highlighted the importance of women being more confident. We encourage young women to define their own path rather than simply letting events unfold. The panel also challenged the notion that women must “have it all”. Women should be able to shape and flex their careers around their external commitments. They shouldn’t feel like they have to return to the workplace to maintain progression. However, there should be plans in place to accommodate them if and when they wish to return.
You can listen to the full debate using the link below:
Sustainability is a growing topic of importance in the accountancy industry, with new laws and regulations progressively impacting how accountants do their jobs. This article summarises key points from the session where guest speakers, listed below, joined Gareth John to discuss sustainability in accountancy. Speakers discussed:
How sustainability is affecting the Finance industry and why it is important
What changes are being made and what is driving these changes
What legal measures relating to sustainability are being introduced, and what do companies need to be aware of going forward
Fran Ellington, Sustainability and Business Development Director at TBLA Ltd
You can watch the recording of the session below.
The Growing Importance of Sustainability in Finance
Speakers on the forum highlighted how sustainability is transforming the finance industry. Businesses are facing increasing pressure from stakeholders—including investors, customers, and regulatory bodies—to integrate sustainable practices into their operations. Accountants play a crucial role in this transition, ensuring that financial reporting reflects environmental, social, and governance (ESG) considerations.
Key Drivers of Change
Key drivers for change relating to sustainability:
Investor Expectations – Companies with strong ESG credentials attract more investment and demonstrate long-term resilience.
Consumer Demand – Customers are favouring businesses that adopt ethical and sustainable practices.
Risk Management – Companies are mitigating financial risks associated with climate change and resource depletion.
Legal Measures and Regulatory Landscape
The emerging regulations shaping sustainability reporting include the IFRS Sustainability Standards—namely, IFRS S1 (covering all sustainability-related risks and opportunities) and IFRS S2 (focusing on climate-related risks and opportunities). These standards aim to provide a global baseline for sustainability disclosures, ensuring consistency across jurisdictions.
The UK’s adoption of IFRS sustainability standards is still evolving, with decisions on endorsement expected in spring 2025 and implementation possibly starting in 2026. Challenges remain, including uncertainty around which entities will be required to report and the scope of assurance requirements.
Implementation Challenges and Considerations
Experts highlighted key hurdles businesses face in implementing sustainability reporting:
Ensuring fair presentation to avoid greenwashing and data being swayed by greenwashing.
Identifying material risks and opportunities related to sustainability.
Data quality and system controls, requiring robust data collection processes.
Bridging the skills gap—accountants need sufficient ESG knowledge to engage effectively but don’t necessarily need to be sustainability experts.
The Role of Accountants in Sustainability Monitoring
Accountants are well-placed to support sustainability monitoring as it becomes an essential finance function. Many of the core skills that accountants possess—such as data analysis, financial reporting, risk assessment, and regulatory compliance—overlap with those required for sustainability monitoring. This creates an opportunity for accountants to expand their service offerings by providing sustainability reporting, carbon accounting, and ESG advisory services. Businesses increasingly seek expert guidance on sustainability compliance, and accountants can position themselves as valuable partners in this evolving landscape.
The Need for Carbon and Sustainability Literacy
As sustainability becomes embedded in financial decision-making, accountants must develop a fundamental understanding of carbon accounting and ESG principles. While they do not need to become sustainability experts, they should be sufficiently knowledgeable to ask the right questions, interpret sustainability data, and provide informed advice. Training and upskilling in carbon literacy and sustainability assurance will be crucial to ensuring that accountants remain competitive and capable of meeting new regulatory demands.
The Evolving Role of Accountants
With sustainability becoming integral to business strategy, accountants must adapt their skill sets to accommodate ESG reporting and advisory services. Key trends include:
Carbon Accounting & ESG Advisory Services – Accountants can support businesses in measuring and reporting carbon emissions and other ESG metrics.
Technology & Digital Tagging – New sustainability reporting apps and enterprise sustainability management (ESM) systems help streamline data collection and ensure compliance.
Commercialisation of Sustainability Services – Firms are beginning to offer sustainability monitoring as an additional service for clients, particularly in carbon accounting.
Final Thoughts
The forum underscored the need for finance professionals to stay ahead of sustainability trends and regulatory developments. As sustainability reshapes the accounting profession, businesses that adapt will position themselves for long-term success.
First Intuition remains committed to supporting employers and accountants in navigating this evolving landscape, equipping them with the knowledge and skills needed to succeed in a more sustainable future.
Tell us about your experience with First Intuition, focusing on one or more of these topics:
The support you have received throughout your training
The personalised service you have received
Communication from FI and the ease of contacting us
The resources we provide
Your exam passes
Skills you have gained beyond accountancy
Anything else you would like to mention about your study experience
Why participate?
By sharing your story in an appropriate format, you will be entered into a random draw to win one of three £100 Amazon vouchers. Your testimonial will also help future students understand the advantages of choosing First Intuition as their training provider.
Your video will be used to help spread the reach of First Intuition and allow prospective students to gain an insight into what it is like to train with FI.
How to submit:
Record a 30-second selfie video using the camera on your phone
Share your experience on one or more of the topics listed above
Submit your video testimonial and fill out the form by Friday 28th March
Watch this short video on how to get the most out of your selfie video or follow these useful tips:
Plan out your key points – write down 2 or 3 key aspects of your experience you would like to share
Focus on your 2 or 3 points
Record a roughly 30-second selfie video on your phone
Record in a well-lit space
Record in portrait mode and keep your camera at eye level
Make sure you can hear the audio clearly
Be as creative as you want, we love to see all sorts of types of videos (both in and out of the box)
Please note that by submitting your video, you are agreeing to allow First Intuition to use it and its content for marketing purposes.
We also ask that if your employer funds your courses, to please check with them first that they are happy for you to submit a video and be entered for a prize.
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We appreciate your time and effort in helping us spread the word about First Intuition. We can’t wait to see your video!
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Our history and milestones
First Intuition Birmingham launched in 2020, offering innovative blended learning programmes for ICAEW training, available under Level 4 and Level 7 apprenticeships. We pride ourselves on providing the very best training and service.
Why choose First Intuition Birmingham?
Expert tutor-led blended programmes for ICAEW, with lots of real-life examples.
Small class sizes and first-class study facilities.
Online lectures covering the entire syllabus.
Birmingham courses are running from a convenient centre based 5 mins from New Street station.
Full tutor contact details for study support.
Meet the Birmingham team
James Morley
Managing Director – Midlands and Online
Erica Evans
Head of Midlands Programmes
Michelle White
Head of Operations and Customer Experience
Daniela Castellani
Head of Apprenticeships
Hannah Campbell
Head of Online Programmes
Jaspreet Daheley
Customer Service and Operations Assistant
Birmingham Tutors & Skills and Development Coaches
Joshua Rae
Belinda Allen – Skills Team Lead
Rebekah Ardron
James Bratton
Jodie Carter
Julia Dobbs
Ria Milanesi
Nadia Zakria
Paul Firkin
Vanessa Alyward
Andrew Dibbs
Join our Birmingham team
Join our enthusiastic and dedicated team in the heart of Birmingham. Please view our current job vacancies via our careers page below:
Want to learn more about the qualifications we have to offer at First Intuition Birmingham?
First Intuition Think Tank (FITT) Forums
First Intuition’s Think Tank Forums started during the pandemic as a way to keep clients up to date with the ever-changing situation and how it was impacting the accountancy and finance industry. Today, these forums are still informing employers on the latest and relevant accountancy and finance industry news. The sessions offer views, experiences, and advice/ tips from expert speakers on a range of topics that are currently affecting businesses.
Below you will find upcoming FITT forums as well as summaries and recordings of previous sessions in 2025.
Upcoming FITT Forums
Thursday 29th May 2025 – 8:30 – 10am
Managing the Multi-Generational Workplace
As workplaces become more diverse and differences between generations of workers become more prominent, effectively managing different types of workers is becoming more important to ensure a harmonious and productive working environment. This session will explore strategies to bridge generational gaps and leverage the strengths of multi-generational workforces to work effectively together. Expert speakers will discuss:
Identify changing dynamics in the workplace between multiple generations and how to turn challenges into opportunities
The different techniques used to effectively manage Gen Z compared to Millennials and Gen X and how to play to each of their strengths to collaborate and benefit your business
Methods and actions to increase workplace diversity and get the most out of a varied workforce
Thursday 25th September 2025 – 8:30 – 10am
How to Stand Out in Early Careers
Engaging with young talent early on in their career journey is vital for building a strong recruitment pipeline. Engaging with school and college students can therefore be an effective way for businesses to find a new pool of potential employees to get in front of. This session will explore what employers can do to get in front of early career starters and how to stand out from the crowd. Expert speakers will discuss:
The importance of engaging with schools and colleges for recruitment opportunities
Strategies to capture the attention of young adults and stand out as an employer
Effective ways to appeal to young people as a workplace
Actions to take for successful early career engagement
Thursday 20th November 2025 – 8:30 – 10am
What Workers Want
Understanding what employees seek from their employers is key to improving recruitment and retention. This session will delve into recent surveys conducted by HAYs recruitment, ACCA, and the CMI to uncover what workers value most and how employers can meet these expectations. Speakers will discuss:
Insights from the HAYs recruitment, ACCA, and CMI’s future leader surveys
Strategies and actions for improving recruitment and retention, informed by data from worker surveys
Tips on keeping employees happy and encouraging long-term career progression
Understanding the latest trends and best practices in the accounting industry is crucial for staying competitive. That is why First Intuition hosted an Accountex special to give a sneak peek into the latest trends and hot topics in the accountancy sector that FI will be discussing with guest speakers on their stage, The Talent Theatre, at this year’s Accountex Expo.
In this session, First Intuition colleagues, along with expert speakers, discussed:
The key themes and topics that will be covered in sessions in the FI Talent Theatre across the two-day expo
A taster of what will be discussed across the speaker sessions at Accountex, including ‘WTF – Where’s the funding’, ‘Unlocking Data Potential: Strategies to Attract Staff, Clients and Future Investment’, and ‘The Future-Ready Business: Leveraging Technology for Talent Growth and Digital Transformation’
Heard from the organisers of Accountex about the event and what employers or their colleagues can gain from attending
Sustainability in Accountancy
Sustainability is a growing topic of importance in the accountancy industry, with new laws and regulations progressively impacting how accountants do their jobs. In this session, expert speakers explored:
How sustainability is affecting the Finance industry and why it is important
What changes are being made and what is driving these changes
What legal measures relating to sustainability are being introduced, and what do companies need to be aware of going forward
Previous FITT Forum Archive
You can find a full archive of valuable insight from previous First Intuition Think Tank forums below. Many of the discussions are every bit as relevant now.
Situated in the heart of Crawley, our Gatwick centre provides a convenient and easily accessible location for aspiring accountants to embark on their AAT (Association of Accounting Technicians) journey as either a commercial course or under an apprenticeship programme from September 2025.
With a team of expert tutors, First Intuition Gatwick aims to deliver high-quality education and prepare students for success in their exams.
To view our timetables and find out more, click the below icon.
When sitting an ACCA exam, an hour in the exam room feels like 5 minutes outside of it! One of the biggest issues I see is students spending too much time on the first few questions and then scrambling to finish the rest. My tip? Practise with a timer and plan your attack. Make sure you leave enough time for every question, even if it means leaving some partially complete.
2. The numbers game
I get it, numbers are important. But don’t get so caught up in the numerical stuff that you forget about the written parts. Those written sections can pack a punch in terms of marks. Balance is key, so give both the numbers and the words some love.
3. Structuring your answers
A well-structured answer is like a well-organised closet – everything in its place and easy to find. Break down the requirement into headings and sub-headings to make sure you answer everything that you’re being asked to do. An added benefit is that it makes it much easier for your examiner to give you those hard-earned marks.
4. Explain, explain, explain
Don’t assume I know what you’re thinking. Many students lose marks because they don’t fully explain their points. I know you know, but your examiner doesn’t play the guessing game. As an ACCA marker, I tell my learners to go back to studying at school, when your teacher would tell you to use “Point, Evidence, Explain”. If you hit these for every point you make, you’ll be well rewarded.
5. Don’t make a mountain out of a molehill
Ever get stuck in a tricky part of the calculations and feel like you’re sinking in quicksand? If you’re struggling with one element, make an educated guess (ahem… assertion!) and carry on with the rest of your workings. Own figure marks will be awarded throughout. This means you can still get marks for the bits you did know – as long as you persevere and complete the question.
So, there you have it – some insider tips straight from the marking desk. Keep these in mind, practise hard, and you’ll be well on your way to exam success. Good luck and go get those marks!
About the author:
Rebecca Altria- CIMA and ACCA Marker
Educational Content & Assessment Lead
What makes FI different from other training providers?
First Intuition (FI) stands out above other accountancy training providers due to its personalised approach to education and exceptional student support. Unlike many providers, FI places the learner at the center of everything, offering tailored study plans that accommodate various learning styles and schedules. Their commitment to small class sizes ensures a supportive and engaging learning environment, whilst a network of experienced tutors dedicated to student success contributes to FI’s industry-leading pass rates.
The combination of personalised support, high-quality teaching, and flexible learning options truly sets First Intuition apart from other providers. See what trainees and employers say about their experience with FI and what they have learnt from courses in the videos below.
Skills gained throughout apprenticeship programmes:
Watch the video below to see what skills FI apprentices have gained throughout their apprenticeship programme.
Support received throughout apprenticeship journeys:
Watch the video below to see what apprentices think about the support they have received from First Intuition throughout their apprenticeship journey.
Employer’s apprenticeship experiences:
The video below shows what employers who have had trainees with FI on apprenticeship programmes think about apprenticeships.
Here’s a glimpse of what work our FI teams have been up to this year:
Our charity work in Manchester-
Healthy Me Healthy Communities
The team dedicated 40 volunteer days from September to October with “Healthy Me Healthy Communities” – a charity that empower, educate and inspire for a healthier, happier and longer life. They worked side by side with local volunteers to harvest crops for 2024 and prepare community gardens for winter—nurturing both plants and positive vibes!
Our charity work in Reading, Chelmsford, and Maidstone.
Macmillan Bake Sale
These teams whipped up some delicious creations for charity, baking and tasting their way to raising £487.56 for MacMillan Cancer Support. Who knew that cakes could do so much good for both the taste buds and the soul.
Our charity work in Chelmsford.
Always up for a challenge, the team exercised for 400 hours. Equivalent to completing an AAT qualification, they raised funds for the One Love Soup Kitchen . They didn’t stop there, hosting a charity football tournament in July that brought in £960 for One Love and Havens Hospice—proving that physical activity can be a win-win for both fitness and fundraising.
Football Tournament
These centres have consistently supported local food banks. In Reading, they also collected Easter eggs to brighten the days of disadvantaged children, bringing smiles to young faces.
Our charity work in London.
Our London team took things a step further by supporting Career Ready in 2024, fundraising and mentoring young people, helping them find their way in the world with the guidance of experienced professionals.
These acts of kindness and charity don’t just benefit the people and causes we support; they uplift our entire FI family. Even the smallest effort can make a world of difference. Not just to others, but to ourselves.
Learn more about First Intuition’s ESG initiatives and targets here.
Empowering Futures: FI’s 2025 Partnership with LTSB
In 2025, we are thrilled to be partnering with LTSB (Leadership Through Sport & Business), a national charity dedicated to supporting young people who have faced educational disadvantages. LTSB collaborates with sporting organisations to run skills-based training camps, helping to build confidence and develop essential transferable skills like teamwork and leadership.
This partnership aligns perfectly with our commitment to education and social mobility, empowering the next generation with the skills and opportunities they need to succeed. Learn more about our partnership through our blog here.
Employers, educationalists, and anyone else with an interest in these hot topics are welcome to join these virtual events.
Please click on each individual session to book your place.
Accountancy Academy is the perfect chance for 16 – 18 year olds to find out more about a career in accountancy. From a practical accountancy case study to practicing interview skills, our interactive workshop is designed to introduce accountancy to school leavers and expand their practical skills.
Dates: 7th and 8th July 2025 Time: 09.30 am to 3.30 pm Location: First Intuition Maidstone, 89 King Street, Maidstone, ME14 1BG
This year’s Accountancy Academy will cover the following:
Day 1:
Introduction to Accountancy
Group Icebreaker
How Accountancy Works
Accountancy Case Study – Practical exercise with a task for students to work on in groups and present.
A head for Figures
Day 2:
Applying for Jobs in Accountancy
Accountancy Question Workshop
The World of Work & CV Review
Interview Skills
Meet the Experts – This will be a panel of local employers and apprentices will host a Q&A session.
How to Book
1. Complete online registration form to receive follow up details using the link below.
2. Confirm your space using the electronic booking form we will send out, 4-6 weeks before the event
Final bookings are needed by Friday 20th June 2025. Please note, we only have 30 spaces available, this means we will working on a first come, first serve basis.
The Accountancy Academy will be held in our Maidstone centre, so make sure you are able to attend the centre for the event.
If you have any questions or enquiries about Accountancy Academy 2025, email us now at maidstone@fi.co.uk or call us on 01622 755100.
What is First Intuition?
First Intuition is a registered accountancy training centre. We offer classroom courses and apprenticeships including AAT, ACCA, ICAEW and Leadership & Management. We also have a dedicated finance apprenticeship team that works with students and employers.
At FI Essex, we love a challenge—and this January, 18 of our team members set out to walk 5 million steps to support Leadership Through Sport & Business (LTSB). Braving the winter weather, giving up lunch breaks, and even enlisting the help of family members, we smashed our target with a staggering 5.4 million steps!
LTSB is a social mobility charity that helps bright, young people from disadvantaged backgrounds find meaningful careers in business and finance. They provide professional development, employability training, and valuable opportunities with top employers—helping to create a more diverse and inclusive workforce. We’re proud to support their incredible work!
Pulling out all the stops
“Our team’s dedication has been inspiring,” said Leah Holdeman, Sales and Marketing Manager at FI Essex. “Everyone pulled together to keep moving, and the camaraderie was amazing. Whether it was early morning walks, late-night strolls, or lunchtime power walks, we made every step count!”
We’re not stopping here! FI Essex will be running more fundraising events throughout the year to continue supporting Leadership Through Sport & Business. One of our biggest events is our Annual Football Tournament – The FI Cup. Registrations are now open, and we’d love for you to get involved. Sign up your team today at this link and help us raise even more for this fantastic cause!
Gareth John (Chief Executive of East Anglia/Yorkshire) said:
“I am extremely proud of the recognition that the whole team at First Intuition has received with these three major award short-listings. They reflect the breadth and depth of individual care we deliver to each of the AAT learners and apprentices that we support, whether they study in one of our 25 training centres or through our Distance Learning and Online programmes.”
Amy Forrest (Managing Director of East Anglia/Yorkshire) said:
“We are beyond thrilled to have been shortlisted in 3 categories for this year’s AAT Awards! The AAT is a fantastic qualification and a great way for people to start their career in accounting. To even be shortlisted for these awards demonstrates our continued commitment to quality in accountancy training. We look forward to awards night!”
Nick Craggs (AAT Distance Learning Director) said:
“I am so pleased to see my distance learning team shortlisted again for AAT Distance Learning provider of the year. The entire team work so hard in helping our students achieve their goals and to see this recognised by AAT is really fantastic. The AAT Distance Learning Provider award recognise the best of the best in the AAT Distance Learning world, so I was delighted to see my team was shortlisted again. ”
“I am thrilled to be shortlisted for the AAT Tutor of the Year award, to be formally recognised for my skills and passion for tutoring is a wonderful feeling and I am excited for what promises to be an exciting night for both myself and First Intuition!”
All awards will be announced at the Training Provider Conference and Awards gala dinner on Thursday 13 March.
You can learn more about the AAT Training Provider Awards here.
A decade of gold service
Gold Trusted Service Award 2025
First Intuition is thrilled to celebrate our tenth consecutive year of receiving the Feefo Trusted Service Award. This achievement reflects our unwavering commitment to exceptional service and furthermore highlights the trust our students place in us, demonstrated by their consistent positive feedback. A decade of recognition showcases the continuous improvements we drive to enhance the FI student experience. It also stands as a testament to the dedication and hard work of the entire FI Team, who prioritise our learners’ needs in everything we do.
What is the Gold Trusted Service Award?
The Feefo Gold Trusted Service Award is a prestigious recognition that celebrates businesses for their outstanding commitment to customer service, based on genuine interactions with verified customers. This award is earned through the collection of authentic feedback and valuable insights via the Feefo platform, serving as a trusted mark of excellence. It highlights a business’s dedication to maintaining high service standards and building trust with customers. To qualify for this award, businesses must gather at least 50 verified reviews between 1st January and 31st December 2024, achieving an overall Feefo service rating of 4.5 or higher.
FI UK Managing Director, Hazel Rogers, commented on the award:
What an achievement! We’re delighted to be celebrating our tenth anniversary of consecutively being awarded the Feefo Gold Trusted Service Award. This is a whole team achievement which relies upon a consistent focus on delivering a great service – for our clients and our students. We’re very proud of this recognition.
Where people count
At FI, our Where People Count ethos truly embodies our core belief that students are at the heart of everything we do. As a result, this reinforces our dedication to delivering a personalised and supportive learning experience, ensuring that every student feels valued and empowered to achieve their goals. Moreover, by actively listening to student feedback and continuously evolving our services, we strive to create an environment where learners can thrive. Our commitment to putting people first drives us to go beyond expectations, fostering a culture of care, excellence, and continuous improvement.
FI’s commitment to maintaining customer satisfaction
Alongside delivering exceptional customer service, we also remain dedicated to continually enhancing the FI student experience. Our efforts centre on what matters most to our learners, such as improving our learning platform, refining course content, and streamlining the booking process. Feedback from our students is invaluable, providing crucial insights into what they value most in a training provider and their key priorities. We sincerely appreciate all the students who took the time to share their thoughts on our Feefo platform in 2024. Building on these insights, the FI Team is eager to further enhance the student experience in 2025, focusing on what matters most to our learners.
Since launching in Leeds in 2017, First Intuition’s Accountancy Academy has welcomed students from schools, academies, and colleges across Yorkshire. It’s been a stepping stone for many young people eager to understand what it really takes to succeed in accountancy.
At First Intuition, we’re committed to creating a supportive and welcoming environment where aspiring accountants can thrive. Whether you’re looking to take your first steps into the profession or just want to learn more about the opportunities available, the Accountancy Academy is your gateway to a future in finance.
What will be covered?
Whilst some students have a very clear idea about the career they would like to pursue, there are equally many who are unsure. The Academy gives the attendees a chance to explore the industry in a little more detail and decide whether it could be a suitable path for them. Many of our attendees go on to study accountancy either at university or as part of an apprenticeship. The topics we cover within the Academy are as follows:
Day One – Information and Skills
Careers in accountancy
Understanding the role of an accountant
Routes to qualification
Team building
Business game
Day Two – Careers Workshop
Q&A session with a panel of employers
Group presentations
Employer mock interviews
CV and interview clinic
When is the Academy?
Our Academies take place annually in the February half-term holidays. This year, our Academies will be held on:
Ready to sample being an accountant? You can sign up for our Accountancy Academies here.
FAQs
Who is First Intuition?
First Intuition is an award-winning network of training providers specialising in accountancy qualifications. We offer a full range of accountancy (ACCA, AAT, CIMA and ICAEW) programmes which can be studied as apprenticeships or exams only. From our expert tutors to our local customer service, our team brings passion and enthusiasm to the classroom.
What should I bring?
We recommend bringing a laptop if possible, this will help you to complete your group presentations and take notes. If you are unable to bring a laptop, other materials can be provided.
Is there a dress code?
Although a dress code will not be enforced, you may wish to wear smart clothing for mock interviews on the second day. Previous attendees have been hired through our Academies, use this opportunity to make an impression!
Do I need to bring lunch?
You may wish to bring your own lunch for both days of the Academy, however, our centres are conveniently located near lots of shops and restaurants. Refreshments will be provided.
Do I need my parents’ consent?
If you are under the age of 18, you will need a parent or guardian to sign a consent form. You will be contacted closer to the time with this information.
If you have any questions about our Academies, please don’t hesitate to get in touch. Call our team on 0113 467 7770 or email your closest centre. We hope to see you at our next event!
Our Online Live courses stand out because they offer a unique blend of expertise and support. Each unit is delivered by a subject matter expert from start to finish, ensuring consistency and depth of knowledge. Additionally, students benefit from a support tutor who provides invaluable feedback on written tasks and mocks, which is crucial for a comprehensive and wordy subject like Internal Accounting Systems and Controls.
Insights from Our Tutor
Louise Grant, our AAT Distance Learning Tutor, shares her observations and advice:
“During my time delivering this unit and reviewing students’ written answers, I have noticed a recurring mistake: students often do not answer the specific question given in a task. Clarity on task requirements and proper answer formatting significantly improve results. Initially, students may misunderstand the task, provide generic answers, or write insufficiently.
I recommend that students read the task requirements and note them down before reading the scenario. For example, if a task requires identifying a weakness, a cause, and an impact, students should tick these off once addressed. This approach helps maintain focus on specific requirements and ensures all sections of the task are answered.”
Building Confidence and Success
Students often feel apprehensive when starting this unit due to its perceived difficulty. However, after spending time in class and receiving feedback on their written answers from their support tutor, they become more confident. This positive shift is reflected in their mock and overall exam results.
Student Perspective
Spencer Pitfield, an AAT Distance Learning Student, offers his advice:
“Don’t stress and let everything you read online about INAC worry you. Trust the process set out by First Intuition and the tutors. Keep sending in your written answers for marking by the tutors as their feedback really helps guide you on how to answer questions for this unit and where you are going wrong. P.S. don’t overlook task 1 as big marks can be picked up for multiple choice!”
Take the Next Step with Confidence
Our approach to the AAT Level 4 Internal Accounting Systems and Controls unit has proven to be highly effective, as evidenced by our outstanding pass rates. We are committed to providing our students with the best possible learning experience, combining expert delivery with dedicated support to help them succeed.
For more news and exclusive tips from First Intuition, visit FI Hub.
Gen Z, the youngest generation entering the workplace, poses new challenges for employers recruiting, onboarding and retaining them. The resources listed below provide information from industry experts on how to engage with Gen Z and what employers can do to effectively recruit, onboard and retain them.
Evey-Grace was chosen as our recent Apprentice of the Quarter due to having no experience, or prior knowledge of accounting, before starting the AAT Level 3 apprenticeship.
The development seen on the AAT Level 3 apprenticeship has been excellent. Every-Grace is now mentoring new trainees, despite still being relatively new herself. This success is alongside continuously high exam results and keeping on track with apprenticeship studies.
Here’s what our Apprentice of the Quarter said in the interview:
What are you most proud of from your experience to date?
My biggest achievement to date is achieving my level 3 AAT to a high standard. I have learnt how to adapt what I have learnt into my day-to-day work, improving all jobs I work on in my role. I feel that being able to take learning and adapt it to real life scenarios really helps with the understanding of everything from the classroom.
What made you choose a career in accountancy? Was there anything that triggered your decision?
It wasn’t my first choice, as initially, I wasn’t sure what I wanted to do. I decided on this field as I was looking to further my knowledge through education and be able to gain a well-known qualification. I had always hoped that I would end up having a career in finance, and after some research found that an accounting qualification really can take you anywhere in the future.
How did you approach your studies and what resources/support that FI offer did you find most useful?
I have always completed everything asked of me by the tutors and listened to all advice that they gave. I ensured that I completed all checkpoints, practice questions and AAT mocks, as well as had calls with tutors to cement learning on areas that I was not so confident in.
Do you have any study tips for other apprentices about to start their studies as the Apprentice of the Quarter?
I would always revise 4-5 nights a week for an hour or two at a time, with up to an hour at the weekends, as you also need to value your own time and prioritise rest. Ensure you write plenty of notes to refer back to and ensure you book your exam. Don’t pressure yourself, and if you’re not ready to sit your exam, then push it back a few weeks until you feel more confident.
How do you manage juggling work & study?
Little and often is a good way I found to approach study, keep to a schedule so that you can still do some things that you enjoy in your free time. After each course day I would run through each chapter, ensuring I made as many notes as possible, so I was ready for the next session.
How have you been supported by your company and colleagues throughout your apprenticeship so far?
I like to be left to my own devices when studying so appreciated the hands-off approach when needed, but my employer was always available if I needed anything from them. They would always check in to make sure everything was going well.
How has this contributed to both your success with both your qualifications and adding value to your employer?
I feel for me, that it was not a pressured environment and that helped me to do my best and succeed in my apprenticeship. This in turn, helped me to become much more confident in my own work. I feel I have added value at work by enhancing my knowledge through study and passing all of my exams. I can now spend less time asking for help in the workplace and more time on my own work and helped me to understand how to better assist new trainees.
What are your goals/plans for when you finish your current apprenticeship?
I am hoping to move on to level 4 AAT next year, and ideally would also like to complete my level 7 and move on to the ACCA qualification.
Why would you recommend the apprenticeship route for others?
It is so helpful being able to learn content and then apply it to a job in a workplace scenario. It is much more rewarding that just being in education, as it makes it so much quicker to learn and apply knowledge. I feel that an apprenticeship is invaluable as it also helps to enhance soft skills through the skill days such as teamworking and communication that you may not otherwise receive.
Want to know more about our apprenticeship programmes at First Intuition? Take a look at our helpful apprenticeship page.
I’ve completed the question bank and still failed my accountancy exam. What should I do next?
It’s well known that question practice is the key to passing accountancy exams. There are many articles online about the importance of question practice. You may be familiar with the driving test analogy, which is very true!
So what do you do if you have completed all of the questions in your question bank but still failed, possibly on more than one occasion?
First steps to re-sitting an accountancy exam
The first step is to reflect on what went wrong on the day. You may have received some feedback from your examining body to help you identify your weak areas. These are the ones you need to focus on as you revise for your resit. It may be a particular topic that you have not yet mastered. It could be an aspect of exam technique such as poor time management or misinterpreting the question that is the problem.
At this point it may be worth revisiting specific areas in your study materials to address any knowledge gaps. However, this should form just a minor part of your accountancy exam revision. You need to be able to put this knowledge into practice to pass the exam next time.
Quality question practice is key
When going back to your question bank you need to consider the quality as well as the quantity of your question practice. Try to resist the temptation to race through the question bank in order totick off all of the questions quickly before your resit accountancy exam.
Try to mimic the real accountancy exam
At this stage, you should be practising questions without looking at your notes or the solutions as you won’t have these available to you in the accountancy exam! Practice using any techniques that your tutor gave you. This could reading the requirement first, eliminating distractors or looking for the easy marks.
You should be practising questions to time. This will enable you to get used to the pressure you will be under in the exam. Perhaps you have been getting the answers right but you are taking longer than you have available.
It’s also quite common for students to get questions right when focussing on a particular topic but then struggle when combining questions on a mixture of different topics. This is why attempting and reattempting mock exams is important. Alternatively, you could “create” your own mock exam by putting together questions from a selection of topics or styles in a practice session. An example of this is a mixture of objective tests and long-form questions.
Self-marking your answers
When self-marking your answers, take a few moments to considerwhy you got an answer right or wrong. In multiple-choice questions, you need to understand why certain options are correct and others are not. This will help you spot the same pitfalls in similar real exam questions. Could you explain this to a colleague or a fellow student? Make a physical note of the mistakes you are making as a reminder to avoid them in the future. For a closer look into why self-marking is so effective, visit our article:Why should I mark my own mock?
Finally…
Avoid falling into a false sense of security if you can do all of the questions in the bank, possibly because you have memorised some or all of the answers. The questions in the real accountancy exam will be based on the same knowledge. The questions are likely to be similar but different to the ones in the bank. You will need to think on your feet on the day of the exam. Be wary of questions you think you recognise as they may not be exactly the same.
Running out of questions?
If you feel you have exhausted all of the questions in your question bank then there are other resources that you can use to find additional questions. For example, you could attempt or reattempt the checkpoint questions and mocks in FI Learn. You could also look in your institute study text or workbook, and your institute website or practice platform for additional questions and Examiner’s reports.
Don’t forget you can also contact your tutor at FI for some further advice relating to resources for your specific exam.
The strength and success of a business lies not just in its services but in its people—especially those in leadership and management roles that manage and motivate staff. Recognising this, First Intuition (FI) has introduced tailored Leadership and Management courses that go beyond typical training programmes to develop genuine, impactful leadership that is personalised to the needs of individual businesses.
Saffron Building Society, a regional building society with branches and agencies in the East of England, asked FI to create a tailored Leadership and Management course for 12 of their Assistant Cluster Managers. As part of the course, the participants successfully completed three written assignments and achieved a CMI Level 3 Certificate meaning they are eligible for CMI Foundation Chartered Manager status (fCMgr).
Participants were also encouraged to present what they had learnt from the tailored programme, including the challenges they have overcome and how they felt they have changed since the beginning of the course. Below are some of the thoughts learners shared from the presentation day.
Pre-programme
Attendees on the 12 month course were asked…
How did you feel when you were invited to join this programme?
Apprehensive but it felt like a privilege as not many managers get the chance to develop their leadership and management skills and implement these skills into the business.
How did you feel at the start of the first session?
Apprehension about what would be included in the course as well as nervous about the unknown. However, from the moment we all sat down and worked together, it felt like a community spirit.
What did you identify as your weakness?
Handling conflict and seeing ideas through to reality, goals, and objectives for staff.
What did you want to get out of the programme?
Confidence, new techniques, and skills to transfer to the workplace.
What did attendees learn from the programme?
Case study: Michael
Michael began the course with a desire to improve his time management and become more positive in his role. He has seen substantial changes in his self-management and in how his team perceive him since completing the training.
Learnings and Development: Michael gained valuable insight into managing his time effectively, adopting techniques like the Pomodoro method and the “pickle jar” approach to stay organised. The course helped him become more adaptable and resilient, developing a more positive mindset towards change.
Implementations: He is now scheduling regular catchups with his team and actively seeking their feedback, which has fostered a culture of trust. Michael also reports that he has become more thoughtful in his interactions, encouraging his team to embrace changes as opportunities rather than disruptions.
Achievements: This shift has altered how others see him, transforming from someone viewed as “negative” and “argumentative” to a “motivating,” “supportive,” and “organised” leader. Michael’s team members are now happier and more receptive to change, and feedback is shared more freely, reflecting an uplifted workplace culture.
Case study: Bronwin
Bronwin found the course instrumental in reinforcing confidence in her managerial capabilities, especially in understanding the strategic goals and values of the organisation and building stronger communication practices.
Learnings and Development: The course emphasised the importance of regular feedback, difficult conversations, and understanding team motivators. Bronwin recognised that strategic goals outline “what” to achieve, values dictate “how,” and vision defines “why.”
Implementations: Bronwin introduced a structured 121 template for consistency in communication and goal alignment, establishing a feedback culture where both positive and constructive input is encouraged. Bronwin used this approach to address challenges head-on, especially when scheduling or addressing individual team member needs.
Achievements: Bronwin’s team now holds a Peakon score above the company average, indicating improved morale and engagement. She has successfully built stronger relationships within her team, which has enhanced their overall productivity and satisfaction.
Case study: Nat
Nat embarked on the course aiming to further develop her leadership skills and learn to tackle performance management challenges.
Learnings and Development: Recognising that effective management requires continuous learning, Nat appreciated the course’s focus on getting to know team members personally and allowing them to challenge her openly. She learned to manage conflict by listening attentively and giving employees space to express their perspectives.
Implementations: Nat’s proactive approach includes setting up personal contracts to clarify expectations and communication styles. She has used conflict resolution techniques from the course, such as open conversations and consistent follow-up, which have improved team trust and alignment with company objectives.
Achievements: Team feedback scores showed marked improvement from the course’s start to completion, and Nat’s team has become more collaborative. Nat has created a supportive environment where ideas are exchanged freely. She is keen to continue her development by sharing best practices with other Assistant Cluster Managers.
Case study: Chelsea
Chelsea has used the course to deepen her understanding of her team and build a stronger foundation of trust.
Learnings and Development: Chelsea valued the course’s focus on the power of positivity and the importance of building trust through honest, open communication. She also learned to tackle conflict calmly and see challenges as opportunities for growth.
Implementations: Chelsea adapted her leadership style to listen first and avoid jumping to conclusions, following up with clear and constructive feedback. This helped encourage trust. She ensured her team felt heard and valued by distributing workloads fairly, which she achieved by consulting each team member on their preferences.
Achievements: Feedback from her team highlights her ability to build trust and create a positive, productive environment. Chelsea’s positive attitude has proven contagious, enhancing the team’s engagement and performance while strengthening bonds within the group.
Case study: Nic
In his first managerial role, Nic approached the course with the aim of improving time management and building rapport with his team.
Learnings and Development: Nic quickly recognised the significance of forging strong connections with his team and creating an atmosphere of mutual respect. He also identified time management as a key area for personal growth.
Implementations: He held informal one-to-one meetings to understand his team’s motivations and goals, organising social events to celebrate their achievements and build morale. By structuring his day around designated time blocks, he now manages his workload more effectively.
Achievements: Nic has fostered a high level of productivity and alignment within his team, evident from positive feedback from both team members and customers. His efforts to build relationships have strengthened the team’s unity and improved communication, enhancing overall efficiency.
Case study: Megan
Megan found the course invaluable in developing her emotional intelligence and building confidence in her management style.
Learnings and Development: Understanding her team’s needs and adjusting her approach accordingly was a significant takeaway. Megan also learned to use Lewin’s change management theory to ease transitions, making changes smoother for her team.
Implementations: Megan established a routine of catchups with team members, discussing their thoughts and feedback regarding new changes. Her commitment to consistent communication has fostered trust and a strong sense of team spirit.
Achievements: Since completing the course, Megan has led her team to multiple successes, including an internal promotion and being named Retail Team of the Year. Megan is known as a supportive, influential manager who promotes teamwork and development, qualities highly valued within her team.
Case study: Molly
Molly joined the course with six years of experience at Saffron and sought to further enhance her management skills, particularly in delegation and conflict resolution.
Learnings and Development: Molly realised the importance of empowering her team through autonomy and setting clear objectives. She learned to handle performance management more effectively by establishing clear communication and documenting feedback.
Implementations: Molly adopted a laissez-faire approach to allow her team greater responsibility, stepping back to focus on her own tasks. She also implemented regular objective reviews during 121s, ensuring that team goals aligned with organisational objectives.
Achievements: Senior leaders have noticed Molly’s growth in confidence, particularly in her role as a Subject Matter Expert. Molly improved team performance and customer satisfaction by proactively addressing potential issues and enabling her team to achieve their objectives with confidence.
What the employer had to say:
“Thank you for listening to us and curating this programme to such a high standard. It is important to us at Saffron Building Society that we put the effort in to develop our people and this programme has helped achieve that.”
“Thank you for bringing the course to us with everything we wanted and at such a high standard, and for showing us that it is really important that we put the effort in and develop our people. We are really really grateful for you guys developing all these amazing people.”
What made you choose FI’s tailored leadership and management programme?
“We had already used First Intuition to train some of our finance apprentices, and when we were looking to do a management programme, I reached out and explained what we wanted to do and asked if they could help us with it. We got the opportunity to design the programme how we wanted it. First Intuition came to our office and we all sat down together to talk about what we wanted and what we wanted people to get out of the sessions, then we agreed on how it should look and FI went away and built it.”
Do you feel happy about how the programme has worked out?
“Really happy, so much so that we are looking to hire more apprentices and have them do more courses.”
What made you contact FI about a leadership and management course?
“It was because we had had such a good experience in the past with their finance training, and it is always good to go back to something you know has worked well in the past.”
Were you nervous about choosing FI for a leadership and management course as they specialise in training accountancy courses?
“I wasn’t because of the first interaction of confidence with the course, and being involved in the process of creating the course and that it could look how we wanted with all of our missions incorporated… so our opinion and what we wanted was really taken into consideration.”
Have you noticed a difference in attendees since the start of the programme?
“Yes definitely, I really mean that.”
First Intuition’s tailored L&M courses
The success stories from Saffron Building Society show the real-world impact of First Intuition’s tailored Leadership and Management course. By providing a tailored approach that develops both technical and interpersonal skills, FI’s programme has helped managers redefine their roles, build stronger teams, and contribute more effectively to the organisation’s success. The manager’s report feeling more confident, capable, and aligned with the company’s goals, which has had a positive ripple effect on their teams and overall productivity.
National Apprenticeship Week (NAW) is being held from 10th to 16th February 2025 and will be a major focal point in theyear’s calendar for anyone involved in recruiting and training apprentices. In the last couple of years, NAW has got bigger and louder, and with UCAS recently launching their new Apprenticeship Service it is only likely to have even more traction in 2025.
As employers increasingly find it difficult to get in front of young adults entering the workplace, it is important for them to plan for how they can best engage with potential candidates during NAW, or alternatively, how best to use the week to raise awareness about the value of apprenticeships to help others. Below are some of the key activities businesses can be doing to maximise impact during NAW.
You can watch a recording of the session where these activities were discussed by clicking the button below.
Preparation tips for NAW 2025
1. Utilise the NAW Toolkit:
Only 37% of employer surveyed by TheTalentPeople / GetMyFirstJob use the useful NAW toolkit available at naw.appawards.co.uk. You can use the page to:
Explore the toolkit for advice, inspiration and resources
Sign up for the newsletter
Add your events into the event calendar
Post your vacancies on the Find An Apprenticeship site on gov.uk
Find real apprenticeship success stories that can inspire ways to celebrate and share your own
2. Build Local Connections:
Start forming connections with the career leads at local schools and colleges where you want to engage with young adults. You can do this by:
Speaking to other organisations that you work with who offer apprenticeships so that you can take a collaborative approach to talking to schools and colleges; make it easy for the careers lead to engage with several employers in one go
Collaborate with intermediary organisations like Form the Future for existing local career links
3. Define Objectives:
Clarify your goals for NAW 2025 and ask yourself what you want to achieve. Is it to:
Raise external awareness of your apprenticeship opportunities?
Raise internal awareness amongst existing staff who might consider upskilling with an apprenticeship programme, or managers who would mentor them?
Celebrate achievements of existing apprentices?
Help attract and recruit new staff?
Improve your brand recognition locally?
4. Identify Target Audiences:
Think about the audience you want to target, beyond young adults who might be potential apprentices, consider targeting:
Current staff who want to increase their skills
Other internal staff who would be key stakeholders in apprenticeship programmes such as line managers
Career changers looking to move into your sector
Careers leads and teachers at the local schools and colleges you recruit from
Parents who are crucial influencers in the decisions of their children and who may not understand how modern apprenticeships differ from those of 20 years ago
Structuring NAW 2025:
National Apprenticeship Week 2024 will have daily themes. These themes can be a good way to structure your own plan for the week, plus gives the opportunity to piggy-back on other activities going on in the skills sector.
Monday: #Skillsforlife – consider communicating the essential skills apprentices gain from completing apprenticesships. Share and celebrate the amazingly broad skills apprenticeships give trainees and the impact on your organisation.
Tuesday: Employer Tuesday – the opportunity to boast about what makes employers great: the range of apprenticeships they offer, and the variety of occupational and job roles individuals can pursue with them. A great day to highlight specific vacancies for apprentice roles.
Wednesday: Apprentice Wednesday – focus on leaners: let them tell their stories of how they found their apprenticeships, why they choose to be an apprentice and the great things that are possible through an apprenticeship programme.
Thursday: T-Level Thursday – with many T-level completers planning to progress onto an apprenticeship, this is an increasingly visible part of National Apprenticeship Week and an opportunity for employers to showcase how they engage with local schools and colleges who offer T levels.
Friday: Celebration Friday – Shout about the success your apprentices have achieved, and the talent your apprenticeship programme has delivered. Showcase graduation ceremonies, newsletters and team meetings where apprentices get deservedly recognised by the organisation. You can also celebrate the internal staff and external training partners who organise and deliver your apprenticeship programmes.
Saturday and Sunday: The NAW Weekender – Look back at National Apprenticeship week 2024 and share highlights of all the engagement and activity you have undertaken, including images and videos of the week.
Encourage user-generated content and involve different staff groups in social media takeovers for diverse perspectives into the impact of apprenticeships.
Prospective apprentices are most interested in hearing from relatable role models and ‘near peers’ so try and include content from your current apprentices talking about their experience and giving advice to other young adults about how to become an apprentice.
Event Ideas for NAW 2025:
Once you have determined your objectives, target audiences and structure for NAW you can fill your plan with specific events you want to run. These can be physical or virtual, delivered by individual teams or the whole organisation, and even done in conjunction with other businesses or training partners. Some examples include:
Podcasts interviewing apprentices
Award events or graduations for successful completers
Exhibitions to upskill existing staff about apprenticeships
Site tours for students at local schools and colleges
‘A Day in the Life’ of an apprentice TikTok videos
Articles in internal or external newsletters highlighting success stories
Competitions between teams of apprentices to produce the most engaging content
Virtual or physical open evenings where ‘near peers’ talk about their apprenticeship experiences
Visits to local schools to talk about apprenticeship opportunities
List your events at naw.appawards.co.uk
Use #NAW2024 and #SkillsForLife on social media for maximum traction
Promoting Your NAW 2025 Plans:
You can ensure wide visibility for your planned activities by:
Listing events on NAW Home (appawards.co.uk) and your website and social media platforms
Utilising appropriate platforms (e.g., Facebook, TikTok) that relate to your chosen target market
Incorporate #NAW2024 and #SkillsForLife in your social media posts
Consider new marketing channels such as advertising on Spotify to reach young adults
Engage with young adults in schools and colleges. Find out who the careers leads are and share your NAW2024 plans with them or try and go into schools a few weeks in advance to tell pupils directly
Engage with intermediary organisations to give an easy route into a number of careers leads at various schools in one go
Join the Apprenticeship Ambassador Network (apprenticeships.gov.uk) or use the Careers and Enterprise Company’s Career Hubs to start building valuable local connections
Promote internally to your staff
Try and collaborate promoting your activities with other organisations you work with who also offer apprenticeships
These steps can help you plan, promote, and execute a successful NAW in 2024, contributing to the broader celebration and awareness of apprenticeships. However, employers will benefit from educating themselves or spreading awareness about apprenticeships and engaging with schools and colleges throughout the year to increase brand visibility and recruitment opportunities.
One way First Intuition has worked to increase apprenticeship visibility and share information about their benefits is by working alongside UCAS to curate information about accountancy apprenticeships as part of UCAS’s exciting developments to their website. These include the introduction of advice and guidance on apprenticeships and the ability to search apprenticeship vacancies alongside full-time undergraduate degree courses.
We recently asked a number of students for their thoughts on good ways to minimise exam nerves, and have put together some of the most common tips they gave us.
Overall, the most common advice was to use controlled breathing to ward off stress and panicky feelings. Spending 3 minutes breathing slowly in and out sends a powerful message to your brain to calm down and regain control.
Here is a summary of some great ideas:
In the final couple of weeks leading up to the exam
Being prepared for the exam you are going to sit is an important way to avoid getting stressed about being under-prepared. The process of reducing exam nerves can start several weeks before you go anywhere near the exam room.
Practice breathing deeply and slowly for 3 minutes at a time on a regular basis.
Revise for 45 to 60 minutes at a time before taking a short break.
‘Little and often’ is better than trying to study for long sessions in one go.
Turn your focus more and more to mock exams and past papers the closer to the date of your real exam you get.
Make sure your diet and sleep are both regular and healthy.
Relaxation apps like Headspace can be very useful.
Have a ‘home team’ of friends and family who you can share your stresses with, and who can help take pressure off you for jobs like shopping or school runs.
Don’t just study. Do other things like going to the gym and out for meals.
Treat yourself when you hit key targets in your study plan.
The day before the exam
Don’t try to learn anything new at this stage.
Make sure you know where the exam venue is and how you are going to get there. Consider a ‘dry run’ if you haven’t been to the venue before.
Prepare your ‘exam kit’ i.e. pens, calculator, bottled water, chewing gum.
Get some exercise, some fresh air and some green space.
Get to bed early and get a good night’s sleep. You really won’t improve your performance by staying up late trying to cram last-minute knowledge.
Immediately before the exam
Plan to arrive at least an hour early in case of travel problems.
Have a routine to calm you down and make things feel familiar. I used to sit in the same little café before each of my exams having beans on toast and fresh orange juice.
Breathe deeply and slowly for 3 minutes if you start getting stressed.
Visit the bathroom.
Avoid comparing how much revision you have done with anyone else.
During the exam
Breathe deeply and slowly before starting.
Remind yourself that failing an exam really isn’t the end of the world, and that you will give it your best shot.
Write down any equations or acronyms you have memorised that might be useful.
Spend a few minutes looking through each of the questions.
Start with questions that you feel most comfortable with. Leave harder ones until later.
Take the time to read each question properly, clearly identifying what they want you to do. I think it is worth reading each requirement two or three times.
Summarise the key points in the question on a sheet of paper.
Breathe deeply and slowly if you find yourself panicking at any point.
I used to ask to go the bathroom if I started getting overwhelmed. Even if I didn’t really need to go it gave me a few minutes to clear my head.
Try to avoid second-guessing yourself and constantly changing your answers. Trust yourself that your first answers are likely to be good.
After the exam
Don’t spend ages dissecting the exam and your answers; it’s done now so try to forget it.
Relax and celebrate getting through it!
Keep the momentum going and book your next module.
The following ‘5-Step guide to becoming an accountancy student’ is a must for anyone unsure of where to start!
1. Register as a student member of your chosen institute:
Each Institute has an online process to allow you to register as a student member. This is an important first step as it will ensure you can have all of the benefits of being a member of your chosen body, allow you to book exams and get advice and support you need on the wider requirements of student membership and qualification
When starting your studies, it is worth checking with your chosen institute if you can claim any exemptions based on your previous studies or awards. Each of the institutes has tools available via their website that allow you to see what you would be eligible for:
Before you book your first paper it is worth having a high-level plan for how you would like to progress through your studies. This doesn’t need to be really detailed – just something that can give you some structure.
For example, you might consider:
How many papers you will aim to complete over the first 12 months
Your preferred order and combination of papers (although don’t get too hung up on this!)
When you will aim to sit exams
Remember, when creating any plan, it’s really important to be realistic and to make sure you allow time for breaks, holidays and work commitments.
To give yourself the best chance of success with your exams you need to be supported by a quality training provider. At FI we outperform national pass rates and give you loads of support and confidence along the way. Look through our course dates and prices or browse the online store to find a course that works for you. You can book online, over the phone or via email. When you book on your first course you will receive joining instructions that will explain how the course works and confirms all the key dates.
5. Book or register for your first exam
It’s important to know when you will sit the exam so we recommend that you get this booked as soon as possible (we wrote a blog about that here). You can find out how to book (or register for) your exam online via your institute’s website using the links below:
In some cases, FI act as an exam centre. You can find out more about the exams you can arrange through us by visiting the exam booking section of this site.
Now you have your first course and exam booked you are good to go! You can now focus on your studies, and, don’t forget, we are here to help you every step of the way.
ICAEW Revision Preparation Sessions
If you are planning to attend a Revision session, please remember to register. Simply click the chosen date below then complete the registration form. Each session covers a different topic. Therefore, you can attend just one of the sessions, or both if you prefer. If you are not able to attend the sessions, please still register as a recording will be sent after the session.
To find out how your data is used, please see our privacy policy.
*The Corporate Reporting session will be a walkthrough of the advanced information where the tutor will identify the relevant issues and observations from the 11 month data set. Based on these observations the tutor will identify key syllabus areas and directions that the exam might take. The session will be scheduled to take place after the advanced information is released.
**The Case Study session will be a review of the advanced information.
These sessions are open to all. Therefore, please tell colleagues who might be interested and help spread the word about these valuable sessions.
Please note that these sessions will be recorded. However, you will be given the opportunity to turn off your web camera and change your name before we start, if you wish to do so.
What will be covered in the sessions?
Each ICAEW Revision session will look at exam techniques and debrief previous exam questions. In addition, you will have the opportunity to ask the tutor your questions.
What our students have said about the sessions
“Ryan is very clear, enthusiastic and is able to share his knowledge in an exciting and fun way.” ICAEW student
“Excellent session, we went over the more complex topics and broke it down with exam questions in an understandable way.” ICAEW student
“The BST revision sessions covered exam technique whilst revising knowledge which was really helpful. It also helped to guide my revision as we were recommended questions to practice as well as the best method to approach those questions.” ICAEW student
If you have any questions about these sessions please email us at icaew@fi.co.uk and one of the team will be able to assist you.
New technologies are reshaping the workplace and revolutionising the way people work. The skills sector is no exception, where technological adoption can improve efficiency, aid remote delivery, and increase achievement rates. Businesses that do not adopt new technologies are at risk of falling behind and putting their services at a disadvantage. However, effectively embracing and enforcing new technologies can be overwhelming as many employers do not know where to start. Below are some achievable strategies and approaches that can help the skills sector effectively adopt technological change.
1. Understand the landscape
To effectively adopt technological change, it is important to have a clear understanding of the technological landscape. This involves identifying key technological trends that are shaping industries and the workforce in sectors that are relevant to the business. One way in which individuals can do this is by making marginal gains by learning some of the new tools in existing technology used by the business.
2. Make marginal gains
In an era of constant technological evolution, ongoing learning is essential to keep up with changes. However, instead of transformative change, technology can be taken advantage of by making incremental improvements in our everyday working lives. For example, learning one new thing everyday, such as a new/unused feature in existing software. Furthermore, staff can benefit from micro-credentials, online courses, and certification programmes that allow professionals to acquire new competencies in bitesize chunks without committing to long-term education.
3. Take advantage of existing platforms
Businesses can take easy steps to adopt technological change without having to invest lots of money or making considerable changes to the way they operate by taking advantage of features on platforms they already use. Many platforms that businesses already use on a day-to-day basis have functions that incorporate new technologies that can aid users, employees just don’t know about them or how to use them. For example, Microsoft CoPilot, an AI tool that uses large language models with data from other Microsoft 365 apps, is available in Bing and is soon to be in other Microsoft products as a tool for users.
4. Use what is easy to access and already available
Businesses can take action to understand the landscape, make marginal gains, and take advantage of existing platforms by making use of information already available to them. This includes watching training videos on YouTube or other video platforms, asking colleagues to share existing knowledge, use in-programme demos, outsource personnel with more experience to train staff, use other training programmes or websites, use Google or online information forums, or watching relevant content creators on social media.
5. Lifelong learning and reskilling
As technology continues to reshape industries, reskilling and upskilling become essential for individuals to remain employable. The skills sector should promote a culture of lifelong learning, encouraging individuals to continuously update their skills.
First Intuition offers a Digital Finance Programme to help businesses get structure and clarity. This is to ensure their teams understand the implications of increasingly critical technologies and can start to harness the benefits they offer. Find more information about Digital Finance Programme here.
By following us on these platforms, you’ll gain access to a wide range of valuable content, including educational resources, inspiring success stories, industry updates, and event announcements.
Feel free to contact us if you have any questions or need further assistance.
More about LTSB
LTSB is a national charity that helps young people who have faced disadvantages in their education so far. It works closely with sporting organisations to run skills-based training camps which help to build confidence and to develop key transferable skills such as teamwork and leadership.
Following completion of this programme LTSB supports young people to start an apprenticeship with a reputable employer which will allow them to progress into a meaningful career. Furthermore, LTSB supports young people through their transition into a job role, helping them settle smoothly onto the career ladder.
A key part of LTSB’s strategy is that they work to remove any barriers to the young person successfully completing the programme, whatever these may be.
Moreover, LTSB brings together many aspects of support to remove any barriers to success for each individual. See a copy of LTSB’s impact report here which shows their impressive success rates and showcases outcomes for young people.
Quote from LTSB
“We are absolutely thrilled to be partnering with First Intuition. Together, we have the opportunity to create transformative experiences for the young people we support that will inspire, equip, and positively impact their lives. This partnership marks the start of an exciting and impactful journey, and we can’t wait to see the incredible difference we will make together, having some fun together along the way! From the bottom of our hearts, thank you.”
Strategic fit
Correspondingly, FI work with young people providing careers advice and support through years 11-13 and into their first job role. We provide skills training through our Impact Skills Programme which supports apprentices through to qualifying in their finance career. At the same time our coach team provides mentorship and support for all of our apprentices throughout their training.
Both LTSB and FI were founded around the same time and are at a similar stage of development. With both organisations seeking meaningful alliances to help us better meet the needs of young people. Like LTSB, FI treats each apprentice and learner as an individual, offering tailored support to help them succeed.
First Intuition have pledged to help through fundraising and staff volunteering to prepare young people for the workplace. We’ll begin with an auction of promises and will also contribute time for mock interviews with young people at LTSB.
We look forward to building a strong, impactful relationship with LTSB. First Intuition can’t wait to see the positive outcomes we’ll achieve together!
First Intuition recently hosted an event for employers on Engaging with Gen Z and Young Adults, at their new centre in Milton Keynes, bringing together professionals to discuss strategies for understanding and supporting this dynamic generation in the workplace. With an audience of employers, business leaders, and HR professionals, the event sparked meaningful conversations around recruitment, retention, and the workplace expectations of Gen Z.
The event was a great success, and we asked our Milton Keynes Client Relationship Lead, Mel Williams, to give us a recap of the key takeaways from the event:
Understanding the Gen Z Mindset
Panellists explored the traits shaping Gen Z employees, including their preference for hybrid working, demand for career progression, and emphasis on wellbeing. Employers therefore need to ensure that their workplace culture aligns with these priorities to attract and retain top talent.
Recruitment in the Digital Age
The recruitment process for Gen Z differs from previous generations. Speakers encouraged employers to embrace:
Social Media and Technology: Nearly 50% of young people find jobs through platforms like TikTok. This highlights the importance of engaging with Gen Z where they are most active.
Efficiency in Recruitment: According to Jane Donnelly from Hays, job applications that take more than 15 minutes to complete risk losing candidates. Streamlining recruitment is now a competitive necessity.
Maintaining Engagement Post-Offer: Ensuring candidates remain excited about their roles between job acceptance and start date is vital to prevent dropouts.
Retaining Gen Z Talent
Retention strategies were a focal point of the discussion at the event. Employers need to “walk the talk” by delivering on promises made in job advertisements. Providing clear learning and development plans, well-being initiatives, and a strong company vision were emphasised as critical factors.
An eye-opening statistic noted that the average tenure of a Gen Z employee is just two years, with many experiencing up to eight career changes. This underlines the importance of creating meaningful connections between employees and the business.
Local Recruitment Success
TUI shared their successful approach of recruiting locally. By hiring apprentices and employees from the local community, they reduced challenges like long commutes and relocation costs while fostering a tight-knit team.
Navigating Post-COVID Challenges
The pandemic has had a huge impact on Gen Z, leading to increased anxiety around office environments, exams, and public speaking. Panellists stressed the importance of balancing constructive feedback with positivity and providing tailored support to help young professionals gain confidence and thrive.
Engaging with the Community
The importance of partnerships with local schools and charities was also highlighted. By offering work experience opportunities, businesses can nurture talent and establish connections with the next generation of employees early on.
Voices from the Event
The discussions left a lasting impression on attendees:
Caitlin Edwards, Client Relationship Manager and First Intuition said:
“I found the event so helpful and think it is important for employers/businesses to meet the new generation of workers ‘in the middle’, with job deal breakers, such as flexible working and career progression.
“All the discussions were really insightful with some eye-opening data and stats about Gen Z and the recruitment process. There was definitely a lot of key information to takeaway from the event and utilise in our everyday working life and keep working on in the future.”
Key Takeaways for Employers
Adapt to Gen Z’s expectations for flexibility, wellbeing, and career growth
Use technology and streamline recruitment processes to attract talent
Build strong local connections and community partnerships
Support Gen Z employees with positive feedback and mental health resources
Embrace the cultural shift and innovate to stay ahead in the talent game
Can you tell us a bit about why you chose to study CIMA? And why you selected First Intuition as your learning provider?
I decided to take the leap into finance and pursue my CIMA journey. After spending many years in senior retail leadership roles, I found myself really enjoying the financial side of things – analysing results, making strategic decisions and managing budgets. So, when the company went through a restructuring, it felt like a now-or-never moment to dive fully into the area I was passionate about and make the career change I’d been thinking about. CIMA felt like the perfect fit because of its forward-looking focus and how it ties business thinking with finance. It also allowed me to build on the skills I had already developed in my previous role.
I chose First Intuition after seeing it recommended by so many people on LinkedIn, especially for its engaging approach to learning and flexible course options.
Can you describe your experience studying via FI Online and Online Live courses? Were there any features of the online learning platforms that you found particularly helpful?
I found the FI Online platform really easy to use and intuitive. I liked the structure of the chapters, followed by lots of question practice. I used the pre-recorded videos that walked through each chapter. This is my preferred way of learning and helped me to move along quickly and not get distracted. On the whole, I found the platform incredibly convenient; as long as I had my phone and some headphones, I could study anywhere without needing to carry books or be at a desk.
For the case studies, I used the Online Live courses, where the tutors were excellent at addressing our questions, helping us understand the format, and providing guidance on how to best prepare. They reassured us during what can be the most daunting aspects of CIMA, keeping our learning focused and aligned with each exam’s requirements. The marked mock exams, whilst extremely hard and time-consuming, were also critical in helping me pass.
What study habits or techniques did you find most effective whilst preparing for your CIMA exams?
My study techniques evolved throughout my AAT and CIMA learning journey. You name it, I tried it. First off, this is what worked for me. Everyone is different, and the key is to experiment with different methods to find what sticks.
For me, writing loads of notes didn’t work. My go-to methods were loads of question practice (and I mean hundreds and hundreds) and flashcards—digital ones that you can quickly create on your phone using voice recognition.
Many people say that the fastest way to succeed in AAT and CIMA is through practice questions, and it’s so true. I would repeat questions I’d already done until I knew them inside out.
I’d only create flashcards after I’d fully digested the syllabus, using question practice to identify which areas needed more work. The beauty of making flashcards on your phone is that you can dictate the text using Siri (or equivalent) and study them anywhere. I’d often go through them while washing up, or my wife would test me while I was driving.
How did you manage to stay motivated throughout your CIMA journey?
My biggest motivator, without question, was the desire to obtain a qualification that would give me career flexibility and options, along with strong progression opportunities, so I could provide for my family.
In addition, the other students were a huge source of motivation. I connected with many people through LinkedIn, exchanging ideas and techniques. Seeing others achieve what I was striving for always pushed me to keep going.
If you had to give three pieces of advice to current or future students, what would they be?
Don’t worry if something doesn’t stick straight away. My advice would be to get a general understanding and move on to the next chapter, and it will probably click into place either without realising it or when you revisit it. Try googling it and getting a different perspective; Investopedia was my go-to for learning definitions and further (free) reading.
Find your routine and form habits around it. For me, I was up at 5 am for three years almost every day. I’m a morning person, so that worked for me, and I could get loads done. For others, it might be the evening. Whenever it is, make it part of your life, talk to your family and friends to make sure you’re getting their buy-in and support and do it consistently.
Set yourself a goal. Whether it’s completing an OT exam, a module or a full level, set your timeline and work backwards. If you want to do the exam in 8/10/12 weeks, first book the exam, then work out when you’ll want to be doing your mock exams, andthen work out when you’ll want to finish the syllabus. Once you have your timelines, challenge yourself to make that work and see what you can do.
You progressed quickly through your CIMA qualification—what do you think contributed most to your success?
To be honest, when I started, I fully expected it to take 3 years.However, having completed the AAT, I was surprised by how much overlap there was between the two qualifications, which helped massively. I even drew on some of what I had learned from AAT at the strategic level.
The most significant factor has to be consistency – once I had my routine, I just kept to it, partly because I knew if I had too much of a break, it would be harder to get going again but mainly because I knew the cumulative effect of studying day in day out would add up. For example, I would take a maximum of two or three days off after passing an exam. Then, I’d start studying the next level once I had sat a case study and was waiting for the result. I would study 7 days a week from 5 am for 1-2 hours, more closer to exams and at weekends.
You’d be surprised how quickly you adapt to waking up early every day. It’s incredibly satisfying to realise that by 8 or 9 am, you’ve already had a productive two-hour study session.
Finally, what impact has CIMA had on your career so far and what’s next for you now that you’ve completed CIMA journey? Are there any further professional goals you’re aiming for?
CIMA has expanded my learning and knowledge of business and finance into areas of the world I just didn’t know existed before! I feel empowered and confident to deliver financial services to clients and better understand how I can add value to my role. This isn’t the end of my studying. I’m keen to expand my knowledge further. Perhaps look at a top-up master’s and definitely do some more targeted training, too.
My professional goal is to be in the boardroom, leveraging my finance expertise and operational leadership experience to drive value for businesses. Building strong, collaborative relationships is a priority for me, and true success means growing alongside a network that thrives together. I am a huge believer in the proverb, ‘If you want to go fast, go alone. If you want to go far, go together.
Thank you very much for your time and insight on your CIMA learning journey Tom. FI wish you all the best for the future!
Learn more about starting a career in accountancy:
These documents summarise the key changes between FA2023 and FA2024.
Tax Processes for Businesses Finance Act 2024 Update
The AAT have made changes to the reference materials for this unit to reflect changes in tax legislation.
The assessment format is unchanged.
In the syllabus specification, some of the learning outcomes have been moved to different headings and there have been minor tweaks to the wording of the requirements. None of these changes have any impact on the overall content of the unit or your learning materials.
Business Tax Finance Act 2024 Update
The AAT have made changes to the syllabus specification and the reference materials for this unit.
There have been no changes to the assessment format.
Personal Tax Finance Act 2024 Update
The AAT have made changes to the reference materials for this unit to reflect changes in tax legislation.
The assessment format and syllabus specification remain unchanged.
Download summaries of the key changes between FA2023 and FA2024.
Before you can download the summary updates, we kindly ask you to give us your contact details.
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
Assessment centres can play a crucial role in the recruitment and onboarding process by facilitating informed hiring decisions, supporting onboarding and informing future development, and aligning organisational goals and individual’s capabilities. This article summarises key points from the session where guest speakers, listed below, joined Gareth John to discuss how to run a successful assessment centre. Speakers discussed:
The purpose and benefits of assessment centres and how they can aid recruitment and development
What employers can do to utilise effective assessment exercises that help to enhance their recruitment and selection process
Best practices for running and implementing assessment centres
Sinitta Callman, Talent Acquisition Consultant at Kreston Reeves
You can watch the recording of the session below.
Recruiting in accountancy has evolved, with candidates often having multiple options and frequently changing fields after a few years. To tackle these challenges, many firms rely on assessment centres to better engage and evaluate candidates for a trainee role. Below, we outline strategies from a recent First Intuition webinar on how firms of various sizes can run effective assessment centres to attract, assess, and retain the right talent.
Understanding today’s recruitment landscape
Recruitment in accountancy has become more candidate-driven, with students often viewing accountancy as a stepping stone rather than a lifelong career. Firms need to account for this shorter ‘shelf life’ by engaging with candidates early and often to encourage commitment and a larger pipeline to replace employees who leave. This includes regularly engaging with schools to get in front of potential future candidates.
Additionally, there has been an increase in candidates reneging on offers or not showing up. As a result, many employers over-recruit to mitigate these losses and start onboarding well before the candidate’s official start date to keep new starters engaged and committed to the company they are going to start at.
Promoting opportunities
To attract the right candidates, firms are investing in outreach across multiple channels:
School and College Outreach: Firms are building relationships with local schools, attending career fairs, and hosting open evenings. By showcasing their company at the grassroots level, they reach potential candidates early in their decision-making process.
Digital Job Boards and Website Presence: Firms can utilise job boards, qualification sites, and even incentive-based referrals to reach potential hires. Building a dedicated “careers” section on the company website also provides candidates with detailed information about opportunities and company culture.
For firms of all sizes, visibility is key. The process is ongoing, with promotion efforts happening consistently throughout the year. Businesses should aim to be posting job opportunities ‘everywhere and anywhere’:
Structuring the assessment centre process
Assessment centres vary by firm size and location, but the typical structure includes multiple touchpoints to evaluate skills, cultural fit, and enthusiasm for the company and role. Below outlines how the speakers from different-sized firms structured their assessment centres:
Large firms:
Larger firms may opt for virtual assessment centres to increase accessibility using PowerPoint live so candidates cannot share documents used with others. These sessions typically last 3-4 hours and are structured ensure all candidates can participate from wherever they are based. Activities might include:
Workplace Simulations: Exercises that mimic real-life tasks in accountancy help assess engagement and enthusiasm over technical ability.
Virtual Group Work: Breakout rooms allow for small group discussions, providing insights into candidates’ teamwork and communication styles.
Formal interview: Candidates have a one-on-one interview conducted using a script for fairness between candidates. At the beginning it is explained that candidates will be assessed on how engaged they are rather than technical experience to forewarn what the employer is looking for.
Medium firms:
In-person assessment centres in central locations like London are still popular. Some employers will also cover candidates travel expenses to get to there. Firms can use this opportunity to see how candidates interact with each other and immerse candidates in their company culture:
Introductions: The day starts with an icebreaker so candidates feel comfortable, followed by an introductory presentation about the company, the training programme, and what candidates can expect from the day.
Presentations and Group Exercises: Candidates participate in group exercises that emphasise collaboration and problem-solving. These activities reveal how well candidates engage and express ideas with others as well as reflect the company’s core values. How candidates interact with others at tea breaks is also observed to get a feel for candidate attitudes when they know they are not being directly assessed.
One-on-One Interviews: 15-minute individual interviews help assess the candidate’s motivations, experience, education and ability to manage the demands of studying whilst working. There is less emphasis on candidates having technical knowledge, and more on transferable skills and passion/ drive for the profession.
Small firms:
Assessment centres are a valuable yet resource-intensive process for small firms, especially if recruitment budgets are limited. Smaller firms may have to wait longer to receive enough candidates to make the assessment day worthwhile than larger firms. This means they may have to work harder to keep potential candidates engaged. The focus of the day is often on:
Relaxed Introductions: A welcoming start to the day with introductions to the firm, its values, careers in accountancy and the expectations of the day. Candidates are encouraged to relax and express themselves authentically.
Simple, Interactive Exercises: Group exercises and informal discussions allow assessors to gauge interpersonal skills and enthusiasm in a relaxed setting.
Free time to chat to others: Candidates have time to chat amongst themselves so employers can assess how they interact with others, they also have previous trainees in the room to talk about it with them. It is helpful for employers to know what questions candidates are asking.
Interviews: Interviews are conducted with the employee who will be training the successful candidate, or those that have done the process before. Templates of questions are used so answers can be compared easily for each candidate. Verbal reasoning and numerical tests are also included in the day.
Key attributes to look for
Across the board, firms prioritise finding candidates who are enthusiastic, adaptable, and culturally aligned with the organisation. This means focusing less on technical knowledge and more on soft skills and genuine interest in the field. Exercises and interview prompts can also assess attributes such as resilience, the ability to work under pressure, and adaptability in learning.
Non-assessed opening questions provide a benchmark for candidates’ engagement, helping assessors determine what enthusiasm looks like for each candidate for a fairer way of assessing without the bias of different personalities.
Ongoing engagement and follow-up
To prevent drop-off, many firms now maintain regular contact with candidates between the offer and start date. Initiatives include:
Scheduled Check-ins: Two to three monthly touchpoints, such as company updates, social events or meet-up days help candidates feel connected and invested in the firm.
Pre-start Materials and Events: Some firms organise pre-start meetings, summer company days, and even create WhatsApp groups for new hires to build relationships and ease the transition into the company.
Building an inclusive experience
Virtual assessment centres present opportunities for greater accessibility but also pose challenges, such as ensuring fair access to necessary technology. To mitigate this, some firms offer to cover travel expenses for candidates attending in-person sessions and try to ensure the process reflects the actual working environment. This could include bringing the company culture to the assessment centre and dressing as is company policy, so candidates know what to expect if they were to join the company.
Final thoughts
Running a successful assessment centre requires planning, flexibility, and a commitment to building long-term relationships with candidates. Whether a firm is large or small, the assessment centre should provide a comprehensive view of your company’s culture, values, and opportunities. Firms can improve retention and attract skilled and committed candidates by focusing on engagement and a seamless candidate experience.
Drummond Street, London: The Lantern – A Beacon of Sustainability
Our newest location in Central London, The Lantern, was chosen specifically for its cutting-edge sustainability features. Here are some of the highlights that are helping us reduce our environmental impact:
Drummond Street’s cutting-edge sustainability features
– Blue Roof Technology: The building features a sustainable drainage system. Therefore, reducing pressure on London’s aging Victorian sewer network by managing rainwater runoff. Plus, the blue roof improves insulation, slashing the building’s energy needs by up to 50%.
– Energy Recovery System: Our ventilation system recovers discharged heat energy to preheat incoming fresh air, enabling the building to recapture up to 60% of this energy.
– Low Carbon Innovations: With low-carbon technologies and high thermal performance built in, the building also achieves an additional 10% carbon reduction through solar power (PV) and solar pre-heating of water.
–And it’s not just about energy efficiency: Natural light fills the building, creating a bright and inviting space that additionally boosts the well-being of our teams and students.
The White Building, Southampton: A Sustainable Makeover
While The White Building in Southampton isn’t new to us, it recently underwent an eco-friendly transformation. Focusing on sustainability, we made these key upgrades:
– Enhanced Glazing & Roof Insulation: Improved insulation reduces the energy required to heat and also cool the building.
The White Building- Southampton
-Solar Power: The Installation of 200 solar panels now meets most of the building’s energy needs, with any remaining power coming from renewable sources.
– In addition to its green credentials: The White Building offers shared workspaces, a brand-new deli, and showers for those who cycle to work—combining sustainability with convenience. Find out more about the White Building entering a new phase – White Building Southampton.
These buildings are just the start of our journey toward creating a more sustainable future at FI. As we continue to grow, we’re prioritising sustainability every step of the way. Ensuring that our spaces are as environmentally friendly as possible while supporting the well-being of our staff and students.
Your Dedicated Point of Contact
You will have our dedicated AAT Distance Learning Client Manager, Heather Gibbons, as your main point of contact. Heather is available to answer your questions, discuss your training needs, or assist with anything else you require. If needed, Heather can arrange Teams meetings with you and guide you on the next steps for your employee’s training journey.
When your employee reaches the end of their AAT journey, Heather can point you in the right direction on progressing to a Level 7 course, such as ACCA, CIMA, or ICAEW, all of which we offer as apprenticeships at our centres.
Supporting You and Your Employees
When you sign your employees up to one of our AAT Distance Learning courses, we offer more than just a good quality course. Our experienced tutors will guide your employees every step of the way, and we will provide you with exceptional support as well. This includes regular updates to keep you informed about your employee’s progress throughout their learning journey.
Tailored Progress Updates
You can choose to receive bi-monthly reports with details of assignments and mock assessment scores, as well as other useful information, to help you support them alongside us throughout their learning journey.
What to Expect in Our Employer Reports
Here’s an example of the type of report you can expect to receive:
You can also find further information on our courses here.
At just 14 years old, Hannah has made history as the youngest person in the UK to successfully pass her AAT Level 2 with Merit, scoring an impressive 80%! This is a truly exceptional achievement, made even more inspiring by the fact that Hannah balanced her schoolwork with her accounting studies.
We had the privilege of asking Hannah about her journey and what inspired her to undertake the qualification at such a young age. Her responses show the passion, determination, and commitment that helped her achieve this remarkable milestone.
What inspired you to pursue accounting and the AAT qualification at such a young age? Were there any specific people or experiences that influenced your decision to pursue accounting?
I was inspired to pursue accounting and gain the AAT qualification at my age by my sister, Isobel, who is currently completing an accounting apprenticeship, and enjoying it thoroughly. Her hard work and determination encouraged me to follow in her footsteps along the route of accounting, by completing the AAT Level 2 with First Intuition using their online evening class option.
How did you find the course, were there any challenges you faced while studying for AAT Level 2?
I found the course to be very informative, with engaging tutors and the feeling of support throughout the duration of the course, with private support offered, mock exams and recorded revision sessions provided to be reviewed during revision periods. From time to time, I struggled to understand certain concepts and methods, but by using the Practice Tasks and watching the recorded videos provided, I was able to fill any gaps in my knowledge easily.
How did you balance your studies with your schoolwork?
In order to balance my studies with my schoolwork, I made sure to make equal time for both, creating schedules so that all tasks that needed to be completed could be done so to my highest standard.
What skills have you developed through the AAT programme that you think will benefit you in the future?
Skills that I have developed through the AAT programme that I think will benefit me in the future would be organisation, as bookkeeping requires lots of organisation, and the ability to retain information and enter data into the correct locations.
What are your next steps after completing AAT Level 2? Do you plan to continue with Level 3 and beyond?
Currently, I plan to focus on my GCSE studies, however I will complete the next level (Level 3) whilst in my first year in sixth form, as my sister did at the time.
Do you have long-term career goals in accounting?
My goal is to work in corporate finance and build a successful professional path in the field. To achieve this, I’m currently studying GCSEs, and after completing them, I plan to study my A-levels and then join a school leaver AAT-ACA programme as I find that this is the best way to start my career.
How do you think achieving this milestone at a young age has shaped your personal development?
Completing the AAT Level 2 at a young age has had a significant positive impact on my personal development. It has boosted my confidence and self-esteem, as it strengthened my ability to challenge myself and achieve my goals. The experience has helped me develop organization, problem-solving, and critical thinking skills.
What advice would you give to other young people who might want to pursue the AAT qualification?
The AAT qualification can be a great investment in your future and is a rewarding journey that requires dedication and time management. By asking for help when needed from those around you it lightens the load and allows you to enjoy the course and work to your highest standard.
First Intuition’s dedicated tutors helped Hannah through her studies, making her success possible. Her dad shared his gratitude:
“Thank you for your brilliant course, which helped her achieve her score, and your online tutors were very helpful.”
At First Intuition, we are incredibly proud of Hannah’s achievements and excited to see her continue to excel as she embarks on the next chapter of her academic and professional journey.
Congratulations, Hannah!
If you are inspired by Hannah’s story and want to pursue a career in accounting, you can find more information about First Intuition’s courses, careers in accountancy and helpful resources here.
Congratulations on being chosen for First Intuition’s Apprentice of the Quarter Award. It was an easy choice. What do you think was the biggest factor that led to your success this quarter?
I think the biggest factor was applying CIMA and apprenticeship skills daily as I developed professionally in the final stages. I focused on leadership and stakeholder collaboration to deliver high-impact outcomes with a new forecasting solution.
What made you choose a career in accountancy? Was there anything that triggered your decision?
I’ve always been good with numbers. With accountancy, I can combine that with driving business insight and working with great people on challenging business problems. This made it an easy decision.
What was your preferred approach to studying? Do you have any study tips for other students and apprentices?
The best advice I can give is to start studying far ahead of the exams. Make the most of the mock papers and the excellent tutors at First Intuition. There is a reason why participation in the mocks and class leads to better exam outcomes!
How have you been supported by your company and colleagues throughout your apprenticeship so far? How has this contributed to your success with CIMA?
British Airways and my colleagues have been instrumental in my CIMA and apprenticeship success. The generous study support, graduate community, and the opportunity to apply apprenticeship skills in my day-to-day role have resulted in my success during my time with First Intuition.
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
The best quality in a tuition provider would be a true student-centric tutoring model. While any tuition provider would be able to teach the core content of a professional qualification, having committed, personable, and highly skilled tutors like First Intuition is a much harder quality to find in a tuition provider.
How do you feel the apprenticeship route has benefitted you, and what has it added to your study experience and professional development?
The apprenticeship route has significantly broadened my studies versus solely studying for the CIMA qualification. Whether this is through the specific focus on the apprenticeship skills or the ISP days First Intuition runs, the broader scope allows one to take a step back and consider the wider skillset required as a professional which goes far beyond accounting theory.
Do you have any goals/plans in mind for when you finish your apprenticeship?
Jumping straight from my degree into the apprenticeship has been full-on, so I intend to take a step back and audit all that I have learned so I can make the best decision for the next steps in my career.
Is there any changes to the number of exam sittings?
There will be no changes to the existing exam sittings. Certificate Level will be on demand. Professional Level will be sat March, June, September, and December. And Advanced Level will remain in July and November. However, one less exam at Advanced Level should minimise the issue of only 2 sittings.
Can you mix and match the old and new syllabus throughout?
Yes. It is worth talking to a local first intuition centre to understand the potential pathway so you can maximise the benefits of certain sequencing.
Can the exams still be done in any order, including jumping between the levels?
Yes, exams can still be completed in any order. However, there are some recommendations we would suggest such as starting with Accounting Fundamentals or Sustainability and Ethics.
Doing the Fundamental Case Study will be a great introduction to the Professional Level, helping you consolidate your knowledge and learn how to write professional answers. Completing Audit Risk and Reporting before Corporate Reporting Data and Assurance would be key due to the latter being more advanced than the earlier. But overall, flexibility will still exist. This allows you to complete courses/exams at a time that is relevant to your practical experience in the workplace.
The ability to jump between levels also remains. So, if it was vital that you have early in-depth knowledge of Accounting and Assurance, you could do Accounting Fundamentals, Assurance and Risk Fundamentals at the Certificate Level, then jump to Assurance Risk and Reporting at the Professional Level.
For students starting in September 2025 with Level 4 AAT/CFAB or degree exemptions, what should they begin with, given that the new Professional Level exams won’t commence until March 2026?
Since Business Law is not covered in the AAT L4 apprenticeship, it is a good starting point for AAT L4 progressions, and therefore no exemption is provided.
If you are expected to do two at a time, it may be preferable to complete AA and FAR under the old syllabus as usual. Should you not pass in December 2025, retake options and support will be available via an FI national programme to get you through. If either AA or FAR remains outstanding after September 2026, you will need to complete the two new hybrid exams (ARR and CRDA).
A safe option could be to sit Business Strategy or Financial Management in December 2025. There is very little change between the new and old syllabus for these exams. If you are an apprentice, we will be working with your employer to ensure the most appropriate programme is put in place.
Is the CFAB (Certificate in Finance and Business) still the first 6 exams and an accreditation in its own right?
Yes, that will be the case. And there is no name change to the CFAB accreditation.
Will Fundamental Case Study have Advanced Information?
Yes, this is expected to be straightforward and not overwhelming. It will include areas such as organisation structure, and accounts. Each sitting of this exam will feature a new Advanced Information. This will be sessional-based like the other Professional Level exams (March, June, September, December).
Are some of the exams be open-book?
Fundamental Case and Advanced Level Case Studies are very likely to be open-book exams as they are more skills-based. Tax tables, IFRS book and, Audit Standards, etc will still be available in their relevant exams.
Is the resit going to be under a new Advanced Information (AI) if I fail the Advanced Level case exam?
Each exam sitting (July/November) will feature an updated AI, so it will not be the same. However, the AI is expected to be much smaller than the AI in the existing Case Study (old syllabus). So, getting familiar with it will not be an onerous task.
For both Advanced Level exams (TCS and SCS), the AI will also be the same. This means you only need to get your head around one organisation at a time!
Each exam sitting will feature an updated Fundamental Case Study AI with a new case study.
Is the 4 attempt rule still going to apply to Certificate Level and Professional Level?
Switching the syllabus module will reset the clock if it remains. For instance, if you switch from FM having done 3 attempts, switching to the new equivalent CFS will result in a fresh 4 attempts.
For students transitioning from Old to New Syllabus will there be support for any knowledge gaps?
Absolutely! For example, Tax Fundamentals now includes Inheritance Tax and Stamp Taxes. For those not following the new syllabus, both FI and the ICAE will provide resources and guidance to bridge any knowledge gaps during the transitional periods.
If a student attempts the Sustainability and Ethics (SAE) exam, do they still need to do the Ethics Learning Programme?
If you start on the new syllabus and take the SAE exam, you won’t need to complete the ICAEW Ethics Learning Programme. Starting on the old syllabus but switching BTF for SAE will result in the same.
Many of the old syllabus exams are similar to the new syllabus, with the exception of Business Technology and Finance (BTF) at Certificate Level and Business Planning: Taxation (BPT) at Professional Level. What are the transition options here?
The Sustainability and Ethics (SAE) exam will effectively replace BTF. Other Certificate level exams will incorporate relevant content, including economics and technology risks. A student who has not done BTF by September 2025 may find themselves doing SAE instead.
BPT will be swapped for Fundamental Case Study (FCS). A student who starts in 2026 but has not yet attempted BPT would likely take the FCS instead. Not a like-for-like swap. The position of BPT, is often one of the final exams at the Professional Level. A swap to FCS may mean they complete the Professional Level with an exam meant for the start of the Professional Level. However, the exposure to case study skills late in the qualification will put you in a good position to succeed at the new Advanced level.
What exemptions will an AAT L3/L4 Progression get from Next Gen ICAEW?
We understand upcoming changes can be daunting, your team at First Intuition will be here to help advise and guide you through any questions you may have.
If you are an apprentice, we will work with you and your employer to ensure your route through the qualification is carefully managed.
If you are not an apprentice and would like some advice on what to study and when, please get in touch with your local centre. We will be happy to help.
Want to find out more?
We have produced several blogs to cover all the information you need to know to help make your ICAEW journey easier. Click on the buttons below to find out more:
The first part of this process is the monitor part, for this we are not looking for you to tell the examiner what a possible risk is or could be. In fact, you maybe told what the risk is that you need to analyse using Monitor, Review and Report. Nor are we looking for you to tell us what the company could do to solve the issue. We are looking for you to identify some data that you would monitor on an ongoing basis that could indicate that there could be an issue from the risk. An example of this could be a risk of fake employees being put on the payroll and their salaries being paid to someone else. What we are not looking for is for you to say that there is no segregation of duties between the task of approving new employees and the running of the payroll causing there to be fake people on the payroll, this a potential cause of the risk. Nor are we looking for you to tell us that the company should outsource the payroll to a 3rd party company to solve the problem. This a risk but we are looking for what you could monitor that could highlight that the risk is happening. You could monitor the number of new employees every single month, and if you get a spike one month this could be due to a weakness allowing the risk to occur. However, it doesn’t definitely prove there is a weakness and that there is definitely an issue. This is where the next step comes in, the review stage.
Review
The review stage is where you start to look at the underlying data and individual transactions to see if the potential issues from the risk have occurred. This is the stage where you start your investigation as to whether there is a potential problem or not. Using the potential risk I mentioned above about fake employees, this might be where you start to look at individual employees and check that you have 3rd party ID for them. Some companies might want a copy of a person’s passport or driving licence to make sure they are a real person and not some fake employee someone has slipped in the payroll. If you have now decided that there is a problem in the controls of the company you now need to report it, which as you can guess, leads to the next part of the Monitor, Review and Report process.
Report
You now need to report the issue to the top layers of management, and this could be done in a variety of ways. You may want to produce a table detailing the fake employees, and how much this has cost the company. You may want to visually display this, for example produce a chart showing the proportion of new employees that were not genuine starts. Ideally you would choose a medium that is suitable for the information that you have prepared. If you want to express numerical data a chart or spreadsheet might be useful, whereas if the risk is causing non-financial implications you may want to express this via a report. The subject itself isn’t that technical, but the trick is to make sure you are giving the examiner what they are looking for!
For more news and exclusive tips from First Intuition, visit FI Hub.
Come and meet the team at our Maidstone centre.
Get started with your study journey by attending our Maidstone Open Day.
Maidstone Open Day on 27th August 2025 at 10am to 12pm. (All AAT Levels, ICAEW, and ACCA Courses)
At our Open Days, you will get the chance to find out about:
✓ Who First Intuition are and why we are an award-winning training provider
✓ Find out about each qualification we offer at FI Maidstone & Canterbury
✓ Take a look around our study centre
✓ Have a Q&A with our tutors to find out any burning questions you may have
We hope you can join us for this Maidstone Open Day to get the opportunity to speak to real tutors.
If you can’t make the day but would like to have a chat with one of our team about our qualifications, please click here, and we’ll get in touch!
Maidstone Open Day:
ICAEW’s Next Gen ACA: New exam sittings timeline
Level
First sitting of evolved ACA
Last sitting of current ACA
Certificate Level
September 2025
March 2026
Professional Level
March 2026
September 2026
Corporate Reporting
N/A
July 2027
Strategic Business Management
N/A
November 2027
Case Study
N/A
November 2026
Evolved Advanced Level (New Advanced Level TCS and SCS)
July 2027
N/A
Certificate Level: Current to new syllabus exam mapping
Current ACA module
Exemption from evolved ACA module equivalent
Accounting
Accounting Fundamentals (ACF)
Assurance
Assurance and Risk Fundamentals (ARF)
Law
Business Law (BLW)
Principles of Tax
Tax Fundamentals (TXF)
Management Information
Business Insight and Performance (BIP)
Business Technology and Finance
Sustainability and Ethics (SAE)
Professional Level: Current to new syllabus exam mapping
Current ACA Modules
Exemption from evolved ACA module equivalent
Notes
Financial Management
Corporate Financial Strategy (CFS)
Like for like
Business Strategy and Technology
Business and Digital Strategy (BDS)
Like for like
Tax Compliance
Tax Compliance and Planning (TCP)
Some extra learning may be provided by ICAEW for tax planning
Financial Accounting and Reporting, Audit and Assurance
Assurance, Risk and Reporting (ARR), Corporate Reporting, Data and Assurance (CRDA)
If only one of FAR or AA is passed after September 2026, both ARR and CRDA will be required
Business Planning (Tax/Insurance/Banking)
Fundamental Case Study (FCS)
The Business Planning exam can be swapped for Fundamental Case Study
Advanced Level: Current to new syllabus exam mapping
Current ACA module
Evolved ACA module equivalent
Corporate Reporting
Technical Case Study (TCS)
Strategic Business Management
No Equivalent
Case Study
Strategic Case Study (SCS)
Advanced Level transition scenarios and completion requirements for trainees
The table below sets out the different situations a trainee may be in as they transition at Advanced Level. The table includes detail on what they will have to complete accordingly, to transition with ICAEW’s Next Gen ACA syllabus:
Exams passed at Start 2027
Exams outstanding at Start 2027
Technical Case Study (TCS)
Strategic Case Study (SCS)
CR to July 2027
SBM through to Nov 2027
SBM and Case
CR First attempt
YES
N/A
N/A
N/A
SBM and Case
CR Retake
N/A
N/A
YES, or could do TCS
N/A
CR and Case
SBM First attempt
N/A
YES
N/A
N/A
CR and Case
SBM Retake
N/A
N/A
N/A
YES
CR and SBM
Case
N/A
YES
N/A
N/A
CR
SBM and Case (both first attempts)
N/A
YES
N/A
YES
SBM
CR and Case
YES, or if retaking CR can do CR to July 2027
YES
N/A
N/A
None
CR, SBM, and Case
YES
YES plus 15 units of SBM top-up *
N/A
N/A
*If you started under the old syllabus (pre July 2025) and finish on new syllabus, the reduction in exams at Advanced Level will result in the ICAEW setting 15 units of SBM knowledge. ICAEW will provide info to those students impacted.
FI recommendation is the students should continue to do what they had planned to do in 2026 and not delay in their progress.
And finally…
We understand upcoming changes can be daunting, your team at First Intuition will be here to help advise on transitional arrangements and guide you through any questions you may have.
If you are an apprentice, we will be working with you and your employer to ensure your route through the qualification is carefully managed.
If you are not an apprentice and would like some advice on what to study and when, do get in touch with your local centre and we will be happy to help.
Transition to ICAEW’s Next Gen ACA – learn more
We have produced several blogs to cover all the information you need to know to help make your ICAEW journey easier. Click on the buttons below to find out more.
What’s new to the ICAEW syllabus?
The new ICAEW syllabus has been redesigned to enable a smooth, supportive and attainable progression. It will provide more of a “step by step” journey whilst teaching students the fundamentals of business, finance and accounting.
The syllabus now has three central themes throughout the course to support future chartered accountant careers: Sustainability, Technology and Ethics.
What you need to know about Next Generation ICAEW syllabus ACA:
The changes to the ICAEW syllabus commence in September 2025, with the dual running of both the current ACA and Next Generation ACA.
Current students will be provided the opportunity to finish the current ACA or alternatively transfer to the Next Generation ACA, subject to the transition rules.
Students with a training agreement start date from 1 July 2025 will commence their studies on the Next Generation ACA route.
There will be one less exam at the Advanced Level, with some exams replaced and others merged to support a future-fit syllabus, including three case study exams.
There will be the introduction of ‘Specialised Learning and Development’ to facilitate early career specialisation.
A new Sustainability and Ethics exam will replace the Ethics training program and Business Technology and Finance exam at the certificate level.
At the Professional level, the Business Planning: Taxation (and optional Insurance & Banking) exams will be replaced by a case-style exam called the Fundamental Case Study.
Next Generation ACA exams
The Next Gen ACA includes 14 business, finance and accountancy modules. It has been refreshed to include a future-fit syllabus that will launch in September 2025 for certificate level first.
The exams will remain across three levels: Certificate, Professional and Advanced in the new ICAEW syllabus.
Certificate level
The certificate level will remain with 6 exams and has very little changes on the surface.
Moreover, the main change is that the Business Technology and Finance (BTF) will be replaced with an exam dedicated to Sustainability and Ethics. Some of the content of the BTF exam will be brought into the new Business Insight and Performance (BIP) exam which replaces Management Information (MI).
The certificate will focus more on fundamentals so should support improved attainment on a new student’s journey.
Professionallevel
The professional level will remain with 6 exams, but will have more significant changes.
The current Financial Accounting and Reporting (FAR) and Audit and Assurance exams will be merged. Therefore, creating two hybrid exams covering both Reporting and Audit in each exam. In addition, the ‘UK GAAP’ variant of FAR will be removed in the new ICAEW syllabus.
Furthermore, the Business Planning suite (Taxation, Insurance and Banking) is being replaced with a Case Study style exam at the Professional Level called Fundamental Case Study (FCS). The content of the FCS is not a specialist exam, but instead applies the skills from certificate level in an applied written context. Removing the planning suite of exams supported the creation of the ‘Specialised Learning and Development’ suite, available to newly registered students from an ICAEW platform to gain exposure to specialist knowledge.
Advanced level
In addition, the advanced level will change to two exams, with one Advance Information per exam sitting covering both exams.
The new ‘Technical Case Study’ will replace the Corporate Reporting exam. Additionally, the Strategic Business Management and Case Study exams will be combined to form a new ‘Strategic Case Study.’
And finally…
To summarise, we understand that upcoming changes to the ICAEW syllabus can be daunting. Your team at First Intuition will be here to help advise and guide you through any questions you may have.
If you are an apprentice, we will work with you and your employer to ensure your route through the qualification is carefully managed.
Moreover, if you are not an apprentice and would like some advice on what to study and when, do get in touch with your local centre and we will be happy to help.
Want to find out more about the changes to the ICAEW syllabus?
We have produced several blogs to cover all the information you need to know to help make your ICAEW journey easier. Click on the buttons below to find out more.
Next Generation ACA qualification overview.
New ICAEW syllabus Certificate Level exam mapping
Current ACA Module
Evolved ACA module equivalent
Notes
Accounting
Accounting Fundamentals (ACF)
Increased accessibility such as a broken-down Long Form Question
Assurance
Assurance and Risk Fundamentals (ARF)
No significant changes
Law
Business Law (BLW)
No significant changes
Principles of Tax
Tax Fundamentals (TXF)
Inclusion of IHT and Stamp taxes
Management Information
Business Insight and Performance (BIP)
Inclusion of economics from BTF
Business Technology and Finance
No equivalent
Relevant content has been relocated to other exams
No equivalent
Sustainability and Ethics (SAE)
The new Certificate Level exams will remain as computer-based assessments available on demand.
New ICAEW syllabus Professional Level exam mapping
Current ACA Module
Evolved ACA module equivalent
Notes
Financial Management
Corporate Financial Strategy (CFS)
No significant change to content
Business Strategy and Technology
Business and Digital Strategy (BDS)
No significant change to content
Tax Compliance
Tax Compliance and Planning (TCP)
Some basic Planning brought in from BPT
Financial Accounting and Reporting
Assurance, Risk and Reporting (ARR)
Single entity accounting only
Audit and Assurance
Corporate Reporting, Data and Assurance (CRDA)
Consolidated accounts, use of Data Analytics (Inflo)
Business Planning Tax/Insurance/Banking
No equivalent
Removed and included in Specialised Learning and Development
No equivalent
Fundamental Case Study (FCS)
Aim is to be a transition exam from Certificate to Professional Level
The new Professional Level exams will remain as sessional-based exams in March, June, September and December.
New ICAEW syllabus Advanced level exam mapping
Current ACA Module
Evolved ACA module equivalent
Notes
Corporate Reporting
Technical Case Study (TCS)
An Advance Information will be provided. This will be more focussed than current Case exam and may take the form of extracts from a permanent audit file.
Strategic Business Management
None
As above
Case Study
Strategic Case Study (SCS)
As above
The new Advanced Level exams will remain as sessional-based exams available in July and November.
And finally…
We understand upcoming changes to the ICAEW syllabus can be daunting. Our team at First Intuition are here to help advise and guide you through any questions you may have.
If you are an apprentice, we will be working with you and your employer to ensure your route through the qualification is carefully managed.
If you are not an apprentice and would like some advice on what to study and when, do get in touch with your local centre and we will be happy to help.
First Intuition is pleased about plans to introduce shorter-duration and foundation apprenticeships, addressing our long-standing call for greater flexibility at Level 2.
However, removing funding for Level 7 apprenticeships in accountancy will reduce opportunities for young people, reduce diversity and jeopardise the strength of a sector essential for economic growth.
In order to support the development of young people into the high-skilled accountants essential to the UK’s economic future, full levy funding for the Level 7 Accountancy/Taxation Professional apprenticeship must be retained. We urge the Government to engage with employers of Level 7 accountancy apprentices — particularly SMEs and the public sector —to understand the vital importance of the Level 7 programme, and take into account its contribution to economic growth, social mobility, and high-level finance skills development in developing the new Growth and Skills Levy.
Update 27.05.2025:
The Government has officially announcedthat Level 7 apprenticeships will continue to be government-funded for:
Young people aged 16–21
Individuals under 25 who are care leavers or have an Education, Health and Care Plan (EHCP) at the start of their apprenticeship in England.
These changes will take effect from 1 January 2026.
In this episode, Lucy and Becky tackle breast cancer from both personal and educational angles, sharing valuable insights that everyone should know.
Why This Episode Matters
Lucy opens the episode by explaining why this topic hits close to home. She shares the emotional journey her family faced when her mother was diagnosed with breast cancer, underwent surgery, and braved chemotherapy and radiotherapy. This life-changing experience has made Lucy acutely aware of the importance of early detection and education. She also discusses her own increased risk due to family history, a concern that many of us might not fully appreciate until it becomes personal.
The episode highlights that breast cancer isn’t just a women’s issue—men can also be affected, a fact that often goes overlooked. Lucy points out that around 400 men are diagnosed with breast cancer in the UK each year, a statistic that surprised many listeners.
Meet Becky Measures
Becky Measures, a passionate breast cancer awareness advocate, joins Lucy to share her own story and the work she’s doing to support others. Becky is not only a radio presenter for BBC Radio but also a fundraiser, and the founder of the National Hereditary Breast Cancer Helpline. She co-hosts a podcast, Mother and Daughter Breast of Friends, with her mum, Wendy, who has her own incredible story. Together, they continue to raise awareness and support for individuals and families facing this disease.
What to Expect from This Episode
Myth-Busting: Lucy and Becky dive into common misconceptions about breast cancer, providing statistics and information on how to spot early signs.
Impact on Life: The conversation explores the effect breast cancer has on both personal and professional lives, offering candid insights and support for those navigating these challenges.
Signposting Resources: The episode closes with resources, advice, and information on how you can get involved in supporting breast cancer awareness and fundraising.
This podcast is a must-listen for anyone looking to understand more about breast cancer and the impact it can have on individuals and families. Whether you want to educate yourself, support someone in need, or simply wear pink in solidarity, this episode provides invaluable guidance.
Be sure to follow and subscribe to stay updated on the latest industry news and insights on study courses, exams, apprenticeships and much more.
Exam Revision and Techniques to Ace your ACCA Exams
Are you struggling to find a balance between studying and wellbeing? ACCA exams require dedicated time, energy and effort, leaving it hard for students to know how to approach revision. However, with these tips and guidance from our tutors, you will be able to navigate your ACCA exams with no trouble.
Create a Study Timetable
One of the most important steps towards exam preparation is creating a study timetable. Breaking down key considerations for planning your revision is key to effective time management and revision.
Be realistic: It’s easy to overestimate how much time you have to study. By breaking down your modules and assigning specific time blocks for each topic, you’re ensuring that you cover everything thoroughly.
Setting clear objectives allows you to stay on track to success, define weekly goals and assess how you’re improving. Ask yourself, ‘Am I meeting adjustments?’, ‘Do I need to focus on a specific area?’. This will help you to ace your ACCA exams, remain proactive, and combat procrastination.
Getting sufficient sleep
If you’re set to succeed in your exams, recharging your brain and body is the first step to take. Never underestimate the power of a good night’s sleep. During sleep, your brain processes and stores information, transferring it from short-term memory to long-term memory. Avoiding screens before bed raises melatonin levels and increases alertness; a great step towards a good day of study the next day.
Understanding the Forgetting Curve
Whilst these tips cover approaches on how to maximise the proficiency of your revision, research shows that reviewing your work and progress improves information retention. An individual tends to forget 50% of new information within an hour of learning it. To combat this, reviewing the material within 24 hours helps to retain 80% of it.
Mastering balance and revision: Insider tips from our tutors
As aspiring accountants navigate the challenging landscape of ACCA exams, guidance from experienced tutors can make all the difference. We reached out to our tutors to gather their top tips for success; from effective study techniques to managing stress. These insights aim to empower students on their journey to achieving their ACCA qualifications.
Daily Exercise
Our tutor, Ian Thoroughgood, says that incorporating daily bursts of exercise into your routine can significantly enhance your wellbeing and mental health, which is crucial when preparing for ACCA exams. Physical activity helps to boost the release of endorphins, helping to reduce stress and improve mood, making it easier to focus on your studies. Short exercise sessions can also enhance cognitive function, leading to better retention of information and increased productivity throughout the day.
Are you wondering how this can fit into your day? To effectively integrate exercise into your routine while preparing for exams, start by planning short, manageable workout sessions throughout the day. Aim for 10-15 minute bursts of activity, such as going on a run, stretching, walking. These can all be done in study blocks, and tailored to your preferences. Consider setting specific times for these breaks to create a consistent habit, the more routine you build, the higher your motivation will reach.
Completing Practice Questions
Another tutor, Sara Wilson, says her top tip to succeeding in ACCA exams is to practice past exam questions. Familiarising yourself with the exam format and content prepares yourself for any questions you may encounter. Approaching your upcoming exams like this will help to identify key topics and themes that frequently appear, allowing you to focus on weak areas when you revise.
Working through practice questions not only enhances your understanding of the material but also builds your confidence in applying content under timed conditions.
Moreover, reviewing your answers helps you pinpoint areas where you need further improvement, ensuring that you approach the exam well-prepared and with a clear strategy for success.
Understanding Time Frames, and How to Effectively Plan
David Malthouse outlines a strategic approach to exam preparation, breaking it down into clear time frames that foster both academic success and student wellbeing.
2-3 Months Before the Exam:
This initial phase is crucial for building a solid foundation. Students should adopt a routine of practicing little and often, which will allow them to gradually absorb the syllabus content without overwhelming themselves.
Engaging with a variety of practice questions and completing mock exams in real exam conditions is particularly beneficial during this time. Not only do you have the chance to familiarise yourself with the information, you also create opportunities for mistakes- an essential part of the learning process.
By identifying areas of weakness early on, students can focus their efforts on understanding complex topics, reinforcing their weaknesses to strengths. This reduces anxiety and promotes a sense of achievement.
1 month before the exam:
As the exam date approaches, students should shift from learning content, to a stage of focused preparation- such as review sessions, mock tests, and past exam questions. David expresses that utilising this time to mark your work and evaluate progress being made deepens students comprehension of the material.
This phase is about refining skills and solidifying knowledge, ensuring that students are not only familiar with the content but also capable of applying it effectively under exam conditions.
48 Hours Before the Exam:
In the final lead-up to the exam, self-care becomes increasingly important. Students prioritising their mental and physical wellbeing is key, and time should be taken to relax and recharge. This could involve exercise, as previously mentioned, engaging in hobbies, mindfulness or simply ensuring you get adequate rest.
Reducing last-minute cramming is crucial, as navigating your exams with no preparation causes burnout and heightened nerves. Instead, approaching your ACCA exams with this strategy, students are equipped with the necessary knowledge and skills to succeed while also maintaining a healthy balance between study and well-being.
We hope these tips guide you through your ACCA exams and revision. If you find yourself struggling, there are useful links on our website to provide help, alongside resources on our YouTube, FI Learn and FI Hub. However, if you need further support, you can always get in touch with your tutor.
Aiden was chosen for the first-ever Maidstone Apprentice of the Quarter award. This was for his perseverance and determination in the face of challenges at the beginning of his apprenticeship.
Throughout the apprenticeship, Aiden showed significant improvement and achieved great results. Aiden remained engaged throughout the program, demonstrating growth and commitment. By the end of the course, he emerged as one of the stronger members of the group. the exam results that followed this were a testament to his hard work and dedication.
Here’s what our Apprentice of the Quarter said in the interview:
What are you most proud of from your experience to date?
When completing the Financial Accounting: Preparing Financial Statements (FAPS) course, I initially worried that I would struggle with this topic as it was nothing that I had encountered before. The FI tutor, Isobel was a great support throughout and really helped with building confidence in my own knowledge and abilities.
What made you choose a career in accountancy? Was there anything that triggered your decision?
I have always been good at and enjoyed Maths, and I wanted to do something related to this in my career. My Dad used to be in this as a career, so I spoke to him about it and after decided that it was really what I wanted to go for. I felt fully supported, so decided to go for it following a university stint which I decided was not for me. I have been doing really well within both the apprenticeship and at work. There is a lot of potential for future success.
How did you approach your studies and what resources/support that FI offer did you find most useful?
I like to save the checkpoints on FI Learn before going through these to decide on areas that I need to concentrate on. I will often then also use the AAT resources for green light and mock tests to solidify my knowledge.
Do you have any study tips for other apprentices about to start their studies as the Apprentice of the Quarter?
Lots of question practise and keep going until you have exhausted all of the questions you can, once you have done these you will be much more confident about most things that could be asked of you in the exam.
How do you manage juggling work & study?
My employer allows us to take study leave days which does help massively, but I also often save the heavier revision for a day off when I am more rested and can fully concentrate on it.
How have you been supported by your company and colleagues throughout your apprenticeship so far?
One of my managers used to be a teacher of my current course content, and she has helped me a lot with support on this topic, which has been really useful in gaining a different insight into it. I also like to study with and support my colleagues who are on the same course as me. Sometimes after work, we will meet, and I have found that this really helps to support each other.
How has this contributed to both your success with both your qualifications and adding value to your employer?
Since starting with First Intuition with my colleagues, I am much more competent in work. I now understand not just what to do but how it works and all links in with my learning. It has also made me much more confident to approach my manager with questions when I am unsure of something. It can also add to the work and conversations being had around this much more now.
What are your goals/plans for when you finish your current apprenticeship?
I would like to finish Level 3 and then move onto Level 4 followed by L7 ACCA.
Why would you recommend the apprenticeship route for others?
I would say this is the best route and wish I had started with this before studying elsewhere. Learning whilst on the job makes it a better balance of both learning and working at the same time. It is so much more valuable than doing the university route that I started with before deciding to move over to the apprenticeship.
Want to know more about our apprenticeship programmes at First Intuition? Take a look at our helpful apprenticeship page.
Bad Habit #1: Studying without a plan
Still at number 1 this is the single biggest mistake students can make! Planning is really important when you come to studying and learning. The problem is that studying without a plan is unfocused and you are likely to waste time. It’s always best to create a study plan first that outlines the specific activities you are planning on doing. Map out every day, whether it is a work day or not and allocate a reasonable amount of time (this is probably 10-12 hours per subject per week as you get into the last 2-3 weeks prior to the exams)
Bad Habit #2: Memorising your notes or the study text
Do you revise by reading your notes to yourself again and again? Research has shown that this is a really inefficient way to learn. Instead, imagine you were a lecturer at FI and lecture to an imaginary class about the main topics, without using your notes.
Explaining a concept out loud, in complete sentences, is likely to help you learn it and understand it. If you can’t explain it out loud, then go back to your notes and review what was confusing you and try again (you might even start to enjoy lecturing!). If you don’t want to hear your voice then try to write down everything you know about a subject. Use the simple headings to help you of “Why? How? What? When? Who?” as this normally helps to structure your thinking.
Bad Habit #3: Studying late at night
Such a big no no! It’s remarkable how many students think the best time to study is around 10/11pm (once Champions League highlights have finished) for an extended period of a couple of hours.
Firstly, research shows our brains cannot focus in the middle of the night, secondly staying up late will impact on stamina the next day and you are more likely to fall ill. Research shows that it is best to study in smaller chunks and (ideally) early in the morning.
Bad Habit #4: Focusing on note-taking rather than understanding
Concentrate more on understanding what is being said in a lecture as it is being said, as opposed to switching into note taking mode. Ask questions if you need to – all tutors are there to help.
When taking notes, try to write the concepts in your own words as it will help you understand the ideas when you reflect on them in the future.
Bad Habit #5: Never taking a break
It is not the amount of time you spend revising it is the quality of study during that time. Some students think that as long as they are in their room with books out then something is going in, unfortunately this is not the case (neither is putting notes under your pillow and hoping for learning osmosis to happen!). Unless doing timed questions you should be taking a 10-15 minute break every 45 minutes. When you come back the FIRST thing you should do is a quick test of yourself on what you were doing in the previous hour to ensure it is retained.
Bad Habit #6: Always putting off doing question practice
If you were to learn to drive a car would you only ever spend time reading the highway code or would you get in the car and make a lot of mistakes? No one can learn to do something without actually trying it, and the more you try the better you get (if you have excellent feedback on what went wrong). That is why getting questions marked, self marking, reading good examples of answers and doing questions to time is so important. Your last week or so should really be spent doing questions and then going back to notes when you don’t know the answers.
Bad Habit #7: Leaving it until the last minute to read your exam attendance information
You should receive an exam docket or email confirmation when you book your exam. This includes a timetable of your exams, details of your desk location in the exam room and directions to the exam centre (if you are attending a physical location). If you are not completely sure how to get to your exam centre or how long it may take you, you could end up being late for your exam. Make sure you rehearse your route before the day of the exam. Please remember that exams may start at peak times so you should allow for rush-hour traffic and possible hold-ups.
Bad Habit #8: Forgetting something on exam day
Failing to prepare is preparing to fail. Don’t be the one who forgets their ID and has to race back home to avoid being refused entry to the exam. Here is a simple list of key items to remember to have with you during your exam if your exam:
Photographic ID
Water bottle
Pens
Calculator
Bad Habit #9: Spending too much time on each requirement
Good time management in the exam is crucial. Candidates often waste time by:
Working on a question for longer than necessary because they want to correct a mistake then amend all related follow‑on figures
Feeling they have so much to say about a certain requirement that they ‘dump’ all their knowledge in one answer
Persevering for too long with a question even though they are struggling.
When you start your exam, be aware of the clock. If you are struggling with a requirement, move on and come back to it later. The key to managing your time well is to divide the time allowed between the marks available. For example, in a three-hour exam allow 1.8 minutes per mark, and in a two-hour exam allow 1.33 minutes per mark. This way you will give yourself the best chance of answering all the questions and consequently maximising your chances of passing the exam.
Bad Habit #10: Dwelling on your exam once it is finished
Talking about the exam after it has finished is a great way to deflate your confidence. When you step out of that exam room, don’t discuss your answers with other candidates in detail. Instead, leave the exam room feeling lighter and go and do something you enjoy, like spending time with friends (socially distanced, of course).
We wish you the best of luck in your next exam.
First Intuition has helped thousands of students pass their exams. Find out what makes us different.
5 reasons why you shouldn’t skip a revision course
1. You’ll miss out on guided question practice
Not sure where to start with a question? Hear from a tutor on how to approach a question, what to look for and how to get the most out of the time you have available as they guide you through exam questions as well as giving you the opportunity to have a go yourself.
2. It’s important to experience a different approach
Tutors may have different approaches to calculations or questions that may suit you better than the tutors you have heard from so far on your tuition course. It’s these little hints and tips that you miss out on by not completing a tutor-led revision course
3. It will be more difficult to practise to time
It can be difficult to find the time at home to sit and practise a question to time. Dedicating yourself to practicing to time, in the right environment is so valuable. It allows you to understand how time-pressured the real exam can be and forces you to think about strategies for how to deal with this. This is why during a tutor-led revision course, the tutor will ask you to attempt questions to time so you can gauge how you will do within a time limit.
4. You’ll miss out on having your questions answered in real-time
Rather than wait on a reply to an email when time is precious during revision, in a tutor-led revision course you can ask your tutor questions and get an immediate response so you can move on with your revision.
5. You won’t pick up on mistakes made by other students
Making mistakes during revision is so valuable as you can learn from them and you are less likely to make them again. During our revision courses, we take in a question for marking and will provide feedback individually, but also as a group so we can learn from what everyone did well and what everyone could improve on.
For more exclusive news and tips from First Intuition, visit FI Hub
What are we doing to support mental health in the workplace?
We at FI are increasingly recognising that mental health affects performance, engagement, and retention. In response, we’ve implemented several mental health initiatives, offering employee assistance programs (EAPs) that provide confidential support, and introduced our Inclusion Webinar Series for FI staff.
What is the Inclusion Webinar Series?
The Inclusion Webinar Series is led by a group of four FI employees from several areas of the business. These people work with location, national individuals and charities to run a series of events around inclusion, diversity, and wellbeing. This series promotes effective working and open discussions on key issues facing our staff. The vision is to create a ‘by the people, for the people’ series of events that cover topics – some lighter, some tougher, that connect with the team. Consequently, sessions so far have included microaggressions, PRIDE: Past, present, future, ADHD, and, Techniques to reduce stress and improve sleep. Next, staff will be invited to attend sessions on understanding perimenopause, men’s suicide awareness, and laughter therapy.
The aim is for the wider team to become more empathetic and understanding of one another and for us to build a stronger community. We’ve had some great feedback so far:
“Thanks, Team, I found today’s session interesting and think the whole series is really beneficial. Thank you all for making them happen.”
“It felt like you [the speaker Colin Foley from the ADHD Foundation] were speaking to me personally – both in the way you presented and in the topic overall, so I spent yesterday afternoon doing some deep diving into how I think and spent some time reflecting on the way I do certain things, which I found to be really helpful.”
“Thank you, a great session and valuable series you are putting on.”
“Many thanks for organising the session. I thought it was engaging, interesting, and informative. Looking forward to what comes next.”
What else are we doing across the business to support team members?
Creating a culture of openness is vital. Encouraging employees to speak about their mental health without fear of stigma can foster a more supportive atmosphere. Here are some practical examples of the steps we’ve taken to show we value our employees’ well-being:
Regular team check-ins
Mental health days
Flexible working arrangements
The future
As we move forward, it’s imperative that we, as a business, not only comply with legal obligations but also embrace a proactive stance on mental health. At FI, the conversation around mental health is evolving and is a priority that benefits everyone involved.
Other related articles:
The Need for Flexing the Budget
To allow us to fairly assess the performance of the business we will flex the budget to the actual level of production. Basically, this is recreating the original budget, using the same assumptions, but now you happen to know the actual level of production and can match the budget to this.
Example of Flexing a Budget
Let’s put some numbers to this, say we thought originally that we would make 8,000 units, but we have had a good year and actually sold 10,000 units. This means that we should expect costs to go up by 25%, which is based on the extra 2,000 units sold divided by the original budget of 8,000 units. If the material had been budgeted to be £20 per unit, the original budget for materials would have been £160,000. All things being equal if we produced 10,000 units we would expect the material cost to rise to £200,000. We can then compare this to the actual cost for materials to make a fair comparison. If we have spent more than £200,000 to produce 10,000 units we have a adverse variance, whereas if we have spent less than £200,000 we have a favourable variance. If we have a variance, we can then investigate why the variance has occurred. It is as important to investigate a favourable variance as it is to investigate an adverse variance as this might indicate problems in the future. For example, if you saved money by buying cheaper materials you might find that you have a lot of returns or warranty claims.
Importance of Cost Behaviour in Budget Flexing
When we are flexing a budget, we need to be conscious of cost behaviour, as if we double the number of units we sell it would be reasonable to expect the material costs to double as well. There are some costs that you would expect to stay at the same amount irrespective of the changes to production volume. Your landlord isnt going to put your rent bill up just because you sold more units. When we flex a budget we wouldn’t change rent, or any fixed costs, due to volume. The production volume would need to change so much that we would have to rent a larger factory for the rent to change.
Adjusting for Mixed Costs
There are other cost types we need to adjust for when flexing a budget. Some costs have a fixed element and also a variable element. An example of this might be electricity where you have to pay a standing charge that stays the same no matter how much electricity you use. There will also be a charge for the actual electricity used which will go up and down with production. When flexing the budget, we would flex the variable element of the electricity with volume, but we won’t change the fixed element.
Stepped Costs in Budget Flexing
We may need to also look at stepped costs, these are costs that stay at the same level until a certain point then the cost rises to a new level and starts at this new level. An example of stepped costs would be machinery hire. The machinery hire costs stay at the same level until we need to hire another machine. If we hire a machine for £10,000 which can produce 1,000 units, our costs will be £10,000 no matter if we produce 1 unit or 999 units. However, as soon as we need to produce 1,001 units we need to hire second machine, and so our machinery hire costs will now be £20,000 for the two machines. It will stay at £20,000 until we need to produce 3,001 units.
Flexing the Budget for Accurate Assessments
Flexing the budget allows us to make more meaningful decisions and make more informed choices going forward, but remember the golden rule that we don’t change any of our assumptions from when we created the budget other than we now know the production volume.
For more news and exclusive tips from First Intuition, visit FI Hub.
How Many Mock Exams Should You Complete?
Completing all of the mocks available to you in the weeks before an exam can be a laborious task, especially for the level 4 units where a mock maybe three hours long. So how many should you be aiming to sit and how much difference will it make to your results may be questions you ask yourself while trying to decide if to watch the soaps then have an early night or sit down and commit to completing a mock.
As a student, I myself asked those same questions many times, after a long day at work and family commitments in the evening finding the motivation and energy for mocks could be really tough.
Now as a tutor, with access to real data on the real impact of mocks, I will always encourage my students to sit every mock available to them and to do this with enough time to review their results and revise any areas where they have struggled.
The Data Behind Mock Exam Success
The data shows a clear difference between students who complete the mocks and those who do not, for Business Environment at level 2 we can see that four out of five students who did not pass an exam had not completed a mock. The vast majority of students who did complete their mocks did go on to pass their exam.
Tackling Written Tasks Through Mocks
This exam is the first time students will need to complete a written task and as well as feedback on the computer-marked questions we can see that students benefit hugely from feedback on their written answers. This feedback, which will be obtained through the completion of mocks, will enable students to learn from their mistakes and build on their skills and confidence. There is a general consensus that AAT students dislike the written tasks and this continues throughout levels 2, 3 and 4.
Being able to work with a tutor and learn the skills needed and the approach to take with these tasks early on will ensure students are well prepared for the higher level exams such as Internal Accounting Systems and Controls where the written tasks are the majority of the marks available. Students studying without a training provider may find it useful to find a study buddy, many students across the AAT social media pages do this and review each other’s answers.
Similar results can be seen across all exams at all levels.
Exam Timing and Stamina: Why Mocks Matter
We can clearly see that students who attempt the mock exams are better prepared, with repeated practice under exam conditions students can plan how to manage their time, allowing themselves more time for the tasks they find more difficult and ensuring they can complete the full exam in the time allowed. Students can find completing individual tasks at different times manageable however struggle to manage their time in exam conditions, completing mocks in full in exam conditions, with books closed and phones turned off will highlight this and enable students to prepare themselves in advance.
Students can find concentrating for the hours required to complete a mock quite difficult and may find it best to build their stamina up first, committing to smaller revision sessions and slowly increasing the time until they feel prepared to attempt a full mock paper.
Learning from Mistakes
Making errors in the mocks is an important learning process too, with both the calculation and written tasks, highlighting those areas where more revision is needed and repeatedly practising and reviewing these tasks will improve the long-term retention of the information and skills needed for the exam. The process of reviewing your own answers and the model answers is just as important as completing the mock itself.
Familiarising Yourself with the AAT System
The AAT mocks not only provide valuable question practice they also help students familiarise themselves with the system layout, how to navigate between the tasks and use functions such as the highlighter and the reference material that is available as a pop-up for certain units.
Building Confidence and Reducing Anxiety
As well as highlighting weaknesses mocks are also an important tool for improving a student’s confidence. Exam day anxiety affects many students and feeling well prepared and confident in what to expect in the live exam will improve the overall experience.
Your Path to Exam Success
Therefore when preparing to book an exam students must ensure they have adequate time to complete all of the mocks available to them, with time to review their results and seek tutor support where necessary. Whilst this may mean students take longer to complete each unit the data clearly shows this will increase their potential of passing the exam.
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
Terms and Conditions
No cash alternative will be offered.
No other compensation will be offered if the student is already registered.
This offer only applies to whole levels of Online and Online Live AAT Accountancy and Bookkeeping courses purchased between 7th October 2024 and 31st October 2024.
Payment codes not used within the 6-month validity period will not be replaced.
It is the student’s responsibility to register in time and for the correct qualification.
Payment codes are not transferable between students.
Payment codes for Level 2 and bookkeeping qualifications will be issued in December 2024, provided all required payments have been made.
Payment codes for Levels 3 and 4 will be issued in January 2025, provided all required payments have been made. Payment codes will not be issued earlier.
The payment code issued will relate to the level purchased.
This offer cannot be used in conjunction with any other offer.
You will be emailed the payment code; there is no need to request it.
If you haven’t received your code by February 2025, please email fiaatdlops@fi.co.uk
This programme simplifies the complexities of finance and equips participants with practical skills to effectively understand and utilise financial information in their business. This course is ideal for any professional whose role requires an understanding of business, no prior knowledge of finance or accountancy is required.
What this course covers
The role of the finance function.
Identifying different users of financial statements.
Measuring financial performance and interpreting the performance data.
The different approaches to budgeting and how they add value to a business.
How businesses are financed.
Our Finance for Non-Finance Professionals course is £175 plus VAT.
Excel Skills
Overview
This programme simplifies the complexities of Excel, equipping participants with practical skills to analyse, manage, and visualise data effectively. This course is perfect for any professional whose role requires an understanding of Excel and who is looking to develop a strong foundation in Excel by mastering basic functionalities.
What this course covers
Fundamental Excel skills.
Cell formatting.
Data validation techniques.
Mastering VLOOKUP and HLOOKUP
Utilising IF functions for decision-making.
Pivot tables.
Data visualisation with graphs and charts.
Our Excel Skills course is £175 plus VAT.
Book both our Finance for Non-Finance Professionals and Excel Skills courses for £300 plus VAT.
Sheffield courses may be eligible for up to 50% funding. Contact us for more details.
Why choose us?
There are many reasons to choose First Intuition Yorkshire and Humber as a training provider, including:
To pass this exam, you should be getting just about full marks in tasks 1 and 2 if you are well prepared. They are worth 40 marks out of a possible 120. Your statements might not balance, but you could well have 39/40 marks. There are a lot of level 3 concepts here, such as depreciation, accruals and prepayments, but in the context of a limited company. Remember the own figure rule comes into play here. If you think one of your figures is incorrect, don’t give up! Using that figure later on correctly will still lead to marks.
Consolidated accounts, whilst initially hard, is another one where you should be doing well. As you will always have to deal with PUP and intercompany transactions, and you do the same thing every time for those adjustments. The same issues come up every time in this question, and it is worth 30 marks, so these should be 30 familiar marks. You get marks for just adding two numbers together in some cases.
Written Tasks
The first written task is hard to guess what it will be, there are lots of financial reporting standards and elements to the framework, but the last written task will be ratio analysis, where we will probably be looking at gross margin and operating margin as they are so important. Gearing and interest cover are another two which I would bet on coming up. You can just use the same standard answers for each task but tweak them to the context of the scenario. For example, if gross profit has changed, you know this is related to the cost per unit changing and/or the sales price per unit changing and you can amend each depending on if the gross profit margin has risen or fallen. You can suggest things as being the cause of the change in the ratios that it might not tell you that have happened in the scenario for certain. If your suggestion is sensible, they have to give you the marks. If interest cover has fallen, you can suggest that they took out a loan and so they now must pay more interest. Whatever you do, don’t suggest something that cannot be true, so if interest cover has fallen, a rise in operating profit isn’t going to an answer we are looking for. Don’t forget to link one ratio to another and give real world suggestions as to what may have caused the change or difference in the ratio.
Please don’t think that you need to learn every IFRS number, you don’t; life is too short. We are testing that you know what to do, not which number IFRS tells you what to do.
In tasks 3 and 4 you don’t need to know a dictionary definition of every single standard and element of the framework off by heart. You need to know a reasonable amount about them and some of the main ones are outlined below.
IAS 38 Intangible Assets, just learn PIRATE and you will get plenty of marks:
Probable future economic benefits will be generated by the asset
Intention to complete and use/sell asset
Resources adequate and available to complete and use/sell asset
Ability to use/sell the asset
Technical feasibility of completing asset for use/sale
Expenditure can be measured reliably.
IAS 36 Impairment of Assets
You will need to know that the asset should be held at the lower of Net Book Value and the recoverable amount. The recoverable amount is the higher of the fair value less costs to sell, and the value in use.
IAS 37 Provisions and Contingencies
You must know that you can only recognise a provision when it has an obligation, either legal or constructive, it is probable that there will be an out flow in money, and you can measure is reasonably accurately. Also remember the recognition rules around contingent assets and contingent liabilities are not the same.
This is where the AAT are looking for competency, not perfection. Please don’t despair, we are looking for you to pass the exam, not get 100%!
For more news and exclusive tips from First Intuition, visit FI Hub.
Technology has the ability to improve efficiency for recruiters, reduce bias, and ultimately make more informed hiring decisions. This article summarises key points from the session where guest speakers, listed below, joined Gareth John to discuss how to utilise technology in the recruitment process. Speakers discussed:
The benefits of utilising different technologies during the recruitment process
The tools employers can use to enhance and streamline their recruitment processes, assess participants, maintain candidate relationships and ensure a smooth transition into the workplace
How to integrate social media and online platforms for talent sourcing and brand visibility
Lorraine Twist emphasised that technology should aid the recruitment process, not replace it. A survey by Hays recruitment of 30,000 people, including 4,000 finance professionals, revealed significant gaps in current recruitment practices. For example, 50% of employers fail to notify applicants of their status, and 34% of candidates drop out because the process takes too long. These are examples of areas where technology can make a difference.
Despite this, the human touch remains critical for successful recruitment. Candidates will ultimately accept a role based on the people, this is something that technology alone cannot achieve, but it can make the process smoother and more efficient.
Key benefits of using technology in recruitment
Video Platforms
Video tools can be used to enhance personalisation for both candidates and employers. They allow for face-to-face interaction without the need for in-person interviews, providing an element of human engagement that would otherwise not be in place.
Social Media
Social platforms, particularly LinkedIn, are invaluable for amplifying your brand voice and reaching potential candidates. Using tools like LinkedIn Recruiter, you can personalise outreach and build stronger connections.
Advertising and AI
AI helps streamline processes such as writing job ads, assessing applications, and ongoing communication. Personalisation is key here; by leveraging AI, you can gain insights into who is engaging with your brand and optimise your recruitment advertising accordingly.
AI for Efficiency
AI’s role in recruitment is growing, with 88% of employers expecting to use it more in the future. While younger candidates are generally more comfortable with AI, it’s important to recognise its limitations. AI can assist in tasks like application sifting, but it should be seen as a supportive tool rather than the entire solution. As always, the human touch is needed to ensure that the best talent is not overlooked.
Setting clear objectives with technology
Nik Pratap highlighted that the key to successfully integrating technology into the recruitment process is ensuring it meets your specific recruitment objectives. Are you trying to find more candidates, reduce costs, or improve screening? Understanding your goals is essential to choosing the right tools. However, not all tech is helpful; there are risks associated with gimmicks and data security, particularly when tech is moving faster than regulation.
The positive side of recruitment technology is its ability to save time. Tools that rank applications or manage candidate communication can free up valuable hours, allowing recruiters to focus on more personal interactions.
Examples of how integrating technology can assist recruitment:
AI Tools: Familiarise yourself with AI tools like ChatGPT to improve your job adverts or gain insights into your data.
Data and Metrics: Keep track of candidate engagement and identify where drop-offs are occurring. This data can help you refine your processes.
Human connection remains key
James Hutt spoke about how while technology can help streamline processes, it’s still crucial to maintain personal interactions. Getting to know a candidate through tech-driven processes can be harder, but tech can be used to free up time for more human-centred tasks. For example, employers can use technology to do low-value, high-time tasks like rejecting candidates.
James talks about how technology allows employers to be more creative in the recruitment process by using personalised content. For example, turning job applications into “love letters” where candidates explain why they want to work for you. This approach can attract more skilled candidates while keeping the process engaging.
The negatives of technology in recruitment
Despite the benefits of using new technologies in the recruitment process, these can also work against employers. For example, applicants can use the same technology to write applications and apply for them automatically. Personalisation, good quality writing, and even references are no longer reliable indications of a good candidate as technology can do this for people. This is even more reason for employers to embrace human connection in the recruitment process.
Continuously evaluate your tools
Ben Farrow and Sarah Freeman emphasised the importance of regularly evaluating the technology you are using to assess return on investment. Technology is advancing at such a rapid pace that tools can quickly become outdated and no longer beneficial. They recommended starting with your company website and ensuring it accurately reflects your brand and culture. A microsite on the vacancies part of the website, for example, can provide candidates with a snapshot of an organisation and the application process, and clearly marks out different steps the applicant needs to take, ensuring transparency and engagement throughout the process.
Balancing technology with a human touch
Kelly Saunders reinforced the need for human connection. Even with the best technology, personal interactions—like reaching out after an offer—help candidates feel valued and excited about joining your company. Familiarisation days, where candidates meet each other and get to know the team, are a great example of keeping the process human.
The future of recruitment technology
The recruitment landscape is constantly evolving, and staying ahead means balancing technology alongside the human touch. While technology can improve efficiency, it’s the personal connections that make a difference. As the pace of change accelerates, the key is to be digitally curious and ensure that your tools align with your recruitment goals. Tech should simplify, not overcomplicate, the process.
Ultimately, recruitment will always be about people, and technology is there to support, never replace the human element.
How does it feel to be shortlisted for Mentor of the Year?
When I first found out about being shortlisted, I felt honoured. It’s a great feeling to be recognised for my hard work. I am really excited about the awards, I’m nervous but I’m looking forward to celebrating with everyone on the night.
What inspired you to become a manager and step into a mentoring role?
I feel like I’ve always had a desire to lead and as I developed in my role, I discovered I had natural leadership qualities. FI gave me the support I needed and let me grow, when I was approached for a manager role, I thought it was a brilliant opportunity.
What does the word ‘mentor’ mean to you?
To me, a mentor is someone that people can look up to, someone who is passionate about guiding and supporting others. Mentoring is not just about leading a team, it’s about listening to and encouraging people. A good mentor helps everyone in their team to improve their skills and grow.
How do you tailor your mentoring approach to meet the needs of each team member?
This has been a big learning lesson for me, over time I have learned how to take individual needs into account, understanding each member of my team and learning what suits each person. Taking onboard feedback is a huge part of this too.
What has been one of the biggest challenges you’ve faced as a mentor and how did you overcome it?
Building trust has been a challenge, because of my lack of experience in a managerial role, I felt I had a lot to prove. This was something I overcame by being open and truthful with my team, we all grew together.
What is the most rewarding part of being a mentor?
I love being able to witness the growth and success of my team as they take on more roles, develop new skills and gain confidence. It’s rewarding to know you played a part in that.
How has mentoring your team shaped your own personal and professional growth?
Since starting my role as a manager, my leadership skills have developed really well. I feel I have also become more personable, empathetic, confident, and patient. The role has helped me to grow emotionally.
What are your top tips for being an effective mentor?
My top tips for being an effective mentor are:
Listen to your team.
Encourage open communication and honesty.
Utilise individual team member’s strengths.
Be approachable and available.
We wish Cameron and all other finalists the best of luck and we look forward to the celebrations.
Why attend our Accountancy Summer School?
Joining us at our accountancy summer school should help you make up your mind about whether a career in this industry is for you. Students who attend in years 10, 11, 12 and 13 will gain a better understanding of the roles available, the skills needed and the career paths in accountancy. Some students complete the two-day event having realised that this a a great route for them, while others will have concluded that accountancy is not for them, leaving them free to explore other career options.
Dates for our Accountancy Summer School 2026
The event will run on the 8th and 9th of July from09.30 am to 3.30 pm.
Here’s what you’ll cover.
DAY ONE
Introduction to Accountancy – what does an accountant do, and where do they work?
Routes into Accountancy – advice on starting at 16, 18 or after university plus an overview of apprenticeships.
What does an Accountant do – you’ll get to work on a case study to get you thinking like an accountant.
DAY TWO
Interview Skills – our team will share their top tips on how to handle and ace an interview
CV Surgery – we’ll take a good look at your CV and provide feedback
Employer Q&A Forum – Meet local employers and hear their thoughts on the industry and what they look for when recruiting.
All sessions will take place in our centre:
5th Floor Halford House
Coval Lane
Chelmsford
Essex
CM1 1TD
How to register for our Accountancy Summer School
1. Use this registration form or the link below to reserve your space. (Make sure you have permission from your parent/carer and Head of Year to attend)
2. You will be sent an email in late April/early May asking you to confirm your space. This is a final booking form. We’ll send you a confirmation that your place is booked and a reminder in the run-up to the event.
3. If you are under 18 at the start of the summer school, ask your Parent to reply to the email we will send them to confirm you have their permission to attend.
4. If you are in Year 10 or Year 12, ask your Head of Year to reply to the email we will send them (also in April/May) to confirm you have their permission to attend.
What attendees say about our Accountancy Summer School
FI expands school leaver programme with Grant Thornton
FI was awarded the Grant Thornton school leaver Level 4 programme in late 2022, with the first intake in January 2023. At the time, the plan was that the school leavers would complete their Level 4 programme with FI and move on to their Level 7 apprenticeship with another provider. This new decision allows for the 2023 intakes onwards to continue to be supported by FI as they complete their Level 4 programme. Grant Thornton school leavers will progress onto the Level 7 programme, ultimately achieving both chartered status with ICAEW and their Professional Accountant apprenticeship.
We asked Jo Ritchie, Director, Head of Learning, what the factors were in reaching this decision:
“We were really pleased with how FI were supporting our school leavers, and in particular with how the skills coaches added value through their guidance and support to both learners and People Managers. Now that our first cohort are completing their programme, we felt that this was the right time to review our commitment to working together and to extend our relationship beyond the Level 4 programme into Level 7.”
Martin Taylor, CEO at First Intuition Ltd, said:
“We are really proud of the work we have done with the Grant Thornton team to build a programme that puts the learner at the heart of the experience and now allows us to see them through to their final destination of becoming a qualified accountant. We set out to prove that we were the right provider for the complete journey and are so pleased that Grant Thornton have also reached that decision as well!”
We can’t wait to welcome the January 2023 intake back to FI to commence their Level 7 ICAEW programme from January 2025.
Tips for planning your ACCA studies: Start to finish.
Break the mountain into smaller stages
The first thing you need to do is make a plan that breaks the ACCA qualification into stages.
We advise you to take one exam per sitting. However, we know that some people want to try and qualify a little quicker. Others might need to take a break every now and then.
The important thing is to be realistic about what you can achieve and how you’ll fit it in around your life.
With 13 exams to complete, if you sit one paper every quarter, it’s going to take over three years to qualify, so sit down and plan out your qualification journey with the end in mind.
Choose the route that’s right for you (choosing your modules)
When you map out your study plan, our advice is to start with the modules you’re most familiar with.
If there are modules that correlate to your role at work, this is a good place to start.
By choosing papers that you feel more comfortable with, you’re more likely to succeed, which builds confidence for what is yet to come.
Get your tactics right
For each module, make a clear plan on how you’re going to tackle it.
As well as learning the syllabus, plan time to practise putting your knowledge to the test in the run-up to the exam. Practice questions are a key part of planning for success, as this is a great way to make sure the information you’ve learned sinks in.
Revision courses and mock exams are an excellent way to ensure you’re well prepared for your exam.
85% of FI students who attempt two mock exams pass the real exam, compared to just 52% of students who attempt no mock exams.
#1 What should I do if I can’t study or take an exam as planned?
Sometimes delaying your studies is unavoidable. When this happens, you need to review your plan and decide on one of two options. You could choose to take two exams in one sitting but if this feels like too much of a challenge, it may be better to spread your study plan out over a longer period. Once you’ve qualified and are reaping the rewards of your studies, a few extra months will not seem that significant.
#2 I’ve just sat an exam, should I wait for my result before starting to study for my next paper?
The simple answer here is no. There’s a six-week gap between finishing an exam and getting your result. So, whilst we would advise you to take a short break from studying in the week after you’ve finished your exam, this is valuable time you could be using to get well underway with your next paper.
#3 What should I do if I fail?
First of all, don’t panic. It’s just one stumble in your overall journey. If you’ve already started studying for your next paper, what you do next will depend on the result you achieved. For example, If you only missed out by a few percent, we’d advise you to carry on with the new paper and plan in some extra time to revisit the paper you’ve failed.
You may also wish to book onto a revision course or question day to refine your knowledge. Following this, you can then plan to resit at the next available sitting. If you were more than 10% adrift on the paper you failed, put it to one side for now and focus on the new paper you’re studying for. Read more resit advice in our blog.
For more information about our ACCA programmes, here.
Completing mock exams play an important role in the journey to becoming qualified as they can help learners:
Familiarise with the exam format.
Develop time management skills.
Enhance exam technique.
Identify knowledge gaps.
Reduce exam anxiety.
Find out when your next mock exam is due, below.
What makes an AAT qualification worth your time and effort? Let’s look into the key reasons why upskilling with an AAT qualification can be a game-changer for your career.
1. The AAT is a Globally Recognised Qualification and Awarding Body
The AAT is very well known globally recognised qualification with nearly 124,000 members spanning across over 105 countries. Currently, the AAT awards around 34% of all UK vocational accounting qualifications. This means that your qualification will open up a wide range of career opportunities in the UK and overseas.
2. Gain the Latest Industry Skills
The AAT Qualification focuses on the latest industry skills. All their qualifications provide a hands-on practical approach, assuring you are learning the most useful real-world skills to support you within your career and workplace.
These skills learnt within the AAT qualification will open up your career to new opportunities.
You will learn practical knowledge in areas such as bookkeeping, financial statements, tax, and business ethics.
3. Get Ready for the ACCA, ICAEW or CIMA Qualifications
An AAT qualification can allow you to progress your study options to qualifications including the ACCA, ICAEW, and CIMA. When completing the full Level 4 qualification, you will receive exemptions from some modules within the ACCA, ICAEW and CIMA qualifications.
4. Increased Salary Potential
Upskilling with an AAT qualification can increase your salary. As you go through your journey, your salary is likely to increase. As an AAT-qualified professional, you are likely to earn on average £35,000 based on AAT’s 2023 salary survey.
5. Resilience in a Changing Job Market
Recently, we have seen a constant change with the job market with the introduction to new technological advancements. Having a qualification that equips you with practical skills is an excellent way to stay ahead of the curve.
The financial and accounting skills provided by an AAT qualification are consistently in demand, making you more needed than ever in the ever-changing job market.
6. Flexible Learning Options
Life can feel too busy to study, especially if you’re already working or have other life commitments. At First Intuition, we understand this and that’s why you can choose to study in a range of ways to suit you including our classroom courses and online.
What’s next?
Upskilling with an AAT qualification is an excellent choice to support your future career. The qualification offers global recognition, practical skills, flexible learning options, and a pathway to higher qualifications.
Whether you’re at the start of your career or looking to make a change, an AAT qualification can open up a world of opportunities.
Start your journey with AAT today by finding your local First Intuition study centre by clicking here.
1. The Pomodoro Technique☕
Plan your task, solid focused work for 25 mins then take a 5 mins break. Repeat this 4 times and then take a long break.
2. Using storytelling as a study tool📖
Create stories or analogies to simplify and remember difficult accounting definitions, equations, and principles.
3. Gamification in studying – make your studies interactive🎮
Turn your study sessions into a game, using apps or DIY creative methods to make learning more engaging and competitive. Interactive content is great for those who are more visual.
4. Use real-world scenarios to your advantage🌎
Using real-world scenarios, practice solving them to gain practical experience, improve understanding and boost confidence. FI tutors often bring in real-world examples and experiences they have had from working in industry and practice, as this method is so effective.
5. Teach What You Learn🗣️
Teach accounting concepts to peers or even family members. Test your peers and relay correct answers, explaining principles and concepts to them. This will help you to identify knowledge gaps and reinforce understanding. Avoid making exam preparation mistakes and teach your peers about these too.
6. Incorporating music and symbols into your studies🎵
Use songs, rhymes, or symbols to help memorise accounting key formulas and principles. Associating music and symbols with definitions and other important techniques is a great way to help you remember them.
7. Form Study Groups🫂
Form online study groups with your peers and colleagues, providing yourself with someone to ensure you’re keeping up with your studies and to test you on your knowledge and vice versa. You can swap every week, to expand knowledge and teach one another about different sectors on the syllabus.
8. The Feynman Technique👶
Choose a concept, teach a toddler, identify gaps, review, and simplify. Essentially use this technique to come up with a definition, simple enough to teach a child, for you to remember it for longer.
For more study tips, head to our other blog posts:
The new First Intuition London centre is located on the ground floor of the Lantern building. Located on the corner of Hampstead Road and Drummond Street, the Lantern is a new development designed by leading architects Marks Barfield. It boasts over 180,000 sq ft of BREEAM ‘Excellent’ rated office, education, retail and residential accommodation.
Hazel Rogers, FI’s Managing Director for London and National Clients, said:
“With our own entrance on Drummond Street, this site will provide an additional 12 classrooms and office space to support our existing learners and clients and future growth.
The team are so excited to get into teaching and working from our new space, which will benefit from flexible classrooms, proximity to public transport and an in house café.
I’m very proud of the work the team has put in to making this space welcoming and conducive to learning. The design and fit out, led by our partners Curve Workplaces, offers a place to relax and refresh during breaks and supports our open door policy with glass walls between our staff and student areas.”
Martin Taylor, CEO of First Intuition Limited, said:
“Our team have done an unbelievable job in finding, then designing our new centre and working hand in hand with our fit out partner to deliver what we hope will be a fantastic experience for our students and team – a dedicated entrance, twelve new classrooms which deliver a high quality learning experience including a dedicated space for our Impact Skills Programme as well as space to network, refresh and refuel between classes!
Finding a site that can deliver on all of this is not straight forward and the results are amazing. I’m looking forward to seeing how the space evolves as we settle in and start to deliver our first courses.
Whilst I am a massive fan of what virtual learning can offer in terms of accessibility, flexibility and results I am still a firm believer that for the development of early career talent there are clear benefits of offering in-centre courses and we look forward to welcoming students to experience our new centre.”
Julie Moore, Programme Delivery Director for FI London said:
“What a fantastic project to be part of, and another example of how well our FI team have worked together to deliver an exceptional learning centre for our students and staff – I’m so very proud of what we have achieved. It has also been incredibly rewarding to work with Curve Workplaces – such an inspirational group of experts who share similar values to FI, and truly put the client at the heart of what they do!”
Angus Nicol, Project Director for Curve Workplaces said:
“We are thrilled to celebrate the successful completion of this project with First Intuition. Our journey began in November 2022, evaluating various building options to meet First Intuition’s unique needs, such as a dedicated entrance, space for 12 classrooms and proximity to their existing County House premises within London’s Knowledge Quarter”.
Throughout the process, key considerations included understanding the proposed occupancy and ensuring compliance with building regulations through effective ventilation and fire strategy solutions. It became evident that The Lantern on Hampstead Road was the most suitable choice.
From this point, the teams at Curve and First Intuition collaborated closely, optimising the potential of the space through numerous design revisions, and supporting the change of use planning application. The project commenced following planning approval in March 2024, and we are delighted to have completed it alongside the wonderful client team of Julie Moore, Sarah Mackey, Leo Gouveia, and Hazel Rogers. This project is a testament to what can be achieved through strategic partnership and dedicated teamwork, and we look forward to future successes together.”
The property is owned and developed by Lazari Investments Limited. BDG Sparkes Porter advised on the transaction, with Curve Workplaces managing the design and fit out of the space.
Gareth initiated the discussion by referencing an ICAEW paper which revealed that 70% of firms identified recruitment as their primary concern. This statistic set the stage for a deeper exploration into the specific recruitment hurdles many local employers face.
Geographical Challenges and Skill Mismatches
One attendee pointed out a significant geographical challenge: individuals residing in smaller towns outside larger cities are often reluctant to commute to the city for work. Additionally, there is a noticeable mismatch between the skills possessed by young recruits and the experience required by the firms. This gap complicates the hiring process and often leaves positions unfilled.
Difficulty in Recruiting Higher-Level Positions
A further guest highlighted another layer of the issue. While recruiting for Level 2 positions is relatively straightforward, finding suitable candidates for Level 3 and above proves to be exceedingly difficult. This difficulty is echoed across the industry, where higher qualification levels are in greater demand but harder to source locally.
The London Effect
One firm shared they had waited over a year to fill a vacancy, mainly due to the lack of quality candidates in terms of experience and calibre. However, there’s a silver lining: the shift in London firms’ work-from-home (WFH) policies is making locally-based opportunities more attractive. Previously, candidates preferred the prestige of London firms, but the mandatory return to office is encouraging them to consider local opportunities where remote work might still be an option.
The Challenge of Filling Audit Roles
It was also revealed that it is becoming increasingly difficult to fill audit roles. One firm addresses this by recruiting school leavers and training them internally to reach the necessary standards. This approach, while effective, is time-intensive and underscores the lack of immediately qualified candidates in the market.
The Work-from-Home Debate
A significant portion of the discussion revolved around the WFH trend. The consensus was that while many candidates prefer WFH options, this is not feasible for trainees who benefit greatly from the in-office learning environment. The nuanced learning and development that occur through direct interaction and mentorship in the office are crucial, particularly for junior staff.
Balancing Flexibility with Training Needs
The panel acknowledged the tension between offering flexibility to attract candidates and the practical need for in-office training. An attendee admitted that his firm struggles to compete with practices offering more flexible working conditions. However, there’s a strong sentiment that WFH should be a privilege earned through demonstrated competence and experience, rather than an initial offering.
Apprenticeships and Office Presence
Other members of the panel supported this view, noting that managing apprentices remotely is particularly challenging. The office environment plays a critical role in their professional development, helping them acquire not just technical skills but also essential soft skills like communication and teamwork.
Conclusion: A Path Forward
The discussion made it clear that while regional accountancy firms are grappling with a significant skills gap, there are pathways to address these challenges. Firms might need to enhance their appeal by balancing flexible work arrangements with the necessity of in-office presence for trainees. Additionally, investment in internal training programmes could be a strategic move to mitigate the skills shortage.
As the accountancy sector navigates these recruitment challenges, collaboration and continued dialogue among firms will be essential. Sharing best practices and innovative solutions will help create a more robust pipeline of qualified candidates, ultimately strengthening the local industry.
If you would like to be part of First Intuition Yorkshire and Humber’s next roundtable discussion, contact our team at bd.yorkshire@fi.co.uk.
Gareth initiated the discussion by referencing an ICAEW paper which revealed that 70% of firms identified recruitment as their primary concern. This statistic set the stage for a deeper exploration into the specific recruitment hurdles these Hull-based firms face.
Geographical Challenges and Skill Mismatches
One attendee pointed out a significant geographical challenge: individuals residing in smaller towns outside Hull are often reluctant to commute to the city for work. Additionally, there is a noticeable mismatch between the skills possessed by young recruits and the experience required by the firms. This gap complicates the hiring process and often leaves positions unfilled.
Difficulty in Recruiting Higher-Level Positions
A further guest highlighted another layer of the issue. While recruiting for Level 2 positions is relatively straightforward, finding suitable candidates for Level 3 and above proves to be exceedingly difficult. This difficulty is echoed across the industry, where higher qualification levels are in greater demand but harder to source locally.
The London Effect
One firm shared they had waited over a year to fill a vacancy, mainly due to the lack of quality candidates in terms of experience and calibre. However, there’s a silver lining: the shift in London firms’ work-from-home (WFH) policies is making Hull-based opportunities more attractive. Previously, candidates preferred the prestige of London firms, but the mandatory return to office is encouraging them to consider local opportunities where remote work might still be an option.
The Challenge of Filling Audit Roles
It was also revealed that it is becoming increasingly difficult to fill audit roles. One firm addresses this by recruiting school leavers and training them internally to reach the necessary standards. This approach, while effective, is time-intensive and underscores the lack of immediately qualified candidates in the market.
The Work-from-Home Debate
A significant portion of the discussion revolved around the WFH trend. The consensus was that while many candidates prefer WFH options, this is not feasible for trainees who benefit greatly from the in-office learning environment. The nuanced learning and development that occur through direct interaction and mentorship in the office are crucial, particularly for junior staff.
Balancing Flexibility with Training Needs
The panel acknowledged the tension between offering flexibility to attract candidates and the practical need for in-office training. An attendee admitted that his firm struggles to compete with practices offering more flexible working conditions. However, there’s a strong sentiment that WFH should be a privilege earned through demonstrated competence and experience, rather than an initial offering.
Apprenticeships and Office Presence
Other members of the panel supported this view, noting that managing apprentices remotely is particularly challenging. The office environment plays a critical role in their professional development, helping them acquire not just technical skills but also essential soft skills like communication and teamwork.
Conclusion: A Path Forward
The discussion made it clear that while Hull’s accountancy firms are grappling with a significant skills gap, there are pathways to address these challenges. Firms might need to enhance their appeal by balancing flexible work arrangements with the necessity of in-office presence for trainees. Additionally, investment in internal training programmes could be a strategic move to mitigate the skills shortage.
As Hull’s accountancy sector navigates these recruitment challenges, collaboration and continued dialogue among firms will be essential. Sharing best practices and innovative solutions will help create a more robust pipeline of qualified candidates, ultimately strengthening the local industry.
If you would like to be part of First Intuition Yorkshire and Humber’s next roundtable discussion, contact our team at bd.yorkshire@fi.co.uk.
Below, we summarise the common key themes that emerged from employers at large regional firms, small firms in Cambridge and Norwich, and those working in industry. These key themes included recruitment and retention challenges, apprenticeships and training, trainee attitudes and behaviours, workplace cultural changes, and audit.
Recruitment and Retention Challenges
A consistent theme across all discussions was the difficulty in recruiting and retaining qualified staff. Firms struggle to attract high-quality candidates and are often forced to lower their standards, leading to longer-term issues. Below are some of the comments from different employers about their current experiences with recruitment and retention.
Large Regional Firms:
Recruitment and retention are challenging due to low-quality newly qualified candidates. It is therefore difficult to get and keep the right people to perform roles.
Firms are finding that they would prefer fewer high-quality candidates rather than increasing cohort sizes with lower standards.
Client expectations demand immediate service, adding pressure on firms.
Managers need management training. Staff are often being promoted to management level too fast and therefore struggle with appraisals and managing a team.
Employers are finding they have to keep quiet about staff qualifying and other achievements and only celebrate internally for fear of poaching by recruitment agencies.
Cambridge Small Firms:
A severe shortage of qualified staff, especially in audit, leads senior staff to continue handling audits.
It is incredibly hard to recruit good trainees. Recruiters try to poach and place trainees. Trainees are lured by big promises from recruitment agents, making them expensive to an employer. Furthermore, counter-offers from employers are driving up salary expectations, making recruitment of young adults even harder.
Work is busy which is driving ‘stress recruiting’ where the wrong people are taken on leading to problems further down the line.
Recruitment challenges include the cultural differences between UK and non-UK applicants.
Employers are finding they must start building relationships earlier with potential trainees and have had to make application processes easier.
The application process needs to be made as easy as possible to attract good candidates.
Preference for AAT-qualified candidates over graduates. AAT candidates are more mouldable, and graduates do not pay for themselves until a year after qualifying.
Employers are recognising the benefits of deferred start dates so candidates can have personal development and growth before starting a role.
Norwich Small Firms:
Candidates often show poor preparation and knowledge when interviewing for roles with a lack of proactivity.
Rural firms struggle to attract candidates due to less appealing locations. Employers are training staff for them to then leave to larger local employers who can pay more and give more holidays. Smaller firms can’t compete with industry; salary, holidays, and maternity cover.
The attitude of Gen Z prioritises work-life balance over work ethic, leading to concerns about employability, particularly with the pressure on salary expectations.
A preference for school leavers over graduates due to better commitment and quicker usefulness.
The rise in minimum wage is impacting employers as fees have not changed in line with salary changes.
Industry Clients:
Retaining low-level roles and managing large volumes of learners is difficult.
Challenges with engaging 16-18-year-olds and maintaining their concentration on work.
Recruitment across all levels faces competition from higher-paying companies. They are having to look at other aspects to appeal to candidates. It is also hard to find the right candidate at lower levels.
Firms are bringing external recruitment in-house to save costs due to needing to hire so frequently.
Employers need to be very open about salaries and benefits as early as possible to reduce reneges.
Employers are focusing on non-financial benefits, such as a positive office environment, strong leadership, and cultural investment, to improve retention.
Apprenticeships and Training
Apprenticeships are an extremely valuable training route into accountancy, but businesses face challenges in balancing the demands of the workplace with the educational needs of apprentices.
Large Regional Firms:
Apprenticeships are highly valued but have been impacted by workplace pressures and funding issues.
Level 4 apprenticeships are being reconsidered due to time and cost constraints at other levels, level 7 may not be needed if levels 3 and 4 are completed.
Graduates could benefit from some aspects of skills training.
Cambridge Small Firms:
Firms are debating whether to do level 4 apprenticeships commercially due to the impact of chargeable hours and employer contributions.
Deferred start dates for candidates can provide personal development experiences.
Norwich Small Firms:
A shift towards apprenticeships for levels 3 and 4 instead of level 7 is noted due to administrative and training challenges.
Industry Clients:
Consistent demand for apprenticeships exists, but issues with low pay and administrative burdens are prevalent.
Preference for commercial or distance learning over level 7 apprenticeships due to funding constraints.
Trainee Attitudes and Behaviours
Trainee behaviour and attitudes were a significant concern, with firms seeing a shift in expectations and work ethics.
Large Regional Firms:
Trainees often do not work hard enough, need handholding, and do not engage with alternative viewpoints to their own.
Enthusiastic and outgoing, breaking traditional accountant moulds.
High expectations from both school leavers and graduates, but they lack appreciation for the bigger picture, can be self-centred, and do not take responsibility for their actions and how they impact others.
Perceptions of students as entitled and lacking practical experience, particularly in tax.
The new generation is digitally savvy but impatient, demanding transparency in salaries, quick promotions and careers with development opportunities, whilst often not willing to put the hard work in to get them.
Firms are not always good at giving the constructive criticism that young adults need to aid development, especially as employers fear employees will leave if they do.
Cambridge Small Firms:
Many young staff need help with handling interactions with people and cannot manage tasks.
Frustrations with the attitude of trainees. They expect to be spoon-fed and expect instant availability of answers.
Norwich Small Firms:
There is a preference for school leavers over graduates due to better commitment and quicker usefulness.
Graduates tend to prioritise salary expectations over work ethic, making them less employable.
Gen Z does not work hard as work-life balance is such a priority for them.
Workplace Cultural Changes
Alongside trainee behaviour and attitudes, firms are also noticing workplace cultural changes in the new generation entering the workforce, which is impacting the way the old workforce is having to respond. Employers commented that:
Large Regional Firms:
The new generation of workers is more digitally savvy, particularly when using systems.
They are impatient and want progression and promotion quickly.
Young professionals want transparency in salaries and career progression, this is forcing firms to be more accountable.
They expect firms to invest in their development and build progression programmes.
There is a need for strong people management and constructive feedback, with senior leaders showing vulnerability and a culture of openness about mistakes.
Cambridge Small Firms:
The role of directors is to show work-life balance/flexibility of hours to appeal to young professionals.
Most firms need a flexible working policy. The general rule around flexible working is 3 days in the office and 2 days out. However, flexible working policies require a two-way trust between employers and employees and consequences if work is not produced to standard.
Personality profiling and management development training are useful tools for managing the new generation of workers as well as reducing qualified staff turnover.
Audit
Audit resourcing was a recurring concern, particularly for smaller firms.
Large Regional Firms:
Trainees need to be inducted better, whilst partners and managers need to learn that there are generational issues. Younger workers need to build resilience.
Cambridge Small Firms:
Audit resourcing and task management are challenging due to high work volumes.
Some firms are considering pulling out of audit due to difficulties in attracting and retaining staff.
Higher fees for charity audits and sacking difficult clients are some strategies being adopted.
Norwich Small Firms:
The impact of higher minimum wage for employees and generally higher salary levels, alongside fees that have not changed much, mean that it is not possible to take some work.
Industry Clients:
Losing low-level roles.
The roundtable discussions highlighted common themes experienced by employers across sizes, industries, and regions. This indicates that although different firms may be experiencing their individual challenges, overall, a lot of problems are shared across the accountancy industry. It may be helpful for accountancy firms to recognise these common themes as industry-wide and offer the potential for businesses to work together to help overcome mutually shared issues.
You can read more about topics impacting accountants here.
Accountancy Apprenticeships in Essex
Essex is a county of great opportunity, both for those seeking a career in accountancy and for those looking for talented team members. The range of businesses we have, the transport links, infrastructure, excellent schools and an ambitious workforce make Essex the perfect place to train your team or progress in your accountancy career. First Intuition trains a range of accountancy apprentices from a variety of companies across the county. From traditional to not-so-traditional accountancy practices, airlines, food manufacturers, construction firms, and fashion retailers to research and high-end tech, our clients and students are a true representation of the diverse nature of business in Essex.
We’ve looked at some of the FAQs you may have about accountancy apprenticeships in Essex in the article below.
However, if you’d like more information, please complete this form and our team will get in touch.
Our 18-month evening course gives you the flexibility to take more time between each unit of live classes to revise and prepare for your exam.
“I am really excited to launch our new 18 month live programme for level 4. Our live courses go from strength to strength with lots of flexibility and options, and this new addition gives people who want the structure of a live course but want to take a bit longer between units a course that is perfect for them. And of course, these will still come your own dedicated personal tutor who will support you, answer any questions you may have, and provide the feedback on your written tasks/mocks which are so important at level 4.” – Nick Craggs
Benefits of our live course:
Structured programme to keep you motivated
Live teaching (accessed anywhere you have internet access)
More time between each unit to prepare for your exam
Dedicated support tutor (by phone and email)
Tutor marked mocks
Digital and Physical materials
Access to FI learn (learning platform) with pre-recorded lectures to watch anytime
Flexible live course with most units running twice a year
You will also have dedicated support tutor that will be on hand to help you during and between each unit.
Here are just some of advantages of having a live support tutor:
Induction call (a welcome to the course and a chance to ask any questions you have)
Help by email or phone (including evenings)
Weekly emails during live class weeks (details of what was covered during class and any homework set)
For more news and exclusive tips from First Intuition, visit FI Hub.
Here is a list of myths Rick and Pete debunked;
Myth 1: Accountants Aren’t Creative
False… to a certain extent, this completely depends on the person, not the profession. Rick really enjoys baking and is known as an all-star baker in the Manchester centre, he also loves to boogie. However, Pete on the odd day loves a quiz but admits he can’t cook, which does slightly reinforce the stereotype.
Don’t worry if you’re creative, you can still be an accountant!
Myth 2: Accountants Melt Under Pressure
This is completely untrue, in-fact our co-hosts think quite the opposite. Pete frequently faces situations requiring quick thinking and decisions, often dealing with justifying decisions later on. Rick points out that the profession is deadline-driven and asserts that working well under pressure is a necessity.
Myth 3: A Nerdy Person Who Counts Things And Is Often The Hero In Foolish Action Movies
“Anyone can count, not just accountants” ~ Pete and Rick 2024.
References to popular culture often exaggerate or misinterpret the role of an accountant, according to Pete, he uses a great example of ‘The Accountant’ with Ben Affleck. Rick says a significant part of accounting involves explaining and presenting findings in understandable ways, using examples from his own career to illustrate this point.
Myth 4: Accountants Solve Problems You Didn’t Know You Had in Complex Ways
Pete agrees that accountants often find and solve problems, moreover, he emphasises the importance of presenting solutions clearly. Rick can’t stress enough the need for clear communication and avoiding jargon, he highlights the value of cognitive and character skills in accounting.
Myth 5: You Need to Be Good at Maths to Be an Accountant
Pete automatically debunks this myth, stating that advanced maths skills are not essential, only basic arithmetic and understanding percentages is sufficient. Many successful accountants have backgrounds in non-math fields, Rick adds. Luckily, most software handles much of the complex math these days.
Myth 6: Accountants Are Human Calculators
Although Pete is a math graduate, he mentions his mental arithmetic isn’t great, however, luckily in modern accounting, there is a lot of support from applications and software. On the other hand, it is advised that you still need to understand basics such as percentages and margins.
Myth 7: Accountants Love Spreadsheets
We know what you’re all thinking, are you sure this can be debunked?
Pete predicts that the use of spreadsheets will start to decrease in the future, due to better accounting packages becoming available however, he can’t help but mention the functional versatility of spreadsheets. Rick doesn’t’t help the case, admitting he uses spreadsheets daily although, he didn’t originally love them. Agreeing with Pete’s point, Rick highlights their necessity and usefulness in various tasks.
Perhaps this myth is considered half-debunked!
Myth 8: Don’t Talk to an Accountant During Year-End
In any industry, there’s always a natural peak, that demonstrates the busiest time, in the case of accountancy, year-end is the busiest time for finalising financial accounts. Rick emphasises the pressure accountants feel to meet deadlines during this time. Agreeing with this, Pete mentions that year-end is definitely a high-pressure period. However, they both state that you can still speak to them but they may be a little less patient or approachable during this time.
Myth 9: Accounting is a Male-Dominated Field
Historically this would be true however, over Pete’s last 11 years of teaching, he’s happy to say he’s seen more diversity across both students and staff whether that’s gender, ethnicity, or religion but he still thinks there are improvements to be made. He specifically mentions that First Intuition as a business is diverse and that’s one of the reasons he’s been so happy here. Rick massively agrees with this, sharing his own personal experiences with female bosses and colleagues and highlighting the diverse and inclusive nature of current accounting environments.
So, there we have it, nine accountancy myths have been successfully debunked!
Interested in booking a course with us, find out more below:
In the new version, 30% of the marks will be from written tasks, compared to 42% in the previous version. We know that students often struggle with the written tasks, so this is welcome news.
Clearer written requirements
It is easier to understand what the questions are asking you to write in the new version.
For example, there is a question in the practice assessment asking you to explain three tests of control and it explicitly says: “include the objective of each test.” It wasn’t always clear that you needed to do this in the previous version.
There is another question about identifying audit risks and it gives an additional hint: “Perform preliminary analytical procedures to help you to identify audit risks.” Again, it wasn’t always clear that you needed to do this in the previous version.
Lower level command verbs
In the previous version of the practice assessments, the written questions included some higher level command verbs such as “discuss” which required you to write 4-marks worth of response for each point. In the new version, lower level verbs are used such as “explain” and “describe” which only require a maximum of 2-marks worth of response per relevant point.
The new assessments will no longer use banded mark schemes. These added an extra layer of complexity to how the marks were awarded so we welcome this decision. It is now much more straightforward to understand that each relevant point you make will be awarded a mark.
Our advice
Whilst it is a shame to say goodbye to the 10-mark uplift, it was always intended to be temporary while the necessary improvements were made to this assessment, and all the signs indicate that it is being replaced by a much nicer assessment.
Should you rush to sit your assessment before the uplift is removed? In our opinion, the improvements to the assessment are on a par with the mark uplift, so it shouldn’t make much difference. Sit your assessment when you feel ready to.
For more news and exclusive tips from First Intuition, visit FI Hub.
The Industry Guides provide information about specific sectors to inform students about what it is like to work and study as an apprentice, how to apply and the top skills employers look for in those industries.
Accountancy and Finance Industry Guide
Visitors to the Accountancy and Finance Industry Guide page on the UCAS website will now also find a First Intuition video showing what it is like to work and study as an apprentice, how to apply and the top skills employers look for in those industries. This includes testimonials from apprenticeship students studying at Levels 2, 3, 4 and 7 and information from tutors. This guide will further spread the message about the huge importance of apprenticeships in the sector and help young adults and school students make informed decisions about their future career.
The informational video is also a valuable resource for employers to use in the recruitment of their own apprentices to help educate school and college leavers about alternative routes into a career in accountancy. 85% of First Intuition classes are now made up of accountancy apprentices, illustrating their value as a route into the sector.
Gareth John, CEO of First Intuition Cambridge Ltd comments “UCAS is the biggest brand in education in the UK and the work they are doing to increase the visibility and credibility of apprenticeships is incredibly important. I am extremely proud to be the first provider of accountancy apprenticeships to work with them to deliver relevant and up-to-date information and guidance to young adults considering an apprenticeship as the starting point of a career in accountancy and finance.”
Amy Forrest, Managing Director of First Intuition Cambridge Ltd comments “UCAS is often one of the first places young people will go to consider their next steps. For apprenticeships to be as equally promoted as university is a massive step forward and will have a huge impact on providing parity of search for apprenticeships. Apprenticeships are a fantastic route into a career and further education so to work with UCAS to provide information about accounting and finance apprenticeships is incredibly exciting!”
What is UCAS?
UCAS, the UK’s largest Universities and Colleges Admissions Service, officially added apprenticeship vacancies to its website in October 2023 so that students can consider them as an option alongside degrees. This has had a transformative impact on the visibility of apprenticeship vacancies, which are now listed alongside traditional higher education to UCAS’s 1.5 million active website users.
Anyone using the universities and colleges admission service’s “hub”, now sees relevant available apprenticeships when they search for a type of course, including the employer, training provider, level, qualifications needed for the course, closing date and salary. Not only is this increasing the visibility of available apprenticeship vacancies, but it is also helping to give apprenticeships the same prestige as traditional university degrees. Parity of search will further drive parity of credibility for apprenticeship programmes.
First Intuition frequently advocate apprenticeships to students and employers as an alternative route into accountancy. You can find more resources about apprenticeships here as well as a recording to a webinar First Intuition ran showing employers how they can use the UCAS website to promote their apprenticeship vacancies for free.
You can also now find more information about First Intuition and the importance of apprenticeships in accountancy here.
What is CIMA Case Study?
The purpose of the CIMA Case Study exam is to synopsise the key knowledge from each of the objective test modules (E, P and F modules) in your level and apply this to a real-life business scenario.
CIMA publish a pre-seen scenario document at the start of every exam sitting and update this every other sitting. The CIMA Case Study exam sittings are February, May, August and November each year. The exam questions will be based around the pre-seen document.
How do you pass CIMA Case Study?
There are 3 components to passing the CIMA Case Study exam:
1. Good knowledge of the objective test modules for the CIMA level you’re studying at.
2. Excellent knowledge of the pre-seen scenario, plus awareness of industry trends.
3. Solid exam technique.
Undoubtedly, choosing the right study method and the right training provider is key to your success. Setting goals, learning the course content and honing exam technique are some of the key skills FI’s most highly achieving students say were key to their success.
How does an FI CIMA Case Study course work?
FI CIMA Case Study courses are designed to prepare you for the exact scenario about which you will answer your exam questions. Therefore, several aspects of the Case Study course are built around the pre-seen scenario that will form the basis of the exam. The course is broken down into two elements:
1. A two-day guided tuition phase:
Firstly, your tutor will recap the most important aspects of the objective test modules at that level. The knowledge from these modules is key to answering Case Study exam questions. Then, the tutor will analyse the pre-seen scenario with the class so there are no surprises on exam day.
In the last part of the tuition phase, the tutor will cover all you need to know about exam technique and the best way to approach exam questions.
Students that opt for an FI Online CIMA Case Study course will have access to online resources and video lectures for CIMA Case Study, plus all pre-recorded lectures, course notes and quizzes for each of the E, P and F modules for that level. Online, Online Live and classroom course students can use these on demand resources to solidify their knowledge of every syllabus at that level, in preparation for the CIMA Case Study exam.
2. A three-day mock debriefing and feedback phase:
Every CIMA Case Study course includes three mock exams with personalised feedback from an expert marker. In addition, there are two extra mock exams with answers provided for self-marked question practice.
FI tailors the marked mock exams to the pre-seen scenario which the real exam exam is based on for that sitting. These mock exams are specifically designed to be very similar to what you might expect in the real exam.
On each day of the feedback phase, students will complete a mock exam under timed conditions. Afterwards, students receive personalised feedback from expert markers. The tutor will then fully debrief the mock exam questions and provide tips on the best way to answer the questions. Additionally, the tutor will give insights into what the examiner would expect to see. This is then the perfect time for students to ask any questions and discuss their answers with the tutor.
If you study via FI Online, you are invited to attend the last 3 days of the FI Online Live course, to benefit from a chance to speak to a tutor before the exam. This gives students the chance to hear each other’s questions and ideas on how to approach exam questions.
Prizewinning CIMA Case Study Students
First Intuition has taught several CIMA global prizewinners, who share their tips for success below:
How much is a Case Study course and how do I book?
FI CIMA Case Study courses start from £750 and you can book online here. If you require an invoice, please complete a booking form and return it to your preferred study centre via email. Find your online or local study centre course dates by clicking the links below:
FI Birmingham has built an excellent reputation as an accountancy training provider in the Midlands. A recent inspection visit from Ofsted backs up all the positive feedback we regularly receive. Overall, our centre achieved a rare Outstanding grade. You can read the full report here: FI Limited Ofsted Report
Our Tutors and Skills Coaches regularly receive high praise for the personal approach they take. They treat every learner as an individual and support them through their studies. Furthermore, our Customer Service team members are seen by many students as the first place to turn with any queries.
Come and meet our team in Birmingham
Open to all, our drop-in sessions are suitable for those taking their first steps in their accountancy journey, those wishing to progress their journey, as well as current students.
Our friendly and local team will be available and happy to answer any questions, whether you:
Don’t know where to start
Unsure which paper to sit next
Would like to move on from AAT to another qualification
Are struggling to restart your studies after a break
Have questions about the next paper you’ve chosen to sit
Need to re-sit a paper
Are interested in an apprenticeship
Have general questions about studying or exams
You can find out about our Birmingham drop-in sessions using the form below. Our team will be in touch with the next available dates:
What qualifications can you study at FI Birmingham?
In our Birmingham centre we offer the following qualifications: • AAT (Levels 3 and 4) • ICAEW
You can find out more about these at our drop-in sessions but in the meantime, if you would like to have a chat with one of our team about our qualifications, please complete the form and we’ll get in touch.
Moreover, if you’d like to receive details about the dates of the sessions, please register your interest by completing the form.
Register for an open day:
Want to read more exclusive news and tips from First Intuition? Head to FI Hub today.
About the exam
Essentially, the CIMA Case Study exam is there to synopsise everything you’ve learned so far and prove you can apply this to a real-life business scenario. Therefore, the Case Study exam is in a written format and is based around a pre-seen scenario. Your job is to take on a ‘persona’ in a simulated business role-play and provide solutions to the business scenario published by CIMA at the start of the exam sitting.
What’s the examiner looking for?
The examiner is looking to see that candidates can go on to apply everything they have learned in previous CIMA modules to their work. Crucially, there will be ‘core activities’ that the examiner would like to see demonstrated. These vary depending on the level. They can include skills such as the ability to measure performance or the ability to apply relevant financial reporting standards.
Areas the examiner wants you to demonstrate*:
Operational
Management
Strategic
A. Prepare costing information for different purposes to meet the needs of management
A. Evaluate opportunities to add value.
A. Develop business strategy.
B. Prepare budget information and assess its use for planning and control purposes
B. Implement senior management decisions.
B. Evaluate business ecosystem and business environment.
C. Analyse performance using financial and nonfinancial information
C. Manage performance and costs to aid value creation.
C. Recommend financing strategies.
D. Apply relevant financial reporting standards and corporate governance, ethical and tax principles
D. Measure performance.
D. Evaluate and mitigate risk.
E. Prepare information to support short-term decision-making
E. Manage internal and external stakeholders
E. Recommend and maintain a sound control environment.
F. Prepare information to manage working capital
*information taken from the CIMA Exam Blueprints
Therefore, the Case study is practical in nature. It requires excellent writing skills and the ability to work to a set amount of time. Naturally, question practice is one of the most important parts of any Case Study course.
More information on how each level is assessed can be found in CIMA’s useful exam blueprints below:
Sometimes, the best way to understand what makes a good answer is by comparing it to a low scoring one. Find an Exam Script Walk-through on the CIMA Study Planner. CIMA have annotated this with helpful hints and tips, so you can see exactly why the good answer is good.
AAT qualifications are ideal for those seeking entry-level roles in finance and accounting, or those wanting to further their career with more specialised roles. Professions include:
Accounts Assistant
Bookkeeper
Credit Controller
Payroll Administrator
Tax Assistant
Finance Administrator
Assistant Accountant
Finance Officer
Audit Trainee
Tax Adviser
ACCA (Association of Chartered Certified Accountants)
ACCA is a globally recognised qualification that can lead to senior roles in finance and management. Professions include:
Chartered Certified Accountant
Finance Manager
Management Accountant
Financial Analyst
Internal Auditor
Tax Manager
Chief Financial Officer (CFO)
Forensic Accountant
Financial Controller
Treasury Manager
CIMA (Chartered Institute of Management Accountants)
CIMA’s CGMA qualification is focused on management accounting and business, leading to roles that support strategic decision-making in business. Professions include:
Management Accountant
Financial Analyst
Finance Manager
Business Analyst
Financial Controller
Cost Accountant
Budget Analyst
Financial Consultant
Commercial Finance Manager
Chief Financial Officer (CFO)
ICAEW (Institute of Chartered Accountants in England and Wales)
ICAEW qualification, known as ACA, is highly respected and opens doors to high-level positions in accounting, finance, and business. Professions include:
Chartered Accountant
Audit Manager
Financial Director
Tax Adviser
Management Consultant
Corporate Finance Adviser
Risk Manager
Chief Financial Officer (CFO)
Forensic Accountant
Financial Controller
There are roles outside of the accounting profession that these qualifications lead to – the options are endless.
For more tips on your studies or how to get started with your career, head to our posts below:
The human brain is an incredible organ. The mass of grey jelly we carry around in our heads weighs approximately three pounds. It has over 86 billion neurons and can generate 23 watts of power (enough to power a light bulb). To conserve this precious energy our brains are designed to write and run automatic routines with little effort. We call these automatic routines habits. They’re what enable me to enjoy my first cup of coffee in the morning while half asleep.
For the brain to create a habit, it requires three elements: a trigger, a behaviour, and a reward. In my morning routine example, the trigger is getting out of bed, the behaviour is making a cup of coffee, and the reward is the first jolt of caffeine. Repeated enough times, this pattern of trigger – behaviour – reward forms a thick neural pathway in the brain and thus, a new habit is born. The secret to designing an effective habit is choosing an attractive reward, associated with the trigger and behaviour that creates a habit loop. A habit loop arises when the reward is so appealing to the mind, that in response to the trigger, it automatically initiates the associated behaviour in anticipation of the reward.
Using habits to increase your study time:
Studying for professional exams requires a lot of mental energy. It also requires discipline and time. These ingredients make your exam study a rich environment for designing and leveraging off habits. When apprentices ask me for advice on how to increase their motivation and capacity to study ahead of a challenging exam, I offer them the following plan:
Step one: Set your morning alarm clock to go off one hour earlier than normal.
Step two: When the alarm clock goes off, get out of bed.
Step three: Make a cup of tea or coffee – trigger.
Step four: Enter your study area and complete 60 minutes of exam study – behaviour.
Step five: Enjoy a nutritious breakfast or go for a brisk walk – reward.
Repeating the above morning routine on a daily basis will typically generate 30 hours of study time in a month. Over the period of your exam preparation, this habit will provide you with an additional week of study time. It seems a simple solution, but imagine the results you could achieve with this extra time. You may need to adapt or change the trigger and reward in the above plan, to better suit your needs. Play around with them until you find the combination that works best for you.
Now I know what you’re going to say. “Michael, you’re outta your mind. There’s no way I’m going to get up an hour earlier each day, to study. I’m just not a morning person.” I typically have two responses to this protestation from apprentices, when coaching them. Firstly, I point out that they are not a morning person out of habit, and research has shown that old habits can be replaced by new ones. If that doesn’t work, I point to current research suggesting that the average adult spends 147 minutes per day on social media.
Social media platforms are engineered to exploit our brains’ neural pathways and form habits. A notification on your phone becomes the trigger; scrolling through endless TikTok videos, the behaviour; a shot of dopamine which makes you feel good, the reward. Being more intentional about your engagement with social media is proven to reduce consumption by up to 50%, thereby creating capacity for that new study habit.
Best of luck with your next exam. For more study tips and advice, check out our article on 10 Exam Preparation Mistakes to Avoid. Bonus points if you can make habits of these!
Upcoming Courses
Developing People and Building Capabilities 21 November 2024 (09:30 – 16:30) – Face-to-face tuition Cambridge – £450+VAT
Leadership and Management in Finance
Our 12 Month Leadership and Management programme will give you the new skills to successfully lead your team and enhance productivity and career progression. It has been designed to give learners the necessary knowledge and qualifications to practice and build the tangible skills needed to become effective managers.
How does the programme work?
Over the course of 12 months, you will cover 6 Modules – one every other month. Each module will include one day face to face tuition in our Cambridge centre with an online accelerated learning session in between. The face-to-face sessions are interactive development sessions introducing topics and demonstrating how these can be used to enhance performance in the workplace. An online accelerated learning session is a reflective activity to enhance the adoption of new techniques.
Becoming/Being a Manager will focus on 6 core areas of development:
Being a Manager in a Profession
Managing Activities to Achieve Results
Managing a Team to Achieve Results
Developing People and Building Capability
Building Communication, Confidence and Influence
Managing Your Development, Growth, Resilience and Time
Optional extra – CMI Level 5 Certificate in Management and Leadership
This will consist of an additional 3 Modules, CMI registration, access to CMI learning resources and Management Direct managers support platform. One CMI unit is completed for every two-course modules and an online learning session to introduce the units will be attended and a tutor will support progress with individual feedback. Each assignment will require the completion of learning activities, application to the workplace, and completion of an assignment (approx. 4000 words).
Alternatively, individual modules can be booked and two modules with one CMI unit will enable the achievement of a CMI level 5 Award.
Course dates and prices
We have open public courses available above for booking individual or small cohorts. We can offer bespoke delivery for your internal cohorts at your premises, online live or at our First Intuition centre.
This is a rolling programme, and you can join at any time.
If you would like First Intuition to invoice your employer, please complete a booking form – click here.
Alternatively, please complete the form below and one of our team will be in touch:
Visual diagrams and mind maps📐
To make it easier to visualise difficult complex topics and different relationships between them – create visual mind maps and diagrams.
Flashcards and visual symbols🗂️
Create flashcards with key terms, concepts and formulas, with drawings or symbols on the other side. For visual leaners, linking images/symbols can help the brain to remember via association.
Infographics and charts📊
Use infographics and charts to your advantage when representing data and trends. When writing summaries of important topics, make them visual.
Video tutorials and animation🎥
Head to YouTube or another similar video platform for explanations of accounting principles and management concepts, in an artistic format. Using all your senses can add great impact to your revision. Search for other online resources that offer demonstrations.
Real-world concepts🗺️
Relate accounting concepts to real-world scenarios and case studies – visualise how they apply them in different context.
Firstly, you need to understand the paper that you are sitting. What’s in the syllabus, what the structure of the assessment looks like and what the examiner likes and doesn’t like.
The Skills papers at ACCA are a mix of objective test questions and written test questions. Strategic Professional papers are all written test questions with spreadsheet and word processing functionality.
The best way to get an in-depth idea of what the examiner will look for is by reading ACCA examiners’ reports. These reports are fantastic study resources offered by ACCA. Simply visit ACCA’s study resources, and navigate to the exam you’ll be sitting. Here you will find the relevant examiners’ reports. You can use them alongside the sample exams to learn about the ACCA exam marking process. Additionally, pick up on common student mistakes and how to avoid them.
2) Learn how your ACCA exam will be marked – then practice! ✅
Professional exam success is about technique. Practicing the thing that you are going to have to do on the day is the best preparation for your exam.
When you are reading through ACCA exam papers, think about breaking down each requirement into headings that you can use in your answer. Structure is key. Organise your points around these headings and ensure you have raised enough points for the marks available. You are unlikely to get 15 marks if you have only written 2 sentences.
Practicing past papers and reviewing marking schemes are all good ways to improve your skills. Additional Mock Exams are included with FI Revision courses and Online Mocks. These are great ways to boost your ACCA Exam preparation and include personalised feedback. Find out how you can turbo charge your exam prep with an ACCA mock exam.
3) Use structure to support your answers ✍️
On the day of your ACCA exam, remember your game plan. Use structure to support your response and write like a professional. It’s worth remembering the person who will be marking your script and making it marker-friendly for them.
4) Use models and really read the question 📖
Keep your paragraphs short and concise (2 -3 sentences) and ensure that you are developing the points that you raise. Models such as what? why? so what? are useful pointers. Keep looking back to the requirement to stay on track remembering to focus on the verb used by the examiner in the question: ‘List’, for example, is a very different requirement to ‘evaluate’.
5) ACCA Exam time-management ⌛
As you reach 5 minutes to go, ask yourself whether you have attempted each part of the requirements. Make sure that you know when the exam is going to end so that you complete your final sentence. Nothing screams poor time management like a half-finished sentence!
Read more verified reviews from real FI students on our Feefo page.
For more exclusive news and tips from First Intuition, visit the FI Hub
Aside from the obvious benefits to students, work experience can be a great long-term recruitment strategy for employers. This article summarises key points from the session where guest speakers, listed below, joined Gareth John to discuss the strategies businesses can take to create successful and impactful work experience programmes that benefit both student and employer. Speakers discussed:
The importance of work experience programmes for both employers and participants, highlighting the mutual benefits they offer
How to design engaging programmes that create meaningful work experience opportunities that maximise impact
How employers can use work experience as a long-term recruitment strategy that feeds into a pool of potential entry-level staff
Speakers and panelists
Steve Thompson, Chief Operating Officer at Form the Future
You can watch the recording of the session by clicking the button below.
Create Meaningful and Structured Work Experience
Provide a realistic preview of the career field, helping students determine their interest and fit in the career
Ensure the programme is enjoyable and interactive to maintain engagement
Include development opportunities for current staff, making them part of the mentoring process
Follow the job application process, including interviews and onboarding to make the work experience as close to what it is like to get an actual job
Offer skills and behaviour training, work on practical cases, and focus on networking and team collaboration
Prepare students for a mock interview, providing feedback on their performance throughout the week
Early Recruitment Opportunities
Identify and engage young talent early to build a future workforce pipeline
Establish direct connections with schools and educational institutions
Emphasise inclusivity by giving opportunities and making them accessible to underrepresented groups
Focus on providing work insight rather than traditional work experience to give a broader understanding of the industry
Promoting Work Experience Programmes
Use social media, relationships with schools, career advisors, and career fairs to promote work experience programmes
Directly contact schools to advertise the opportunity and its benefits, work with them to offer other careers insights like CV and interview sessions
Use existing staff from last year’s new cohort to help promote the programmes either online or at talks in schools
Implement programmes that target diverse groups and create inclusive environments
Removing Barriers to Participation
Align programme hours with the school day to avoid scheduling conflicts with students other responsibilities
Offer travel allowances, provide lunch and snacks, and consider casual dress codes
Cover transport costs and provide a minimum wage for students over 16 to ensure no financial loss
Interactive and Varied Projects
Use a carousel approach where students rotate through different departments and services so they can experience lots of different types of jobs within the company
Create project-based work for students to do throughout their work experience to help them understand what it is like to work as a team and the different elements that go into working on projects in the workplace
Ensure the programme benefits staff by involving them in mentoring and project management, which can be motivational and provide new skills
Use practical and engaging activities like simulated projects, role-playing, site visits, and external speaker sessions to make the experience memorable
Use motivating and inspirational talks and bring in other members of staff who can act as role models, such as young apprentices, to share their experiences and motivate students
Collaborate with Local Businesses
Collaborate with local companies to offer a diverse week-long programme, with each day at a different company
This is particularly beneficial for small companies, as it reduces the individual time and resource burden
Conduct feedback sessions with participating companies to refine and improve the programme
Virtual Work Experience
Virtual work experience is a way to increase accessibility for students regardless of location or circumstances
Combine virtual and in-person experiences for the most effective learning
Virtual programmes will be most successful when they include interactive elements like tasks and activities to make them engaging
Encourage direct communication between students and employers through chatrooms and Q&A sessions
Provide clear next steps for students who complete virtual programmes, potentially filtering candidates for in-person experiences
Small organisations can opt for hybrid or online work experience options to provide flexibility and reduce resource strain
Continuous Relationship Building
Maintain ongoing relationships with students through follow-ups, additional training, and involvement in company events to create long-term talent pipelines
Maintain relationships with schools by providing high-quality work experience programmes that they can then encourage future students to join
Regularly engage and keep up relations with local schools
Third-Party Collaboration
Third-party organisations can assist in creating structured programmes, providing content, feedback, applicants and ensuring accessibility
These organisations often have established networks and can handle logistics, making the process smoother and easier for companies
Our Business Development team can support you by advising on the different apprenticeship standards and duties and help you determine which level apprentice would be most suitable for your business. Our team can then send over any applications that we feel are most suitable for the role based on your essential criteria.
We are often contacted by students who are in year 11 and year 13 and are currently looking for an accountancy apprenticeship. We keep their CVs on file and ensure that they are informed about any new vacancies that we are advertising before they go live on the National Apprenticeship Service.
As an employer wishing to fulfil apprenticeship vacancies, we can work with you to ensure your recruitment is a success and that your new apprentice succeeds. If you are looking to recruit a new accountancy apprentice and would like support with shortlisting candidates, please contact our team to find out more about our free service.
What can happen if you skip content?
Accountancy’s foundations are built on key principles. Skipping basic topics and concepts may lead to difficulties understanding harder topics down the line. All concepts are relevant.📚
What is an effective way to avoid procrastination in your studies?
A classic bad habit is procrastination. Create a plan and stick to time restrictions. Delaying your study sessions will cause you to rush. In addition, you may start to lack in confidence when completing your studies. Consistent effort and dedicated time are crucial for you to succeed. Create a plan and stick to it: Planning your studies 🗓️
What is a better and more effective strategy than just memorising topics?
Memorising topics is a common bad habit for all students. Understand concepts, don’t just memorise. Use visual elements, real-life examples and symbolism for specific wording.✅
How can you gain a better understanding of real-world concepts and scenarios?
Problem-solving is a crucial part of accountancy. You must dedicate time to carrying out practice questions, to gain better understanding of real-world concepts and scenarios. This will help you memorise topics and question structure.
Will asking your tutor for help really make any difference?
If you never ask for help, you’ll never know the answer. It’s important you ask your tutor for help when you need it, that’s what they’re there for. Overall, asking for help can diminish any confusion or difficulty in the long-run, don’t hesitate, just ask. 👩🏫
What can happen if you ignore exam preparation?
Don’t underestimate the time and effort required for exam prep. In summary, exam prep enables you to fully understand your resources, practice test papers and manage time effectively.
Manage your time wisely, dedicate time to each commitment and prioritise. Create a detailed structure, focusing on what you want to cover and how much time you’d like to spend on each topic. Mock exams can help you manage time efficiently, adjust to the exam environment, and get you mentally prepared for the real thing. Ease into it and don’t rush, deduct minutes away each time you practice questions or dedicate time to concepts.⏰
Furthermore, to manage your time effectively, keep an eye on our dates and deadlines pages:
Follow these top tips to use your revision time wisely…
1. Create a timetable
Once you feel ready to begin revision, it is important to prepare a timetable. This should be broken down into sessions. Ensure it is realistic and that it covers all of the relevant syllabus areas in your exam.
This can be especially useful if you are studying more than one paper. It is common for students to focus on the paper that they prefer to study. Preparing a timetable can ensure that you give enough attention to each paper.
2. Do the right type of revision
As you know, revision is useful as it helps to improve your knowledge. However, it should also be used to improve your technique.
Most exams are time pressured. Therefore, you need to practise your ability to complete questions within the time that you will have in the exam. This is the best preparation you can do for the exams themselves.
3. Use all of your resources
Nowadays, most exams are software based. You must ensure you are familiar with this software before you go into the live exam. You have access to the software and past exams via your specific study resources.
Always look to stay in regular contact with your tutor. They are an invaluable resource that can help provide support, feedback and reassurance.
They can also help if you need any further guidance or if you feel a little lost during your revision.
4. Focus on quality, not quantity
One of the most common questions I get from students is ‘how long should I spend studying?’. Rather than worrying too much about the amount of time you dedicate to revision, you should look to ensure the time you do spend it productively.
For instance, three hours spent passively reading a textbook may not be as effective as two hours spent practising past exam questions in timed conditions.
5. Take time out
Always try to find the right balance, and don’t feel guilty if you are not dedicating all of your free time to revision. Professional qualifications are challenging and require lots of hard work. However, you must ensure that you take regular breaks and get appropriate rest. This will in turn ensure your revision is more productive.
The Sunday Time Best Places to Work list is compiled from the results of a nationwide workplace survey. It recognises and celebrates Britain’s best employers – which include over 500 organisations across various industries and business sizes. Placement on the list showcases the best workplaces for women, LGBTQIA+ community, disabled employees, ethnic minorities, younger and older workers, and wellbeing.
How FI was recognised
The Sunday Times Best Places to Work survey measures employee wellbeing, engagement, and discretionary effort at work. The survey is developed by behavioural scientists, psychologists, data analysts, business leaders, academics and other independent parties. To achieve a high overall engagement score, an organisation must score highly in six key areas:
1. Reward and Recognition
2. Instilling Pride
3. Information Sharing
4. Empowerment
5. Wellbeing
6. Job Satisfaction
At First Intuition, we are continuously developing new initiatives and ways of working that make FI a fantastic place to work. To demonstrate just a few aspects that the team value:
We’re proud to be a Living Wage accredited employer
As well as being a Living Wage accredied employer, we’ve introduced many benefits in the last 18 months, including an EAP, PMI, and a share scheme. We have a mix of working from home and in-centre roles available for most colleagues, matching our blended learning approach for learners. We encourage flexible working applications, which contribute to a healthy work-life balance.
Role-specific training and personal development opportunities
We are currently developing role-specific training and further personal development programmes targeted at growing the emotional intelligence and resilience of ‘Team FI’. Wellbeing and the ability to be authentic with each other are fundamentally important to us, and we have regular social functions to encourage positive inter-team relationships: especially important with our hybrid-working. We recognise the work-life balance benefits of this, but don’t neglect the importance of building good relationships, both internally and with our clients and learners. Our Employee Assistance Programme is available 24 hours a day, to support any colleague facing challenges, personal or professional.
Visible, approachable leaders
Our leaders and managers are visible, accessible, and approachable. Few organisations would share with their people the level of financial information that we do regularly. Transparency and collegiality are encouraged throughout our centres, and our directors demonstrate this daily. Our CEO’s key take-away for how to interact with each other at FI is “always ask each other how we can help”.
On being recognised, Martin Taylor, FI Ltd CEO, commented:
“First Intuition has been acknowledged with various awards over the years but this is probably the acknowledgement I have appreciated the most. Fundamentally we want FI to be somewhere our team really enjoy being part of so that we are able to deliver a great experience to our students and clients. This demonstrates that we are definitely on the right track”.
Claire Smith, FI Ltd HR Manager, said:
“I’m so proud to work for one of The Sunday Times’ Best Places to Work 2024. We’re growing and evolving so fast that I am in awe, daily, of the enthusiasm and commitment of my colleagues to serve the varying needs of our learners and clients nationwide. As an HR professional, to work in an environment where the value of our people is truly understood, and to be able to build a framework of policies that support the wellbeing and development of all employees, is incredibly rewarding“.
Join the team at FI Ltd
At FI, we wholeheartedly support our learners and clients, delighting in their successes. If you share our passion and eagerness to cultivate tomorrow’s talent, you could be a perfect match for our team. Find vacancies at FI Ltd here.
Engaging with Gen Z in the recruitment process requires a different set of techniques from what employers may have used in the past. This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss how employers can effectively engage with Gen Z to help their recruitment and onboarding strategies. The session provided:
Insights into understanding Gen Z’s and the sort of content they like to engage with
Strategies to better engage with Gen Z’s to help recruitment, onboarding, and retention efforts
Insights into Gen Alpha, the next generation that will be in the workplace after Gen Z
Dave Payne, Head of Access and Volunteer Programmes at ICAEW
You can watch the recording of the session by clicking the button below.
ACCA: Engaging Gen Z Voices:
The ACCA (Association of Chartered Certified Accountants) established a forum called the ‘Next Gen Voice Community’, comprising 300 young individuals, to hear young people’s voices when building products. With this group, the ACCA has explored social media habits, communication preferences, mental health and wellbeing topics, barriers of entry to the profession and have gained other invaluable insights. These insights have helped to challenge existing thinking, inform social media strategies and brand building, and enabled the ACCA to resonate effectively with Gen Z.
Using the panel, the ACCA has also:
Leveraged the community’s feedback to redefine visuals and messaging, ensuring resonance with Gen Z
Identified niche communities and aligned content with Gen Z’s motivations and aesthetics
Developed a robust content strategy that caters to Gen Z motivators and values, emphasising authenticity and relatability
These examples show that engaging with Gen Z and hearing their opinion on topics related to your business can help better engage with them.
Core pillars for creating content to engage with Gen Z in recruitment:
Bring out the personality of employees to add the storytelling aspect. Influencer content in the Gen Z space can help them engage
Offer the same value exchange on social media as they have on websites. For example, provide information about career paths. Be transparent, provide information, reliability, authenticity, and human content that is easy to connect with
Present someone that Gen Z’s can aspire to be
Show the jobs they will be doing now
Stories about progression
Be entertaining and capture their imagination
Understanding Gen Z from David Brockway, Form the Future:
Avoid talking about Gen Z in generalities or stereotypes to prevent self-fulfilling prophecies. Recognise and respect them individually
Acknowledge the individuality within Gen Z and avoid treating them as a homogeneous group
Recognize the high digital literacy of Gen Z but also address gaps in traditional IT skills like email writing and Excel
Offer training and support for tech norms and expectations, considering the post-COVID generation’s unique challenges
Respect Gen Z’s unique slang and communication styles to encourage understanding and connection
Show authenticity and transparency with communication in the workplace
Recognise the diverse experiences and backgrounds of Gen Z individuals, therefore the need for personalised approaches in recruitment
Innovative Recruitment Strategies from Tom, Founder and CEO of urfuture:
urfuture offers a new approach to careers. It is a job platform for young people, focusing on entry-level job roles and creating video-based job and candidate profiles. The platform matches candidates with a career based on their personality and produces video content where they can watch and learn things about careers.
Tom’s top tips include:
Embrace new approaches to careers, focusing on entry-level job roles and utilise platforms like TikTok
Recognise Gen Z’s preference for video and image-based communication and creation. For example focusing on short, authentic videos that resonate with Gen Z’s attention spans (30 – 60 seconds)
Utilise social media platforms like TikTok for short, authentic content that engages and educates Gen Z
Prioritise authenticity, immediate engagement, and non-formal education in content creation
Create consistency and authenticity in content creation to build trust and credibility with Gen Z
Target specific channels and topics, focusing on consistency and authenticity to build brand awareness and engagement
Ensure candidate experiences are engaging, stand out, and provide clear value to Gen Z candidates
Align recruitment strategies with Gen Z’s preferences, such as utilising videos and social media platforms
Tailor recruitment messaging and job descriptions to resonate with Gen Z’s communication styles and preferences
Offer guidance, support, and clear career pathways to address Gen Z’s unique needs and challenges in the recruitment process
Comments on videos are useful for creating a community where people are talking and helping each other
Implement feedback mechanisms to continuously improve the candidate experience and address any pain points identified by Gen Z candidates
When creating content, ask yourself:
Is it engaging?
Is it black and white?
Does it stand out?
What value am I giving the viewer?
Is it familiar?
Is it repetitive?
Four main social channels to find Gen Z’s:
TikTok – It is easy to grow fast organically if you are doing it right but there is a lot of noise on the platform
Instagram – The paid ad approach works well when just starting off, it is harder to grow organically
Snapchat – Only takes paid ads so it is not organic
YouTube – It has got to be paid at the beginning then is easy to grow organically off the back of that
Discord, Twitch, and Reddit are other popular channels where employers can reach Gen Z and people who like to game
Insights from Rachael Harrison, AAT:
Recognise the influence of parents on Gen Z candidates and address their unique pain points in the recruitment process
Provide guidance on soft skills development and offer support without making Gen Z candidates feel inadequate. For example, some new candidates may be missing skills such as professionalism and communication. Active tasks can help with this, consider training videos on TikTok or other on-demand content to meet them with what they are familiar with
Gen Z may appear outwardly confident but are still learning so don’t make assumptions about them and what they know, guide them. It can also help to talk to people about what they want to do and what works best for them
Be clear about career pathways, provide transparency about salary, and the development of soft skills
Avoid treating Gen Z as a group and be clear about expectations, including dress code and job responsibilities
Understanding Gen Alpha from Dave Payne, ICAEW:
Recognise the unique characteristics of Gen Alpha, including their digital savvy, creativity, and diverse backgrounds
Understand the influence of millennial parents on Gen Alpha and their attitudes towards education and careers. Gen Alpha have been brought up by millennials who are generally brand loyal, individualistic, and family-focused
Consider emerging trends and preferences among Gen Alpha, such as their preference for audio content and creative expression. Employers need to adapt their recruitment strategies to resonate with Gen Alpha’s preferences and values
Be cautious in selecting influencers to ensure alignment with brand values and authenticity, Gen Alpha will be able to suss out inauthenticity just like Gen Z
The trends of Gen Alpha are an extension of Gen Z, showing that these changes in preferences are not going away and will be the future. Organisations need to stay abreast of evolving trends and preferences among younger generations to remain competitive in recruitment.
We asked Natalie for her thoughts on success in the SBL exam. She was kind enough to share the following brilliant advice:
The importance of mock exams for success in your SBL exam:
Natalie explained: “The importance of completing the mocks cannot be understated. Although I rarely passed the mocks, I found the experience invaluable for understanding the style of questions and structure of answers”. [Editor’s note – this one applies to all exams. We know this from the higher pass rates obtained by learners who do attempt mocks!]
Understanding the ACCA SBL exam:
“Understand that the SBL exam is only one question with many parts. Therefore, all information may be drawn upon for any part of the task to avoid duplication of points. I ran through in my mind all sorts of different business scenarios that may occur and the benefits/consequences for each. So, to reduce the risk of losing focus, only do this as a thought process. Try not to get bogged down and pulled in the wrong direction. Read the tasks first and pick out the relevant information. Don’t be afraid to spend time reading. Its tempting to rush ahead and start but, this won’t help”.
How can the pre-seen increase your success in your SBL exam?
“Create a SWOT analysis when the pre-seen is available, use it for a framework to understand the business model. Focus on what models, shown in the pre-seen, may be relevant and ensure you learn them. Bare in mind they are only useful to give you a structure, not to answer the question”.
Do you have any other tips on how to be successful in your SBL exam?
Natalie suggests:
“Think logically about the consequences of each bit of information given. How it will impact the different areas of the business, will it affect profit/loss, increase cost, have reputational damage, or affect any relevant regulations or covenants? I couldn’t remember the name of the nominations committee, so I had to refer to it as the ‘successions committee’ in the hope that the examiner would understand, instead of leaving those points or worrying too much. Think sceptically about everything. Is the project income realistic? Are all relevant costs included? Is there a reason someone may want to manipulate the results for personal gain? The First Intuition pre-seen webinar was invaluable and should be part of everyone’s preparation timetable”.
Congratulations Natalie on all your hard work! Thank you so much for sharing such valuable insights into SBL success.
Don’t forget to register for our free ACCA SBL pre-seen webinar here.
What should you look for when choosing an Online Live course?
Content
What does the live element of the course cover? Is it a revision of what you have previously learnt, and you are just brushing up previous knowledge? If so, remember we have our FREE revision sessions which are open to everyone.
Or is it a full “tuition” online course, where we go right from the start of the subject and take you right up to taking the exam? The live element of a distance learning course is what you are paying the lions share of the money for, and you want to make sure you are getting as much as you can. You need to ask how many session do you get and how often are they? There are virtual courses that have a live class for an hour every two weeks and there are virtual courses where the sessions are several hours long a couple of times each week.
Qualified tutors
Who is delivering the course and what experience and qualifications do they have? I am a massive fan of tax, and I LOVE it when a student asks a question that maybe isn’t in the exam but it shows they have really engaged with the subject. Having a background working in practice and having studied ICAEW allows me to field those questions over and above what you need to know in the exam. Conversely, what is the tutors’ speciality? As much as I can teach costing, I don’t really get excited by it like I do with tax and financial accounting. So having a team of tutors with a wide range of backgrounds and experiences means you will always have a subject matter expert with a real passion for the subject teaching you.
Flexibility
The great advantage of virtual courses is that you can be anywhere in the world studying, but with it being live you obviously have to be there at that time. So, do the times the courses are run work for you? A live course during the day when you work is obviously no use, so can you attend an evening course, or conversely would a daytime course work better for you if you have children and you would focus better during the day?
Opportunities to collaborate
One of the advantages of live courses is the ability to collaborate with other students. Some subjects, such as Internal controls are really helped by being able to discuss with other students about what is a good or poor control and discuss the possible recommendations for the business.
Availability of support
One of the key benefits of an online class is the ability to ask questions in real-time as they arrive, however, sometimes you may have a question that comes to you outside of the class. What is the support like outside of the class, do you have a tutor you can contact, and what is their availability?
Reliability
Sometimes life does get in the way, and sometimes things don’t go as planned and perhaps you don’t pass every single exam first time. It happens, these exams are tough, which is why these qualifications are so in demand. So, if this does happen what are your options? Are you left on your own to pick up the pieces, is the course over, or will they let you come back for free to the next sitting of that unit if you need to? Is there any form of Pass Guarantee? A cheaper course might work out to be more expensive if you need to pay again to extend your tutor support.
Reviews and testimonials
You need to do lots of research to see if the provider you are looking at is right for you. You can look at awards they have won, and also look to see how OFSTED has rated that provider.
However, the best thing you can do when looking into courses is speak to other students and see what they say about the course and their experience. Remember everyone is an individual with different needs and learning styles and the online learning needs to be right for you.
FI Online Live Demo video
Our AAT Online Live courses combine a structured classroom schedule with the flexibility of studying from your workplace, home or anywhere you have internet access. Our AAT Online Live courses are for individuals who want the benefits of being in a classroom with a structured approach, but who can’t make it to a First Intuition centre.
Students who are unsuccessful in their assessments can claim pass assurance if they:
View the FI Online pre-recorded lectures via MyFI.
Attempt all course assignments.
Achieve at least 60% in their third mock assessment.
Attempt the real exam within 2 months of submitting their final mock assessment.
Will obtain access to our FI Online course and tutor support free of charge for as long as they need to pass the assessment (assessment fees are an additional cost).
If you have no contact with your tutor and/or are inactive with your online resources for a period of 3 months (without prior notice) then your claim will be invalid.
Don’t just take our word for it, see what our students think of our Pass Assurance scheme:
“I just wanted to say a quick thank you for this. It’s so refreshing to see companies realising that life does indeed get in the way sometimes and to offer that extra support is brilliant.
I was glad right back at the start that I had chosen First Intuition as my provider because of the way the course was structured and consistent and still is today.
I had my doubts going down the route of self studying but I’m glad I did as I really surprised myself. With the dedication and passion that I had and still have and I couldn’t have done that without you and the tutors”.
To find out more about our scheme or AAT Online courses please email aat@fi.co.uk
Who is a Question Based Day for?
Question Based Days are perfect for ACCA students who would benefit from extra feedback and question practice before their real exam. Question Based Days offer students one final chance to review their question attempts with a tutor. Most importantly, they offer the opportunity to pick up marks that could otherwise be lost in the real exam, and spot any areas that your revision efforts should be focused on.
Why do I need a Question Based Day?
In the December 2020 exam sitting, FI students who attempted 3 practice mocks had a 93% chance of passing the real exam. Therefore, ACCA students who complete a timed course exam, mock exam and final mock achieve higher results in the exam compared to those that don’t. Incidentally, whether these students passed or failed their practice exams didn’t make a significant difference to their real exam mark. Simply attempting the mock exams boosted their chances of passing the real exam. This was a boost of up to 40% compared to students who did not attempt any mock exams. Mock exams are included with tuition courses, revision courses and Question Based Days, which is why this is our recommended study route for all ACCA Skills and Strategic Professional level exams. This approach offers the highest chance of a pass and the most practice exam attempts.
What happens on a Question Based Day?
Firstly, students will complete a full mock exam, specially designed for the day to be sat under exam conditions. Students will benefit from having their question attempts marked on the day by one of our expert tutors. The intent is to allow students to consolidate their knowledge by simulating the exam experience.
In the afternoon, students’ marked question attempts will be returned to them along with a result*. Then, the tutor will fully debrief the questions with the group, with direct focus on areas of the paper that students struggled with. Finally, the tutor will suggest helpful hints or new approaches to these questions. This helps students to pick up precious extra marks in the real exam. As with any FI courses, students will have the opportunity to ask questions on any areas of the syllabus they may find challenging.
*For some lengthier papers, a full result may be returned to the student the same evening.
How much does it cost?
Question Based Days start from £260 per module. For course dates and prices, check out your local centre’s ACCA course schedule. There is a limit to the number of spaces for each sitting, so book your place now.
Can’t make the date for your Question Based Day?
If you can’t find a suitable course date for your module, FI Online Mocks are a great alternative.
FI Online Mocks mocks are now available for all Applied Skills level and Strategic Professional level modules, excluding Law. The online mocks can be attempted at any time, anywhere you have internet access. Therefore, you don’t have to be based near a classroom centre or give up any day time to complete them. Learn more about FI Online Mocks here.
AAT RI assessments with First Intuition
To book your RI assessment please email fiaatdlops@firstintuition.co.uk with your assessment enquiry and we will then email you the relevant booking information and link for payment.
You can book an AAT RI assessment with FI AAT distance learning even if you are an external non-FI student.
The table below indicates AAT‘s remote invigilation assessments.
Level
Assessment
Price
Level 2
Introduction to Bookkeeping (ITBK)
£123
Level 2
Principles of Bookkeeping Controls (POBC)
£123
Level 2
Principles of Costing (PCTN)
£123
Level 2
The Business Environment Synoptic Assessment (BESY)
Drafting and Interpreting Financial Statements (DAIF)
£126
Level 4
Internal Accounting Systems and Controls (INAC)
£126
Level 4
Personal Tax (PNTA)
£126
Want to find out more about RI assessments?
AAT have created a short video introducing RI assessments and how they work (staring our very own Lisa B).
Things to Consider Before Sitting an Online Exam
You can take the exam from home or work.
You can schedule it for any time of day and any day of the week.
You must have a quiet room with no interruptions or distractions.
Your computer must have a webcam and microphone.
Your internet speed must be at least 512kb/s, but stability is more important than speed. If your broadband goes off for a period of time, you may well get flagged for investigation.
You will need to download additional software onto your computer.
You have to wait 10 working days for your results for the exams that you would otherwise get the result on the same day.
You cannot use your own calculator—you must use the on-screen calculator.
You cannot use scrap paper—all workings must be done on an online scratch pad.
If you are sitting an exam of 2 hours or more you HAVE to have a break in the middle of the exam and you cannot look back over the first half of the exam.
TVs, mobile phones, smartwatches, textbooks, and other personal items are not allowed in the exam room. You must be able to move your webcam to show the invigilator your surroundings.
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
First Intuition Milton Keynes
Located in the heart of Milton Keynes, the training centre is easily accessible by railway and bus to conveniently serve accountancy students in the region. The new centre will deliver AAT courses at levels 2, 3 and 4, all of which can be studied as part of a government apprenticeship programme. Classes will start from September 2024 and will be taught by experienced tutors with a wealth of knowledge and experience in accountancy training that can bring passion and enthusiasm to the classroom.
First Intuition is committed to delivering high-quality training and support to help aspiring professionals find, start and build amazing careers. As well as recognise the importance of developing the exceptional talent and equipping them with the skills and knowledge so that they can excel throughout their careers.
Award-Winning
First Intuition’s dedication to delivering high-quality training and support is evident through its ‘Outstanding’ Ofsted rating. FI is also the only level 7 accountancy apprenticeship provider to receive this rating.
Recently, we were honoured to receive the 2024 AAT Special Recognition Award. This recognition highlights our commitment to providing an exceptional learning experience for our students, our significant contributions to the industry, and our partnership with the Association of Accounting Technicians (AAT). This award is made even more special by the fact that individuals are unable to nominate themselves for it; This has been awarded to us by the AAT themselves!
AAT Courses
We offer AAT courses at levels 2, 3, and 4. All of these can be studied as part of a government apprenticeship programme.
If you’ve already started your AAT qualification, there’s never been a better time to progress in your studies. As an award-winning training provider, our courses will set you on the path to success. Contact us for free guidance in planning your studies.
First Intuition in Colchester
Following our success in Chelmsford and Southend, we are delighted to be offering AAT courses at levels 2, 3 and 4, starting this September in Colchester. If you would like more information about studying with us or training your team in our Colchester centre, please use the form below to get in touch.
Our team can advise you on where to start or how to carry on with existing studies, apprenticeship programmes and tailored study programmes for you or your team.
Visit our Chelmsford or Southend pages to find out more about what we do in Essex.
What can students and employers expect from us?
Over the past decade, FI Chelmsford has built an excellent reputation as an accountancy training provider in the Essex area. A recent inspection visit from Ofsted backs up all the positive feedback we regularly receive. Our centre achieved a rare Outstanding grading. You can read the full report here First Intuition Chelmsford Ofsted Report
Our Tutors and Skills Coaches regularly receive high praise for the personal approach they take. They treat every learner as an individual. Our Customer Service team is seen by many students as the first place to turn with any queries.
See the video below for recent client feedback.
Sustainability standards and digital technologies are at the forefront of changes shaping the finance sector and are reforming the way accountancy professionals operate, making it important for all accountants and finance professionals to stay abreast of rapid developments.
At First Intuition, our client British Sugar approached us saying these were the two emerging topics having the most impact on their business and asked if we could offer a CPD session on them. As a result, First Intuition delivered a bespoke continued professional development (CPD) session on sustainability standards and digital technologies in accounting, that was tailored to the client’s needs. Including key updates and information to keep British Sugar informed and up to date.
The session was a great success and demonstrated the type of bespoke programmes First Intuition can offer to employers that are tailored both by topic and content. Jenny Whittaker, Financial Controller at British Sugar said, “We were thrilled to have First Intuition join us at British Sugar to provide an update for the finance team on upcoming Sustainability IFRS and digital finance training.”
Sustainability reporting under the International Financial Reporting Standard’s (IFRS) International Sustainability Standards Board (ISSB)
Sustainability reporting is increasing in importance for businesses as sustainability becomes progressively interconnected with financial performance. Therefore, accountants must understand the evolving standards and regulations governing sustainability reporting. The IFRS has shaped sustainability reporting frameworks under the ISSB’s Sustainability Standards, whose mandate is the creation and development of sustainability-related financial reporting standards to meet investor’s needs for sustainability reporting.
For accountants, familiarity with these standards is essential for accurate and comprehensive reporting and aligning financial statements with sustainability objectives. With the possibility of the implementation of mandatory sustainable reporting for businesses, the need for proficiency is needed more than ever.
During First Intuition’s bespoke employer session, important updates around sustainability reporting included delving into disclosure requirements and implications for financial reporting. These were tailored specifically to what was relevant to British Sugar and the areas they required information. Furthermore, the session covered the disclosure of climate-related risks and opportunities that could reasonably be expected to affect cash flows, as well as the access to finance or cost of capital over the short, medium and long term. Incorporating physical risks, transition risks, and opportunities.
Digital Transformation in Accounting
Simultaneously, the accounting profession is undergoing a digital revolution, driven by technological advancements and automation. Automation is fast becoming the foundation of digital technologies in finance, streamlining routine tasks and allowing accountants to focus on higher-value activities. Understanding automation principles, including AI and generative AI, and keeping up to date with ever-evolving technologies and programmes in the finance sphere ensures professionals are equipped with the tools to use technology effectively.
First Intuition’s Digital Finance Essentials course encompass a wide array of these technological elements, ranging from automation and artificial intelligence (AI) to data security and change management. In the bespoke session, First Intuition introduced digital technologies in finance covering key trends in jobs, risks including data security, an overview of automation and AI and use cases in accounting, and advice on managing the emotional cycle of change that we experience when we try new technologies. As well as tips for navigating automation, AI, data security consideration, and understanding the impact of these on accounting practices.
The Importance of CPD
CPD is essential for finance professionals to stay abreast of industry changes that are shaping modern accounting practices. Sustainability reporting and digital transition are two topics becoming integral within this. By prioritising CPD accountancy professionals can stay ahead of the curve and drive organisational success.
Jenny Whittaker, Financial Controller at British Sugar shares, “We have ambitious strategic goals across all areas of our business including decarbonisation and digital transformation, so these topics were extremely relevant for our finance team.The number of recent changes in technology can unlock efficiencies for our team and across the business to allow us to spend more time on strategic priorities so it’s really key as a function we stay up to date.”
Tim Howes, Client Director at First Intuition who delivered the session, comments on the value of CPD. “In a rapidly changing world of conscience and technology, CPD is becoming ever more important to ensure continued competence, relevance and trust in the profession. FI’s unique ability to offer flexed and bespoke insights working closely with our clients means that we are well placed to help in the delivery of the key updates required to keep ahead of a steep curve of change.”
First Intuition’s bespoke CPD sessions offer accountancy employers the opportunity to learn more about the critical topics, such as those mentioned in this article, that are important to businesses in a tailored format that is relevant to their needs.
Get in touch if you would like more information on First Intuition’s bespoke CPD sessions at cambridge@firstintuition.co.uk.
Innovation in Accountancy (FI Accountancy Academy)
Podcast of the Year (The FI Podcast)
Graduate/Apprenticeship Training Programme of the Year (FI Apprenticeship Training Programme and client Buzzacott LLP)
Personality of the Year (Gareth John)
Study Resource of the Year – Corporate Reporting Revision Preparation Sessions, First Intuition Reading
Gareth John (Chief Executive of East Anglia/Yorkshire) said:
“It is exciting to see another varied set of short-listings at this year’s PQ Awards. This is further recognition of the amazing work performed in different areas by members of the First Intuition team around the country”.
Nick Craggs (AAT Distance Learning Director) said:
“We are delighted to be shortlisted in so many, and in such a wide variety, of categories. From Online College of the Year and Apprenticeship Training Programme of the Year, to Accountancy Personality of the Year and Podcast of the Year, showing how strong all areas of the First Intuition organisation are”.
Ryan Hill (Commercial Director, First Intuition Reading) said:
“Our ICAEW Revision Preparation Sessions have been instrumental in arming students for their revision courses and impending exams for two years now. It’s immensely gratifying to receive such glowing feedback from our students regarding these sessions and having the Corporate Reporting session (where we delve into the intricacies of Advanced Information with students) shortlisted for this accolade is truly the icing on the cake!“.
The PQ Award winners will be announced on 22nd April 2024. Learn more about the PQ Magazine Awards here.
In today’s digital age, a deep understanding of Gen Z candidate’s preferences and behaviours on social media platforms can help employers when recruiting. This article shares highlights from the session where guest speakers, listed below, joined Ben Bullman to discuss how employers can target Gen Z in the recruitment process using social media. The session looked at some of the ways employers can utilise social media to appeal to young adults when recruiting staff, including:
How to use social media in the recruitment process to target young adults
Techniques to stand out from the crowd and build a company presence on platforms such as TikTok
What information young adults want to see from employers
Speakers and panelists
Shoshanna Davis, Gen Z Engagement Expert, Speaker & Founder of Fairy Job Mother
Holly Hobbs, Gen Z Branding Strategist at Apprentivia
Joshua Mclaughlin, Social Media Manager at TheTalentPeople / GetMyFirstJob
Nearly 40% of Gen Z prefers TikTok and Instagram for online searches
TikTok’s algorithm delivers content based on user interests
Average daily social media usage is 2.23 hours, so it is an effective space to meet this audience
Batch-make content, respond to comments, and start conversations to meet candidates where they are
Key Takeaways for Engaging Gen Z: Joshua’s Recommendations
Utilise SEO-friendly content and address audience pain points
Leverage social listening to gather insights from competitors and communities
Take inspiration from outside your niche – so look at how employers are using social media in general
Focus on engagement rather than follower count
Prioritise relatability, authenticity, and familiarity in content
Harness analytics; track your content performance and make tweaks to your content as you go
Content should be real: a day in the life videos, social takeovers, storytimes, and senior perspectives are also appreciated
Project Next Generation: Pete’s Insights
UCAS provides trusted information and guidance to millions of people
Interest in apprenticeships is growing, but misconceptions persist
One in three students lacks information about apprenticeships
UCAS conducted a future-facing study, surveying 1,000 13 to 17-year-olds across the UK, to understand their motivations, attitudes, and priorities regarding education and careers
The research identified six key themes: inspiration and discovery, happiness, experience, confidence, independence, and control
Key findings include the importance of early engagement to prevent limiting future options, the emphasis on happiness and enjoyment in career choices, and the value of diverse experiences in shaping career decisions
Engagement Strategies for Gen Z: Pete’s Recommendations
Authenticity is paramount in engaging with Gen Z. Providing real-life experiences of the workplace, possibly through partnerships with schools or utilising current apprentices as ambassadors, can help demystify career paths
Social media emerged as a top source of inspiration for young people, emphasising the importance of using digital platforms in recruitment
Bring the workplace to life through authentic experiences to provide young people with a realistic understanding of different career paths
Embrace a multi-channel approach with a focus on social media to effectively engage with Gen Z and address their diverse preferences and needs
Understanding Gen Z: Karen’s Insights and Recommendations
Establish panels or research groups comprising Gen Z individuals to gather insights directly from them
Brand and Tone Adaptation:
Adapt brand and tone to appeal to and resonate with Gen Z, using inclusive language and identifying relevant communities
Focus on clarity, plain language, and real-life examples
Use inclusive language and showcase diversity and inclusion efforts in the employer brand
Content Strategy:
Identify niche communities and align content with Gen Z motivations and aesthetics
Build content pillars focusing on personality, digital influencers, informative content, transparency, relatability, and ambition
Prioritise meaningful content such as industry updates, career support, and day-in-the-life scenarios
Create content driven by connection and entertainment value that is relatable
Be authentic and human in content creation, moving away from polished brand assets
Highlight current job opportunities and fast progression pathways
Aim for entertaining storytelling rather than relying on humor alone
Experiment with different content formats and learn from failures to improve quickly
Collaboration and Outreach:
Collaborate with employer partners to amplify recruitment messages
Encourage outreach and networking within relevant professional communities
Recently, we were honoured to receive the 2024 AAT Special Recognition Award. This recognition highlights our commitment to providing an exceptional learning experience for our students, our significant contributions to the industry, and our partnership with the Association of Accounting Technicians (AAT).
This award is made even more special by the fact that individuals are unable to nominate themselves for it; This has been awarded to us by the AAT themselves!
These are the reasons why the AAT presented us with the award:
“The high-quality AAT programmes they offer to their students through a variety of online learning and classroom methods really shows they understand the importance of offering flexible study options to meet the changing needs of our students.”
“They have grown year on year and have demonstrated how much they value the importance of face-to-face delivery as well as a strong connection with local employers, schools and communities.”
“Despite this growth, they have maintained a strong student experience that has been recognised as outstanding by Ofsted.”
“Recognised as thought leaders and industry experts, they have been influencers of policy reform and host many informative industry events.”
“Working closely with the trailblazer groups, they have once again played a key role in the design and redevelopment of the revised Level 2 and Level 3 Apprenticeship Standards. Everyone involved in accounting apprenticeships will see the benefits in the coming months.”
“We are grateful to this training provider for their collaboration, great attention to detail and appreciate the expertise and insight they share with AAT.”
“While we know they have multiple sites and multiple centres, tonight we want to recognise them as one collective group. So, it gives me great pleasure to announce that the AAT Special Recognition Award goes to…”
First Intuition – Award Winners!
Here is what some of our team had to say:
Ginny Bradwell – Director said:
“It was wonderful that the FI network was recognised as a single organisation by AAT. In all our centres we share a passion for what we do and are thrilled to receive the award.”
Nick Craggs – AAT Distance Learning Director said:
“To win this award which recognises excellence, in everything we do, in all areas of out business is such a fantastic achievement. The fact that you can’t even submit a nomination form for this award, and it was created and awarded by AAT to us shows what an impact First Intuition has in the world of AAT.”
Gareth John – Chief Executive Cambridge FI said:
“The best thing about this award is the way it recognises excellence across every part of First Intuition; teaching, coaching, material production, student operations, employer support, policy influencing. We have achieved a lot of incredible things in recent years but this is one that I am the proudest of.”
David Malthouse – Managing Director for Chelmsford FI said:
“I am so proud to be part of the team that won this award, and it highlighted all of the things that we stand for at First Intuition. From working with schools to give the next generation great careers advice, to working with employers to understand the skills that they need to meet the needs of a changing economy. It highlighted the work that we do to help make changes in the industry and help shape the way that accountants are taught.”
Amy Forrest – Managing Director for Cambridge FI said:
“What can I say but wow! I am absolutely delighted that we have been awarded the Special Recognition Award by the AAT. I am incredibly proud to work with so many fantastic colleagues here at First Intuition and that their dedication, passion and commitment in supporting students and employers has been recognised.”
Ali Ryder – Production Manager said:
“This award recognises the collaborative relationship that we have with the AAT. We are proud to work so closely together because we all want the same thing – a fair and robust qualification that sets up our learners for a fantastic career in finance.”
The prestigious awards took place on Thursday 14th March and our FI team took great delight in collecting the award!
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
What is CIMA’s CGMA FLP?
The Finance Leadership Programme (FLP) is a digital-first pathway to completing CIMA’s CGMA Professional Qualification.
FLP includes the learning you need to complete the qualification, both competency building and exam preparation, all in one place.
The programme uses an alternative learning and continual assessment model, meaning students will only have the Case Study exams to complete. The work you do on the platform will gain you “exemptions” from the Objective Test modules at Operational, Management and Strategic level.
All learning, assessments and Case Study exam preparation takes place within the online FLP platform. It follows the same syllabus as CIMA’s CGMA Professional Qualification. Learn more about what happens on a Case Study course here.
Who is FLP for?
The programme is open to all students who want to gain a CIMA qualification. At FI, we think FLP is best suited to:
Experienced learners – those at mid/high senior levels who have a proven track record of delivering in the workplace, but who would benefit from gaining the qualification and who would not be eligible for an apprenticeship.
Learners who are unable to access the traditional exam route – due to location, technology or personal circumstances.
Learners seeking the flexibility of ongoing assessment and learning, along with excellent Case Study support from a reputable provider.
Why study FLP with FI?
“Start anytime” – When you join our FLP programme, you won’t need to wait for a cohort, giving you the power to structure your time and learning to suit you.
Access to a personal coach – When you join our FLP programme, you’ll have a coaching call with a member of our tutor team, they’ll help you create a plan towards your Case Study exams.
Comprehensive video learning – You’ll have access to 15 hours of tutor-led video recordings covering the core learning across each pillar. This content will be available for you to dip in and out of as needed as you progress through your core learning.
Case study exam preparation – Walk into your Case Study exam feeling confident, having prepared via our structured Online or Online Live courses, including a mock exam with marking and feedback, and study materials delivered to your door.
Study online, but you won’t be studying alone – You’ll have tutor support throughout your programme. You can get in touch with them if you get stuck or need any technical assistance.
What’s included in the FI FLP programme?
Access to any online CIMA course from FI for 12 months – regardless of what level you’re starting from.
CIMA Membership for the duration of the subscription.
No exam or exemption fees for E, F or P modules.
Access to the CIMA FLP platform to complete the learning for your core modules.
Access to FI’s learning platform (FI Learn), containing around 15 hours of tutor-recorded content per module. Sample an FI Online CIMA course with a FREE 14 day demo here.
A kick-off call with an expert tutor to create a CIMA study plan that works for you.
Choose from our Online or Online Live courses for your Case Study and attend a course a second or third time at no extra cost if you need extra help or support.
How much does it cost?
The FI FLP course costs £2,750 + VAT for a 12-month subscription. You’ll pay one price, whatever level you’re studying at.
Please note: The FI FLP course is non-refundable.
Register your interest
Register your interest and ask us a question by completing the below form.
Our Successful Launch Event
First Intuition recently hosted a successful launch event to kickstart the opening of our brand-new centre. Held on the 7th of February at The Edge Hub in the heart of Hull, we were delighted to welcome both familiar and new faces who gave up their time to celebrate our grand entrance to the region.
We were grateful to be joined by current clients and learners from Smailes Goldie Group who shared their experience of using First Intuition as a training provider and the benefits of completing an apprenticeship with our embedded Impact Skills Programme. With our competitors moving away from the region, this highlighted the importance of a high-quality and consistent provision for individuals looking to train as accountants in the area.
First Intuition Yorkshire have big plans for Hull in 2024, starting with FREE AAT Level 2 bookkeeping courses running from June. This will allow local businesses to really get a taste of First Intuition’s award-winning accountancy training before the launch of Level 3 & Level 4 AAT apprenticeships in October.
The Apprenticeship Programme offered at our Hull centre will equip students with fundamental accounting knowledge, practical skills, and industry-relevant insights. These apprenticeships will provide a combination of theoretical learning and on-the-job experience, allowing apprentices to gain valuable skills while working towards a professional qualification.
Alongside delivering high-quality courses, we are also excited to be introducing our successful Accountancy Academies to Hull this Summer. Our Academies offer insight into the world of accounting and finance to school leavers considering a career as an accountant. First Intuition Yorkshire will also be working with local schools in the region by attending career events to spread the benefits of apprenticeships to the next generation of accountancy and finance professionals.
Why Hull?
First Intuition Yorkshire has grown rapidly since we first opened our doors in 2015 and has already planted roots deep into the competitive markets of Leeds and Sheffield. Hull has long been in our plans and now the time is finally right. Over the past decade, Hull has seen huge amounts of regeneration with no signs of this coming to an end any time soon. Investment in this vibrant city will undoubtedly attract new businesses and these new businesses will need skilful accountants, this is where we come in.
The New Centre
First Intuition Hull will be conveniently located at The Edge Hub Limited in the heart of the city. The new centre is just a five-minute walk from the city’s central transport hub and is just a stone’s throw from popular shopping centres and attractions. In addition to it’s handy location, the new well-equipped centre also boasts a number of on-site facilities including free refreshments and a private kitchen.
Looking Ahead
First Intuition Yorkshire has come a long way since 2015 and we look forward to continuing our journey in Hull this year. Lucy Parr, CEO Yorkshire and Humber at First Intuition, revealed “We are delighted to bring our esteemed AAT courses and Apprenticeships to the vibrant city of Hull. The new centre represents our dedication to providing top-tier education and support to individuals aspiring to pursue careers in accounting and finance,”.
Want to know more about the courses coming to Hull? Please contact hull@fi.co.uk
Labour Variances
If you have spent more on labour than you budgeted on, it can be due to either you using more labour hours per unit of production, and/or, you paid your staff more per hour than you intended. We can split the labour costs into the labour rate variance and the labour efficiency variance. The labour rate variances investigates if we spent more or less per hour than we budgeted on and puts into monetary terms how much the difference in the rate per hour we spent cost us or saved us. We calculate this as the actual number of hours we used at the actual amount we paid per hour, compared to the actual number of hours valued at the standard rate per hour. In our calculation the number of hours we are comparing are both the actual number of hours, so any difference can only be due to the difference on the rate per hour that we paid compared to the budgeted rate per hour.
The other labour variance is the labour efficiency variance, this shows us the difference in cost due to if our staff worked faster or slower than we budgeted on. To calculate this, we take the actual number of hours we used and compare this to the actual volume of production multiplied by the budgeted number of hours each unit should take. This gives us a difference in hours between what we did use and what we budgeted on using based on our actual level of production. However, we want to know the actual monetary cost of this difference, so we multiply it by the standard cost per hour. This shows us how much extra it has cost us, or saved us, depending on whether staff worked faster or slower than we budgeted on.
Material Variances
The other major cost in a manufacturing company is material, and the material variances are split into the material usage variance and the material price variance.
The material usage variance is similar in concept to the labour efficiency variance as this shows the monetary value of difference in the amount of material per unit we used. Here I use kilos, but it could be litres or grams depending on what you are making! To calculate the material usage variance, we compare the actual amount of material we did use to the actual number of units produced multiplied by the budgeted amount of material per unit. This gives us the difference in kilos between what we did use for what we produced to what we budgeted on using for the level of production we achieved. But if we want to express this as a monetary term we multiply it by the standard amount per kilo we budgeted on paying. This the extra cost or saving in pounds of using more or less material per unit of production than we thought we should.
The material price variance is very akin to the labour rate variance as it shows the extra cost or cost saving due to the difference in the amount per kilo you paid. To calculate the material price variance, we compare the actual amount of material we used at the actual price per kilo we paid compared to the actual amount we used valued at the standard price per kilo. You can see in the formula the quantities we have used both times is the actual quantity, so the difference is only due to the difference in what we paid per kilo.
Unraveling the Complexities of Variances
You might find that the causes of these variances can be linked, for example you might find you have a favourable labour rate variance because you paid your cheap labour less per hour, but if they work much slower, you might find that you actually spend more money on labour as they work much slower and you get a greater adverse labour efficiency variance. Likewise, an adverse material price variance might be linked to buying better quality material, which in turn lead to a great reduction in wastage and an even greater favourable variance in the material usage variance.
Or they might not be linked at all! Or it might also be linked to things that you cannot do anything about, like a global price rise, but at least you know how much it cost you!
For more news and exclusive tips from First Intuition, visit FI Hub.
At First Intuition Gatwick, we want to ensure students can study the way that suits them best. Our two ICAEW programmes offer the choice of a extended or a standard study programme. The programmes have separate durations depending on how students want to study.
All our programmes come with the same perks that make First Intuition a great provider. Below, we cover the differences and benefits of both our programmes.
What’s the difference between an ICAEW standard and extended study programme?
Both programmes come with our expert tutors, support and comprehensive FI learning materials. The main difference between the two is the duration. Our extended programme allows students to study over a longer period.
Programme Durations:
Standard Programme: Our standard certificate level programme will take between 6 – 7 months on average.
Extended Programme: Our extended certificate level programme will take between 10 – 12 months on average.
To view our full course dates and prices, click here.
Below, we will cover the benefits of a longer study programme.
Benefits of the extended study programme at First Intuition Gatwick:
Fully Embedded ICAEW Knowledge
This study programme at First Intuition Gatwick allows for the knowledge to become embedded. This better supports students moving onto the ICAEW professional level papers. With the longer programme, students have time to apply the knowledge within workplace.
More Structured Time with the Extended Study Programme at First Intuition Gatwick
This ICAEW path is ideal for school leavers or non-relevant graduates. It would suit those who would need more time to cover all the worked lecture examples. Students will also enjoy a structured question practice as part of their study.
Better Suited than AAT
ICAEW CFAB at First Intuition Gatwick better prepares students for the full ICAEW (level 7) qualification. There is a natural progression compared to doing AAT. ICAEW CFAB also has the added value of quicker exam result turnaround time compared to AAT.
Allows for Catch Up Time
CFAB is a challenging qualification. The longer study programme allows more time to strengthen knowledge between phases. It also provides flexibility if a student were to fall behind.
To view our full course dates and prices, click here.
ICAEW Apprenticeship Programmes at First Intuition Gatwick
Our study programme are also available under an apprenticeship programme. Apprenticeship programmes support your students with their professional development beyond the professional qualification. To find out more, please get in touch with our apprenticeship team by emailing us at gatwick@fi.co.uk.
Want to know more?
Find out more about First Intuition Gatwick and view our course brochures by clicking here.
Alternatively, you can get in touch with our helpful team by calling 01622 755100 or emailing gatwick@fi.co.uk
First Intuition Think Tank (FITT) Forums
First Intuition’s Think Tank Forums started during the pandemic as a way to keep clients up to date with the ever-changing situation and how it was impacting the accountancy and finance industry. Today, these forums are still informing employers on the latest and relevant accountancy and finance industry news. The sessions offer views, experiences, and advice/ tips from expert speakers on a range of topics that are currently affecting businesses.
Below you will find upcoming FITT forums as well as summaries and recordings of previous sessions in 2024.
Assessment centres can play a crucial role in the recruitment and onboarding process by facilitating informed hiring decisions, supporting onboarding and informing future development, and aligning organisational goals and individual’s capabilities. In this session, attendees heard from expert speakers who use assessment centres to gain insights and practical strategies on how to get the most out using them. The session covered:
The purpose and benefits of assessment centres and how they can aid recruitment and development
What employers can do to utilise effective assessment exercises that help to enhance their recruitment and selection process
Best practices for running and implementing assessment centres
How to utilise technology in the recruitment process
Technology offers numerous opportunities to streamline and enhance various aspects of the recruitment process, from sourcing and screening candidates to evaluating their fit and managing relationships effectively. By leveraging these technologies, recruiters can improve efficiency, reduce bias, and ultimately make more informed hiring decisions. In this session, expert speakers explored:
The benefits of utilising different technologies during the recruitment process
The tools employers can use to enhance and streamline their recruitment processes, assess participants, maintain candidate relationships and ensure a smooth transition into the workplace
How to integrate social media and online platforms for talent sourcing and brand visibility
How to run successful work experience
Aside from the obvious benefits to students, work experience can be a great long-term recruitment strategy for employers. This session explored the strategies businesses can take to create successful and impactful work experience programmes that benefit both student and employer. Expert speakers discussed:
The importance of work experience programmes for both employers and participants, highlighting the mutual benefits they offer
How to design engaging programmes that create meaningful work experience opportunities that maximise impact
How employers can use work experience as a long-term recruitment strategy that feeds into a pool of potential entry-level staff
Engaging with Gen Z in the recruitment process – Part 2
Following the popularity and breadth of information on the last FITT forum – How to utilise social media to target Gen Z in the recruitment process – we ran a Part 2 on the topic.
Gareth John, Director of First Intuition, hosted a discussion with a panel of experts on effectively engaging with Gen Z in the recruitment process, providing:
Insights into understanding Gen Z’s and the sort of content they like to engage with
Strategies to better engage with Gen Z’s to help recruitment, onboarding, and retention efforts
Insights into Gen Alpha, the next generation that will be in the workplace after Gen Z
How to utilise social media to target Gen Z in the recruitment process
Young adults entering the workplace have grown up with social media being an integral part of their lives. Therefore, employers have an opportunity to utilise social media in their recruitment process if they want to get in front of Gen Z candidates.
Ben Bullman, Programme Delivery Director at First Intuition East Anglia, hosted a discussion with a panel of experts on how to target Gen Z in the recruitment process using social media, discussing:
How to use social media in the recruitment process to target young adults
Techniques to stand out from the crowd and build a company presence on platforms such as TikTok
What information young adults want to see from employers
How to introduce a coaching culture
We have seen the powerful impact that our team of coaches has on the development and progress of the learners we support. This approach can also deliver huge benefits when implemented in the workplace between managers and their direct reports.
Amy Forrest, Managing Director of First Intuition East Anglia, hosted a discussion with a panel of experts on building and maintaining organisational coaching cultures, discussing:
The benefits of having a coaching culture in a business
What employers can do to introduce a coaching culture
Techniques for coaching junior staff
Previous FITT Forum Archive
You can find a full archive of valuable insight from previous First Intuition Think Tank forums below. Many of the discussions are every bit as relevant now.
From Monday 15th April 2024, the AAT Principles of Costing assessment will only accept spreadsheet formulas in certain stipulated formats. This is to enable the assessment to be fully computer-marked. It is important to understand that just because something works in Excel, doesn’t mean it will be marked correct in your assessment!
The guidance, which can be accessed via the references panel in the assessment, is as follows:
You should:
Manually enter cell references to relevant figures in the table.
Use standard round brackets ( ) where relevant.
You should not:
Use directly entered numbers in place of cell references.
Use PRODUCT in formulas for multiplication.
Use individual cell references (e.g. B1+B2+B3) within SUM functions.
Include unnecessary positive/negative signs to modify a calculation.
Include unnecessary spaces or commas.
Include unnecessary zeroes within cell references, e.g. A01 instead of A1.
Include additional cell references not relevant to the calculation.
Let’s explore this in more detail by thinking about the types of formula you may need to use.
Addition
If you need to add up a list of cells, it would be acceptable to use the + key, for example =A1+B1+C1.
It would also be acceptable to use the SUM function, for example =SUM(A1:C1).
However, it would not be acceptable to combine the two. For example, =SUM(A1+B1+C1) would not be acceptable, because =SUM is unnecessary in this formula.
Similarly, you should not use commas in a SUM formula. For example, =SUM(A1,B1,C1) would not be acceptable.
Note: Only addition calculations should begin with =SUM. You should not use the Sum function for subtraction, multiplication or division.
Subtraction
You need to avoid using unnecessary positives or negatives to begin or modify your formulas.
Rearrange your calculation to find the simplest way of expressing it. For example, =C1-B1 would be acceptable, but =+C1-B1 and =-(B1-C1) would not be acceptable, because these are unnecessarily long-winded.
Multiplication
The assessment will accept the cells being entered in different orders. For example, =A1*B1 and =B1*A1 would both be correct.
There is a function in Excel called =PRODUCT which multiplies all the referenced cells together. You should not use this in any of your formulas.
Division
We often use division when we are calculating one number as a percentage of another. If you are calculating a percentage, you need to remember to multiply it by 100. For example, to calculate C1 as a percentage of A1, you would need to enter =C1/A1*100.
This differs from Excel, where you do not need to multiply by 100, so be careful! You should always sense-check the answers to your formulas.
General Guidance
Your formulas will be marked wrong if they include:
unnecessary spaces
commas
square brackets [ ] or curly brackets { } – you must use ( )
numbers in place of cell references – e.g. =A1*50
redundant references to cells not required for the calculation
adding 0s to cell references – e.g. A01, rather than A1
Sometimes you will be asked NOT to use a formula in a particular cell. In this case, work out the answer on your calculator and type the number in.
On the AAT Lifelong Learning Portal, you will find a “Spreadsheet simulation familiarisation resource” and the practice assessments for this unit. It is essential that you use these to familiarise yourself with the functionality of the spreadsheet simulation question type. Remember, it does not behave exactly like a spreadsheet so you need to be comfortable with how it works before you sit your assessment!
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
Did you know that the UCAS website now has a career finder/ apprenticeship search tool?
Over 1.5 million students register with UCAS each year to navigate their next steps in education. With this huge talent pool, you can target and recruit the right apprentices for your business needs, with the exact qualifications, skillsets, characteristics, and locations you’re searching for.
“Hearing Lindsay Conroy, National Head of Apprenticeships at UCAS, talk about ‘parity of search’ meaning that young adults using the UCAS website will see apprenticeship opportunities side-by-side with undergraduate degrees is incredibly exciting. This game-changing development will alter conversations happening at schools and colleges about pathways into careers and will accelerate ‘parity of credibility’ for apprenticeships.” Gareth John
How to recruit the right apprentices for your business with UCAS
In this webinar Gareth John, Executive Director at First Intuition is joined by Teddie Mardon, Customer Success Director at UCAS, as she delves into how UCAS is working with employers to revolutionise their recruitment strategies:
With the latest exclusive insights into how young people make their career choices and how you could adapt your recruitment strategy in response to this
Discover how UCAS can help you reach the perfect accountancy candidates for your roles
Find out how to build a bespoke talent pool and meet diverse candidates from all over the UK
“UCAS is one of the most trusted sources of information when it comes to educational post-18 choices, which means that we’re in a prime position to provide information, advice and guidance on apprenticeships to young people. Every year, over 1 million pre-applicant students register for the UCAS Hub, plus we have over 25 million visitors on UCAS.com. This will be the first cycle where those 25 million people who come onto UCAS.com will see apprenticeships alongside university courses, which is amazing. We also reach over 30, 000 parents and guardians, teachers and advisors annually and offer them advice and guidance too.” Teddie Mardon
So how can UCAS help?
UCAS has seen a massive growth in interest in apprenticeships over the last few years. Currently, out of the 1.5 million students who register with UCAS each year, about half are interested in apprenticeships. Five years ago, only 10% were interested. This massive growth is proof of the increasing popularity of apprenticeships.
As the landscape for apprenticeships continues to expand, UCAS is well-positioned to connect employers with the talent they want. With over 25 million unique visitors to the UCAS website annually and nearly half a million learners searching for accounting, finance, or other apprenticeships on their CareerFinder job board this past year, UCAS has a huge audience reach.
Through UCAS’ platforms and networks, they can help employers reach those learners most interested in apprenticeships and who match their business needs.
“What makes UCAS unique is our huge database, which is a rich pool of talented individuals. Within that data, we can make sure that we target people with the exact characteristics that you are searching for, and create a really, really niche pool that’s going to help you reach the right potential applicants for your roles. We do this through the various matching tools that we have built”. Teddie Mardon
Career Finder
In order to create parity between university courses and apprenticeship opportunities, UCAS needs as many employers as possible to advertise their jobs on the UCAS Career Finder. Find out more about how to do this on the UCAS website or their Early Careers LinkedIn page.
The UCAS job board works in partnership with the government website. So if your job vacancies are already on the government website, they will pull through to UCAS.Com. UCAS has dedicated significant time to streamline this process, minimising duplicating work and uploading identical vacancies in multiple locations. The system is designed to seamlessly integrate and synchronise across both websites, facilitating a more efficient and effective experience for users.
“I hope everyone shares my excitement at this. This is such a big change and UCAS has got to be the biggest brand in education in the UK. To have this weight behind apprenticeships is another great step forward in raising the profile of apprenticeships.” Gareth John
Employer Profiles
This also links to the employer profiles that UCAS offer. So not only are job vacancies side by side, but if someone types in “accounting” it will also show the relevant employers and universities side by side. If a learner can see you as an employer, they will also automatically see your job vacancies straight away. This will also allow you to raise the profile of your employer brand and organisational values rather than just the job itself.
Talent Finder
Talent Finder is the UCAS matching service, connecting employers with the right candidates for their apprenticeship opportunities. Students get the opportunity to sign up for “Smart Alerts”. They will tell UCAS what their GCSE results are, what apprenticeship level they are interested in, and what industry they are interested in and which locations they are searching for.
Employers can then approach UCAS with current apprenticeship opportunities and request for example “I want 20 applicants for my accounting apprenticeship, they have to have 5 GCSEs, interested in a level 3 Accountancy Apprenticeship and this is the office postcode”, UCAS can automatically match them and they’ll get a Smart Alert notification inviting them to apply for the role.
“I talk all the time to young people about either going to university, completing three or four years there and then you’ve still got your three years of professional qualification outstanding, or you can come post sixth form and do that same professional qualification in a much shorter period. We use AAT to start people off and then a three-year chartered qualification. So, they’re doing the same thing, getting to the same point in five years versus six or seven years and ending up with the same qualification, we don’t treat them any differently. Nobody ever asks them which route they came from you’re either a chartered accountant or you’re not.”
It’s important to keep topics fresh in your mind during a gap between exams. These sessions are designed to give you some much needed motivation and structure to keep you going until your next exam, and will help you iron out technical issues with key syllabus areas in papers you’ve already been studying.
Masterclass library
Click on the links below to watch recordings of our previous masterclass webinars.
WEBINAR
DATE
LINK
Transfer Pricing Relevant to: ACCA PM and APM; CIMA P2 and F1
In addition to the ACCA and CIMA webinar sessions, we also have a range of live events for accountancy students that can be found here.
We also have a range of technical articles for students that you may find useful.
The details of our CIMA and ACCA programmes can be found here: CIMAACCA
The Papers
Here’s a look at the ACCA optional papers in a little more detail:
Advanced Performance Management
In this paper, you’ll build on the topics covered in Performance Management and Financial Management but will also need to draw on what you’ve learned as part of your Management Accounting course. The paper overlaps with Strategic Business Leader in part.
The exam requires a mix of written analysis and calculations and is a good choice for those wishing to work in management accounting or who require a broad business analysis paper. It’s great for those who can link elements of a story together and who are both practical and commercial.
This paper mixes well with other papers at this level as it requires technique to pass rather than an understanding of a wide technical syllabus.
Advanced Tax
Advanced tax is exactly what it says on the tin. It is tax at an advanced level.
All knowledge from the skills paper is assumed and your examiner will expect your knowledge to be full and detailed
You must be completely familiar with the way a calculation is carried out – so that when information is given to you in a different format you are able to use in effect a proforma to untangle the content from the question
With the skills level Taxation exam, whilst you have a large syllabus, it’s very proforma-based with clear questions tackling one tax at a time.
Advanced tax however examines tax in a different way.
In Section A questions you can be given a number of pages worth of information covering 3,4 or 5 different taxes
If you view the paper as learning a new language this can help.
It takes time to learn how the examiner words questions to enable you to understand when the examiner says this you need to do the following.
You must be able to do the calculations, explain what has happened, explain relationships and give advice.
The closer you do this paper to the Taxation paper the better.
If you have had long gaps between your Taxation paper or equivalent and Advanced Tax start revising your Taxation knowledge way in advance of the course starting.
Skills needed:
Ability to assimilate large quantities of information
Writing key points in a succinct manner
Seeing the big picture
If you work in a small accountancy firm you may find this paper easier than someone who works in a larger organisation or in Industry.
Advanced Audit and Assurance
If you’re considering taking on this paper, then you’ll need to have built a solid knowledge from both the Audit and Assurance paper and SBR. The exam is based on practical scenarios and deals with real-life challenges in the context of being an Audit Manager often responding to Audit Partners.
Whilst you can sit this paper and not be based in an audit practice, the paper is more relevant to those who conduct audits and are familiar with the process.
Unlike Audit and Assurance, questions incorporate high level SBR knowledge, discussions of the risks that arise and the resulting audit approach to mitigate the risk.
There are crossovers to Strategic Business Leader in terms of business risk identification and control but in this paper viewed from the impact on the financial statements.
Skills needed
An up to date knowledge of SBR
The ability to think practically and demonstrate scepticism in your interpretation
The ability to take a step back and identify what’s happening in an organisation
Advanced Financial Management
This paper builds on the knowledge previously gained within Financial Management (FM). It suits those who work in corporate finance, treasury functions or banking.
To succeed in this paper you will need strong maths skills and a high level of technical competence with the techniques introduced in FM.
This is a specialist paper so unless you work in the industry sectors above it may be worth taking a good look at the other options first.
We offer Advanced Financial Management at our London centre and as an online option.
Our top tips on choosing the right optional ACCA paper for you.
Your Experience
Think back to your Skills papers (or prior learning) to identify papers that you found interesting. Often, we perform better where the subject matter is relevant to us.
Studying for ACCA is a big commitment, so choosing the subjects that you enjoyed and performed well in for your option choices is one way to make your life a little easier.
Your Current and Future Career
Which of the optional papers most suits the work you do currently?
Having relevant work experience in an area can provide a context for the paper and help you to perform well. It’s also worth thinking about where you’d like to go in the future. If you know there is an area of accountancy that you’d like to work in, it’s worth factoring this in for your plans for the ACCA optional papers. For example, if you’ve got aspirations of becoming an Audit Partner, then studying Advanced Audit and Assurance ACCA optional paper is a must.
Your Skills and Learning Style
Do you find it easy to remember details or are you better at using your knowledge to analyse, evaluate and discuss? Some of the optional papers are more about detailed technical knowledge whereas others will ask you for written analysis and discussion. Work out which style suits you best.
Your ideal combination of papers
As we said at the beginning, you need to sit two of the four papers. Use the advice above to help you select the two papers that offer the best combination of suiting your skills, helping your future or current career, and containing subjects that you’ve been comfortable and successful with at the other levels.
You might also like our article on Scaling the ACCA mountain which offers advice on how to plan your journey through the qualification.
Find out more about the ACCA papers we offer, click here
You can get an overview of the whole ACCA programme here
This article shares highlights from the session where guest speakers, listed below, joined Amy Forrest to discuss how to introduce a coaching culture, including:
The benefits of having a coaching culture in a business
What employers can do to introduce a coaching culture
Techniques for coaching junior staff
Speakers and panelists
Iain Hunter, Leadership and Management Skills and Development Coach at First Intuition
You can watch the recording of the session by clicking the button below.
The benefits of having a coaching culture in a business
What is a coaching culture?
A workplace that actively promotes coaching is a fundamental aspect of the business’s day-to-day activities. It is much more than that annual appraisal cycle where you check in once a year. A coaching culture is an ongoing integral part and ethos within the organisation.
What are the differences between coaching, mentoring and training?
Mentoring:
Sometimes mentoring is used as a replacement for other kinds of development opportunities. Mentoring when it’s done well is generally a more experienced knowledgeable, often senior individual within the organisation, who provides guidance, support and advice to a less experienced person on a long-term basis. It is normally informal and quite broad in its remit that involves going beyond a specific job role. The mentor will use their own experience and provide their opinions and insights as they give guidance.
Training:
Training is a more formal, structured and organised development that is often led by an expert and follows a syllabus. The aim of which is to develop a specific skill or a set of competencies to upskill the individual and for general professional development.
Coaching:
Coaching is somewhere in the middle between mentoring and training. It is a collaborative approach to development which means working together and focusing on general skills and professional development. Coaching addresses the skills that a person needs at that time and the outcome will be based on objectives or targets that are defined in a shorter time frame. It is less formal than training and more personalised, with a two-way conversation between two individuals. Unlike mentoring a coach will empower the individual to find their own solutions and are less likely to give their own opinion.
1. What are the benefits of a coaching culture for the individual?
Letting people know they will get things wrong, that is normal, but when they do they will receive the appropriate support to avoid repeating that failure
When an individual knows they are supported it gives them the confidence to try and encourages productivity
Supporting people and giving them the opportunity to develop increases mutual trust in the organisation
A coaching culture encourages honesty and transparency. If someone feels comfortable giving and receiving feedback it will not lead to conflict and they are more likely to see feedback as a gift rather than criticism
Safe space to try out and discuss different things freely
2. What are the benefits of a coaching culture to a business?
Goal congruence, when an individual’s goals set are aligned with the business’s objectives it makes a more effective and productive workforce
Inclusivity, feedback allows individuals to recognise their abilities and where they add value
Productivity, a supported, trusted and motivated workforce are more likely to be happy and therefore more productive
The main reason people leave their jobs is a lack of career progression. A coaching culture encourages the opportunity to develop individuals which makes for a more experienced and committed workforce. This then helps to retain staff
3. What are the benefits of a coaching culture to the coach?
Job satisfaction as you are helping people to develop and progress in their careers. You also get to know people better
Positivity through having the opportunity to coach people, see the results and share experiences
How has the introduction of apprenticeships supported a coaching culture in the workplace?
Apprenticeships support a coaching culture as they ensure mentors give the time to their apprentices. Mentors enjoy spending time with apprentices and the more they are involved in the apprenticeships, the more interest they have. It is a mutual benefit
Apprenticeships support the development of talent based on coaching culture. This helps to support young people on their career journey
What employers can do to introduce a coaching culture from the…
4 out of 5 managers have fallen into their role with no real managerial training. There is a need for managers and leaders to be able to adapt, be agile, foster communication and possess other softer skills. Employers often spend a lot of time investing in technical skills but ignore soft skills. People are therefore not prepared when they need to step into management roles. Investing in management means they will be able to better manage with more impact.
…qualification’s perspective
Managers should take some time to reflect on themselves, their management style and how they can be a better leader. Senior managers should gather data to help them reflect such as exit interviews when someone resigns and feedback surveys from staff, ensuring people are listened to and heard
Leaders should be trained and supported to be able to distinguish between coaching and mentoring. Coaching is often for a specific purpose whilst mentoring is a general development tool
Explore introducing a culture of reverse mentoring where a senior leader gains the perspective of a junior colleague. This creates an environment to learn new skills and explore and introduces a culture of collective coaching that encourages everyone to learn from each other’s experiences and styles. This encourages diverse perspectives that help the manager to better understand individual members of their team and what drives them
Adopt a more active listening culture and be empathetic to colleagues. Managers should try to avoid being the go-to point for solutions but instead work with their colleagues to build their confidence and problem-solving skills to arrive at the solution by themselves
Managers can learn to ask more powerful questions to help support colleagues and stimulate their thinking. This will help them develop their reflection skills and create a culture where team members feel comfortable and confident to share their ideas and concerns
The feedback that managers and leaders provide should be specific, actionable, timely and shared in private
…employer’s perspective
Employers should create a culture where people are allowed to fail and can move on quickly – it is how you respond to failure and bounce back from it
When hiring, businesses should look at the candidate’s agility, thirst for learning and development, ability to think critically, and stakeholder skills
Consider how are you going to work with the person as an individual. Rather than a one-size-fits-all managing approach
Be clear that it is a safe space and people can express what they need to. The coach needs to give the time and space to let the coachee talk and think for them to reflect and grow
Coaching is also about helping employers improve their performance and well-being. Employers should ask critical questions and consider how they think and their wider development
Taking action together – what are we going to do about this
Structure conversations carefully: ‘I notice that you said/ did that, talk to me about that’ rather than ‘Why did you do that?’. This gives the conversation back over
The 3 key things to have a coaching culture ethos:
Have senior commitment who give people the time and space. A coaching experience is going to differ but consistency in the appetite for it to happen is key
Create time for your people, if you don’t it is going to be hard for them to reflect and learn
Patience, the shift to a coaching mindset is going to take practice. It is going to take time before you see the results and embed it
…individual’s perspective
Coaches should ask open questions, focusing on the person they are coaching, and not telling them what they know
Coaching conversations are helping someone to get new insight so they can rewire the way they think, feel and act
The coach should encourage the coachee to find the answers to the questions themselves. Coaches don’t always have to show the coachee the answer and should recognise that even as a coach they might not know everything
Allow other people to make decisions and to get it wrong. If not, we are taking control of their decisions and trust is lost
Be clear about what is expected in a situation and what each person’s role is. Be clear about what way they are going to be working with them in a particular situation, coaching for performance or coaching for development
Recognise that the coachee’s personal life may impact their work
Don’t judge and apply assumptions to whole groups of people
If someone is not willing to make a decision, it is often because they are feeling under threat. Therefore help them to feel safe and create an environment where they know their job is not under threat. No one is uncoachable but people feel unsafe in some environments so they make bad decisions or mistakes
The coach should also ensure they are in the right headspace so they can focus and not bring their problems into the coaching space. Heightened stress will not encourage the best conversations. Think about you before you focus on them
Be sure to have structure and a process in place that is measurable, and to have training, quality, and a model of what good looks like to ensure a coaching culture works effectively
Techniques for coaching junior staff
The bQUICK Coaching Model – Lisa Brice
b – be present
Q – Question the situation
U – Understand the outcome
I – Investigate the solution
C – Conclude the action
K – Keep in touch
What is important when bQUICK Coaching?
Be present
Take a partnership approach
Build rapport and connection
Mirror the person’s energy, body language, pace and voice tonality
Focus your attention on the person
Listen carefully and let the person do the bulk of the talking
Ask questions with genuine curiosity
Let the person come up with their solutions
Avoid giving advice; your role is to facilitate their thinking
Summarise your understanding often
Give the person time to reflect and make their own choices
Congratulations on achieving first place and the Quilter Price for your Corporate Reporting ICAEW exam. What do you think was the biggest factor that led to this achievement?
Looking back, I think the main factor in this achievement was that I truly focused on these exams, and was single minded in my determination to pass (especially as I was sitting all three advanced level exams in one go and couldn’t face the prospect of a resit). I never set out to win a prize, but I’m so glad that if it was in any of the ICAEW exams, it was in Corporate Reporting. By the time I sat the exam, I felt that I had really given it my all and would be proud of myself no matter what the outcome; the prize was just the cherry on top of the cake, and it made the hard work so worthwhile.
What made you choose a career in accountancy? Was there anything that triggered your decision?
In all honesty, it was a decision that surprised myself! You could say that I don’t have the traditional “accountancy” background, having studied English Literature at university; in fact, I pretty much wrote off accountancy as a profession. However, a few years after graduating I started noticing just how many people I knew who had chosen this career, many of them with backgrounds that were similar to my own. Hearing about their experiences made me rethink my own career path, and I felt that there was lots about accountancy that really appealed to me, especially the opportunity to study while gaining work experience at the same time.
Over the course of your ICAEW qualification, you have studied in the classroom via an apprenticeship. What was your approach to studying? Do you have any study tips for other students aspiring towards ICAEW prize winner status?
My approach to studying? Practice, practice, practice. You hear it from your tutors constantly, but I think it was such a factor in my success, particularly when it came to the mock exams. I tried to think of each mock exam as if it genuinely was the real thing, and I found mocks invaluable to my learning experience as they would either motivate me to spend more time on a particular area, or prove that I was on the right track.
My top study tip (for anyone, not just for aspiring prize winners) would be to avoid comparing the number of hours you have studied to those of your colleagues or classmates. Personally, I saved most of my revision for the weekend, when I could dedicate more time and concentration to studying, as I found that revising in the evenings only left me feeling burnt out. Comparing your revision hours to others just makes everyone inevitably feel worse, when in reality studying for these exams is not one size fits all.
How have you been supported by your company and colleagues throughout your studies, and how has this contributed to your success with ICAEW so far?
I received a lot of support from my company and colleagues, but the best support I received was knowing that for the most part, everyone I worked with had sat these exams before, so knew exactly what I was going through! As I have mentioned, I put a lot of time and energy into these exams, which wouldn’t have been possible without their understanding and encouragement. The ability to switch on my out of office and spend my days working through the question bank rather than a working paper was a huge factor in my success.
Having become an ICAEW prize winner, which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
I would recommend that a learner looks for a tuition provider that puts the learning experience first, while also appreciating that not all learners are the same. At FI, there were always opportunities to receive personal support or feedback, and to ask the tutors questions. One aspect I really appreciated was how my tutors would go above and beyond to find an answer to a question, no matter how big or small, and explain it in a way that actually made sense.
Finally, we’d like to say a huge congratulations to Alison and look forward to watching her progress in her ICAEW qualification.
If Alison has inspired you to start your ICAEW journey, you can read more about the ICAEW qualification at the links below.
First Intuition sponsored and attended Form the Future’s annual Apprenticeship Careers Fair at Impington Village College. The event offered around 1,200 students from Years 10-13 across Cambridgeshire the chance to gain more insight into apprenticeship opportunities. Meaning they have the skills and knowledge to make informed decisions about their future.
Gareth John, CEO of First Intuition and Chair of the CA Skills Group, shared his thoughts about the event:
“Form The Future’s annual Apprenticeship Careers Fair goes from strength to strength! A huge well done to Anne, Steve, Catherine, Kath and their amazing team for bringing together some brilliant Cambridgeshire-based employers with an even larger number of young adults than ever before.
“The energy was incredible right from the very start! It was truly amazing seeing global giants like Arm, Mott MacDonald, Deloitte and Grant Thornton exhibiting alongside national brands including Savills and Bidwells, large regional employers like Ensors and iconic Cambridge brands Addenbrookes Hospital, Marshall, PEM and Lakin Rose.
“It really emphasised the amazing diversity of opportunities that apprenticeships offer young people considering careers in sectors across the whole economy.”
First Intuition also had two of its Skills and Development Coaches delivering interactive employability skills workshops for the students. They found that the students were “very proactive and responsive when we asked what skills they’ve used during the group activities.”
We asked some of the other local employers exhibiting stands at the event for their thoughts about the day:
What have you found most useful about the day?
Ensors:
“It has been really interesting to see what the younger generation are looking for in terms of careers and what interests/motivates them. They have asked a lot of interesting questions, such as the University vs Apprenticeship routes. Not many know that apprenticeships can be done without going to university and there are alternative routes.”
PEM:
“It has been really nice to see what people want from us and what information they require from us as an employer. Many had questions about accountancy and how to get into this route.”
CRC:
“It has been fantastic to see all the different age groups and educations into one location. It is a credit to Form the Future for getting all these different employers together.
“We have found that is has been a good challenge to have the discussions around apprenticeships. As well as showing students that there are many options for careers after school.”
Lakin Rose:
“It has been useful to get our name out there, as we are a small business and we are not as established as some of the other employers here. It is our first time to this event and I think it is important that students know who we are.
“Another useful part of this is interacting and talking with the students, there is such a variety of them and they seem really engaged.”
NHS Cambridge:
“I really felt there was a captive audience today, students really seem quite open to conversations and learning more about the NHS.
“Overall, I think there has been a great mix of students and positive interaction from teachers too.
“We’ve had a lot of conversations about psychology and research, which has generated some good conversations but also means we can gather more information on this for next time.”
What have you taken away from this event?
Ensors:
“We have taken on board the questions that have been asked and for next time. Making sure we have resources available to answer those questions, such has how to be an accountant and show-casing the qualifications in more detail.”
PEM:
“There have been some great questions from the older students, which have resulted in some really in-depth conversations surrounding careers in accountancy. This is a new event for the team, so it was all a learning experience to see what the students require from these events.
“It is good to hear what type of questions they ask and being able to take this away for future events and providing more information.
Finally, we have found it really interesting seeing all the different employers/companies that have apprenticeships and jobs going.”
Bidwells:
“It has been great to engage with a wide range of students, from a variety of different backgrounds and educations. There are specific schools, such as the Maths college, who expressed great interest in all accountancy-based careers and employers. Those conversations have been really valuable.”
CRC:
“Taking away from this, the aim for us is to get the word about for the options available after school and hopefully see students at our careers event to talk through more options and speak to additional employers.
“It is a really valuable conversation to showcase that there is many more viable options after GCSE, which is not just set around apprenticeships.”
Has the event been informative for students?
Ensors:
“Yes, it has informed students as some of the conversations showed that many students didn’t know what careers existed until they had these conversations with us and other employers. The engagement from students has been really great.”
Lakin Rose:
“Yes, we felt the students were informed. We spoke to students about work experience and how they can get into that, to see if they really like the world of accountancy. Most weren’t sure how this worked. We tried our best to give useful information!”
We also asked some of the students attending the event for their thoughts about the event:
What have you found most useful about today?
“It is nice to see what different careers are out there.”
“It gives you a chance to speak with employers and see what you need to do to get a job in certain areas and roles.”
What has been your favourite part of the event?
“The free material and resources like the flyers and highlighters.”
“Learning about different jobs and career opportunities.”
“My favourite part was the range of companies to talk to so I can see what options I have as well as university.”
What do you think of the workshops running? Have you been to any?
“The workshops were good, it is nice to see what employers are looking for and the skills required.”
“It is really interesting to hear from different companies .”
What will you take away from today?
“I am going to consider an apprenticeship as well as going to university.”
“I will sign up for the Accountancy Academy.”
“Finding out that you can still be an accountant even if you aren’t the best at maths.”
“You will still need to do further exams even after going to University.”
Have you learnt more about apprenticeships from today?
“Yes, you spend about one day a week learning instead of working.”
First Intuition sponsored an Association of Employment and Learning Provider’s (AELP) patron dinner. With Managing Director Amy Forrest speaking alongside the Skills Minister, Rt Hon Robert Halfon MP and AELP’s new CEO Ben Rowland about the key challenges facing the FE sector. It was great to hear the AELP’s concerns surrounding apprenticeship funding are aligned with First Intuition’s, and that they are echoing communications to senior policymakers in government to find solutions to these concerns.
It was also reassuring that the Skills Minister is so passionate about apprenticeships and the role they play in offering social mobility and opportunities for all.
One key challenge is the shrinking funding for skills in real terms, as static funding bands in the face of rapidly inflating delivery costs have left many colleges unable to resource course programmes. This has forced providers to significantly reduce, or entirely discontinue, their apprenticeship programmes.
Although some positive changes have been made to apprenticeship funding in recent years, still a lot more change is needed. This is to ensure apprenticeship programmes continue to be utilised to their full potential, and to deliver their countless benefits to as many apprentices and their employers as possible. A well-funded accountancy sector enables training programmes to keep pace with evolving practices, regulations and technological advancements needed to maintain a skilled workforce.
This article highlights some of the positive steps that have previously been made to apprenticeship funding in the accountancy and finance sector. As well as the change that is still urgently needed.
Positive changes made to apprenticeship funding in the accountancy sector:
1. The increase to the level 3 funding band
As of the 1st of August 2023, the Institute for Apprenticeships and Technical Education (IfATE) updated the Level 3 Assistant Accountant Apprenticeship Standard. The funding band for the standard was increased from £8,000 to £12,000 to reflect new content.
This means that training providers such as First Intuition can continue to deliver high-quality training to learners at a time when delivery costs have been inflating so quickly. Until this change, funding bands for the accountancy apprenticeship standards had seen no increases to account for inflation, despite substantial increases in the costs of delivering apprenticeships through rising salaries and operational costs.
Since the increase to the level 3 funding band, First Intuition has seen the highest number of students on the level 3 apprenticeship programme in five years.
2. The mandating of the AAT level 3 qualification
Along with the 50% increase to the Level 3 Assistant Accountant Apprenticeship Standard funding band, the AAT Level 3 Diploma in Accounting was mandated within the standard. From the employer’s perspective this means that additional costs can now be covered by the funding. Whereas in the past they would have to budget separately for these. These newly eligible costs include the student registration fee for Level 3, first-sitting exam fees plus the exam fee for a resit.
3. The removal of the non-levy reservations ‘cap of ten’
In 2021, all non-levy reservation levels were reset to nil allowing non-levy employers to continue recruiting and starting apprentices. In early 2023, after Gareth John met with the Skills Minister, Robert Halfon MP, to raise the issues this was causing SME’s. The non-levy reservations ‘cap of ten’ was thankfully abolished.
What change is still needed:
1. The need for an increase in funding bands for all apprenticeship standards
Following the changes to level 3, increases to the funding bands for accountancy apprenticeships at levels 2, 4 and 7 are urgently required to prevent providers and employers from abandoning them. All providers have experienced rapid inflation in costs of delivery, and it is becoming more difficult for them to cover these costs with funding bands that remain unchanged.
2. Automatic inflationary increases to funding bands
Linked to the point above, inflationary increases to funding bands should be an automatic annual process across all apprenticeship standards. So providers are not expected to do ‘more for less’ or to constantly battle for sensible increases in funding to match their inflating delivery costs.
3. The full amount raised from the Apprenticeship Levy should be allocated to the Apprenticeship Budget
The government should ensure they spend the entire amount raised from the apprenticeship levy on the training and development of apprenticeships that it was designed for. This is not currently the case. This change would ensure that levy funds raised for skills development are spent on what they were intended for, rather than returning a significant proportion to Treasury. In the long-term, the government should look at increasing funding to the skills sector through a combination of both government and employer contributions.
4. Alternative fundingoptions at level 2
Currently, level 2 apprentices are required to be on-programme for a minimum of 12 months and a day before moving forward to their End Point Assessment. This is proving to be a big blocker to the adoption of the level 2 standard as a year is simply too long at this level. The level 2 AAT qualification can be completed in 4 to 6 months and ambitious young adults don’t want to be penalised by being an apprentice.
The impact of this is highlighted in the fact there has been a 16.5% decrease in level 2 starts since the previous year. The issue is depriving many young adults from developing critical employability skills and behaviours that they need as they enter the workforce. An alternative option for funded employability skills training should therefore be available at level 2 where programmes can be completed in less than a year.
The AAT have been testing the Finance Act 2021 (FA2021) since the launch of the new syllabus in September 2022. They chose not to update the assessment for Finance Act 2022 because it was so close to the launch date. This means that the Finance Act 2023 update reflects two years’ worth of changes.
Tax Processes for Businesses Finance Act 2023 Update
The AAT have made changes to both the syllabus specification and the reference materials.
The assessment format has not been changed.
Business Tax Finance Act 2023 Update
The AAT have made changes to the syllabus specification, the assessment format and the reference materials for this unit.
Personal Tax Finance Act 2023 Update
The AAT have made changes to the reference materials for this unit to reflect changes in tax legislation.
The assessment format is unchanged, but the assessment length has been increased to 2.5 hours.
The syllabus specification remains unchanged for this unit.
Additional Time
Ali Ryder, our AAT Production Manager, discusses the impact of the additional 30 minutes that has been added to the Personal Tax and Business Tax assessments under Finance Act 2023 in this article.
Download summaries of the key changes between FA2021 and FA2023.
Before you can download the summary updates, we kindly ask you to give us your contact details.
Our popular Accountancy Academies will be returning this year and are open to students wishing to find out more about the accountancy industry and the exciting career options available within it. Sessions are open to all and will be beneficial to any school or college student interested in pursuing roles in accountancy and finance.
See below for a list of Accountancy Academies currently being hosted by different First Intuition centres.
Some general advice for studying two papers at once
Generally speaking, the advice we would offer to students who are thinking of studying 2 ACCA papers at the same time is to carefully consider the different papers.
It’s fair to say that some papers are more computational while others tend to rely on written analysis. Combining a computational paper with one that’s requires more writing is a good rule of thumb.
We understand that some students may choose to study 2 papers that are more closely matched to their own strengths. However, if you’re not sure where to start in choosing your 2 ACCA papers, you may find this graphic useful. We’ve based it on balancing a computational paper with a written one.
Our handy guide for combining ACCA papers
We recommend you pair up the following ACCA papers:
CorporateandBusinessLaw + Taxation
Performance Management + Taxation
Financial Reporting + Audit and Assurance
Financial Management + Audit and Assurance
Strategic Business Reporting* + Advanced Tax
Strategic Business Reporting* + Advanced Audit and Assurance (we recommend sitting SBR first as the knowledge from SBR will help with AAA).
*SBR and SBL ideally should be sat on their own, but can be combined with ATX, AAA, APM or AFM.
ACCA papers that DON’T work well together are:
Taxation + Financial Management
Corporate and Business Law + Audit and Assurance
Taxation + Advanced Taxation
Performance Management + Financial Management (these papers don’t clash, but they are both challenging).
Further Advice
In addition to this, another possible combination of ACCA papers would be Advanced Audit and Assurance plus Advanced Taxation but we’d really only recommend this if you don’t have any other papers left to sit.
Important note- whilst we recommend these combinations, it’s also worth checking the exam schedule to make sure there are no clashes.
We’re here to help
Not sure how to plan your next move? Don’t worry, we’re here to help you work out the best study plan for you.
If you need any help with which ACCA exam to do next, get in touch with your local FI study centre. Our team of tutors are always happy to offer their advice and experience.
Finally, the ACCA have lots of resources available for students on their website.
First Intuition recently sponsored the ‘Apprenticeship Stage’ at Form the Future’s Annual Conference at the Møller Institute, Cambridge. The day event brought together educators and industry professionals to discuss: ‘How to prepare young people for a rapidly changing world’. First Intuition hosted four talks with industry experts, apprentices and their mentors covering different apprenticeship-related topics.
In celebration of National Apprenticeship Week being held from 5th to 11th February 2024, First Intuition has shared the top benefits of apprenticeships mentioned by speakers from these discussions, as well as summaries from these talks.
The key benefits of apprenticeships mentioned by experts in the apprenticeship sphere, employers of apprentices and apprentices themselves included:
An opportunity for an alternative route into higher education than university
A solution to skills shortages
Introduces creativity and diversity into a business
The development of well-rounded and employable individuals
Motivated and satisfied workforces with higher retention rates
The opportunity to earn whilst you learn
Quicker career progression
A two-way exchange of skills between mentor and mentee
Links to the full summaries of the talks can be found below:
A discussion with members of the FE sector on the impact apprentices have made on businesses, the changes made to accommodate them, the rationale behind employers’ decisions to invest in apprenticeship programmes, initial hesitations, and how these have compared to actual experiences.
A discussion with industry experts about why the skills gap is so critical and how apprenticeships could hold the key to closing it. As well as the employer’s and educator’s role in helping to close the gap.
A discussion between a panel of apprentices and employers that share their experiences, challenges, and accomplishments using apprenticeship programmes. Including stories from individuals who have completed their programme and from individuals who are still training.
A discussion between expert speakers from the apprenticeship sphere about the future of apprenticeships, including political challenges and how government policies are shaping the future of apprenticeships and skills development. As well as the jobs of the future and the sectors offering opportunities for new roles.
This article summarises a discussion between expert speakers from the apprenticeship sphere that discussed the future of apprenticeships, including political challenges and how government policies are shaping apprenticeships and skills development. As well as speakers from sectors experiencing rapid growth sharing their insight into the jobs of the future and the sectors offering opportunities for new roles, including the sorts of skills these industries and the future workforce will need.
Speakers included:
Alex Rossiter, Policy Manager, Cambridge Ahead
Joe Crossley, Membership Services Director, The Association of Employment & Learning Providers
David May, Deputy Director LIAT, University of Lincoln
Daniel Clarke, Head of Technology & Innovation, Greater Cambridge Partnership
How apprenticeships help the economy
Apprenticeships play a role in the inclusive growth of the economy as apprenticeships are easily accessible to people from different walks of life. Businesses have a plethora of needs and apprenticeships help to expand these skill bases, keeping people in work and continuing generations of skilled labour. Apprenticeships also offer flexibility and the opportunity to upskill in real-time in line with new technologies, data and the needs of the business. This can even lead to new roles in a sector.
The future of apprenticeships
An optimistic outlook:
The cost of university means that people are looking at different routes to higher education
Despite a lack of funding in some areas, there are ongoing policy changes and most political parties have been positive about apprenticeships
Apprenticeships have a lot to offer and they are starting to be recognised for this more widely
There is a strong appetite for apprenticeships from both learners and employers
There is a supply and demand issue, in some cases, there are too many apprentices for roles. Employers should work on creating more space for the amount of candidates there are for competitive positions. Employers should ensure recruitment is inclusive
Efforts should also be directed at getting new and emerging areas to take on apprenticeship programmes
A less optimistic outlook:
Businesses need long-term learning and this is not adequately funded. There is the challenge of how to increase basic skills in new sectors that are not supported by funding
Reforms that were brought in to make things simpler for employers wanting to hire apprentices have made things harder. Particularly around receiving apprenticeship funding
More is needed to be done to support smaller companies, there is a supply and demand issue and there needs to continue to be supporting schemes. Politicians do have their backing behind these schemes but there needs to be resources in place to ensure they continue
The appetite for apprenticeships is there but it is the policy that is the issue and poses the challenges facing employers wanting to deliver apprenticeships
Although some businesses are finding they have more supply than demand, for SMEs, it is harder for them to get apprentices in some industries. They need more skilled labor but they can’t find it
There are issues with the sustainability of apprenticeships. The costs have gone up but funding bands have stayed the same making apprenticeships less affordable
What changes to government policy do we need?
There is a gap between what is raised for the levy and what it actually gets spent on what it is intended for. A lot of the funds get clawed back from the budget. It would help to be able to spend the levy more flexibly
Funding bands are also out of date, a lot of them have not been changed in years and as a result, do not reflect changes in inflation and the cost of living. The funding bands that the government is increasing are going up a lot, illustrating the extent of the problem. There should be regular reviews of funding to keep up with inflation and the flexibility of funding bands should sit with employers to fit their needs.
An industrial strategy would help as well as more investment in some industries.
Apprenticeships of tomorrow: How are machine learning and AI affecting jobs, and what skills are needed?
Automation and AI are changing job roles
There are not enough skills to keep up with this technology change. This is an area where apprentices can be directed and funded
The challenge of sustainability is driving innovation
Workers now need the skills to make decisions using AI
Skills are needed in engineering and designing the systems/technology that will replace hard labour
There should be a change in policy so that these sorts of jobs and skills are encouraged and adopted
Apprenticeships are innovating and changing to suit the needs of the workforce. Flexible job apprenticeships mean the trainees move around different employers on a project-based basis
Simple changes across the board would help to make apprenticeships more accessible
Baby steps and some support from mentors will help apprenticeships become ready for the future
This article summarises a discussion between a panel of apprentices and employers that share their experiences, challenges, and accomplishments using apprenticeship programmes. Including stories from individuals who have completed their programme and from individuals who are still training. This discussion gave valuable insights into the different perspectives of what it is like to work as an apprentice and mentor one. Including the lessons learned and the importance of a strong relationship between both parties to encourage productivity and development.
Speakers included:
Reece Flatts (apprentice) and Byron Wiley (mentor), COEL
Silas Turner Jones (apprentice) and Daniel Edwards, Marshall
Katie Scott (apprentice) and Tracey Leavold (mentor), First Intuition
Christina Dumitriu Jackson (apprentice), AstraZeneca
Why should employers take on apprentices?
Employers can mould apprentices and their skills how they want/ need them to be to fit the requirements of the job. This is important to continue trades for the next generation.
Apprenticeships encourage a coaching culture within a business, where skills are shared and staff teach one another. This can help staff feel more equal and valued by their teams. There is still a big lack of awareness about the benefits apprentices bring to a business.
Apprenticeships provide someone the opportunity to learn and develop skills where other forms of higher education, such as university, have not worked for them.
Apprentices tend to develop quicker in a role due to the structured nature of the programmes.
Additional soft skills training is incorporated into apprenticeship programmes. Apprentices therefore benefit from more personable skills that can help take them further throughout their career
A combination of different benefits creates a domino effect which means apprenticeships are a ‘no-brainer’ for employers
What is appealing about an apprenticeship to the learner?
An apprentice was going to study at university, but after looking into it, realised they could get a job, have no debt, receive training, learn on the job, and try working in different departments through an apprenticeship programme.
A lot of the appeal for apprentices is that they can earn money while they learn. It means they can gain work experience while getting paid and working towards a qualification.
Apprenticeships provide the opportuning to back up knowledge in real-life scenarios as well as develop soft skills.
What are the benefits of apprenticeships for the learner?
Access to senior people in an organisation that they otherwise wouldn’t have access to
They learn not only technical skills but other beneficial workplace skills under the supervision of a mentor. Such as communicating with clients in a professional manner
The practical application of skills they are learning in the classroom
Mentoring from a senior member of staff with years of experience and expertise. Apprentices also have the opportunity to form strong relationships with their mentors that can help them throughout their career
The opportunity to develop life-long skills
What are the challenges of apprenticeships?
The workload for students can be a lot as they are studying alongside working. Being organised from the beginning is important in order to stay on top of the workload
Employers need to be mindful of what is expected of the apprentice and ensure they are keeping up and on track
Each apprentice is different and will have different strengths and weaknesses, employers should be mindful of this. Some apprenticeships for example will struggle more with the change from school as well as the extra studying on top of work
Employers need to ensure trainees are keeping up and effectively managing their time from the beginning so they don’t get overwhelmed later down the line
A challenge for trainees can be what they are going to do at the end of their apprenticeship. Employers can help by offering their trainees rotation programmes. As well as listen to what individuals want out of their training and try and link this with the business’s needs
Businesses need to ensure there is appropriate support for apprentices in place
Encouraging apprenticeships in employers and apprentices
Employers can encourage existing apprentices to learn more cross-functional skills and get involved with different activities their company is doing that interests them. This can spread awareness about apprenticeships within an organisation as well as outside
Engage with schools and colleges about apprenticeships and encourage them to engage back
Make sure there is access to information about apprenticeships and accessible/ provided to young people
Ensure the mentor is trained in how to manage and guide an apprenticeship as their relationships are important
Just give it/ them a go. Push yourself or your business’s boundaries
Take opportunities when they come to find something you are passionate about and shape your career around it
The UK is currently facing a skills gap crisis where the skills employers require to meet the evolving demands of the job market are not available within the workforce. This article summarises a discussion from industry experts about why the skills gap is so critical and how apprenticeships could hold the key to closing it. As well as the employer’s and educator’s role in helping to close the gap.
Speakers included:
Richard Kerr, Skills Hub Manager, Chartered Institute for the Management of Sport and Physical Activity
Charlotte Steggall, Global Employer Brand Manager, Early Careers, WTW
Susan Earnshaw, Careers Development Professional, Form the Future
Joe Crossley, Director of Membership Services, Association of Employment and Learning Providers – AELP
Amy Forrest, Managing Director, First Intuition
How apprenticeships can help to close the skills gaps
Structured soft skills training in apprenticeship programmes helps to fill the skills gaps seen in the post-covid generation entering the workplace
Apprenticeships train people for a career in a particular trade/ role. Sometimes it is beneficial to start learning at level 2 so staff are better prepared for a successful career in the long run
Apprenticeships help to break down the education journey and make training towards a career more digestible. Apprenticeships therefore help people to make the first steps and move them forward. They also instil a love for learning and developing oneself
Employers benefit from staff members who are passionate about learning
Apprenticeship training is up-to-date and relates to the skills needed in the role at that time. Learning is therefore flexible around the skills needed and the apprenticeship program is easily adaptable
Teachers can’t always pass new techniques and ways of doing things on as they are restricted to a syllabus but apprenticeships can
This means apprenticeship programmes can more easily adjust to changes such as the introduction of new tools and technologies
There is not a talent shortage but a system that does not exploit the talent that there is
Young people don’t always understand the system of work they are entering very well so there are often retention issues. Apprenticeships give a structured programme and the opportunity for trainees to try different aspects of a role which can help them understand what is right for them
Young people and the skills gap
Young people have transferable skills but they do not always recognise they have them. This means they are not always able to communicate their skills to employers. Employers can help by being clear about how young people can demonstrate these skills or examples they can give
Young people need these transferable skills to help them succeed in the workplace. These include skills such as good communication, resilience, time management etc.
Employers should help young people build their confidence by telling them what they have done well as they can’t always articulate it themselves. They need to be built up so they can reflect on what they have to offer
A rapid change in skills and job roles is required to fill the skills gaps. Young people therefore need to pick up soft skills like communication earlier than they currently are so they can arrive at the workplace better prepared and progress faster
This can be achieved by working in collaboration with schools and employers
The employer’s and educator’s role in closing the skills gap
Employers should have a presence in schools and colleges including employability workshops that talk about apprenticeships
Employers can offer more work experience to make it easier for students to know what it is like in a professional working environment
Engagement with organisations and trailblazer groups that help to decide the needs of employers and drive decisions about apprenticeship syllabuses
Acknowledge what skills are still needed after students finish school when they enter the workplace
Engage with young people
Acknowledging there is an issue and that talent a provision is there but it is currently being overlooked
Try to understand the reasons that could impact why people are not in training
Help young people to know and understand the opportunities that are out there for them
This article summarises a discussion with employers that train apprentices and their views on the impact of apprenticeships. As well as how people can better encourage and engage with them. The discussion included questions on the impact apprentices have made on businesses, the changes made to accommodate them, the rationale behind employers’ decisions to invest in apprenticeship programmes, initial hesitations, and how these have compared to actual experiences.
Speakers included:
Dan Edwards, General Manager, Marshall Skills Academy
Robert Leeman, Apprentice Programme Manager, ARM
Beth Chaudhary, Strategy Director, Institute for Apprenticeships and Technical Education
Maureen Horan, Assistant Principal, Cambridge Regional College
Christina Dumitriu Jackson, Laboratory Scientist, Astra Zeneca, and member of the East of England Apprenticeship Ambassador Network
Where does the impact of apprenticeships lie?
The impacts of apprenticeships on individuals and businesses are far-reaching. Below of some of the areas where employers of apprentices feel the impact of apprenticeships lies most.
Rates of return
Apprenticeships give high rates of return in relation to what it costs to invest in them and the quality labour they give back. The exact rates of return are heard to measure and will vary from employee to employee and business to business. However, it is predicted this can be between £2,500-£80,000 back per apprenticeship.
Creativity/ diversity
Apprenticeships appeal as an alternative route to traditional forms of higher education. Due to apprenticeships being more accessible to a larger group of people, this often opens up a new pool of workers from different backgrounds and walks of life to employers. This can help drive new forms of perspective, creativity and diversity in the workplace.
Opportunities to new careers
Those studying apprenticeship programmes receive up-to-date training in the skills needed for their industry. This is due to on-the-job learning which means apprentices get practical application of the skills they are learning. This can make apprenticeships great for upskilling in growing and fast-moving industries, such as emerging new markets.
An alternative route of education and way into a career
As mentioned, apprenticeships offer an alternative route to the traditional forms of higher education such as university. As a result, apprenticeships offer a solution and an option to those who haven’t excelled in a classroom. They also offer opportunities for people to learn and be successful in a different way.
Cultural shift in businesses
A combination of the impacts above and other varying factors have led to a general cultural shift in businesses using apprenticeships. Their perceptions are changing and more and more employers and students are seeing their benefits.
The benefits of apprenticeships
Addressing skills shortages
Apprenticeships are a way of accessing and skilling up staff to help the economy which can help to close the skills gaps in different sectors. In addition, apprenticeship programmes provide soft skills training that helps trainees in the working environment. For example, communication skills, time management, resilience, etc. which can help account for a lack of these skills in the post-covid generation.
Internal growth
The nature of Apprenticeship programmes and the different levels between them provide a structured learning and development plan for trainees. This can contribute to internal growth inside an organisation as the structured plan levels staff up through a clear path.
Increased retention rates
Just as structured apprenticeship programmes lead to internal growth, clear goals and a mapped career path with a company can lead to company loyalty and increased retention rates of staff.
Motivated and satisfied workforces
Furthermore, the structure and clear goals of apprenticeship programmes can help to motivate staff. Allowing apprentices to try different roles within a business and to practically apply the new skills they are learning can also help to motivate and satisfy staff.
New skills
The majority of apprenticeship programmes are completed by young adults. Hiring apprentices therefore brings new and fresh perspectives and skills into a business. For example, skills in new technologies and other digital knowledge that older employees may not know about.
Social capital value
The full impact of apprenticeships can be hard to evaluate but on the whole, employers report they add to the general social capital of the business due to the nature of learning from their peers and sharing their training across different roles.
Ways to spread information about apprenticeship:
UCAS have a platform in which 40% of their registrants are interested in more information about apprenticeships. UCAS therefore need to support them with access to the information and resources they need which they have started to introduce
Schools need to update their views and information about apprenticeships so that teachers can understand and communicate the correct and up-to-date information about them
Parents also need to be made aware of apprenticeship options and their benefits with correct and up-to-date information. For example, UCAS is offering parent and careers advisors webinars on apprenticeships to help them understand them better
The best way to share information about apprenticeships to ensure it reaches students is to go through the avenue’s teachers get their information from. This will help to ensure teachers are getting up-to-date information that they can pass on to students and parents. It is important to find the right partners to help get apprenticeship information to students
Stories from existing apprentices of their experiences and journeys (especially videos) can help spread awareness
Open days/ information evenings for students as well as parents
In 2022 and 2023, all ‘big four’ accountancy firms have been in the news for their students cheating in either internal training or professional exams. However, statistics on cheating in accountancy exams isn’t publicised so it’s unclear.
For comparison, let’s look at other exams. There were 4,895 cases of malpractice in GCSEs, AS and A-level examinations in England in 2023 (up from 4,105 in 2022 and more than double the number in 2019 at 2,950). This is out of 6,244,381 entries so is less than 0.1% of entries.
Technology has created more opportunities for students to cheat. However, whether it makes it easier to cheat is a more difficult question to answer as the Professional Bodies (and their exam software providers) had thought about this in advance of launching their computer-based and online exams.
With in-person exams there are strict requirements for exam rooms, such as the number of invigilators required and the spacing between desks. However, the methods of cheating have become increasingly complex and easily available with search engines like Google and tools that can be purchased (even on Amazon Prime). Linking to the GCSEs, AS and A-levels above, 43% of cases were due to mobile phones (which may be a catch-all for any technology used).
Remote invigilation is an increasingly popular choice and more widely available at the lower levels of a professional qualification. This created more opportunities to cheat, such as keeping course materials in the room, taking pictures of questions or even having another person hiding in the room. This would seem to have increased the number of instances of cheating in accountancy exams, as observed when reviewing the public disciplinary actions from Exam Boards. However, it also shows the level of supervision during these remote exams as there are checks prior to starting and live checks during the exam as well as post-exam checks of the video footage.
Why should you think twice before deciding to cheat?
You are very likely to be found out. The invigilators are trained professionals and experienced in a variety of methods of cheating. In addition, the technology is sophisticated and supports both in-person as well as remote exams; for example, monitoring for frequent eye movement away from the screen. This doesn’t stop once the exam has been submitted either as even with instantly-marked the results are usually delayed until the data is analysed for any indications of cheating.
With the GCSEs, AS and A-levels above, the most common type of penalty was a loss of marks (45% of cases). However, in professional exams the impact is much more serious.
Firstly, you can say goodbye to your current professional qualification or your student membership of that professional body. This is at least a breach of professional behaviour as it could certainly be presumed a student should know this might discredit the profession.
Secondly, you may be fined by that professional body also and ordered to pay costs, especially if unresponsive to investigations.
Thirdly, and possible most significantly, your employer would likely consider this a breach of their code of conduct and brings reputational damage to them. Losing your job is a very real possibility.
Finally, the impact of the above as well as the stress of trying to cheat (and/or being found out) is likely to have an impact of your mental health and wellbeing.
For more news and exclusive tips from First Intuition, visit FI Hub.
What’s the difference between UK and International?
The first thing to bear in mind is that the UK and International exams for SBR and AAA are very similar and are written from the same starting point. However, the UK exams have some additional content added to the syllabus which you’ll need to spend extra time studying.
For example, in the UK variant of SBR you’ll need to learn about UK GAAP as well as IFRS. In the UK variant of AAA, you will need to learn about insolvency plus some additional requirements relating to ethics and auditor’s reports. These topics will add an extra one to two days to your total study time. So, if it involves more work then why would you want to take the UK variant of these exams?
Why choose the UK paper variant?
If you wish to run your own practice or become an audit partner, you will need to apply for a UK practising certificate after you qualify. More information on this can be found on the ACCA website.
You can only obtain a practising certificate if you’ve passed the UK variant of both the SBR and AAA exam. You will also need to have previously passed the ACCA UK Tax and Law exams. There are further details on this on the ACCA website.
Making the best choice for your career
You may wish to seek advice from your employers but ultimately it is up to you based on your future career aspirations. If you do not see yourself running your own practice or working as an audit partner, then you should take the easier option and go for the international variant.
Do I need to decide on a paper variant before I book my course?
Whichever path you choose, the First Intuition study materials and courses cater for both variants. So, you can book your course as normal, even if you haven’t made the decision yet.
What is the Trusted Service Award?
The Feefo Trusted Service is earned entirely through genuine interactions with verified customers. Essentially, it is granted to businesses that gather authentic reviews and insights via the Feefo platform. This accreditation celebrates a business’s dedication to exceptional service and serves as a highly regarded seal of approval. Therefore, accreditation is determined by both the quantity of reviews gathered and their consistently high average rating.
How we qualified
To qualify for a Trusted Service Award, businesses must have received at least 50 reviews between the 1st January – 31st of December 2023. Reviews must average out to an overall Feefo service rating of between 4.0 and 4.4
FI Client and Service Director, Hazel Rogers, commented on the award:
We’re delighted to have been recognised by Feefo for another year as a Trusted Provider. This recognition would not be possible without the focus of the entire FI team on providing a supportive and enjoyable learner experience delivered by experts who are passionate about what they do.
Maintaining Customer Satisfaction
In addition to delivering exceptional customer service, our focus is on maintaining and improving the FI student experience. We consistently address what matters most to our learners, driving our efforts towards enhancing our learning platform, online course content, and streamlining our course booking area. Honest reviews from genuine FI students are invaluable to us, helping us to gain deeper insight into what our students value most in their training provider and what is important to them.
We’d like to thank all the students that took the time to leave valuable feedback via our Feefo Platform in 2023. The FI Team look forward to further improving the student experience based on what matters most to our learners in 2024.
In today’s data-driven world, mastering Power BI is essential for creating impactful reports and dashboards that drive informed decision-making. Our course, “Getting Started with Power BI for Finance”, tailored specifically for accounting and finance professionals, equips you with the skills to leverage Power BI effectively in your role.
Whether you are creating reports for your team or your clients, in this course you will learn the essentials from importing and transforming data to designing interactive reports and sharing them with stakeholders. Don’t get left behind in the age of data – secure your spot now and take your finance reporting skills to the next level!
If you don’t already have Microsoft Power BI, you can download the Desktop version for free, which is sufficient for this course.
Secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants. Don’t miss the chance of tailored personalised training.
1 Day Online Course Public online live course – £400 (excl VAT) per delegate
This programme provides the core Excel skills, including Tables, Power Query and Charts, for finance professionals to manage information, convert information into data and build reports and dashboards which can be updated through automation.
This Automate Excel with Power Query course is eligible for Continuing Professional Development (CPD), including compliance with the new regulations set by ICAEW effective from 1st November 2023. This course would qualify for 5 hours of CPD.
Secure your spot on this course as soon as possible, as there is a maximum capacity of 15 participants. Don’t miss the chance of tailored personalised training.
To watch a demo of Power Query watch the video below:
If you would like First Intuition to invoice your employer, please complete a booking form – click here.
Are you interested in developing your Digital Finance knowledge? First Intuition will be hosting FREE bite-size Digital Finance sessions throughout 2024. Each session will feature guest panellists from companies to discuss hot topics in technology for accounting and finance.
This is a great opportunity to learn from our expert tutors on the topics your company is facing today, as well as hearing first-hand how companies have successfully adjusted and implemented changes in response to the rapidly evolving field of accountancy.
Digital Lunch and Learn – Previous Recordings
How to Embrace AI and Automation in Accounting
During this Digital Lunch and Learn we will explore how AI and automation can enhance accounting processes, and how accountants can use these technologies to improve their skills and productivity.
Data Analytics – What Next?
Mark Proctor, from Excel off the Grid, joined us to discuss how we can find insights from the data to drive business decisions, including the analytical methods available to us and some key tools we can use, such as Power BI.
Cyber Security Insights and Practical Tips for Accountants
In today’s digital landscape, cyber security is no longer optional – it’s essential. As an accountant, you’re a prime target for cyber threats, making it crucial to stay ahead of the curve. For this Digital Lunch & Learn, Louisa Matheson was joined by Karen Morrall of Lockdown Cyber Security and Francis West of Security Everywhere where they discussed:
the latest cyber threats and trends
practical tips to protect your organisation and clients
how to develop and implement robust security policies
the benefits of cyber insurance for your organisation
the impact of AI on cyber security
Navigating the Challenges of Automation in Accounting and Finance
For this Digital Lunch & Learn, Louisa Matheson was joined by Tracey Leavold, FD at First Intuition, and Mark Proctor, of Excel off the Grid, to share their experiences of some of the obstacles and challenges in automating routine reporting processes in accounting and finance and ways we can overcome the pitfalls to derive the maximum benefits.
Bespoke Courses
Digital Finance Essentials
This programme will give you essential knowledge and understanding of the key digital finance trends with an emphasis on the skills and mindset we need for successful digital transformation.
This programme will enable you to understand how data analytics can transform an organisation, the tools available and how we can develop our data analytical skills, including visualising the data and telling the story from the insights.
Trainee accountants need digital skills more than ever and the apprenticeship study route is a fantastic way to train and upskill new and existing employees. As part of our Level 3 Accountancy Apprenticeship programme, learners attend in centre days to improve their Excel, Digital and Data skills. These courses are delivered in our centres across Cambridgeshire, Norfolk and Suffolk under FI’s unique Level 3 Digital Finance Programme, ensuring employees gain transferable skills to bring to the workplace.
First intuition East Anglia offer programmes from Level 3, 4 and 7 embedding AAT, ACCA, CIMA and ICAEW qualifications.
If you have an employee you wish to sign up, or if you have any questions about our Apprenticeship study programme, including funding please get in touch.
Please could you tell us a little bit about your background and why you chose to study accountancy? Was there anything that triggered your decision? Can you explain why you chose ACCA?
I have been at Baker Perkins Ltd for 5 years following on from achieving a BA (Hons) degree from Nottingham Trent University in Economics, Finance & Banking. Following on from my placement year at Baker Perkins I was pushed toward accountancy and chose to study with ACCA as my old manager suggested that it would be the most beneficial for my job role.
Tell us a bit about your studies? Did you have any challenges that you had to overcome?
My revision game plan has always been to start revision exactly one month before my exam, then spend a couple of hours a day going through past questions as well as reading the model answers. I start by picking questions from all topics and choosing those that I think look easier. Then look to pick the harder questions closer to the exam. Always remember it is important to maintain a work/life/study balance.
What advice would you give to anyone thinking of starting their studies in accountancy?
It’s a long but rewarding journey, for me personally I think that it starts off difficult but as the exams go on you begin to understand the terminology and exam technique and they tend to improve.
Congratulations on becoming a Global Prize Winner! Were you surprised? Were you hoping to become a global prize winner?
I was surprised I thought that the exam went well when I sat it, then upon seeing my grade I realised there was a chance that I could be the prize winner. I never planned on becoming the prize winner, however, I go into every exam aiming for 100%.
What do you think it takes to become a Global Prize Winner?
I think that a large part of becoming the prize winner is luck, in every exam you have strong topics and weak topics, so if you get an exam that favours the strong topics there is always a chance.
Can you pick out any highlights from the AAA course? What did you like the most about it?
No particular highlights, but I found the course as a whole a nice pace with plenty of chances for question practice. There was a good selection of students who contributed which I feel helps to improve the course and allows very different ideas to be shared.
So, what are your plans for the future?
I plan on hopefully completing my final exam in June, then once that is completed I get to enjoy no more exams, I’ve got a holiday in August then I can begin to start house hunting!
Is there anything else you’d like to mention?
Contributing in the courses is such a big help when it comes to exams, it allows yourself and also others to build up an arsenal of different techniques for tackling questions. Furthermore reviewing the answers at the back of the question books allow you to understand the less popular answers to questions and also the typical layout which I believe helps to aid the exam itself.
Congratulations from FI!
Thanks Mark, you have been a pleasure to have as an FI student and we’re incredibly proud of what you have achieved!
Aaron Mortlock, FI Cambridge Tutor, said “I am so pleased for Mark. He showed dedication to his studies throughout the courses I taught him; this dedication has paid off immensely with this fantastic award.”
Congratulations on achieving joint 3rd position in the world for your CIMA Case Study exam. What do you think was the biggest factor that led to becoming a CIMA Prizewinner?
I think the biggest thing to focus on is exam technique. The FI tutors were always very clear that the line between passing and failing a case study is rarely based on technical knowledge, but rather on exam technique. The condensed notes that FI provided as part of the Case Study course were great. My process was to read those through end to end and make very condensed revision notes on the really technical bits. The majority of my studying was focussing on the exam technique that FI constantly laid out. Making sure my script would be easy for an examiner to read and that my points were clearly split so that they could tell I was deliberately moving onto a new point, and not just meandering through different ideas.
What made you choose a career in accountancy? Was there anything that triggered your decision?
For me it was about career opportunity. I started in an entry level finance role and wanted to progress. Looking up at the people in senior roles they were all qualified and it was clear that eventually I’d reach a ceiling in finance that I wouldn’t be able to get through unless I pushed through and got the qualification.
Over the course of your CIMA qualification, you have studied via FI Online as well as using FI Online Live courses. What was your preferred approach to studying? Do you have any study tips for other CIMA students?
My approach was always to do the FI Online distance courses for the objective tests, and to do tutor led courses for the case studies. I preferred being able to go at my own speed when doing the objective tests. This gave me more control over how long it took me to do the modules (and it was all that my companies training plan would support).
For the case studies however it is far less about learning formulas and theories and so much more about applying it and building exam technique so I aimed to do these in person (which I was fortunately able to convince my employer to pay the difference for these). The pandemic pushed me to do both MCS & SCS online rather than in person, but I found them just as helpful doing the live online weekend courses as I did the in-person weekend course.
How do you feel First Intuition has responded to the disruption caused by the COVID-19 pandemic? In what way has the pandemic affected your CIMA studies?
I think FI and CIMA have both done really well in transitioning during the pandemic. FI was in a good position because they already did so much live online and distance learning. I didn’t notice any delays, issues or drops in service at all due to the pandemic. CIMA also moved very quickly to allow students to complete exams at home. There was no need for students to take a forced break while they got this setup. I know that wasn’t the case for all accounting bodies, so I am impressed that CIMA pivoted so quickly too!
As a CIMA Prizewinner, which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
I did the certificate level of CIMA with Kaplan before moving to FI for the professional qualification. There are 2 main things that FI do really well. Firstly the online content is really well put together. This helps the student to learn what they need to know quickly.
The other major strength of FI is the course notes that you get for each exam. The official text for each exam is roughly 600 pages long (when you do 16 exams, it’s a lot of reading) but FI as standard provide a 100-150 page ‘course notes’ booklet. Once I started using FI and using these notes, I probably only ever looked at the official text twice over the next 12 exams.
The goal of every student is to learn the content that they need to know quickly and effectively so they can pass the exam and move on to the next one. The FI course notes and online lectures gave me everything I needed to do that. If I’d had to read the 600 pages for each exam I would still have at least half of them left.
Do you have any goals/plans in mind now that you have finished your CIMA qualification?
Lockdown severely limited my opportunities to celebrate. I did have a celebratory zoom call to enjoy the fact that the exams are over. To be honest, it’s now just about figuring out what to do with all the extra time that I have now that I don’t need to study 4 times a week!
Thank you very much for your time and insight Daniel. FI wish you all the best for the future!
The AAT announced today that the time allowed for the Personal Tax and Business Tax assessments will increase from 2 hours to 2.5 hours when it switches over to Finance Act 2023 on Monday 29th January 2024.
Firstly, if you have studied Finance Act 2021 and are planning to sit your assessment in January, we would recommend that you stick to this plan. This is because you will have to study the new Finance Act rules if you delay your assessment in order to take advantage of the extra time.
But if you have studied Finance Act 2023, then you are effectively getting an extra half an hour added onto your assessment time, so let’s think how best to use that time! The Chief Examiner Reports give us lots of hints on where students are not spending enough time or are rushing questions.
Written tasks
Use the extra time to add detail to your answers. If the requirement asks you to explain, it is not enough to just state some facts. Expand on your explanations to maximise your marks.
It is a good idea to state any relevant facts first and then apply them to the scenario. In Business Tax, you are often asked to give advice on the use of losses. You will score more marks if you state the possible options, consider the pros and cons of each, and then give your advice, rather than jumping straight to your recommendation.
Attention to detail
Slow down when you are reading the question requirements. After each sentence, ask yourself why you are being told this piece of information. It is highly likely you need to do something with it! The AAT very rarely include irrelevant information in their scenarios.
Watch out for little details such as dates. It is always so disappointing when a student does all of the technically challenging parts of a question correctly, and then forgets to time apportion it where relevant!
Don’t be tempted to take shortcuts. If you are asked to consider a tax planning opportunity, compute both scenarios and compare the outcome of each.
Check the reference materials
These are easily accessible within the assessment, so please double-check any facts and figures that are given to you in the reference materials. You will kick yourself if you get an answer wrong that was given to you in the assessment!
The final task
According to the Chief Examiner Reports, students were using on average 50% of the notional time allocated to the final task of Business Tax and just 42% of the time allocated to the final task of Personal Tax. This suggests to me that students were running out of time. Make sure you leave yourself enough time to have a good attempt at every task.
Please note:This change was announced after we had published our materials, so any references to a 2-hour assessment should be replaced with 2.5 hours in the printed materials. We have updated the time limit in our online mocks.
If you would like to learn about how you can work with First Intuition Reading or Southampton to train your employers, please email reading@fi.co.uk or southampton@fi.co.uk.
First Intuition is delighted to support trainee accountants from 37 of the top 50 firms revealed in Accountancy Age’s top 50+50 Accountancy Firms for 2023. This includes 8 firms in the top 10, and 15 in the top 20. These figures illustrate the high-quality training and support offered by First Intuition and the recognition of this by a majority of the top accountancy firms in the UK.
Accountancy Age’s Top 50+50 Accountancy Firms 2023, in partnership with GovGrant, celebrates excellence in accountancy practice. They rank firms by total UK fee income for the last financial year and is based on the voluntary submission of data. First Intuition is proud to train students from 8 of the top 10 companies in this list, 15 in the top 20 and 37 in the top 50.
First Intuition will continue to offer its personalised pathway advice for clients, flexible learning options, a plethora of additional resources, excellent training and a robust structure of support for its students and their employers into 2024. Equipping trainees with the first-class knowledge and skills they need to excel in their accountancy and finance careers remains a priority.
Members of the First Intuition team around the country comment on what it means to work with the top accountancy firms.
“Given the comparatively short period since First Intuition started, it’s hard to believe that we now consider so many of the UK’s top accountancy firms as clients. This is the result of tireless efforts by dedicated colleagues working across the country, and their constant commitment to the principles that drove the founding of the business. Whether clients are large or small, national or local, we deliver unparalleled quality of support and service.”
Gareth John, Chief Executive of First Intuition East Anglia, Yorkshire & Humberside and Beds, Bucks and Herts
“Working with so many clients featured on this list is exciting, it is not just about numbers; it’s about cultivating excellence, forging lasting partnerships, and together, we’re not only balancing the books but also shaping a future of financial success and innovation for their talent pool.”
Emma Vincent, Managing Director of First Intuition Yorkshire
“At First Intuition we are proud to work with all sizes and types of employers to develop their talent and deliver high quality training programmes. Working in partnership with so many of the top 50+50 employers means we can understand and anticipate the challenges they and the wider sector faces in recruiting, training and retaining talent, and we are well placed to develop agile solutions which benefit all employers. The fact we continue to be trusted by the top 50+50 is testament to the passion, expertise and commitment of our teams in delivering an excellent service to these employers, and to their learners.”
Hazel Rogers, Managing Director of First Intuition Limited
“By First Intuition forging strong relationships with numerous accountancy firms listed in the Top 50+50, our programmes ensure that their students receive training and knowledge aligned with the highest industry standards, equipping them with the skills and expertise needed to excel in their careers.”
Ian Fidock, Managing Director of First Intuition Maidstone, Canterbury, and Gatwick
Our AAT Self Study Courses are ideal for students who work in accountancy or have experience in accountancy. Our self-study courses are comprehensive. They come complete with a detailed set of notes and two sets of question banks. You will also have access to mock exams, which will allow you get completely prepared. As with all of First Intuition’s material, ALL the questions have detailed answers with workings and narratives. You can therefore be assured that you will have everything you need to pass your AAT course.
If you buy a self-study course and feel you need extra support and online lectures. Then have no fear. It’s no problem for you to upgrade to our Online course. You would just pay the difference between the price you paid and the Online course price. You wouldn’t be paying any more in total. Why not sign up for our FREE Demo Course and get a taste of what it’s like to study AAT Online with First Intuition?
Do I have to Upgrade for the Entire AAT Self Study Course?
We even offer an upgrade on a per-unit basis, for example, you could use the self-study course for all of the Level 3 Diploma in Accounting. However, then you could upgrade for the Management Accounting Techniques unit and get the online lectures, extra material, tutor support and tutor-marked mocks.
Upgrade to our online package at any time by simply paying the difference. Contact the team today to upgrade. As well as advice, we will also be able to give you a personal upgrade price, depending on which units you want to upgrade on.
Distance learning allows you to study any time and at your own pace from the comfort of your own home. You can sit the exams whenever you want. You can also choose to sit your exams at any one of the AAT external exam centres.
AAT Distance Learning Demo Course for FREE!
Why not sign up to our AAT Distance Learning Demo Course absolutely free and get a taste of what it’s like to study AAT with First Intuition? Click here to find out more!
To find out more about our AAT Distance Learning, please click here!
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss apprenticeships past, present and future:
Past: how apprenticeships have impacted the way that entry-level trainee accountants are recruited, supported and developed
Present: up-to-date insight into the most recent intakes across the different apprenticeship levels relevant to accountancy
Future: what the coming months might look like from a funding and policy perspective with a looming general election
You can watch the recording of the session by clicking the button below.
Apprenticeships: The Past
In 2017 there were two major changes to apprenticeships that have influenced their success in the accountancy sector today:
The apprenticeship levy was introduced
Move from apprenticeship frameworks to apprenticeship standards
Aspects of modern apprenticeships:
Knowledge Skills and Behaviours (KSBs) are a focus. These represent the core attributes an apprentice must have in order to be competent in the occupation they are working in
20% off the job learning requirement
Gateway rule of 12 months and a day
End point assessment (EPA)
Apprenticeships are now more accessible as more people are eligible to study with them. This means there is more variety of people studying from different ages, qualifications, and academic backgrounds
What impact have apprenticeships had?
Apprenticeships have had a huge impact on the accountancy sector. The number of apprenticeships in First Intuition’s (FI) classrooms has increased from 5% to 85% over five/six years and there has been a 53% growth in apprenticeships at FI across all levels.
In accountancy, there has always been the tradition of developing people through the qualifications. However, apprenticeships have increased the recognition that soft skills are just as important as technical skills.
The introduction of these soft skills and behaviours into programmes has allowed learners to start a whole self-development journey which also benefits their employers, by helping to create the leaders of the future. This includes helping build confidence in learners, increase their communication skills with internal and external stakeholders, and build resilience by regularly receiving all types of feedback.
Apprenticeships have changed the approach the majority of firms do their training. It has mainstreamed on-the-job training and the ability to focus on learning and progression in the workplace throughout a course.
Apprenticeships have also increased engagement with school leavers and helped diversity by making qualifications more accessible to people of different ages, backgrounds and education levels. This has helped with diversity and social mobility in the accounting sector.
There has been a big change in perception surrounding apprenticeships for students and, more slowly, parents, who are a big driving force behind engagement. People are beginning to see apprenticeships as a viable alternative to going to university. Many are even opting for them despite receiving places at universities.
Apprenticeships: The Present
Today, the AAT reports a ‘really good representation across all levels of AAT’. It is harder to engage at Levels 2/ 3 although this is increasing. Mainly due to the value of soft skills and behaviours becoming more acknowledged and changes to funding. Changes around funding criteria have a big impact on the uptake of apprenticeships and therefore the way people are working in the industry.
The post-covid generation is finding it harder to get into the workplace due to a lack of confidence. As well as a lack of soft skills and experience in a working environment. A lot of young adults therefore don’t feel ready for the next step in the workplace because of the missed opportunities during the pandemic. Employers therefore need to create more access to support and help to build resilience in these young adults. Whilst Managers and staff now need a broader set of skills to manage mental health.
Employers can make it easier for students to get their first jobs by helping them demonstrate the skills they do have. Inspirational pieces from ‘near peers’ can be effective in helping young people see accountancy as a good career to go into. Furthermore, employers need to focus efforts on understanding how the workplace is changing. This includes harnessing changes such as the introduction of new technologies like AI.
There is still a big need for better engagement with apprenticeships. Focus areas need to be on parents who have a big influence on their children’s higher education routes. The focus also needs to be on schools that are often struggling with guidance on apprenticeships. This is a current challenge for employers on how they can help continue to raise awareness around the value of apprenticeships.
The removal of the cap of 10 for non-levy employers has helped increase apprenticeship uptake. Employers are no longer limited and can hire as many apprentices as they need. This has helped contribute to the fantastic enrolment rates seen by FI.
Apprenticeships: The Future
UCAS predict over 1 million applicants to university by 2030. This outweighs the number of places available. Apprenticeships are therefore necessary as an alternative route to further training and higher education. UCAS has started providing guidance and information about apprenticeships on its website. Including displaying apprenticeship vacancies alongside university courses.
UCAS are continuing to develop their website to make it easier to get information about apprenticeships. They aim for parity across all systems by 2025. Including application forms for apprenticeships alongside university application forms. As well as a form of clearing for apprenticeships if applicants are not successful with securing university places. UCAS are also working on providing a vacancy board where employers can list their vacancies and the platform matches suitable students for the roles.
Changes to government funding, promises to fix the system and uncertainty in the political landscape can create reluctance in employers to enrol their employees on apprenticeship programmes. Due to the upcoming UK election, there is likely to be a turbulent 12 – 18 months ahead before the reality of any changes sets in. SMEs are more susceptible when there are changes to funds as many are non-levy payers. There is still a huge disparity between what is raised for levies supporting apprenticeships and what is spent on them.
Trailblazer groups helping to create accountancy qualifications expect changes to level 2. As well as a new version of the standard following recent changes to level 3. Level 4 is in review and out for consultation whilst level 7 is also in the process of review. This is to make qualifications up-to-date and more relevant to today’s workplace, particularly in sustainability, wellbeing and technology. Funding bands are also being reviewed to be updated to better reflect today’s roles and employer’s needs.
In our experience, AAT students who complete mock assessments achieve better results in the real assessment compared to those who don’t.
Practice is important, so you will have access to a mock debrief (taking you step by step through a full assessment) and TWO timed mocks (to ensure that you are fully prepared for the real assessment).
What does an online mock bank include?
Mock debrief videos – full explanation by a tutor of a mock assessment.
2 x Online timed mock assessments – with model answers and full explanations.
AAT Sample assessment solutions – these provide an in-depth explanation of the AAT mocks and give a good feel for what you can expect in the real thing.
If you are passing these mock and sample assessments you should take confidence that you are ready for the real thing!
Our classroom courses are an excellent option for those looking for a structured interactive learning environment. Start your learning journey with our award-winning college with highly experienced and supportive tutors.
Fill in the below form so our team can get in touch to talk through your course options and help you start your qualification journey!
So, What Exactly is Artificial Intelligence?
Artificial Intelligence (AI) refers to the development of computer systems that can perform tasks which typically require human intelligence. These tasks include learning, reasoning, problem-solving, perception, speech recognition, and language understanding. AI aims to create machines or software that can mimic cognitive functions. It’s here to assist humans – not replace us.
Generative AI and Predictive AI are popular and widely used but they serve different purposes and as a result are applied in various realms.
Generative AI
This is the type of AI technology that has the ability to generate new content including text, imagery or even music. These systems use machine learning, especially generative models, to understand and replicate patterns found in the data on which they have been trained. One notable model is the Generative Pre-train Transform (GPT)
Chat GPT, Bard and Copilot, are some examples of the more user-friendly tools that are easily accessible for a variety of different uses. These tools are approachable for users with diverse levels of technical expertise.
What Are Some Simple Ways You Can Use Generative AI in Your Everyday Life?
Generate a list of tasks or ideas for your to-do list.
Compose an email or message based on the prompt you provide.
Brainstorming ideas for work.
Tips for better time management, organisation, or productivity.
How Can Accountants Use Generative AI?
Automated Bookkeeping: Imagine a world where tedious data entry becomes a relic of the past. AI-powered automated bookkeeping systems are making this a reality. These systems not only streamline the process but also alleviate the risk of human error consequently ensuring impeccable financial records.
Fraud Detection and Risk Management: In the ever-evolving world of finance, identifying anomalies and potential risks is vital. AI algorithms excel at detecting irregularities in financial data therefore serving as vigilant assistants against fraudulent activities, enhancing overall risk management.
Client Interaction and Advisory Services: Generative AI tools can enhance client interaction by providing quick responses to queries and generating advisory content, enabling accountants to offer more personalised and timely services.
“We can use AI, and generative AI, as a tool to assist us: to help us do more and quicker. There’s a lot of fear and hype about Chat GPT and other generative AI tools right now. To overcome the fear of it, try it out for yourself and use Chat GPT or Microsoft Bing or similar tool to generate written content or chat with AI. It’s not artificial intelligence that will take jobs, but the people who use it will have an edge over those who don’t. So be curious and excited about we can use these new tools. Use generative AI to your advantage.” – Louisa Matheson Digital Programme Manager at FI Cambridge
What Are The Downsides?
Whilst there are many benefits to generative AI, it’s essential to understand its potential negatives.
Spreading Misinformation: Since generative AI can generate texts, there’s a concern about potential misuse for spreading misinformation and fake news. The models might produce inaccurate or unverified information based on its training data. It’s crucial to be mindful of this therefore ensure the information is reliable by double-checking to maintain accuracy.
Explainability: The generative models can be tough to explain. Figuring out why the model has made a certain prediction or reached a particular conclusion is tricky which could be a big problem for business that need to clarify their decisions to stakeholders.
Risk: Sharing sensitive data through generative AI introduces risks due to the technology’s ability to create realistic yet fabricated information based on extensive datasets. This poses a concern for inadvertent data leakage. In the accountancy industry, it is crucial to implement strong safeguards to prevent unauthorised access to confidential information.
Predictive AI
Predictive Artificial Intelligence involves using smart algorithms and machine learning to study past data, spot patterns, and predict what might happen in the future – it’s like a crystal ball for industries! It goes beyond specific industries, finding uses in various sectors like finance, marketing, and healthcare. Predictive AI plays a pivotal role in financial forecasting, customer behaviour analysis, healthcare diagnosis, fraud detection, and many other purposes.
Data Analysis: Predictive AI relies on extensive data analysis. It examines historical data, identifies patterns, and extracts valuable insights to understand relationships between variables. The ability to decipher these patterns is fundamental to making accurate predictions.
Machine Learning Models: Machine learning algorithms are a core component of predictive AI. These models learn from historical data and apply that learning to make predictions or decisions without requiring explicit programming for the task.
Prediction and Forecasting: The main function of predictive AI is to foresee future outcomes. Whether it’s predicting stock prices, customer behaviour, equipment failures, or any event grounded in historical data, the predictive capabilities of AI offer a strategic advantage in decision-making.
Optimisation: Predictive AI is often used to optimise processes and operations. For example, businesses can optimise their working capital which might involve adjusting payment terms with suppliers, negotiating better terms with clients, or making strategic decisions about investments and expenditures.
Applications in Various Industries: Predictive AI finds applications across diverse sectors such as finance, marketing, healthcare, and more. It’s used for financial forecasting, customer behaviour analysis, healthcare diagnosis, fraud detection, and numerous other purposes.
Continuous Learning: One of the defining features of Predictive AI is its ability to continuously learn and adapt to new data. This characteristic empowers the models to enhance their accuracy over time, aligning predictions with evolving patterns and trends in the ever-changing landscape.
What are the Downsides of Predictive AI?
Data Privacy Concerns: Predictive AI systems often requires access to large amounts of data, which may include sensitive or personal information. Ensuring the privacy and security of this data is a significant concern, and any mishandling can lead to legal and ethical issues.
Overreliance and Automation Bias: There is a risk of overreliance without considering its limitations. Blindly trusting automated predictions may give a rise to automation bias, whereby humans automatically accept the generated decisions, possibly leading to oversight of crucial factors.
Why Should You Embrace AI in Accountancy?
Efficiency
Automation of repetitive tasks: AI can automate repetitive and time-consuming tasks, allowing accountants to focus on more complex and strategic aspects of their work. This efficiency can lead to increased productivity and reduced workload.
Accuracy Enhancement
Precise data processing: AI systems are designed to process vast amounts of data with high precision. By leveraging AI for data analysis and calculations, accountants can significantly minimise the risk of human error subsequently ensuring more accurate financial reporting.
Insightful Analytics
Swift data analysis: AI tools can analyse large datasets swiftly, providing accountants with valuable insights and trends. This enables informed decision-making and helps identify opportunities or potential issues that may not be immediately apparent through traditional methods.
Cost Savings
Resource optimisation: Automation through AI can lead to cost savings for businesses. By reducing the time spent on manual tasks, organisations can optimise resources and allocate them to more strategic initiatives.
Adaptation to Technological Trends
Staying current: Embracing AI reflects a commitment to staying current with technological trends. As the industry evolves, accountants who are familiar with AI technologies are better positioned to meet the changing needs of clients and employers.
Competitive Edge
Innovative services: Firms that implement AI in their accounting practices gain a competitive edge. The ability to offer efficient and technologically advanced services can attract clients and contribute to the firm’s reputation as an innovative player in the industry.
Career development: Embracing AI in accountancy presents an opportunity for professional growth. Accountants who acquire skills in AI and technology become more versatile, opening new career paths and increasing their overall marketability.
How Can You Use AI as a Student?
It’s important to understand ways in which you can leverage AI as a student. Below are some ideas that you can use both generative and predictive AI for.
Study tips and techniques:
Enquire about effective study strategies.
Ask for tips on time management and productivity.
Seek advice on creating a study schedule – this can be tailored to your preferences.
Math problem solving
Receive step-by-step explanations for questions, you can also ask for more questions if you run out of ones to focus on!
Seek assistance in understanding the principles behind mathematical concepts.
Writing and editing support
Ask for suggestions on improving the structure and clarity of your writing.
Request assistance in generating ideas for projects.
TIP: Can’t figure out the Excel formula you need? Ask Chat GPT!
“AI is transforming management accounting by automating repetitive tasks, enhancing insights, and enabling better decision-making. This is freeing up accountants to focus on more strategic and value-added activities, such as providing business advisory services.” – Danny Sutton Finance Manager at FI Chelmsford
Conclusion: Embracing the future today
The integration of Artificial Intelligence within the accounting industry represents a transformative shift that aids efficiency, accuracy, and innovative solutions. As tasks get automated and data analysis improves, accountants need to embrace the changes instead of fearing them, understand the positives, and adapt.
Accountants who take the opportunity to embrace these changes, adapt and incorporate these new technologies into their professional lives position themselves to thrive in the evolving times. It’s not about making dramatic changes but recognising the practical advantages while being open to leveraging AI for a more efficient and effective accounting system.
Key points to remember –
Do not input sensitive information.
Challenge the information it gives.
AI is there to assist you, not replace you.
This article was written with the assistance of Chat GPT and Microsoft Copilot.
Depreciation is an estimate for how much we feel the asset is falling in value by. This is where the uncertainty comes in, it is a best guess. Something is only worth what someone is willing to pay for it, so we won’t actually know what something is worth until we sell it. Until that point, we just have to put in a provision which we feel reflects how much an asset is falling by, and by how much.
There are two main ways in which we can depreciate an asset. There are others, but these are the two main ones that you will come across.
Straight line depreciation.
One is straight line depreciation, sometimes known as ‘on cost’ depreciation. This assumes that the asset is going to fall in value by the same amount each year over a set number of years. Let’s say we have an asset that is worth £6,000, and after 3 years we feel it will be worthless. Using straight line depreciation, we would depreciate the asset by £2,000 per year, each year for three years. At the end of the three years, it has fallen to a value of zero. Straight-line depreciation spreads the cost of the depreciation equally over the period of use. Large pieces of machinery are items that I would depreciate using straight line as it would typically give it’s benefit equally over the period that it’s being used.
Note: this also fits in very neatly with the ‘accruals’ concept as we are matching the cost of the machine with the benefit, we derive from owning it; spreading the cost over the period of it’s useful life.
This sounds relatively straight forward but there is a slight complication with straight line depreciation and that is residual value. This is when you feel that the asset is going to have some value when you stop using it. You may feel that someone else might buy it off you, or you might be able to sell it for scrap. If you are going to get some economic benefit from the disposal of this asset, the amount of value that it is going to lose is going to be less. In our example of an asset worth £6,000, if we feel that at the end of the 3 years, we can sell it for scrap metal for £1,500, then in fact, over three years it will only fall in value by £4,500, (£6,000 – £1,500). Therefore, using straight line depreciation, each of the three years will be £1,500. This is where the room for error comes in, as how would you know that in three years’ time you will get exactly £1,500 for the asset? You probably won’t, and this difference is known as a profit or loss on disposal. However, that is a subject for another day!
Reducing balance.
The other common method of deprecation is reducing balance depreciation. This method allocates more of the depreciation in the first few years of ownership, and less in the later years. This is useful for assets which fall a lot in value initially and less so later on. An asset that I feel reducing balance is appropriate for is cars. We all know that as soon as you drive a brand-new car off the forecourt, it is immediately worth less as it is no longer a brand new car. As it gets older though, the amount that it falls by gets less and less. Is a 9-year-old car worth that much more than a ten year old car?
To calculate reducing balance, we take a percentage off the assets value at the start of the year. If we bought an asset for £10,000 and we decided to use 20% reducing balance depreciation, we would have depreciation of £2,000 in year one, and therefore the asset is then worth £8,000. The difference to straight line depreciation then comes in year two. We are now going to take 20% of the assets new value of £8,000. Then the depreciation charge in year two will now be less at £1,600. Then less the following year and so on, as the value of the asset falls. However, again this is only a best guess as to how much the asset is falling in value.
One method of depreciation isn’t better than another; and there are others. You should use which ever you think would give you the best estimate of how your asset is falling in value.
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A factory is manufacturing green and red toy cars. Plastic and labour are both limited.
They have managed to formulate the following linear programme. (G = Green, R = Red).
Plastic = 80G + 100R = 2,400.
Labour = 4G + 8R = 156.
To work out the values of R and G, I need to make the above equations a little bit simpler.
First, I need an identical number in both labour and plastic.
To do this I need to see if one of the smaller labour figures will divide equally into the larger plastic figures…. I’m looking for an exact number…. No decimal places.
Green… Does 4 go into 80. (80 / 4 = 20). Yes, it does… 20 times… an exact number.
Red… Does 8 go into 100. (100 / 8 = 12.5). Yes, it does but it’s not an exact number, it has a decimal.
Because Green is an exact number, I will go with that.
Now I have an exact number, I can multiply every number in the Labour equation by 20.
4 x 20 = 80.
8 x 20 = 160.
156 x 20 = 3,120.
Let’s now place them in the equation and look at both equations together.
Plastic = 80G + 100R = 2,400.
Labour = 80G + 160R = 3,120.
Excellent, I now have an identical number in both plastic and labour. 80G.
Because this number is the same in both, it won’t affect the difference in the total, so I can remove it and then see what that does to both equations.
Plastic = 80G + 100R = 2,400.
Labour = 80G + 160R = 3,120.
Now I can see a difference in red figures and a difference in the total figures.
I need to work out the differences.
160R – 100R = 60R.
3120 – 2,400 = 720.
This means that I now know that the difference in the total must relate to the difference in red.
60R = 720.
If I divide 720 by 60, I will get the value of 1R.
720 / 60 = 12.
R = 12.
Now let’s look at the original equations.
Plastic = 80G + 100R = 2,400.
Labour = 4G + 8R = 156.
I know R = 12.
I will now apply that to this equation.
I am going to use the smaller numbers within Labour…. 8R.
8 x 12 = 96.
8R = 96. I can now put that into the Labour equation instead of 8R.
Labour = 4G + 96 = 156.
I now have a figure in place of 8R.
If I now deduct 96 from 156, that must be the value of 4G.
156 – 96 = 60.
4G = 60.
If I divide 60 by 4, I will get the value of 1G.
60 / 4 = 15.
G = 15.
R = 12.
G = 15.
Do you see what I have done?
I’ve simplified the equation by finding an identical number in both equations.
Then, by removing that identical number, I remove 1 product completely and it leaves me with only 1 product (Red car).
There will be a difference in the amount and a difference in the total.
That difference can then be used to find the value of 1 item.
Then, by applying that into the original equations, I can then work out the value of the other product.
Let’s do a final check on both equations to make sure I am correct.
I will enter actual figures based on the equation amounts to see if I get the same totals.
Original equation.
Plastic = 80G + 100R = 2,400.
Labour = 4G + 8R = 156.
R = 12.
G = 15.
Workings.
Plastic.
80G x 15 = 1,200.
100R x 12 = 1,200.
Plastic = 1,200 + 1,200 = 2,400… this is correct.
Labour.
4G x 15 = 60.
8R x 12 = 96.
Labour = 60 + 96 = 156… this is correct.
R = 12.
G = 15.
I hope this helps and lets you see how I work through this type of question.
For more news and exclusive tips from First Intuition, visit FI Hub.
ACCA Platinum Approved Training Provider!
Earlier this month, the ACCA conducted a virtual visit where they collected data on pass rates, student enrollment, course scheduling, student support, and various other indicators of quality. The data collected has reaffirmed our position as a high-quality training provider, resulting in us being granted “Platinum”.
This is the highest and most prestigious level of approval, available to learning providers who teach ACCA Qualification. Platinum learning partners are required to meet the ACCA’s global best practice benchmarks relating to:
The institution and course management
Course delivery
Student support
Demonstrate student pass rates that exceed global averages for the majority of the exams they teach
Our Classroom Promise
We take great pride in providing classroom delivery in locations that cater to the requirements of both learners and their employers. Across the FI Network, we’re committed to providing classroom delivery by expert tutors, in our friendly modern study centres.It is therefore great to see this confirmed by being granted Platinum status.
Amy Forrest (Managing Director) says:
I am really pleased we have achieved another accreditation demonstrating the quality of training we provide. Quality in training comes from years of effort, implementing change, working together and continuously striving to improve. Achieving the highest level of accreditation with ACCA reflects the brilliant effort put in by the team here at First Intuition and the great support we provide students and employers.
Tim Howes (Client Director) says:
I am so proud of the team’s achievement in securing this Platinum recognition. It is testament to the teamwork that underlies First Intuition’s core values in our approach to working with our learners and employers. Our ACCA classroom courses have proven very popular since launching them in Norwich and we continue to strive to provide face-to-face engagement as widely as possible alongside more flexible and remote online delivery options. This is a wonderful achievement by the team and it is great to know that this accolade reflects the successes and positive experiences of our students and their employers.
Sophie Wicks (Tutor and ACCA Qualification Lead) says:
I am delighted that the Norwich Centre has achieved ACCA Platinum Status. This accomplishment reaffirms the unwavering commitment demonstrated by colleagues in providing exceptional tuition and support. Special recognition goes to our students who have shown remarkable dedication and resilience throughout their exam preparations. I am dedicated to further supporting ACCA students and fostering our collaboration with ACCA directly, ensuring continued success in the future.
Contact us
First intuition East Anglia offer programmes from Level 3, 4 and 7 embedding AAT, ACCA, CIMA and ICAEW qualifications.
If you have an employee you wish to sign up, or if you have any questions about our Apprenticeship study programme, including funding please get in touch.
At FI, we aim to provide access to useful articles and podcasts that our students and network can access all year round. We recognise, however, that Mental Health can be an ever-changing landscape for both the individual and the resources we produce. Bookmark this page so you can come back to it anytime you or a loved one need some support. We’ll add new resources to our podcast and article library, as they are produced.
Our Resources for Mental Health
Overcoming Loneliness
In this article, Skills & Development Coach, Charlotte, talks about how she overcame crippling loneliness when she moved to Yorkshire for work. She offers useful tips and provides a reassuring voice for those who feel nervous about trying to build new social connections.
Men’s Mental Health
In this podcast episode, our hosts David and Ben are joined by Javed Bobat and Andy Buncall. Javed is the Founder & CEO of Fide & F=@#! Mental Health. Andy Buncall is a former FI member of staff who talks openly about the struggles he has faced with his mental health. This episode drew attention to the often overlooked issues around men’s mental health. However, it also offered practical advice for anyone who needs support.
The Power of Running
In this article, Tutor, Ian, talks about the impact running has on his mental health and how it gives him some much-needed headspace. Ian also talks about how it’s not just running that can give you this. We all need to find our way to carve out some valuable ‘me time’.
Panic Attacks and Anxiety
Apprenticeship Manager, Rebecca, speaks openly in this episode of our podcast about her experiences of panic attacks and anxiety. She talks to Dave and Ben about the signs and symptoms, as well as how to support yourself and others in this situation.
Practicing Mindfulness
Many of us like the idea of trying mindfulness but it’s difficult to know where to start. This article explores the benefits and offers easy advice and some useful links to get started.
Sleep Well, Study Better
Tutor, Ian, has a passion for sleep hygiene. How we sleep not only has an impact on our ability to study but also on our mental health. If you struggle to drift off or wake frequently in the night, this article may offer some useful advice.
It’s okay not to be okay
In this special episode for Mental Health Awareness Week our FI Podcast hosts, directors, and tutors, Ben Bullman and David Malthouse were joined by fellow London Director, Tutor, and Safeguarding lead Ginny Bradwell to talk about her mental health journey and obstacles she faced along the way.
Stress – What it is and how can you manage it
Stress has become an increasing factor in our modern lifestyles and can cause both physical and significant mental health issues. In this article, we look at the flight, fight or freeze response and how we can identify and manage the symptoms of stress. This article also provides contact details of where to get help if you are struggling.
You are part of something big
It’s worth remembering that you are not alone, if you are an accountancy student or an affiliate, your industry body will have a wealth of information and support available. As part of the FI network, you also have access to all of the resources on our FI hub. Our safeguarding leads are also always available to those who need support or advice. You can find the details of all of the above in this article.
Useful Links
You may find these links useful if you need advice or extra support:
The awards are based on thousands of reviews, submitted to RateMyApprenticeship.co.uk. The reviews are from genuine apprentices who have studied with the training provider in the last year. Therefore, providers that make the table have been given a stamp of approval by real learners.
What our RateMyApprenticeship position means to us:
Hazel Rogers, Managing Director – London and National Clients, commented:
“We’re delighted that our learners took the time to rate their experience with us so positively. It’s a great acknowledgment of all the hard work and dedication that our coaches, tutors and service teams give to supporting learners and helping them to achieve their learning and career goals.”
Learn more about apprenticeships at First Intuition:
Find out more about the apprenticeships we offer at First Intuition and why the apprenticeship experience for both the student and employer really matters to us.
Thank you to the learners who have rated us in the past year, this award will be coveted by colleagues across First Intuition.
Where do we start?
It is effectively like learning a new language and no one who decides they are going to learn Peruvian say, reads a book on Peruvian and then 30 minutes later says “yes, that makes total sense” straight away. It takes time and it takes practice. You will get things wrong when starting out and that is totally fine, we have all been there! Then with patience, dedication, and hard work, you will just “get it” and you won’t have to think about it, and it will be almost like your native tongue.
What does DEAD stand for?
Initially, I think a good tool to have in your toolbox for learning or recapping your double entry skills is the mnemonic DEADCLIC. There are others, for example PEARLS, but DEADCLIC is my favourite one as I feel it covers everything you need to know. DEADCLIC should be split into DEAD and CLIC, and I will deal with them in turn.
DEAD is an acronym for Debit, Expense, Asset and Drawings. As a reader of AT Magazine, I assume you have a rough knowledge of what each of these are. These are split into this group as if you want to increase any of expenses, assets and/or drawings you would enter a debit. For example, if you receive a bill for rent you would enter a debit to rent, and that would increase the rent account in the ledgers.
There is however the golden rule to double entry bookkeeping in that every transaction has to have an equal and opposite transaction. Everything has to balance. Very similar to Isaac Newton’s third law of motion. You must have an equal and opposite debit and credit. If you don’t, your accounts won’t balance, and you don’t want that!
What does CLIC stand for?
We have looked at the debits, the DEAD part of DEADCLIC, so let’s look at the CLIC part of this.
CLIC is an acronym for Credit, Liabilities, Income and Capital. Again, I am going to assume you have a working knowledge of these terms. Much like we have seen before, if you want to increase any of liabilities, income and capital you enter a credit. For example, if we receive an invoice from one of our suppliers, we need to reflect the fact that we now owe them money, so we enter a credit to liabilities, to increase our liabilities.
Let’s go back to our example of a rent bill.
We need to reflect that we have incurred the expense of the rent, but we also owe our landlord money. The full double entry will be a debit to the rent account to increase the expense, and then credit our trade payables to reflect the increased amount we owe.
Another example might be is that a customer pays you for goods in cash. Two things have happened; you have more cash in your business, and you have made a sale. The double entry for this is to debit our cash, to reflect we have increased assets due to the extra cash, and credit sales to reflect the fact that our income has increased.
Sound relatively straightforward? Well maybe not initially, but you can’t assume that every time we need to increase something covered under DEAD and increased something under CLIC. Sometimes we will need to DECREASE something. Remember we said that to increase expenses, assets and liabilities we enter a debit, to decrease it we enter, you guessed it, a credit. Then on the flip side to decrease liabilities, income and capital we enter a debit. We might need to decrease something that is covered under DEAD and decrease something that is covered under CLIC.
An example of this would be when we pay our suppliers for a bill that we owe. The double entry for this would be debit trade payables to reduce the liability that we owe, and the credit cash, to show that asset that we had in having money in our bank account has been reduced.
But you can’t assume every transaction will involve both the DEAD and CLIC side of DEADCLIC. Sometimes both sides of our double entry only touch DEAD and sometimes it will only touch CLIC.
One example of only touching the DEAD part of this would be when the business owner takes some money out of the business. To reflect this transaction, we debit drawings to increase the amount the owner has taken out, and then credit the bank account to show the asset of cash in the business has fallen. Then might have a transaction which only touches CLIC. An example of this would be if we are in an overdraft and we owe the bank money, and the business owner injects come capital into the business. We would debit the liabilities to show that we owe the bank less money, and then credit capital account to reflect the company owes the business owner more money.
However, no matter which aspects of DEADCLIC you need to adjust, you can be sure that you will always need an equal debit and credit. Please remember though as I mentioned this is something that if you haven’t seen before, or in quite some time, it may well take time to get up to speed with.
For more news and exclusive tips from First Intuition, visit FI Hub.
It is evident that accountants will require digital upskilling at some point in the future in order to stay competitive and successful in their sector. However, there is a wealth of different digital programmes, and skills required to use them, available and it can be hard to know which ones are right for you and your business.
Following the ICAEW’s Digital Skills Workshop webinar, Louisa Mathison, Digital Programme Manager at First Intuition, shares some of her tips to assess and identify your digital skills needs.
Where to start?
A four-step process
Why transform?
What skills?
What technology?
Who and how?
1. Why transform?
We need to ask ourselves why we want to transform.
What do we want to achieve?
Long-term objectives, based on the business strategy?
Intermediate objectives?
Once we have identified our goals we can then think about how will digital skills help us fulfill our objectives. Then start small and focus on overcoming the pain points.
2. What skills?
First, we need to identify what skills we need to transform.
What skills will we need to acquire?
Identify the skills we need
Assess the skills we already have
The difference between the skills we need and the skills we already have is the gap that needs to be filled.
Steps to follow:
Identify the relevant skills
Conduct a skills matrix
Who is going to be responsible for the process
Who can make time
Who would like to be involved
Collect data
Consider how, perhaps a survey or interview
Do you need data from everyone in the organisation or just certain departments?
Analyse skills gaps
Compare the skills matrix to the skills audit result
Are there any gaps?
Prioritise training and development
Decide on the action to fill the gaps, which training do you need?
Training needs to be implemented at the right time so knowledge is not lost
Share existing knowledge, encourage employees to share tips, learn from each other, and best practice
Learn one new thing every day – the theory of marginal gains
Encourage employees to take charge of their own learning
Repeat
Repeat skills audit regularly to see how skills are developing and what are still needed
Bring in new skills where needed for new technologies
3. What technology?
What tech do we need?
Identify the tech we need
What new features can we use in existing tech?
“Despite advances in technology and the adoption of cloud accounting software over the last decade, finance teams are still spending 84% of the workday on manual tasks.” – Tipalti
Automation is one area where time can be saved. The goalposts are constantly shifting in digital skills projects as new technology comes out.
Steps to follow:
Start by identifying what technology will help you
First, consider what tech you already have and use existing technology to its full potential
e.g. Microsoft. Excel – many new tips and tricks
From there, try Microsoft PowerQuery (in Excel, called ‘Get Data’) – use it to tidy up data into a clean format to make it easier to analyse, plus you can bring in data from lots of sources
Then look at expanding into using other technologies
The next step can be Microsoft PowerBI, Microsoft Power Apps as well
A number of audit clients use DataSnipper to help in audit, e.g. tests of detail. It uses AI, e.g. to extract and cross-reference supporting documentation
ChatGPT and Generative AI – great for brainstorming and getting ideas, coming into Microsoft, for example in Bing and CoPilot, and will soon be in the rest of the Microsoft Suite, at a cost! They are being absorbed into software at a rapid rate
In just a couple of years, Louisa has seen the conversation go from ‘AI, we would not touch that’ to ‘We are using this new software and it has got AI in it’. It is here and more of it is coming whether we like it or not.
Note that the name says it all – CoPilot – it is an assistant but human input is still needed, especially to check outputs, so should be used as a starting point. With any of these tools, users need to bear in mind their company’s IT policy and need to be careful about client and internal data.
4. Who and how?
How can we transform? Who can help us do what?
Who can help us inside the organisation?
Who has intimate insider knowledge in the organisation?
Who are the key stakeholders, both internal and external?
And When? (Realistic targets)
Steps to follow:
Speak to staff and see who would like to get involved, some might have an interest or skills in the area
Think about training – so many different ways to do it
Decide on the action to fill the gaps, which training do you need?
Training needs to be implemented at the right time so knowledge is not lost
Share existing knowledge, encourage employees to share tips, learn from each other, and best practice
Learn one new thing every day – the theory of marginal gains
Encourage employees to take charge of their own learning
Bear in mind that some people pick things up quicker than others. Furthermore, not everyone might feel as positive about technological changes.
The Adoption Matrix, HBR – digital transformation sparks a range of responses in employees:
Inspired – I am capable of learning digital content and I believe that doing so would be good for me and my company
Frustrated – My company and I would benefit if I learned digital content, but I don’t think I can do it
Oppressed – I don’t think I am capable of learning digital content, and I don’t see the benefit to me or my company in learning it
Indifferent – I can learn digital content, but I don’t see the benefit to me or my company
How to help people in each category:
Inspired – Innovation champions, who are hopefully already inspired, can help others on their journeys – identify them!
Frustrated – Empower, start small, mentor or buddy, tip of the day
Oppressed – Training, not just in tech, but educate them about the benefit of improving for themselves and the organisation
Indifferent – Connect with HR and training plans – help them see how it will benefit
“You need to have a strategy to manage the failures, to be able to fail fast and fail smartly, and to have the patience to allow people to try and test… Once you are successful, even with one single innovation, the power it unleashes is amazing.” – www.mckinsey.com/industries/financial-services/our-insights/making-financial-services-available-to-the-masses-through-ai
At First Intuition Chelmsford, Colchester and Southend, we offer a range of courses and qualifications.
Train your accountancy/finance team under an apprenticeship scheme and we’ll help you to find the perfect study plan to suit their needs and yours. We offer level 2, 3, 4, and 7 apprenticeships across AAT, ACCA, and ICAEW. (AAT in Southend). If you’d like to find out more about how training your team via an apprenticeship programme would work and how it could benefit your business, then complete the form below and a member of our team will be in touch.
If you are interested in studying with us, then please also use the form below.
Further Info about Training your Finance Team or Studying with us.
We are graded as OUTSTANDING, in all areas by Ofsted. You can read the full report here.
This is a significant achievement as we were the first level 7 training provider to receive this grade.
Our experience has taught us that there is no ‘one size fits all’ approach which is why our team will work with you to establish the best programmes for your learners. We can train your finance team to gain the qualifications they need from new starters to existing staff. Please download our Employer Guide to Apprenticeships with First Intuition, to read more about what you can expect.
If you need any help in recruiting new members of your team we can help. Our apprenticeship team is in regular contact with local schools and colleges. We hold a library of suitable CVs and can select candidates for you as part of our FREE recruitment service.
You can find out more about our apprenticeship programmes here.
The qualifications we currently offer at First Intuition Chelmsford, Colchester and Southend are:
AAT
The AAT Accounting Qualification is a highly respected and globally recognised qualification. It gives students all the technical skills they need to embark on a career in finance. In addition to this, the AAT caters for all students. From those with no previous experience to those who have already had some exposure to the world of finance. AAT equally caters for those who potentially want to progress towards becoming a Chartered Accountant. You need to gain one year’s practical work experience to become fully AAT qualified.
ACCA (not yet available in Southend or Colchester)
ACCA is the largest and fastest-growing accountancy body, worldwide. The ACCA qualification is suitable for anyone looking for a career in finance, whether in accountancy practice or industry. If you do not have a minimum of 3 GSCEs and 2 A levels, you will need to complete the ACCA Foundations in Accountancy exams first.
ICAEW (not yet available in Southend or Colchester)
ICAEW offers the leading accountancy qualification in the UK. Therefore if you are a graduate looking for a career with an accountancy firm. You will probably study for the ACA Qualification. School leavers with A levels can also study for the ACA. However, you must first complete the Certificate in Finance and Business (CFAB). This comprises the six Certificate level modules of the ACA Qualification. Alternatively, you might choose to study for the AAT Qualification and then fast-track to the ACA qualification.
You can train your finance team for all of these qualifications as part of an apprenticeship scheme.
If you’re looking to upskill existing team members or train new starters, our team can help ensure you receive the best advice. You can fill in the form in the article to request more information or to get in touch directly by calling 01245 209900 or email us at chelmsford@fi.co.ukcolchester@fi.co.uk or southend@fi.co.uk
If the answer you needed is not listed, don’t worry, at First Intuition we pride ourselves on service. Simply contact your local classroom centre or get in touch with the customer service team today to learn more about what an apprenticeship programme can do for your team.
A lot of staff, particularly young adults entering the workplace, want to feel valued by their employers and seen as an individual rather than as a collective. This article shares highlights from the session where guest speakers, listed below, joined Gareth John to look at how employers can better engage with candidates in the recruitment process, as well as with staff once they have been hired, through using more individualistic approaches.
Individualisation in recruitment; communicating and interacting with candidates through the recruitment process from initial engagement to interview/ assessment to offer/acceptance to the pre-start period
Individualisation in managing staff to improve retention and motivation; delegation, managing, monitoring, training, salary and benefits, career planning and progression
You can watch the recording of the session by clicking the button below.
What is individualisation?
Individualisation is implemented with the aim of motivating staff and getting the best out of everyone.
Why do you need individulisation?
There has been a need for more individualisation in the workplace in recent years due to greater differences in views between different age groups in the workforce
Candidates expect it – 83% (according to a Hays survey) are more likely to accept a career that offers flexibility
A candidate-led industry due to more job vacancies than job seekers means employers need to be creative and think of different solutions when recruiting
It makes commercial sense to be individualistic and it is the right thing to do
A change in what people expect from their jobs since the pandemic – work and home have become more blended
To accommodate different levels of skills between age groups, for example, technology
How can individulisation help a business?
Individulisation can enhance EDI by:
Ensuring fairness
Being an open and inclusive process
Promoting a diverse workforce
Individulisation helps to create equity, rather than equality which is a one-size-fits-all approach
It encourages new skills and diversity of thought in the workplace as flexibility appeals to different types of people. For example, older workers who work part-time or those with different religious beliefs and requirements
Therefore, individulisation helps businesses get a stronger and more diverse workforce as well as access new talent pools
What blockers are preventing individulisation?
It takes time to implement new internal processes and do the research to support new changes. This can be overwhelming and there is not always the budget to do research and implement the necessary changes
A lot of employers do not implement individualisation due to concerns it will impact Equality, Diversity and Inclusion (EDI)
The process is standardised because it seems fairer
Employers may not be mindful enough to know that it matters
Tighter resourcing means there is less capacity for individulisation
Examples of individulisation in the recruitment process:
Offer an optional informal stage before the application
Provide personalised feedback after the first interview for what is going to help them succeed
Ask the applicant to choose the 5 most important work benefits to them
Pay attention to whether individuals are aligned with the company’s values when hiring. 82% of candidates will leave a position if they no longer feel aligned
Ask individuals about themselves in the interview process, their values and what motivates them
Talking about the company culture helps people have an emotional connection and helps identify like-minded people
Face-to-face meetings and genuine connection help employers and candidates better understand each other on a human level
Encourage your team to have a natural and informal meeting with future colleagues to help candidates know whether they are like-minded to their team and the company’s culture
Ask candidates what they want from their recruitment process so it lends to their strengths. For example, an interview online or in person
During onboarding, videos of offices can help candidates feel more at ease and like they already know the business when they start. Similarly, live job descriptions can help where remote roles are still involved
Videos talking about the firm, the culture, and what the team is like have also been successful with employers
Maintain contact between offers and start dates and invite new employees to upcoming social events in the company to make them feel part of the team
Give employees a choice of different social events so there is something that suits everyone
Top tips for implementing individulisation in the recruitment process:
Adopt a marketing mindset to your recruitment process
Start small
Find out what motivates the person before selling the opportunity. Then tailor things to what that candidate is looking for
Ask new hires how they found the recruitment process and if they have any feedback/suggestions for improvements
Look at HR/Recruitment tech and benefits tech and embrace that in your interview and candidate attraction experience
Don’t overcomplicate the onboarding process, too much information can be overwhelming
Implementing individulisation with existing staff:
People leave a role because: they feel undervalued, they do not like the role itself, their values do not align with the work culture, or there is a lack of flexibility. Individualisation can help with some of these as it involves taking time to listen to employee’s personal needs
Ensure people are not being overworked or undervalued through pay, particularly loyal employees who have been there a long time. Pay at least the market rate
Staff who do feel undervalued need one-on-one attention to listen to their concerns, give career planning, and help to manage their workload
Ensure employees are upskilling and have career development opportunities
Ensure there are touchpoints with all employees a few times a year so they can voice any concerns
Offerings need to reflect marketplace and social/ environmental pressures. Be reactive to changing trends affecting what people want from their job
Ask employees what they want but be prepared to action it. As well as listen to the benefits staff want and implement them where possible
Remember that people work in different ways and so need/ want different things. For example, some staff may want to progress but not necessarily manage others
Help people feel part of the culture and community and that they can bring their whole selves to work
Make sure people don’t take on too much and there is a good work-life balance
Trust and respect staff
Make employers feel seen and recognised for their work and the value they bring to the company
Pay attention to mental health and wellbeing and nurture a supportive company culture. Ensure Line Managers have the training to meet emotional needs, not just HR
Run engagement surveys with staff to find out what they want, how are they feeling, and to better understand individuals’ strengths
Once you’ve decided to start the ACCA qualification, you need to register as a student. You can register before or after you start your first ACCA course, but we recommend you do this as soon as possible so that your registration is processed well before you book your first exam.
Choose your qualification: If you have two A Levels and three GCSEs in five separate subjects including English and Maths (or equivalent qualifications), you can start the ACCA qualification. If you don’t have these qualifications, you can start the Foundations in Accountancy qualification and progress onto the ACCA qualification.
Once registered, you will receive your student registration number, and gain access to a student resources at MyACCA.
Share your registration number with your training provider so that they can update your records as soon as possible.
Understanding the ACCA qualification:
ACCA is a globally recognised qualification that equips you with the skills and knowledge required for a successful career in accounting and finance. ACCA exams are held four times a year, giving you the flexibility to choose when to sit them.
Here’s what you need to know:
ACCA fees: As an ACCA student you will pay a one-time registration fee, an annual subscription fee and exam fees. For detailed information about ACCA fees, please visit the ACCA website.
Exam sessions: The main exam sessions take place in March, June, September, and December. At Applied Knowledge Level and for the Corporate Law module, the exams are on demand, meaning you can sit at a time that suits you.
Exam format: ACCA exams are computer-based and comprise a combination of multiple-choice questions (MCQs) and/or constructed response questions (CRQs).
Exam entry: There are early entry deadlines for each exam session, offering you a discounted exam fee. If you miss this early deadline there is a ‘late exam entry deadline’, which you’ll want to try and avoid since the cost is twice as much! First Intuition can support you send you reminders when it’s time to book an exam if you choose to study with us. Learn more about ACCA exam deadlines.
Exam results: Results are typically released within eight weeks of the exam date at Applied Skills and Strategic Professional level. Results for on-demand exams at the lower levels are released on the same day as the exam. Find out about key ACCA dates.
ACCA new syllabus: Major updates are coming to the ACCA syllabus in 2027, including renamed levels, streamlined exams, and new employability modules. Find out more.
Insight into the ACCA qualification:
Understanding the ACCA qualification will give you a clear perspective on the journey ahead. Here are key points to consider:
Structure: The qualification cosists of three levels – Applied Knowledge, Applied Skills, and Strategic Professional level. Each level has a set of exams and an ethics module to complete.
Practical experience: To become an ACCA member, you must fulfil the practical experience requirement, which involves gaining relevant work experience alongside your studies. Find out more about ACCA PER.
Ethics and professional skills (EPSM) module: The ACCA EPSM module is a compulsory module that emphasises ethical behaviour and professional skills development. The EPSM module takes around 20 hours to complete and involves an assessment, which you must pass before applying for ACCA membership. Based on recent ACCA data, completing EPSM before Strategic Professional exams increases pass rates by up to 25%.
Exemptions: If you have a relevant degree or qualifications, you may be eligible for exemptions from certain ACCA exams, reducing how long it takes to qualify. Find out more about ACCA exemptions and whether you’re eligible with ACCA’s Exemption Calculator.
What ACCA exemptions are available?
Exam exemptions are available if you have a relevant prior qualification or degree. If you think you’re eligible, you can use the ACCA exemption calculator to find out whether you qualify for exemptions. This tool asks for information on your study history including your institution, graduation year and course name, to ensure you start studying at the level that’s right for you.
Should I accept my ACCA exemptions?
When deciding whether to claim exemptions, consider the following factors:
ACCA has a rigorous process for awarding exemptions to ensure that your prior learning aligns with the necessary skills and knowledge for the ACCA qualification.
Exemptions save you from studying topics you’ve already learned, which is good if you recently obtained a qualification such as AAT, and the knowledge is still fresh in your mind.
However, if you’re contemplating claiming exemptions based on qualifications you completed many years ago, or if you have been working in a non-accounting field for a while, it might be more beneficial to take the exams. Avoiding exemptions and completing exams instead will allow you to refresh your knowledge so that you’re in a better position to pass higher-level exams, which delve deeper into the subject matter.
FI Insight: Our tutors occasionally meet students at advanced ACCA classes with inadequate knowledge after they applied for exemptions based on studies they completed a long time ago. These students struggle to get through the Strategic Professional exams and could have benefitted from working through the earlier ACCA exams, without exemptions. Therefore, we’d recommend carefully considering whether applying for exemptions is worth it – there’s no harm in refreshing your knowledge!
Balancing work and study
Many ACCA students will need to study whilst working full or part time, which requires effective time management and commitment. Follow these tips to help you balance work and study effectively:
Create a study plan: Schedule your study hours wisely, considering your work commitments and personal life. Allocate specific time slots for studying and stick to your schedule.
Use available resources: Take advantage of the study materials and resources provided by ACCA, and consider enrolling onto an ACCA course to support your learning. By studying with an ACCA approved training provider, like First Intuition, you’ll benefit from structured courses and expert tutor guidance. Find out more about First Intuition ACCA courses.
Break your studies down: Divide your course material into manageable chunks and set specific goals for each section of the syllabus. Tackling smaller portions of the course one bit at a time will help you stay focused towards your exam.
Get organised: Make a study planner either on paper or using digital tools, depending on your personal preference. Use to do lists to prioritise your tasks, and set goals against your calendar, with dates to work towards for your mock assessments and real exams. This will keep you accountable and give you the focus you need to succeed.
Find support: Look for a study companion online, using social media study groups. Find like-minded ACCA students studying at the same level as you, so that you can work through course material at the same pace and offer tips and advice to each other. Reach out to a student on the same course as you to find out if they’re looking for someone to study with. Working with others can enhance your chance of passing, as you aren’t tackling the course content alone.
Maintain a healthy work-life balance: Studying for a professional qualification can be challenging! Book time in each week for exercise, relaxing and spending time with friends. Taking breaks from studying will recharge you and bring more focus to your next study session.
Starting your ACCA journey can be an exciting experience that leads to a successful career in accounting and finance.
By following the tips and advice above, you’ll be on the right track. First Intuition are here to support you from the beginning of your ACCA qualification. Contact our friendly team now for advice on how to get started, your exemptions and which study method is right for you.
Anyway, my first job was as a bookkeeper for farmers, I knew a bit about farming, and not too much about bookkeeping initially. One of the earlier tests of my career was from a farmer in Northumberland. He had bought some fertiliser, and as all readers of PQ magazine know, fertiliser isn’t cheap. Therefore, there was a lot of VAT on it, and the farmer wanted to claim it back, as you can imagine. However, the problem was the invoice was dated 3rd March 2002, but I was preparing the February 2002 VAT return. So as an accountant, I stood up for my fundamental principle of integrity, and told him, he would need to wait for the next VAT return before he could claim it back.
Sounds simple, just use stick by the date on the invoice, right?
Well as with most things to do with VAT, it isn’t so simple, as the date on the invoice, isn’t always the tax point. The tax point is the date which dictates when we can claim back, or have to pay over the VAT.
Tax point
If the fertiliser was delivered to the farm on 3rd February 2002, this would be the tax point; as the delivery is before the invoice date. This is known as the basic tax point. As ever, it isn’t as straight forward as that, as if the invoice is dated within 14 days of the basic tax point, this would override the basic tax point, and the invoice date would be used. So if the fertiliser was delivered on 25th February 2002, the farmer still couldn’t have his VAT, as the tax point would still be 3rd March 2002 as it is within 14 days of delivery.
The farmer could have gotten around the invoice being dated after his VAT quarter, by actually paying for the fertiliser up front. If cash is paid before delivery or the invoice date, the date of the payment will always be the tax point. However, many of the tight farmers I know wouldn’t do this, as they would rather claim the VAT back, and then pay the invoice later, much later!
So we have a tax point which could be the delivery date, could be the invoice date, or it could be the date that the goods were paid for, but wait! It gets more complicated!
What happens if the farmer pays a deposit on his nice shiny tractor up front? Well, in this case, there would be two tax points. There will be the date of the payment of the deposit, then the next tax point will be dependent on the delivery date, invoice date, or the payment of the balance.
Let us look at an example
Giles is going to buy a brand new tractor for £72,000. He has agreed to pay a deposit of £12,000 on 4th June. This is a tax point as he paid cash over, so the VAT on this will be £12,000 /120% x 20% (or you can just use the VAT fraction of 1/6th), which is £2,000.
He then takes delivery of his new tractor on the 25th of June. He then receives the invoice for the balance, which is £60,000, on 3rd July. He then begrudgingly pays the invoice in November, because that is what farmers do.
His VAT return quarter ends in June, and obviously, he wants to claim back £12,000 of VAT from HMRC as soon as possible. Within his VAT return quarter, he has made a payment of £12,000 and taken delivery of his new tractor, which is the basic tax point.
However, Giles’s problem is that his machinery dealer has issued an invoice within 14 days of the basic tax point, so the basic tax point is overridden and the actual tax point is 3rd July, outside of his VAT return, so he can only claim £2,000 of VAT this quarter. The rest of the VAT will have to wait until the next VAT return before he can claim it back.
Why don’t you have a go at this example and see how much VAT Alan can claim back on his June VAT return?
Alan has paid a deposit on his plough of £6,000 on 20th June. The plough is then delivered on 23rd June and he pays the balance of £12,000 on 29th of June, and then he receives the invoice on 3rd July.
See me work out the answer below:
Want to read more tips, tricks and exclusive news from First Intuition? Head to the FI Hub.
Calculating the correct amount
In truth this is normally the area students are more comfortable with, regardless there are still some pitfalls to be wary of. In your questions you will always be required to pro-rata the income or expenditure into the relevant periods, making sure you select the correct amount of months based on the information given is critically important, for example:
01/01/X3 to 31/03/X3 = 3 months
31/01/X3 to 31/03/X3 = 2 months
It is a natural response to just count the months in your head, but the devil is in the detail here, notice how we are not including all 3 months in the second example as this is from the end of January, the AAT always show dates in such questions at either the start or end of a month so be on the lookout. As mentioned students are normally ok when is comes to the calculation based work in these task, but double checking your working is always a good idea.
Double Entry
Arguably the “meat” of these tasks sits in correctly recording your entries and at face value it is easy to lose track of all the entries needed, however there are some handy techniques you can use to really nail these questions.
Firstly, lets just recap the key concept of double-entry bookkeeping. There must be a debit and credit entry for each transaction. A simple concept that we can use to our advantage here, in theory you do not need to remember where all the debits/credits fall into place, instead if you can say with 100% certainty you know where one side of the double entry sits, by the laws of double entry you also know where the other entry is. A reasonable assumption but how can we now apply this?
Accruals and Prepayments focus on two things, income and expenditure, which will be increasing or decreasing depending on the type of accrual or prepayment. These are our anchor points, at this stage of your studies you have already posted entries into these types of accounts numerous times, here is no different! If you can understand what is happening in the income/expense account, you can identify the debit/credit entry needed, meaning you also know where the opposite entry sits, here is this logic in action. For example lets say we have an accrued expense, I know that accrued expenses increase my total expenditure for the year. How do I increase the amount in an expense account? I place a debit entry in there (The mnemonic DEAD CLIC can be used here and should be something you are familiar with from previous studies). If my debit entry sits in the expense account, the credit entry has to be in the accrued expenses account.
Lets take the same logic and look at prepaid income, I know this reduces the amount of income for the period, how do I reduce the amount in an income account? I debit it (Don’t forget to use DEAD CLIC for help!). If the debit entry sits in the income account, the credit entry must be in the prepaid income account.
By focusing on the income/expense account you are able to recall simple double entry you have done numerous times already, this is a superb way of cutting to the chase. The final consideration is for reversals.
Reversals
This is as complicated as the topic gets, but again we can take the logic above of “What is the effect in the income/expense account” and make a simple adjustment, we work in the opposite direction! Take our example above of the accrued expense which has the following entry:
Debit: Expense account (increased the amount present)
Credit: Accrued Expense
To post the reversal I simply need to remind myself the original impact in the expense account, and work backwards, so I know originally the accrued expense increased the amount in my expense account, if I am now reversing this effect I am essentially asking myself how do I reduce the amount in an expense account?
Debit: Accrued Expense
Credit: Expense account (reversing the original effect)
Again the basic law of double entry shows me clearly where my other entry must go!
Summary
This method may seem a little over-zealous at first, but once you begin to piece things into place, you are guaranteed to nail these questions each time they appear, have a go yourself at applying the logic above to the two other types of accruals and prepayments we did not mention here (Prepaid expense, accrued income).
For more news and exclusive tips from First Intuition, visit FI Hub.
Student webinar events (6pm every Wednesday)
We appreciate that many of you may have questions about your classes, qualifications, exams and a host of other topics. In order to answer these, First Intuition will be hosting regular webinars via Zoom.
Student webinars will take place on Wednesday evenings between 6 pm and 7 pm. If you would like to join one of our zoom sessions, please use the link below to register.
If you can’t attend or miss one of our Student Webinars. You can always catch up by downloading our PODCAST
AAT Revision Sessions
Our team of highly experienced tutors have put together a range of free online revision programmes. These short sessions will run on a weekly basis and cover many of the Level 2, 3 and 4 papers.
Click the button below find out more and book your place!
Employer advice webinars
For All upcoming events please click the link below
First Intuition Think Tank (FITT)
FI are committed to helping employers manage and plan their staff member’s studies through this difficult period.
First Intuition are hosting employer forums addressing the current issues that employers are facing as a result of the pandemic. Expert speakers, peer discussion and dedicated content allow attendees to draw on a number of valuable sources of knowledge in developing their own effective organisational and personal responses to the crisis. Click here to find out about future events.
Find past FITT forums by clicking the links below:
We will continue to share updates with you as we move through the coming days/weeks, and obviously, if you have any questions please do not hesitate to get in touch with us by contacting your local FI Centre or one of us directly.
Vicky Ford, Member of Parliament for Chelmsford, recently met with First Intuition to listen to the growing concerns about the issues facing the skills system in Essex and nationally.
This meeting reinforced the importance of speaking to MPs about issues affecting local people and businesses, particularly ahead of the creation of manifestos, so they can be considered and change enforced.
Three of the key concerns First Intuition raised that Vicky will take to the Ministerial team in the Department for Education include:
1. The need to close the significant gap between the amount raised from the Apprenticeship Levy and the amount allocated to the Apprenticeship Budget
Most people might assume these figures would be similar or the same, but in reality, hundreds of millions a year raised from the Levy are not spent on the skills system that so desperately needs it.
Our view is that the entire ‘Levy take’ should be used for the purpose it was designed for; supporting the training and development of apprentices.
2. The urgent need for an increase in funding bands for all apprenticeship standards
The ongoing review of around 60 standards is moving too slowly and is only a fraction of the total number of standards being delivered.
All providers have seen rapid inflation in costs of delivery in the last couple of years and more and more are finding it impossible to cover these costs with funding bands that remain unchanged.
The number of apprenticeship providers that have discontinued delivery in the last few months shows how critical this situation is.
Given the fact that the salary bills that levy contributions are based on have been inflating why haven’t funding bands at least increased each year to cover this cost inflation?
3. The need to review the appropriateness of the current ‘12 months and a day’ Gateway rule at level 2
The accountancy sector and others are finding that the requirement for learners to be on-programme for a minimum of a year is proving a big blocker to the adoption of level 2.
12 months and a day is too long when the level 2 AAT qualification can be completed in 4 to 6 months, and when employers don’t want to delay the progress of their strongest trainees.
Why are apprentices being disadvantaged in this way compared to non-apprentice trainees?
This issue is depriving so many young adults of development of critical employability skills and behaviours that they badly need as they enter the workforce for the first time.
Seeing recent figures showing a 16.5% decrease in level 2 starts since the previous year highlight to me the need to review this as a matter of urgency.
Meet the Team
Our team are on hand to discuss your accountancy studies or the training needs of your business. Wherever you are in your journey, our team can advise you on the best path. Complete the form below and our team will be in touch to arrange a time to suit you. Our team can advise you on the options available in Chelmsford, Colchester and Southend.
Prefer to watch a video? We’ve popped the key points of this article in a video below:
ACCA gives you what employers are looking for:
ACCA equips you with a valuable set of skills that are highly sought after by employers. The qualification covers a broad range of areas, including financial reporting, taxation, audit and assurance, management accounting, and more. These skills not only make you financially fluent, but also fortify your critical thinking, problem-solving, and analytical abilities. Employers are looking for these exact skills, making ACCA students often stand out from other candidates.
Exclusive access to ACCA job listings:
One of the real benefits of holding an ACCA qualification is access to exclusive ACCA job listings. ACCA has a strong network of employers and partners who actively seek ACCA-qualified professionals for their organisations. There is an ACCA job portal, career events, and an array of job opportunities tailored specifically for ACCA members.
ACCA Jobs: It’s not just what you know, but who you know:
Networking plays a huge role in career development, and ACCA offers opportunities to expand your professional connections. ACCA organises events that bring together industry experts, employers, and fellow ACCA members. Building a strong network can lead to potential job referrals, mentorship opportunities, and access to valuable insights and trends within the accountancy and finance industry.
ACCA jobs are not just for the Accountancy and Finance sector:
ACCA opens doors to diverse career paths beyond the traditional finance and accounting routes. With ACCA, you can explore roles in consulting, business analysis, risk management, corporate governance, entrepreneurship, and even executive-level positions. ACCA’s syllabus focuses on strategic and ethical leadership, preparing you for roles across a wide variety of industries.
ACCA jobs are not just in the UK:
One of the biggest benefits of being ACCA qualified is that your qualification is globally recognised. In other words, ACCA is respected and sought after by employers worldwide. Therefore, as an ACCA-qualified professional, you have the flexibility to pursue job opportunities in different countries and expand your horizons beyond the UK.
Which jobs can my ACCA qualification lead to?
ACCA opens up a wealth of career potential paths. Some of the common roles that ACCA-qualified professionals can pursue include:
Financial Analyst, Auditor, Tax Advisor, Management Accountant, Financial Controller, Finance Manager, and Business Consultant. Even Chief Financial Officer (CFO) isn’t off the cards! ACCA provides a solid foundation for career progression and enhances your prospects for securing senior positions.
Which pay scales can I expect with an ACCA job?
The earning potential for ACCA-qualified professionals varies depending on several factors. For example; your role, sector or industry, location, and work experience can all factor in on the salary you can expect. With the diverse range of roles available, salaries can range from entry-level positions to high-paying executive-level roles.
ACCA: A valuable asset to your career
Arguably, obtaining an ACCA qualification is a good idea! The knowledge and skills in finance and accounting it offers are significant, but there are so many other perks to be had alongside this. Whether you aspire to excel in finance and accounting or explore a less traditional career path, ACCA equips you with the tools to achieve your goals and thrive in a competitive job market.
Accountancy Summer School – what we cover
The aim of the Summer School is to help anyone, who is sure or unsure, to make up their minds about whether a career in our industry is right for them. Whilst some students have a very clear idea about the career they would like to pursue, there are equally many who are confused. The Summer School gives the attendees a chance to explore the industry in a little more detail and decide whether it could be a suitable path for them. Many of our attendees go on to study accountancy either at university or as part of an apprenticeship. Some attendees decide that this is not the right career for them. In our opinion, both groups, therefore, benefit from the experience. The topics we cover within the Summer School are as follows:
Careers in accountancy
How to get started
Study pathways
CV and interview tips
An employer Q&A forum
Format of our Accountancy Summer School
Our Accountancy Summer School is held in our centre for 2 days and is run by our amazing tutors. Through COVID-19, the summer school was given through virtual workshops and the content was reformatted to adjust with this change from previous years. In 2022 we opened up the summer school in centre again and we are pleased that from then on it will carry on being an in-person event. The days include both practical and written tasks which are demonstrated in a presentation at the end of day 1. Day 2 involves our tutors mock interviewing attendees and giving them tips on they can improve their CVs ready to hand to employers. To close the event, we invite a number of employers and previous students to come in and chat to students about routes into accountancy, what the role entails and how the teaching and courses are structured at First Intuition.
What do attendees think of our accountancy summer school?
We are always pleased to receive feedback from attendees about their experience of joining us for this event.
We also keep in touch with students as they search for work and university places, offering more help and advice if they need it.
Here’s what some of our previous attendees have said about the impact it had on their decision making:
‘The sessions were fun and interactive; they were also informative about the world of accountancy. Everyone was included and welcome with open arms’
‘I really enjoyed the experience; it gave me a clear insight into the accountancy world and made it easier for future career decisions. Thank you for the opportunity and I’d like to keep in contact for the future, as this session has helped me a lot’
“The accounting academy reassured me that accounting was the pathway within finance that I wanted to pursue. I am currently in the last year of my A levels so I have been looking at both university and apprenticeships”.
“I wasn’t sure whether I wanted a career in accountancy before finishing A-Levels and although I’m not doing accountancy now it definitely opened my mind up to what being an accountant entails the qualifications available, and the structure they take. Even the CV feedback session and the team building tasks I found were really useful for interviews and assessment centers when applying for apprenticeships. Summer school is really good for anyone unsure of what career path they want to pursue and to get experience for what applying for apprenticeships is like.”
Where are they now?
By keeping in touch with our previous attendees, we are able to see the impact it has had on them. One of the former attendees started studying at our London centre and we also had three apprentices who all attended our summer school in the past few years. We caught up recently with one attendee who had this to say:
“After summer school I went and got myself an accounting apprenticeship, since then I have been in practice for over 2 years now and am mid-way through my AAT level 4 in my second job. Without going to this summer school I wouldn’t have even known about accounting apprenticeships and probably would have wasted my time in Uni studying. I am now nearly 19 with 2 years + accounting experience”.
We also know that many of those who joined us both in-centre and online have gone on to study accountancy-related subjects at university and are hoping to secure a level 7 apprenticeship when they finish. We spoke to one of our current apprentices who attended our Accountancy Summer School a few years ago.
“I am currently working in an accountancy firm in the audit and accounts department after completing my level four apprenticeship and gaining my certificate in finance, accounting, and business under the ICAEW. I am also now studying on a level 7 apprenticeship towards the ACA qualification”.
Join us next time
We are delighted that our 2024 Accountancy Summer School will take place in our centre.
Useful Documents and Links
Articles on careers in accountancy
Careers in accountancy and finance – this article contains videos with topics similar to the sessions we run for our Accountancy Summer School.
Deciding on a career path can be difficult. How do you know if you’d be good at a role or enjoy it if you haven’t experienced it? Nothing can replace the valuable insight you can gain through work experience or at an event like our Accountancy Summer School. However, you can shorten your list of potential career choices by finding out if the way you think and the things you like doing are a good fit for a particular industry.
Is accountancy for me?
Accountancy is an industry that has changed a great deal in recent years. The advent of technology means that a broader range of skills are now important. Being numerical and not afraid of figures is helpful. However, students who take subjects requiring research and analysis can also become excellent modern-day accountants.
There are many skills that today’s accountancy professionals draw on and these include:
Problem-solving
Teamwork & collaboration
Attention to detail
Communication
Analysis
Planning and prioritisation
With any job, enjoying what you do is important. The way in which you approach certain tasks and the ones you are naturally drawn to could help you decide if accountancy is a good route for you.
Take our quizzes and see if you could become an accountant.
In this quiz, you can check to see if the work of an accountant is in line with your strengths and the activities you find engaging:
Our second quiz will help you to understand if you can think like an accountant.
Next Steps to become an accountant.
You should now have a better understanding of whether a career in accountancy might suit you. If you’ve discovered that becoming an accountant is a potential career path for you, let’s look at what you could do next.
Read up on the types of careers you can pursue in this industry. Accountancy is a broad discipline covering practice firms, almost all companies in industry, and the public sector. You can find out more in this article. You can also find out how to get started in our Student Guide.
Look into work experience at a local firm. You can find these by searching for accountancy practice firms in your area or local companies that may have a finance department. Think about how you’ll go about getting a role, there is lots of useful information in our employability pack.
You can also complete the form below and one of our team will be in touch to discuss the best options for you.
What is FI Learn?
FI Learn is our online learning platform that is exclusively owned by FI Ltd. It caters to all our learners, irrespective of whether they are enrolled in an online or classroom-based course. The platform offers market-leading online content, updates, and announcements, along with learning activities and guidance which supports students in achieving the best results.
Welcome
Upon completion of the level checker, an AAT tutor will assess your performance and provide feedback and guidance. This will enable you to receive immediate insight into your performance.
About AAT
The AAT prides itself on its inclusive nature, as it welcomes individuals from all walks of life, irrespective of their age or prior experience, to embark upon their accountancy education journey.
Vocational Qualification
AAT qualifications hold significant recognition among employers, serving as vocational and technical credentials that effectively equip students for the world of work and for careers in accountancy and finance.
Online vs Online Live
With an AAT distance learning course from First Intuition, you get all the study materials you need. Our FI Online & Online Live packages include our superb online platform, pre-recorded video lectures, tutor-recorded mock debriefs, as well as excellent tutor support. We also offer students pass-assurance and instalment plans.
To find out more about our AAT Distance Learning, please click here!
So, in this article, I (Nick Craggs) want to give a recap of some key aspects of both sides of accounting.
Depreciation
The first subject, and one of my favourites (if you can have a favourite accounting concept) is depreciation. Depreciation is a provision for a fall in value of your assets. Over time generally, most assets you buy will be worth less than what you paid for them due to things like wear and tear, or your asset becomes outdated by newer models. We want to show in our accounts the cost to the business of these assets falling in value. What we don’t want is to keep the asset in the accounts at what we paid for it many years ago and then when we sell it, we find that it has fallen in value and that huge drop in value appears in the accounts of the year that it is sold, when in fact it has been falling in value over many years. This is where depreciation comes in. This is our estimate as to how much we think these assets have fallen by each year. We are unlikely to know exactly how much the asset has fallen by each year. After all, we only know what someone is willing to pay for an asset when it is sold. We will enter a provision for what we think it has depreciated by each year and then if there is an over or under provision as to what it has actually fallen by when we do come to sell it we will deal with it later.
So how do we depreciate an asset in the accounts? Well, that depends on the asset. There are a number of ways you can depreciate an asset. The simplest is to depreciate it by the same amount each year, this is known as straight line depreciation. Back when I was in practice, we would depreciate computer equipment over 3 years and assume that after 3 years it was worthless. If you purchased a computer for £900, you would depreciate it by £300 each year. After 3 years you will have depreciated it by £900 in total and the asset is now not worth anything in the accounts.
You may decide that your asset is going to fall more in value in the first few years, and then as time goes on it will fall in value by less and less. This is reducing balance depreciation. A good example of where this is a sensible depreciation method to use is with cars. As anyone who has purchased a brand new car knows, it falls in value as soon as you drive it off the forecourt. Whereas when I was driving around in a 10 year old Rover 75 (I still miss that car) what is another year going to make to what it is worth when it is that old anyway? Reducing balance works by taking a percentage of what the asset is worth at the start of the year, and taking this off the value of the asset that year. For example, so you have a car that is worth £10,000 and you are going to depreciate it at 25% reducing balance in year one. The car will fall in value by £2,500 so it is now worth £7,500; this is known as the net book value. When we come to the second year we are going to depreciate it by 25% again, but this is going to be based on the value at the start of this year of £7,500. Therefore, in the second year, the depreciation is going to be £1,875. Over time, the depreciation charge each year gets less and less.
These two depreciation methods are the most common, but there are others. Going back to my farming roots, the value of a tractor isn’t really based on how old it is, but how much it has been used. So, you may want to depreciate your tractor based on how many hours it has been used.
Net Present Value
Another concept that deals with time is calculating the Net Present Value of a project. As we all know inflation can drastically change what something is worth now vs what it will be worth in the future. For example, £100 worth of shopping doesn’t get you as much as it did this time last year! In Management Accounting we may use a net present value calculation to estimate what we will get from a project valued in today’s money. To do so we will discount the future cashflows more and more the further it is in the future using what is known as discount factors. This takes into account the fall in value of the money received but can also take into account risk, as having to wait 3 years is more risky than getting the money today for a number of reasons.
Discount factors are usually given to you in your AAT exam, but you can calculate them, and they are freely available on the internet. You may decide to discount a project by 12% over 3 years. The discount factors at 12% are 0.893, 0.797 and 0.712 for years 1, 2 and 3 respectively. If the 3 year project returns £50,000 each year the discounted net present value of that project will be £120,050 (£50,000 x 0.893 + £50,000 x 0.797 + £50,000 x 0.712). In effect, you would be equally happy if someone gave you £120,050 now, or £50,000 each year for three years at a discount rate of 12%.
Financial Accounting
Moving back to Financial Accounting, another unfortunate fact of life is that some people will owe you money and they won’t pay you. Under the concept of prudence, we may need to put in a provision for the amount of money we think we won’t get paid to give a more realistic figure that we will get paid in the future. We will put in a provision for bad debts. A bad debt provision can be split into two categories; a specific provision and a general provision. A specific bad debt provision is where you have an idea of who it is who isn’t going to pay you and how much they are not going to pay you. Whereas a general provision is where history has taught you some of your customers who owe you money will not pay you, but you don’t know who.
If you have a specific bad debt, you know who it is and how much it is, it could be someone who you know is struggling financially, or they have owed you this money for a long time. You don’t want to write the debt off, after all there is a chance they might still pay you. You don’t want them to know you think they might not pay you, as then they definitely won’t pay you! To enter a specific bad debt, we debit the bad debt expense account and then credit the bad debt provision account. The bad debt provision account offsets the debit of the trade receivables account to come to what you think you will actually receive. However, you still have the full amount owing in the trade receivables account, as you still want to chase it up even if you think you won’t get the money. Once you have dealt with all the specific bad debts you can deal with the general bad debt provision, and it is important you do it in that order.
Let’s pretend that over the last few years of the amount of money that you have been owed, 3% of that amount goes bad. All things being equal you would expect that going forward 3% of what you are currently owed will go bad. You don’t know who, but again being prudent, you need to reflect this in your accounts. Obviously, the more you are owed the more debts will ‘go bad’. Let’s take an example where you are owed £20,000. Historically you know 3% will go bad, so you need to enter a provision of £600 as this is the amount of the £20,000 that you think you will not receive. It probably isn’t the exact amount but it is a reasonable assumption. We will debit the bad debt expense account and credit the bad debt provision account, which will then offset the trade receivables to show a more likely amount that you will receive.
Sounds relatively straight forward right? However, it gets a little bit more complicated the following year. Again, we will need to work out the amount of our trade receivables that we won’t receive. However, we already have a provision in place. Such is life, the amount that people owe us goes up and down, therefore the amount of the provision for bad debts needs to go up and down. Following on from our previous example in the following year we are owed £16,000 now in total. Nothing has changed in our credit control procedure so we still think that 3% of our debts will go bad. Our general bad debt provision now needs to be £480 (£16,000 x 3%). However, we already have a provision of £600. We don’t need to enter a new provision, but we will adjust the existing provision to what we now want it to be. In this case, we will reduce it by £120, down from £600 to £480. We debit the bad debt provision account by £120 to reduce it, and then credit the bad debt expense account with £120. If we had found that we needed to increase our bad debt we would debit out bad debt expense account and credit the bad debt provision to further increase the provision.
Management Accounting
Finally, let’s switch back to Management Accounting one last time. I think I have made it clear as to which side of the Management Accounting vs Financial Accounting divide I lie on, however, I have to say cost behaviour is my guilty pleasure from Management Accounting. Basically, this looks at if and how costs go up and down as production levels go up and down. The easiest cost is a fixed cost, which is a cost that stays at the same amount no matter how many units of production you make. An example of this would be your rent for your factory. Your landlord isn’t going to reduce your rent if you produce fewer items than you did last year, nor would you accept your landlord putting your rent up because you sold more units than you did last year for the same factory. Your rent is going to stay at the same amount no matter how many units you sell, provided you don’t get a second factory.
The next cost behaviour I would like to talk about is variable costs. These are costs that go up directly in line with production. These are typically costs that go directly into the products that you sell. Say you are a production manager for a factory that sells wooden tables and imagine your CEO shouting at you because the amount of money you have spent on wood has doubled since last year. It would be perfectly fair that the cost has doubled if the number of tables you have made during the year has doubled as well because you can’t make tables without wood! If you make tables that take 2 metres of wood (I have never made a table, can you tell?) and each metre costs £10 you would expect each table to cost you £20 in wood. If you make 100 tables you would expect the total wood cost to be £2,000, and if you made 200 tables you would expect the total wood cost to be £4,000.
A mixture of the two above cost types is a semi variable (or mixed) cost. This a cost which has one element which stays at the same level no matter what level of production you are at and then another element that goes up directly in line with production. A very good example of this is a phone bill. You have a line rental that you will have to pay even if you don’t make a single call during the year. Then there is the call cost element which as the busier you get, the more calls you make and therefore your total call costs increase. Looking at another example if your line rental is £1000 for the year, and per unit you sell you will incur call costs of 50p per unit. If you sell 500 units your phone costs will be £1,250, which is the £1000 line rental and 500 units at 50p in call charges. Then if the following year the sales double to 1,000 units, your line rental is still going to be £1,000 but now your variable cost will now be 1,000 units at 50p, giving a variable cost of £500 and a total cost of £1,500. Whilst the production has doubled the cost has increased but it hasn’t doubled.
Check your understanding
1, If you have a piece of machinery that you purchase for £30,000 and you are going to depreciate it by 30% reducing balance, what will be the net book value of this machinery after 3 years?
2, What will be the net present value of a project which has the following cashflows, which will be discounted at 10%, using the below discount factors?
Year 1
Year 2
Year 3
Cashflow
£30,000
£40,000
£20,000
Discount factor
0.909
0.826
0.751
3, You have a trade receivables figure of £25,000, there is a specific bad debt of £2,000 provision to be entered and then you want a general bad debt allowance of 3%. Will you increase or decrease the general bad debt provision and by how much if you have an existing bad debt provision of £750?
4, Finally, you are calculating the cost of car hire for a tax firm. The cars have a fixed lease fee of £5,000 each and 10p per mile for every mile travelled. What will be the total cost of two cars, one which drives 40,000 miles in the year and the other 45,000 miles?
Answers:
Who is a Masterclass for?
These are perfect for AAT students who would benefit from extra question practice before their real exam. The masterclasses provide a valuable chance to secure marks that might otherwise be lost during the actual exam, while also enabling students to identify specific areas that require focused revision efforts.
What happens on a Masterclass Course?
In these AAT Exam Technique Masterclasses we go through AAT mock questions, the chief examiner’s report, and give you all the hints and tips you need to make sure you wow the examiner.
You will receive 2 live masterclasses, each session will last for a duration of two hours. (online). These courses are scheduled to take place during the same week, from 6:00pm to 8:00pm.
How much does a Masterclass cost?
If booked more than 2 weeks in advance, the masterclasses can be booked at a discounted rate of £50. Bookings within 2 weeks of the classes starting will increase to £75. There is a limit to the number of spaces for each sitting, so book your place now.
Typically, most students start their AAT studies at level 2, also known as the Certificate in Accounting. However, if you have some experience it may be possible to start at level 3 (Diploma in Accounting). You may have worked in industry for several years and gained a lot of prior knowledge in accounting. Or, you may be returning to training/education after a long break from studying. You don’t have to complete all three levels of AAT to get the qualification, you just need to have completed level 4 and this will allow you to become a full member of AAT. As a training provider, we have a duty of care to make sure that students are starting at the right level.
To make sure that people start at the right level we have a level checker, this will give a good indication of the starting point for you.
This is free and It is a very simple process, just type in your answers to the tasks. The tasks will assess you on your knowledge on double entry bookkeeping and other accountancy knowledge. Don’t panic! You are not expected to get all the tasks correct. Again, this process is measuring what level you should start the AAT programme. It shouldn’t take more than 30 minutes to do, but please try to complete all the tasks so we can make an informed assessment of your knowledge.
The level checker is automatically marked so you will know your score straight away. However, an AAT tutor will also send feedback and guidance on your performance to suggest the most appropriate level for starting your AAT studies. It may be that we suggest that you start at a higher level, which will save you both time and money!
Speak to a member of our support team on 01425 618124 or email aat@fi.co.uk
As new technologies like AI, Power BI and data analytics tools continue to develop, it is essential that businesses stay on top of changes, those that don’t risk becoming uncompetitive and out of touch. This article shares highlights from the FITT forum where guest speakers, listed below, joined Louisa Matheson to talk about some of the key technological changes happening within the accountancy sector, including:
Software Evolution: Is Microsoft Excel still the cornerstone of financial analysis, or are there alternatives we should be embracing?
Data Analytics Strategy: The strategies to embrace and harness data analytics, including best practices and considerations to address
The AI Revolution: The real impact of AI on the sector, including what is changing and where AI can aid our business
Speakers and panellists
Mark Proctor, Director at Twenty Seven Solutions Limited – (2:05 in the recording)
Andrew Codd, Founder and Lead Producer at The Strength In The Numbers Show – (7:57 in the recording)
Chris Reeve, Company Owner and MD at Gascoynes Limited – (17:56 in the recording)
Clive Webb, Head of Business Management at ACCA – (25:23 in the recording)
Sandra Jacquinot, Finance Training & Development Manager at Cambridge University Press & Assessment – (33:53 in the recording)
Jenny Blewett, Finance Digital Transformation Lead at Cambridge University Hospitals NHS Foundation Trust – (46:00 in the recording)
Tom Jamison, Managing Director of Abbeygate Accountancy – (54:53 in the recording)
Marie Speakman, Freelance AI Consultant – (1:04:50 in the recording)
James Best, Global Tech Forum at ACCA – (1:10:39 in the recording)
You can watch the recording of the session by clicking the button below:
Find key points from the forum below.
EXCEL AND OTHER SOFTWARE:
Is Excel the number one tool for those working in finance?
Yes, it is currently the most used tool due to its flexibility, usability by all, and ability to put the power in the hands of the accountant
Can we live without it? Yes, but only by removing the problem it is trying to solve or finding another way to solve the problem
Excel has become the second-best tool for everything. There are better and more advanced tools for specific tasks out there, but each of those comes with a cost and would require multiple skills and platforms. However, you do not need specialist skills to use Excel
Will Power BI and Python replace Excel?
Power BI is an extension of Excel whilst Python is being used with Excel, not replacing it
It comes down to platform choice and what is right for a business
Will AI make spreadsheets obsolete?
AI is helping spreadsheets become more detailed and accurate rather than replacing them
Traceability is still essential that spreadsheets can provide and AI cannot
AI will supplement but not replace
Is Excel dead and should we invest in other software?
No, Excel is still one of the easiest tools to use and has widespread use in so many different businesses
However, because of this and its many functions, it could be holding people back from higher levels of data analytics
Therefore Excel still has a role but people may benefit more from using other more specialist programmes
Use other tools as well as Excel to complement decision-making
How do we keep up with changing technologies?
Expose yourself to conversations about technologies, hear what people are using and what is working for them
Try things out that you hear and put them into practice
Do accountants need to be data scientists?
Accountants need an appreciation and understanding of what is possible, but they don’t need to be experts
Play to the strengths of accountants and bring in data scientists when it is necessary – a blended approach
How to adapt to new software
Ensure it is a progressive step for your business and that staff are ready for it
Make allowances and expect human error at the beginning
Offer training and support and involve staff in the decision-making and implementation process
Expect it to take between 3-6 months to become fully integrated and accepted in the firm
Bring in software providers to help with the training
Use existing software to its maximum
Over-reliance on Excel
Excel is still by far the most popular tool of choice for budgeting and forecasting
Migration is needed to understand what you are using a tool for, how to use the right tool in the right circumstance and where to bring in new tools with Excel
Need to move away from Excel for predictive analytics as there are much better programmes out there that can do this
DATA AND DATA ANALYTICS:
Data analytics and where we should go from here
Data analytics is about using the past and answering why to tell the narrative of the future with more confidence
Business leaders increasingly want interpretations of the future and data analytics to model what happens next and a range of scenarios
AI is used to extract trends and data but it is important that the finance professional understands the validity of the output. This is where the value of an accountant is added
AI is never going to be 100% accurate as there are too many variables, so it is about what level of confidence in the data do we need to ensure we can make correct decisions
We need to be aware of the capability of accountants understanding of the data they need to demonstrate – from a basic understanding and an expert level
Is data analytics going to become even more essential for accountants and their teams and if so, how?
Reporting and performance are increasingly not just about financial measures but instead about concepts like value
For example, businesses need to not just think about financial returns but also sustainability issues and social mobility and how that is going to affect the operating model
Businesses can use data analytics to be more holistic and incorporate these into the way businesses think, it is not something Excel can currently do
Cambridge University Press & Assessment’s data strategy
They have found that the challenge is not in knowing how to use the systems, but in understanding the data, where it is from, if it is accurate and how much it needs cleaning up
This is particularly the case if data has come from many sources
They used advanced software tools to clean all the data and have the data in one central repository, a ‘data lake’
The challenge comes in ensuring staff have the knowledge and skills and use the technologies available to them as they are evolving all the time
How have staff upskilled in these areas?
Learning is a continuous journey, it is about making people aware of what is happening and embedding a culture of continuous learning
Offering training for what staff need to do their job, not complicating things by showing them more than they need to know
Having flexibility around learning and explaining the benefits
Encouraging learning from each other and using tools available to you such as YouTube and Chat GPT
THE AI REVOLUTION:
How using AI can benefit clients
Some companies are quick to try and adopt lots of new technologies at once but this can become overwhelming and mean none are adopted properly
Businesses can use AI to make the onboarding of clients smoother. For example, using AI-created videos or connecting AI to booking or CRM systems
Automating administrative tasks frees up more time to spend with clients
AI can also be used to improve virtual communications with clients, like turning off background noise on video calls and automatically transcribing notes from meetings
Chat GPT and other systems can help create PowerPoint presentations and Excel outputs, again freeing more time that can be spent with the client and driving more profit or developing and training your team
Chat GPT can speed up and improve communications such as emails, as well as help grammatically
AI can help with marketing such as blogs and brand storytelling
However, a danger of using a lot of AI within the workplace is that younger staff new to the role might not have the skills and knowledge to appropriately interpret the output AI produces. AI often does not show the working out or the understanding behind its output which is essential for new staff to learn
What will be next for AI in accounting and finance?
More and more firms and roles within firms will be using it and those that are not are going to struggle
There will be specific roles to handle automation in-house because the pace of it is changing so quickly. This presents an opportunity for consultancy roles
Things will continue to get more and more digital and paper trails will disappear
Businesses need to start investing in what their future will look like and planning their AI strategy
Use cases of AI
It is helpful for accountants to appreciate the capabilities of AI, understand the question that needs to be answered and the problem that needs to be solved, as well as know what a good output looks like
Data scientists have the skill sets and capabilities to develop a solution but accountants have a collaborative approach and an understanding of limitations
Accountants can use AI to drive insight into their decisions, for example in budgeting and forecasting and in cash collection analysis
How can AI help with decision-making and forecasting?
AI can be effective at using collective wisdom and combining different data models to create accurate forecasting and predictions
However, high-quality, and substantial data is needed to achieve this
The human perspective is still important and is something that should be considered alongside the use of AI as that often impacts buyers’ decisions, not just data
First Intuition is the first accountancy training provider to become a signatory of Access Accountancy. Access Accountancy is a charity that collaborates with accountancy firms, professional bodies and organisations dedicated to improving access to, and progression within, the accountancy profession for applicants from lower socio-economic backgrounds in the UK.
Established in 2014, Access Accountancy works towards everyone having an equal chance of accessing and progressing within the accountancy profession based on merit, not background. The vision of Access Accountancy is to ensure that the accountancy profession is representative, at all levels, of the socio-economic demographic of wider society.
First Intuition Cambridge Limited will be working with Access Accountancy towards three milestones: Adopting, Contributing, and Influencing to increase the volume, scope and quality of activity to improve access to, and progression within, the accountancy profession for young people from disadvantaged backgrounds.
One of the ways First Intuition will achieve this is through its Accountancy Academy programme, a free virtual event created to invite students from across the country to find out more about the accountancy and finance industry and the careers available within it. Including sessions on routes into the industry, how to find roles, and tips on making a good impression with CV’s and at interviews.
Amy Forrest, Managing Director of First Intuition Cambridge Limited comments:
“I am really pleased that we have become a signatory for Access Accountancy!
“Our mission is to train accountants, and that’s all accountants. We want to make the accounting career more accessible to all, including those from disadvantaged backgrounds. Working with Access Accountancy and contributing to their important work is a big step towards this.
“We have a fantastic network of employers, students and alumni, and fantastic relationships with professional bodies, local groups, recruitment agents, think tanks, and many more. We will be looking at how we can do our part in this community to further promote accounting as a career to a more diverse group of people.”
Finding a role
39% of respondents found their current role through using a recruiter so employers are likely to get in front of more candidates if they use them too
50% of Graduates found their current role through TikTok so the platform offers new opportunities for employers to get in front of potential candidates
35% of respondents who had found a new role in the past year found it through LinkedIn, whilst 29% of those who started a role in the past 1-2 years found it through internal vacancies
38% of apprentices use vacancies pages on company websites so employers should utilise them
Choosing a role
Candidates are not just driven by salary when looking for a new role. Employers can be competitive with their recruitment without necessarily having to pay more if they pay attention to other areas effectively. For example, 42% of respondents consider a pleasant and comfortable working environment the most important factor when considering a role
Employers should therefore consider prioritising this, as well as other important factors to young adults including competitive salary/ bonus, work-life balance, and number of holidays in their latest cohort of recruits
Apprentices value charity work or social/ environmental projects the company is involved in most when considering a role (44%), whilst commercial students value work-life balance most (56%)
Motivation in a role
The biggest reason for dissatisfaction in a role is due to pay, followed by lack of support. Employers may need to look that their pay is competitive/ increases on a regular basis to ensure their staff stay satisfied within a role
For respondents satisfied in a role, support from colleagues and management and support whenever you need it was the key motivator. Although pay is important and not something employers should ignore, employers can focus on other factors such as ensuring they have effective support in place to keep staff motivated
Key motivators to candidates in a role change with job level, likely in line with how priorities in life change. Employers should be aware of how their staff’s wants and needs change over time and adjust their benefits accordingly
Young adults, and so lower-level staff, are motivated in a role by employers that take measures to lower their carbon footprint
Moving roles
Those in Industry are experiencing the biggest movement of staff and lowest retention rates across the accountancy sector. These businesses might need to pay more attention to what their staff want and need to help increase retention rates, as well as be more appealing during the recruitment process
Of those that had moved roles in the past 12 months, 50% said a factor that influenced their decision to leave was lack of career progression
The most popular influences that impact commercial students’ decision to move roles in the past 12 months were lack of career progression and not feeling valued (33%), whilst, for apprentices, it was due to being offered more pay elsewhere and lack of career progression (64%)
Benefits
Most respondents (52%) value being able to work flexible hours in their role, followed by the flexibility to work both at home and in the office (42%). The least respondents value discounts as a work benefit (4%)
A higher pension rate is notably more important to commercial students (32%) than apprentices (13%). Equally, an employee referral bonus is considerably more important to apprentices (35%) than commercial students (18%)
The benefits that staff value most change with job level and length of time in a role, likely in line with how their priorities in life change. Employers should be aware of how their staff’s wants and needs change over time and adjust their benefits accordingly
Personal factors
Social poverty and income inequality came out as the most important issue to respondents with 63% choosing this topic, followed by mental health and wellness (49%), and climate change and environmental issues (44%)
Racial equality (23%), inclusion and equal access to education and services (19%), and gender inequality (18%) were chosen as the least important social issues or causes to respondents
Graduates (within the first year of training) consider climate change and environmental issues as the most important causes
Job level impacts the social issues or causes that respondents consider most important, employers should think about what the staff at the job level they are targeting consider most important
Snapchat is the social media platform most used by respondents with 46% saying they use it at least once a day. Followed by Facebook (44%) and Instagram (43%)
Employers can benefit from using this information from First Intuition’s Accountancy Student Recruitment report to better understand what young trainee accountants want from their roles and the recruitment process. This will help them to recruit high-quality staff, increase retention rates, help young adults into the workplace and increase staff satisfaction and productivity.
Quotes from employers that have used the Accountancy Student Recruitment Report
“The report is very insightful and brings some real key drivers that all businesses should consider during the hiring process and just as importantly consider in retaining top talent. These insights are things we hear day to day in the recruitment market and the key point every candidate mentions is hybrid/flexible working to enable a work/life balance which stands out in this report. The other stand out findings for me would be the importance of good benefits and working environment and culture which are vital for any business when looking to hire as well as offering career progression which is the main reason we find for people looking.”
“One of the most useful survey reports that I have seen this year.
Employers need to tune into what their current and future people value the most and how they respond to different types of communication. This report support so much of what we hear from our candidate network from how they apply for jobs, attitudes to flexibility and the growing importance of business purpose.
As the UK continues to experience high wage inflation and high competition for candidates, the quick solution for many employers is to just increase salaries. This report highlights that this not the only solution and is not always the best one”
As you’ll be aware, the AAT AQ16 qualification is being withdrawn on 30th September 2023, which means students now have just under 1 month to complete their AQ16 qualification.
At First Intuition we are offering ANY AAT student FREE access to our AAT AQ16 Online Learning Platform for the month of September 2023. T&C’s apply*
How To Gain FREE Access
To gain access to our AQ16 Online Learning Platform all you need to do is:
Email aat@fi.co.uk and provide them with the following:
Your Name
Preferred Email Address
Where you are currently at with your studies under AQ16 (which level, which exams you have passed and what you have left to sit)
What AQ16 unit(s) you want access to
Once we have received the above email we will set you up on the system until 30th September.
What’s Included
Digital copies of the course notes, question bank, task bank and mocks
Online assignments
A full suite of prerecorded lectures covering the entire syllabus
Detailed explanations of the AAT sample assessments
Assessments
Students need to book any outstanding assessments at a venue that suits them before 30 September 2023.
Transitional Arrangements
Students can transfer their current qualification onto the equivalent Q2022 qualification. Most assessments achieved on the AQ16 qualifications will automatically transfer over to Q2022, however, there are some exceptions. AAT has created a tool to help students understand their transitional arrangements.
Growing up, I always knew I found things harder than most people. I had put it down to personality, being difficult and just not paying attention properly or trying hard enough.
When I was 32, I read an article one day online that was a real lightbulb moment. It was about a woman who was autistic, and I felt as though she could have been writing about my life. She explained the daily struggles that she went through, and the constant hyper-awareness of never really knowing what you should or shouldn’t be saying. She also spoke about rehearsing conversations over and over in her head, the excruciating executive dysfunction, the need for order and routine, not to mention all the sensory difficulties surrounding clothes, food, lights etc. I read it and immediately contacted my doctors, who referred me for an assessment.
Six weeks later, I received my diagnosis. It was a very odd time, as part of me was relieved that there was an explanation. A reason for why I found things so very difficult, but part of me was also confused and scared about what it meant.
I was ever so worried that I would be judged or that people would doubt my capabilities in the workplace that I decided not to declare it. Work has always been so important to me. Work has been one of the situations that I found the easiest. This is due to the rules and clear expectations on what you should be doing. However, because no one was aware of my diagnosis, it meant that I often suffered with burn out due to masking all the time and being in situations that would cause sensory overload.
My First Experience with First Intuition
My first experience with First Intuition was when I was studying AAT Level 3. I was self-studying but sitting all my exams at the Maidstone centre. I was flying through the exams relatively easily until the synoptic exam. Suddenly, the exam required written answers, which I found incredibly difficult. I knew the content, and could talk about the subject at length, but it took me much longer to figure out exactly what information the examiner wanted and how to present it.
Even though I wasn’t an FI student at this time, I emailed them to see if they knew anything about how to get extra time in the exams. Sarah and Jennifer were equally brilliant and contacted AAT on my behalf. I was given an additional 25% added to my exam time on all future AAT exams. This was the first time I had declared my autism to anyone outside of immediate friends and family. Contrary to my beliefs and expectations, there was no judgement or doubt of ability, and everything was absolutely fine.
Declaring my Autism to my Employer
Skipping past the joys of the pandemic, I was starting a new job at a mid-size firm where I would be studying ACCA. During the interview, I found that I’d be studying courses at First Intuition, which I was so happy about. It gave me the confidence to declare my autism to my new employer. This turned out to be one of the best decisions I have ever made. Instead of casting doubt on my ability, they have done everything they can to make adjustments. This ensures I perform the best I can.
I love being in the office and am very sociable, but this can leave me feeling quite drained. Due to this, my employer has agreed for me to work from home two days a week to help. When I’m in the office, I also have a desk that is in a quieter corner of the office and near a window. This allows me to have natural light instead of needing the harsh office lights on. All of these are great and really help me, but actually the biggest benefit is just having them be aware. Due to their awareness, there is always someone I can approach if there is an issue or I’m finding something tricky.
Starting my ACCA Training
When I started courses at FI, they were obviously aware that I was autistic. I thought that I would be given extra time in my mock exams. However, I hadn’t expected the level of consideration that I received. The tutors at the centre truly were amazing. One of them suggested ideas such as on the longer written questions, I get them down in bullet points instead of writing in full sentences.
They also would work it so bigger questions were set before a break or lunch. This meant if I had not quite finished, I could carry on, and everyone else on the course would be oblivious. Another tutor spent a lot of time helping me figure out a structure for answering different written questions. The tutor then reviewed extra questions I had done and gave extra feedback until I’d got it right.
My Level 7 Apprenticeship Programme
As part of my training, I am required to complete the Level 7 apprenticeship. This is a fair amount of extra work, which was quite daunting initially. However, the apprenticeship team and my skills coach have been equally as accommodating and supportive. The team ensure I know what is expected and what the deadlines are.
Fundamentally, doing the ACCA qualification alongside working and an apprenticeship is difficult for anyone. Being autistic also means I have extra things on top that add to the difficulty. This is due to how I see things, my need for routine and things needing to be ‘right’. It means that planning my study time comes naturally. My exam results are always strong and apprenticeship tasks are completed on time to a high standard.
I am very fortunate that my employer and FI are as understanding and supportive as they are. However, they are equally as fortunate as having a different viewpoint and natural way of working can also be highly beneficial.
To read more First Intuition student stories, take a look at our FI Hub by clicking here.
People often think working in accounts means lots of maths and figures. These days there’s more to being an accountant than using a calculator all day. Modern accountancy means computers do most of the number-crunching.
Accountancy is one of the most diverse professions in the world with a growing global demand for qualified professionals. It’s a career choice that offers opportunities across a huge range of sectors and industries in virtually every country.
Accountancy Academies
Every year First Intuition centres across the country invite local students at schools, colleges and universities to come along to one of our Accountancy Academies to find out more about the accountancy profession and the careers available within it. Read our blog about Careers in Accountancy & Finance.
The matrix Standard is a seal of excellence backed by the Department for Education and organised by The Growth Company. Essentially, organisations that support individuals with career, learning, work, or life decisions can gain matrix Standard accreditation. Furthermore, accreditation is possible regardless of whether they’re giving advice or training in person or online.
What matrix Standard accreditation means for First Intuition Ltd
First Intuition’s Education Director, Ginny Bradwell commented: “After a 4 day assessment it’s great to see the positive feedback on our approach to advice and guidance taken by our teams. Most importantly, it shows that this approach is valued by the learners, clients and partners that we work with in delivering our programmes”.
Roger Chapman, Head of the matrix Service for The Growth Company said: “This is a fantastic achievement for First Intuition Ltd and I would like to congratulate the team on their success. We believe that at the heart of high-quality advice and support services are strong leadership, excellent service and a focus on continuous improvement. These are all underpinned by effective use of the resources available. The matrix Standard is designed to benchmark organisations against best practice in these areas. With their accreditation success, FI is working to provide the best possible support to their clients.”
Learn more about our approach to professional qualifications and apprenticeships
Find out more about the training apprenticeships and professional qualification programmes we offer at First Intuition. Furthermore, learn why the experience for both the student and employer really matters to us.
Across the qualifications, pass rates are significantly higher for those who attempt all the mocks on a programme compared to those who don’t.
So, does it matter if a mock is marked for you by one of our markers, or if you self-mark?
There’s a benefit in having at least one mock marked by an external marker. This is because it allows you to view your performance through the marker’s eyes. But there are even greater benefits to self-marking and the progress you will make as a result.
Self-marking provides you with immediate feedback, which is useful whilst the mock is fresh in your mind.
Self-marking ensures that you look carefully at how marks are awarded and review this against your work. After all, you are aiming to pass an exam and this means you must know how the examiner awards marks.
It’s good discipline to self-mark as part of your studying as this gives you a great chance to compare where you are now to where you want to be. This is turn gives you good information to inform next steps or tweak your performance.
It’s the self reflection that encourages improved performance. Having attempted a mock , reviewing your answer against the solutions and guidance will help you to see what you want to continue to do, what you need to change and what you should stop doing. It’s always helpful when juggling the demands of work and study to have that insight!
What are the benefits of self-marked mocks?
Once you have completed a mock and assessed your own work, you have a better understanding of where the problem areas lie. This helps you to target any questions that you have to your course tutor. On a First Intuition course, you can send questions to your tutor by email or address any problem areas directly on a call.
Not only that, think how good you’ll feel when you see that there are things that you were able to do this time, which you couldn’t do last time. Often, it’s hard to see how far you’ve come if you don’t reflect on your own performance.
Put yourself in the marker’s shoes
Finally, self-marking your mocks allows you to understand how markers view your work. If you can’t follow your workings or struggle with the structure of a written response, this can guide your next attempt. Whilst it may have made perfect sense in your head, often thoughts get lost in translation along the way. Marking an answer yourself gives you greater insight into what a good answer layout should be.
AAT mock assessments and resources are available for AAT level 2, 3 and 4 units. Online mocks offer the opportunity to attempt a full mock exam with model answers and detailed explanations.
If you’ve bought our AAT Online or Online Live package then these mocks are already included.
ACCA students who sit two mock exams as part of their exam preparation are 45% more likely to pass the real thing. You can purchase a self marked mock, or a marked mock via the website to aid your revision.
The AAT Indirect Tax unit on AQ2016 was one that students did well on, in fact in the latest set of AAT national pass rates it had the second highest pass rates at level 3 at 82.9%.
On Q2022, Indirect Tax was replaced with the Tax Processes for Businesses unit. The pass rate for this unit, however, has dropped dramatically to 52.9%. The main difference between Indirect Tax and Tax Processes for Businesses is the addition of Payroll. This has been highlighted in the interim Examiner’s report as being an area where students are struggling.
Those who know me are aware that I am a massive fan of tax! I believe that payroll is a great addition to the qualification. After all, no matter what you do for a living you will pay tax and understanding this, benefits everyone.
Calculations
There are several calculations students may be asked to make, for example, calculating the wages cost to the employer. This is not as simple as adding up what the employees get paid. If an employer offers someone a job paying £25,000 it will cost the employer more than this, as the employer will also have to pay employer pension contributions and employer National Insurance contribution.
Note that you will not have to calculate these figures as this will come in later at level 4, but you will need to know what to add or what not to add. There is one additional part to this calculation which, in my experience, catches many out and that is: the employment allowance. This is an allowance the government introduced to reduce the cost of taking on your first employee. Students may be given a figure for the employment allowance and they will need to know to take this off the cost of wages to the employer as well as the amount owing to HMRC.
Another figure students might need to calculate is the employee’s net pay, which is probably the figure most students are interested in! Students need to know which deductions are to be taken off a person’s gross salary to leave them with their net pay. They also need to know which are compulsory and which are voluntary. Employees have to pay income tax (PAYE) and they will also have to pay their own National Insurance Contributions, their own pension contributions and may have to make student loan repayments. Employees may also choose to make charitable donations under payroll, repayments to a loan they have taken out from their employer and maybe the payment of trade union fees. Once these are all taken off the employee’s gross salary, it will leave the employee with their net salary, i.e. the amount they receive in their bank to spend.
Reference material
One thing that has not changed in Tax Processes for Businesses from Indirect Tax is the availability of a large amount of information in the reference material. This is information that you will have access to in the exam. Therefore, make yourself familiar with it but you do not need to spend too much time on it as the information is available in the exam.
An example of this is Task 8 in the first AAT sample assessment. Here you are asked what date the payment to HMRC should be made and you can see under section 23 of the reference material it should be made on the 22nd. A simple case of just looking the date up in the reference material saves time and avoids losing easy marks! Likewise, with penalties for late submission/payment, you do not need to learn these, just be aware they are in the reference material.
Full Payment Summary (FPS) and Employment Payment Summary (EPS)
Something that is mentioned in the reference material that students do need to know more about than is covered, is the difference between a Full Payment Summary (FPS) and an Employment Payment Summary (EPS). If you pay anyone in the payment period you MUST submit an FPS at the same time as, or before, you pay your staff. This informs HMRC who you are paying, how much they are being paid and how much in the way of deductions you are taking off them.
You only need to submit an EPS if there is anything out of the ordinary. For example, you are not paying anyone in that payment period, you want to reclaim some statutory payments such as maternity or paternity pay, or you are claiming back the employment allowance.
Practice, Practice, Practice
Another thing that has not changed from AQ2016 to Q2022 is that if you want to maximise your chances of success in this exam, the best thing you can do is attempt exam standard questions in the form of mock exams. When you do mock exams for this unit, you should do them with the reference material to hand as this same information will be available on the big day. The more you practice, the more likely you are to pass the exam.
For more news and exclusive tips from First Intuition, visit FI Hub.
FI Chelmsford Accountancy Academy will return to our centre in 2024. This FREE event is open to anyone from year 11-13 with an interest in this industry. If you’re considering a career in finance or accountancy or are just curious about whether this industry is a good fit for you, then these two days will help you to make up your mind. You’ll find out more about routes into this industry, what accountants do, meet employers, and get CV and interview tips.
Dates for our Accountancy Summer School 2024
The event will run on the 10th and 11th of July from09.30 am to 3.30 pm.
The format for the two days will look like this:
DAY ONE
Introduction to Accountancy
Routes into Accountancy
What does an Accountant do (with practical tasks)
DAY TWO
Interview Skills
CV Surgery
Employer Q&A Forum (with local employers)
All sessions will take place in our centre:
5th Floor Halford House
Coval Lane
Chelmsford
Essex
CM1 1TD
Why should I attend Accountancy Summer School 2024?
Students attending will get a really clear idea about whether this is a career that might suit them and how they can get started. Equally some students will make up their minds that this is not a route for them. We believe by demonstrating what the industry is about and explaining the roles that are available give attendees a greater understanding to help them make choices about their next steps. We’ll cover both post-school and university routes and will also explain more about apprenticeships in this industry. To read more about what our Accountancy Academy will cover, please take a look at this article of how our 2023 event went.
What is the application process?
Register interest with FI (via emailing shellytweed@fi.co.uk or at a school event)
Complete the online registration form to reserve your space
Confirm your space using the electronic booking form we will send out, 4-6 weeks before the event
Neurodiversity refers to the difference ways that the human brain functions. This can affect the way in which we think and learn. ADHD, Autism, Dyspraxia, and Dyslexia all fall within the spectrum of “Neurodiversity” and are all neurodiverse conditions.
Support at FI
Please tell us as soon as you can if you believe that you may be neurodiverse. By letting us know this we can design a study programme which is personal to you and put support in place to help you succeed. If you have previously had support at school or university, we can extend this into your study programme.
The support which we provide will be very much tailored to what you tell us will help you. If you are not sure what will help we can explore this with you. Some ideas are:
More regular contact to help you stay up to date
Helping you to plan your studies
Support with written assignments
Tutor support
Extra time in exams
A scribe or reader in exams
Coloured paper or filters
Advanced access to notes
Access to a specialist counsellor who can support learners with your condition
Cognassist tips
Funding for assistive software if needed
Assessments
We will invite you to complete a Cognassist assessment when you sign up for an apprenticeship. This analyses 8 areas of neurodiversity. It will not diagnose conditions such as dyslexia but may identify areas where you need some support. If so, we can discuss with you what support is needed and make sure that this is in place. The report scores you on each area so you can see what your strengths and weaker areas are and plan your approach to your studies and work around this. In some cases we may be able to help by signposting further assessments and potentially with funding.
Telling your employer
We understand that some people may not want their employer to know about a condition, and we can still support you even if you do not want your employer to know. We will preserve your confidentiality. However, we would encourage you to share details with your employer as most employers are keen to help and are able to make small adjustments which allow you to shine. We are happy to support you with this and signpost your employer to information to support you.
Be proud of your neurodiversity
It is important to recognise that your neurodiversity is your superpower. History is full of very successful scientists, artists and creators who identified as neuro divergent. Companies are increasingly recognising this, Ernst & Young have recently launched a Neurodiverse Centre of Excellence, recognising that neurodiversity drives innovation.
The trick is in recognising that workplaces are usually designed for neuro typical people. In asking for a few adjustments you are asking to level up the playing field. Small changes can allow you to unlock your future career.
I have always felt that I found some things harder than others. Despite being very committed, I struggled to get down to study and usually underachieved in exams. I could never focus on a lecture. My mind would wonder and would often “wake up” to realise I had missed an important point.
In my working life I wanted to be the person who sat quietly and listened before sharing my carefully considered (and extremely important) view point, but I could never cultivate this quiet thoughtful persona.
As a result, I always felt like I was trying to prove something to the world. This caused me stress and anxiety making life just that bit harder every day. Covid was the turning point for me. My tried and accepted “fixes” were no longer as effective as they were. It took me a while to work out new coping mechanisms. When the business moved to Teams and its multitude of sub groups, chats and alerts were added to everyday email, my mind was blown by the utter chaos of it all.
The journey
There have been a lot of celebrities who have been diagnosed with ADHD well into their working lives. Gradually, I realised that I had struggled with a lot of the symptoms of ADHD despite being well into my second, (or maybe third career). Here is an assortment of the symptoms which persuaded me to seek a diagnosis following my own research.
Time is a flexible concept to me. Two minutes to finish a task can quickly become an hour. This means I am frequently late, and my diary events run into each other. I am then scheduled to be in 3 places at once.
As a solicitor, and then a tax accountant, I was terrible at organising my work to meet deadlines. I would achieve this but by working long hours, often clocking up 60-70 hour weeks to do it.
I found others struggled to follow my chain of thought. My family would joke about what it must be like inside my head!
A slightly odd one which ironically for me was the catalyst to seeking a diagnosis. I can never watch a film to the end. (I usually fall asleep if I am forced to focus on just one thing) and I don’t easily recognise different characters. There is a reason why the good guys used to wear white in old films and the baddies dark colours!) This has long been a family joke – I often need plots explaining to me, and my family have fun making up ridiculous endings to many films for their own entertainment.
I felt like everyone was judging me as a failure for all of the little things that I am not good at. ADHD seemed to explain some of the quirks which I had tried to hide.
Seeking a diagnoses
There is an initial pre-screening test of 6 questions which gives you an idea of whether it is worth pursuing a full diagnosis. Adult ADHD self screen tool. I scored 5/6 so decided to pursue it.
Last year, I sought out a diagnosis. It is quite a long process and felt quite painful. It does force you to focus on what you may not have done well during your childhood and as an adult. For me this triggered lots of negative thoughts which took me a while to process.
So what?
To answer, I need to think about what has changed as a result of my diagnosis. I could have sought out medication, but I have chosen not to do so yet.
I am now more aware of the areas where I struggle, and I can take steps to manage them better. For me this includes;
Diary management – if possible, I ask people to send diary invitations to me, rather than the other way around. I tend to enter the wrong details.
Emails – I avoid replying to emails on the hoof, even though this is my natural inclination. This avoids accidental and impulsive replies.
Being open in meetings about what works for me and trying to use the reaction buttons rather than just jump in on calls. This means I can avoid being seen as rude if I appear too enthusiastic but also I do still get to share my ideas.
Asking people around me to support me – sometimes just asking someone to remind me about a meeting makes a difference.
I am also aware that on some days I really need to take time out to allow my brain to relax before I can work effectively. On these days the dog may be treated to a bonus walk.
The biggest change for me has been that I am now kinder to myself. It seems easier to admit that some things are not my forte. These are not things which I can change about myself. Instead, I am looking for work arounds to help make those tricky areas a bit easier to manage.
I have also allowed myself to recognise that my ADHD has brought some benefits to my working life. Without it I would not have been able to grasp new opportunities to the same extent or to throw myself wholeheartedly into new projects and challenge the status quo. My crazy chaotic brain is able to throw up some wonderful solutions and ideas!
I read a lot of books following my diagnosis and found some of them quite negative. (ADHD 2.0 by Edward M Hallowell MD and John J Ratey M.D.) has a wonderful chapter where it runs through all of the superpowers of ADHD. It does warn of where these could become a little too much to a neuro typical person who – let’s face it – just cannot keep up! Sometimes on a bad day I remind myself of the benefits these superpowers have bought to my life rather than focus on the negatives.
If you think you may have ADHD, please think about seeking a diagnosis. If this isn’t an option for you have a chat with your coach and read around the topic. What is important is what steps you can take to create an environment which allows you to shine. It is also important that you are able to recognise your own strengths (as well as the weaknesses) and be kind to yourself.
As of the 1st of August 2023, the Education and Skills Funding Agency (ESFA) has updated the Level 3 Apprenticeship Standard. Funding bands have been revised and increased from £8,000 to £12,000 to reflect new content, increased costs of delivery and mandating of the AAT qualification for Level 3 apprenticeships. This applies to both levy and non-levy employers.
The mandating of the AAT qualification means that the additional costs below are now included in the apprenticeship price:
Student registration fee for level 3. (AAT no longer has a registration and membership fee for Q2022, it is all one registration fee for the qualification which should all be included in the funding)
Exam fees for the first sitting of each module
All costs associated with the delivery of the qualification (materials and training)
All costs associated with the exams (admin fees)
The cost of one mandatory resit exam
The increase to the AAT Level 3 Diploma in Accounting funding band is a big step forward in the right direction for training providers to continue to be able to deliver quality apprenticeships. Until this change, apprenticeship funding bands remained the same as when they were first set, despite substantial increases in the costs of delivering apprenticeships through rising salaries and operational costs.
The increase to the Level 3 funding band follows a change made by the government earlier in the year that saw the removal of the ‘cap on ten’ non-levy reservations for apprenticeships. This means non-levy employers are no longer limited to a maximum of ten new apprenticeship starts and can take advantage of hiring as many new staff as their business requires.
FAQs
The start date of the new standard mandatory
1 August 2023
What has changed?
Inclusion of duties in the standard
Updated KSBs
Mandated qualification
New EPA assessment plan
New funding band
What qualifications can be used?
AAT Level 3 Diploma in Accounting
Must be passed (and results achieved) before gateway
Which EPAOs are available to use?
Currently, only AAT is confirmed. Drafts of their EPA specification and resources are to be available on 1 August 2023
Any considerations for the order of units?
If BUAW is left until last this is an assessment with human-marked elements and a 6-week wait until results, so if this is the last unit at the level before gateway it could delay gateway. Ideally, this shouldn’t be the last unit in the apprenticeship plan
How much is the funding band?
£12,000
What costs are to be included in the funding for the mandated qualification?
Student registration fee for Level 3. (AAT no longer has a registration and membership fee for Q2022, it is all one registration fee for the qualification which should all be included in the funding)
Exam fees for the first sitting of each module
All costs associated with the delivery of the qualification (materials and training)
All costs associated with the exams (admin fees)
The cost of one mandatory resit exam
How do we deal with resit costs?
This will possibly depend on the result of the clarification but is likely to be a price change (ideally one price change at the end if required)
Assessment method 2 – professional discussion underpinned by a portfolio (fail, pass, distinction) 50%
If one part is failed there are 6 months to resit this part
What is the overall grading?
Fail, pass, merit, distinction
Is there still a portfolio?
Yes – but there are some changes, it must be completed before the gateway
What should the portfolio contain?
Typically 10 discrete pieces of evidence
Mapped against KSBs
Evidence can include:
workplace product evidence such as spreadsheets, working papers, email communications, meeting minutes, timesheets, screenshots of accounting dashboards and data analytics etc
appraisal and 1-2-1 objective setting,
job-related certificates
completed observation checklist and related action plans
worksheets, assignment projects and reports
record of any formal discussions
peer feedback
IMPORTANT NOTE: Portfolio should NOT include reflective accounts or any methods of assessment. Employer contributions should be by observations, not opinion
The portfolio is not assessed but must be full and complete, it will not gain an assessment mark or feedback
What is the knowledge test?
40 MCQ’s over 4 themes. Computer-based with a maximum of 25% multiple-choice questions where there is one correct answer and 3 plausible distractors and a combination of calculation-based questions, multiple mark short questions for example drag and drop, pick list etc, there will be no extended writing and all are computer marked
Themes
Professional standards and ethics
Digital and data security
Financial investigation and queries
Financial statements and Bookkeeping
90 minutes assessment with an additional 60 minutes for preparation and reflection so 150 minutes in total
Open book but no access to the internet
70% pass rate (35/40 to get distinction)
Scenarios provided
Any challenges to consider with the knowledge-based test?
Open-book and flexible time
Allow enough space
Could require a separate session from other exams so as not to distract others
What will the professional discussion structure be?
60 minutes (+/-10%)
10 questions from a question bank (unseen)
Video conference discussion
Can learners transition to the new standard?
Yes as long as they have at least 6 months left on programme pre-gateway and in total at least 12 months
Will be required to meet new KSB’s and EPA
Will remain on previous funding band (£8k)
Agreement between learner, employer and TP
Must be fully aware of differences and learning must meet new standard version
Updates to the apprenticeship agreement and training plan
What happens to those who are on a BIL?
They can choose to remain on the old version of the standard or transition to the new
Accountancy training firm First Intuition has released the findings from its most recent salary survey for accountancy employers. The Accountancy Salary Guide collected data from First Intuition’s clients in May 2023 and monitors average salaries paid to trainees and qualified accountants in East Anglia. Additionally, the guide highlights preferred rewards and benefits, as well as insights into recruitment and retention trends.
Key findings from the 2023 Accountancy Salary Guide include:
East Anglia has seen an average salary increase of 6% across all levels of accounting since 2022
95% of employers plan to increase their salaries over the next 12 months
70% of employers are finding it difficult to recruit new staff, this compares to 64% in 2022
23% of employers are finding it difficult to retain new staff, this compares to 29% in 2022
Accountants working in Industry are paid 9% more than those in Practice
The Public Sector has seen an 8% increase in salaries from 2022 to 2023
42% of employers expect to increase recruitment levels between May 2023 and May 2024
39% of employers are currently recruiting for Junior/ Assistant Manager roles
38% of employers are finding it difficult to recruit First-year Trainee accountants, this has increased from 17% in 2022
70% of employers offer staff hybrid working arrangements as a method to retain staff, compared to 18% in 2021
Average salaries
The findings indicate that average salaries in the accountancy sector have risen by an average of 6% across East Anglia since 2022. Among the regions surveyed, Chelmsford stands out as experiencing the highest percentage change in average salary, with an impressive 18% increase. The job level that has seen the most significant pay increase is Newly Qualified AAT staff, who have seen their salary grow by 11%. Furthermore, the majority of employers (95%) have expressed their intention to further raise salaries over the next 12 months, anticipating continued salary growth in 2023.
Recruitment
In 2023, a significant number of accountancy employers (70%) reported challenges in recruiting staff, compared to 64% in 2022. More employers in Practice are finding it hard to recruit (80%) compared to those in Industry (50%). This suggests a growing challenge for employers in recruiting qualified staff.
The difficulties in recruitment could be partly attributed to employers not effectively reaching potential candidates. This is evident in the disparity between where employers advertise job vacancies and where students typically search for them. Moreover, 38% of employers said they were facing challenges in recruiting first-year trainees, a significant increase from 17% in 2022, further indicating that young adults starting their careers in accountancy are harder for employers to find.
Retention
Despite this, only 23% of respondents said they were finding it difficult to retain staff in 2023, this compares to 29% who said the same in 2022. These findings suggest that employers are experiencing a comparatively easier time in retaining their workforce compared to the previous year.
First Intuition Chief Executive Gareth John comments:
“I am proud of the engagement and feedback we receive from employers to produce such an extremely valuable report. Every year employers eagerly await its publishing and I receive numerous positive comments from clients about how useful they find both the data and the insight at a time when they are especially keen to get their salary and benefit offerings right.”
“Nathaniel is a highly conscientious individual who does not meet expectations, he exceeds them.
Throughout my AAT journey I can think of no one more helpful and readily available to guide me through problems, no matter how big or small. As a tutor, Nathaniel finds time for his tutees whether that is helping them, motivating them or just being there for them during moments of academic panic. Nathaniel really is the full package as far as tutors go and has been instrumental to my success at Level 4.”
– Rhys Barker
“Yes, I am paying more than I would have done under my previous course provider but from everything I have seen so far (alongside having Ian as a tutor), it’s worth every penny to me.“
– Martin Hutchings
“Thank you for all your support; It has been an amazing experience, and my gratitude goes out to you. I have a new avenue of opportunities ahead of me, and my confidence has excelled more than ever! Your dedication to tutoring me long distance is nothing short of inspiring. You’ve been extremely patient with my late-night emails asking for feedback and mock exams submitted the day before the actual exam. You have always been prompt and constructive in your feedback, and I appreciate the countless hours you have committed to me.
I sometimes forget the achievement of completing the AAT. It was a difficult and long journey. Whilst going through personal issues, I worked full-time and studied part-time, trying to keep a social life. But I recall how excited I felt every time I managed to pass an exam.”
– Adrian Zabicki
“I have just finished AAT level 4 with FI and I just wanted to say how amazing I have found them throughout. I did level 2 & 3 with another provider and had very minimal contact with my tutor. I found FI to be worlds apart. So many resources and always someone to get back to you so quickly so you aren’t left stuck on something. My tutor, Phil, has been soo useful throughout! I did the evening classes and honestly think the course would have taken me so much longer without the structure and guidance of those.
Thank you so much to everyone at FI that helped me.”
– Megan Parry
“I have used First Intuition for level 3 & 4 AAT, passing all exams first time. I could not be happier with the level of service provided, I have reached out with many questions and have always received a prompt, detailed and understanding reply. Not only has my allocated tutor supported me through each unit but the wider team at FI have also been a great help.
I have found the revision books and videos to be more than needed to pass each exam but where I have struggled on topics, more material was also provided for me.
I would not consider anyone else for my future learning.
Thank you for getting me through the difficulties of studying.”
– Jake Douglas
“I have recently completed AAT level 4 with you. I emailed my tutor Phil to thank him for all that he has done to help and Phil asked me to email you with some feedback on how I found the course.
I would highly recommend First Intuition to anyone wanting to study accountancy. I found the material very good and the live lessons were fantastic. I had a different tutor for each unit and I have to say all the tutors I met were amazing. They were all extremely helpful and explained everything very clearly.
When doing each unit I received timely feedback for my work. The comments made by the tutors were always clear and helped me to develop the knowledge/skills that I needed to pass all the exams.”
– Keith Ireland
“I completed my level 4 with first intuition last year and my fiancé and I have started our own business and we just gained our 25th Limited company client today.
It super rare that someone who founded and runs a company responds to emails like mine over a small purchase so quickly and effectively. You lead by example.
I love seeing how many awards you guys win and I am happy we chose you.”
– John Nobel
“I cannot honestly start to tell you how easy all the staff have made my studies and how helpful every member of staff that I have come into contact with is! I have been given all of the best information to make the best choices for my study which I can do at totally my own pace! After having some personal difficulties that meant my study was finished, I was slightly apprehensive coming but the shere warmth I was met with was incredible!
Just wanted to let you know and I will be completing my AAT and then onto ACCA with yourselves!”
For more news and exclusive tips from First Intuition, visit FI Hub.
Our Summer School is held in our Chelmsford centre over 2 days. This year it was held on the 12th and 13th of July. We had a total of 68 students attend, our greatest attendance to date! Both days included practical and written tasks.
DAY ONE:
Accountancy Introduction – Our amazing tutors Ian and Becky worked with the students help them construct a clear understanding of what accountancy entails.
Icebreaker – Everyone split into groups, creating the best tower they could from spaghetti and marshmallows working on their team building skills.
Routes into Accountancy
What does an Accountant do – Teams worked on creating presentations to feedback to the rest of the room.
DAY TWO:
CV Surgery – Olly Smith from Success Recruit presented all things CV related to the students. This included what to write to formatting techniques.
Applying for Apprenticeships Tips – David Malthouse explained about what apprenticeships are, the benefits and how to apply for them.
Mock Interviews and Skills– Members of the FI Chelmsford team interviewed each attendee, going through their CV, helping with what could be improved and asking competency-based questions.
Employer Q&A Forum – We invited local employers in to take part in a panel so that the students could ask industry related questions, getting a better understanding of the roles you can get into.
What did our attendees say about this year’s event?
We are always delighted to receive feedback from the students about their experience of attending for Summer School. Here is some feedback that we received from the sessions:
Summer School has encouraged me to do accountancy, as a result I now like the idea of partaking in university at the same time as a job (apprenticeship) which I didn’t know I could do.’
‘Summer School has definitely encouraged me to apply to accountancy apprenticeships and has confirmed that it is something I am interested in for my career.’
‘This has made me more confident that I want a career in accounting.’
‘It has opened my eyes to different careers in the financial sector.’
‘It has given me much more useful information to help me consider my options going forward. I know a lot more about apprenticeships and how it would feel to study on a course like this.’
Join us next year
We are delighted that our Accountancy Summer School will be taking place in 2024. If you would like to register your interest, please contact stweed@fi.co.uk
Situated in the heart of Crawley, our new centre provides a convenient and easily accessible location for aspiring accountants to embark on their ICAEW (Institute of Chartered Accountants in England and Wales) journey as either a commercial course or under an apprenticeship programme. With a team of expert tutors, First Intuition Gatwick aims to deliver high-quality education and prepare students for success in their exams.
The opening of First Intuition Gatwick reflects our commitment to expanding our reach and delivering exceptional training opportunities to aspiring accountants. We believe that by establishing a presence in West Sussex, we can contribute to the growth and development of the local accountancy community.
To view our timetables and find out more, click the below icon.
ICAEW Apprenticeship Programmes at First Intuition Gatwick
At First Intuition Gatwick, we are pleased to be offering ICAEW CFAB Level 4 Accounting Technician and ICAEW Level 7 Professional Accountant apprenticeship programmes.
ICAEW CFAB Level 4 Accounting Technician–
This apprenticeship programme builds the foundations for future development in the world of accountancy. The programme will help students to develop all the skills they will need for work in a modern environment.
In addition to this, our level 4 qualification will equip students with all the necessary technical knowledge as it embeds the ICAEW CFAB professional qualification as part of the apprenticeship programme.
ICAEW Level 7 Professional Accountant Apprenticeship–
Equivalent to a Master’s degree, the Level 7 apprenticeship offers a programme which will develop the business leaders of the future. The programme aligns with the globally recognised professional accountancy ACA qualification, as well as providing structured support and guidance for the wider development of each apprentice’s skills and behaviours.
The duration of the Level 7 Accounting and Taxation Professional Apprenticeship will typically be 36 months. The minimum duration on programme before an apprentice can take the end-point assessment is 12 months.
Ready to find out more? Contact us at First Intuition Gatwick.
At First Intuition, our team is always ready to help our students in every way they can.
If you have any questions about our courses at FI Gatwick, please email us at gatwick@fi.co.uk or call 01622 755100.
FREE AAT Revision Sessions With Our Expert Tutors! (Open to all!)
To help with AAT assessments our team of highly experienced tutors have put together a range of FREE online revision programmes. These short 30 Minute sessions will run on a weekly basis and cover many of the Level 2, 3 and 4 papers. These sessions are free and each one is standalone. If you are unable to attend one of the sessions it does not stop you from attending another one.
Student Webinar Events! (Open to all!)
We appreciate that many of you may have questions about your qualifications, exams, and a host of other topics. In order to answer these, First Intuition will be hosting regular webinars via Zoom which cover news from the Accountancy Bodies, study tips, and interviews with industry experts. Student webinars will take place on Wednesday evenings between 6 pm and 7 pm. If you would like to join one of our zoom sessions, please use the link below to register.
How do I claim my reward?
After you have recommended FI to your friend and they have booked their first classroom course, it’s time to collect your well-deserved reward! To recommend your friend, simply download and fill in the form by clicking the button below. We’ll collect your details and the details of the friend you’ve referred to FI. You can return the form via email to northwest@fi.co.uk. Then, a member of the team will be in touch to process your reward.
Don’t forget to ask your friend to include your name on their course booking form, under the “How did you hear about us?” section.
Who can refer a friend?
Any current or alumni student of FI Manchester can recommend a friend to study at FI. Once your friend has booked their first Classroom course at either the Manchester or Liverpool study centre, you will be able to claim your reward.
Refer a friend T’s and C’s
The refer a friend scheme does not apply to students from clients that receive a corporate discount.
For commercial bookings referrals, payment can only be made when the course payment is received in full for the student being referred.
For Apprentice bookings, payment can only be made upon successful enrolment onto the apprenticeship. The reward can only be paid to the student who has referred the apprentice.
Excludes mock day only bookings, and FI Online and Online Live courses.
It must be the referred student’s first classroom course booking.
The referred student must have put your name on the course booking form.
All potential rewards must be claimed by the referrer within 6 months of the referred student registering with FI Manchester/Liverpool for a classroom course. After this point, any claim will be deemed invalid.
Here are some questions to ask yourself (and if the answers are no, maybe it’s time to switch accountancy training providers!)
Does your current accountancy training provider offer you dedicated personal support?
We fully understand that accountancy training programmes can be demanding, so it’s important to have the right levels of support on offer to you and your staff. A dedicated client partner who is available to support all your apprenticeship needs is a must!
At First Intuition, we offer just that! The client partner will help with all the administration of your apprenticeship programme. Tracking students’ progress, provision of timely student reports and helping with recruitment!
All learners on our apprenticeship programmes are also provided with a Skills Coach to monitor the learner’s progress and have access to unlimited tutor support throughout their studies. To ensure every learner and business gets the right support, tutors can be reached out-of-hours for the ultimate peace of mind.
Are the tutors qualified accountants?
It’s always important to check the qualifications of your tutors. It is, after all, them who will be training your staff. You want them to be qualified, knowledgeable and experienced, to help your team achieve excellent results.
First Intuition’s tutors are qualified chartered accountants and have at least a Level 3 teaching qualification. In fact, we’re all so passionate about teaching, all of our Directors still teach courses!
Do they provide additional skills?
I believe training courses should encourage interaction, giving learners added confidence and additional skills that they can transfer into the workplace.
At First Intuition, we provide an Impact Skills Programme (ISP) that is unique in the market. The aim is to enhance students’ performance by developing the correct set of skills and behaviours.
Our programme offers an opportunity to practise key business skills, such as excel skills, teamwork, communication, delegation and coaching, in a safe environment. We also have a learning platform packed with resources to support apprentices and develop their skills. Training apprentices for careers not just the job!
Are they well-reviewed?
If you are unsure whether your accountancy training provider is all they’ve cracked up to be, it’s worth checking their Ofsted ratings and other customer reviews.
We also work hard to develop close relationships with our clients. Here’s what one of our clients, Rachel Harris, Director and Owner of Strivex recently said: “Regardless of the student, qualification or timing, First Intuition has always over delivered.”
Do they provide bespoke training programmes?
Often a one-size-fits-all approach doesn’t really work when it comes to learning, as everyone and every business is different. At the end of the day, we sell a service, and that service needs to solve the problems of the local market, which can be very unique problems.
We always work closely with employers to create bespoke programmes, which help solve these problems and meet learner and employer needs.
Do they offer virtual and in-person training?
Many businesses are now opting for a more flexible approach to learning and find virtual teaching really effective.
At First Intuition, we provide both online and classroom-based teaching. Our students still really value in-person learning, and the feedback we receive really highlights this. However, we also offer virtual classrooms, which give students the opportunity to watch the lectures live via Zoom and interact with the tutor and the class both verbally and via polls and quizzes. This study mode provides flexibility where attending in-centre isn’t possible, with the benefits of instant support and a structured timetable.
Are they providing you with tea and coffee?
OK, compared to some of the other points this may not be so high up the list. Actually, scrap that, who doesn’t appreciate a good brew!
The environment we create at First Intuition actually goes beyond that. As well as providing complimentary tea, filter coffee, fruit and snacks for students, we like to think we’ve created a relaxed, team atmosphere. There are no executive offices – everyone works together in dedicated spaces right next to our student breakout areas, so we’re always available. You’ll also find our centres have comfortable classrooms with ample space, dedicated free Wi-Fi and a student common room area. What more could you want?
If you are looking to change accountancy training providers, contact your local support team to find out more about our accountancy courses and how we can help your business.
First Intuition Think Tank (FITT) Forums
First Intuition’s Think Tank Forums started during the pandemic as a way to keep clients up to date with the ever-changing situation and how it was impacting the accountancy and finance industry. Today, these forums are still informing employers on the latest and relevant accountancy and finance industry news. The sessions offer views, experiences, and advice/ tips from expert speakers on a range of topics that are currently affecting businesses.
Below you will find summaries and recordings of previous sessions in 2023.
How to make the most of National Apprenticeship Week 2024
National Apprenticeship Week (NAW) is being held from 5th to 11th February 2024 and will be a major focal point in next year’s calendar for anyone involved in recruiting and training apprentices. In the last couple of years, NAW has got bigger and louder, and with UCAS recently launching their new Apprenticeship Service it is only likely to have even more traction in 2024.
As employers increasingly find it difficult to get in front of young adults entering the workplace, it is important for them to plan for how they can best engage with potential candidates during NAW, or alternatively, how best to use the week to raise awareness about the value of apprenticeships to help others. Here are some of the key activities businesses can be doing to maximise impact during NAW.
Accountancy Apprenticeships: The Past, Present and Future
Apprenticeships continue to have a revolutionary impact on the way young accountants enter the sector. They offer a multitude of benefits for the employers who train their staff with them and the students training on them.
This session explored the way apprenticeships have changed over the last few years, what intake patterns have emerged in 2023, and what further changes we can expect to see in the next year or two. Expert speakers discussed:
Past: how apprenticeships have impacted the way that entry-level trainee accountants are recruited, supported and developed
Present: up-to-date insight into the most recent intakes across the different apprenticeship levels relevant to accountancy
Future: what the coming months might look like from a funding and policy perspective with a looming general election
Creating an Individualistic Approach to Recruit and Retain Staff
Many employers are finding that they have to take a more personalised, tailored and individualised approach to each candidate during recruitment and to each member of staff once onboarded to ensure they remain satisfied in their roles.
This session explored some of the ways individualisation can effectively and efficiently be put into place during the recruitment process and once employees are in a role. Expert speakers discussed:
Individualisation in recruitment; communicating and interacting with candidates through the recruitment process from initial engagement to interview/ assessment to offer/acceptance to the pre-start period
Individualisation in managing staff to improve retention and motivation; delegation, managing, monitoring, training, salary and benefits, career planning and progression
Where Technologies in Accountancy are Now and Where they are Heading Next
As new technologies like AI, Power BI and data analytics tools continue to develop, it is essential that businesses stay on top of changes, those that don’t risk becoming uncompetitive and out of touch.
This session explored the rapidly evolving landscape of technologies in accountancy, including the latest trends, challenges, and opportunities in the realm of financial technology. Louisa Matheson, Digital Programme Manager at First Intuition, hosted a discussion with expert speakers currently implementing and using these new technologies, covering topics on:
Software Evolution: Is Microsoft Excel still the cornerstone of financial analysis, or are there alternatives we should be embracing?
Data Analytics Strategy: The strategies to embrace and harness data analytics, including best practices and considerations to address
The AI Revolution: The real impact of AI on the sector, including what is changing and where AI can aid our business
Engaging with and Recruiting Young Adults and Understanding Their Mindset
Staff resourcing remains a key issue for businesses, with many finding it particularly hard to engage with young adults who are fresh out of school and college. This means a lot of businesses do not have a reliable stream of fresh talent at a junior level, whilst many young adults are also struggling to get into the job market.
This session looked at some recent research into the rapid changes in ‘what makes young adults tick’. As well as considering how employers need to change their Employer Value Proposition to appeal to individuals currently leaving education. The session also gave tips on how to grab the attention of prospective candidates, how to attract them to your brand, and what to expect from them in the recruitment and assessment process.
We heard from expert speakers as they discussed:
The mindset of young adults including any research/reports into what motivates them – how employers need to change their Employer Value Proposition
Engaging with young adults and grabbing their attention and attracting them to your brand
What to expect from young adults in your recruitment and assessment process
Preparing and Onboarding Young Adults
Due to a large number of vacancies in the current job market, some employers are finding they are losing candidates to other roles during the onboarding process. It is therefore critical that employers regularly and effectively engage with their new cohort from job offer through to their first day.
This session explored strategies for maximising the impact of the ‘pre-start’ period to avoid losing successful candidates to other job opportunities. As well as what employers can expect from young adults when they first enter the workplace, and how to successfully onboard and engage them in their early weeks of employment.
The session was made up of two different topics:
Preparing young adults for starting in their first professional workplace
Onboarding young adults
Motivating and Retaining Young Adults
How employers motivate and retain young adults is changing as new generations of staff enter the workplace. This is because the values and expectations of this age group are different from what they have been to previous generations. Employers need to adapt to these changes in order to successfully attract, motivate, and retain young staff.
This session looked at the different motivators for the newest generation of workplace cohorts and what employers can do to maximise commitment from new joiners to encourage retention.
The session was made up of two different topics:
Motivating young adults
Retaining young adults
Connecting with Young Adults for your 2024 Talent Pipeline
Employers are finding it more and more difficult to get in front of potential entry-level recruits. This is because young adults are not always made aware of the opportunities available to them if they decide not to go to University. However, there are things employers can do to widen the reach of their recruitment away from traditional pathways.
We heard from expert speakers as they discussed:
How employers can widen the reach of their entry-level recruitment
New candidate marketing avenues available to employers
How to keep up-to-date with where young adults are likely to be searching for roles
Their latest insight into what young adults are looking for when choosing an employer
FITT Forum Archive
You can find a full archive of valuable insight from previous First Intuition Think Tank forums below. Many of the discussions are every bit as relevant now.
Employers are finding it more and more difficult to get in front of potential entry-level recruits. This is because young adults are not always made aware of the opportunities available to them if they decide not to go to University. However, there are things employers can do to widen the reach of their recruitment away from traditional pathways.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to talk about:
How employers can widen the reach of their entry-level recruitment
New candidate marketing avenues available to employers
How to keep up-to-date with where young adults are likely to be searching for roles
Their latest insight into what young adults are looking for when choosing an employer
The Careers and Enterprise Company work with schools, colleges and employers to help every young person find their best next step. They are a national body for careers and education and a local careers hub.
90% of secondary schools and colleges are a part of their careers hubs network
They work with schools in how they can support businesses, as well as with businesses for how they can support schools
Share practical digital tools and resources
Impact: Bringing educators and employers together through the Careers Hub
Inclusion: National data to measure provision, gather student feedback, and target support
Leadership: Training Careers and Education Leaders
The benefits of Cornerstone Employers:
Opportunity to inspire students and tell them about your industry, collaborate with other businesses, and fill skills gaps
Opportunity to come into schools and promote/ raise awareness about your sector/ industries students may not be so familiar with
Personal benefits for employers – give back to the community, meet new people, improve personal skills
Created for the engaged and career-driven student to go into depth on what it’s like to work in different sectors and discover which career path is right
Young Professionals work with brands and businesses who want to hire school leavers onto their apprenticeship programmes
Actively engaged with 4,500 schools and colleges across the UK
Pick 5-6 most engaged students from schools and colleges and put them into apprenticeship programmes
Supply an apprenticeship and school leaver job board
Offer information on where to apply to apprenticeship programmes
Offer school leaver events
Connect students and businesses with work experience opportunities – both in-face and virtual
Job support – apprenticeship advertising and recruiting
Create individual careers sites and creative content for employers to help engage with students
Their aim is to end educational inequality by giving all young people access to the same prestigious networks available to the top fee-paying schools in the UK
National charity
Empowering young people from state schools and colleges to find out more and provide them with opportunities to see what job opportunities are out there/ find out more about work
Offer talks from today’s influential figures via the Inspiration Programme about different industries/ sectors – encourage employers to get involved and talk to young adults
Speakers for Schools encourage work experience, linking state school students to industry-leading companies and networked support partners to help level the playing field for young people of all backgrounds
Employers can:
Offer students taster sessions for a short overview of different careers
In-person placements – invite young people to spend a few days on the job
Virtual work experience – host live and interactive online placements
Advertise job opportunities where young people can apply directly
Speakers for schools can help businesses tailor what they offer to the students they want to target
Aimed at 14-19yr olds
Particularly good for increasing employers’ reach to state schools and contributes to the talent pipeline piece
GetMyFirstJob and The Talent People were established to help companies access the talent they need, when they need it. They use a wide range of technologies to help candidates become better informed about the opportunities that are open to them so that when they start in a new role
Help to break down the existing barriers; from challenging the stereotyping of apprenticeships based on age, sector, gender or background to sharing the many new opportunities available to all through apprenticeships. Through this work, employers large and small can access better, more informed candidates who become the talent of the future
Offering an end to end recruitment service for employers in the industry
Key insights from their database include:
Up to 70% of candidates are using iPhones in their job hunt
50% of candidates have no CV
Renege rates at a record high
Some employers in accountancy are currently having problems recruiting but GetMyFirstJob is seeing that a lot of students want jobs in that space so there is clearly some disconnect between the two
A Gen Z recruitment and marketing company – the opportunity for employers to get in front of Gen Z talent
A job board for apprenticeships and other roles that are alternatives to going to University
Used to be a website and platform to advertise opportunities to students, now employers can have company profiles, and post job/work-related opportunities
Employers can pay for targeted campaigns, including targeted emails and social media posts which will get them in front of new audiences of young people
Not Going To Uni now also offer a creative arm, including an in-house content production team, NGTU ambassadors, and content creators who create content to help employers engage with Gen Z. These include a day in the life of videos, live streams, photography shoots, social media, videos and podcasts
UCAS is the most recognised brand in the education sector, with large brand trust and a huge student audience
UCAS has a network of 4,500 UCAS school and college advisors, 250,000 attendees at Discovery Events, 1.5 million new registrants on the UCAS Hub each year, and 60 million visits to the UCAS website
An independent charity that responds to what students want, as a result, UCAS has just introduced information on apprenticeships alongside university options, including vacancies and profiles, as a lot of students don’t know they can do an apprenticeship to lead to the job they want
Students aren’t always getting the information they need, teachers don’t always know how to help students through the apprenticeship pathway as they didn’t take it themselves
Less than half of students who apply for apprenticeships don’t have a positive experience doing so due to a lack of information, help, and support
UCAS is working to change the image of apprenticeships
The website now has a career finder/ apprenticeship search tool, presented next to undergraduate opportunities, taking away barriers for students to not know about apprenticeship opportunities
Employers can also pay for personalised and featured campaigns, including brand awareness and placement opportunities, through email campaigns, paid social media and ads, and sponsored social and live shows
UCAS host Discovery Exhibitions – face-to-face events for students where they can learn about different jobs, sectors, and industries and where employers can get in front of students (mostly year 12’s)
From 2024 there will be an application service for apprenticeships done with the Department of Education, including apprenticeships in the UCAS Hub and an apprenticeship application service
Their employer talent finder works with social mobility so employers can support students from more deprived backgrounds
Rise and Access Accountancy are programmes in partnership with the ICAEW that aims to widen engagement with schools
Schools are generally more sceptical and time-poor than Universities. There is no standard setup and operations are more fragmented, schools also demand more value from employers who are engaging with them
Employers need to take a flexible approach and fit their time around the school, demonstrate trust, focus on a longer-term relationship, bring in different expertise, and be thoughtful about who they need to reach – who is likely to already be aware of your industry and where to focus to widen talent pipeline and pool
Rise is a UK-wide initiative aimed at offering students, aged between 14 and 16 from low socio-economic backgrounds, an opportunity to participate and gain skills in the workplace
Work to equip the hardest-to-reach people with the skills they need to work – going to locations that don’t otherwise get employer engagement
Rise wants employers to get involved to have more coverage across the UK to help increase EDI and social mobility
Access Accountancy is a charity working towards everyone having an equal chance of accessing, and progressing within, the accountancy sector based on merit, not background
Currently involves 25 professional bodies and accountancy firms, supporting employers to be able to reach and support talent
Get involved as an employer; Access Accountancy offer data analysis and benchmarking about applications and who is progressing. They can identify what is needed and how things are performing
Events and working groups about how to help the recruitment process
Outreach – collective campaigns, lead generation, advice and guidance, promotion opportunities
Advocacy – wider engagement and collective impact
www.rise-initiative.co.uk and www.accessaccountancy.org
At First Intuition Chelmsford and Southend, we offer a FREE recruitment service to employers who are looking to recruit a new starter. We consult with the employer and then attract, screen, and advise on potential candidates. We are also in close contact with local schools through our work at careers evenings and our summer school. This puts us in a perfect position to match those looking to start or continue their accountancy careers with firms who are actively recruiting.
We have created this page to capture all the Essex Accountancy Apprenticeship Vacancies that we are currently assisting with. It will be updated regularly so it’s worth bookmarking this page to easily check for new vacancies.
All apprenticeship vacancies are listed on the Government’s Apprenticeship Website. This includes those listed above and many more. You can find more details about the vacancies listed by filtering by location. Use the button below to access the government’s website.
Level 2
At level 2, the Bookkeeping Transactions, Bookkeeping Controls and Elements of Costing units will give you exemptions from their equivalent units on AQ2022. However, the Synoptic and Using Accounting Software exams do not have any equivalent units on AQ2022. If you have passed the Bookkeeping Transactions, Bookkeeping Controls and Elements of Costing but not Foundation Synoptic and Using Accounting Software, you need to ask yourself are you more than confident that you will pass BOTH Foundation Synoptic and Using Accounting Software units by September. If you just pass Foundation Synoptic but not Using Accounting Software, you will lose your pass in Foundation Synoptic and will have wasted your time and money. Unless you are 100% sure you will pass both exams, then to be safe I would move over now on AQ2022 so there is no risk of losing any passes and you would just sit the new Business Environment unit instead.
Level 3
Level 3 is the most complicated. Advanced Bookkeeping and Final Accounts Preparation have been merged into the Financial Accounting: Preparing Financial Statements unit. Therefore, you need to have passed both units to get the exemption on AQ2022. If you have passed only one and have to move over onto AQ2022, you will lose that pass and you will need to sit the large Financial Accounting: Preparing Financial Statements unit on AQ2022. So if you have passed one, do all you can to pass the other, or if you have yet to pass either of these, really consider if you have time to pass both or not before you start.
The costing unit now contains Spreadsheets in a unit called, Management Accounting Techniques. To get this exemption you need to have passed both Management Accounting Costing and Spreadsheets. If you have only passed Costing but not Spreadsheets for example, you will lose your pass in Costing, and vice versa. Therefore, do all you can to pass both units to obtain the exemption on AQ2022, or don’t start either of them.
There is no equivalent unit for Advanced Synoptic on AQ2022 so it doesn’t carry over onto Q22. Unless you complete all the units on AQ2016 before the end of September, you will need to move over onto AQ2022 and you will lose your pass in Advanced Synoptic and have to sit the Business Awareness unit as well as the other units you didn’t complete.
Level 4
Level 4 is very straight forward, every unit will achieve an exemption for the corresponding unit on AQ2022, including the Synoptic. The only issue is that you need to have passed both Budgeting and Decision and Control to gain the exemption from the Applied Management Accounting unit. If you have only passed one unit out of Budgeting and Decision and Control and you move over onto AQ2022, then you will lose this pass and you will need to sit the large Applied Management Accounting exam. Therefore, ensure you have passed both units before the end of September. If you have yet to pass either of them I would advise not to start to study them as you are going to run out of time to pass both.
Be aware that if you have any units on the level you are currently on that were passed on AQ2013 will not carry over onto Q2022 and you will lose them. You need to finish that level by the end of September or accept that you are going to lose the units passed on AQ2013.
Any completed levels on AQ2013 or AQ2016 are safe, it is only your current level that you need to consider.
The key message I want to stress is for you to not panic! However, time is running out and a plan needs to be put in place now. Everyone’s circumstances are different so if you are not sure what to do next, please contact your tutor. We do not want you to create any extra work for yourself by losing any previous passes and above all, we want you to have a smooth transition onto the new syllabus.
For more news and exclusive tips from First Intuition, visit FI Hub.
Volunteering for the RISE initiative in Bradford was an experience that left me feeling inspired and fulfilled. With the support of the Institute of Chartered Accountants in England and Wales (ICAEW), I worked with TONG Leadership Academy to mentor and support students from all backgrounds as they worked towards their career goals.
I even had the pleasure of working with freelance actor and drama teacher Lee Otway who lead the session.
The RISE initiative focuses on creating opportunities for students who may not otherwise have access to the resources and support they need to succeed. Through a series of mentoring sessions and workshops, we were able to offer guidance and advice to help students in their career paths.
One of the most satisfying parts of my experience was seeing the enthusiasm and passion of the students at TONG Leadership Academy. They were eager to learn and engage in the activities we had planned for them, and it was clear that they were excited about their futures.
This was my second experience volunteering with RISE, during which, I have had the opportunity to work with students from a variety of cultural and socioeconomic backgrounds. This has helped me to gain a deeper understanding of the challenges that students face as they strive to achieve their goals. It has also taught me the importance of providing supportive and inclusive environments where everyone has the chance to succeed.
Overall, volunteering with RISE is an enriching and rewarding experience. It is a privilege to be able to make a positive impact on the lives of these students by offering them the guidance and support they need to pursue their dreams. I would highly recommend volunteering with RISE to anyone who is passionate about helping young people achieve their full potential.
These AAT revision sessions are created to be a helpful extra free revision option for our students following our Maidstone course schedule. Each session will cover a 45 minute revision the below course topics ready for your exam.
To register for the sessions, please click the below links.
AAT Level 2 Certificate in Accounting Revision
Principles of Costing: 18th June 2025 at 1pm – Register here.
The Business Environment: 20th August 2025 at 1pm – Register here.
AAT Level 3 Advanced Diploma in Accounting Revision
Financial Accounting: Preparing Financial Statements: 4th June 2025 at 1pm – Register here.
Business Awareness: 28th July 2025 at 1pm – Register here.
AAT Level 4 Professional Diploma in Accounting Revision
Internal Accounting Systems and Controls: 6th May 2025 at 1pm – Register here.
Audit and Assurance: 1st August 2025 at 1pm – Register here.
If you would like more AAT revision sessions, please take a look at our other sessions running by clicking here. These sessions are short 30 minute sessions will run on a weekly basis and cover many of the Level 2, 3 and 4 papers.
How long do bookkeeping courses take to complete?
Bookkeeping courses typically only take a few months to complete, so you can get the life changing benefits almost straight away. An online bookkeeping course can be fitted around work commitments and child care.
First Intuition offers a choice of different bookkeeping courses, depending on your experience and career goals.
AAT Q2022 Level 2 Certificate in Bookkeeping
The AAT Level 2 Certificate in Bookkeeping is a short qualification that will give you a thorough foundation in bookkeeping, as well as other basic accounting practices. You will learn double-entry bookkeeping which is the foundation of all accountancy and bookkeeping qualifications. This qualification is made up of two units from Level 2, Introduction to Bookkeeping and Principles of Bookkeeping Controls. Once you have passed these two assessments you can continue to complete the full Level 2 Certificate in Accounting, Level 3 Certificate in Bookkeeping, or follow on to start the Level 3 Diploma in Accounting.
AAT Q2022 Level 3 Certificate in Bookkeeping
This bookkeeping certification provides students with all the necessary skills to either work as a bookkeeper or progress to a higher level of accountancy. This qualification will therefore ensure that you understand advanced bookkeeping principles and concepts. These include preparation of financial statements, as well as issues around indirect tax (VAT in the UK) in business. The Level 3 Certificate in Bookkeeping is made up of 2 units from the Level 3 Diploma in Accounting and assessed in two end-of-unit assessments (Financial Accounting: Preparing Financial Statements and Tax Processes for Business). Students completing the Level 3 Certificate in Bookkeeping can go on to study the full Level 3 Diploma in Accounting if they wish.
When you become qualified with the Level 3 Certificate in Bookkeeping, you can apply to become an AAT Bookkeeper. This will consequently allow you to gain professional recognition with the letters AATQB after your name.
You can even open your own bookkeeping practice and work for yourself. You may be interested in reading our blog on AAT Bookkeeping membership.
One of the most common questions asked to our team is – which AAT optional units should I choose for level 4? It is an important choice for all students on level 4 to make.
My initial response to this question used to be, do tax because I don’t like marking auditing mocks. However, I am a big believer that people should choose optional units based on what is going to benefit them in the long run. So if you see your future in auditing then you should choose audit.
So in this blog, I am going to look at each AAT optional unit, in turn, detailing what it covers and what it is useful for
AAT students need to choose two from a choice of five optional units. The five to choose from are:
Personal Tax
Personal Tax is a favourite among the tutors here at FI. It is also quite relevant to most people as pretty much everyone pays tax at some point. Even if you get to the end of your studies and decide accountancy isn’t for you and become a flower arranger, it will still be relevant to you. The personal tax unit covers income from employment, including benefits in kind such as company cars. It also covers pensions, property income, tax planning and national insurance; all real-world things.
There are other things which perhaps you don’t realise might have a tax implication that you are not aware of. For example, if you sell a grandfather clock that you inherit from your great aunty Mabel you may find yourself with a capital gains tax bill. Finally, it also covers inheritance tax, which, given the price of houses today, is something everyone should be aware of.
If you plan to, or currently do work in an accountancy practice, this is a really good choice.
Business Tax
This unit is effectively split into two, the calculation of corporation tax for limited companies, and the taxable profits for sole traders and partnerships. This links really well with personal tax. So in this unit, you will calculate a sole trader’s income. Then in personal tax, you will calculate the tax due on this income. It is a large unit, however, there is a lot of cross-overs from personal tax. So if you do personal tax first, you will have already covered share pools, and some of the capital gains topics.
This is another good unit for those wanting to work in practice.
Audit and Assurance
This entire unit is about making sure that a client’s accounts are correct, and they don’t contain any serious errors (accidental or intentional). You will look at planning an audit; the requirements given what you know about the client. You will also look at what tests you can do to make sure that figures in the accounts are correct. For example, any money the client claims is owed to them is accurate and genuine. Then finally, making a decision on if the accounts are correct or not.
Many tasks in the exam require a robust application of knowledge or the explanation of key points. Basically ensuring you can use your knowledge in context. Clearly, if you work in an audit, this is the unit for you!
Cash and Financial Management
Cash management as a unit is really relevant for ALL businesses. There is no point in making a profit if you aren’t solvent. A major part of this unit is preparing cash budgets. For example, making £100,000 of sales, of which half will be paid in two months, 25% in three months, 20% in four months, then 5% will never be paid, but your materials and staff will need paying this month. What will your monthly cash balance be? As one of the oldest sayings in accountancy goes “cash flow is king!”. You really need to read the question carefully in this type of question. It also covers what is a good source of finance if you are a business looking to borrow money. And where is a good place to invest your money if you are a business with some spare money?
This is a very useful unit for those who are looking to work in the industry.
Credit and Debt Management
This is not just a unit based on how to get money from people who owe you money. Although there is a lot on this as you would expect. There is also a lot on how to make sure you don’t need to need to be chasing people for money. So there is a lot on who you should grant credit to and how much of a limit we should impose. Those of you familiar with credit control already will likely be aware of the age-old conflict between the accountant and the sales rep! This unit also covers the credit scoring and ratio analysis of potential customers. There is a lot of law in it, so it is quite theoretical.
Clearly, this is a good unit for those who want to work in credit control. Credit control is of huge importance for most businesses and can make or break a company. As my old manager said, “A sale is never a sale until it is paid for”.
Hearing the thoughts and opinions on these units from people who have already sat them can also be beneficial when making your decision. However, all too often units will be recommended because they are “easier than others”. Pass rates do vary depending on the exam. I would encourage you to look past that and reflect on your own strengths and weaknesses alongside your career aspirations. Another student may have found Credit and Debt Management to be a difficult unit but this is not a guarantee that you will! The other thing to remember is that your choice of optional units may affect any possible exemptions you may get from further studies, especially if you are going on to study ACA or ATT.
AAT Internal Accounting Systems and Controls (INAC)
Anyone who has sat this exam prior to 1st June will get a 5% uplift in their score. Your result will be updated online by 16th June. So if you have 66% you will now have 71%. You don’t need to do anything or contact AAT.
Two new AAT practice assessments were released on the learning portal on 26th May 2023, reflecting changes made to the INAC assessment from 5th June 2023 onwards. This is a summary of what has changed:
What has NOT changed?
The assessment length is still 2.5 hours.
There are still 5 tasks and the marks allocated to each task have not changed.
The syllabus specification has not changed, so there are no changes to the technical content that is being examined.
What has changed in the new practice assessments?
The wording of the Task 2 scenario has been improved to make the information clearer and more succinct.
The question requirements for the written parts of Task 2 have been improved to clarify what the AAT are looking for.
The mark scheme has been improved to give more clarity over where the marks are allocated for the written tasks.
How will my exam be different?
We would expect your real exam questions to be worded better and for the question requirements to be clearer than they have been in the past. Behind the scenes, changes are likely to have been made to the mark schemes.
Do I need new materials?
No, we are confident that our materials accurately reflect the specification and format of the assessment. If you have any concerns, please contact your tutor.
AAT Audit and Assurance (AUDT)
Anyone who has sat AUDT since 1 September 2022 will get a 10% uplift in their score. Your result will be updated online by 16th June. So if you have 66% you will now have 76%. You don’t need to do anything or contact AAT.
Two new AAT practice assessments were released on the learning portal on 26th May 2023, reflecting changes made to the AUDT assessment from 2nd June 2023 onwards. This is a summary of what has changed:
What has NOT changed?
The assessment length is still 2.5 hours.
There are still 6 tasks and the marks allocated to each task have not changed.
The syllabus specification has not changed, so there are no changes to the technical content that is being examined.
What has changed in the new practice assessments?
The written task requirements have been improved to make it clearer what the AAT are looking for in your answer. Here are some examples:
Old requirement
New requirement
Practice assessment 1
Task 4 (c)
Evaluate whether the proposed inventory count procedures, including the suggestion to observe the count, will provide sufficient and appropriate evidence for the due diligence review.
Identify and explain deficiencies in the proposed procedures, including the suggestion to observe the count.
Practice assessment 1
Task 6 (c)
Prepare extracts for inclusion in a report to the Audit Committee of Ecobrew Ltd, which sets out:
(i) the possible consequences of the deficiencies
(ii) the recommendations you would make.
The following was added to the requirement:
Your answer should be presented with the deficiency found, a consequence of that deficiency. Followed by a recommendation directly below each deficiency.
Practice assessment 2
Task 3 (c)
Analyse the information to support the audit planning. You must include calculations to illustrate your answer.
Analyse the information to support the audit plan. Your answer should include an analytical review of the information provided and you should include calculations to support your answer.
Practice assessment 2
Task 4 (b)
You are preparing a summary for the audit plan in which you should:
(i) Determine the audit approach to testing based on current procedures at Stellar Spa.
You are preparing a summary for the audit plan in which you should:
(i) Identify and evaluate deficiencies in the system of internal control at Stellar Spa.
(ii) Provide a recommendation for the auditors approach based on the evaluation of part (I).
The mark scheme has also been improved to make it clearer where the marks are allocated in the written tasks.
How will my exam be different?
We would expect your real exam questions to be worded better and for the question requirements to be clearer than they have been in the past. Behind the scenes, changes are likely to have been made to the mark schemes.
Do I need new materials?
No, we are confident that our materials accurately reflect the specification and format of the assessment. If you have any concerns, please contact your tutor.
Refunds
If you have sat the INAC or AUDT exam, and resat it, and the uplift means that you would have passed the exam in the first place, AAT will be refunding your exam fee back to the exam centre (within 15 working days), and you will have to contact the exam centre to get this.
Completed the Qualification?
If your result is now Achieved and, as a result, you have now completed the qualification, your certificate will be issued within the usual timeframe.
If you have already completed the qualification, and the uplift changes your overall qualification grade, AAT will be in touch with you to advise on the next steps regarding your original certificate.
If you have any questions or queries about this, please do not hesitate to contact your local centre or tutor, and they will be more than willing to help you.
For more news and exclusive tips from First Intuition, visit FI Hub.
How employers motivate and retain young adults is changing as new generations of staff enter the workplace. This is because the values and expectations of this age group are different from what they have been to previous generations. Employers need to adapt to these changes in order to successfully attract, motivate, and retain young staff.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to talk about the different motivators for the newest generation of workplace cohorts and what employers can do to maximise commitment from new joiners to encourage retention.
You can watch the recordings on each topic by clicking the buttons below.
Please find the key points from the session below.
Motivators for young adults in the workplace
Purpose
Working with a purpose is one of the most significant mindset shifts in the newest generation of young workers. Recruiters are seeing evidence for this as businesses involved in charities, sustainability, and health care are recieving way more engagement than other sectors. This is due to Gen Z’s wanting to feel as though they are doing something they are passionate about and that their company is bettering the world in some way – purpose over profit. The challenge for employers is how they communicate that they are authentically engaged in purpose. Purpose can present itself in multiple ways including:
Social – corporate charities, community partnerships, volunteer days
Sustainability – carbon neutral, carbon offsetting, review of supply chain zero plastics
Culture – inclusive culture, equity for all, employees treated as individuals, well-being is championed
Trust
Building trust is particularly important with Gen Z’s as a lot of them feel automatic distrust toward employment. Employers can build trust in a number of ways:
Planning – show young adults that you have thought about what you are doing with them when they first start. As well as the plan you have for them once they have finished their training
Narrative – what young adults see you do as a company has to match up to what you are communicating you are doing. Gen Z’s want to see a sense of belonging and want to feel like they care about the things the company does. They will leave if companies are not staying true to their word as there are options to do so. Creating a company narrative of who you are, what you care about, and how you act on these is important, not only to create but to follow through with as well
Transparency – be clear during the recruitment process about how young adults are going to be assessed and what their progression will look like, ask them what they want, and encourage them to be in the conversations so they feel involved and clear and know what to expect
Investment – show you care about you them, be on time, show you want to invest in them, listen to their needs and concerns, and invest in the time to spend with them physically so they are able to learn and grow
Generosity of spirit
Since Covid, home and work life have become a lot more merged. Employees expect employers to have consideration for this through better work-life balance and understand that work doesn’t need to get in the way of everyday life. Employers can express this through their generosity of spirit. Companies will better appeal to young adults if they are generous with how they treat staff and treat them as individuals. Such as offering flexibility and being understanding about personal needs including mental health and wellbeing. This will increase trust and commitment and therefore increase loyalty and productivity.
Environment
Young adults want to be in a safe environment where they feel needed, wanted and heard. Employees need to feel as though they are in a space where they can communicate how they feel without judgment. Whilst companies should ensure they have good management and training in place that bring these qualities to life and create an open culture for young adults to thrive in. Businesses should also think about the physical space they have created for workers. Is it a friendly setting that encourages collaboration and openness?
Tips to retain young adults
Feeling undervalued can intensify with pay so employers should ensure they are paying at least the market-rate salary
Roles need to have some form of flexibility around them in terms of coming into the office
Roles should be agile and have development opportunities in and out of the workplace
Human connection and relatability during an employees journey through a company, from recruitment to development, is essential to keeping people on
Continuous learning, growth, and career development opportunities that are clearly communicated and laid out
Effective leaders and management who create a positive work culture and space, but can also have difficult but honest conversations
An inclusive and nurturing culture that gives back – both socially and environmentally
Work-life balance
The ability to listen to what young adults want and need and adjust accordingly
Do little things regularly for staff and remind them of what you have done/ offer
Talk to people about what they want and respond. Involve staff in the bigger-picture strategy
Regular reviews are really important and should be used as opportunities to discuss progression and engagement, particularly where continual learning and mapping progress are key
Keep on top of mental health and burnout
Post-Qualification Education
Post-Qualification Education can play a vital role in improving motivation and retention in employees, particularly for young adults. Employees who are given mapped-out development journeys where they are clearly shown the additional learning opportunities they are working towards can give staff long-term goals, structure, and a purpose to stay in a role.
Digital, Leadership & Management courses Providing the appropriate skills needed for finance employees to effectively manage and lead their teams. As well as skills to help accountants with automation so they are able to get repetitive jobs done faster and are able to focus on more value let tasks such as finding insights in data that drive the business forward to better meet objectives
In 2019 I moved to Yorkshire from London for work, leaving behind my friends and everything I knew. Although we stayed in touch, living away from friends & family was difficult, I would barely see them and as time went on I found we stopped being as close. I no longer felt like I could call them up just for a chat or tell them about the small details of my day. I found myself feeling very lonely and isolated.
The timing for my move to Yorkshire wasn’t great. Covid hit and we were mid-pandemic. Then numerous lockdowns happened! For the first time ever I found myself alone, truly alone. I worked remotely and hadn’t met any of my new colleagues’ face to face. I had no friends to get in touch with locally. I had nobody to text to ask if they were free and I stopped looking forward to weekends as I knew I would be staying at home alone.
My mental health took a beating. My anxiety levels were off the scale and I couldnt focus. I feel a large cause of this was not having anyone to talk to. Not just on bad days but on good days either. I felt I had no real purpose.
Thankfully I did have my family for support, although they were far away. They became concerned about my lack of friends and social life and suggested I find a club to join or a hobby as they could see I was extremely lonely.
As lockdown lifted, I decided I couldn’t go on the way I was. I needed to do something about how lonely and disconnected from the world I felt. I searched online and found an app I liked the look of called ‘Meet Up’.
At first, I was extremely nervous about reaching out. How could I turn around to complete strangers and ask, ‘Will you be my friend please?’ However, I knew I had to do something. So, I decided to go to a local event at a coffee shop – which advertised itself as a perfect event for new members.
I was extremely nervous about turning up, feeling like I may be judged. But there was no judgement at all. Instead, I was greeted by lots of friendly and welcoming smiling faces. They had saved me a seat and all introduced themselves. Within ten minutes, I was chatting with a few of the group members as if I had known them ages.
There are a number of social apps and groups that you can become a part of. The best thing about them is that everyone is there because they are in the same position as you. People join because they have moved to a new area, have free time, work remotely or have gone through a breakup.
The social apps are nationwide and have a huge variety of people with different interests and backgrounds. Activities range from socialising, sports or walking to cultural activities. The group I joined is for my own age group and we do lots of activities, such as meals out, comedy nights, bowling etc. There’s a variety of things to do and you can just pick the events you fancy.
I have been to various events with the same group since I joined. I even hosted a New Years Eve party for them at my house. For me this was a noticeable turning point, a few months earlier if you had said I would be hosting a party I would have laughed, I didn’t know anyone in the area, let alone have a group of friends. My family have noticed the improvement in my confidence, my happiness and of course my social life. I can now look forward to the weekends. For the first time since moving to Yorkshire 3 years ago, I was receiving phone calls and texts asking if I’m free!
I am happy and thankful to be able to say that I no longer feel lonely and have made some good, lifelong friendships.
Unfortunately, I know now that my situation is surprisingly common. If you ever find yourself in a similar position please don’t feel you are alone. My advice would be to be brave and join a social club because I can honestly say it’s one of the best things I’ve ever done and has changed my life!
If you can relate to any of the issues in this article you may find the below links useful:
Alternatively, to access more exclusive tips from First Intuition, visit FI Hub.
As a student or member of a Professional Accounting Body, you have access to their help and support. Combined, this is a network of over 1.3 million people. You are part of something BIG! Each body regularly releases content to support the wellbeing and personal development of students. Let me signpost you to how they can help throughout the challenges of your studies and beyond.
ICAEW CABA:
From the moment you begin your training and throughout your professional life, ICAEW is there to help – in all kinds of ways. This is not just for present ICAEW students, but close family members can access support too.
Maintaining positive mental wellbeing while studying can be challenging. The ACCA wellbeing hub can provide you with a range of information and resources to help support your wellbeing throughout your ACCA journey.
AAT Comment contains a range of articles related to students and accountancy in general. There are specific blogs about wellbeing and support available during your studies.
The official blog for CIMA is a great source for news, views, and opinions affecting the management accounting profession. They have a number of posts relating to wellbeing and managing yourself through your studies and career.
You also have access to our very own FI HUB, where there are many blogs/links for wellbeing support as a student. Some you might like to read are below:
If you are looking for additional help some useful links are:
NHS Every Mind Matters: Take this quiz to get top tips and advice tailored to you.
How to look after your mental health during the coronavirus outbreak
Let’s look after ourselves and each other!
Ben
You can join Ben and fellow FI Director David Malthouse every Wednesday at 6pm for an informal student catch up session. They regularly chat about wellbeing and share their own experiences.
They also release a regular First Intuition Podcast you can subscribe and access prior episodes here:
Since the launch of the new syllabus, over 3,000 students from across the First Intuition network have sat a Q2022 assessment. We have been carefully monitoring student experiences and results. We have also analysed the worldwide interim pass rates that were recently released by the AAT for some, but not all, of the units:
Drafting and Interpreting Financial Statements (DAIF)
71.80%
The AAT have not released pass rates for the remaining units yet because they do not have sufficient data, but we expect full examiner reports to be released later this year. Whilst some of these results look promising (ITBK, POBC, AMAC and DAIF are all on a par with their AQ2016 equivalents), the level 3 units (BUAW, FAPS and TPFB) are proving to be very challenging.
Let’s explore some of the key reasons that the new qualification is proving difficult.
Updated syllabus content
The syllabus content has been updated to reflect the skills that are required of a modern finance professional. The Business Environment and Business Awareness units have broadened the scope of the qualification, and students are now seeing content that they would previously have only seen if they progressed onto higher qualifications. In addition to the core accountancy knowledge, students need to demonstrate skills in communication, analytics and problem-solving, plus technology, ethics and sustainability. These key themes now run through all of the units and are built upon as students progress through the levels
Less doing more reviewing
Again, this reflects the changing role of a modern finance professional. Whereas the old syllabus had a strong focus on doing, e.g. putting the correct figures in a VAT return, the new syllabus recognises that most businesses have automated these processes, so the skills that are required now are reviewing the output of the accounting software, e.g. checking and reconciling the VAT figures and making any necessary adjustments. This requires a much greater level of understanding of a topic area.
Assessment strategy
For most units, there are fewer marks available in the assessment compared with the AQ2016 equivalent unit, even though there are more learning objectives. This might sound like it would make the assessment easier, but the very opposite is true. As the examiner has fewer marks to award, they are likely to just test the higher end of the syllabus, no more easy marks! Whereas they might have asked a student to fill in a table of workings before, they are now much more likely to just ask for the final answer, which means that they are not helping the student to the answer and there is a higher risk of error. Another thing that stands out is that there is a lot less over-testing of the same skills in the new qualification. Once a student has demonstrated a skill, they will not be awarded lots of marks for doing the same thing over and over again.
In our analysis, we have noticed that we have far fewer “borderline” results than we used to. Students either know their stuff and pass strongly, or they don’t have the depth of understanding required and fail badly.
Unit-by-unit comparisons
Some of the key challenges that we have noticed on a unit-by-unit basis are as follows:
Level 2
The pass rate for Principles of Bookkeeping Controls is noticeably lower than the first unit, Introduction to Bookkeeping. This is a similar story to the AQ2016 equivalent units. The first unit focuses on transactions and processes, whereas the second unit requires a higher level of understanding of reconciliations and error corrections.
The Business Environment Synoptic Assessment is the only synoptic that remains in this qualification. Students are required to learn new content relating to business, as well as remember content from the bookkeeping units.
Level 3
In the old level 3, the Advanced Bookkeeping unit and the Management Accounting: Costing unit were always challenging, but the two smaller units, Indirect Tax and Final Accounts Preparation, were relatively straightforward.
The new Financial Accounting: Preparing Financial Statements unit has combined the content of two units into one. If students are not confident in basic bookkeeping from level 2, it is a challenge to get them up to speed at the same time as covering all of the new content.
The new Tax Processes for Businesses is at the other end of the scale in terms of difficulty compared with Indirect Tax. As the worldwide pass rate demonstrates, this is now a challenging tax unit that focuses on some highly technical areas for this level of qualification. We would not recommend attempting this unit without any prior bookkeeping knowledge due to the emphasis on VAT adjustments and corrections to errors.
Level 4
The AAT has not released pass rates for Internal Accounting Systems and Controls or Audit and Assurance yet, but these are regularly coming up in conversations about the challenges of the new syllabus.
Internal Accounting Systems and Controls replace the old Professional Diploma Synoptic Assessment. Although many students were pleased to see the back of the synoptics, what we are left with is an assessment that focuses purely on internal controls, which was always the topic that students were weakest at in the synoptic. This unit has a fairly narrow syllabus, but it requires strong analytical skills, writing skills and application skills.
Audit and Assurance replace the old External Auditing unit. It has a broader syllabus, covering both internal and external audit, but the biggest change is in the assessment approach. The new assessment requires a lot more extended writing and is a lot more unpredictable in the topics that will be assessed.
Our top tips for learners
Choose your starting point wisely. The default position should be to start at level 2. Unless you have a strong foundation knowledge of the basics, you will really struggle going straight in at level 3.
Make sure you understand topics, don’t just memorise them. This should mean that you can tackle a range of different questions on the topic area.
Practice as many questions as possible, including our mocks and the AAT practice assessments.
The AAT are using more variety if question styles and formats in this syllabus, so if you see a question that you weren’t expecting, take a deep breath and apply what you know. The exams are written to a syllabus so you will have studied the relevant topics, even if you have not seen that exact style of question before.
For more news and exclusive tips from First Intuition, visit FI Hub.
Here are some tips that can help you increase your chance of passing your accountancy exam:
Attend all classes:Attending all your accountancy classes (either via classroom course at your local study centre, via Online Live (live learning) or on-demand via Online), is essential as it’ll help you understand the concepts that will be covered in the course. Make sure you take notes during class and ask questions if you don’t understand something. Which leads us nicely onto…
Got a question?Don’t be afraid to ask! We’ve had feedback from our tutors and they always tell us – no question is too small or too silly. Your tutor can provide additional explanations or examples to help you understand difficult concepts. There may well be someone in the class who’s thinking the exact same thing, so be brave and put your hand up!
Create a study schedule:Accountancy courses can be demanding, and creating a study schedule will help you stay organised and manage your time effectively. You’re going to be going through a tough time – studying can be a challenge and it can be really difficult to prioritise time to do your work and lead your life at the same time. Remember to prioritise your coursework and allocate time for studying, completing assignments, and reviewing notes.
Find inspiration:If you’re looking for inspiration, listen to FI’s weekly Podcast episode: “Issues that all students face” where presenters Ben and Dave are joined with one of our tutors, Alex. The three amigos discus the common issues that students face when studying for their accountancy exams. Another recommendation from the FI podcast archives is ‘What to do if things start going wrong on the day’. Both episodes are 35-45 mins long and are set in an informal environment so you can tune in on your daily commute/while cooking/exercising. Definitely worth a listen.
Practice, practice, practice:Accountancy requires a lot of practice to master the concepts. Practice problems and exercises will help you improve your understanding and prepare you for exams.
Join study groups:Joining study groups with your colleagues/course mates/friends who are also studying can be a helpful way to learn and gain new perspectives on the course material. You can also quiz each other and practice problem-solving together to prepare you
Take care of yourself:Lastly, and most importantly, taking care of yourself is critical. Get enough zzzzz’s, eat well, and exercise regularly to ensure that you’re in a healthy state of mind and body to tackle the challenges of your accountancy course.
Remember, feeling unprepared is normal, it’s okay to not feel ready at first. Don’t let it discourage you. Keep working hard and stay positive. With the right approach and effort, you can increase your readiness and improve your chances of success.
Visit the FI Hub for more exclusive tips and updates from First Intuition.
Looking for more ways to boost your mental health and wellbeing? Visit our Mental Health Resources section on the FI Hub.
What are the Totara Awards?
The Totara Awards are annual awards created to recognise the most ground-breaking and successful implementations of Totara technology around the world, using learning and development in service of business and organisational goals.
CEO of Totara, Mark Ash, says: “The Totara Awards showcase the innovation and reach of our global Totara community. To explore the creativity of our partners and customers in developing these experiences is inspiring: over and over we see people growing, businesses flourishing, Totara underpinning real results around the world.”
What did FI Ltd have to do to win the Awards?
All entries for the Totara Awards were judged on their innovativeness, business impact and fulfilment of a market need. Consisting of a panel of industry experts, the judges were looking for winners that had, over the last 12 months, delivered impactful learning, development initiatives and additional benefits including ROI. The panel were looking for customer stories that demonstrate how the business helped FI Ltd achieve its positive results.
Read the submitted case study to see how Totara helped to revolutionise learning with its bespoke platform for FI Ltd’s commercial and apprenticeship learners.
What the team have to say after winning Most Engaging Learning Experience at the 2023 annual Awards
When asked what the award means to the team, FI Ltd’s Head of Educational Services, Becki Hunter, said:
“We are delighted to have won Most Engaging Learning Experience in the Totara Awards 2023. Over the past four years, we have worked hard to develop an LMS that meets our diverse student groups and can continue to grow as we do. Getting recognition for that work is fantastic and is a boost for us to continue to continually improve and look for news ways to engage and support our learners.”
About FI Learn
FI Learn is FI Ltd’s exclusive online learning platform. The platform supports all our learners, regardless of whether students are studying an online or classroom-based course. FI Learn is where you can find market-leading online content, updates and announcements, learning activities and guidance which supports students in achieving the best results.
About Totara
Totara enables learning technology solutions that connect upskilling and performance management to clear organisational outcomes. Multinational corporations, government entities, and mid-market companies choose Totara for their ongoing talent development needs, building on the company’s pioneering expertise and deep, flexible technology platform.
In general, it’s fair to say that a career in accountancy is a fairly stable choice. It’s one that’s resistant to changes in the economic climate. Many roles in the accounting field are also considered to be well-paid, generating above-average incomes, and the prospects are also good for those who want to progress or diversify. Many people don’t realise that there are opportunities for those with accountancy qualifications in many different sectors and industries – some of them may surprise you. Lastly, accounting qualifications are very recognisable, often across the world. This means that transferring from one role to another doesn’t mean you’ll need to retrain.
Where to start your journey in accountancy?
Broadly speaking, people start out their training on one of two paths. You could be working for a company in their finance department. This is often referred to as working in Industry. Alternatively, you could be working at an accountancy firm where you are doing work for many clients. This is often referred to as working in Practice.
Each of these options provides different opportunities to develop and build up your wider skills base. At the same time, you’ll be learning the basics of accountancy.
What are the different accountancy industry roles?
If you are working for a company (in industry) you could be doing a number of different jobs, these include:
Management accountant – helping to pull together budgets. Then carrying out variance analysis to see how the company is doing compared to those budgets
Cost accountant – similar to a management accountant but specifically focussing on the costs incurred by the business
Financial accountant – focus on preparing monthly and annual accounts summarising past performance
Purchase ledger or sales ledger clerk – maintaining the list of suppliers or customers that you owe money to or who owes money to you. You’ll then chase up the payments.
Payroll clerk – helping to administer the payment run each week or month and updating individual’s details on the payroll.
What are the different accountancy practice roles?
If you work for an accountancy firm (in Practice) then what your job involves will vary depending on the clients and the time of year. You could be doing roles such as:
Bookkeeper – many firms will have clients at the smaller end who need an accountant to ‘do their books’ for them. You’ll be preparing annual accounts for the client from sources of information they give you from bank statements to invoices. This role can be very varied and you may also be involved in preparing VAT returns and other filings that a business is required to make.
Tax assistant – the firm will probably have a tax department who will help clients with their tax affairs both as companies and as individuals. You could be involved in pulling together annual tax returns. You may also be supporting more senior colleagues in preparing tax advice for clients.
Auditor – if the firm is registered to audit company accounts you could be on an audit team going out to clients to look for evidence to corroborate the figures that have been put into the annual financial statements prepared by the company.
As with any of these above roles at the beginning of your accountancy journey, there will be colleagues more senior than you who are able to support in how to complete these tasks. From the beginning, you’ll interact with other people either within the company or externally such as clients if you are in practice.
How to develop your accountancy journey – and your wider skills
You’ll build up your accountancy knowledge and experience, passing exams in whichever qualification you have chosen. As you do this, your role in both practice and industry will develop along similar lines. Other skills and parts of accountancy come into play that will enable you to move upwards. Sometimes to very senior positions within a company or a firm of accountants.
Strategy – Accountants are fundamental to helping a company (either yours or the clients’) to develop a strategy and to plan for how that should be implemented. The higher levels of accountancy qualifications include strategic planning, risk and governance as key areas that an accountant is trained in.
Technology – All of the accounting bodies are putting technology at the front of their qualifications. They realise that the students of today will be the leaders of tomorrow. Any companies who do not embrace new disruptive technologies will be left behind in the competitive business environment. As these new technologies are impacting the role of finance, you’ll need to understand how they could be embraced into the finance function of your company or the clients’. Also, even if the new technology is not related to finance, the fact that they are often very expensive means the finance department will need to be involved in their decisions.
People – You’ll move from being the most junior person in your team to being in a more senior position. Here there may be others who are reporting to you and need to be supported by you. Your higher level of accountancy qualifications cover areas such as staff motivation and how to generate the right culture at a company to maximise performance.
Communication – The picture of an accountant sat behind a computer looking at spreadsheets can be a reality for some junior roles. However, the need for a qualified accountant to communicate increases hugely as they gain experience and move up the ladder.
As your career develops, your role may well be still related to finance. During which, you’ll almost definitely need to help interpret information to people who are not financially trained. Your training in strategy, technology, leadership and HR may eventually build up to roles where you’ll be communicating with whole departments or groups of people. This could be about the issues a company faces around changes to the business or trying to impart a company vision. This is true whether you are in industry or as a senior person in an accountancy firm in practice.
Where can a career in accountancy take me?
New job titles start becoming a reality as you progress upwards. These include financial controller, business partner, finance director, senior manager and partner.
Whatever avenue you take, you’ll eventually move away from the detail of finance. You may even end up in a role completely outside of finance. Whilst you might not be in a finance role you’ll forever be utilising different aspects of your accountancy training. It will support you and your company as you navigate the challenges and opportunities that occur in the world of business. As evidence on this, studies have shown that 25% to 50% of CEOs at leading companies have a financial qualification. They have reached CEO by taking their grounding in accountancy and applying it to roles outside of finance. This then prepares them for a job at the top.
Deciding on accountancy is a fantastic way to start a career and will not narrow your options for the future. If anything it is the best way to guarantee the widest possible set of opportunities.
If at any point you need any help or support, or just have a few questions about accountancy training, please get in touch with our support team.
For more exclusive news and industry tips from First Intuition, head to the FI Hub.
Requirement
UKRI approached First Intuition in 2020 to be part of a competitive tender process, with a view to help launch their first accountancy apprenticeship programme. They were looking for a quality training provider to partner with who offered local, reliable and flexible customer service.
Starting an apprenticeship scheme was seen by UKRI as a way to build skills for the future, providing a pipeline of new recruits and freeing up current staff time. UKRI also wanted to extend their successful apprenticeship schemes for engineering, computing and product management into finance.
Each trainee is treated as an individual and receives the support of subject-specialist tutors from First Intuition, along with a dedicated skills coach.
With regular reporting and feedback on each student, UKRI are able to monitor their apprentices’ progression throughout the course.
Outcome
Three years on, the partnership between First Intuition and UKRI has been very successful. UKRI are now recruiting a third cohort of apprentices.
Partnering with First Intuition, who are rated Outstanding by Ofsted, has attracted high quality applicants to the programme, and UKRI trainees have achieved fantastic pass rates, typically far more than the national average.
In a recent survey, all the UKRI finance apprentices said they would like to consider a career in UKRI at the end of their apprenticeship. The apprenticeship is now generating a talent pipeline which was one of the initial aims.
“I highly recommend First Intuition in Reading as a training provider. They took time to understand our requirements for a finance apprenticeship scheme and worked with us in true partnership to design and deliver a successful programme to our trainees.
“Through every stage of the scheme, we can rely on our colleagues at First Intuition to support our apprenticeship recruitment, create individual study plans, provide high quality tuition, provide excellent resources and coaching, and regularly supply reports and feedback on each of our students.” – Head of UKRI Finance Professionalism
Finding a partner that shared our focus on learner outcomes and experience was absolutely key. Apiary Capital are an excellent cultural fit and their knowledge of the education sector through their investment in Access Colleges really helped to align our plans together.
A key requirement was to create a new FI Ltd share scheme that will be available for all FI Ltd employees. We are really excited to be in a position where our whole team can become owners of FI Ltd.
At FI we are a company that is staffed by many accountants, we train accountants and we work with many accountancy firms. Therefore, we have been prudent with our plans and retain our core areas of focus:
meeting the training needs of the accountancy and finance sector;
offering a strong UK coverage of centres managed by empowered local teams; and
putting our learners, clients and team at the heart of our decisions.
We have a lot to do to help our learners and clients be the best they can be. This new partnership with Apiary Capital will accelerate our ability to achieve this.
What does this mean for the FI network?
FI Ltd arrangements with First Intuition franchises and how all of First Intuition work as a network remain unaffected by this partnership. All areas of First Intuition continue to be focussed on excellent student and client outcomes and delivery on the core areas outlined above.
“We are delighted to have secured the support of Apiary Capital,” saidMartin Taylor, CEO of First Intuition Ltd. “It was very important to us to find an investment partner that had the right cultural match and appreciated that the values we have as an organisation are key to our success. We have a clear strategic plan and the management team have re-invested alongside Apiary so that we are fully aligned. The investment will allow us to grow our provision across the country and support our valued customer base.”
Jess French, Investment Director at Apiary,commented: “We are so pleased to be supporting Martin and the management team at First Intuition. We had followed the progress of the business for several years and have long been impressed by the company’s evident commitment to education quality and its willingness to develop long-term partnerships with its customers. The team have a considered growth plan that ensures the focus remains on learner success and customer service.”
We would like to thank all those who have been part of making this happen, including the original founders of FI Ltd, the owners of FI franchises and our advisors EY and Osborne Clarke.
First Intuition Ltd. began in 2007 with a single goal – to put the learner at the centre of everything. Since then, we’ve won awards, opened a national network of 21 study centres, and now deliver to over 10,000 students per year. As a business, we’ve created a warm and inviting place that aspiring accountants are supported and treated as individuals, not just a number. We offer both apprenticeship and exam-only programmes, using online and classroom delivery models. We also develop talent, and build and manage personalised training programmes for employers.
Our apprenticeship programmes are at the heart of everything we do at First Intuition Maidstone. We are really pleased that Ofsted recognises the dedication, commitment of our team and the difference that our programmes are making to local employers and the careers of our apprentices.
Since launching our apprenticeships in 2019, our team has consistently strived to ensure our apprentices receive high-quality training in both their professional and apprenticeship qualifications, embedding our Impact Skills Programme and putting support at the forefront of everything we do.
Here is what our Leadership team have said about this successful result:
Ian Fidock, Managing Director at First Intuition Maidstone said:
“Nearly 12 years ago we set out on our mission to help individuals develop their vocational skills and maximise their potential by achieving their educational and career goals.
We wanted to provide companies across Kent and Sussex with qualified, motivated, well-rounded employees. Employees who can add value and contribute to the goals of the business. We set out to achieve this by providing excellent teaching, innovative learning and first class customer service.
Today all of our efforts have been overwhelmingly validated.
Apprenticeships will continue to be central to everything we do as we continue our journey in partnership with local employers helping them to RECRUIT, TRAIN and RETAIN talent in the region.
I am incredibly proud of what we have achieved as a training provider, the positive impact our apprenticeship programmes have had and will continue to have going forwards.
I would also like to personally thank my staff, the wider FI Group, our employers and our learners who have all played a vital role in achieving this Ofsted success for First Intuition Maidstone & Canterbury.”
Ashley Bean, Head of Courses at First Intuition Maidstone said:
“I’m thrilled that the partnerships our tutors and coaches foster with our learners has been recognised. In particular, the Ofsted report illustrates how we work as a team to ensure that our apprentices maximise their achievements.
This would not be possible without our excellent staff. Staff who not only bring their excellent skills and experience, but more importantly really care about our learners.”
Shane Reeves, Head of Apprenticeships at First Intuition Maidstone said:
“This Ofsted report is the culmination of 4 years of hard work from the entire Maidstone & Canterbury team and I am really pleased this reflects their dedication, hard work, and commitment, which has been so instrumental in being able to deliver the quality of programmes that we do. We wouldn’t be able to do what we do without them, and the support of our employers and apprentices.
Apprenticeships provide a vital route into the profession, and develop those key knowledge, skills and behaviours that employers require. This report shows that the decisions we have taken, whether it be the introduction of the L2 apprenticeship, or the advice and guidance our team provides to apprentices and employers, makes a difference and the contribution apprentices have to their employers is invaluable.
I would like to thank all of our employers for the collaboration, and support they provide to their apprentices. I would also like to thank our apprentices for their resilience and commitment to their studies and careers. This result really belongs to all of them!”
Ofsted Grading:
Our official result of Ofsted in the below 5 areas includes:
Here are some excellent quotes from our Ofsted report:
“Apprentices benefit from good quality training. Highly qualified tutors use their industry experience well to bring learning to life in teaching sessions”
“Employers greatly value the positive working relationships they have with FI Maidstone staff. Employers receive frequent, helpful reports and progress updates.”
“Leaders and managers use their industry expertise well to meet the needs of employers in the finance and accounting sector successfully”
“Apprentices quickly become valued members of their local community and contribute positively to employers’ corporate social responsibility activities.”
“Leaders benefit from close collaborative working with other members of the First Intuition national network, which enables them to monitor the quality of education with a network of specialist finance and accountancy providers.”
“Leaders have a clear commitment to widening participation routes into the profession. profession. They have introduced a level 2 finance assistant apprenticeship for younger learners who do not yet have the skills or qualifications to enter the level 3 programme.”
For more news about First Intuition and exclusive tips, visit our FI Hub.
What are the PQ Awards?
The PQ Magazine Awards are an annual event that recognises excellence in the accounting profession across the United Kingdom. The awards are considered as one of the most prestigious in the industry and cover a range of categories, including Accountancy Team of the Year, Public Sector College of the Year, and Accountancy Apprentice of the Year. The annual PQ awards are judged by an independent panel of experts. The panel evaluates nominees based on criteria such as innovation, client service, and professional development. Winners are celebrated at an award ceremony that brings together leaders from the accounting profession to honor the accomplishments of their peers.
What the team have to say after winning Private College of the Year 2023
When asked what the award means to her, FI London Managing Director, Hazel Rogers, said:
“I’m delighted we were awarded Private College of the Year at the 20th anniversary of the PQ awards – this award belongs to all of our fantastic tutors, coaches and support teams who care so much about the learner and employer experience and focus on helping all of our learners to realise their full potential.”
“It was an action-packed, fulfilled, wonderful evening. It was capped off by FI winning ‘the big one’ – Private College of the Year. This is a fantastic testament to everyone, in every role, in every centre at First Intuition. Further validation of our approach of putting students at the heart of everything”.
Gareth John, Chief Executive Officer of FI Cambridge commented:
“This award is a lovely testament to an awful lot of hard work by an awful lot of people around the country, both colleagues across a number of First Intuition offices, but also the learners and employers that we work with. It is great to see our relentless focus on the quality of service and support being recognised in this way.”
Congratulations from Team FI:
Several awards were won throughout the evening by our esteemed peers in the industry. We’d like to extend our congratulations to all that received a well-deserved award. To name just a few:
PQ OF THE YEAR: Evie Todd
ACCOUNTANCY PERSONALITY OF THE YEAR: Rachel Harris
GRADUATE/APPRENTICE TRAINING PROGRAMME OF THE YEAR: British Airways Graduate Scheme
Alistair Higson, Financial Controller at British Airways, a long-term client of FI Ltd commented:
“We’re absolutely delighted to have received the Best Graduate Programme of the Year Award for 2023 here at British Airways. Our award-winning 3 year graduate programme is designed to develop and nurture talent and this award highlights our continued commitment to developing leaders of the future. A truly team effort, the entire team is incredibly proud of our achievement.”
Director and Owner of StriveX, Rachel Harris, was looking to enrol an employee onto a Level 4 Accounting Technicianapprenticeship. Rachel was very passionate about accountancy training and the benefits an apprenticeship can bring in widening her employees’ skills and behaviours. She felt the accountancy training would help increase not only their knowledge, but also their confidence to become successful professionals.
Having come across First Intuition via the AAT and noticing a close synergy in our core values, Rachel made contact.
Solution
After initial discussions with Director of First Intuition Reading, Ryan Hill, StriveX proceeded to enrol their employee onto First Intuition’s Level 4 Accounting Technician apprenticeship programme. To suit StriveX’s accountancy training requirements, First Intuition appointed them a dedicated client partner, Aga, who maintains regular contact with Rachel and the team. Aga answers any day-to-day queries or concerns relating to the learners or the apprenticeship curriculum and advises on ESFA/OFSTED and other legislative changes, as well as any benefits and incentives available to StriveX. Aga is responsive, organised and proactive, and a real asset to First Intuition.
“First Intuition offered multiple learning styles to align with StriveX’s hybrid working model, with a choice of classroom, online and on-demand learning” – Rachel Harris, Director and Owner of StriveX
To help monitor learner progress accurately, StriveX receive a monthly report, using data from FI Learn, the online learning platform, which includes learning activities, coach feedback, reviews and interactions.
In addition, Ryan meets with the StriveX team regularly to ensure they are on track to meeting their strategic goals.
Outcome
Two years on, StriveX has appointed First Intuition as their dedicated accountancy training partner, responsible for delivering all their apprenticeship training programmes.
The employees Rachel initially enrolled for their Level 4, are now working towards their Level 7 ACCA apprenticeship, and First Intuition are supporting other staff members with AAT, ACCA, ACA and CTA training programmes.
“Regardless of the student, qualification or timing, First Intuition has always over delivered”says Rachel.
“We wanted this to be a long-term partnership as we had aggressive growth plans, and training is a huge part of our employee benefits package. We saw ourselves growing with First Intuition and that’s exactly what’s happened!
“It’s safe to say our training requirements have been demanding at times, as we went from a one-man band with 50 clients to a team of 13 with 650 clients within 2.5 years, but First Intuition has always been so happy to support and guide us along the way, sharing our core values of transparency, no jargon and passion.
“Whether it’s a webinar, an online recording or an in-person lecture, our team rave about the tutors and the First Intuition way! We are excited to keep growing with First Intuition for a long time to come!”
For accountancy courses you can count on, contact yourlocal First Intuition support team.
Making the PQ shortlist is a major achievement for anyone in the accountancy industry and to be nominated let alone shortlisted, takes a very special individual. This year, the team at FI Chelmsford, nominated two amazing members of our alumni for NQ of the year. Both, Danny Sutton and Noah Davis made the PQ shortlist and although neither went on to win an award, we all agree that getting that far was a huge success for both. Something they should be really proud of. We took a look at what it takes to make the PQ shortlist.
On the PQ Shortlist – Danny Sutton
“Being nominated for the PQ awards is a delightful surprise that has left me feeling both humbled and grateful. It’s a testament to the hard work and dedication that I have put into my accountancy career, and it motivates me to continue striving for excellence in all that I do.” Danny Sutton
Danny’s Story
On the face of it, Danny Sutton seemed like an unlikely future accountant. Danny, from Braintree in Essex, left school at 17 after deciding that he wasn’t enjoying his A ‘levels. He was generally deemed a joker and made online headlines in a national newspaper for his futile attempts to swim in a puddle in the middle of Chelmsford’s shopping area.
Kelley O’Donovan FCA and David Malthouse, Directors and owners of First Intuition Chelmsford saw something in the 17-year-old who managed to convince them that whilst he wasn’t sticking to his A ‘level studies, he would make a committed employee and apprentice. He joined the team in 2017 on a level 2 AAT apprenticeship and sailed through all of his exams and EPA. Moving onto level 3/4, he was just as successful in passing all his exams the first time. Emma Liddell (tutor) remembers him completing an entire folder by lesson 2 for one of his AAT modules, he was given extra work to do and passed this exam with 98%.
At the same time, Danny was taking on more and more responsibility at work and had set himself the challenge of making the company’s accounting more efficient. This included introducing new systems to reduce the amount of paperwork. Danny introduced and trained the team on how to use them on these systems. In a small company with some members of staff, favouring tried and tested methods, this was no mean feat.
Moving onto ACCA
Danny moved on to his ACCA qualification and at this point stumbled for the first time, failing his Audit & Assurance exam. This seemed at first to hit Danny quite hard, but it also had the effect of making him more determined than ever to study and pass this and his other remaining exams. He passed his ACCA qualification in 2022. Whilst studying for his ACCA exams, Danny continued to drive the finance function of FI Chelmsford forward, creating interactive dashboards for sales, marketing, and apprenticeships. He took on responsibility for this department and recruited his own apprentice who he is now training and mentoring.
Not content with now being ACCA qualified and running the finance department at FI, Danny decided to study for his Oxford Brookes/ACCA BSc. He sat this in early 2023 and can now call himself both qualified and a graduate.
Danny’s growth has not just come from studying and his qualifications. He is now a senior and trusted member of the FI team and regularly presents to the FI board, which is almost exclusively made up of very experienced Accountants. Whilst only 23 and still capable of making the entire office laugh, Danny has changed significantly from the boy who tried to swim in puddles. He takes his role very seriously and proves himself to be a determined, committed, and driven member of the team. During FI Chelmsford’s 2021 Ofsted visit, he was picked out as challenging the stereotype of a typical accountant. Danny’s ability to balance studying for his ACCA, his subsequent BSc, and not just managing but driving forward the finance function makes him worthy of being shortlisted for this year’s PQ awards.
“Danny was a breath of fresh air when he started working with us, he picked up ideas quickly and was immediately a champion of our business and wanted to see us succeed. Over the last 6 years, he has gone from wanting us to succeed to being one of the driving forces behind our success!”
David Malthouse – Managing director first intuition Chelmsford & Southend
On the PQ Shortlist – Noah Davis
“Seeing that I am shortlisted for NQ of the year is humbling and very much unexpected. I am extremely proud to have made the shortlist but also equally as proud of Chelmsford FI. I am one of three students shortlisted across the PQ & NQ of the year categories who have studied at the Chelmsford centre and I think it gives a true reflection of the time and effort by all the staff to help their students grow. So it’s great to see this being recognised.” Noah Davis
Noah’s story
By his own admission, Noah Davis did not fare well at school and left as soon as the opportunity arose. He originally completed a 3-year diploma in vehicle accident repair and began working as a self-employed vehicle repairer. In 2013, he changed direction and began working for a bespoke cabinet maker in Essex. At this time, Noah realised that both the roles he’d undertaken after school included working with numbers. Working out paint ratios and cabinet dimensions were parts of the roles that felt natural to him and as he reflected, it dawned on him that he’s always had a flair for numbers. This talent had just not had the opportunity to shine whilst he was at school.
Noah decided it was time for a fresh start and bravely started to study AAT whilst still working as a cabinet maker. He made a 100-mile round trip to attend evening classes at First Intuition Chelmsford. He remembers feeling like an imposter at the time, as he’d enter each class still in his overalls and often covered in dust and paint. Although, the other students were mostly from locally based office jobs, Noah felt welcome and thrived in his studies. He secured an accountancy apprenticeship 6 months after starting his studies. Noah’s warm personality and eagerness to learn soon made him a firm favourite amongst tutors and operations staff at FI Chelmsford. Whenever he was in centre, he would always stop to catch up with the team and built a rapport with all.
Noah’s Study Buddy
For Noah, one important aspect of his studying was his relationship with Evie, his German Shepherd, who was his constant companion whilst revising and preparing to sit exams. Through the inevitable ups and downs of studying for his AAT qualification and then moving on to ACCA, Evie was by his side. He was understandably devastated when Evie passed away in 2021 just before he was due to sit his FM exam. Noah put his studying on hold for a couple of weeks but picked himself up two days before the exam and passed with 59%. He then went on to complete his ACCA without failing another exam.
Despite his run of passes after this setback, Noah was still faced with challenges as by this time the pandemic was in full swing, and exam sittings were heavily disrupted. Noah experienced two sitting in succession where he was subject to problems with examinations. At one of these, Noah spent a whole day waiting for an exam to be started and had to leave without sitting as the technology could not be made to work.
Noah achieved his ACCA qualification in June 2022 and one of his first actions was to email the whole team at FI Chelmsford with a very heartfelt thanks.
“As tutors, we meet a lot of wonderful students but Noah from day 1 always stood out to me and other tutors. Noah worked hard and had a passion and enthusiasm to learn and contribute in class like no other student I have met since. He was never afraid to give everything a go even if it wasn’t the right answer.”
Rebecca Emson – FI Chelmsford and SouthendLevel 7 Professional Qualifications Manager
First Intuition comes to Exeter
Having already branched out to the Channel Islands in 2018, it was time to look at supporting the growing number of learners who were joining FI from Devon and Cornwall. We needed to be able to offer a classroom setting for learners who would otherwise be distance learners. This was a priority for the directors going into 2022, and September 2022 saw the inaugural accountancy course taking place in Exeter.
Where is First Intuition Exeter?
The Exeter location needed to be accessible and equipped to grow with FI Bristol as they increase their course offering. Therefore, the decision to work with the Future Skills Centre was an easy one.
Located by the airport, the FSC was repurposed after previously housing the Flybe Training Academy. The classroom equipment is modern and the location is fully accessible (they welcome guide dogs on site). Additionally, the canteen on the ground floor supplies hot and cold food during term time, catering for special dietary requirements as needed. Parking is ample (with 4 electric vehicle charging units). If you’re travelling via public transport then you can catch a bus from Exeter city centre to the airport, and then walk for 10 minutes to the FSC.
ICAEW courses in Exeter
Securing such an accessible location meant that attendance was high in September 2022. This showed just how in demand an established accountancy training provider was in Devon and Cornwall. The class offerings have now expanded into the Professional Level exams for 2023. Furthermore, there are plans to offer all Professional Level exams in 2024. By 2025, the full ICAEW programme, including the Advanced Level exams, will be taught in Exeter.
The First Intuition Exeter team
The Exeter classrooms are run by experienced and highly qualified tutors that have been with FI Bristol for many years. Furthermore, the course programming is organised by FI Bristol’s efficient and knowledgeable in-house operations team. This extension of the Bristol team has been key to the success of the Exeter classes so far. It has enabled the learners to experience a seamless learning journey from start to finish.
Student Success
Whilst FI Bristol looks forward to seeing exam results for the Professional Level exams being taught in Exeter this year, the results from the Bristol office speak for themselves. FI Bristol students have achieved an average pass rate of 91% across all professional papers each year since 2014. These strong results demonstrate why the FI team are experts in the delivery of ICAEW tuition.
Speaking with the Directors of FI Bristol, it’s clear that this is a big project that they are very passionate about delivering.
Graham Harbord, founding director of FI Bristol, said: “Face-to-face provision is so important to exam success. We are really enjoying delivering this to our usual high standards in Exeter.”
Founding Director, Andy Rogers, agreed, adding “We are delighted to be offering face-to-face ICAEW training to learners previously unable to access it.”
Founding Director, Jim O’Brien, summed up the mood of FI Bristol nicely, saying “I’ve loved delivering courses in Exeter. I am really looking forward to doing it more and more as we roll out our full ICAEW programme there.”
If you want to find out more about learning with FI Bristol in the Exeter location, contact Ben Morris (benmorris@fi.co.uk or exeter@fi.co.uk).
AEM is a relatively new company, established just three years ago. An interesting observation about AEM is that the founders (shareholders) of the business are actively involved in the day-to-day running of the business, generally the AAT have previously made a clear distinction between the directors and shareholders in other scenarios, keep this in mind when considering the roles and responsibilities of parties.
Just as in real life, there is an increasing demand for electric vehicles, which is further boosted by government legislation phasing out petrol/diesel vehicles. This will be very relevant in the company’s future plans to continue expanding. At this stage an important observation to also be made is to recognise AEM is a seller of EVs, NOT a producer of them. This will play an important part in exam questions as much of the Budgeting/Decision and Control units focus on production aspects, it is reasonable to assume you will not be asked production-based questions for a company that does not produce anything themselves!
The company currently has 15 showrooms across the country, these may play into questions surrounding different topics, each centre could be measured as its own profit centre, or perhaps performance indicators will be used to assess one showroom against another, alternatively plans for another showroom may be brought up but be wary of the comment under perspective 4 which states “there is some concern that the business might be developing too quickly for its capital base”. It is possible your ratio work may highlight some of these issues.
Sustainability will undoubtedly play a role within the assessment, and AEM certainly ticks a few boxes in terms of the industry they operate in and the environmental impact of providing electric vehicles as opposed to traditional ones. Equal to this there is a company objective to minimise energy consumption in each showroom and to ensure suppliers are also practicing sustainability principles. Such things tie very much in with the “triple bottom line” and such factors may very well be something you discuss in this exam.
So far, we have focused on largely positive aspects of AEM, but as always in such scenarios there are observations to be made which could cause concern and be relevant in the exam. The first of which is overtrading as mentioned already, rapid expansion sounds great at face value, but the risk of growing beyond operational capabilities is a present risk, ratios can be a good alarm to such things, be on the lookout for deteriorating ratios such as gearing, interest cover and receivables collection periods.
Customer perspectives also raise a couple of concerns, AEM is aware of the importance of positive customer relations but at present aftercare services are lacking in comparison to the initial purchasing of a vehicle, service plans are a core part of the product offered with 3-year plans offered, consider the threats if this is not addressed and opportunities to improve the process. Employees are also noted to feel as “the culture within the business is that they are not promoted or encouraged”. Such comments can be useful when considering the balanced scorecard which, conveniently, AEM have now started using to appraise the performance of the company.
Finally it is worth pointing out a couple of potential threats/weaknesses in the company’s internal operations. Operational costs must be kept as allow as possible to allow AEM to price match against competitors as per its policy, this links in with the showroom managers who must maintain solid inventory management and meet certain targets, should they fail to do so the knock-on effect could be a real problem.
This covers some key observations, but is not a substitute for reading the full pre-release yourself which is highly recommended. And it is worth reiterating, these may or may not be factors relevant to your exam!
For more news and exclusive tips from First Intuition, visit FI Hub.
Downton Instruments Ltd is a company which specialises in the precision instrument market for the gas industry. Unless you are very lucky, this is unlikely to be an industry that you know very much about, so let’s try to simplify it!
The company has three divisions:
Division 1: Testing and calibration of portable gas detection equipment and breathing apparatus
Gas detection equipment is likely to mean small handheld gas detectors. Breathing apparatus means gas masks. It is a good idea to do an internet search for these two terms so that you can picture these items. These items need to be regularly tested and calibrated to ensure that they are working properly. In division 1, Downton Instruments are providing a service by performing these tests.
Division 2: Refurbishment and sale of gas instruments
In division 2, it would appear that the company is acquiring second-hand gas equipment and refurbishing it ready for re-sale. This is likely to involve repairing any defects and testing that the equipment is working correctly prior to sale.
Division 3: Sale of new products related to the gas industry
In division 3, the company is selling goods. These are new products relating to the gas industry. It seems unlikely from the scenario that the company manufactures these products themselves. It is more likely that they buy them from a manufacturer and sell them on to their customers.
The scenario talks about the three divisional directors adopting their own strategies for taking their area of the business forward without considering the business as a whole, resulting in customers feeling like they are dealing with three different companies. The staff morale has also suffered, with poor employee engagement and varying levels of satisfaction across the business divisions.
As this unit focuses on internal systems and controls, I would expect the assessment to tell us more about the processes that are in place within the divisions and how they operate. You may need to consider how their systems could be improved so that the three divisions can work better together.
The scenario also talks about future development opportunities for the business, so you may need to consider if any new systems or procedures will be required to make these possible.
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So you know what you need to study, but when do you need to do it by?
My first course of action would be to look at the synoptic window calendar for the specific window that you are aiming for, and work backwards to calculate how many weeks you have to study. Then you can create yourself a study plan. A study plan is certainly more important for the synoptic exam compared to any other unit, as you won’t be able to decide that you aren’t quite ready and simply push the exam back a week due to the availability of the windows. If you are not as prepared as you would have liked by the time the synoptic window comes around then you are left with two choices. Do you sit the exam regardless of this, or do you wait for the next synoptic window which, at the Advanced and Professional level, could be 6 weeks away? Creating a study plan is personal – some like to study little and often over a long period of time, while others work best under pressure and prefer to do an awful lot just before the exam. How you study depends on what works best for you.
Right, you know what to study, and when you need to do it by, but how should you do it?
I would suggest that you start your synoptic studies by looking at the actual synoptic unit content that you haven’t seen before. This will probably take the longest time as it is all new to you. The way that you cover this depends on your study method. If you are attending classes or online live, the timetable will be dictated for you. If you are studying online/distance learning then you can go at your own pace. Studying this content isn’t too dissimilar to the previous units that you have completed. It is once you have covered this core material that things change. Now you will need to revise the material from the units that you have previously studied that is included in the synoptic exam. Your first thought might be that you have forgotten everything and will need to learn it from scratch. Trust me, you won’t. You will remember more than you imagine. After all, you have taken exams on it in the past! I would quickly skim through the notes and maybe do a couple of questions on subjects that you remember as your weaker areas last time. Consider seeing if you can find your notes from studying these units first time around. I wouldn’t spend too much time on this.
Standard Exam Questions
Now you need to start looking at exam standard questions. I truly believe that these are key to this unit. The Professional Synoptic exam contains six tasks, four of which are written. Written questions even feature in the Advanced Synoptic and Foundation Synoptic, so written practice is crucial. These questions will test you on your knowledge from the Synoptic unit itself, as well as the material that you need to know from the other mandatory units. This will highlight any areas from the mandatory units that you need to look at, then you can go back and just look at the areas you need to brush up on.
Written Exam Questions
This brings me to my next big subject – written questions. Let’s be honest, not many students like written questions. The secret is to try to understand why the examiner is including them. It is because some things can’t be assessed using the automatically marked questions, and need to be marked by a human. For example, the Advanced Synoptic Exam may ask you about depreciation. This isn’t because the examiner wants to know if you can calculate depreciation. They know if you can (or can’t) do this from the automatically marked questions. The examiner wants to know if you understand why we use depreciation, and whether you can explain this to other people. Remember, communication is a valuable skill for an accountant, and in general life too. In a written question, we are definitely not looking for lots and lots of numbers. Do not fall into the trap of just writing out your calculations with little to no context. That isn’t to say that we don’t want any numbers in a written task. You should be using numbers to back up your points and show significance, but they should not form the majority of your answer. My other key point would be to take your time to read the question. You must give the examiner what they want. Remember that there is a strict mark scheme and, even if you write a very good answer, you won’t get any marks if your answer doesn’t answer the actual question that was asked. Also, make sure that you recognise the active verb in the question. If the question asks you to identify something, then we are only looking for a short, almost one word, answer. However, if the question is asking you to explain or describe something, then you need to expand your answers. Make a point and then say why it is relevant. Also, if you are asked to evaluate something, try to give a balanced answer and look at both positive and negative aspects.
Mock Exams
The next step in your study journey, after exam standard questions, is to look at mock exams. These bring the exam standard questions together into the format that you will need to tackle on the big day. Doing synoptic mock exams is, I believe, the single most effective way to increase your chances of passing this assessment. I believe that doing full mocks, within the time that you are allocated for the real exam, is crucial. You wouldn’t decide that you are going to run a marathon then go for a 20 minute jog and assume that on the big day you will “do it properly”. You want to be in such a position that, come exam day, you turn up and perform the tasks that you have carried out time and time again with your mocks. I would definitely take time to sit down and attempt the AAT Sample Assessments, in full, to time. These are written by the Chief Examiner, so they are as good as you are going to get in terms of preparation materials.
Speaking of the Chief Examiner, all students should be reading the Chief Examiner Reports, which can be found on the Life Long Learning Portal. The Examiner details the areas where students do well, and where they struggle, so you can make sure you don’t make the same mistakes.
Final Preparation
When it comes to the exam date, I strongly recommend that you have a good night’s sleep the night before. Remember, this is a three hour exam for the Professional Synoptic, and two and a half hours for the Advanced Synoptic. This can be physically draining so you need to be ready for it. I think an extra hour of sleep the night before is worth a lot more than an extra hour of revision, providing you have kept to your study plan this extra hour studying wont be needed at all.
One thing that I have always done is been very militant with my time in the exam. I always think that, if you are spending more time than you are allocated on a question, you are either writing more points than you actually need to get all the marks, or you are struggling. If this is the case, you may be better off moving onto another question where easier marks may be available and, if you have time at the end of the assessment, you can return to it later. I think that the first couple of marks at the beginning of a question are easier to obtain than those at the end of a question. I always know before I go into the exam how many minutes per mark I have available, and work out the time that I should move on to the next task each time. Remember that you are there on exam day to do one thing and one thing alone – to pass the exam. We are not looking for you to submit tasks 1, 2 and 3 perfectly, only to run out of time for the rest. What we want is for you to get at least 70% over the entire paper.
Finally, once you have submitted your paper, I wouldn’t worry about it during the 6 week wait for the result. You have done your best and that is all you can ask. I also like to have a reward planned after each exam to motivate myself. You have worked hard and deserve it. Please don’t get overwhelmed by the synoptic assessments. They aren’t as daunting as you might first think and, with the right preparation, you can expect to do well.
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Apprenticeships are a key facilitator of social mobility for young adults who want to start successful careers in sectors such as accountancy and finance.
When non-levy employers (those with annual payroll bills below £3m) were initially moved onto the Apprenticeship Service they were limited to reserving funding for just 3 apprentices at any given point in time. Thankfully this cap was soon increased to 10 learners but many SME’s still quickly reached that limit. Due to pressure from the sector, all non-levy reservation levels were reset to nil on 1 April 2021, and then again on 1 June 2022, allowing non-levy employers to continue recruiting and starting apprentices.
In recent weeks, however, an increasing number of SME’s were again hitting their cap of ten with no clarity about whether there would be a further reset.
Gareth John, Director with First Intuition, met Robert Halfon MP, the Minister for Skills, Apprenticeships and Higher Education at Harlow College on 10 February to lay out some of the issues that the reservation cap was causing for increasing numbers of non-levy employers.
Gareth told the Minister that “for SME’s, the backbone of our regional economies and significant employers of young adults in economically deprived areas, the lack of clarity over when or whether the non-levy reservations cap will be reset is proving a significant challenge to their ability to plan apprenticeship starts at this time when they desperately need more talent to allow their businesses to grow.”
In a letter to the apprenticeship sector last week, Robert Halfon announced that the government recognise the importance of smaller employers and the role they play in creating apprenticeship opportunities, and as a result want to ensure smaller employers have the access to the apprenticeships they need. That’s why small employers who do not pay the levy will no longer be limited to a maximum of 10 new apprenticeship starts – they will be able to recruit as many high-quality apprentices as their business needs.
Gareth comments, “This is excellent news for the many SME’s who are desperate to recruit apprentices at this time of acute labour shortages, allowing them to help drive the growth that the economy so badly needs. Scrapping the non-levy cap will maximise the career opportunities offered to young adults and ensure that as many of them as possible get the strong start to their careers that they deserve. Well done to Rob Halfon MP and the DfE for listening to the voices across the skills sector who were calling for this, and for responding in such a supportive way.”
Other voices across the skills sector also comment on the change and what it means to them:
Simon Ashworth, Director of Policy at the Association of Employment and Learning Providers (AELP) told Gareth “We’re absolutely delighted that the ‘cap of ten’ non-levy reservations will be abolished from April. Each year this causes big issues for numerous smaller employers who wish to take on more apprentices and there is always a lack of transparency over whether the cap will be reset or not. This then leads to employers being unable to plan for the future effectively.”
Robert West, Head of Education & Skills at the CBI says “Many SMEs will welcome the scrapping of the ‘cap of ten’ non-levy reservations. Removing it makes the scheme more responsive to small businesses wishing to use apprenticeships to better address the skills challenges that they face.”
Alex Hall-Chen, Principal Policy Advisor at the Institute of Directors commented to Gareth that the scrapping of the non-levy cap is “a no-brainer…definitely positive news. Any non-levy payers not able to recruit as many apprentices as they want is too many.”
Gemma Gathercole, Strategic Engagement Lead at ACCA says “ACCA welcomes the government announcement on lifting the cap for non-levy employer apprenticeship starts. The cap presented a significant barrier for non-levy employers wanting to engage in the apprenticeship system, particularly SMEs. Serving as both a barrier to entry for those who hadn’t engaged with the complexity of the system and a barrier to growth for those using apprenticeships to recruit and develop teams. We encourage the government to continue to remove barriers to the apprenticeships system and urge a review of funding bands to take inflation into account to maintain quality delivery.”
Alex Collins, Senior Manager at ICAEW, reacted by saying “I am delighted that policymakers have listened to employers, tuition providers and professional bodies like ICAEW. Removing the cap on apprenticeships was one of six recommendations made to government in ICAEW’s recent Spring Budget Representation. Apprenticeship policy which is market-led, can deliver an essential boost to UK businesses who are struggling to recruit in many sectors, whilst also improving access to exciting professions like accountancy and finance.”
Anthony Clarke, Business Development Manager at AAT says, “This is welcome news for SME’s as we know that some have previously had to put Apprenticeship recruitment plans on hold due to cap. Removing the cap will allow SME’s to recruit and train more apprentices across all levels of the Accounting Apprenticeships and help develop the future workforce.”
Hannah Jones, Partner at Hart Shaw Chartered Accountants and Business Advisers comments that “The reset of the apprenticeship funding AND the scrapping of the cap means we can now recruit with confidence; we know we can offer an excellent training package and environment for apprentices, and this enables us to increase the number of those opportunities.
The market is crying out for individuals with these skill sets, and it’s fantastic that we can help individuals from all different backgrounds, giving them the support they need to build long-term careers.
We are also keen to start expanding apprenticeship pathways into other areas of our business, opening up more opportunities for individuals to develop their skills and thrive.”
Katy Dorman, Apprenticeship Strategy Manager at Norfolk County Council shared with Gareth that “We welcome the news that the non-levy cap is being removed from today. Removing this obstacle will ensure more SMEs can access the funding they need which is critical for growth and developing the necessary skills for businesses to thrive. This step towards a simplified process is appreciated and hopefully is the first of many opportunities to improve the apprenticeship landscape for smaller businesses”.
Anthony Impey MBE, Chair of the Apprenticeship Ambassador Network and CEO of Be the Business, said “At a time that small business leaders across the country are facing so many different challenges, they need all the help they can get. So, this is especially good news and will help lots of non-levy paying businesses unlock opportunities. One business leader from the hospitality sector told me that the cap on apprenticeship numbers in any year had hampered their ability to operate in a sector that has been hit hard by skills shortages. The removal of the cap will mean that businesses like this will be able to leverage the full value of apprenticeships to drive their growth and their productivity.”
Stress is not a new phenomenon, our ancestors felt stress, even in the days of cavemen. Their stress was triggered by coming face to face with a tiger or other wild beast whilst out hunting. Their reaction though was similar to ours. When faced with stressful situations, our bodies are programmed to release a powerful mix of chemicals including adrenaline and cortisol. This rush of hormones means that unnecessary body functions shut down for a short while and allow us to get into ‘fight or flight’ mode.
It’s important to note, at this stage, that not all stress is bad. It’s the rush of energy you feel when you suddenly have to brake in a car or move to avoid a falling object. Stress can also help us get through situations we feel uncomfortable with or nervous about. For example, driving tests, interviews, or accountancy exams. It can make you feel more motivated and feel like you can get things done. Ever noticed that as a deadline approaches you can become more focused to get a task done?
When stress isn’t positive.
Unfortunately, the stress we tend to talk about on the whole is the type that has a negative impact on us. In today’s society, we can experience stress in almost every aspect of our lives. At home, at work, or at college, and increasingly online. The same events can happen to different people but the degree to which they find them stressful will vary. We all react differently. Common stresses in our personal lives include bereavement, relationships breaking down, moving home, sitting exams, and being responsible for children or elderly relatives. Our reaction to these will be personal. For example, some people will thrive on sitting exams but this doesn’t mean others will find them any less stressful.
Workplace stress has become an increasing problem in the UK with over 13 million work days lost every year to stress. The expectation to work longer hours, and be connected to devices while at home or away has turned this into a modern-day issue and resulted in having a poorer balance between work and our personal lives. The Stress Management Society cites these as some of the signs that someone is suffering from workplace stress:
An increase in absenteeism (sick leave)
Presenteeism (attending work while sick)
Arguments and disputes with colleagues
A tendency to work late and not take breaks
A loss of sense of humour, replaced by irritability
A decrease in work standards
A tendency to suffer from headaches, nausea, aches and pains, tiredness, and poor sleeping patterns
How we react to stress. Fight, flight, or freeze.
Fight or flight is a commonly used term when talking about stress but we know another reaction we can experience is to freeze. In fight mode, we can feel agitated and aggressive toward other people which may have been helpful when faced with predators but in everyday life, can have an impact on our relationships. We may find an overwhelming desire when faced with stress to avoid the situation causing it. This is flight mode and is useful in saving our lives when faced with danger. The downside is that sometimes situations don’t go away and we need to deal with them at some point. Freeze is also a reaction to stress and can see us not doing anything. We might hold our breath or our breathing will become shallow.
How stress affects us.
Stress is individual and we all respond differently to it. The Stress Management Society breaks down the symptoms into four categories; cognitive, emotional, physical, and behavioural.
Cognitive symptoms may include the inability to concentrate, brain fog, self-doubt, and starting tasks we then don’t complete.
The emotional symptoms of stress can make us irritable, depressed, anxious, or feeling overwhelmed.
Physical reactions to stress can often go undetected as they can include frequently catching a cold, aches, pains, or indigestion.
Finally, the behavioural symptoms of stress could see you drinking more than usual, sleeping too much or too little, or avoiding others.
What we can do to manage stress.
Sleep well– practice good sleep hygiene. You can read more about this in an article by our tutor, Ian Thoroughgood, a keen advocate of sleep hygiene. The Stress Management Society recommends trying a relaxing bath, breathing exercises, and keeping a notepad beside your bed to write down anything that’s on your mind as you try to drift off.
Music – a powerful tool for relaxation. Classical music in particular can help you to focus without getting distracted. Music can also help you to drift off to sleep if you choose calm, relaxing music and there are plenty of free playlists on many of the well-known streaming services.
Time Management – making lists, ranking tasks in importance, and flexing your tasks around how you feel can help you to feel more in control. Taking regular breaks also helps with productivity.
Exercise – This doesn’t have to be heart-pounding, high-energy activities. Walking, yoga or any activity you really enjoy doing can help to release good mood chemicals in the brain.
Breathe – the simplest thing that anyone can do is to take slow, deep breaths even if it’s just for a few minutes on a regular basis. It allows oxygen to reach the brain which helps you to become calmer and more relaxed.
Further Information
To create this article we took information from the NHS website and that of the Stress Management Society. You can find further detailed advice on their sites:
You can talk to one of our safeguarding officers. You can find all of their details on this page FI Safeguarding.
They will be able to point you in the right direction of organisations that offer support. The advice from the NHS website is to contact the Samaritans or Mind. They also suggest you contact your GP, call 111 if you need help urgently but are not in a life-threatening situation, or 999 if you or someone else needs immediate help.
The winning criteria
Our goal has always been to provide high quality accountancy education to our students, helping them achieve their potential to become fully rounded professionals while delivering excellent service levels to our employers, whatever their size. We understand that every business and apprentice are unique and every employer requires a individualised approach. A strong partnership built on trust underpins our delivery. Our strap line ‘where people count’.
From the moment a student walks into our college they are made to feel welcome. We provide free tea/filter coffee, fruit, cakes and biscuits. We have large air conditioned rooms and comfortable desks and chairs. Our tutor team are all qualified chartered accountants who also have teaching qualifications. Our tutors bring a huge amount of experience from practice and industry ensuring the learners benefit from understanding real life application of their concepts. They use up-to-date teaching methodologies such as ‘flipping the classroom’ and the latest technologies to embed learning. They also make themselves available outside of the classroom to help one to one with learners. Learners leave the college having had a wonderful experience with us.
Ofsted
During July 2022 we had our first full Ofsted visit. We achieved the OUTSTANDING grade in every area possible, making us one of only 4 colleges in the UK that have achieved such an accolade while delivering L7 programmes. Highlights from our July 2022 Ofsted report. ‘Employers endorse the very strong partnership they have with FI Reading. They appreciate the thoughtful and significant support for them and their apprentices. One employer said “they take employees who often don’t have much confidence and get them to walk 7 feet tall’’’. To view the full report click here.
We have a schools programme where we visit local schools to inspire those looking to get into a career in finance. These presentations will look at the benefits of an apprenticeship in finance vs going to university. We also host interview and CV writing workshops to help apprentices gain their first job.
Where People Count
Our strap line ‘where people count’ is also extended to our employees. One size doesn’t fit all for our customers, nor does it for our staff. Strategies we have in place include:
– Encouraging staff to share their annual cultural celebrations involving their team and beyond
– We support staff as far as possible to allow them to do the job in a way that works for them, for instance 2 of our employees are Polish and work remotely from Poland for 4 weeks a year to be with their families
– We promote and teach psychological safety, encouraging and rewarding shared ideas and concerns. The board/management have an open door policy and make time to listen.
– Each team meets at least once a week which is especially important where some team members are working from home, allowing a check in and catch up
– We have several employee led communities who action initiatives such as the social committee for team building events, the environmental committee to action better sustainable practices and our charity committee to arrange sponsored activities etc.
– We also have an equality, diversity and inclusion group, who look to implement best practice for all our stakeholders internal and external.
Due to a large number of vacancies in the current job market, some employers are finding they are losing candidates to other roles during the onboarding process. It is therefore critical that employers regularly and effectively engage with their new cohort from job offer through to their first day.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to talk about strategies for maximising the impact of the ‘pre-start’ period to avoid losing successful candidates to other job opportunities. As well as what employers can expect from young adults when they first enter the workplace, and how to successfully onboard and engage them in their early weeks of employment.
Preparing young adults for starting in their first professional workplace
Onboarding young adults
You can watch the recordings on each topic by clicking the buttons below.
Please find the key points from the session below.
Tips for preparing young adults starting in their first professional workplace
Be clear on the start date and what is expected of candidates, for example, what to wear and how to behave. Remove uncertainty where possible
Give candidates the opportunity to ask questions and have conversations before they start. Make communication personal and candidate feel comfortable
Provide new starts with structure and touchpoints such as information about what a good week looks like so they know if they are working to the level they need to
Include face-to-face meet-ups before a candidate starts, including:
Keep-in-touch-days
Go for coffee or lunch with their team
Invite them to team days and company events
Days where they can look around the office and meet other new candidates
Encourage peer-to-peer contact
Introduce a buddy system with last year’s intakes or colleagues in a similar role a few years ahead that are relatable to them
Introduce new starters to the MD and more senior staff
Share onboarding material before they start such as welcome packs/ information on company culture, incentives, and activities the company is involved in
Get feedback from the previous year’s new intake to improve the onboarding process and how to prepare new starters better
Have a designated person to communicate with new starters
Check-in regularly with new employees once they start. Introduce a checklist for managers so to ensure they are doing what they can to ease new employees into their role
Make it clear who new starters need to contact for what. Give an induction about the employee contract and how to book holidays
Set expectations as a team and the company culture early on. The feedback should be short, sensitive, and communicated within an appropriate time after the event, as well as sensitive to social mobility
Create personalised learning and development plans around trainees’ learning styles. Give them the information about how to progress in their career path
Tips for onboarding young adults
Human connection is the most important element for onboarding and it gets candidates over the line. Candidates accept the role where they have built the strongest rapport and are most likely to drop out in cases where they lose connection
In a competitive job market, candidates often have multiple offers so they need to feel aligned with the culture and have a genuine connection
Ensure you are regularly in touch with candidates between offering them the role up until their start date:
Avoid long gaps between communication
Critical non-essential touchpoints – find 16 reasons to contact people before starting
Make communication little and often
Make it a two-way process where candidates also have to interact
Start the process early on
Use digital technology to complement the recruitment and onboarding process. The new generations of young adults expect things to be digital and expect to be in control of taking information in their own time
The onboarding process should be personal and tailored to each candidate. The company should be clear about all the benefits they offer early on
Send personal touches before starting:
A postcard or gift saying you are looking forward to them starting
Welcome boxes with company-branded items – this can help with social media and brand awareness
A buddy system so new starters have someone relatable to talk to and ask questions to
Create a continuous learning culture. Provide staff with the opportunities to upskill through online courses, in-person teaching, or events/ seminars
Get individuals into the office to aid well-being and in-person learning
Make sure what the employer is doing is sustainable beyond the first few months of employment
Changes in new starters and the onboarding process over the past few years
The number of candidates applying for a role has declined, but the quality of those who do has improved
Employers can no longer assume candidates have the basic skills needed in a place of work, such as being able to write an email
Younger employees use their mobile phones more during working hours
Poorer time management from new employees
Employers are having to react and adapt to the changes in the way young adults behave
Job descriptions need to be clearly outlined and transparent
The pace of interactions between employer and candidate has become quicker, whilst the tone has changed so as not to be too overwhelming
Young adults are less used to in-person social interaction and less keen to join social events
Consider transport for young adults as a lot more are unlikely to have passed their driving test
With Drafting and Interpreting Financial Statements there is an awful lot of information to work through, it is easy to get lost or muddled and before you know it, there are numbers all over the place and you have no idea what is happening anymore.
So, I wanted to share my thought process and what I am looking for when I am tackling these questions.
I thought I would work through Task 1 in AAT practice assessment 2. (Mock 2 on the AAT website)
I have used brackets for negatives so you can clearly see them but in the AAT mock/exam, you will have to use a minus symbol to show a negative
Where to start with your financial statements?
The first thing I do, before looking at the statements, is look at what has been provided for me in the actual task…
This will help me understand what I am going to have to do in this task.
There is a reconciliation to do, there is a statement of cash flow to fill in and they have also provided me with two working boxes.
One for the proceeds on a disposal of PPE and one for purchases of PPE.
So straight away, I know that during the year, I have sold some assets and I have purchased some assets and these working boxes will need filling in.
Note* Never leave any working boxes blank, always fill them in, if you make any errors in the statements, you can gain marks from the working boxes… unless you have left them empty.*
The first thing to do in this task is the reconciliation of profit before tax to net cash from operating activities.
By making the necessary adjustments I can find out how much cash was generated by operating activities.
The adjustments are going to be any non-cash items, any items dealt with elsewhere (things like investment income and dividends), and the working capital (inventory, receivables, and payables).
Note* It is important you understand these adjustments… this will help you work through all this information properly.*
I open my statements and I see that I have a statement of profit and loss (SPL) and a statement of financial position (SFP).
I will look through the SPL… (I will ignore the SFP for now).
I can see all the SPL figures and some additional information underneath.
Additional information
I read all the additional information, so I know what is there. Everything here is important, so I make sure I read it and I do not miss anything out.
The total depreciation charge for the year was £6,572,000
PPE with a carrying amount of £486,000 was sold during the year
Land was revalued upwards during the year by £4,000,000
All sales and purchases were on credit, other expenses were paid for in cash
A dividend of £2,000,000 was paid during the year
Here are my thoughts on this:
Depreciation is a non-cash adjustment, so this is going to be part of my reconciliation.
The sold PPE will be dealt with in my working boxes (because I know I have working boxes for this).
The increased land value will increase my PPE so this will likely be part of my PPE working boxes.
All the sales and purchases are on credit. These will be dealt with in my reconciliation when I adjust the working capital for trade receivables and trade payables.
All other expenses are paid in cash so all the other expenses can be ignored as we are only adjusting for non-cash items in the reconciliation.
The dividend paid will be entered in the finance activity section of the cash flow statement, so it is not part of the reconciliation.
Note* Do you see that by understanding the adjustments I need to make, I can comfortably work through all this additional information and sort through it one line at a time, deciding what I need and do not need for my reconciliation. This is where I would like you to be in your knowledge too.*
The reconciliation
I always begin the reconciliation with the profit before tax figure, so this is the first thing I am looking for to start my reconciliation off.
I enter this at the top…
Profit before tax = £8,793
I am then going to look for anything in the SPL above the profit before tax figure that needs adjusting for.
I will start with the profit before tax and I work my way upwards to the top of the SPL.
The first thing I get to is the finance costs (normally interest). This has decreased the profit so I will need to add it back in the reconciliation.
Now you may be thinking “Why is the finance costs an adjustment, surely that is a cash expense”.
No. Think of how the SPL works. The SPL entry needs to be exactly 1 year, so this could include accruals and prepayments, so it may not be exactly what was paid in interest, so it is a non-cash item and needs adjusting. This is why it is added back and then I will deduct the exact interest paid at the same time as I deal with any tax paid, right at the very end of this reconciliation.
Finance costs = £1,347
The next thing I get to is the admin and the distribution costs.
These are expenses and can be ignored because they are cash expenses.
(Number 4 in the additional information).
The next thing is the loss on disposal of PPE.
This is not a cash loss as this is based on accounting figures including depreciation.
So, this is a non-cash item so needs adjusting for. It has reduced the profit, so it needs to be added back in the reconciliation.
Loss on disposal of PPE = £189
The final three things in the SPL, are gross profit, cost of sales, and revenue.
Gross profit is made up of revenue less cost of sales.
Cost of sales is made up of the change in inventory and purchases.
These three things can all be ignored, (even though I know purchases and sales are all credit sales so do need adjusting for).
(Number 4 in the additional information).
I will adjust for them when I adjust for the working capital which is inventory, receivables, and payables, so the working capital adjustments will deal with sales, purchases, and inventory.
That is it, I am now at the top of the SPL so that is the SPL dealt with, from revenue to the profit before tax figure.
I now need to include the depreciation from the additional information which is £6,572,000.
(Number 1 in the additional information).
I need to be careful here.
Look at the top of both statements, and the working boxes, and the reconciliation boxes, and the statement of cash flow.
At the top of all of these is £000.
This means all of this is in thousands, so if I enter £10, that is £10,000.
If I enter £10,000, that is £10,000,000.
But the additional information gives the full figures, so to enter £6,572,000 depreciation, I must enter it as £6,572, If I enter £6,572,000, I will be saying it is £6,572,000,000.
Depreciation has reduced the profit, so I need to add it back in the reconciliation.
Depreciation = £6,572
I will now need to go to the SFP to get the information I need, to adjust for the working capital section which is inventory, receivables, and payables.
For these, I need to think of the cash position.
Is it good or bad for our cash if these are increasing or decreasing?
If inventory has increased, it is bad for cash as the business has more cash tied up in inventory so the increase will need deducting to reduce the cash position.
If receivables have increased, it is bad for cash, as the business has more sales on credit, so less cash has been received, so the increase will need deducting to reduce the cash position.
If payables have increased, this is good for cash, as the business has more purchases on credit, so is paying less cash to its suppliers, so the increase will need adding to increase the cash position.
It is the opposite to these explanations if any of them have decreased.
For each of the working capital items, I need to decide if they are increasing or decreasing first.
Note* It is important to pay attention to the years at the top of the SFP so you can properly decide if they are increasing/decreasing. If you do not pay attention it can be very easy to get these mixed up.*
I deal with inventories first
Inventories at the start of the year is £5,379, at the end of the year it is £6,248.
This is an increase of £869 so will need deducting in the reconciliation.
Adjustment in respect of inventories = (£869)
Next is trade receivables
Trade receivables at the start of the year is £6,421, at the end of the year it is £5,775.
This is a decrease of £646 so will need adding back in the reconciliation.
Adjustment in respect of trade receivables = £646
Next is trade payables
Trade payables at the start of the year is £5,360, at the end of the year it is £3,918.
This is a decrease of £1,442 so will need deducting in the reconciliation.
Adjustment in respect of trade payables = (£1,442)
I now have a “Cash generated by operations” figure in the reconciliation.
It is £15,236 after entering all the adjustments above (highlighted).
The last thing to do is to deduct the exact interest paid and the exact tax paid in the year.
Note* The finance costs and the tax figure in the SPL is the amount for a whole year so could include accruals and prepayments so may not be the exact amounts being paid out in the year.*
Interest paid
Have they given me any information about interest?
There is no working box for interest.
There is nothing mentioned in the additional information about interest.
There is no information about any interest liability in the SFP.
There is no information anywhere about interest, so because of this, the actual interest paid must be the £1,347 finance cost.
(There would be some other information if it were different).
This needs deducting as it is a payment so will reduce the cash position.
Interest paid = (£1,347)
Tax paid
Have they given me any information about tax?
There is no working box for tax.
There is nothing mentioned in the additional information about tax.
But in the SFP, it does show that there has been a change in the tax liability.
This means I can work out the exact tax paid.
Tax liability at the start of the year = £1,843.
A full year’s tax (from SPL) = £1,741.
If I add these two figures together, it gives me a total amount owed of £3,584, but at the end of the year the tax liability is £1,965.
The difference between these two must be the amount of tax that was paid during the year.
£3,584 – £1,965 = £1,619
This needs deducting as it is a payment so will reduce the cash position.
Tax paid = (£1,619)
That is the reconciliation finished
I now have a “Net cash from operating activities” figure from the completed reconciliation.
It is £12,270.
This reconciled figure of £12,270 is also entered at the top of the statement of cash flows.
Net cash from operating activities = £12,270
Working boxes
Now before I start to fill in any more of the statement of cash flows, I will fill in both of my working boxes that they have given me for the PPE.
The first working box is “Proceeds on disposal of PPE”.
I now need to look through the information I have, to see what I can find about a disposal of PPE.
I can see that the PPE sold, has a carrying amount of £486,000.
(Number 2 in the additional information).
Because it is the carrying amount, I know I do not have to deal with any depreciation for this.
Again, I do have to be careful with the figure from the additional information as it is the full figure, but the working box is in thousands, so to enter £486,000 into the working box, it needs to be entered as £486.
I will enter this into the working.
Carrying amount of PPE sold = £486
The only other information I can see is in the SPL, I have made a loss on disposal of PPE for £189.
As this is a loss, it is what I have received for the sale below the carrying amount value, so if I deduct this from the carrying amount, it will get me to the proceeds received for the sold PPE.
I will enter this into the working as a deduction.
Loss on disposal of PPE = (£189)
The working box does the total for me as long as I enter the loss as a minus. I now have a proceeds figure of £297.
Total disposal proceeds = £297
This means that I sold the PPE for £297,000, the PPE was worth £486,000 so I made a loss on this disposal of £189,000.
The last working box is “Purchases of PPE”
I now need to look through the information I have, to see what I can find about anything that affects the PPE figures.
In the SFP I can see that there is a change in the PPE amounts from the start of the year to the end of the year. I can include these in my working box.
The amount of PPE at the start of the year can be entered first. This is my starting point as it is already entered, I just need to include the figure… Be careful of the years at the top of the SFP so you enter the correct figure.
(It is easy to get mixed up if you rush).
PPE at start of year = £47,515
Now the idea here is to include anything that increases/decreases the PPE figure, and I should end up with the PPE figure at the end of the year.
The only thing is, I have an extra addition…. There has been some PPE purchased but I do not know how much for.
That is what I am trying to work out in this working box.
To help me work that out, I will enter the PPE figure at the end of the year, but I will deduct it.
The reason this works is, if I include all the known increases/decreases, then deduct the year-end figure, the remaining figure will be the amount spent on the addition of PPE.
I am now going to enter the PPE at the end of the year as a deduction.
I enter this on the bottom line of the working box, leaving room to enter the increases/decreases that have happened during the year.
PPE at end of year = (£72,916)
I have now dealt with all PPE figures in the SFP, and PPE is not part of the SPL as it’s an asset, so the only place left to look is in the additional information that we went through earlier.
There is a depreciation charge of £6,572,000.
(Number 1 in the additional information).
Now the PPE figures in the SFP are the carrying amount figures so all accumulated depreciation has been dealt with, but this depreciation charge will reduce the PPE value, so it does need to be included as a deduction.
(Knock off the three zeroes).
Depreciation charge = (£6,572)
An item of PPE was sold with a carrying amount of £486,000.
(Number 2 in the additional information).
This was part of the PPE and has been sold so it now needs removing from the PPE amount.
This will reduce the PPE value so is included as a deduction.
(Knock off the three zeroes).
Carrying amount of PPE sold = (£486)
Land was revalued upwards by £4,000,000.
(Number 3 in the additional information).
Land is part of the PPE so this will increase the value of PPE so is included as an addition.
(Knock off the three zeroes).
Revaluation = £4,000
That is the increases/decreases dealt with and I have no more room in the working box, so that is my working box completed. This has given me total PPE additions figure of (£28,459).
This means the purchase of PPE during the year was £28,459.
Statement of cash flows
I have filled in all my working boxes and I can now go back to the statement of cash flows and start to fill that in.
I have already entered my net cash from operating activities figure of £12,270 at the top.
The first thing I get to is the “Investing activities”.
This is going to be any proceeds from selling an asset or any purchases for buying an asset.
These are the two figures I have worked out in my working boxes so I can enter these straight away.
Proceeds on disposal of PPE = £297
(Money received so positive cash).
Purchases of PPE = (£28,459)
(Money being paid out so negative cash).
This gives me a “Net cash from investing activities” figure of (£28,162).
Financing activities
The next thing I get to is the “Financing activities”.
Here you will deal with things like shares, loans, and dividends.
The first thing I look for is shares
I check the additional information and I see nothing is mentioned in that about shares.
I then look at the SFP.
(Paying attention to the years at the top so I do not make an error).
Share capital at the start of the year = £24,000.
Share capital at the end of the year = £32,000.
This is an increase of £8,000 during the year.
I also need to include the share premium as this is extra cash received for the shares and I need to include that cash as I am doing a cash flow statement, so I am including any cash movements.
Share premium at start of year = £2,150.
Share premium at end of year = £6,530.
This is an increase of £4,380 during the year.
This gives me a total share increase of £12,380.
(£8,000 share capital + £4,380 share premium).
I will include this as an addition as this is cash received.
Proceeds of share issue = £12,380
The next thing is the loans
I check the additional information and I see nothing is mentioned in that about loans.
I then look at the SFP.
(Paying attention to the years at the top so I do not make an error).
*Be careful, you can see 25,700 and 19,600 is entered twice on the SFP. This is not two bank loans… the first line is the loan amounts; the second line is the total of all the non-current assets. Because the bank loan is the only non-current asset, it’s the same figures for the total. Don’t get mixed up here by thinking it’s two bank loans.
Bank loan at start of year = £19,600.
Bank loan at end of year = £25,700.
This is an increase of £6,100 during the year.
This is entered as an addition as this is cash received.
Bank loans = £6,100
The next thing is dividends
This is mentioned in the additional information.
(Number 5 in the additional information).
There is a dividend paid during the year of £2,000,000.
There is nothing else mentioned anywhere about dividends, so this is the only dividend to deal with.
This was paid during the year so will be entered as a deduction.
(Money being paid out so negative cash).
Note* I must remember this is a figure from the additional information, so I need to knock off the three zeroes.*
Dividends paid = (£2,000)
This gives me a “Net cash used in financing activities” figure of £16,480.
Now I need to enter the cash figures from the SPL so I can work out the cash movement for the year.
I will fill in the bottom two entries of the statement of cash flows first which is cash and cash equivalents at the beginning and end of year.
I will find this information in the current assets and current liabilities section of the SFP.
Positive cash will be a current asset, negative cash (bank overdraft) is a current liability.
(I pay attention to the years at the top, so I do not make an error).
Cash and cash equivalent at the start of the year.
There is nothing in the current assets, but there is (£172) in the current liability…. (Bank overdraft).
Cash and cash equivalent at the end of the year.
There is £416 in the current assets but there is nothing in the current liability…. (Bank overdraft).
I can now enter these figures into the statement of cash flows.
Cash and cash equivalent at beginning of year = (£172)
Cash and cash equivalent at end of year = £416
This is an increase of £588 for the year.
There was (£172) negative cash at the start of year, and I ended the year with positive cash of £416.
(£172)………… £0………. £416
<————-£588————–>
This can now be entered into the statement of cash flows.
Net increase/(decrease) in cash and cash equivalents = £588
That is everything filled in…. Phew!!!!!
I now want to check that the statement of cashflows balances.
Net cash from operating activities = £12,270 Money in.
Net cash from investing activities = (£28,162) Money out.
Net cash from financing activities = £16,480 Money in.
Total = £588 Money in.
There was £588 more money coming in, than going out.
This does match the cash increase of £588 in the statement of cash flows.
My statement balances
WOOOOO HOOOOO!
That is a lot of work but was also a lot of fun.
It is such a good feeling to get a statement to balance.
This is worth 32 marks in the AAT mock so is definitely worth practicing.
I hope you find my thoughts on this useful and I will leave you with this final thought.
I still do not like Marmite!!!!!
Blog credit – Phil Toomer – AAT Tutor
Further reading
Want to learn more? Take a look at the following resources:
No, it’s not the start of a joke or even a riddle! When studying CGMA at operational, management and strategic level you will see all 3 of these papers. By understanding that the skills needed for success are different with the E papers, you will see that success here needs a different approach. Whilst E doesn’t stand for easy necessarily, E papers are not technical like F and P, and serve a completely different purpose.
CGMA Core Papers: Art or science?
With F and P papers, there is a lot of technical content linked to the day-to-day role of an accountant. Management accounting and financial accounting is based upon a clear set of rules and principles. They follow the same logic as a science and once you have mastered the system you can practice with different numbers in readiness for the exam.
An E paper however is much more of an art than a science. Nuance is everything here as detail in a scenario can make a big difference to the right answer when you are discussing ethics or strategy.
Imagine an organisation deciding whether they should follow a strategy of organic growth or use acquisitions. There is no one right answer here, it will depend upon how fast they are looking to move, how much money they have, whether there are targets to buy and how willing they are to be distracted by a transaction.
With objective test questions in the E papers, it’s vital to read the scenario brief carefully to find the clues that will guide you. In the example above, if they mention a cash rich organisation looking for a quick move into a new sector then acquisition lead growth would be a sensible suggestion.
How to review?
When you don’t get the right answer in an E paper mock or question practice, it’s tempting to consider learning the right response. The challenge here though is next time with a different organisation and a different scenario the answer is also likely to be different.
Instead, look at understanding why you didn’t pick the right response. Was it a clue that you missed in the scenario to lead you to a response? Was it a negative word in a question that you missed for example which of the following is NOT one of the fundamental ethical principles?
Once you start to see a pattern in responses, you are better able to think like the artist and build your E skills.
CGMA Core Papers: Planning your next pass
Art or science – there’s room for both in CGMA!
Now that you know this, you’ll be in a good position to plan your next route to a pass. However, we’d also recommend reading our Guide to planning your CIMA/CGMA Studies. Then, once you’ve created your master plan for the core papers, it’s a good idea to start understanding the Case Study.
Best of luck with your exams!
Our free apprentice recruitment service will assist you in finding the best talent for your organisation.
Our expert team will set up an initial discussion to establish what role(s) you are filling. The team will then handle advertising the role to our bank of candidates and networks, as well as screen all applicants to present you with the best. Lastly, the team will advise on the recommended learner journey for the chosen candidate(s), and provide resources to support the apprentice(s) into the workplace.
Apprentice Recruitment Service – what we offer
1. Initial consultation
Whether it’s one vacancy or a wider intake of multiple apprentices, we want to ensure we select suitable candidates that are well suited to the role and organisation. That way you can focus your time on interviewing candidates who have a good chance of filling your vacancy.
The initial discussion will explore the role(s), what criteria you would like to set in terms of academic achievement, personal specification, transferable skills and discuss the appropriate programme(s).
2. Advertise the role
We will then list the vacancy on the National Apprenticeship Service website, the go-to site that all schools and colleges signpost applicants towards. It needs to be live for a minimum of 2 weeks but we can list it as long as required to get the necessary responses.
The site links adverts to a handful of free job sites such as Indeed to extend the potential audience further. First Intuition also has its own bank of candidates who have enquired generally about starting an apprenticeship to who we will promote your role(s) as well.
3. Screen the applicants
We will check over each application, rejecting any that are unsuitable. Any that we think fit your criteria will be sent across to you for consideration. Once a shortlist has been drawn up, we will put you in contact with the candidates for you to interview/screen.
We will contact candidates who you do not want to take forward and let them down gently. We will also provide feedback and additional support through our range of employability resources to help them succeed next time.
4. Advice on next steps
We will continue to support you with advice on interviews, funding, eligibility and training programme options for your shortlist/new candidates.
This includes our range of pre-start resources which are free for you to share with your new apprentices to help them prepare for and settle into their role with you.
Why hire an accounting apprentice?
Apprenticeships offer a significant opportunity for both employers and apprentices. We believe an apprenticeship offers a real alternative to the standard routes of work or higher education. Combining the best of both worlds, they give trainees the chance to develop skills and knowledge that are directly related to their chosen industry whilst also earning a salary.
Our apprentices come from a range of backgrounds, vary in age, and are at various stages of their careers. We work with them and their employers to develop their individual technical and all-round skills that help businesses to thrive and grow. Apprenticeship funding is available for both large and small employers with First Intuition.
Each apprenticeship is built for a specific job role to ensure training is relevant and specific. You can tailor an apprenticeship to specific job roles, making them flexible to the needs of your business.
Skills development
Accountancy apprentices do not only learn the core technical skills they need to do their job. They also develop wider soft skills and behaviours that are equally essential to career success in the industry. Skills that are built into programmes include communication, commercial insight, problem-solving, strategic thinking, resilience, teamwork, negotiation and leadership, all of which can take non-apprentices years to develop through experience alone.
Better structure and better support
It can be easy for trainees to come off track with their studies when they are not part of a structured programme to help them progress reliably. Apprenticeship programmes offer robust structure and support for learners through a close relationship with their assigned Coach. These coaches offer personalised support and help ensure they are on top of their studies. As a result of this, apprentices tend to move through their qualifications faster and with higher first-time pass rates. This benefits businesses as trainees learn knowledge and skills translate into their work quicker and more effectively.
Financial benefits
Using apprenticeship funding to pay for accountancy qualification training can save many thousands of pounds in course fees. As well as the 95% government subsidy of the training costs for non-levy employers, there is also an employer’s National Insurance exemption if the apprentice is aged under 25. Levy paying employers can utilise their levy pots.
The First Intuition Apprenticeship Recruitment Service is only available to employers who have committed to training their Apprentices with First Intuition. Unfortunately, we can only advertise for apprenticeship vacancies that we will provide the training for.
After the initial consultation, we will send you a form to confirm the details of the role and candidate requirements. We will then ask you to sign, date and return this form. In doing so you are agreeing that you are an authorised representative from the organisation you are completing the form on behalf of. You are also agreeing to commit to training the apprentices we will provide recruitment support for with First Intuition.
In the event of your organisation completing the recruitment process successfully, but deciding to train your apprentices with an alternative provider, First Intuition reserves the right to make a reasonable charge for any services we have delivered on your behalf. This will exclude the advertising of the vacancy on the Gov.uk Recruit an Apprentice site.
First Intuition accept no liability for the recruitment of candidates to your apprenticeship scheme. Our services identify suitable possible candidates but the recruitment decision remains the responsibility of the employer.
Please also note that as part of the funding rules the apprenticeship needs to be completed within the contracted hours stated. That will include at least 20% of the contracted hours as off-the-job training time.
Our Introduction to Apprenticeships video will give you more insight into why, how and when to hire an apprentice.
Contact us
For more information or to enquire about the Apprenticeship Recruitment Service, please contact Amy Sawyer at amysawyer@firstintuition.co.uk.
What Are the Advantages of Classroom Courses?
As we all know, online courses have become increasingly popular with the rise of technology. Online courses give students the option of extra flexibility and convenience to their studies. However, this doesn’t mean that classroom courses don’t have added benefits too.
At FI, we believe students should have the option to choose the best option on their individual needs and preferences. That’s why instead of scaling back our classroom courses with the increase in online, we have a constantly growing network of 20 study centres offering classroom courses across the UK. Therefore, giving our students the extra flexibility to choose the best study method for them, in the right location.
The 5 main advantages of studying a classroom course are:
1. Tutor Led Classroom Learning
At FI, all of our tutors have years of experience in industry; so your tutor-led tuition will be packed with real-life examples that apply directly to your work. Tutors will be able to support and answer your questions in a structured setting while supporting with any extra support and guidance you need.
It is also a great way to stay focused on your studies within a dedicated environment. This is particularly helpful for students who have unique learning styles that may need extra support.
2. Structure
Classroom courses have an excellent structured learning path with set in-centre course days. This means students can stay on track and motivated in our dedicated classroom environment. With the structure of classroom courses, students can also feel a sense of accountability to showing up on the day prepared to learn.
3. Interaction
One of the most significant benefits of classroom learning is the opportunity for real-time interaction with expert tutors and fellow students. In a classroom course, students can ask questions, participate in discussions, and receive immediate feedback. This level of interaction can enhance the learning experience for students.
This study method also can allow students to engage with the material in a more meaningful way and get personalised support.
4. Dedicated Study Centres
Our FI study centres are excellent environments to learn with dedicated classrooms and common areas to use in breaks with kitchen facilities*. Our classroom centres are handpicked to ensure students can learn in comfort.
5. Networking
Another advantage of classroom courses is the opportunity to build a network of connections. In classroom courses, you could meet other students and professionals in your field to build professional relationships.
Classroom learning allows students to meet and connect with like-minded individuals who share their interests and goals. This ability to networking can be valuable for future studying, job opportunities, collaborations and more.
Find out more about our classroom courses:
As you can see, online courses have their own benefits, but classroom courses also provide valuable opportunities for structure, tutor led classroom learning, interaction, dedicated study centres, networking and more.
All our courses can provide a rich and rewarding learning experience that can help you achieve your goals.
The First Intuition Manchester team are opening a new centre in Liverpool this September, offering both apprenticeships and exam-only accountancy training. The centre is delivering AAT and ICAEW courses from September 2023, and introducing ACCA and CIMA courses to classrooms early in 2024.
Speaking on behalf of First Intuition Manchester, Andy Booth, Managing Director, said:
“After many years delivering the highest quality financial training services to students and clients in Greater Manchester, I am delighted to confirm that First Intuition is expanding into Liverpool in 2023. If you would like to speak to any one of the team to discuss how and why First Intuition is different from other training providers and why we are the Ofsted Outstanding provider of choice, please contact us: we’d love to speak to you.”
Our First Intuition Manchester team (formerly iCount Training Partnership) are experts in their field. This is evident in the consistently high pass rates achieved by their students, paired with years of experience since 2009. The FI Manchester team will bring all this to the Liverpool study centre.
First Intuition Liverpool is located within the Grade II listed building, Cotton House on Old Hall Street. The new study centre is in the heart of the Commercial District, less than a five-minute walk from Moorfields train station. Onsite facilities include our own café space and a computer suite used for assessments. Furthermore we have fully equipped classrooms which can cater for groups of various sizes.
To find out more about this exciting new venture, you can contact us by emailing liverpool@fi.co.uk or fill out the contact form below.
The role of a bookkeeper has changed in the last few years. Previously this used to be very much focussed on data entry; however, with advances in technology there is less emphasis on data entry but more on system management and data analysis. With things such as automatic bank feeds and OCR readers, a lot of the data entry is done for you but, as a bookkeeper, you can add more value interpreting and explaining the data.
What qualifications do I need to be a bookkeeper?
There are a number of bookkeeping qualifications, one of the most popular being the Association of Accounting Technicians (AAT). AAT have two bookkeeping qualifications. The Level 2 Certificate in Bookkeeping is an entry level qualification, for which you need no previous experience or qualifications. This is a great qualification to start a career in bookkeeping. You will receive a fantastic grounding in double entry bookkeeping which is a fundamental skill all bookkeepers need. This qualification is made up of two units, Introduction to Bookkeeping and Principle of Bookkeeping Controls. Students take on average just 3 months to complete this qualification.
Once students have completed the Level 2 Certificate in Bookkeeping or if they have previous bookkeeping experience, they can take the Level 3 Certificate in Bookkeeping. This qualification covers preparing accounts for sole traders and partnerships, it also introduces taxation, VAT and an awareness of payroll. This qualification consists of two units, Final Accounts: Preparing Financial Statements and Tax Processes for Business. Students take on average 6 months to complete this qualification. After completion, students can apply for bookkeeping membership and get the designatory letters AATQB after their name. They can also apply for a practice licence and work for themselves. You can read about the advantages of Bookkeeping Membership and the requirements for a practice licence here.
Can I teach myself to become a bookkeeper?
In short, yes. Thousands of people have studied and qualified from home as a bookkeeper and fitted their studies around work and family commitments. You can study at your own pace and the exams are on demand which allows you to sit the exams when you are ready. With First Intuition Pass Guarantee, you will have our support for as long as you need with no extra fees. All Online and Online Live courses come with your own dedicated personal tutor who can even be contacted on an evening or weekend. First Intuition’s award-winning support and top pass rates mean you can be sure of success.
What is the average salary of a bookkeeper?
Bookkeepers can earn up to £35,000 on average according to the National Careers Service. However, some bookkeepers can take on staff, expand their client base and earn even more.
For more news and exclusive tips from First Intuition, visit FI Hub.
With day two drawing to a close, First Intuition Yorkshire Managing Director Lucy Parr, reflected on another highly successful Academy:
“We were extremely impressed with the quality of the presentations as were all our ‘dragons’. We really put the learners through their paces, with some tough questions. This is difficult enough for experienced businesspeople but even more so for our attendees, especially as they’d been well and truly put on the spot and handled it so well.”
Lucy’s enthusiasm was obviously shared by the attendees who also provided positive feedback on their experience at First Intuition’s Accountancy Academy:
“Thank you for hosting the accountancy academy. I found that it was extremely informative. The presentations from the different employers and the CV clinic and mock interviews were also incredibly helpful.”
“The academy was lovely and extremely helpful and gave me good insight for what employers are looking for in applicants.”
“Thank you so much for this opportunity. I enjoyed it thoroughly and have gained such a significant amount of knowledge in a short period, as well as meeting some lovely people experienced in this field with such a positive attitude. The mock interviews and CV support gave me a huge confidence boost.”
As the last candidate left, we all reflected on one last question … did we shatter those myths about accountants?
With our feet firmly in the data-driven world of accountancy we of course had to find irrefutable proof. We think we found it.
On day one we asked the attendees to give us the words they associated with accountants. Many of the words we were given were less than complimentary. However, when we repeated the exercise at the end of day two we were met with a much more complimentary set including ‘interesting’, ‘flexible’, ‘versatile’ and ‘dynamic’.
We’ll take that and build on this unbridled success at First Intuition’s next Accountancy Academy, where we look forward to meeting the next team of future Accountants.
Next step….Sheffield. Look out for details of our Easter Academy. If you would like to take part either as an attendee or an employer please get in touch with lucybrennan@fi.co.uk
#”
Here we cover what you need to know about achieving a distinction grade at appreniticeship level 3 and level 4.
The below videos are hosted by Ashley Bean, Head of Courses at FI Maidstone & Canterbury and Shane Reeves, Head of Apprenticeships.
Assistant Accountant Level 3 Apprenticeship Distinction Information
In this video, we will be covering a range of topics including the synoptic assessment, portfolio and professional discussion. During the video, we will break down each topic on what the level 3 distinction criteria includes. We will also cover how you can meet this criteria to achieve a distinction.
Please watch this video here:
Limited Liability Partnership (LLP)
A limited liability partnership is a hybrid of a company and a partnership. In most respects it is like a company in that it is a separate legal entity. Therefore, it can sue and be sued in its own name, it can own assets in its own name and the owners of the LLP get limited liability protection. It is the LLP that will be liable for any debts and if it cannot pay then the owners are protected.
Where it differs from a company and is like a partnership is in the owner/manager split. With companies the owners and managers are two distinct groups i.e. the directors and shareholders. With an LLP, the partners of the LLP are both the managers and the owners.
The other key difference is LLPs are taxed like partnerships so the LLP itself does not pay tax, but the profits are allocated to the partners of the business who then pay Income Tax on those profits.
LLPs are governed by the Limited Liability Partnership Act 2000, this means that LLPs must be registered at Companies House and will have to file accounts at Companies House.
Comparison of business structures
Sole trader
Partnership
LLP
Company
How is the entity formed?
No formal process.
Need an agreement, which may be formal or informal, written or verbal.
Must register at Companies House.
Must register at Companies House.
What is the legal status of the entity?
No separate legal personality.
No separate legal personality.
A separate legal entity.
A separate legal entity.
How is ownership of the entity transferred?
No special formalities.
Can transfer share of firm (right to profits, assets on winding up etc) but cannot transfer right to participate in management.
Can transfer share of firm (right to profits, assets on winding up etc) but cannot transfer right to participate in management.
Ltd – Cannot invite members of the public to become shareholders.
Plc – Shares are traded publicly, often on the stock exchange.
Number of members
One.
Minimum two.
Minimum two.
Minimum one.
Who manages the running of the entity?
Sole trader is the manager.
All partners participate in management unless agreement specifies otherwise.
All partners participate in management unless agreement specifies otherwise.
A shareholder has no right to participate in management unless also a director.
Are the owners liable for the debts of the entity?
Owner has unlimited liability.
Partners have unlimited liability.
Liability is limited to the capital that the member has contributed to the LLP.
Liability is limited to the member’s share capital.
For more news and exclusive tips from First Intuition, visit FI Hub.
Why have we added Leadership & Management to our course offering?
First Intuition’s extensive experience in training the accountancy and skills development sectors has given us great insight into what employers are looking for.
Alongside technical knowledge, we are seeing that employers are increasingly looking to develop the management capabilities of their most valued employees and to grow their internal talent into the leaders of the future. These managers will develop managing themselves, leading others and leading projects, whilst building financial and commercial competencies. The need for these skills was confirmed in a CMI management report, which found that 71% of organisations admit that they fail to effectively train their first-time managers and, in fact, only 1 in 5 managers receive any kind of formal training at all, leading to a huge increase in the number of ‘accidental managers’.
Leadership and Management Programmes: Addressing the issue of the ‘Accidental Manager’
You may have heard the phrase “The accidental manager”. This refers to someone who is in a managerial position as a result of their competency; a highly skilled worker, who has consistently excelled in their role. Consequently, they’re rewarded with increased responsibilities until they find themselves in a managerial position. In this position, their job is completely different, having shifted from delivery to directing. Typically, however, they are not given any further guidance or training.
The primary role of a practising or aspiring manager and leader is to lead and manage individuals and teams to deliver the aims and objectives in line with the organisational strategy.
Our Leadership and Management programmes seek to address the issue of the ‘accidental manager’ by providing coaching and training to create good managers. They are accredited by the CMI and are aimed at aspiring and existing managers in a broad spectrum of industries. CMI is the only Chartered body in the UK that awards management and leadership qualifications, with a pathway to a Chartered Manager status – the hallmark of any professional manager.
Who is Leadership & Management for?
We have two levels of qualification on offer:
Level 3 Team Leader/supervisor: This will most suit someone in a line management role with operational/project responsibilities, or responsibility for managing a team including providing direction, instructions and guidance.
Level 5 Departmental Manager: Aimed at practising middle managers who are involved in the input to strategic planning, creating and delivering operational plans, managing projects, leading and managing teams and managing change.
How do CMI qualified managers impact a business?
CMI qualified managers and leaders make a positive impact on businesses helping them to grow and thrive. Research shows that management and leadership development leads to improved performance, increased productivity and creates lasting change.
If Leadership & Management programmes sound like something you or your organisation could benefit from, our next cohorts are starting soon and it’s not too late to sign up. The 12-18 month programmes are available commercially or as an apprenticeship with training delivered via a blend of in-centre and virtual classroom, supported by our highly experienced and enthusiastic tutors in various locations.
If you want to know more, please contact:
Ravi Trivedi, Leadership & Business Academy Director, FI Ltd (London, Birmingham, Manchester and Online) | ravitrivedi@fi.co.uk
Iain Hunter, Impact Skills Programme Lead, FI Ltd (London, Birmingham, Manchester and Online) | iainhunter@fi.co.uk
Staff resourcing remains a key issue for businesses, with many finding it particularly hard to engage with young adults who are fresh out of school and college. This means a lot of businesses do not have a reliable stream of fresh talent at a junior level, whilst many young adults are also struggling to get into the job market.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to look at some recent research into the rapid changes in ‘what makes young adults tick’. As well as considering how employers need to change their Employer Value Proposition to appeal to individuals currently leaving education. The session also gave tips on how to grab the attention of prospective candidates, how to attract them to your brand, and what to expect from them in the recruitment and assessment process.
Speakers and panellists
Jordan Holder, Operational Careers Hub Lead at New Anglia LEP
The session was made up of three different topics:
The mindset of young adults including any research/reports into what motivates them – how employers need to change their Employer Value Proposition
Engaging with young adults and grabbing their attention and attracting them to your brand
What to expect from young adults in your recruitment and assessment process
You can watch the recordings on each topic by clicking the buttons below.
The mindset of young adults
Young adults generally have the mentality that they work to live not live to work, they value free time over financial reward
They prefer a less structured approach to work hours with options for flexibility
The success of a business is still important to young adults but so is working with purpose. There is now a lot more focus on the brand and whether they can resonate with the company and whether their personal values align. Commitment to sustainability, mental health, and diversity/ equality are particularly important
A lot of young adults still see job security and career development as important but may be more focused on broadening skills in their role rather than traditional liner progression
Culture and well-being are a priority
Employers can:
Create workplace benefits that make the company stand out against the competition. This could be something as small as ‘dog days’ in the office
Companies should sell themselves in one thing that aligns with their values so to attract the right type of people that will fit their culture
Be flexible with hybrid working and hours, allow flexible desk booking options, but give reasons for staff to still want to come into the office on their own accord
Provide mentors that young people can relate to and feel comfortable asking questions to
Engage with students through topics they are interested in, for example, sustainability in different sectors
There is a lot of competition out there and it is easier for young adults to compare companies. Be more creative with the way you engage such as having enterprise advisors that engage directly with schools on a regular basis
Parents are still the biggest influencers when it comes to young people’s career paths, try to also get in front and educate them
Appreciate that there will be differences in aspirations and needs between age groups
Engaging with young adults and grabbing their attention/ attracting them to your brand
Share salaries, explain acronyms, and be authentic and approachable on job vacancies. Do not make the role look too unachievable
Be proactive with reaching out, it takes 3-10 touchpoints to get engagement. Make the careers page accessible as well as viewable on mobile
Make the journey from advertising a role to job offer as seamless and easy as possible
Understand your target audience and produce content that will interest and engage with them
Use social media to show the brand and what it is like to work there, including video content. Use social media to make a presence known through organic and authentic posting rather than a hard sell, being too polished can be a barrier to getting content out. Use employees that are relatable to the roles you are recruiting, rather than the CEO
Young people want to hear your view on controversial topics, talk about them
Get school and college students into the workplace to immerse them in the culture and environment
Give people a date and when they will hear back, reply to everyone, and make it personal and clear there is someone behind the computer that is there to help them
Try to get candidates in face-to-face and for them to meet the team as much as possible before they start
During onboarding, provide a ‘pre-work website’ with tours of the office, information about the firm, contacts, and resources to help candidates get ready for their first day. Provide contact with a buddy and line manager
What to expect from young adults in your recruitment and assessment process
Young adults are less prepared for the traditional working environment than in the past, therefore they may need help through the recruitment process
Review entry requirements. Reconsider whether parts of the process are creating barriers to entry, including long assessment centres, CVs, and cover letters
Consider the pace of your recruitment process as young adults are used to having access to information instantly. Therefore, shorter processes are needed to keep candidate’s attention and give them less opportunity to loose interest
Be clear, honest, and authentic with the information you share so young adults understand what is expected of them. For example, what to wear. Be authentic with them and they will likely be authentic with you
Make use of technology as a lot of the younger generation are more comfortable using it. Utilise video interviews and allow candidates to practice or have a second go
Face-to-face interactions are more valuable for making personal connections than online so get candidates to meet staff as much as possible
Do not be shocked by candidates wanting a less linear approach to their careers. Be clear about how your company can help with this, as well as the sense of purpose they will have in their role
Train managers to be more understanding of young adults entering work. Check logic and relevance to ensure you are not just doing something because you have always done it that way
First Intuition’s Mini Skills sessions are back to help apprentices develop and maintain essential skills to work more effectively. Find more information on the different Mini Skills sessions below as well as links to register for the events.
Session One – Focusing on Confidence, Enthusiasm and Motivation
5th July 11:00-12:00
In this session, we discussed the importance of confidence and enthusiasm as well as the benefits of increasing them to both an individual and an organisation. We covered some practical and relevant tips for individuals to improve their confidence, enthusiasm and motivation.
Session Two – Time Management
12th July 11:00-12:00
This session focused on good time management, the benefits, and practical approaches to prioritising workloads. We will review the 8 time robbers, anti-procrastination strategies and the ‘4 D’s of Time Management’.
Session Three – Focusing on Perseverance, Proactivity and Self Resilience
9th August 11:00-12:00
In this session, we focused on three significant factors optimising individual performance – perseverance, proactivity, and self-resilience. We looked at pragmatic approaches to improve self-resilience and develop greater perseverance skills, and consider proactive strategies individuals can use to increase levels of proactivity from themselves and within their team. We also reviewed some of the benefits that proactivity can have within the workplace and discussed further techniques to improve engagement and contribution.
Session Four – Focusing on Planning and Prioritisation
30th August 11:00-12:00
This session concentrates on simple project management techniques that are transferable into individuals’ personal daily routines to improve planning and prioritising.
FAQs
How to join – Use the ‘register here’ buttons to book your place
Cost – Free
Time – 11:00 – 12:00
Where – Online via Teams
The courses are aimed at accounting and finance professionals looking to build their awareness of the digital technologies which are relevant to the finance world, and the impact they are having on the business environment. The immersive courses deliver the key topics in an interactive session led by First Intuition’s digital finance experts. The courses are offered as either a bespoke programme for members of one firm or as open sessions for individuals.
Emma Gription, Financial Controller at Tropic Biosciences and Hannah Spencer, Head of Finance at News UK, and their teams were some of the first attendees of First Intuition’s digital technologies and data analytics courses. Emma attended the courses for individuals whilst Hannah and her team joined a bespoke course. We asked them to answer the questions below about the courses and share their thoughts on how they benefited them and their teams.
1. What were the factors that influenced your decision to sign up for First Intuition’s bespoke digital finance course?
Emma signed up for the courses because she felt digital technologies and data analytics in finance are “something which is becoming more important for accountants to consider and adapt to”.
Furthermore, Hannah said she joined the courses because her team “are launching an ambitious finance transformation programme, moving on to multiple new systems so it was to get people thinking about data and systems”.
It is for these reasons that First Intuition launched the Digital Academy, to meet the ever-changing needs of finance professionals and help them to adopt digital finance technologies with the most impact, as well as increase their knowledge and understand how technology can create value for their organisations.
2. Did you come away from the course with tangible actions that you could implement in the workplace?
Both Emma and Hannah agreed they came away from the course with actions they could take in the workplace. Emma commented, “Yes very much so, as we are looking to implement something like Power BI in the near future, so it really gave me things to think of which I hadn’t maybe thought of.”
3. Have your team implemented any changes since the course, and if so, what?
Since attending the course, Emma said she had been better at messaging as well as being more concise and prescriptive on current projects. Whilst Hannah said her team have amended their spreadsheets to align across teams in the most effective way, as well as also improving reports.
4. Do you feel as though the course has helped your team, and if so, how?
Hannah commented that it had. “Yes, as it’s got them thinking about working more together when tasks are similar to share best practice, and also just being curious about where information comes from, whether that’s efficient, how do we show data to our stakeholders.”
Emma equally felt that the course had helped her. “Yes, it gave me a better way to plan projects, making sure you capture all aspects and not just the financial implications.”
5. Do you feel that the time you invested attending the course was well spent?
Again, both attendees agreed that the time invested in the course was well spent.
In response, Emma said “Very much so, as you got the chance to speak to peers who are all in the same position and share ideas which is always helpful. You get to share ideas and develop plans together.”
6. What level of experience do you think an accountant requires in order to benefit from this training course?
The attendees felt that anyone at any level could benefit from the training course as each person would get something different from it. Hannah felt it would particularly benefit anyone working with data or sending out reports as part of their role.
What is your experience in developing school leaver programmes within the accountancy sector?
Grant Thornton have championed school leavers for several years now and we strive to keep our programmes market leading. We recognise that school leavers are an asset to our business, bringing fresh perspectives and a strong sense of loyalty to our firm.
What would you say are the benefits of offering routes into the profession for school leavers?
There are lots of benefits to bringing school leavers into the profession. Young minds are adaptable and open to learning, much like the proverbial sponge! Our school leavers bring forward fresh ideas and challenge traditional ways of thinking. We have great retention rates with our school leavers, who are grateful for their big break into the industry.
What are the key considerations you believe are important in developing a programme for school leavers?
A school leaver programme needs to strike the right balance between support and challenge. Balancing work, life and studying are not easy, so developing the key skills of prioritisation, organisation, commitment, and professionalism is vital. Having a strong tripartite relationship between the school leaver, employer and training provider is the key to a successful school leaver programme.
What challenges did you face in setting up your apprenticeship programmes, and how did you overcome them?
Ensuring the training provider is the right fit for our school leaver trainee population is something we have learnt is important as we realised that what works for one group of trainees may not be effective for others. By reviewing the programmes and working closely with the tuition providers, we can identify what areas are working and what needs to change and this is a continuous process.
What can the government do to encourage more employers to hire apprentices?
The government could use employer case studies to showcase the benefits of apprenticeships in an organisation. They can also continue to honour the co-investment terms that are currently in place, as these are supportive to employers too.
If the government can leverage the benefits to employers, such as filling skills gaps and developing young people by supporting essential skills and behaviours, they can make a point of really promoting them in the right places: skills fairs, institute and training provider websites and recruitment sites.
What advice would you give to employers considering taking on an apprentice for the first time?
I would say that it is important to work with a well-organised training provider that has experience in delivering apprenticeships. The key to a successful apprenticeship is having a good tripartite relationship between the student, training provider, and employer. If anyone is unsure whether the effort outweighs the reward, I would say to them that apprenticeships are the future of our industry. Having well-rounded advisors with technical knowledge, and a strong framework of required skills and behaviours is a ‘must’ if we’re going to maintain the levels of quality expected within our industry.
Find guidance on creating the best apprenticeship programmes for your business and our resources on recruitment, development and retention here.
Rachael joined the apprenticeship team in August 2021. At FI Maidstone, she supports students studying levels 2, 3, 4 and 7 and has previous experience with delivery and support of Apprenticeships having also completed one herself.
She conducts regular reviews to help develop her cohorts’ skills and behaviours. That’s why we asked Rachael her views on the below:
What is your favourite thing about apprenticeships? / What would you say are the main benefits of an apprenticeship?
Apprenticeships are a great way to combine professional qualifications/theory-based learning with professional experience. Most, if not all of the worries and cons of a university degree; such as the huge loans needed to fund the course are answered with an apprenticeship.
As an apprentice, you work alongside varying levels of professionals some recently qualified and some with decades of experience whilst completing your studies. This means not only do you get the experience and support from tutors and coaches but from colleagues and managers too. This ensures you have enough experience of both the technical knowledge needed for your career path as well as the soft workplace skills such as communication and leadership. This opens up the doors to careers, job roles and companies you may not have the opportunity to work for should you have solely taken the degree route.
As a coach, I know I have done my job correctly when I see and hear about my learners progressing in their workplaces. This is when students are able to put not only knowledge but their skills and behaviours into practice.
If you could give any piece of advice to a new apprentice, what would it be?
Having seen many apprentices start new courses, there are a few tips that I would give to anyone about to embark on their first apprenticeship. The first is to organise your time. Luckily, with an apprenticeship, your coach has likely planned most, if not all, of your courses and development tasks. However, managing completing these along with a full-time job and having some “me time” can be really tricky! You need to be setting aside time for study and revision as early on as you can to ensure you are getting the best results.
Another piece of advice I would give which links well to the first, is to ask for help when you need it. Make sure you don’t wait for your next course day or next progress review with your coach. If you run into an issue or a question have it cleared up with the help of someone promptly. It will benefit you hugely to not be worrying and stressing about something that could have been dealt with. There is no such thing as a daft question, no one will expect you to have all the answers straight away and that’s what we are all here for.
Lastly, be enthusiastic about your college work and work tasks. You will get out of them what you put in and people will notice the positive attitude and approach. This will only result in better grades, especially with your portfolios and project reports. This will also include positive feedback going back to employers who I am sure will also notice the positive approach.
The AAT Impact Awards celebrates individuals who are making an impact within the finance industry and celebrates those unsung heroes.
The Inspiration Award
Claire Needham is an inspirational tutor, with over 20 years of teaching experience, whose energy and enthusiasm is infectious for both her students and colleagues.
Claire Needham, director and tutor at First Intuition Reading said:
“It is an honour to even be considered for this award, which is really a reflection of how each of our tutors regularly go above and beyond to inspire and support our learners to achieve the success they deserve. AAT provides a fantastic opportunity for anyone looking to develop their accounting careers and I am delighted to be part of their journey”
The awards ceremony takes place on the 3rd February 2023. We all wish Claire lots of luck for the day and everyone else that has been nominated.
ICAEW Apprentices at First Intuition Maidstone perform better in their accountancy exams than those not on programme.
The statistics below support the idea that the ICAEW apprenticeship programme provides significant benefits to learners. Once ICAEW Apprentices arrive at the final stage of their exams, they have acquired numerous skills and behaviours alongside their knowledge which evidently has a positive impact on overall performance.
How does the Impact Skills Programme (ISP) support ICAEW Apprentices?
The ISP is designed to work on these skills. Employer consultation has guided the programme to allow First Intuition apprentices to add greater value within the workplace and in learners’ studies.
These apprentices will attend modules throughout the programme that develop the following skills:
Integrated focus on teamwork and problem solving
Integrated focus on risk
Focus on project management
Integrated focus on leadership
Focus on integrated digital technologies and data
Professional development
Many of these equip apprentices to perform better in their professional exams. At Advanced Stage, skills such as problem solving help them to manage the challenging nature of the exams.
As with the real world, learners are now further examined on their ability to perform data analytics, which provide significant overlap with the ISP.
First Intuition Maidstone Apprentice vs Non-Apprentice Pass Rates
Apprentices at Advanced Stage are the leaders and managers of tomorrow. The professional exams require them to demonstrate that they have the ability to fulfil these ambitions. Consequently, having built upon these in the programme, apprentices have a greater chance of succeeding.
Jul-21
Nov-21
Jul-22
Apprentices
96%
95%
100%
Exam Only
95%
83%
89%
Global
82%
81%
84%
Finally, our Employer Feedback on the benefits of our ISP
‘The extra courses/ skills modules that apprentices attend during their studies have helped them to work on their ‘soft skills’.
‘One learner was transferred on to the apprenticeship having been a commercial learner. Their improvement has been noticeable.’
For more exclusive news, tips and advice from First Intuition, Visit FI Hub.
CPD requirements
From the moment you pass your exams and start to work as a practising accountant, you have an ongoing responsibility to keep developing your skills and expanding your knowledge – by engaging in continuous professional development (CPD). For some professional bodies, meeting CPD obligations can be as much a requirement of membership as passing the original examinations! Therefore, FI has entered into a partnership with the CPD specialists at Future Finance Training to offer you the programmes you need.
As Managing Director of Future Finance Training, Helen Kerrigan designs and delivers CPD training courses to delegates worldwide. Helen and the team work with all the major accounting institutes, as well as accounting professionals in industry. Helen has put together her guide to your CPD requirements below. You can also find further information in the links at the end of this article.
What are your CPD requirements?
Each accountancy institute sets different annual CPD requirements for its members.
ACCA
Most ACCA members follow the Unit route of CPD where each year you need to acquire 40 units of CPD, with each unit equating to one hour of learning. Your 40 hours of CPD have to break down into:
21 hours of ‘verifiable’ participation at face-to-face events, webinars or any other conferences or seminars that are relevant to your role (‘verifiable’ means that you need proof of attendance and/or completion); and
19 hours of ‘non-verifiable’ activities, which can include things like reading handout materials if you were due to attend an event but did not attend, or simply reading ACCA articles.
It’s essential that the quality of your verifiable learning meets ACCA standards – which is true of all CPD training events delivered for FI by Future Finance Training.
Alternatives are:
the part-time or semi-retired unit route where the requirements are reduced; or
the ACCA Approved Employer or IFAC body route.
CIMA
As a member of CIMA, you are required to work through the CIMA CPD cycle, at least annually, to work out what steps you need to take to meet your identified needs. Above all, you do not need to keep count of how many courses, events and activities you participate in. Neither do you have to provide proof of attendance. However, you should make sure that your knowledge and skills remain up to date. These must also be of relevance to the particular role you’re in.
ICAEW
From November 2023, you will be required to carry out a minimum number of CPD hours per year including a minimum number of verifiable hours.
It’s all part of ICAEW’s response to the government’s audit reform agenda designed to enhance public trust in the profession.
Some things won’t change. You will still need to consider your own development needs and create an action plan, carry out your plan, evaluate its effectiveness and, at the end of the year, declare that you have complied.
But three things will change:
There will be greater clarity about how much CPD you need to undertake (it will vary according to your role).
You won’t just be expected to undertake technical training; there will also be a compulsory element on ethical and behavioural issues, aligned with the ICAEW’s Code of Ethics.
A certain amount of the CPD you undertake has to be ‘verifiable’ – that is it has to meet certain standards and you have to be able to show evidence of its completion.
Meeting your CPD requirements
Whether your qualification is with ACCA, CIMA or ICAEW, meeting your CPD requirements is about much more than ticking boxes; it is your opportunity to keep yourself ahead of the competition. As well as to fuel your career progression, branch out in new directions, expand your network of contacts, and boost the performance of your organisation.
What’s more, the best CPD provision gives you the benefit of being stimulated, challenged and energised.
At FI, you can choose from a flexible programme of engaging CPD options. You can choose from public and private, tailored and off-the-shelf – delivered digitally via live-online sessions or specially recorded on-demand content, as well as face-to-face at FI or in-house.
Whatever course and whatever form of delivery you choose, you can be sure that it will be:
accessible, informative and of immediate practical use
carefully targeted and personalised to suit your needs.
designed and delivered by specialists with at least fifteen years of experience
validated with a certificate of participation (meeting ACCA’s verifiable CPD requirements)
There are 5 categories outlined below. Everyone who is shortlisted will be invited to a Zoom lunchtime ceremony on Friday 10th February 1pm, where the winners will be announced. The deadline for entries is Monday 6th February 2023. You can submit multiple entries for different categories. You can nominate yourself, your colleagues, your manager or your team!
Please don’t wait until the last minute to enter!
The apprenticeships award categories
Award
Description
Prize
Apprentice of the year
For an apprentice who has gone above and beyond, showing great promise and achievement.
Champagne, £50 Amazon voucher and certificate
Apprenticeship team of the year
Where 3 or more apprentices have worked together this year to achieve outstanding results
£100 Nando’s dinner voucher and certificate
Apprentice employer of the year
This award is to recognise employers who have put apprenticeships at the heart of their business
£100 Carluccio’s dinner voucher and certificate
Apprentice manager/mentor of the year
This award is to recognise the support provided by a manager or mentor to the apprentice in helping them achieve their goals
Champagne, £50 Amazon voucher and certificate
Rising star
An ex-apprentice who has excelled since completion of their apprenticeship
Champagne, £50 Amazon voucher and certificate
How to submit a nomination
Nominations should be emailed to emmaselway@fi.co.uk, identifying the category and a maximum of 200 words describing why they should be nominated for this recognition. Please include the full name and email address of the person (or team) you are nominating.
To find out more about National Apprenticeship week, view their website here.
Mock Exams
We have identified a direct correlation between pass rates and attempting practice exams:
82% of learners who attempt and submit all practice exams pass their real exam
73% of learners who attempt and submit one practice exam pass their real exam
Only 58% of learners pass their exam if they do not attempt and submit a practice exam
Mock exams are an essential component when preparing for your real exam. They mimic the real exam experience with exam style questions, allowing you to practice your time management and improve exam technique.
At the start of your course you are given a mock exam deadline timetable – make sure you submit them on time!Our experienced markers will provide feedback on your marked script which will ensure you can work on specific areas before the real exam.
Another thing you can do to improve your chances of success in your real exam is to attend every day of your course.
When we analysed student exam results from past exam sittings we found that learners with 100% attendance had a much higher pass rate compared to those who missed one or more days.
Of course, we all understand that there are times when you might not be able to make it to class, such as illness, but if you do have to miss a class it is vital that you contact your tutor to discuss what has been missed and make sure you catch up using the online lectures on FI Learn. The key is to stay on track, engaged and focused.
There are also numerous resources on the FI HUB – with articles and recordings that cover a range of technical syllabus areas.
Pass Guarantee
Should you ever be unsuccessful in an exam you are welcome to attend a free revision course to help you prepare for your re-sit, all we ask is that you have fulfilled the following requirements:
Attended all college days for the module
Submit all practice exams by the deadline* and achieve a grade of 30% or above
Attempt the real exam and achieve a grade of 40% – 49% (dependant on qualification)
*Our markers are booked in-line with submission deadlines and so we are unable to accept late submissions.
If ever you need to get in touch with any of our team in regards to your studies or need help or advice just get in touch at 0113 4677770 or email leeds@fi.co.uk or sheffield@fi.co.uk
What is the Trusted Service Award?
The Feefo Trusted Service is based purely on interactions with real customers, awarded to businesses that collect genuine reviews and insights via Feefo. The accreditation is a true reflection of a business’s commitment to outstanding service, based on the number of reviews they have collected and their high average rating. This is a very unique accreditation and, a very reputable badge of approval.
FI Award: Qualifying for Platinum
To qualify for the Platinum Trusted Service Awards, businesses must have achieved Gold standard for three consecutive years. To receive a Gold Trusted Service Award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 between 1st January 2022 and 31st December 2022.
FI Client and Service Director, Hazel Rogers, commented on the award:
“The Feefo Platinum Trusted Service award is a testament to our entire team and their dedication to supporting our learners and providing excellent service. I’m really proud to be able to share this achievement on behalf of Team FI.”
James Morley, Managing Director FI Birmingham and Online, commented:
“It’s fantastic news that FI has won the Feefo Platinum Trusted Service Award – it serves as a wonderful recognition of all the hard work, dedication, and commitment of the entire FI team to consistently deliver excellent service, year after year.
What makes this award extra special for us is that it’s based purely on feedback from our students. We’re committed to continuing to deliver the highest quality of service and will continue to listen, understand and respond to the need of our students.
Thank you to everyone who took the time to leave us a review, it really does mean the world to us.”
Maintaining Customer Satisfaction
As well as delivering brilliant customer service, we are focused on continuously developing the FI student experience in response to what our learners say is most important to them. In 2022, we were able to make significant improvements to our learning platform, enhance our online content, and developed our course booking area for a simpler, easier booking process. We also reached out to students to gain more in-depth feedback in the form of a new annual student survey. We were able to find out even more about what our students value the most from their training provider, and which causes and values are important to them.
We look forward to further enhancing the student experience in 2023 based on valued feedback from our learners.
The AAT recently updated the Qualification Technical Information (QTI) for Internal Accounting Systems and Controls to include “The Fraud Triangle”. Let’s explore what this model is used for and how it can be applied to internal controls.
The fraud triangle is a framework commonly used to explain the reason behind an individual’s decision to commit fraud. It is made up of three elements:
Opportunity
This is the chance to commit fraud without being caught.
Some examples:
Absent: where there is a lack of supervision or oversight.
Ineffective: if the supervision is ineffective.
Unenforced: if violations aren’t monitored or there aren’t consequences.
Unmonitored: if it is unlikely that controls will pick it up.
Motive / Pressure
Otherwise trustworthy employees might be tempted with the right motivation.
Some examples:
Survival: inability to afford life-saving medicines or to put food on the table.
Status pressure: feeling compelled to keep up with peers’ earning or spending.
Sudden changes in circumstances: a partner’s job loss, a surprise medical bill.
A sense of being wronged: being passed over for a promotion or denied a pay rise.
Rationalisation
Even with the motivation and the opportunity most employees will not commit fraud, this is unless they can justify it to themselves that it is ok, or they can convince themselves it is a victimless crime.
Some examples:
Denial: convincing themselves that they are only borrowing the money and will pay it back.
Entitlement: perhaps they feel it is their right for all the hard work they have put in.
Everyone is doing it: an employee may see others getting away with it and think they may as well do the same.
No alternative: a desperate situation could lead them to think that fraud is their only option.
Impact on internal controls
The fraud triangle can help a business to identify why people might commit fraud within their organisation and take steps to minimise that risk.
Opportunity is the element that the business can directly influence by strengthening existing controls or implementing new controls if they were lacking in some areas.
The business should not ignore the other two factors though. A good corporate culture where employees feel valued, are treated fairly and are remunerated adequately can help to reduce the Motive and Rationalisation.
For more news and exclusive tips from First Intuition, visit FI Hub.
‘People are at the heart of everything we do, having the right team in place to ensure this continues is vital. I am delighted to have a team with the wealth of experience needed to deliver excellence.’ (Lucy Parr – MD)
Our students are receiving outstanding teaching and apprenticeship programme support whilst studying for their professional Accountancy and Taxation qualifications, it is equally important to us that the external support to our valued clients is just as good. The feedback we receive from our clients speaks for itself:
As our client base grows, it is vital that we have the team in place to give clients the service they expect. We are delighted to introduce the newest members to the Yorkshire Client Team; Natalie Stevenson and Olivia Buckley.
Natalie joins us from a South Yorkshire FE College and comes with over 20 years’ experience in teaching, education, training, and apprenticeships
Olivia joins us from a National Private Training provider and has over 7 years’ experience working with local students and clients in the Accountancy and Taxation training sector.
With well over 100 years combined experience is Accountancy, Education and Training, our team are well placed to share our insight and knowledge and to advise and help shape training programmes for organisations across Yorkshire and Humber.
If you would like to speak to one of the team about training members of your own team you can e-mail leeds@fi.co.uk or sheffield@fi.co.uk
(Pictured are Chris Cain, Natalie Stevenson, Olivia Buckley, Lucy Parr, Kate Cockroft and Gareth John)
Join Ben Bullman and Gareth John as they break down their guide to the practical considerations of accountancy study after AAT.
The Association of Chartered Certified Accountants (ACCA)
The ACCA qualification is globally recognised as the largest and fastest growing professional accountancy body. Being ACCA qualified opens up many career opportunities in the world of finance, whether in accountancy practice or industry. Similarly to any professional education, when you study for an ACCA qualification, you will need to put in hard work and commitment. The qualification takes 3-4 years on average to complete. AAT students can gain free exemptions for the Applied Knowledge level exams meaning that you could complete the remaining qualification within 2 years.
Qualify with ACCA, and you will have the skills and knowledge needed to become a finance professional. You’ll have choices about where you want to work, which sector you want to work in, what roles you want to pursue, and even better, the difference you want to make.
The Key facts that you should know about ACCA courses are:
Covers everything from digital, data and technology to advisory and consultancy, as well as both management and financial accounting, giving you a fully-rounded skill set.
Has four specialist exams to choose from that enable you to specialise and explore a specific career path or sector
The Qualification is studied across all employment sectors and is recognised in 178 countries across the world
Offers flexible exam choices – sit in centre or at home
Membership demonstrates to employers that you have the relevant Practical Experience Requirement (three years) and improves workplace effectiveness through completion of the Ethics and Professional Skills Module.
ACCA Course Structure
Applied Knowledge: Three on-demand computer-based exams. These exams are exempt with AAT Level 4
Applied Skills: Six session computer-based exams
Strategic Professional: Two compulsory computer-based exams and a minimum of two of the four optional exams
ACCA On Demand exams are available all year round and session exam sittings are held in March, June, September and December.
The CIMA qualification is undoubtedly the world’s largest professional body for management accountants. Unlike most other courses, CIMA will not enable you to set up in practice. This is because the CIMA qualification is aimed at those already working in company finance or management positions. As a result of prior experience, most students pass the CIMA qualification within 3 years. In short, CIMA students will study CIMA theory, as well as participating in practical work experience. Although this element is not admired by everybody. Almost all CIMA students do consider this as being beneficial to their progress and development.
The key facts you should know about CIMA courses are:
It combines finance and business; consequently giving you more than just accounting knowledge
You will not only be financially qualified. You will also be professionally trained in business management. This therefore means you will be capable of advising your future clients on business strategy and risk management
CIMA is predominantly studied by employees in industry and the public sector, although it does appeal to others
The CIMA course requires 3 years PER.
CIMA Course Structure
The Certificate in Business Accounting (4 CBA’s) – However, being AAT qualified would give you exemptions from these four certificate level papers (BA1, BA2, BA3 and BA4)
Operational level (3 CBA’s and a case study)
Management level (3 CBA’s and a case study)
Strategic level (3 CBA’s and a case study).
CBAs (Also know as Classroom-Based Assessments) are held on demand, with case study papers on schedule four times a year.
The Institute of Chartered Accountants in England and Wales (ICAEW/ACA)
Founded in 1880, ICAEW is one of the oldest accountancy bodies in the world. As a result of this, it has more than 184,500 members and students in 148 countries.
ICAEW Chartered Accountants are the largest source of business advice in the UK. As as result of this, they reach more than 1.5 million organisations. The ACA qualification prepares you for leadership, right up to board level. Due to this, over 80 of the FTSE 100 companies have at least one ICAEW Chartered Accountant on their board.
The ICAEW course in particular, is popular with those who are employed on a training contract with an ICAEW approved employer. It should be noted that if you are AAT qualified, you would be exempt* from some of the Certificate level papers. Which consequently means you can be fast-tracked to the Professional level. On account of the high quality tuition we offer at FI, most students qualify within about 2½ years.
The key facts for ICAEW courses are:
ICAEW students must work for an authorised employer. Being in a formal training agreement is also beneficial. You will also need to have regular six-monthly reviews with a senior qualified member of your team
The AAT-ACA Fast Track route provides level 4 AAT qualified students with up to 5 credits* towards ACA exams. This therefore enables you to qualify as an ICAEW Chartered Accountants in as little as 2 years
The ACA comprises of 4 components: 15 exams, 450 days of practical work experience, professional development and ethics
The syllabus and exams will prepare you with the technical knowledge, advisory, commercial and digital skills. Therefore ensuring you you are business-readyfor any organisation
ACA students have a first time pass rate of 80%
ACA students and members are in high demand across all sectors, not just in practice (50% work in Industry and Public Sector).
ICAEW Course Structure
6 Certificate level computer-based assessments On demand – Exempt from up to 5 with AAT Level 4*
6 Professional level exams – March, June, September and December sittings
3 Advanced level exams – July and November sittings.
*Are you AAT qualified? In this situation, you would be exempt from some of the certificate level papers. These include:
Accounting, Management Information and Business & Finance
Assurance if completed optional External Auditing paper at level 4
Principles of Tax if completed BOTH optional tax papers at level 4.
Do you want to find out more about our professional finance and management qualifications?
Qualification pathways
See our qualification guides. Above all, these aim to clearly set out the main points, focus and structure of each qualification that we offer. In addition to this, you will also gain access to an array of helpful articles on FI HUB.
Do you need a some help with your choices?
With FI you are never on your own. You can arrange to speak with one of our experts, who will be happy to help answer any of your questions.
Where did you work before coming to FI?
I started my career in retail working at Debenhams before moving on to work for Andy’s Records for 17 ½ years until it went into administration. In 2004, I moved into training and assessing, working for a small provider called Touchstone. This is where I qualified with my Assessor Award and my Internal Verifier Award. Touchstone was bought out by a larger organisation and during this time I had a career break to start a family.
After my break, I commenced employment with a local training provider on a part-time basis and I continued to work there for 8 years in various roles including Lead IQA and Apprenticeship Team Manager. I also had experience in Quality and Management with Halfords before working for Kaplan as a coach for Accountancy and Tax for 18 months.
What led to you becoming a Skills Coach at FI?
I joined First Intuition in March 2021 as a Skills and Development Coach for the London Team. I’ve just recently moved into a new role as Quality and Compliance Lead. Quality is my passion and I am looking forward to developing this and working with the compliance team. I am currently completing my EQA Qualification which is a great opportunity to develop further knowledge of Quality.
From my first day at FI, I was welcomed by a great team and given a full meaningful induction. It was refreshing to be given the opportunity to learn the working practices and to shadow experienced coaches. I was given ample opportunity to develop my knowledge and understanding of FI and all my questions were answered. I enjoyed building a rapport with the students and managers from day one and it has been amazing seeing how the students have progressed. Being a Skills Coach at FI is both rewarding and enjoyable.
What is your favourite thing about working at FI?
My favourite things about First Intuition are:
• The culture
• The support and development opportunities
• The people I work with
What do you think makes a good Skills Coach
What makes a good coach:
• Being positive and happy
• Being pro-active
• Being accessible
• Sharing ideas and best practices with others
What are the main challenges of being a coach?
I would say the main challenge is running out of time – there are never enough hours in the day!
If you need anything further please speak to a member of our support team on 01425 618124 or email aat@fi.co.uk
Accountancy Summer School – what we cover
Whilst some students have a very clear idea about the career they would like to pursue, there are equally many who are unsure. The Academy gives the attendees a chance to explore the industry in a little more detail and decide whether it could be a suitable path for them. Many of our attendees go on to study accountancy either at university or as part of an apprenticeship. The topics we cover within the Academy are as follows:
Careers in accountancy
How to get started
Study pathways
CV and interview tips
An employer Q&A forum
Format of our Accountancy Summer School
Held at both our Leeds & Sheffield centres over 2 days by our team of industry experts. The days include both practical and written tasks which are demonstrated in a presentation at the end of day 1. Day 2 sees local employers attend to present to the group, conduct mock interviews and and answer questions from attendees about their companies and the different roles within them. The First Intuition Team will provide information on the different qualifications and study routes available.
When do they run?
They run annually, with the Leeds event held in the February half term and the Sheffield event in the April Easter holidays.
2023 Dates:
Leeds – 13th & 14th February
Sheffield 3rd & 4th April
How do I sign up?
You can register for the 2023 academies using the links below:
If you can’t attend these dates but would like to attend a future Academy you can register your interest by emailing leeds@fi.co.uk
During the employer mock interview session she was noticed for her enthusiasm and professionalism and is now in full time employment with BPR Heaton and studying for her AAT Qualification via the Apprenticeship route.
We hear from Lois about life as an Apprentice….
What are you currently studying?
I have just completed my level 3 AAT apprenticeship and I am about to start Level 4 in April.
You attended the First Intuition Accountancy Academy, did this help you with your decision?
Yes, the knowledge I gained from the staff at FI Leeds about the accounting profession during the academy was invaluable. I knew when studying for my A-levels that I wanted to work in finance and the academy day at First Intuition gave me that push in the right direction to get me where I am today. I attended the academy back in April 2018 and had a mock interview with the Corporate manager of the accountancy practice I am currently working for and was contacted after the academy to attend a formal interview with the directors of this practice.
What else was appealing about an Apprenticeship to you?
The most appealing part of an apprenticeship to me was being able to earn a full time salary whilst gaining respected qualifications and skills needed for a successful career in accounting.
What do you feel you gain by studying via the Apprenticeship route?
I have gained knowledge and skills from working alongside highly skilled professionals.
How do you find the work/study balance of an Apprenticeship?
The work/study balance during working hours can be difficult to manage especially during busy periods it can be hard to allocate 20% of your time to studying or training, but planning ahead with your workplace training mentor can easily combat this issue. Colleagues & managers understand that college work throughout your apprenticeship is just as important as your day-to-day job and are willing to help you in any possible way.
How do First Intuition help with your studies?
First intuition is one of the reasons why my level 3 apprenticeship was such a success. I would not of achieved 85%-99% in all my exams without the continued support of all the staff at FI Leeds.
Would you recommend the Apprenticeship route to others? If yes, why?
I would definitely recommend the apprenticeship route, you gain experience whilst training so when you are fully qualified you are confident within a working environment.
Lois attending the 2018 Academy
Lois advising attendees at the 2019 Academy
Our free apprentice recruitment service will assist you in finding the best talent for your organisation.
Our expert team will set up an initial discussion to establish what role(s) you are filling.
Apprentice Recruitment Service – what we offer
To assist with your recruitment planning we have put together a yearly timeline which includes Apprentice sign up deadline dates.
Apprenticeships offer a significant opportunity for both employers and apprentices. We believe an apprenticeship offers a real alternative to the standard routes of work or higher education. Combining the best of both worlds, they give trainees the chance to develop skills and knowledge that are directly related to their chosen industry whilst also earning a salary.
Our apprentices come from a range of backgrounds, vary in age, and are at various stages of their careers. We work with them and their employers to develop their individual technical and all-round skills that help businesses to thrive and grow. Apprenticeship funding is available for both large and small employers with First Intuition.
Each apprenticeship is built for a specific job role to ensure training is relevant and specific. You can tailor an apprenticeship to specific job roles, making them flexible to the needs of your business.
Skills development
Accountancy apprentices do not only learn the core technical skills they need to do their job. They also develop wider soft skills and behaviours that are equally essential to career success in the industry. Skills that are built into programmes include communication, commercial insight, problem-solving, strategic thinking, resilience, teamwork, negotiation and leadership, all of which can take non-apprentices years to develop through experience alone.
Better structure and better support
It can be easy for trainees to come off track with their studies when they are not part of a structured programme to help them progress reliably. Apprenticeship programmes offer robust structure and support for learners through a close relationship with their assigned Coach. These coaches offer personalised support and help ensure they are on top of their studies. As a result of this, apprentices tend to move through their qualifications faster and with higher first-time pass rates. This benefits businesses as trainees learnt knowledge and skills translate into their work quicker and more effectively.
Financial benefits
Using apprenticeship funding to pay for accountancy qualification training can save many thousands of pounds in course fees. As well as the 95% government subsidy of the training costs for non-levy employers, there is also an employer’s National Insurance exemption if the apprentice is aged under 25. Levy paying employers can utilise their levy pots.
The First Intuition Apprenticeship Recruitment Service is only available to employers who have committed to training their Apprentices with First Intuition. Unfortunately, we can only advertise for apprenticeship vacancies that we will provide the training for.
After the initial consultation, we will send you a form to confirm the details of the role and candidate requirements. We will then ask you to sign, date and return this form. In doing so you are agreeing that you are an authorised representative from the organisation you are completing the form on behalf of. You are also agreeing to commit to training the apprentices we will provide recruitment support for with First Intuition.
In the event of your organisation completing the recruitment process successfully, but deciding to train your apprentices with an alternative provider, First Intuition reserves the right to make a reasonable charge for any services we have delivered on your behalf. This will exclude the advertising of the vacancy on the Gov.uk Recruit an Apprentice site.
First Intuition accept no liability for the recruitment of candidates to your apprenticeship scheme. Our services identify suitable possible candidates but the recruitment decision remains the responsibility of the employer.
Please also note that as part of the funding rules the apprenticeship needs to be completed within the contracted hours stated. That will include at least 20% of the contracted hours as off-the-job training time.
Our Introduction to Apprenticeships video will give you more insight into why, how and when to hire an apprentice.
Contact us
For more information or to enquire about the Apprenticeship Recruitment Service, please contact our team at bd.yorkshire@fi.co.uk.
Ofsted Oustanding
Ofsted has awarded First Intuition Cambridge Limited as Outstanding in our latest report. The report, published on 17 August 2022, recognises FI Cambridge Ltd as outstanding across all areas of assessment, including the quality of education, behaviour and attitude, personal development, and leadership and management. FI Cambridge Limited is now one of just four level 7 accounting providers to achieve an outstanding Ofsted rating, the other three also being awarded to FI centres.
Contact Us
To find out more about our accountancy programmes please complete the form below and one of our team will be in touch:
Way back in time, I initially started my career as a horse-riding instructor. As much as I enjoyed working with horses, it wasn’t long before I realised I liked having horses as my pets and much preferred working in a warm, dry office environment! My first finance role was as an admin in a finance role. I enjoyed the mental challenges this presented and was keen to accept the chance to complete my AAT. From here I progressed to processing management accounts for another company within the Education Sector. The exposure I initially had when starting with this company, to help individuals and being a part of helping to improve children’s futures, I found extremely rewarding.
Soon, I felt like I needed to push myself even further so I requested to begin my ACCA studies. I thoroughly enjoyed my studies, yet within my role as a Finance Manager, I felt that there was something missing. I missed interacting with people, as I had been doing more of this when I initially started and helped to set up the business.
The exposure to auditing and practice accounting in my studies sparked my interest, so I looked to join a company with this role in mind. Again, I enjoyed this position and with my management experience, I was soon able to fulfill the role of Audit & Accounts Senior. However, I still felt that there was something missing.
What led to you becoming a Skills Coach at FI?
I leaped at the chance to work with First Intuition and feel incredibly lucky to be part of such a fantastic team. It ticked every box for me, with the chance to use my accountancy knowledge to help assist others with progressing in their careers. The people are so friendly and welcoming, the company is very dynamic, flexible, and always puts the learner and their needs above everything else. I look forward to working every day and have such a sense of contentment, knowing that I’m contributing to helping others achieve success in their careers.
What is your favourite thing about working at FI?
Working at First Intuition doesn’t even feel like work – I’m surrounded by a wonderful, supportive team and feel valued as an individual, with my thoughts and ideas listened to and acted on. My favourite thing about working here is the drive every single member of staff has to ensure our learners get the best quality experience they possibly can.
What do you think makes a good Skills Coach
I believe a good coach is able to understand and tailor their approach to the individual needs of each student, as well as having very good organisation skills. I can completely empathise with the time pressure learners may face, having been in the same position myself, and I feel that this helps me to relate to them and understand those worries and anxieties they may have.
What are the main challenges of being a coach?
The role of a coach does come with its challenges, I think I’ll always find it hard when some students feel this just isn’t the right pathway for them at this stage of their lives. However, it’s also extremely satisfying when I am able to re-motivate someone to get back on track with their studies and pass all of those tricky exams!
AAT is the UK’s leading Accountancy body offering entry level qualifications. The AAT is open to all, regardless of age or experience there is a place that anyone can start their accountancy studies with the AAT. That’s why taking your AAT courses in Kent is an excellent choice.
The AAT Qualification includes 3 levels. The levels include AAT Level 2, AAT Level 3 and Level 4. Each course takes roughly 12 months to complete.
You can start with any qualification depending on your existing skills and experience. Therefore, if you already have some accounting experience, you may choose to start at a higher level. Find out more about each level and what they include.
AAT Courses in Kent – Classroom Courses
Did you know you can study classroom AAT courses in Kent with First Intuition? We offer Classroom Courses in our Maidstone & Canterbury Study Centres.
Studying AAT courses in one of our Kent classrooms is an excellent way to train in one of our friendly, modern study centres. Our centres have created a great learning environment for those that need a quiet space to study and somewhere to network with likeminded learners.
Both Kent centres offer our qualifications under the apprenticeship programme. Ask us for more information on our programmes by using the contact information below.
What is included in the synoptic revision webinars?
The webinar will first include a 15 minute development session, this can include stepping up to the next level, careers advice, spreadsheet skills or professional writing skills.
The webinar will then have a 45 minute session on a specific area in the synoptic.
Make sure you read the title to make sure you know which section this will be on.
Look below to find out information on each webinar, what they include and how to sign up.
Gareth John shares his views on the changes required to the Apprenticeship Levy ahead of the Chancellors’ budget announcement in the Autumn Statement 2022
Whilst organisations across the UK face varied challenges in the current economic environment, resourcing seems to be the most consistent issue in virtually every sector. Shortages of workers with required skills mean that employers are struggling to recruit and retain high-quality staff at every level.
Apprenticeships play a critical role in providing the talent and skills that fuel our economy and provide transformational life opportunities across communities. However, in areas of the UK apprenticeship starts have been declining at a time when they are needed most. This has been a result of a perfect storm of static apprenticeship funding bands in the face of delivery cost inflation, limits on the number of apprenticeship starts available to SMEs, and a lack of flexibility in the use of levy funds that makes it difficult for employers to benefit from apprenticeship programmes that could otherwise meet their needs.
Difficulties in recruiting and starting apprentices are not only jeopardising the future of young adults but the future growth of the economy as well.
At the recent AELP Autumn conference Peter Mucklow, Director of Apprenticeships at the Department for Education, spoke of how “we want more apprenticeships, especially for young adults, and especially in SMEs”. He followed up by saying that the department is “committed to doing all they can do to support apprenticeships” and “high-quality training that individuals and their employers need to build a brighter and more prosperous future”. David Withey, CEO of ESFA, echoed this sentiment when he talked about how the pandemic had “shone a light on the importance of skills to the future of the economy” and Jennifer Coupland, CEO of IfATE stated how “massively important skills are to business success.”
Whilst it was reassuring to hear such consistent messaging on the importance of the skills sector in supporting economic growth, it is clear that the Chancellor faces a difficult balancing act of raising taxes and controlling spending to reassure financial markets, whilst investing in key areas to keep recession as short and shallow as possible. It is to be hoped that post-16 skills, such a consistent issue for employers, is an area that will benefit from fiscal support at this important time.
Optimism can be found in the familiarity with adult education and training of the new Ministerial team, including former Minister for Apprenticeships and Skills, and an ex-apprentice herself, Gillian Keegan taking over as Education Secretary, and Robert Halfon returning to his previous role as Skills and Apprenticeships Minister. The Prime Minister, Rishi Sunak, was also a solid supporter of apprenticeships in his time as Chancellor; the apprenticeship incentives he introduced during the pandemic did a great job of giving employers the confidence to continue recruiting and training apprentices during uncertain times.
Here are the three key changes to the Apprenticeships Levy I believe are required to get the most out of apprenticeships:
1. Increase apprenticeship funding bands to cover inflation in delivery costs:
Apprenticeship funding bands remain the same as when they were first set. During the intervening period, there have been substantial increases in the costs of delivering apprenticeships, particularly recent rises in salary costs and energy bills which form a significant proportion of the cost base of providers. As a result of the failure of funding bands to account for inflation, providers either cannot afford to deliver the programmes needed in their locality or are forced to pass additional costs onto employers, which is driving them away from hiring and starting apprentices.
In the accountancy sector where uptake of apprenticeships has been strong in recent years, a failure to increase apprenticeship funding bands to cover inflation in delivery costs threatens to undo years of success. There must be immediate action to increase funding bands to allow providers to maintain the quality of training and support that learners deserve.
2. Set a date for when the apprenticeship funding reservation cap for non-levy employers will be reviewed and reset each year:
There is significant confusion and uncertainty among non-levy employers about plans for the reservation cap of ten learners on the Apprenticeship Service. Many employers welcomed the reset of learner numbers that took place in June 2022, but the lack of forewarning about this decision meant some were not able to take full advantage of it to hire more apprentices, having already made strategic workforce decisions. Given the acute shortages of experienced workers in the labour market, employers need to be able to plan a year or more in advance, and for SMEs this requires clarity over how many apprentices they will be able to start in 2023 and even into 2024.
There must be clarity and certainty over when the non-levy reservation cap will be reset each year. Setting a regular date each year would allow SMEs to create workforce recruitment and training plans which include apprentices with confidence.
3. Give employers greater flexibility in how they use Apprenticeship Levy funds to drive skills development:
Employers want the flexibility to use Levy funds to support and upskill people outside the rigidities of an apprenticeship programme. Short, modular training interventions could provide far more dynamic skills development across needed areas like digital, sustainability and interpersonal management skills. This could benefit a wide range of workers whether they are entering the workforce for the first time, being promoted, re-entering after a period of absence, or looking to maintain their knowledge and skills in their current role. Given the large amount of levy under-spend that is returned to the Treasury each year rather than benefitting the skills sector it was intended to support, we need to see greater flexibility that allows Levy funds to be used for delivering entry-level employability skills, pre-apprenticeship training, lifelong learning and on-the-job training outside an apprenticeship standard.
I strongly believe that making these changes will help reverse the decline in apprenticeship uptake, fill skills gaps in the workforce, and ensure continued growth to our economy. If the Chancellor addresses these issues in the Autumn Statement on Thursday 17 November, there is a huge opportunity to see our workforce, our businesses and our economy benefit.
EducationInvestor Awards 2022: Skills Provider of the Year
This year the Skills Provider category was well represented with 8 strong finalists in the group. The judging panel were looking for a training provider that demonstrated a successful pivot to online course delivery amid the pandemic, whilst improving student outcomes and pursuing a clear corporate strategy.
First Intuition Achievements
The EducationInvestor Skills Provider award recognised activities undertaken during the year May 2021 to May 2022. For First Intuition this was certainly a busy time, with achievements including:
Expertly navigating course delivery changes in response to various lockdowns
Investing in the refurbishment of our London study centre and increasing classroom capacity
Doubling intake numbers in September 2021 compared with the previous year
Merging with iCount Training, now First Intuition Manchester, and expanding our study centre network
Opening a new study centre in Birmingham (expanding our network further!)
Achieving an Outstanding rating in our first full Ofsted inspection, with many FI centres around the country gaining the same grade in 2022
These achievements are the result of a razor-sharp focus on doing the right things for our clients and our students. Moreover, this growth has led to a steep rise in recruitment, the implementation of new processes and changes to our structure and responsibilities.
Focus on People
At the centre of everything, we continue to focus on what is important:
The student experience
The client experience
The FI team experience
We would like to thank our clients, students and staff for their unwavering support. We look forward to another year of opportunity in 2023.
To see more information about the EducationInvestor Awards, and the full list of winners, please visit the EducationInvestor Awards website.
What have we learned?
1. It takes time:
There are no shortcuts to success. Working with people who are passionate and knowledgeable about what they do and share this with the learners and employers that they support takes time.
Having a culture where quality is at the heart of the programme and the decisions that you make is similarly not a quick win, but one that needs to be embedded in the way everyone works. To receive a Good or Outstanding rating from Ofsted, a training provider must demonstrate that this is the case.
One inspector remarked that you can’t paint on a culture in a weekend. Wise words indeed!
2. The stronger the team – the stronger the team:
A football manager once gave that quote in a post match interview. Post Ofsted analysis would say the same. Success is not down to any one person or any one thing. A team effort where everyone knows their role and supports their colleagues means that during inspection things go well.
3. There’s always room to develop:
Having a report and a grade doesn’t mean that that’s the end until the next round of inspections. Feedback isn’t something to stick in a drawer to be dusted off once a year. Being driven to continually enhance the experiences for our learners and our employers is an important way to keep quality at the heart of the decisions that we make.
4. Remember to celebrate the success:
A letter received by the then Skills Minister, Alex Burghart, referenced the importance of excellence within further education in helping young people and adults to achieve their potential.
“It is through your organisation and others like you that Britain can equip people with the skills they need to succeed in life.
Please pass on my congratulations to everyone in your organisation, and please take some time to celebrate.”
First Intuition has been awarded the following ratings from Ofsted:
Good for First Intuition Bristol (covering Bristol and Exeter)
Outstanding is not only the highest possible Ofsted rating, but at the time of writing, First Intuition is the only level 7 accounting provider to have achieved this.
Across the FI network there has been much to celebrate, and we look forward to continuing to build on these results.
FI Chelmsford was recently assessed against the matrix standard and achieved accreditation. But what is the matrix standard and why is it so important for education providers?
The Matrix Standard and Accreditation.
The matrix standard is used by the Department of Education to ensure the delivery of high-quality information, advice, and/or guidance (IAG). It is an international quality standard covering organisations that deliver IAG as their sole purpose or as part of their service. Any organisation which manages, administers, and delivers an information, advice, and/or guidance service to support individuals in their choice of career, learning, work, or life goals can become accredited to the matrix Standard.
What did the assessor look at as part of our assessment?
As part of our recent accreditation, the assessor reviewed a number of areas within our provision. This included:
The materials we provide to our students.
Resources we have created such as the podcast, website articles, and information for school leavers about careers.
Our use of technology to help learners review and monitor their progress and further their learning.
How we monitor a learner’s progress throughout their studies and review this with them on a regular basis.
Feedback from employers, partners, and learners.
How we deliver information, advice, and guidance to local schools and potential learners.
Our strategy for continuous development.
Key Outcomes from our Matrix Accreditation.
The assessment identified a number of strengths which can be summarised as follows:
Leadership & Management – a supportive leadership structure was cited as a strength. The assessment also highlighted that as a small organisation, we also benefit from being part of a larger franchise group.
Partners describe FI Chelmsford as ‘amazing’ and ‘responsive’. Our access to several central services such as Learner Management Information Systems and our partnerships with local schools were highlighted.
Both our physical and online resources were identified as a strength. Staff knowledge/experience of our sector, our central location and fully equipped training rooms were highlighted. The resources learners have access to online to support their learning were also considered a strength.
Our staff were recognised as having relevant finance and training experience. We also have staff members who can guide the team in understanding what a good learner journey looks like.
Our use of Information Communication Technology (ICT) was also identified as a strength. In particular, the platform we use to manage information and our online revision, learner webinars, and podcasts, were highlighted.
Finally, our Quality Assurance Strategy was recognised as a strength. Our assessment of our own provision and our commitment to Equality, Diversity and Inclusion, and learner feedback were all highlighted.
Feedback on FI Chelmsford from our network
When interviewed by the assessor, here’s what our students said:
“FI Chelmsford have supported me to retain my motivation and get me over the line.” “Staff have supported me with personal issues.” “I feel much more confident with my communication and leadership skills.” “I have progressed from a junior staff member to delivering presentations at board meetings.”
“If I need additional guidance, I can arrange a support call.” “I have received some great advice from the team.” “The free revision resources are fantastic and available to everyone via Facebook.” “I have already recommended FI Chelmsford to friends and family.” “I failed an exam and was given various options to catch up.” “I like the smaller class sizes, and the staff are really approachable.”
Our employers and partners were equally complimentary:
“We have the same aim and values, wanting learners to do well.” “Our go-to accountancy training provider they are so responsive. “It’s the first time we have used FI Chelmsford; we like the idea of a more local provider with smaller classes who seem to be more invested in our apprentices.” “The whole enrolment process has been seamless.” “We are currently utilising the free recruitment service, which is brilliant.”
“FI Chelmsford is my first port of call for career advice in accounting for our students; they are amazing.” “FI Chelmsford is one of our strongest providers; they are really invested in learner achievements. “Quality of provision is amazing.” “Our partnership is vital and works to benefit both organisations.” “We use each other as a trusted sounding board.”
Outcomes of Student Survey
As part of the assessment, the assessor also looked at our recent student survey and drew out the following points to support our accreditation:
• 97% of apprentices confirmed they know what they need to do to progress in their apprenticeship • 90% of apprentices felt there are things they can do now that they couldn’t do before as a result of their apprenticeship • 97% of apprentices confirmed they could identify how the apprenticeship helps them in their role and future career plans • 88% of apprentices confirmed they had had the opportunity to discuss career progression • 100% of apprentices would recommend FI Chelmsford as a training provider.
I didn’t start out wanting to be an Accountant – I had dreams of being the next Indiana Jones! But, following a degree in Archaeology and a challenging job market, I started my career as an Audit trainee at PwC. I spent 3.5 years working in London Top Tier where I audited the financial statements of some of the FTSE 100 companies.
After this, I moved to the PwC Learning and Education team who wrote and delivered audit training for everyone from school leavers to Partners. Initially I focused on the graduate programme then I became responsible for the tutor academy, which looked at creating a core group of specialised tutors. My final years at PwC were as a manager in the Global L&E team, writing and rolling out training across the PwC network.
What originally attracted you to become a tutor?
When I was looking into what to do next after audit, I spoke to a careers advisor at my firm. They gave me some advice which I have used ever since – “what part of your day-to-day job gives you the most joy, follow that…”. In audit, I loved coaching and mentoring which led me to Learning & Education, then in L&E, I loved delivering training and upskilling tutors which led me to become a tutor.
What is your favourite thing about working at FI?
Can I have 3 favourite things? The teaching, the people and the variety. In that first week of January, when you are questioning your life choices, just 30 mins into your first teaching day and you remember why you love this job.
What is your role at FI and what do you teach?
I’ve had a really varied experience at FI, both in my teaching and other responsibilities. I teach Management Accounting, Tax and Audit across all the qualifications, as well as Case Study for ICAEW. This scope of subjects has meant I’ve really had to push myself to learn different ways of delivering content from “wordy” to “technical” subjects, and from entry level to advanced.
Outside of teaching, I’ve taken on roles as a tutor coach then subsequently a student mentor. This has helped me really understand how the apprenticeship programme works and all the brilliant work our skills coaches do! It’s also allowed me to provide careers advice to students and added a more pastoral element to my role.
I also work with the education team who review our programmes and considers the training needs in the tutor/skills coach pool. Finally, and more recently, I head up tutor recruitment and I’m a line manager to new tutors. Working with more senior staff, I designed our recruitment process and support candidates through this. I also then look after the development of new joiners by doing the onboarding process and designing an induction programme for them. As I’ve recently been in their position, I hope I can add lots of value to their first few months at FI!
What are the main challenges of being a tutor?
Managing your time. This can be both one of the most and least flexible jobs. Teaching days are very inflexible as you’re in the classroom with no distractions but this is a great thing, if, like me, you don’t enjoy emails! Non-teaching days are very flexible so it’s up to you to manage when you’ll prepare your courses, answer student queries, do student reporting and any other responsibilities you have.
First Intuition launched its new Digital Finance courses in the summer of 2022, Level 1 Digital Finance Essentials and Level 2 Focus on Data Analytics.
We have designed and developed ‘finance-flavoured’ programmes to help accounting and finance professionals gain a better understanding of digital technologies: how they are relevant to the finance world and how they can help provide insight and impactful support for business decision-making.
We would like to invite anyone who is interested in finding out about our Digital Finance programmes to attend our focus group on Tuesday 29th November, 8.30 – 10am.
As digital and technological advances continue to aid the accountancy sector and expand the functions and roles accountants can do, we ask whether it is necessary for ALL accountants to have some degree of data literacy skills. Technology has enabled accountants to do more, however, training and upskilling is needed to keep up to date. There is a real risk of some accountants getting left behind if they do not embrace change.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John and Louisa Matheson to discuss:
What we mean by data literacy
Whether we all need to improve our data literacy skills
How we can improve our data literacy skills (technical and non-technical skills)
The mindset and culture we need to make business strategy succeed
Speakers and panelists
Hanna Earls, Director of Finance MI, Data and Analytics at Cambridge University Press & Assessment
You can watch the recording of the forum by clicking the button below.
What do we mean by data literacy?
Data literacy is defined as the ability to read, understand, create, and communicate data as information. It focuses on the competencies involved in working with data.
Data is everywhere from what we search on the internet to the food that we buy. Data and its use in our everyday lives is only increasing and so is our need to learn what it means and how to use it. This includes how to read it, understand it, and communicate it. For example, using raw data and turning it into insight, then action to benefit the future. If you can adapt to data then you are data literate.
What are the benefits of data literacy skills?
Story-telling through interpretation to create insight
Helps inform strategic decision-making
Gives raw data context and the ability to assess risk and increase profit
Ability to better understand a business – how it is operating and what can be done to improve it
Information can be put in different contexts – new insight leads to new opportunities and more enjoyment in an employees role
Make better and quicker decisions to become more competitive
Helps recruitment by offering people the opportunity to learn new skills and further develop themselves – this can give a business an edge over the competition
Should all accountants use data literacy?
Data is seen as an asset and enabler and so is knowing how to use it. Although all accountants don’t currently need data literacy, they will benefit from the points mentioned above. Data literacy can make work more enjoyable for accountants as they don’t have to waste as much time checking data. They can also ask better questions to inform and make better decisions which increase both personal and business success. For these reasons, data literacy skills make accountants more employable and future-proof. Skills can also be applied outside of work to help navigate data in everyday life.
Skills to improve and where to start
Technology can be overwhelming and there is often a lot of fear about where to start. As a result, data literacy should be seen a journey and approached by taking small steps and starting with one problem at a time. Work should also be done to change the narrative that technology is going to wipe out jobs. When spreadsheets originally started being used in finance, there was a lot of fear about what this meant for professional accountants and their roles. Now the finance sector is one of the biggest users of spreadsheets, this is an example of the potential to partner with technology.
Technology is an opportunity to help workers, the focus should be on what the human element can bring to a partnership to be able to amplify skills that couldn’t be done before. This partnership is about relying on human capability to bring ethics and trust into the system. It is down to the professional to show information, advise on the best outcome, and what to focus on from the data.
How to improve data literacy skills across the whole organisation
Ensure there is a clear data owner so people know where to go for information and to ask questions
Use tools that people in your organisation are familiar with and/ or can understand. These should be included in the onboarding process and time should be put aside for upskilling and training
Create a working environment that encourages learning and that people feel empowered to do so
Encourage workers to ask questions about data interpretation and create a culture to question what the data is telling us
Keep it as simple as possible and make sure people feel empowered to come forward and ask questions
Mindset for successful change
In order to see successful change there needs to be a shift to using data literacy in day-to-day jobs. People also need to have an interest in data and developing their data literacy skills, not everyone in an organisation will have this interest. Softening some of the language around data can help it be more accessible and easier to digest. Businesses should also start by encouraging smaller steps, such as choosing one problem to delve into and picking apart one aspect at a time. As well as create an environment where it feels safe to try new things and to fail, this will come from the top management to create.
Furthermore, there needs to be a mindset in the organisation to learn from failure rather than shaming it. This can be done by reviewing what went wrong and what worked well to ensure positive change for the better next time. People need to feel comfortable with the change within themselves and factor failure into the process of making change.
First Intuition’s Digital Finance courses
First Intuition has designed and developed ‘finance-flavoured’ programmes to help accounting and finance professionals gain a better understanding of digital technologies. Including how they are relevant to the finance world and how they can help provide insight and impactful support for business decision-making.
These digital finance courses focus on understanding the different digital technologies available for finance professionals for them to make informed decisions on which technologies are right for them and their organisation. This is done by using real-world case studies and applying them to the context of accountancy and finance. The courses also challenge finance professionals to look beyond technology and focus on people and the skills they offer to help ensure companies and their staff are more resilient to change.
Digital Programme Manager, and creator of the two courses, Louisa Matheson comments:
“I was really excited to launch our new FI digital courses: Level 1 Digital Finance Essentials and Level 2 Focus on Data Analytics. I’m passionate about these courses because they combine the opportunity to:
Strip away the hype and jargon and discuss the latest developments and opportunities in Digital Finance and Data Analytics, and
Focus on people and how we can overcome resistance to change and develop a growth mindset.
AAT’s new Qualification, Qualifications 2022, is the biggest change to AAT Qualification in all the time I have been involved with AAT. I also am a massive fan of the changes, it has been brought bang up to date. There is a lot of new content in the qualification, such as blockchain, AI and economics, all topics that I love.
Qualifications 2022 takes the AAT firmly beyond a clerical, transactional certification to being a relevant professional finance qualification. As well as continuing to deliver the fundamental bookkeeping, accounting, and costing knowledge that AAT is renowned for, learners will gain wider business skills and acumen including an understanding of how economics, technology and sustainability affect organisations. It’s a genuinely exciting and interesting qualification fit for the modern business environment.
One of the new concepts is PESTLE analysis in the new Level 3 Business Awareness paper. I studied this as part of ICAEW but this is a brand new addition for AAT.
PESTLE analysis looks at the external environment that a business operates in and looks at the factors that could impact on the business. It helps a business to identify any potential issues that a business may need to deal with and helps them to focus their responses.
It categorises these factors into 6 different groups: Political, Economic, Social, Technological, Legal and Environmental, which is where PESTLE analysis gets its name from.
In the exam, students could be given a scenario and be asked to identify a threat in some or all these aspects, and then potentially an action to reduce the threat.
So, what could come up?
Political
This looks at things that the government could potentially do that will affect the business. These can be both positive and negative. A simple example of this is taxation. The government might give tax allowances on environmental equipment, and the business might benefit from this. It could also be negative, and a potential cut in government spending might negatively affect a business that picks up government contracts. Therefore, you may want to suggest that the company look for non-government contracts to reduce the risk.
Economic
There are a number of economic factors that can affect a business in a good or bad way. One that is in the news at the moment is disposable income. If people’s disposable income falls, they may look at things that they are spending money on, and reassess where their money is going. If you are a business that people can choose to live without, for example luxury fashion, you might be a bit concerned. You may feel that launching a budget brand might be a way to reduce your exposure to a fall in disposable income.
Social
These are influences that affect and define lifestyle, and thus people’s behaviours. These include elements such as family, community, socio-economic status. This takes it further than just looking at demographics, but it is not only just the people but their behaviour, and how the business interacts with them. People’s behaviours may change in regards to fashions or trends. People are generally more interested in how their behaviour affects the environment, and a carbon neutral company may be perceived as more attractive than ones of its competitors.
Technological
This does vary on the industry but if we look at our own industry, accountancy, there have been massive advancements in technology. Accountants that don’t keep up with advances in technology may be left behind, and they are unable to match their competitors in terms of efficiency or service levels. Technology is one of four themes running through the new qualification, so I see this one as key.
Legal
You assume that most businesses try to operate within the law (mostly), so any changes to the law may well affect the business and how it operates. This could be as simple as employment law, when employers had to enrol their employees into a pension, to as big as you are not allowed to operate in a certain country.
Environmental
Environmental factors affect all businesses, some businesses are motivated by simply wanting to save energy to save money, whereas others are more motivated by being a better member of society. Some businesses may be very conscious that their behaviour will influence their customers and prospective customer’s behaviour. However, it isn’t just about how a company can influence the environment, it also considers how the environment can influence the company. This can vary from a tanning salon struggling when there is a heat wave, to when a volcano in Iceland shut Europe’s airlines down!
I think that this is a great addition to the syllabus, and it is yet another example of AAT transitioning towards producing students with a great level of business acumen and the ability to inform and advise businesses and organisations.
You can find out more about AAT’s syllabus change here.
My background is predominantly in industry – I worked my way up to the regional Finance Manager / Financial Controller level. I worked across many industries including; car rental, education, roofing and IT, all in a Management Accounting/Financial Reporting capacity. I dealt with key stakeholders internally and externally for the companies I worked for – at the same time as completing my ACCA qualification.
Once qualified, I moved into a completely different role as a Forensic Accountant (which I completed my university degree in) which involved investigations in areas such as fraud and insurance claims. Then due to the pandemic, as well as the company being far away in London, I decided to look for another role. So, I applied for the tutor role at FI in Birmingham.
What originally attracted you to become a tutor?
It was something completely different for me that I had never explored before. I had grown up around education (my mother and grandmother both taught) so I always had in the back of my mind I would never be a teacher/tutor – yet here I am today! I wanted to get out of the industry world and couldn’t see myself in practice, so thought being a tutor was a new, but challenging role and I really wanted a challenge! And I am so glad I made the move.
What is your favourite thing about working at FI?
The level of support from peers and managers – from personal support to training and development. There’s always something new you can get involved in to enhance skills and build your career!
What is your role at FI and what do you teach?
I am a tutor for FI Birmingham and our Online Centre, which means I teach both in centre and also via our Online Live platform. I am also the subject manager for Financial Accounting (CIMA & ACCA). I teach Financial Accounting modules, Financial Reporting modules and Audit & Assurance modules across ACCA, CIMA, ICAEW & some AAT.
What are the main challenges of being a tutor?
The variety of skill and business acumen that a single class of learners have. Some learners pick things up very quickly, whilst others really struggle and it’s all about finding the balance to address the needs of all learners in the time we have together, which can be challenging at times.
Interested in a career at FI? Learn more about careers at FI here.
Where did you work before coming to FI?
I started my career as an Accountant working for an NHS trust as an Assistant Management Accountant. Then, I moved to a manufacturing organisation – Autosmart, where I worked as a Management Accountant and gained my CIMA qualification.
Once qualified I moved into teaching and worked for Finance Business Training for 2 years, teaching Management Accounting papers in ACCA and CIMA.
I then worked for BPP for 7 years. To start with I worked within the undergraduate qualifications and I was a tutor and module leader, designing the material and writing the exam for the module Financial Decision Making. I moved back into teaching professional qualifications for ICAEW, CIMA, ACCA and AAT teaching Management Accounting and also Financial Management.
In 2014, I joined the online live team and the majority of my time was spent teaching professional qualifications online using Adobe Connect. I also had the role within the team of designing what a best practice Adobe Connect room should look like and embarked upon a project to have a best practice Adobe Connect room and teaching guidance set up for each professional qualification paper within ACCA, CIMA and AAT and ensuring each paper had an Online Live subject manager.
In 2015 I had the opportunity to cover the role of Faculty Manager for the Birmingham centre. This involved line management, freelance tutor management, writing the course timetables and allocation of courses to tutors, and assisting in budget preparation for the centre.
Finally, I joined FI in March 2019, when I was looking to be part of a smaller company, and build on all of the experience I had amassed to date across my industry and training roles.
What is your role at FI and what do you teach?
My role at FI is Head of Online and Midlands programmes. I still teach around 20 days per year, focussing on Financial Management papers across all qualifications. My role involves scheduling courses for both our Midlands centre and online live courses. Also, I’m responsible for the line management of our 6 Birmingham tutors and the recruitment of new tutors to the team. I design pathways for our apprenticeship programmes for Birmingham and also for the public sector, and work on enhancing the delivery of our online live courses.
What originally attracted you to become a tutor?
I really enjoyed my time as a student and enjoyed any training aspects within my roles as an accountant. I had thought about becoming a teacher previously but wasn’t sure I wanted to teach in school education.
I enjoyed my job as a management accountant but producing a similar set of accounts every month did not give me the variety that I wanted from a role. Teaching a new set of students each exam sitting and taking on new papers to teach means that every day can be different.
What is your favourite thing about working at FI?
My favourite thing about working at FI is having the ability to make a difference. Being a smaller and agile company gives you the ability to get involved and if you see something that could be made better, then being able to speak up about it, be listened to and able to action your ideas.
What are the main challenges of being a tutor?
As a new tutor, the challenge will be receiving a question in class from a student and you may be unsure of the answer. Hopefully, this challenge will be short-lived, as once you have taught the same topic a few times you will anticipate the questions and build them into your explanation. It can feel quite scary the first time you teach but it will become easier with time, so don’t be too hard on yourself! Preparation will be key to begin with, but don’t be afraid to say you are unsure – you will find out the answer, students would much prefer that than be given the wrong answer.
The Impact Skills Programme (ISP) is a skills and behaviours programme for students on the accountancy apprenticeship programme with First Intuition. First Intuition’s expert tutors created the ISP for students to develop the skills that will help them gain a better understanding of the business world and thrive in the workplace.
This is alongside the knowledge-based skills they also learn in their apprenticeship programme.
Why the Impact Skills Programme?
Well-rounded, highly-developed skills can be invaluable to business success. While these skills can sometimes be more difficult to develop than technical skills, they are arguably equally important in running a successful business. These types of skills include communication, emotional intelligence, time management, interpersonal skills, leadership and management, teamwork, relationship building, and flexibility.
Focusing on these skills within the apprenticeship standard means that those who could be the leaders of firms and sit on boards of listed companies in the future will be well equipped to deal with all different aspects of business and working life, as well as more able to adjust to changing trends and technologies.
The ISP is designed to hone in on these skills. Employer consultation has guided the programme to allow First Intuition apprentices’ to add greater value within the workplace. The ISP introduces the following skills to apprentices throughout their apprenticeship programme:
Introduction elements of the programme:
Personal effectiveness
Producing and communicating quality information
Welcome to the world of work
Working effectively in a team
Working in the business environment
Xero certification
Core elements of the programme:
These are essential skills which benefit the individual and the business at all levels of the organisation.
Business and commercial awareness
Change management
Focus on integrated data
Digital technologies and data
Effective communication
Leading yourself
Managing professional relationships
Problem-solving and decision making
Teamworking
Integrated elements of the programme:
For those dealing with a range of stakeholders for the business and are progressing their career in the business.
Integrated focus on teamwork and problem solving
Integrated focus on risk
Focus on project management
Integrated focus on leadership
Focus on integrated digital technologies and data
Professional development
Advanced elements of the programme:
For those senior business leaders skills who are experienced in the business world and operating at a high level in the workplace need to build leadership skills, behavioural impact and resilience.
Professional development
Programme delivery
The programme has flexibility in delivery modes. The introduction for each of the elements of the skills programme can be delivered as a face-to-face in-centre offering with learners working together with other apprentices to practise the skills in a safe space and to reflect as they continue through their careers.
The programme can also be delivered remotely in a virtual space. In this case, the introduction for each of the elements of the skills programme is delivered as a ‘kick-off’ facilitated set-up with guided development tasks for the apprentice to complete and share with their skills and development coach. Every unit is supported with additional resources in the apprentice’s FILearn account designed to aid them through their key learning areas and theories as well as provide activities to support the use of these skills in the workplace.
Key benefits of the Impact Skills Programme
Apprenticeship students who are part of the ISP benefit from the following:
More awareness of the wider skill sets that can aid success and career progression
Gained experience in learning different skills and translating them in t0 real work-place based scenarios
A greater understanding of how the workplace operates
Better equipped to manage new or challenging situations
Improved confidence in different workplace scenarios
Become an all-rounded and more aware member of the workforce
Student feedback from ISP sessions
“I learnt the importance of a team being a ‘safe environment’, this meaning everyone feeling confident enough to talk out amongst the group as they feel a sense of trust. I think it is essential to ensure everyone feels like this in the workplace, otherwise potential ideas and expertise may not be shared and inevitably the best decisions aren’t reached. I think this sense of trust comes hand in hand with communication and respect.”
“I have learnt that teamwork is an extremely important aspect to thrive in a workplace. Also, I have learnt new terminology and can apply these learnings when returning to work.”
“It helped us learn to communicate as a team, but also with people we have not met before of all different ages, which is a useful skill to have in the workplace.”
“I feel better placed to analyse a business from a commercial point of view than before the course.”
“I improved my confidence after having to deliver a speech to the during the skills day, this has made me more confident to speak out and raise points during meetings.”
“It was really helpful getting some experience at presenting financial information and working under pressure.”
“I had very little experience in project management before attending the course and now feel much more confident that I have learnt skills I can apply in my workplace.”
“I attended the Project Management skills workshop… which has been highly useful given the work I have been involved in and I have definitely been able to put the skills we learnt on the skills day into practice.”
“These modules have been really beneficial as it allows you to learn more about yourself as a person. You can gain knowledge in these different skills and then bring them to the workplace to work more effectively both independently and as a team. I feel these skills sessions have been vital in improving my confidence. This has grown a lot over the 3 years I have been studying at FI.”
Employer feedback on the ISP
“The L4 apprenticeship has always been a great way to ensure that school leavers joining the profession have the appropriate skills to deliver great client service, however the importance and value of the scheme has been amplified due to the pandemic. The skills programmes have been vital in helping plug skills gaps that sadly arose during the several lockdowns. At Larking Gowen, we continue to recognise the importance of these skills when delivering great work, and the skills programmes ensure that our people have the platform to grow and develop at the earliest opportunity in their accountancy career.”
John Atkins, Partner, Corporate Audit & Advisory at Larking Gowen
“An apprenticeship for Scrutton Bland is more than just passing exams. We feel our apprentices get a great opportunity to learn key skills to support them in becoming the best they can be in their chosen field, putting their learning into practice in their day to day role, whilst developing additional skills the apprenticeship offers. With the apprenticeship you have a coach, with this comes some great one to one mentoring as well as attending tailor made skills days through the impact skills programme which suit each individual’s needs. These help to build much needed skills such as working in a team, self-awareness, managing relationships, problem solving to name only a few, all of which add up to a more rounded skilled individual. Let’s not also forget how much Covid has impacted school students, they would benefit from these skills more than ever.”
Feedback from Tim Howes, Client Director at First Intuition whose daughter has used the ISP
“My daughter Molly is 20 years old, after deciding a degree was not for her, she began her career journey on a Level 3 AAT ‘Assistant Accountant ‘Apprenticeship. Molly has faced challenges in her young life and this was a massive step for her, leaping into the world of work, being with others in a close working environment, needing to be both self-motivated and a team player at the same time. All skills that she hadn’t been exposed to before.
“The Impact Skills programme within Molly’s apprenticeship has made a significant and palpable difference to Molly. She has been learning to work with others within teams, collaborative problem solving & decision making, commercial and business acumen, effective communications and all of this has seen Molly become so much more confident in herself, around others and I would suspect, a much more valuable asset to her employer, one that adds value to their business. On top of all of this, she is progressing extremely well towards gaining a Level 3 Apprenticeship Certificate and the AAT Advanced Diploma in Accounting.
“Holistic training for which the apprenticeship standards have been written by employers themselves ensuring that employees develop the skills and knowledge to make a difference. I can see first-hand that well-structured apprenticeship programmes, delivered by those that understand the industry and work closely with their learners, has the capacity to change lives through helping individuals achieve their career aspirations.”
The cost of construction takes a detailed look at what’s happening in this industry. Is business booming or is the industry fighting to keep its head above water after the pandemic? David Malthouse chats to a panel of industry experts from the construction industry to find out more about the unique challenges, the state of their market right now and their predictions for the future.
Paul Fox – FI Tutor and former Finance Manager in construction.
The Cost of Construction Podcast
If you would like to join one of our future panels or would like more information about our industry forum events, please do contact shellytweed@fi.co.uk
Catch up on previous forums
You can catch up on our previous sessions by clicking on the images below:
We will add more industry forums in the coming months.
You can also catch up on our other podcast episodes here. For an overview of episode topics, please use this article.
Keep an eye on our social media for news about these events.
When studying for your qualification, you will develop the knowledge required for employment with confidence and/or to progress to the next level of learning. Your qualification can open your career opportunities to loads of new roles across many industries once you’ve qualified.
Here are some of the career options that you are qualified for once you have completed AAT, ICAEW or ACCA:
Which careers can the AAT Level 2 qualification lead to?
Accounts Administrator
Accounts Assistant
Accounts Payable Clerk
Bookkeeper
Payroll Officer
Purchase/Sales Ledger Clerk
Trainee Accounting Technician
Trainee Finance Assistant
Tax Assistant
Payroll Administrator
Prefer to continue your studying? You could look at moving on to the AAT Level 3 qualification once you’ve completed level 2. Find out more about AAT level 3.
What careers can the AAT Level 3 qualification lead to?
Audit Trainee
Credit Controller
Accounts Payable and Expenses Supervisor
Finance Assistant
Payroll Supervisor
Practice Bookkeeper
Prefer to continue your studying? You could look at moving on to the AAT Level 4 qualification or the ICAEW CFAB qualification once you’ve completed level 3. Click here to find out more about AAT Level 4 or ICAEW CFAB.
Which careers can the AAT Level 4 / ICAEW CFAB qualification lead to?
Assistant Financial Accountant
Commercial Analyst
Cost Accountant
Fixed Asset Accountant
Indirect Tax Manager
Payments and Billing Manager
Payroll Manager
Senior Bookkeeper
Senior Finance Officer
Senior Insolvency Administrator
Senior Fund Accountant
Tax Supervisor
VAT Accountant
Prefer to continue your studying? You could look at moving on to the ACCA Level 7 qualification or the ICAEW Level 7 qualification once you’ve completed level 7. Click here to find out more about ACCA Level 7 or ICAEW Level 7.
What careers can the ACCA / ICAEW Level 7 qualification lead to?
Financial accountant
Management accountant
Tax accountant
Tax adviser
Tax specialist
External auditor
Internal auditor
Financial analyst
Management consultant
Forensic accountant
What careers can the CIMA qualification lead to?
Chief Financial Officer
Management Consultant
Finance Manager
Finance Business Partner
Management Accountant
Business Analyst
Financial Accountant
CIMA is a great choice if you see yourself enjoying a management position, which could be anything from project management to managing a particular area of business.
Do you know what industries you could work in?
An accounting or finance qualification can open doors in many different career routes! Therefore, here are some of the industries you could work in:
For more finance industry insights and exclusive tips, visit FI Hub.
Equality, diversity, and inclusion (EDI) in the workplace are increasingly recognised as topics that need to be acknowledged and addressed by businesses. Recent movements such as Black Lives Matter and more awareness around the LGBTQ+ community have made it harder for businesses to shy away from reviewing their EDI policies. However, it is not only essential that businesses adopt EDI practices for the purpose of a fairer workplace, but the benefits of having a diverse and integrated team offer unique qualities that will also aid a company’s success. It is therefore important that these minority and low-socioeconomic groups are reached so they have the opportunity to develop the skills that will help them succeed in the workplace and ensure the future workplace is one of diversity and equality.
How EDI can benefit a business
Embracing diversity and inclusion and providing equality go a long way in promoting a work culture that values talent beyond stereotypes. An inclusive workplace fosters better productivity and efficiency and breathes fresh new ideas and perspectives into a business. People from different walks of life with different experiences create new perspectives and ways of working that not only drive innovation but can improve efficiency in a business. Moreover, it is right that the employees and leadership represent and reflect the community that a company serves. This will help them make better choices as there will be more diversity of thought that will understand and accelerate the product.
EDI is particularly important in improving the recruitment and retention of young adults entering the workplace. Candidates and customers, especially young ones, are increasingly asking for business’ EDI statistics and policies before accepting a job or buying from them. Companies are already unofficially being forced into transparency through social media and reviews. EDI is therefore now essential to ensure companies stay relevant and successful. Furthermore, allowing employees to be their whole selves at work and feel comfortable contributing without barriers encourages people to grow and enjoy their time at a job, and in turn, increases retention. Whilst businesses that are more inclusive with who they hire benefit from an increased pool of workers that they have access to which aids recruitment.
The value of skills
Practical skills in a particular field are essential in the workplace, however, ‘soft’ skills are just as important in determining someone’s success in a career. Skills such as communication, critical thinking, problem-solving, public speaking, professional writing, teamwork, digital literacy, leadership, professional attitude, work ethic, and career management are applicable to most professions and can be critical to career progression. Training providers, schools, colleges, programmes, and other bodies that teach and encourage soft skills have an important role in encouraging EDI in the workplace so that both individuals and businesses benefit from the rewards it offers.
Rise, the social mobility initiative designed and championed by ICAEW and a number of accountancy firms, is an initiative designed to raise the career aspirations of individuals and to help them develop useful career skills through running workshops. It is aimed particularly at schools that find it hard to engage with employers. Initiatives such as this give minority and low socio-economic background groups access to develop the skillsets that make them more employable and likely to succeed in a role. Training providers and employers can help increase EDI in their company and the workplace as a whole by joining initiatives like Rise or implementing similar programmes that work to encourage soft skills development within the communities that would benefit from it most.
FI Chelmsford Accountancy Summer School is a FREE event open to students with an interest in this industry. If you’re considering a career in finance or accountancy or are just curious about whether this industry is a good fit for you, then these two days will help you to make up your mind.
Following our successful return to an in-centre event in 2022, we are delighted to be offering our 2023 Summer School to all students in years 10 and above. This is is the first time we have extended the age range to include pupils aged 15 and we’re excited to be offering the opportunity for more students to find out more about the world of accountancy.
Dates for our Accountancy Summer School 2023
The event will run on the 12th and 13th of July from09.30 am to 3.30 pm.
The format for the two days will look like this:
DAY ONE
Introduction to Accountancy
Routes into Accountancy
What does an Accountant do (with practical tasks)
DAY TWO
Interview Skills
CV Surgery
Employer Q&A Forum (with local employers)
All sessions will take place in our centre:
5th Floor Halford House
Coval Lane
Chelmsford
Essex
CM1 1TD
Please note, that hot and cold drinks are available all day. Lunch is not provided but we are a short walk from Chelmsford city centre and a fridge is available to store food items.
How to sign up
If you would like to register your interest please complete this form:
Why should I attend Accountancy Summer School 2023?
Students attending will get a really clear idea about whether this is a career that might suit them and how they can get started. Equally some students will make up their minds that this is not a route for them. We believe by demonstrating what the industry is about and explaining the roles that are available give attendees a greater understanding to help them make choices about their next steps. We’ll cover both post-school and university routes and will also explain more about apprenticeships in this industry. Learn more about what our Accountancy Academy will cover.
Following his recent ACCA success, we asked Noah to tell us a little more about his journey and the challenges he overcame to achieve his qualification.
Can you tell us a bit about your background? For example, where you’re from originally, what you were doing before you started your studies, and what you’re doing now.
I am from a small town in Suffolk called Woodbridge. Following a fairly rocky ride in high school, I began to study vehicle accident repair at Suffolk New College, eventually obtaining a professional diploma. I excelled through the course and completed the full 3-year course in 18 months. I then began working for myself on a self-employed basis both as a vehicle smart repairer and then as a vehicle preparation specialist at a prestigious vehicle dealership. Then in 2013, I began to work for a bespoke cabinet maker based in Essex supplying various pieces of furniture to luxurious interior designers based in London and the home counties.
Please explain why you chose to study accountancy. Was there anything that triggered your decision?
I had a natural flair for numbers in my younger years which is something that stuck with me, but I didn’t take it any further from an educational perspective. However, I did find myself in circumstances that always required some form of mathematics. Whether it was calculating paint mixing ratios and the length of boards or dimensions required for a job. Ultimately what triggered my decision to pursue accounting was a need for change in my life. I needed a fresh start and a career change, although scary, seemed a logical move as it would open many other doors for me.
Can you pick out any highlights from the course? What did you like the most about it?
I am very fortunate that a lot of the highlights of my studies I have written down as they were the stories that the tutors told in order to make certain parts of a syllabus stick. A part of my preparation for my professional ACCA exams was re-reading my previous textbooks in order to familiarise myself with the foundations of the paper. For example, re-reading PM for APM. Or revisiting some of my AAT textbooks in preparation for foundation ACCA exams. I had many notes from stories that the tutors had told in class and often found myself laughing at them whilst I was preparing.
Did you find anything particularly hard and did you have any challenges that you had to overcome?
I had a number of hurdles throughout my studies as I have been with FI for over 6 years. In such a long-time frame there were always going to be challenges that I needed to overcome. As the team knows, in February 2021 we lost our German shepherd, Evie. At that point, I had my FM exam booked for the March 2021 sitting which was my third sitting of that exam. All preparation stopped and I didn’t think about studying, the course, or even the exam until exam week. I had done absolutely nothing until 2, maybe 3 days before exam day. I passed the exam with 59% and then passed my 5 remaining exams the first time.
Evie played a key role in my study journey. She had seen me obtain the AAT qualification and then progress onto ACCA. We celebrated the successes together and she picked me up when I had failures. Either way, it usually involved cheese and crackers. I’ll forever be grateful for the countless hours we spent together studying. Whether it was in the garden, up the table, or on her dog bed.
What advice would you give to anyone thinking of starting their studies in accountancy?
Never be afraid of change. Putting yourself in an uncomfortable position for a few years will teach you so much about yourself as a person.
What are your plans for the future?
At the moment I will be enjoying some time away from my studies. However, I plan to move on to the ACCA Oxford Brooks degree or potentially a qualification that complements ACCA. Maybe some form of English qualification in order to improve my report writing.
Anything else you’d like to mention?
For all students or potential students, embrace the journey and follow your gut. Studying is an absolute whirlwind of the lowest of lows and the highest of highs. The successes are sweet and the failures are bitter but eventually, the early mornings and late nights will be worth it.
Noah’s favourite quote that guided him through his studies is:
“Whatever you start, you make sure you finish”
Inky Johnson
We wish Noah every success in the future and are looking forward to hearing all about it.
Start your journey to ACCA success
You can read more about our ACCA programmes using this link.
To find out more about the ACCA please visit their website ACCA
FI Reading Managing Director Matt Dyson says:
‘’When we set up FI Reading 12 years ago our aim was to create a training organisation which put our learners, our employers, and our team at the heart of everything we do. These values are entrenched in our business and have been instrumental in achieving this endorsement. I am incredibly proud of our team’s achievements and I look forward to an exciting future.”
FI Reading Education Director Jo Dyson says:
“When we started to deliver apprenticeships 5 years ago we put a lot of thought into how best we could support apprentices on their journey. An apprenticeship is much more than a technical qualification. It supports the apprentice’s overall development and prepares them for their future career.
Through collaboration with employers and apprentices we have developed a delivery model which brings together all of the skills and behaviours needed to succeed. The key to this programme has been our ability to adapt to the changing needs of the markets and especially the impact which COVID has had on both apprentices and employers.
The feedback collated by Ofsted from our apprentices and employers vindicates the decisions we took in those early days. It reflects the need in the industry for the wider skills developed by an apprenticeship. The 7 foot high comment really captures what we have set out to achieve and makes me smile every time!
At the heart of our outstanding grade is the skills and enthusiasm of our team, as well as the support of employers. I am totally inspired by the team who have dedicated their efforts to deliver this result. It belongs to them and they deserve it!”
FI Reading Operations Director Claire Needham says:
‘’When we started FI Reading we knew that it took a bold and courageous client to transfer their trainees to us, as the “new provider on the block”. We felt very honoured and grateful when they did and have continued to value every client and each trainee ever since. We remained committed to our mission of individualised and effective training alongside the support clients need, which flowed easily into the landscape of apprenticeship training.
We know how important trainees are to any organisation, and feel privileged to be entrusted with this valuable resource. Just like any parent hoping to choose the very best school for their children, the Ofsted report provides wonderful validation for our clients that they have chosen well and can be confident their trainees will receive the highest quality training and support.
We are a modest bunch really, and believe our quality should speak for itself, so for me the outstanding Ofsted report represents the independent assurance that employers should be looking for when seeking out the very best training on offer for the new generation of accountants.‘’
FI Reading Commercial Director Ryan Hill says:
‘’We have always endeavoured to provide student centric support backed up with personalised and dedicated client service, it was the foundations that we built our college on. To have received the Outstanding grade from OFSTED for ALL 4 criteria is a true testament that we are achieving this mission. I’m incredibly proud of this company, the amazing team that work tirelessly to provide the support to both learners and clients, the wonderful partnerships we have with the employers and the dedication that our learners show. It’s fantastic that OFSTED have validated this hard work from all parties, and we look forward to continuing our journey helping learners achieve their ambitions in the world of accounting and finance.’’
First Intuition Reading Receives Outstanding Ofsted Grade
An Outstanding training provider must achieve Grade 1 (Oustanding) for most if not all inspection categories. This demonstrates that they provide the highest quality of education and care for their learners. Below is a summary of the grades achieved by First Intuition Reading at their recent Ofsted inspection.
The quality of education – Outstanding
Behaviour and attitudes – Outstanding
Personal development – Outstanding
Leadership and management – Outstanding
Apprenticeships – Outstanding
Key quotes from the report
Below we share some highlights from the Ofsted report.
‘Employers endorse the very strong partnership they have with FI Reading. They appreciate the thoughtful and significant support for them and their apprentices. One employer said “they take employees who often don’t have much confidence and get them to walk 7 feet tall’’’
‘Leaders have established a highly successful specialist apprenticeship provision where apprentices flourish. It meets the needs of a range of employers in their region and the requirements of the relevant sector professional bodies. Their strap line ‘where people count’ informs the culture and practices at FI Reading.’
‘Tutors and skills coaches expertly plan the order they will teach topics. As a result, apprentices secure their basic knowledge and understanding before moving on to more complex subjects.’
‘Apprentices benefit from a highly supportive, professional, and inclusive environment that promotes a strong culture of learning. They enjoy their studies, are listened to, and gain substantial new knowledge, skills and behaviours. Many apprentices gain promotion during their apprenticeship or take on responsibility for more complex tasks.’
‘Apprentices thrive and develop as highly competent and skilled accountancy professionals who can communicate financial or taxation information professionally and clearly.’
FI Reading Limited is now one of just four level 7 accounting providers to achieve an outstanding Ofsted rating, the other three also being awarded to FI centres.
The ESFA has made several changes to the 2022/2023 apprenticeship funding rules, one area relating to how apprenticeships are priced and reported to the ESFA.
As a result, we are updating our Schedule 10 pricing document for each programme to reflect these changes. These will form part of the final training plan for the apprenticeship enrolment documentation.
Below is some more information about the apprenticeship funding rules and what is changing.
Apprenticeship Funding Rules – What’s changing:
Initial Assessment
Recognition of Prior Learning
Pricing
OTJ Calculation
Frequency of learning activity
Progress Reviews
Further changes to the Digital Apprenticeship Service (DAS)
Initial Assessment
There is a prescriptive list explaining what needs to be discussed with the employer and apprentice during the initial assessment.
Previously we have needed evidence that a comprehensive initial assessment of the apprentices’ prior learning and experience had taken place.
Recognition of Prior Learning
This is a technical term for assessing the apprentice’s prior qualifications, work experience and previous training.
A new section of the funding rules has been created stipulating how they expect prior learning (RPL) to be assessed and how to alter our programme content, duration and price according to the assessed RPL.
There is now a calculation that we must use to reduce the cost of the apprenticeship in line with how much RPL the apprentice has.
Pricing
From 1st August 2022 we no longer include any over-cap amounts on the Individual Learner Record (ILR) or Digital Apprenticeship Service (DAS).
We need to agree on the total price of each apprenticeship programme with each employer. If this is over the cap, this is charged commercially.
Any deductions (individual apprentice RPL) will be taken from the cap amount.
The ESFA want to make sure that reductions in price due to RPL are applied to the amount of funding that comes from the ESFA.
Additional Fees
There are additional fees payable outside of the apprenticeship that is not covered within the apprenticeship funding such as professional body registration, membership and ongoing subscriptions, exams fees, travel, and any additional attempts at the End Point Assessment (1st attempt at both elements is covered within the apprenticeship funding).
Out of funding/programme extension
When an extension to an apprenticeship programme is agreed upon, and the result is that the apprenticeship will exceed the original planned end date as documented on the original Schedule 10 Pricing & Study Planner, the applicable monthly support fee will be charged for each month of the agreed extension passed the original planned end date. This support fee is invoiced at the point the original planned end date is passed. The full amount for the agreed extension length is invoiced at this point.
Off The Job (OTJ) Calculation
A further update as part of the 2022/2023 ESFA funding rules is a change to the way Off the Job training is calculated, usually, we have seen this reduce the minimum requirement for each apprentice. A mandatory requirement of any apprenticeship is to meet the planned off-the-job requirement. OTJ will be calculated differently for apprentices starting after the 1st of August 2022.
Instead of using their actual working hours, we will attribute 6 hours of OTJ for each week of the apprenticeship duration (minus statutory annual leave).
The total OTJ can still be delivered flexibly (we don’t need to deliver 6 hours per week).
For most learners this will result in a small reduction in the minimum OTJ requirement.
You can find further information about what contributes towards the 20% requirement here.
Frequency of learning activity
Learning activity must take place at least once every 4 weeks and this must be evident on our OTJ log.
Progress Reviews
The ESFA has confirmed that progress reviews must take place every 12 weeks throughout the whole apprenticeship.
NEW apprentice: All progress reviews are planned to be delivered remotely. After the apprentice’s introduction session, they will have an initial progress review normally 2 weeks after the introduction session, then 6 weeks and then every 10 to 12 weeks thereafter. Once all enrolment activity has been completed, the apprentices’ designated skills and development coach will make contact with the apprentice and the training manager to arrange the initial progress reviews.
Progression apprentice: All progress reviews were delivered remotely. For apprentices’ progressing onto a further apprenticeship, they will receive a progress review normally 2 weeks after the start of their apprenticeship (normally first course), then every 10 to 12 weeks thereafter. Once all enrolment activity has been completed, the apprentices’ designated skills and development coach will make contact with the apprentice and the training manager to arrange the initial progress reviews.
Digital Apprenticeship Service (DAS)
RPL Details Required
Every learner must have the following added to DAS in addition to the price and date details
Does the apprentice have RPL? (yes/no)
If yes, what reduction in £ has been made
If yes, what reduction in duration has been made (in weeks)
Non-Levy DAS – exempt where needed
Reserving funding via the Digital Apprenticeship Service (DAS) is a mandatory requirement for any non-levy employers wishing to enrol an apprentice on an apprenticeship programme. This means that any employer who does not pay into the apprenticeship levy scheme must reserve funding for each apprentice in advance to ensure that the employer has the funds available to support the cost of training.
You can reserve funding by logging into your Digital Apprenticeship Service account. Then go to the ‘Your funding reservations’ in the Finances section on the dashboard.
For more information about the changes to the apprenticeship funding rules please contact cambridgeapprenticeships@firstintuition.co.uk or speak to your local centre.
You can also find more information on the government website.
Making the most out of your mock exams
For many students, attempting mock assessments is a standard part of their revision process and is somewhat of a formality, however ensuring you utilise these assessments to the fullest is a crucial factor in achieving a positive result in your live exam itself. In this article our tutors share their suggestions and tips on how you can really get the most out of your mock assessments.
Complete your mocks
This may seem like a no-brainer to some, but we observe students who attempt live assessments without completing any mocks, the reasons this may be the case can vary from busy schedules to a lack of confidence putting people off completing this work. It goes without saying that sitting your live exam without attempting any mock assessments puts you at a huge disadvantage and greatly limits the potential of your work. There is a clear and significant trend between students attempting mock assessments and achieving competency in the real exam, ensure you put some time aside to sit your mocks, this gives you time to understand the structuring and presentation of the questions you will be facing, and also allows you to reinforce areas of weakness in your knowledge. A message we tutors often relay to students is that making mistakes in your mocks allows you to ensure the same mistake does not happen again in the live assessment.
Producing your own work
When attempting your mock assessments, another common issue we come across when marking work is copy/pasted answers, this relates to the written sections within the relevant units. We have observed students who will simply paste the model answer word for word and submit it as their own work, and others who will use the model answer, but alter a handful of words or the structure of some sentences in an attempt to make the work look more like their own. In short, neither of these methods pass by unnoticed by tutors and we are able to frequently and reliably spot when this has occurred (Don’t forget, we use the model answers ourselves as a scheme to mark your work!). The reasons this may happen again often come down to a lack of time, or lack of confidence in ones ability to produce good written work, but the critical flaw with this method is that you are heavily restricting the amount of feedback your tutor can offer you. As tutors we aim to support you in improving your own written work and developing it to a high standard, if the written work submitted is not a true representation of your own writing, then we cannot help reinforce the areas which need attention. Remember, you will not have the luxury of writing your answers this way in your live assessment.
Attempt as many mocks as possible
When it comes to completing mock assessments, the more the merrier! The mocks are available at your disposal and it is important you take full advantage of these useful resources. Completing multiple mock assessments provides you with exposure to the different questions that can appear in each task and allows you to familiarise yourself to different layouts and styles of questions you may come up against in your live assessment, the AAT produce 2 mock assessments for every unit on all levels which should be completed alongside the mocks available in your materials, just as there is a high correlation between students attempting a mock assessment and passing their live exam, there is also a trend of students achieving higher scores after completing multiple mocks in their revisions.
Cramming
Another common but critical pitfall our tutors notice is the timings in which mock assessments are completed, a well-constructed study plan gives time for the relevant mock assessments to be completed within a reasonable time without cramming multiple assessments into a short space of time. We are all human, and education experts are constantly probing into cognitive load (how much information our brains can process before giving up) trying to better understand the concept, completing mock assessments is hugely beneficial, completing multiple mocks back-to-back, or within a few hours is not. Students sometimes fall into the habit of cramming too much into too little time, two mocks done patiently and correctly with time taken to understand your feedback is more valuable than completing 5 mock assessments in a day, not taking the time to truly focus on and understand your work. Sometimes students feel they have no other option than to do this due to time restraints and other commitments, speaking to your tutor who can help you plan out your studies to minimise this impact.
Feedback
A common thought shared by many tutors is that completing an assessment is only half of the challenge faced by students, to truly make the most out of your mock assessments understanding the feedback given to you and putting it into practice moving forwards is a tremendously effective way of lifting your work to the next level. For calculation based questions, take the time to understand why your answer was different to the correct answer, was there a figure you missed? A figure you forgot to include? A rounding error? Taking the time to find these mistakes allows you to further your knowledge to ensure the mistake is not made again. For written work, compare your writing to the model answers, can you identify the strengths in your writing alongside the areas you can expand upon to grab those precious extra marks? Utilising feedback effectively links in with some of the crucial points discussed earlier in this article, producing written answers which is copied/pasted from model answers yields ineffective feedback, submitting your own written work means the subsequent feedback allows you to improve your work moving forwards. Equal to this, cramming in mock assessments dampens the effectiveness of your feedback, a common sight we see with student who are pressed for time is submitting multiple mocks with written work in a short space of time, this is not ideal. Wait for your feedback to arrive, take on board this information and then complete your next mock with a new approach to your work at your disposal.
Time management
Time constraints in an assessment is often a key problem faced by learners, and proves to be a tricky area to overcome. In the AAT’s examiners report students are provided with a breakdown of each task which includes how long students are expected to take on each question, this is based off a simple calculation of marks available against the total length of the exam. While this information is helpful it should serve as a guide and not be followed as gospel. We observe student panicking when attempting mock assessments due to the fact that “The report states it should take 20 minutes to complete this question and I took 22!” The simple way of dealing with this issue is to gain an understand of your own time management, you may find certain tasks take slightly longer than average for you to complete, while other tasks you are able to work through much faster, attempting various mock assessments allows you to understand your own timings and essentially play to your strengths.
“I am delighted that Ofsted have rated FI Cambridge Ltd’s apprenticeship programmes as outstanding. Our mission has always been to help finance professionals build and develop amazing careers. We’ve always done this by focussing on the impact on three groups of people: the students who study with us, the employers we provide training for and the colleagues we work with”.
“Receiving the outstanding rating demonstrates the brilliant impact that these programmes have for our employers and our apprentices. I am exceptionally proud of all of the efforts the team at FI Cambridge Ltd have put in to supporting our apprentices and employers”.
“I am looking forward to continuing to work with our fantastic employers and apprentices in the future to continue to develop our programmes further”.
Chief Executive Gareth John comments:
“From the day we set up First Intuition in East Anglia we were determined to offer the highest level of student support and client care, so it is wonderful to have this result 13 years later. It is a fitting testament to the commitment of a huge team of dedicated professionals”.
Director of Apprenticeship Support & Compliance Olly McAfee says:
“I am delighted that Ofsted recognised the quality of our apprenticeship programmes as outstanding. This is down to the hard work of every member of the FI Team, our close partnerships with our employers and the value our incredible apprentices place on the programmes and support of the FI Team“.
Ofsted Outstanding
The quality of education – Outstanding
Behaviour and attitudes – Outstanding
Personal development – Outstanding
Leadership and management – Outstanding
Apprenticeships – Outstanding
Key quotes from the report
The report observes that staff at FI Cambridge Ltd “have excellent oversight of the quality of education and training they provide. They constantly strive to maintain the highest standards and are highly reflective of their own practice”.
“Apprentices make rapid progress through their qualifications. Tutors use highly effective teaching strategies to help apprentices learn and secure their knowledge”.
“Tutors and coaches help apprentices to develop their own strategies to manage any barriers to learning. This helps these apprentices to progress through their qualifications at the same rate or better than their peers”.
“Apprentices develop their professional curiosity to a very high standard. Consequently, apprentices make valuable contributions to their employers’ business”.
“Leaders have established a culture of care and awareness through the education they provide”.
FI Cambridge Limited is now one of just three level 7 accounting providers to achieve an outstanding Ofsted rating, the other two also being awarded to FI centres.
Alternatively, to learn more exclusive news and tips from First Intuition, visit FI Hub.
Xerocon 2022 by Danny Sutton
Day One at Xerocon 2022
Morning Session
The day was kicked off by Sue Perkins, the well-known comedian. She acted as a host and compere so the day started with a warm welcome and many laughs. Xero CEO, Steve Vamos, took up the mantle next to cover what we could expect over the next two days and to update us on the latest from his company. Finally, Dragon’s Den’s, Deborah Meaden, gave a fascinating talk about sustainability and the role SME’s have in safeguarding the future of the world.
The day had gotten off to an action-packed start, so we refilled our Xero water bottles, grabbed a quick ice cream, and had a quick look around the show’s exhibits. Back at the main stage, we took our seats to listen to Anna Curzon (Chief Product Officer) who detailed all the exciting new Xero innovations and partnerships that have taken place and will be introduced in the near future.
Following Anna, ex-England woman’s international and current pundit, Fara Williams, was joined on stage by New Zealand international, Bex Smith. They discussed Xero’s partnership with the women’s game and the exciting new era of women’s football.
We then broke for lunch which offered an array of world foods, as well as stopping to hydrate and grab another ice cream!
Afternoon Session
In the afternoon, we attended different breakout sessions and talked with some of the exhibitors. We also collected our Xerocon merchandise from the merch stand.
That was Day One over, so we headed to Old Billingsgate to attend the infamous Xerocon party.
The Xerocon party was an amazing event with many circus acts including trapeze artists and contortionists, as well as live bands and DJ’s performing. Additionally, there was a huge selection of world street food available. This was a particular highlight as we tried Uzbekistanian and Syrian food for the first time.
At 10:30 the event closed, so we headed to the train to get a good night’s sleep ready for day 2.
Day Two Xerocon 2022
Day 2 began once again with the wonderful Sue Perkins cracking jokes about the accounting profession and the stereotypical accountant. Wellness expert Samantha Clarke, then explored the ideas around how to be a better you, how to be healthy both mentally and physically, and how to sleep better.
We found the talk on the Xero partnerships and how to best utilise the apps in the Xero marketplace particularly useful. It was great learning about the potential options available to us in order to grow, better record data, and solve challenges arising.
We then decided it was time to walk around the exhibits speaking to the different stands to really gain a better understanding of how they could directly impact the business here at FI. It was then time to stop for lunch and a chance to explore the Tobacco Docks.
After lunch, it was time for a quick session with Xero UK’s senior leaders before the event was closed by MC Sue Perkins.
Overall, a spectacular event that really puts the Xero customer at the forefront of innovation.
At First Intuition Chelmsford we offer a range of courses and qualifications to help get you started or restart your accountancy studies.
At First Intuition Chelmsford, we pride ourselves on providing a high level of service to all of our students. As a result of this, not only will you benefit from high-level tuition. You will also benefit from:
Daytime and Evening study options for AAT courses
Regular start dates throughout the year
One dedicated tutor for each course
A number of payment plans are available
To receive further information from First Intuition Chelmsford about these qualifications please get in touch today. Simply complete the form below and one of our friendly team members will provide the information you need. As well as to assist you in deciding which course is right for you.
“I have studied at other well-known accounting institutions in the past but I have to say that the tuition and service I received at FI Chelmsford is the best I have received”
The qualifications we currently offer at First Intuition Chelmsford are:
AAT
The AAT Accounting Qualification is a highly respected and globally recognised qualification. It gives students all the technical skills they need to embark on a career in finance. In addition to this, the AAT caters for all students, from those with no previous experience. To those who have already had some exposure to the world of finance, who potentially want to progress towards becoming a Chartered Accountant. You need to gain one year’s practical work experience to become fully AAT qualified. To find out more contact First Intuition Chelmsford.
ACCA
ACCA is the largest and fastest-growing accountancy body, worldwide. The ACCA qualification is suitable for anyone looking for a career in finance, whether in accountancy practice or industry. If you do not have a minimum of 3 GSCEs and 2 A levels, you will need to complete the ACCA Foundations in Accountancy exams first.
CIMA
CIMA is the world’s largest professional body of management accountants. This qualification is aimed at those working in company finance or management positions. Most students qualify within about 3 years as a result of the requirement for practical work experience.
ICAEW
ICAEW offers the leading accountancy qualification in the UK. Therefore if you are a graduate looking for a career with an accountancy firm. You will probably study for the ACA Qualification. School leavers with A levels can also study for the ACA. However you must first complete the Certificate in Finance and Business (CFAB). This comprises of the six Certificate level modules of the ACA Qualification. Alternatively, you might choose to study for the AAT Qualification and then fast-track to the ACA qualification.
“The entire team at FI are second to none, from the booking in service, to the tuition and revision courses, to the online support both from their virtual learning environment and the tutors. Brilliant facilities and a really enjoyable place to learn. Cannot thank everyone at Team FI enough for their continuing hard work and constant support throughout my Accountancy Studies”
Holly
For more information about the qualifications we offer at First Intuition Chelmsford we have put together this series of short videos:
Corinna
Below are some of the reasons why biopharmaceutical company AstraZeneca use apprenticeships to train their finance team. We asked both Line Managers and apprentices to answer the questions below and give their perspectives.
What value do you think the apprenticeship programme adds to the gaining of professional finance qualifications?
The Line Managers we spoke to agreed that the apprenticeship programme adds a lot of value to the gaining of professional finance qualifications.
One Line Manager of the apprentices at AstraZeneca commented that “learning ‘hands on’ whilst on the job brings their studies to life and helps them to question and understand the ‘How’, ‘Why’ and the ‘So What.” Another agreed that “by giving the apprentices the actual ‘hands-on’ experience of performing tasks in line with the qualifications, it enables them to understand what is learnt in the classroom”.
The Line Managers reflected on how apprenticeships are a great way for trainees to “see how the different accounting subjects connect, from an end-to-end point of view in a real business/ finance environment. This helps build the strong finance foundations needed to put them in good stead for future roles.” Furthermore, it “ensures apprentices’ learnings are embedded to be called upon in future roles within the organisation that will aid their progression”.
Moreover, one Line Manager spoke about how apprenticeships also offer valuable life skills that support trainees to build resilience and confidence. These not only help them towards preparing and passing their exams but sets them up for a successful career. Another comments how if their apprentices “understand the entry-level detail, it will give our organisation a well-rounded, highly experienced and educated employee for the future”.
How do you feel the onboarding and initial induction of the apprentices went?
AstraZeneca’s Line Manager relays how “the onboarding and initial induction were well provided by First Intuition.”
How are you finding the apprenticeship programme, are there particular aspects that are benefiting your learning?
All of the AstraZeneca apprentices we spoke to were positive about their experience in the apprenticeship programme.
One student said that “overall I think the apprenticeship programme is going really well. The opportunity to have the in-person college sessions, with extra resources available online are really helpful. The in-person sessions allow me to ask questions to the tutors and gain a better understanding of what I am learning. As well as this, the in-person sessions allow the tutors to ask us questions on what we have learnt which tests my knowledge and improves my memory. The online material gives me the opportunity to complete mocks online and to go over previous modules that may be beneficial for the future.”
Another student noted that the apprenticeship programme has enabled them “to gain so much knowledge and improve [their] skills not only in finance but in areas such as excel and systems within finance”. They have also been able to “network with different colleagues throughout Global Finance Services which has broadened [their] knowledge of what happens within finance and how it links to [their] rotation”.
Whilst another says “I am really enjoying this apprenticeship programme, the mix of learning on the job and studying academically is really benefitting my knowledge and development. The online videos on FI Learn are a particular aspect that I believe is developing my learning. I can walk through different topics at my own pace which means I can go over areas I have struggled with, as well as gain a basic understanding of a new module before actually starting it in college. At college when we have a re-cap over the previous study day, it really helps jog my memory to ensure I remember key information”.
What positives have you seen since starting the apprenticeship programme?
The Line Managers comment on how their apprentices are growing in confidence and showing maturity, leadership and fantastic overall commitment to the programme. One says how their trainee is “more than confident presenting her progress and learning to her peers and leading the monthly team meetings”. Another comments on how their trainee’s ability to use their systems, understand intercompany accounting ways of working, as well as the understanding of other areas of the business has grown. Furthermore, the Line Managers comment on how networking and presentation skills continue to improve.
AstraZeneca’s apprentices speak about how since joining the apprenticeship programme they have seen multiple positives in themselves.
“My confidence has grown; I am more organised and I think both my verbal and written communication has improved.”
“Since starting the apprenticeship programme, my confidence has grown, my skills and knowledge in different areas such as excel has increased. I have also been able to push myself out of my comfort zone by making calls daily or presenting.”
“My communication skills, team working, problem-solving and IT skills have all improved greatly.”
What has First Intuition done to ensure the programmes are going well?
The overall consensus from the apprentices that we spoke to was that First Intuition has provided “lots of support throughout the programme to make sure it is all going well.”
Specifically, one apprentice comments on how “First Intuition has provided support through catchups with a designated skills and development coach to discuss how the apprenticeship is going every couple of months.” This is in addition to calls with other members of First Intuition, such as tutors, to support students through their studies and answer any questions they may have.
Another apprentice comments on how “the online resources are very useful to help develop [their] knowledge and understanding on specific topics.” Furthermore, when students needed extra support to go through areas of the course they were struggling with, “First Intuition was very efficient to put that in place, we had regular contact with Ben Bulman which was really beneficial.”
Claire Killips, First Intuition’s Skills & Development Coach for the AstraZeneca apprentices comments:
“The students studying with us for their accountancy qualifications from AstraZeneca have responded really well to the apprenticeship programme. The structure of this programme has supported them in achieving the various areas of knowledge, skills and behaviours required not just for the apprenticeship and their professional qualification, but for them to apply in the workplace to progress in their own careers. Their progression has been excellent throughout their programme and in working towards their End Point Assessment, so are well on the way to excelling into a professional accounting role or as a taxation technician.”
How do you feel the relationship between Line Managers, apprentices and First Intuition has worked?
One of AstraZeneca’s Line Managers comments that “it’s been great, I have a fantastic relationship with my trainee. The Line Manager roles are key for the apprentice’s success and the Skills Coach from First Intuition has been a great support to ensure we are keeping on track by chairing regular progress reviews.”
Ben Bullman, First Intuition Client Director comments:
“I was delighted when AstraZeneca asked us for help in supporting them with establishing a finance apprenticeship. This process started well over a year before the apprentices took up their positions, meaning full planning to match the programme structure, qualification routes and job roles could be completed. As a result, everyone involved bought into the programme, evident by the support the apprentices have received. This was apparent during the selection of candidates and the pre start sessions for the apprentices, where line manages gave them a fabulous welcome and positive message ahead of starting. This culture has continued and really means everyone is invested in the programme.
From the hard work of the apprentices and care for each other, the interest and motivation they receive from managers, to the technical quality and engagement of the team at First Intuition. I have thoroughly enjoyed working on this project and feel this is just the start of the success we can all share.”
What one piece of advice would you offer other organisations looking to start an apprenticeship programme?
The Line Managers recommend that organisations “try and engage the wider business teams to devise an apprentice ‘job description’ and role that has the 2 to 5 role planned out in advance to onboarding the apprentices.” As well as “make sure apprentices have suitable job roles to support the classroom learnings, and have Line Managers that will be committed to dedicating their time and support in the early days. Giving them this strong foundation from the start will enable the apprentices to soon start running on their own!”
Clients often approach us wondering whether their planned salary bands are in line with those offered by other organisations of similar size in their local area. Similarly, trends in recruitment and retention, as well as how businesses reward their staff is something of growing interest to employers. In response to this, we conducted First Intuition’s confidential survey for accountancy and finance employers across Yorkshire and Humber so that we can provide benchmarking information to allow businesses to ensure they remain competitive in their market and monitor year-on-year trends.
The results from this survey provide some impartial data on retention, recruitment, and salary levels paid to school leavers, graduate entrants, newly qualified and experienced seniors based in your area.
Furthermore, the results share insight into what rewards and benefits businesses offer their staff and whether these have an impact on retention and recruitment rates. We hope that this in turn will help businesses make informed and effective remuneration decisions at a time when successful talent pipelines are more important than ever.
First Intuition has designed and developed ‘finance-flavoured’ programmes to help accounting and finance professionals gain a better understanding of digital technologies: how they are relevant to the finance world and how they can help provide insight and impactful support for business decision-making.
These digital finance courses focus on understanding the different digital technologies available for finance professionals for them to make informed decisions on which technologies are right for them and their organisation. This is done by using real-world case studies and applying them to the context of accountancy and finance. The courses also challenge finance professionals to look beyond technology and focus on people and the skills they offer to help ensure companies and their staff are more resilient to change.
Digital Programme Manager, and creator of the two courses, Louisa Matheson comments:
“I was really excited to launch our new FI digital courses: Level 1 Digital Finance Essentials and Level 2 Focus on Data Analytics. I’m passionate about these courses because they combine the opportunity to:
Strip away the hype and jargon and discuss the latest developments and opportunities in Digital Finance and Data Analytics, and
Focus on people and how we can overcome resistance to change and develop a growth mindset.
I’m pleased to be able to help people take away practical ideas to implement in order to add value and increase efficiencies in their business. The classroom discussions and opportunity to reflect and share tips and ideas works really well. I’m looking forward to running our next digital courses very soon.”
See below for more information about First Intuition’s two new digital finance courses and some comments from attendees of the first courses.
Common language and essential knowledge and understanding of digital finance trends and technologies
Journey before tools
Who’s the course for:
This programme is for accounting and finance professionals at any stage in their career journey
“I think the course is for everyone, as the change and advancements are coming and we all need to embrace them to stay relevant.”
Format:
Online or bespoke
“I think it has been great online. The small breakout rooms were great and the polls/quiz. I actually prefer it online as I feel people are more confident to give answers and it is easier to make notes.”
Takeaways:
An attendee will be able to take this learning into the workplace to understand the use of and impact of technology in an everyday finance role and use new learning for opportunities to enhance effectiveness
Short-term and long-term goals to action
“The course made me think about ways in which I could improve my role and made me optimistic for the future.”
The one-day course takes finance professionals through the following:
Where we are now – how accounting and finance systems have developed up to the present day
Where we can go in terms of small changes and bigger changes, i.e. digital transformation:
Process automation
Machine learning and artificial intelligence
Data analytics and visualisation
Blockchain and cryptocurrency
“I feel this has really inspired me to think more out of the box in terms of presenting information – adding charts etc to the information that previously has been predominantly data.”
“It really opened my eyes into how much the business world is changing in terms of its requirements from Finance.”
How we get to our goal, including:
People – skills and roles
Culture – the mindset shift
Ethics
Risks such as cyber security
“The course flowed well, it brought up considerations for myself who is relatively new to the Finance industry the current integration of digital software and platforms and increased my awareness.”
“[The course was] very useful as I can share it with the others within my firm. I think it would be beneficial for FI to offer these sessions in-house for firms as all the employees at my organisation would benefit. Thank you very much – very interesting and beneficial.”
Develop knowledge of data and data analytics skills and techniques
Who’s the course for:
This programme is aimed at finance professionals who wish to develop their understanding of data and the data analytics skills and techniques available
Format:
Online or bespoke
Takeaways:
An attendee will have an increased understanding of Data Analytics and have grown their data skills, being able to gain a greater understanding of levels of Data Analytics and the data science process and take this learning into their workplace
Short-term and long-term goals to action
“The main action I took away from the course was to take the plunge and implement data analytics software into my day-to-day work particularly software I already have access to.”
“[I feel equipped] to move forward in the firms data analytics policy”
The two-day course takes finance professionals through the following:
What is data analytics
Data & big data
4 levels
Statistical tools
Data visualisation
“The section on data visualisation was incredibly interesting to see how the message of data was much more clearly conveyed when you consider the best way of presenting it.”
How it can be used
Case studies
How you can use it
Strategy and process
Data driven decision-making framework
Skills and roles
“[It was great to get the] chance to discuss ideas with other people, to step back and consider goals and opportunities which I don’t always have a chance to do.”
Public Courses for those who work in Practice or Industry (virtual classroom):
Please contact Louisa Matheson our Digital Programme Manager louisamatheson@fi.co.uk for more information about our virtual classroom dates and prices.
Leadership & Management Courses
As part of our post-qualification education, we also have Leadership and Management courses starting in East Anglia and Yorkshire in 2022. We will be offering a range of options catering to individuals looking to add additional skills to those wishing to obtain chartered management status. You can read more about this exciting new addition to our course here.
Accountancy Summer School 2022 was the perfect chance for 16 – 18-year-olds to find out more about a career in accountancy. The Accountancy Summer School has been very popular with our other centres across the UK. We were proud to be able to offer this opportunity to Maidstone and Kent students.
Firstly, here’s what we covered:
On day 1, students had an action-packed day starting with an introduction to Accountancy and how it all works. They then worked on a case study before delivering some excellent presentations based on the case study. Finally, the students analyzed a company from a strategic perspective and presented their results back to our team.
On day 2, students started the day with a session on finding a job and interview skills hosted by Louisa Rowland of Goldhawk Associates. Following Louisa’s session, students had a 1 on 1 session with members of our team about their interview techniques. After interview techniques, Attendees had 1 on 1 sessions on tips and tricks on how to improve their CVs. In the afternoon, students met our employer panel at FI Maidstone which included Rachel Emmerson (Kreston Reeves), Ashley Phillips (MFW), Marc Newman (Crowe) Rob Harris (Sleepeezee, Current Level 7 FI Apprentice) and Liberty Churchill-Cole (MHA, Current Level 7 FI Apprentice)
Accountancy Summer School at FI Maidstone Insights
Our team have reviewed written feedback received from the students following the summer school event. These insights really opened our eyes to the awareness around apprenticeships from the attendees. We found that many attendees had not yet considered apprenticeships as an option or understood how apprenticeships work. Have a look at some of the figures below.
Join our next free demo and taster session of FI Online Live to find out what it is like to study in a virtual environment at FI.
Hear from Hannah Campbell, FI’s Online Programme Lead, who will take you through the similarities and differences between the 3 choices of study modes we offer at FI. This free webinar will consequently help you make an informed decision on which study mode is best suited to you and your learning style.
CIMA demo and taster session of FI Online Live
Wednesday 7th December 2022 – 1-2pm
Hear from Hannah Campbell, Head of Online Programmes at FI, who will take you through the similarities and differences between the study modes we offer at FI, to help you make an informed decision around which study method is best suited to you and your learning style.
Hannah will focus on the CIMA qualification during this webinar and will be able to answer your questions live during the session.
We will cover:
An introduction to FI
What is the difference between Online, Online Live and Classroom study?
CIMA Unlimited – what is it?
A quick taster session of a CIMA Online Live course
If you are unable to attend the live session but would like to watch the recording, just sign up and we will email the link to you after the event.
“Hi Hannah, thank you very much for your time today. I found it very useful and helped cleared any unease I had regarding studying online. Thank you for sending the recording, it means I can watch the last little bit I missed.
I have arranged a call tomorrow with Corrina to hopefully finalise my plan for the first year of CIMA.
Thank you again!” Chloe, CIMA student
Come and meet our team at one of our Southend Open Evenings
Our Southend centre offers AAT courses at level 2, 3 and 4. All of these are eligible for government funding under an apprenticeship scheme. We’d like to invite interested students and employers to come and meet our team at one of our Summer Open Evenings. Our team will be on hand to answer any questions and advise on study paths, apprenticeship schemes, our recruitment service and starting or continuing to study AAT.
Open Evenings
If you are looking to study AAT or recruit/train a member of your accounts team, then do come and meet our team at one of our ‘Open Evenings’. We will be hosting two evening sessions at our brand-new centre at the Hive in Southend.
(1) What is going to frame the future careers of Gen Z?
Technology plays a big part in the lives of this generation. It is a fact that technology will fundamentally transform the economy. Jobs will change and who does the jobs of the future and how we do them will also change. Businesses will need to adapt.
Life expectancy for this generation is much higher so they will be in the workforce for a long time.
The Covid pandemic has brought about a lot of uncertainty and we do not yet know the long-term impacts on work. However, we do know that working practices have changed significantly as have expectations. Well-being and mental health play a bigger part in work-life than it has previously. Businesses must consider this.
Global economic challenges are likely to impact recruitment and retention across all sectors. We are experiencing the highest interest rate increase since 1994. Alongside high inflation.
(2) Characteristics of Gen Z – What do employers see and what are the challenges of this generation entering the workplace?
Technology – digitally savvy, well connected, are bringing tech to the workplace
Leadership and hierarchy – want to be heard, interested in leaders and not a hierarchy, want impact and to shape an organisation’s future, peer influence huge
Learning – quick learners, very ‘visual’, social media is key
Careers – want to progress fast, seek promotions
What they value in employers – career opportunities, rewards, work/life balance
(3) What attracts this group to the finance profession?
Finance is a desirable profession for Gen Z due to the longer-term prospects it offers. There is clear opportunity from the start and throughout for skills development through qualifications and clear progression pathways into senior leadership positions. Most significantly, accountancy qualifications are seen to be highly portable with accountancy being considered to be a fantastic stepping stone into entrepreneurship. Accountancy offers a variety of different careers within a huge range of sectors.
(4) What strategies can employers use to engage with Gen Z?
As a technologically driven generation, a quick win for employers is to use social media to target possible candidates. Gen Z are looking for employers who make them feel valued. They want to feel that their role has a purpose in the wider organisation. They want to collaborate with business leaders and senior employees.
Our discussion expanded further on the above and looked specifically at recruitment in particular attraction and retention led by Felix Mitchell.
Employer brand was our starting point. Felix outlined the key employer value propositions (EVP’s) that Gen Z are looking for:
Work-life balance
Remuneration
Learning & development opportunities
(5) How are Gen Z finding employers and how can employers attract them?
Gen Z are very likely to use sites like LinkedIn and Glassdoor prior to applying for jobs to get a better understanding of the company from the eyes of its employees. It’s advisable that businesses use these sites to promote themselves in a positive light. Gen Z want to hear real experiences of working somewhere. Video testimonials on your business’s website are a great way to showcase what it’s like to work at your business. Gen Z want to see how their career will be shaped long term. Businesses that are able to show possible career trajectories will appeal to this generation. In addition, those offering qualifications and opportunities for development will also appeal. They want to be able to learn from senior managers, so giving Gen Z employees opportunities to collaborate with seniors is recommended.
During recruitment, businesses should see their assessments and onboarding processes as an extension of their employer’s brand and therefore as another way to attract candidates. Keeping in mind that job seekers are applying to more than one job at a time, it’s crucial that businesses stand out. This can include using skilled interviewers, being inclusive, and using good communication. This is especially important when communicating with unsuccessful candidates. Gen Z values feedback and respect and therefore, it’s important that employers give them this. The onboarding of new candidates and their induction form the first part of their employee experience, so it’s absolutely crucial that it’s memorable and valuable.
Our next employer forum will focus on trainee wellbeing in the finance sector. If this is something you think would benefit your business, please let us know via FI Client Support (ClientSupport@firstintuition.co.uk) and we can share further details with you.
Alternatively, to continue learning from our exclusive news and articles, head to FI Hub.
Managing for retention is becoming increasingly important as retaining staff becomes a bigger issue for organisations. A recent survey conducted by First Intuition found that 29% of employers were finding it difficult to retain staff. Whilst 60% were finding it difficult to retain newly qualified staff. This is in part due to a competitive job market with a shortage of candidates. Employees are therefore often leaving due to being offered alternative roles with more competitive benefits. Strategies to improve retention rates and make current workplaces more appealing to existing staff are therefore more important than ever.
This article shares highlights from the session where guest speakers, listed below, joined David Malthouse and Andy Buncall to discuss the tips and techniques to manage retention.
Guest speakers include:
Kay Thompson-Barker, Managing Director at Sea Light Development Ltd
David Culley, Programme Designer, Author of Computer Programmes & Tutor at Adept Training Ltd
Carolyn Connery, Head of Employer and Provider Development at Chartered Management Institute
You can watch the recording of the forum by clicking the button below.
Values underpin why people choose to stay or leave somewhere. Understand why staff choose to work at a company, what is it about it that keeps them coming back?
Employers should understand employees’ reasons for staying in an organisation and then create these conditions that continue to keep them in place
Sources of motivation
People are motivated by different things, what one person wants is different from another. However, there are two different main sources of motivation that have different impacts:
Extrinsic
From outside
Motivated towards reward or away from punishment
Conditional: do this and you get that
Intrinsic
From within
Motivated away from harm or danger and towards satisfaction and growth
Unconditional: doing something for its own sake
Whilst pay rewards are important to most people, these stop working at a certain point because they only address the extrinsic source of motivation. It has been found that extrinsic motivation only works for the most basic of tasks however, these are the main focus for employers. Intrinsic motivation is likely to be more effective, more long-lasting, and make more of a difference. Investing in your own development has a really strong business case. Employers should therefore do as much as possible to create the potential for employees to meet intrinsic needs.
How to motivate staff
Autonomy
Give people freedom over what they do, when they do it, with whom they do it, and how they do it. Employers should ensure they are using inclusive leadership.
Mastery
Most people have the urge to get better and better at something that matters to them and feels like theirs rather than for a specific outcome. Personal development has never been more important to people since the pandemic when people had the time to think about what they really want. Staff want to be able to continue to develop their skills and future-proof themselves. Employers should aid and encourage employees’ development both within the workplace and outside through training programmes. This development will not only motivate staff but will boost productivity and innovation.
Purpose
Many people are driven by having a purpose or belief they are working towards something larger than themselves and their own individual roles. Employees are likely to want to align their personal goals with those of the business. Employers should think about what the purpose of their business is and communicate that clearly to their staff.
Leadership and support
Well-being
The priorities of leaders need to focus on the well-being and resilience of their employees, as well as positive management approaches that help people deal with what they are facing. Leaders can help well-being by:
Reducing stress put on teams such as ensuring deadlines are reasonable
Encouraging well-being days
Provide access to wellbeing programmes
Advice and training for managers on how to identify if someone needs help
Managers should also be approachable and be available to regularly catch up with their team. People who had less contact with their manager early on in the pandemic were found to have worse mental health.
Recruit the right people
Bosses and Managers have a big impact on whether staff stay at a company. Those who look at the bigger picture and want to make a difference can motivate staff to work alongside them. It is worth investing more time and money to ensure managers are the right fit for a company and setting the right culture. It will cost more in the long run if companies try and cut corners.
Every person in a company is different so tailor management and leadership to individuals. As well as be acutely aware of managers’ and employees’ needs and deliver those in a way that fits the business direction.
Read more exclusive news, industry tips and tricks, head to FI Hub.
With the new AAT Qualifications 2022 coming into effect in September 2022 after a one-year delay, we have seen a huge growth in employers considering taking on Level 2 apprentices.
Why is Level 2 becoming increasingly relevant?
Since the pandemic, our view is that AAT Level 2 apprenticeships are becoming increasingly relevant to employers. The pandemic greatly affected students’ studies. Both their inter-personal and academic skills development have been compromised, some students have not even sat a formal exam. Furthermore, many have not had the opportunity to have part-time work and gained the associated skills with first jobs such as communication and timekeeping. This effect on young adults means that a lot of new trainees are finding it much harder to adjust to the workplace and the demands of studying for a professional accountancy qualification. As a result of this, employers are having to focus a lot more on building soft skills, behaviours as well as knowledge for new trainees.
The Level 2 apprenticeship offers a great entry-point and lends itself to these students who the pandemic has impacted. The programme has been tailored to suit those with no previous experience in the workplace. It also has skills development built into the programme, including communication skills, effectiveness, teamwork, and double-entry bookkeeping knowledge to understand initial accounting tasks. Level 2 is therefore a great way to ease young adults back into learning, taking exams, and gaining valuable workplace skills.
Moreover, the new AAT syllabus Qualifications 2022 which is being launched in September 2022 is much more robust and challenging compared to AAT AQ2016. The new syllabus contains less duplication. It is, therefore, more important that trainees have the baseline knowledge to build upon as some topics will no longer be addressed at levels 3 or 4. Level 2 will set trainees up with a good basic understanding to effectively progress through the rest of their qualifications that fast-tracking to Level 3 will not.
The Impact Skills Programme:
At First Intuition, we run an Impact Skills Programme as part of our apprenticeship programmes. The Impact Skills Programme (ISP) is designed to build confidence and develop crucial workplace skills that lay a strong foundation for a successful start to a finance career. The Level 2 apprenticeships also come with a Xero Certification to help apprentices increase their skills in modern technology.
The ISP modules include:
Personal Effectiveness
Producing and Communicating Quality Information
Working Effectively in a Team
Working in the Business Environment
The Level 2 modules include:
Introduction to Bookkeeping
Principles of Bookkeeping Controls
The Business Environment
Principles of Costing
What job roles are suitable for a Level 2 Apprentice?
There is a range of job roles suitable for someone on a Level 2 apprenticeship, including:
Accounts Payable Clerk
Finance Administrator
Accounts Assistant
Business Accounts Administrator
Finance Assistant Junior
Accounts Administrator
Assistant Bookkeeper
Key dates:
With the new syllabus coming into effect in September 2022, there are some key dates to look out for:
31st August 2022 – last registration for AAT AQ2016
1st September 2022 – all registrations will be AAT AQ2022 after this date
30th September 2023 – last assessment for AAT AQ2016
More details on the Level 2 apprenticeship:
The Level 2 development started in 2016 and involved employers, SMEs, and educational experts. The programme has been curated from research into industry, job vacancies, job descriptions and surveys and was approved for delivery in July 2019.
The funding band for Level 2 apprenticeships is currently £6,000. The Level 2 apprenticeship is also mandated, meaning the apprenticeship needs to be completed before Gateway. The duration of a Level 2 apprenticeship is around 13 months, spending 12 months of this on programme.
Students will test their knowledge, skills, and behaviours before moving on to their End Point Assessment after 12 months of study. This consists of an in-tray assessment and structured interview based on portfolio evidence. Technology, communication, ethics, and sustainability are themes that are embedded at level 2 and run throughout the qualification.
The Finance/Accounts Assistant apprenticeship covers:
You can watch the full Q2022 Level 2 Forum recording below:
Find more information and resources on apprenticeships here.
For more news and exclusive tips from First Intuition, visit FI Hub.
What is Demand?
This month I am going to look at demand, and next month I will look at supply. Demand is how much people want a product and how much they want to pay for it. Whereas supply is how much of a product there is available and how much a supplier wants for their goods. Sounds simple right? Well not so much as we all know things never stay the same.
Typically, most goods follow what is known as the Law of Demand. This means that demand for a product goes up as the price goes down. This also works the other way in that if the price goes up, the demand goes down. At different prices you will have different demand, and at these points you can plot this demand as a graph, known as the demand curve (even though typically it is a straight line). This gives you a graph which shows that as the price goes up, the demand goes down. Imagine this as a graph with the demand on the horizontal axis and the price on the vertical axis. You will have line graph that looks like the below:
You can then use this to predict demand at different price points.
However, just when you think you have everything in hand, something can occur that will shift the demand curve either to the left or the right. This means that that quantity demanded will be more or less than it was at a certain price point. So, what could cause the demand curve to move? If the curve moves to the less the demand at the price point will be less, if it moves to the right the demand at that price point will be greater.
We all know about the cost of living at the moment, and this will change how much income people have. Some products will see a fall in demand if people have less money, these are known as normal goods. Most items are normal goods. There are goods however, which will see their demand increase if people have less money. In this case the demand curve will move to the right, and there will be more demand for a product at a certain price point. These goods are known as inferior goods, and an example of these might be supermarket’s own brand goods. People may buy the less premium goods if they feel they have less disposable income. Finally, we then have the goods where demand will not change depending on people’s income. These are known as necessity goods. You don’t buy more of them if your income goes up, but you don’t buy any less of them if your income goes down. A good example of this is your water bill. You generally don’t get a pay rise think that you will splurge it all on flushing the toilet more! The demand curve doesn’t move.
What else can cause the demand curve to move?
Changes to customers tastes and preferences will mean that there is now more demand for some products at a certain price point, and perhaps less demand for other products than there was previously at certain price points. For example, there might be more demand for more sustainable clothing now, and there is less demand for what you could describe as more cheaper, disposable clothing than there was previously.
A change in price of a different product can affect the demand for your product. How might you ask? Well, your product might have a complementary product that goes along with your product. You might sell diesel cars, and if the price of diesel goes up, the demand for your diesel cars goes down.
A substitute product is a product that customers can use instead of your product. A change in the price of a substitute product can change the demand for your product. Going back to our diesel car example, if the prices of electric cars fall, you may well see that demand for diesel cars fall, and the demand curve moves to the left.
Why don’t you have a go at the below questions to see if you know what will happen to the demand curve for various situations:
1) Which of the following are likely to be necessity goods:
Tobacco
Milk
Air travel
Laptops
2) If the price of a substitute product increases, will the demand curve move to the left or to the right?
3) If the price of a complementary product increases will the demand curve more the left or to the right?
The AAT level 2 Foundation Certificate qualification delivers a solid foundation in finance administration, covering areas such as double-entry bookkeeping, basic costing principles and using accounting software.
Students will learn finance, accountancy, business and communications skills. As the new AQ2022 syllabus is being taught in September 2022 at our Canterbury centre, this page will cover each unit based on the new syllabus.
Firstly, let’s cover what is AAT and why this is an excellent qualification choice for those in Canterbury.
AAT qualifications are universally respected and internationally recognised. AAT members are represented at every level of the finance and accounting world, including students, people already working in accountancy and self-employed business owners.
The AAT qualification works across the globe with around 130,000 members in more than 90 countries. Organisations hire AAT qualified members for their knowledge, skills, diligence and enthusiasm because AAT represents the highest standards of professionalism.
Who is best suited for the AAT Foundation Certificate (AAT Level 2)?
The AAT Foundation Certificate in Accounting is an ideal starting point for anyone wishing to pursue a career in accountancy or finance.
The purpose of the AAT Foundation Certificate in Accounting is to cover the core accounting knowledge and skills needed to progress to employment or further study. This qualification is suitable for young people who have just left school as well as for adults returning to work after a break or for anyone wishing to change career.
In addition to the above, the Foundation Certificate is open to those who are working and those who are not currently in employment. This qualification could also help someone who is already working in an entry-level finance role to progress in their career. This would therefore offer them development and formal recognition of their skills. In conclusion, the Foundation Certificate is a great choice for your first formal accountancy qualification.
What’s included in the Foundation Certificate (AAT Level 2)?
Introduction to Bookkeeping (ITBK)
This unit introduces students to the double-entry bookkeeping system and the associated documents and processes. Students will have learnt all stages necessary to process transactions using both manual and digital systems.
Principles of Bookkeeping Controls (POBC)
This unit builds on the knowledge and skills acquired from studying Introduction to Bookkeeping and explores control accounts, journals, and reconciliations. It takes students through a number of processes used in bookkeeping that help verify and validate the entries made. Students will also understand the use of the journal to the stage of redrafting the trial balance, following initial adjustments.
Principles of Costing Techniques (PCTN)
This unit gives students an introduction to the principles of basic costing and builds a solid foundation in the knowledge and skills required for more complex costing and management accounting. Students will learn the importance of the costing system as a source of information that allows management to plan, make decisions, and control costs.
The Business Environment Synoptic (BENV/BESY)
The synoptic assessment will ask students to apply knowledge and skills gained across the level 2 qualification in an integrated way, within a workplace context. This course provides the learning materials for the Business Environment unit and revision materials for the bookkeeping units.
What’s after AAT Level 2?
After students complete the Foundation Certificate in Accounting (AAT Level 2), students can move on to AAT Level 3. Find out more about the AAT Level 3 qualification by clicking here. In other words, this course has excellent options for further progression.
Our Accounts Assistant (AAT Level 2) programme builds the foundations to work in a professional business environment and sets you up for a career in accountancy.
The programme helps you develop all the skills and behaviours you will need in an accounting environment. This includes working effectively, communicating, and producing information.
In addition to this, our Level 2 Accounts Assistant Apprenticeship will equip you with all the necessary technical knowledge in the AAT Level 2 qualification.
AAT Online Live – Dates and Prices
Get the best of both worlds! Our AAT Online Live courses combine a structured classroom schedule with the flexibility of studying from your workplace, home or anywhere you have internet access. Our AAT Online Live courses are for individuals who want the benefits of being in a classroom with a structured approach, but who can’t make it to a First Intuition centre. Please click the buttons below to view our course dates and prices:
AAT Online – Prices
Our AAT online courses have been created with a flexible approach to ensure they fit around you and your lifestyle. You can study at your own pace, in your own time and take your exams when you feel ready. You will be guided throughout your studies with your own personal AAT tutor, who will be able to hold you accountable and offer their support every step of your journey.
AAT Self Study – Prices
The Self Study package is for those of you who want to go it alone. Included is a complete set of study material that covers the full syllabus with lots of exam standard lecture examples and gives you the opportunity for lots of guided question practice to prepare you for the computer based exams. Self study units include 2 mock assessments.
How to book
To book online please click here where you will be able to select the unit you require.
Gareth is well placed to chair the Cambridge Ahead Skills Group due to his extensive knowledge and experience in training new skills, delivering apprenticeships, working with schools to increase careers engagement, and his awareness of the importance of skills development for solving resourcing issues.
The aim of the Cambridge Ahead Skills Group is to achieve an evidence-based understanding of the current position of skills in the region and to advocate for system changes which will address major gaps.
Below is an overview of some of the greatest issues facing young adults’ skills development in the Cambridge region, why they are important now, how the Cambridge Ahead Skills Group plan to tackle these, and how solving these issues can help resourcing in the future.
The greatest issue facing employers in the Cambridge region
Gareth recently ran a poll on LinkedIn, where 92% of respondents said their biggest issue was resourcing. This response illustrates how resourcing threats are currently the most significant limiting factor on business growth in our economy. Further emphasising the importance of recruiting, developing and retaining staff.
Why they are important now
Labour market supply was elevated to a strategic priority of Cambridge Ahead in October 2021. The work of the Cambridge Ahead Skills Group has never been more important and relevant…
….at a local level:
Researching the gaps in local skills provision
Helping members to engage with local schools and colleges to deliver careers advice to young adults
Fostering strategic partnerships between employers and providers to plug skills gaps
Exploring solutions to labour market shortages such as improving engagement with older workers to harness their huge value that often goes untapped
…at a national level:
Influencing changes to apprenticeship policy
Leading thought on the way the government can support cross-sectoral digital and decarbonisation skills development
Considering the implications of the government’s Levelling Up agenda
How Cambridge Ahead’s Skills Group plan to tackle resourcing issues
The Levelling Up white paper identifies 12 missions and of those, two are directly related to the work of Cambridge Ahead; education and skills. Several others are fundamentally linked; housing, transport, digital connectivity, health, and living standards.
Educational levelling up will drive skills levelling up, which will aid productivity which will, in turn, drive wealth and living standards up. This will then aid health and increase the quality of life in the Cambridge region.
The white paper identifies six factors critical to driving levelling up, broadly consistent with the Six Capitals laid out in Cambridge Ahead’s New Era for the Cambridge Economy report. Three of those Capitals are about people; Human Capital, Knowledge Capital, and Social Capital.
The links between the levelling up policy and post-16 education and skills policy run deep and broad:
The Skills for Jobs white paper
The Lifetime Skills Guarantee
The Lifelong Loan Entitlement
The roll-out of T levels
The School’s white paper
A proposed Apprenticeship Levy review mentioned by the Chancellor in the Spring Statement
The Skills and Post-16 Education Act
How Cambridge Ahead can help
We know how important knowledge and high-tech skills are to our global Cambridge economy, but also how critical the wider skills ecosystem is to supporting those global businesses. Cambridge Ahead is in a strong position to inform and shape the Local Skills Improvement Plans for our area and ensure that our member’s voices are effectively reflected due to the multitude of businesses that support the members of Cambridge Ahead.
Cambridge Ahead can help inform these local plans and ensure they are delivered with impact due to such a varied and experienced group of organisational and sector experts in the Skills Group. Each have specialisms that contribute to our three strategic focus areas:
Career education and school engagement. Young adults form an increasingly critical part of many of our talent pipelines and it is crucial that they have relevant advice to help them make decisions about their futures. These are areas it is clear the pandemic has hit hard and if central government won’t take the lead in preventing the long-term career scarring that is all too possible then we need to be part of the solution.
Apprenticeships. These are still far too inconsistent in value for different sectors, different job roles and different employers. More flexibility in how levy funding can be invested is to be welcomed. Shorter, modular training interventions will be well suited to the dynamic nature of modern skills needs.
Labour market supply and skills system responsiveness to industry trends, including digital skills and green skills supporting the net-zero transition. As well as the broader, transferable soft skills that are becoming the real value-add as automation, AI and other technologies continue to amplify human talent.
You can find out more about the Cambridge Ahead Skills Group here.
To read more exclusive news, tips and tricks from First Intuition, head to FI Hub.
AAT Q2022
The new qualification, Q2022, does a great job of striking a balance between retaining the AAT’s robust technical grounding, whilst introducing increased business awareness and commercial focus. Ensuring students are prepared for effective roles in the evolving business environment.
New Themes
There are four new ‘themes’ throughout all levels; technology, communication, ethics, and sustainability. Students will build on their existing knowledge as they progress through the qualification. Level 2 will introduce a topic, Level 3 will expand on it, and Level 4 will put it into practice.
What you need to know about Q2022
The first registration date for Q2022 is 1 September 2022
Q2022 has fewer exam modules, but some bigger individual units (Level 3 financial accounting and Level 4 advanced management accounting)
There is less repetition of content between levels so a solid grasp of core level 2 knowledge is important to success in levels 3 and 4
There are brand new papers covering Business Environment and Business Awareness which will help build students’ commercial acumen
There are no Synoptics for Q2022 Level 3 and 4 (unless studied under an apprenticeship where an EPA exam is still required)
Subscriptions fees for Q2022 are per level rather than per annum
If you are transitioning from AQ2016 to Q2022 – make sure your AQ2016 assessment passes qualify for Q2022 before switching over!
Want to find out more?
We have pulled all our Q2022 information together below, to help make your AAT journey easier. Just click on the buttons below to find out more!
Don’t miss a thing!
Make sure you follow our AAT Distance Learning Facebook page where you will be notified about any of our upcoming Facebook Lives by award-winning tutor Nick Craggs!
AAT’s Qualification 2022 is one of the biggest changes in the AAT Qualification in all the years that I have been teaching. It has been refreshed and revised and brought bang up to date. One of the new additions is transfer pricing, a subject which has never been assessed in AAT, and appears in the new Level 4 Applied Management Accounting unit.
If a company has more than one department, where goods transfer from one department to the other, they may want to assess the performance of the departments by allocating profit to each department. An example of this might be a company that makes up-market hampers. They may have a production department which makes the sandwiches and cakes etc, and then finally a packaging department which takes the sandwiches and cakes, and the puts them into a hamper with a ribbon and sells it to customers. To assess the performance of each department, the business may allow the production department to ‘sell’ their goods to the hamper packaging department.
Obviously, the price that one department sells to the other department will affect how well they deemed to be performing. This is known as the transfer price. There are a couple of ways that the company can decide on the transfer price. The company could use the market price of the cakes and sandwiches based on the price they would get if they sold the sandwiches and cakes externally to an unrelated third party. You might adjust the market price as there would probably be some selling costs incurred if they had sold to a third party, such as shipping or admin. However, the product you are selling might not have an external market that you can set the price on, so you may want to base the transfer price on what the product cost to produce.
But there are lots of different costs that we could use. Do we use the actual cost incurred, or the standard cost? If the cake department just passed their cakes on at the actual cost they incurred, there is no incentive for them to control the costs, and any wastage is just passed onto the packaging department. So, it is better to use standard cost here.
Then we need to decide if we use the full cost of producing the sandwiches and cakes or just the marginal cost. If the sandwich and cake department charge the full cost, they will ensure that all their costs are covered. However, the packaging department might be unfairly penalised if the cake and sandwich departments were charging more than what the packaging department could get cakes and sandwiches for if they went to an external supplier. But then conversely if the packaging department did buy from an external supplier, the cost may be more than what the marginal cost would be if the whole company were to produce the cakes and sandwiches themselves. The company would have to pay the fixed costs of the sandwich and cake department anyway.
Then to further complicate matters, there are two ways we can apply these prices. We can use dual pricing which tries to avoid some of the problems I have mentioned. If we have a market price, we can credit the cake and sandwich department with the market price, so they can make a profit. However, we then debit the packaging department with just the marginal cost. This does create a bit of a complication for management as the two costs won’t net off to zero. The other way is to use a two-part tariff where we set the transfer price at the marginal cost and then transfer a fixed amount over to the cake and sandwich departments as a contribution towards their fixed costs.
This is a lot to take in, so let’s see that in action. The sandwich department has the following costs per box of sandwiches
Direct materials of £1
Direct labour of £1.5
Fixed overheads £2
Have a go!
Let’s look at the transfer price per unit if the packaging department needed 100 boxes of sandwiches under the following transfer price policies:
Full cost plus 20%
Full cost plus 20% with an external market price of £5.2
Two part tariff with fixed fee of £180
Dual pricing system based on marginal costing and market price of £5.2
Valerii Kostiuk was recently named as an ACCA top achiever for his SBL exam in the March sitting. His score ranked in the top 20 worldwide and was the highest in Ukraine. This is a huge achievement for any student but particularly for Valerii. Since moving to the UK from Ukraine, Valerii has undergone a huge change in his working life. We caught up with him to find out more about his journey and becoming an ACCA top achiever.
What does it take to become an ACCA Top Achiever?
“When I receive an email, I didn’t take notice at the beginning. I showed it to my close friend and her immediate reaction was excitement so, I read an email again and realised it was something different which afterwards gave me a positive feeling and a little boost to stay focused and continue studying for the rest of the exams.”
Can you tell us a bit about your background and how you came to be studying accountancy?
“I am originally from Ukraine and I came to the UK as a fruit picker several years ago. I think when you work in the fields and have breakfast, dinner, and supper with strawberries you quickly realise that studying is the key to making some positive changes in life. So, I decided to start studying AAT, completed all 4 levels, and moved to the next level of accountancy exams, ACCA.”
So why did you specifically choose to study ACCA?
“In my eyes, ACCA is one of the most recognised accountancy qualifications in the world so I decided to give it a go. Sometimes you have to run before you can walk. I am paying the price for that as I have to work slightly harder than most people as English is not my first language, but no regrets. It’s part of the journey to success. What doesn’t kill you makes you stronger.”
Do you have any study tips you can share?
“Take one day as it comes. Do your best each day and the reward will come. Sometimes you have to wait for the reward slightly longer than somebody else however continuing to move forward will get you through the finishing line.”
So, how does it feel to be named as a Top Achiever?
“Somewhere inside it feels warm however the other external factors dilute the happiness.”
Finally, what does the future have in store for you?
I will be Director of Finance in the next 3 to 5 years.”
For more information about the ACCA please visit their website.
We caught up with Emma to find out what she loves about Southend and why she’s looking forward to teaching in our new centre.
Can you remember when you first went to Southend?
Although I had often heard about the fun seaside town of Southend, I hadn’t been to Southend until I was 18, the age I met my now-husband. During the Summer we first met, his family invited me along to an epic day with them, which I will never forget. Rides at Adventure Island, fun on the 2p machines, a long walk along the beach, and salty fish and chips as the sun went down. I only wish I had been earlier!
What are your favourite places in Southend and why?
My eldest son, Harrison, loved Southend Aquarium with a passion when he was a pre-schooler. He and I both had season tickets and spent happy hours doing laps past the piranhas, stingrays, and jellyfish. Southend is such a welcoming place that no one ever seemed to mind his toddler ways and they were always willing to demonstrate how to handle a turtle, even though they’d shown us before. He’s still partial to a visit now, as are my other two children!
My family and I have a tradition of going for a New Year’s Day walk to blow away the Christmas cobwebs and start the new year well. This past New Year’s Day, we spent a gorgeous day at Leigh on Sea, where we walked along the seafront to Southend and back. We admired the many quaint shops, multitude of dogs with their owners, and enjoyed some local seafood on the walk back in the fresh Winter sunlight. What a way to start the year!
Recently, I really enjoyed the Hares about Town collection in Southend and its local area. The hares were a stunning addition to the town and were a fantastic way to bring community, business, and charity together. They were enjoyed by young and old and I even saw one whilst visiting a school in Southend!
What are you looking forward to in terms of teaching AAT in our new centre?
I am extremely excited to be teaching AAT in Southend. I always love meeting new people and we are thrilled to be able to offer more AAT courses for people to access more locally to their home or work. Southend has a fantastically welcoming and fresh atmosphere, and I cannot wait to start! Roll on September 2022!
The report looks at the below areas in turn:
Recruitment and Resourcing
‘We hear regularly from employers that recruitment has become one of the areas they are finding most challenging to deal with’
An increase in workload reported by 66% of our respondents has resulted in an increase in recruitment requirements for many employers.
79% of our respondents report an increase in salary expectations and 94% report an change in expectations around working practices.
Trainee and manager development
‘52% of respondents have noticed a change in the skills development needs of trainees who joined in the pandemic’
Trainees need additional support with skills in communication, confidence, teamworking and problem solving.
Managers need support in managing junior staff remotely.
Retention
‘Two of the biggest reasons for leaving an employer at the moment are a career change or leaving for a new employer in the sector’
Employers are reporting that retention has become a challenge.
Employers are looking at ways to retain talent which may include changes to working culture, development opportunities linked to the needs of trainees and wider benefits offered to new joiners.
The insights in the report sparked some really interesting discussions in the room and enabled the group to share their experiences as we emerge from the pandemic. Our Chairman and CEO Martin Taylor had this to say about our first face to face event in two years:
‘It was great to see many FI partners collaborating across a shared table rather than on Teams for this launch session. However, as our Insight Report demonstrates we are now in a world where a blend of working practices is expected, both for these types of sessions, for the workplace and for the delivery of professional education. We have adapted and we will continue to adapt but one thing was very clear; we are at our hearts social animals and huge benefits still exist from meeting in person (beyond pastries and good coffee!!)’
You can explore the final report today, which provides insights from our survey, our report also outlines some recommendations to mitigate common challenges to help employers to future proof existing finance training programmes.
To read more exclusive news, tips and tricks from First Intuition, head to FI Hub.
Keeping your people and talent strategy relevant is more important than ever. Staff resource availability remains a massive issue for businesses. 87% of respondents to a poll during our FITT forum said that this was the biggest issue currently facing their business. It, therefore, appears that most accountants are facing similar challenges in recruitment, onboarding, retention and talent development.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss employers’ approaches to keep staff engaged and loyal when they qualify. As well as how to appeal to experienced candidates in the marketplace looking for their next role.
Speakers and panelists
Claire Angus, Head of Recruitment Gateway at Cambridge Network
Kelly Drewery, Business Psychologist and specialist in team coaching and development
Javed Bobat, Finance recruiter with a focus on post-placement support
Dave Payne, Head of Access and Volunteer Programmes at the ICAEW
You can watch the recording of the forum by clicking the button below.
Poll Results
At the beginning of the session, attendees were asked to complete a poll answering:
What are your three biggest current business issues?
87% – Staff resource availability
51% – Salary increases
41% – Staff wellbeing and mental health support
36% – Upskilling staff in emerging skills ie digital
13% – Energy price increases
13% – Inflation in other input costs ie raw mat’s, distribution
5% – Supply-chain shortages
5% – Falling demand levels
Which of the following currently relates to your organisation?
79% – Challenges in recruiting for experienced/qualified roles
56% – Challenges in retaining experienced/qualified colleagues
38% – Challenges in recruiting for entry-level/trainee roles
23% – Challenges in recruiting for senior leadership roles
21% – Challenges in retaining entry-level/trainee colleagues
13% – Challenges in retaining senior leadership roles
0% – No challenges recruiting or retaining at any level
What is your current experience of the labour markets?
92% – Recruiting staff is more challenging than in the past
56% – Retaining staff is more challenging than in the past
13% – Retaining staff is no more or less challenging
8% – Recruiting staff is no more or less challenging
0% – Recruiting staff is less challenging than in the past
0% – Retaining staff is less challenging than in the past
It is clear from these poll results that ‘people’ is a much bigger issue for businesses than other big current concerns that tend to make the press.
Employer vs Candidate
The Cambridge Network, a membership organisation with 1,200 members, is hearing that members are struggling to recruit across all industries. Many applicants have already had 2-3 other offers by the time they come for an interview.
The Cambridge Network, Talent Glue, and Recrion have come together to help establish what is happening for local employers and workers in the current market. Research from their employer and employee survey into the resourcing pipeline has found the following findings:
Workforce planning
Businesses are finding it harder to know what types of people to target and where people could be physically based
Candidates are finding it difficult to know what employers want, particularly relating to whether their skills match what the employer is looking for
Employers should therefore be clearer and more upfront about the skills they want on job applications
Recruitment communications
Recruiters are finding it harder to attract the right quality of applicant
Workers are finding it more difficult to find job roles that suit their skills, they feel the quality of job adverts could be improved
Employers should consider providing salary information on job adverts, as well as details about flexibility (eg hours, location etc), and assist candidates to know whether they are right for the role
Recruitment process
Businesses are now finding it easier to process candidates in a timely way however many are finding they are loosing more candidates through the recruitment process
Candidates are now expecting a quicker pace during the recruitment process
If employers are taking too long, they risk losing candidates
Selection
Team culture and fit for both parties are more important than ever. Employers are particularly struggling to assess candidates’ fit
Some candidates feel their value and skills are not being properly assessed by potential employers
Businesses can help by being clear about their culture and the type of person that would fit into their organisation
Employment deal
Nearly half of recruiters are finding it more difficult to negotiate a suitable deal with candidates
With more choices available to them, candidates want more benefits – a gap is forming between expectations between employer and employee
Candidates want more opportunity to discuss whether the role and company is the right for them, to consider them for other roles, and to be open about the salary offer
Onboarding process
Recruiters are finding the onboarding process has been getting harder, particularly relating to the culture, bonding with colleagues, and the expected pace
However, other aspects are easier such as getting set up online and access to senior managers as part of an induction
Recruits are finding it harder since the shift to more hybrid workplaces to understand the culture of the organisation and how to get things done
Employers should consider young people and how to increase their exposure in a new role, as well as ensure the company regularly engages with its employes in social settings
Retention and wellbeing
Employers are finding it more difficult to retain new recruits in their first year. Many are leaving due to the wellbeing and workload they are taking on when they start
Recruits are also finding it harder to network with people outside of their direct team
Career development
It is more difficult for businesses to ensure workers have good career mobility within the organisation. Employers should help their employees make these connections
Some workers are finding it more difficult to access opportunities for learning and development whilst others are finding this easier
Furthermore, employers often don’t feel the employer takes time to develop them in line with the job
Mental Health and Wellbeing
Mental health and wellbeing are becoming increasingly important for existing employees and potential candidates. It should therefore be to businesses too. It is essential companies prioritise mental health and wellbeing by putting aside a tangible budget towards them rather than seeing it as a tick box exercise.
Investing in staff wellbeing can increase retention rates as happier employees are more likely to stay longer at the company. Showcasing what you are doing as a business can also help attract more candidates in the recruitment process.
Measures employers can take in improving mental health and wellbeing include implementing strong communication with new starters within the first 90 days to help integration, encouraging social activities to allow staff to feel part of something, hiring mental health first aiders, and encouraging a personal approach.
Getting Results
Scrutton Bland has found it has increased retention and recruitment rates by using an internal recruiter with a dedicated person for the role. They are a better advocate for the organisation, can answer all questions, and makes the whole process quicker and slicker.
The phase between an offer and starting a role is becoming increasingly relevant as competition for staff grows. Employers need to keep new recruits engaged, this can be done by setting up a career plan, introducing a buddy, making regular contact, setting up group chats, having social events, and effectively communicating what is happening next.
For existing staff, businesses can increase retention by creating reasons to come to the office, integrate, and be social. Particularly during work hours. This creates an environment of support and belonging.
The CBI has found that as companies offer more competitive salaries to attract candidates, some smaller firms have been left unable to compete. As a result, softer benefits such asc personal development opportunities, holiday, and flexible working have become more relevant.
Furthermore, the speed of the recruitment process is more important in order to stay competitive. Particularly for roles that can be learned on the job – the quicker the better.
Internal opportunities inside an organisation can encourage people to stay. Companies that invest in employee personal development tend to benefit from higher retention.
How to Increase Access to Workers
Rise is an initiative working to equip young adults in hard-to-reach areas of the UK with the skills they need to work in accountancy. Workshops target young adults in rural areas, as well as low socio-economic talent, bringing business context and relevant skills to subjects already being taught in schools.
Access Accountancy provides work experience opportunities for those of low socio-economic backgrounds, as well as helps with them through the whole recruitment and onboarding process.
The organisations not only help disadvantaged young adults but also widens the pool of potential employees for businesses to recruit from.
Join our host, David Malthouse, as he talks to a range of industry experts to find out what drives and affects the food industry. They’ll talk about the challenges the pandemic brought, how they adapted and what it takes to keep bringing food to our tables.
David will ask them about the unique challenges in their industry. He’ll ask about the finance/business side of food manufacturing, supply, and retailing. This session will offer a fascinating insight into how this specific industry operates. This will make it useful for our Level 7 students in terms of case study prep. It will, however, be interesting to all students. It can also be used by our qualified contacts as part of their ongoing CPD.
The Details
Date – 1st July 2022
Time – 12.00 – 1.30 pm
Where – Via zoom (register with the link below)
Our Special Guests
We’re delighted that we’ll be joined by:
James Sinclair, founder, and owner of Partyman but who also bought the iconic Rossi Ice Cream in 2021.
Perry Wakeman, Director at Rennet & Rind , an award-winning cheesemonger and affineur, based in Cambridgeshire.
Iain Malthouse – Financial Controller at Pilgrims UK
Johnathan Hayes – Whitworths UK
We’re also hoping to be joined by senior finance professionals from across the food industry. Including companies involved in fish and chips, salt, dried fruit and jam, and a host of other industries. Watch this space and our social channels for announcements about further guests.
If you would like to join our panel or would like more information about this event, please do contact shellytweed@fi.co.uk
Catch up on previous forums
You can catch up on our previous sessions by clicking on the images below:
This unit introduces students to the double-entry bookkeeping system and the associated documents and processes. Students will have learnt all stages necessary to process transactions using both manual and digital systems.
Principles of Bookkeeping Controls (POBC)
This unit builds on the knowledge and skills acquired from studying Introduction to Bookkeeping and explores control accounts, journals, and reconciliations. It takes students through a number of processes used in bookkeeping that help verify and validate the entries made. Students will also understand the use of the journal to the stage of redrafting the trial balance, following initial adjustments.
Principles of Costing Techniques (PCTN)
This unit gives students an introduction to the principles of basic costing and builds a solid foundation in the knowledge and skills required for more complex costing and management accounting. Students will learn the importance of the costing system as a source of information that allows management to plan, make decisions, and control costs.
The Business Environment Synoptic (BENV/BESY)
The synoptic assessment will ask students to apply knowledge and skills gained across the level 2 qualification in an integrated way, within a workplace context. This course provides the learning materials for the Business Environment unit and revision materials for the bookkeeping units.
Most students complete AAT Level 2 Certificate in Accounting in 6 – 9 months.
Short qualifications – AAT Q2022 – Level 2 Certificate in Bookkeeping
Alternatively, students can complete the Level 2 Certificate in Bookkeeping qualification, which comprises the two bookkeeping exams (ITBK and POBC), and then progress directly to the Level 3 Diploma in Accounting. This qualification takes between 2 months and 6 months to complete.
Click here to find out what the Q2022 Level 3 Diploma in Accounting looks like!
This unit provides students with an understanding of the business, its environment, and the influence that this has on an organisation’s structure, the role of its accounting function, and its performance. Students will learn about the micro- and macro-economic environments, basic business law, risk, ethics, and technology.
This unit provides students with the skills required to produce statements of profit or loss and statements of financial position for sole traders and partnerships using a trial balance. Students will learn about period end adjustments and reconciliations. They will also be able to interpret financial statements using profitability ratios.
Management Accounting Techniques (MATS)
This unit provides students with the knowledge and skills needed to understand the role of management accounting in an organisation, and how organisations use such information to aid decision making. Students will learn to use spreadsheets when making calculations, manipulating and analysing data, reporting, and forecasting.
Tax Processes for Businesses (TPFB)
This unit explores tax processes that influence the daily operations of businesses and is designed to develop student’s skills in understanding, preparing, and submitting Value Added Tax (VAT) returns to HM Revenue and Customs (HMRC). The unit provides students with the knowledge and skills that are needed to keep businesses, employers, and clients compliant with laws and practices that apply to VAT and payroll.
Most students complete this Level 3 Diploma in Accounting in 6 – 9 months.
Short qualifications – AAT Q2022 Level 3 Certificate in Bookkeeping
Aimed at experienced bookkeepers, the Level 3 Certificate in Bookkeeping qualification covers areas such as double-entry bookkeeping, financial statements, VAT, and payroll.
This qualification is made up of 2 units FAPS and TPFB. This takes between 3 months and 6 months to complete.
AAT Q2022 – Level 4 Diploma in Professional Accounting
Applied Management Accounting (AMAC)
This unit focuses on the three fundamental areas of management accounting: planning, control and decision making. All organisations rely on the provision of accurate, business-focused information in order to make sound business judgements.
Drafting and Interpreting Financial Statements (DAIF)
This unit provides students with the skills and knowledge for drafting the financial statements of single limited companies and consolidated financial statements for groups of companies. Students will also acquire the tools and techniques required to analyse and interpret financial statements using ratio analysis.
Internal Accounting Systems and Controls (INAC)
The key aim of this unit is to provide students with the tools to evaluate internal controls and to recommend improvements. Students will learn to identify appropriate controls, assess their impact in terms of cost-effectiveness, reliability, and timeliness, and ensure that all functions adapt their working practices to meet new requirements in an ethical and sustainable way.
Optional units – you need to do two of these*
Business Tax (BNTA)
This unit introduces students to UK taxation relevant to businesses. Students will understand how to compute business taxes for sole traders, partnerships and limited companies. They will also be able to identify tax planning opportunities while understanding the importance of maintaining ethical standards. This is an optional unit.
Personal Tax (PNTA)
This unit provides students with the fundamental knowledge of the three most common taxes that affect taxpayers in the UK: income tax, capital gains tax, and inheritance tax. With this knowledge, students will be equipped to prepare not only the computational aspects where appropriate of these taxes, but also appreciate how taxpayers can legally minimise their overall taxation liability. This is an optional unit.
Audit and Assurance (AUDT)
This unit aims to develop a wider understanding of the principles and concepts, including the legal and professional rules of audit and assurance services. The unit will provide students with an awareness of the audit process from planning and risk assessment to the final completion and production of the audit report. This is an optional unit.
Cash and Financial Management (CSFT)
This unit focuses on the importance of managing cash within organisations and covers the knowledge and skills required to make informed decisions on financing and investment in accordance with organisational policies and external regulations. This is an optional unit.
Credit and Debt Management (CRDM)
This unit provides an understanding and application of the principles of effective credit control systems, including appropriate debt management systems. This unit will consider the techniques that can be used to assess credit risks in line with policies, relevant legislation, and ethical principles. Students will also consider what techniques are used to enable the collection of any overdue debts. This is an optional unit.
Most students complete this AAT Level 4 Diploma in Professional Accounting in about 12 months.
*If you plan on moving onto ICAEW we recommend you complete 3 optional units (and an extra cost will be incurred). Please contact your local centre for more information on these exemption details.
Life After AAT
Completed AAT? Unsure what qualification to go on to now you’ve completed your AAT studies? This article aims to give AAT students an introduction to professional qualifications they can move on to after they complete AAT level 4.
David Malthouse spoke with Dr Peter Ellington, Founder and Director of Triple Bottom Line Accounting, and Tatiana Blana, Accounts Manager and graduate apprentice at Triple Bottom Line Accounting, about what it’s like to hire and work as an apprentice as well as the value they can bring to a business.
Triple Bottom Line Accounting was founded in 2009 and currently has 13 employees, with a large number of them being apprentices.
What do you feel an apprenticeship is?
“An apprenticeship is a great way of developing in and out of your workplace to progress your career”Dr Peter Ellington, Employer.
Apprenticeships are a great way to develop employees’ skills, both in and out of the workplace to aid their career progression. Apprenticeships can help employees to become more confident and knowledgeable as they learn skills in the classroom and are then able to practice these in the workplace. This can in turn help the employer as apprentices are can introduce new and more efficient ways of doing things.
Apprenticeships allow time for trainees to reflect on what they have learned and achieved, therefore they are a good way to ensure reflection of professional development and skillset. Both Peter and Tatiana believe this time to reflect is essential to aid development.
An apprenticeship is also a great way for an employee to achieve the qualifications for a reduced cost with no debt incurred to them.
How has having an apprentice benefited you as an employer?
“I have seen a major improvement in our apprentices progression at work.” Dr Peter Ellington, Employer.
Apprentices are a great way to bring motivated and youthful talent into a business. Apprentices are generally willing to learn and develop their skills on the job, whilst fitting in and adapting to a business’ needs.
Employers benefit from the new skills taught to apprentices through classroom work which can be essential for staying on top of the ever-changing business landscape. Furthermore, the communication, leadership, time management, and reflective skills taught during an apprenticeship programme are invaluable for career growth and success.
Research shows that 74% of employers said apprenticeships helped them improve the quality of their product or service*
How has being an apprentice aided your accountancy training?
“An apprenticeship has helped me to reflect on my professional development and achievements.”Tatiana Blana, Graduate Apprentice.
Being an apprentice helps to build a host of different skills that can aid personal development. Gaining workplace skills as well as knowledge in the classroom gives apprentices time to reflect on the work they do and more importantly why they are doing it. The guided approach to study with help from skills coaches can also help ensure trainees stay on top of work and are disciplined to complete exams in a designated time. They are also there to monitor and review work, as well as answer any questions.
What are the challenges of recruiting an apprentice?
A major challenge for many employers recruiting apprentices is that their trainees need to dedicate 20% of their time to off-the-job training. However, this time spent training will massively benefit a business in the long run. This is because apprentices are able to use this time to reflect and gain skills that will help them work more effectively and efficiently. It also teaches them the value of time management and staying on top of their workload.
What are the challenges of being an apprentice?
Many students say that it is beneficial to be organised when on an apprenticeship programme. This includes good time management and working efficiently to get the most out of a working day. This is crucial to managing workload.
Furthermore, having a good relationship with a training provider and tutor will help to be able to organise time more effectively. Whilst having regular meetings and setting realistic goals will help to keep trainees on track with their studies.
How can you reduce the burden of admin?
It is no secret that having an apprentice comes with admin and paperwork but there are many ways to reduce this. For example, having a good relationship with a training provider means they are able to streamline the amount of admin required by the employer. A training provider is there to offer support and explain anything employers or trainees may be unsure of.
How easy/difficult is it to set up an apprenticeship programme?
It is fairly straightforward to set up an apprenticeship programme, you can contact your chosen training provider to have a chat and find out where to start. For Peter at Triple Bottom Line, it felt like a “natural progression” to put his employees through apprenticeships, and found it to be a smooth process.
*Information from the Government Apprenticeship website.
You can watch the full video with David, Peter and Tatiana here.
Alternatively, we have a wide range of exclusive resources, for both apprentices and employers, within FI Hub. Learn more today.
The prestigious awards took place on Monday 25 April at Proud Embankment in London. Importantly, Tim Howes, Amy Forrest, and Gareth John were there to collect the awards!
Tutor of the Year Tim Howes!
Tim has dedicated a lifetime to teaching accountancy students. With 32 years of experience, he is the longest-serving tutor currently at First Intuition Cambridge Ltd. Tim’s dedication and contribution has helped shape the accountancy sector locally and further afield. Most of the business and accounting community in the East of England have been taught by Tim and today many are now his clients. Furthermore, he has shared his expertise and knowledge internationally by teaching thousands of students across the world.
Tim Howes, Client Director for FI Norwich and Ipswich said: “Winning this PQ award was such a pleasant surprise. I love what we do for our students and clients, it brings me great pride and satisfaction. In the lecture room, I really enjoy the opportunity to engage in a little banter and exuberant enthusiasm at the same time as delivering what for many is perhaps not the most riveting material. But student experience and success is the result of a far wider team effort and this award, whilst a lovely recognition of my many years of delivery in the classroom is testament to a team that I am so pleased that I finally joined in 2019, giving me a new lease of youthful buoyancy and motivation.”
Gareth John – Cheif Executive for FI Cambridge said:
“A legend recognised! I couldn’t have been more delighted to see my colleague Tim Howes FCA pick up his PQ Award for ‘Tutor of the Year’ 2022 last night. I am sure those of you who Tim has taught for professional accountancy qualifications over the last 30 years will agree that this recognition was long overdue. Well done Tim!”
PQ Award – Innovation in Accountancy
First Intuition is committed to creating new ways to attract young adults into the accountancy and finance industry and prides itself on producing free, reliable, and informational resources. First Intuition feels this is more important than ever as many school and college students have missed out on careers information and opportunities due to the pandemic. In response to this, the Accountancy Academy was created to give GCSE and A-Level students the opportunity to find out more about the accountancy and finance industry and the careers available within it. It also gives students interested in pursuing a career in this field the space to learn more, ask questions, and talk to potential employers.
Amy Forrest, Managing Director for Cambridge FI said:
“Our Accounting Academies have been a fantastic way for people interested in starting a career in accounting to learn more. People from across First Intuition came together to run and provide these excellent academies and I am incredibly proud that this team effort has been recognised with this PQ award”
First Intuition shares and promotes the academies with schools, colleges, and careers advisors. To date, the programme has been distributed across 70+ schools and have had 1,000+ registrations.
Did you always plan to work in finance and accountancy?
Not by a long shot! As a child, I would flit between wanting to be a milkman, a brain surgeon and everything in between. I still did not know what I wanted to do when I left school and university.
I fell into finance when a friend of a friend showed me a job advertisement for a role in restructuring at Baker Tilly. The job sounded really interesting and the rest, as they say, is history.
What was your past career experience before working as an FI tutor?
I first joined Baker Tilly in the Corporate Finance Restructuring Department, specifically the Special Investigations Team. The team dealt with high profile bankruptcy cases and other contentious insolvency work such as fraud cases. The work was extremely interesting and I achieved my Certificate of Proficiency in Insolvency (CPI) qualification as well as learning a lot on the job.
After several years with Baker Tilly, I made the move to Deloitte’s Corporate Finance Restructuring department. I began working on larger restructuring and insolvency cases including big high street names such as Wedgewood, Woolworths and Blockbusters.
At Deloitte, I also began studying for my ACCA qualification whilst at Deloitte. I was one of the first students to qualify with First Intuition London and adored my time studying ACCA. During my time studying ACCA, the seed was planted for my future tutoring career.
After almost 7 years with Deloitte, I took a career break to start a family and moved back to Kent. In 2017, I approached Ian, Managing Director at FI Maidstone about a potential tutor position with FI and started my tutor role later that year.
I can honestly say that tutoring has been the most rewarding and enjoyable role of my career. I feel very lucky to work with the amazing staff and students at FI.
If you could give one piece of advice to FI students as an FI tutor, what would it be?
Start question practice almost as soon as your course begins. You won’t have covered all of the syllabus at first, however, your tutor will be able to advise you on questions that you will be able to attempt with the material you have covered.
Practice as many questions as you can before the exam and repeat questions you have struggled on. Practicing questions and self-marking them is one of the best and fastest ways to learn the material. Starting this early will put you in good stead.
The AAT is the UK’s leading Accountancy body offering entry-level qualifications. The AAT is open to all, regardless of age or experience there is a place that anyone can start their accountancy studies with the AAT. What’s more, First Intuition is the UK’s leading AAT provider, with outstanding student success rates. Interested? Browse and enrol on one of our AAT Courses today in our Birmingham AAT centre.
Want to know how to become an accountant?
Become an accountant with the AAT qualification and First Intuition Birmingham.
If you have an interest in becoming an accountant and don’t have any previous experience, OR you’re looking to take the next step up in a current accounting role, The Association of Accounting Technicians (AAT) is the UK’s leading professional body for accounting and is, therefore, the perfect way to kick-start your career.
Please see our brochures for details on dates and prices for the AAT courses we offer in our Birmingham centre.
Karen Hick has been with our FI centre in Chelmsford since 2021 and will be taking a lead role in tutoring AAT classes at our new Southend Centre. We asked Karen about our latest Essex venue and how she feels about starting to teach in Southend. Here’s what she had to say:
Can you tell us a bit about your background?
Yes, I have a really varied background, in terms of my accountancy career. I’ve worked in a range of different industries and companies including electronics, beauty, and mortgages. I also used to work for a company selling theatre tickets from a booth in Covent Garden, while I was at uni. So in some ways, I’ve always been involved in a role that is finance-based. When I went to work for another tuition provider, they offered to put me through my AAT qualification. From there, I took a step into teaching and assessing with this company. In 2021, I joined First Intuition Chelmsford, as AAT Curriculum Lead.
Why do you love teaching AAT?
I love AAT as it’s an all-around qualification and you can be at any stage in your career or accounts experience to start. It’s useful for a school leaver who has never really worked in an office and does not know what an invoice is, to someone who has worked in accounts for years but never had a formal accounting qualification. I found it so hard as a student and struggled to grasp the theory but once it clicked it made everything clearer and really showed me how important the tasks were. That’s why I love teaching it. Seeing the students hit the click moment is so rewarding. Then seeing them go from strength to strength through the levels is the best part of the job.
What are you looking forward to about working in Southend?
I love Southend, its diverse culture mixed with the beautiful seaside town. I cannot wait for a Rossi ice cream and a walk along the high street.
Plus when the sun shines in Southend, it’s such a great place to be and there’s a real buzz about it.
Why do you think the new centre will be great for AAT students?
Southend City has such a variety of businesses, with our new centre opening it will give AAT students the chance to come along to our Ofsted Outstanding training without having to try and fight the traffic to London or Chelmsford. The new Southend venue will allow students to stay local whilst still receiving the same quality FI experience.
For more info about our new Southend-on-Sea centre, visit our dedicated webpage here.
Visit the AAT’s website to get more information about this qualification or our AAT webpage.
The team at FI Chelmsford will be opening a brand-new centre in the heart of Southend-on-Sea this September. We offer AAT qualifications across levels 2, 3 and 4. Our new centre will also offer accountancy apprenticeships at these levels.
So why open in Southend?
Having operated in the Essex area from our Chelmsford base, our local team knows that there are many students in the Southend and surrounding areas who find it difficult to travel across our county. Transport links from the wider Southend area are not straightforward to Chelmsford. Heavy traffic and increasing parking charges are concerns for road users. We know that having a centre in this area will make it much easier for students who wish to study with us. Our new Southend centre is situated a short walk from the train station. It’s in the heart of Essex’s newest city. Our new centre is convenient for those using public and private transport.
What can students and employers expect from us?
Over the past 10 years, FI Chelmsford has built an excellent reputation as an accountancy training provider in the Essex area. A recent inspection visit from Ofsted backs up all the positive feedback we regularly receive. Our centre achieved a rare Outstanding grading. You can read the full report here First Intuition Chelmsford Ofsted Report
Our Tutors and Skills Coaches regularly receive high praise for the personal approach they take. They treat every learner as an individual. Our Customer Service team is seen by many students as the first place to turn with any queries. See the video below for a summary of recent student feedback.
Firstly, let’s cover the accountancy training options in Kent. Accountancy training can initially be quite confusing with multiple course options and starting points, that’s why we’ll cover each course option available and who these are suited for.
Accountancy Training Courses at First Intuition in Kent
AAT (Association of Accounting Technicians)– AAT is an excellent starting point for those new to the industry. The AAT courses include a level 2, 3 and 4. Many students start at the foundation level to qualify for entry-level accounting roles, but you can start at our level 3 advanced level if you have relevant skills and experience.
ICAEW (Institute of Chartered Accountants in England and Wales) – ICAEW is a world-leading professional membership organisation that promotes, develops and supports chartered accountants and students worldwide. ICAEW offers qualifications that cover a range of specialist areas across accountancy, finance and business, which will help you develop and enhance your career. The ICAEW course includes a more entry-level 4 ICAEW CFAB and the full ICAEW level 7 ACA.
ACCA (Association of Chartered Certified Accountants) – ACCA has a worldwide reputation for excellence and their rigorous qualifications are recognised and respected across the globe. When you join ACCA, you become part of our diverse body of more than 219,000 members and 527,000 students in 179 countries. The ACCA course includes a more entry-level 4 and the full ACCA level 7 qualification.
Apprenticeships – All our courses are available under the government-funded apprenticeship scheme. To find out details about our apprenticeships, click here.
If you are unsure which courses are for you or your staff, please contact our team by emailing maidstone@fi.co.uk and we will be more than happy to advise on an individual basis.
Study options at First Intuition
Classroom Courses – First Intuition Maidstone
Conveniently located in the heart of Maidstone, First Intuition Maidstone offers a wide range of courses and apprenticeships including AAT Level 2, AAT Level 3, AAT Level 4, ACCA, ICAEW and Leadership & Management.
Our expert tutors have a wealth of knowledge and experience in accountancy training. At First intuition, our team are always ready to help our students in every way they can. First Intuition Maidstone is a dedicated 2-floor building with 5 classrooms as well as 2 student kitchens for students and a break out area for students to sit and relax during lesson breaks. Our expert apprenticeship team also work closely with all our apprentices to ensure they are supported during their apprenticeship programme.
Classroom courses are an excellent way to study as students will learn in a dedicated learning environment with our expert tutors on hand to help.
Conveniently located in the heart of Canterbury, First Intuition Canterbury offers courses and apprenticeships including AAT Level 2 from this September.
First Intuition Canterbury has the same expert tutor and apprenticeship team as our Maidstone centre. The Canterbury centre includes a breakout area for students to use during their lesson breaks.
For those unable to attend classroom courses, First Intuition offers online courses in AAT and ACCA. Find out more by clicking here.
Why choose First Intuition in Kent as your training provider?
Firstly, experience really does matter. We are experts in our markets and pride ourselves in delivering programmes that our clients across Kent are proud of.
With First Intuition, we aim to tailor every client programme to your needs, not just to fit ours.
We listen first, then offer you options for you to decide.
You will be dealing with industry experts who can offer insight and creativity from a wider range of experience.
Your service team is designed to meet your needs, whether that be offering local, regional or national relationships.
First Intuition takes the time to build long-lasting relationships and trust, it is the only way we can evolve and improve your programme.
We are proactive in identifying potential problems and rectifying them and recommending enhancements to your programme.
At FI, we keep you informed every step of the way (because it’s your programme after all).
We understand (and will never forget) that we are a service organisation first and foremost. A people to people business.
Find out more about the accountancy qualifications we offer:
We are proud to be nominated in so many categories, fingers crossed we bring home an award on the night!
David Malthouse for Accountancy College of the Year said:
“Just over ten years ago, we set out on a mission to help start and develop finance careers across Essex, we were passionate about improving the skills in the region and giving people an outstanding alternative to university. I am incredibly proud of the impact our apprenticeship programme has had on the careers of so many people working across Essex and am looking forward to driving this forward over the next ten years. I am delighted that our centre has been shortlisted for a PQ award. This is amazing and adds to our recent success in achieving an Ofsted outstanding grading.”
Ben Bullman for Best Use of Social Media said:
“It was Dave Malthouse who had the great idea to start recording our live Wednesday night Zoom student forum. With a jingle from our colleague Andy and some background magic from our fabulous marketing team, the audio was released as a podcast. This has evolved into 88 episodes, over 22 thousand downloads, some great guest interviews covering a broad range of study, career and welfare topics. I love hosting episodes with Dave and am delighted the podcast has been recognised with this award nomination. It still makes me smile I can ask Alexa to “play the FI podcast.” To listen to our podcast please click here!
Innovation in Accountancy
First Intuition is committed to creating new ways to attract young adults into the accountancy and finance industry and prides itself on producing free, reliable, and informational resources. First Intuition feels this is more important than ever as many school and college students have missed out on careers information and opportunities due to the pandemic. In response to this, the Accountancy Academy was created to give GCSE and A-Level students the opportunity to find out more about the accountancy and finance industry and the careers available within it. It also gives students interested in pursuing a career in this field the space to learn more, ask questions, and talk to potential employers.
The academy is free and took place virtually in 2020 and 2021 to allow more students than ever from across the country to access the event. In 2021, the programme ran twice; once in April/May and then again in July to again allow even more students to attend. First Intuition shares and promotes the academies with schools, colleges and careers advisors. To date, the programme has been distributed across 70+ schools and has had 1,000+ registrations. No other training provider offers free informational resources such as this to help educate students about a career in accountancy and finance.
Tim Howes for Lecturer of the Year said:
“I was flabbergasted to hear that I had been shortlisted for this award. We do what we do because we love it. In helping people achieve their learning and development goals I have been so lucky to have met so many fantastic and inspiring students. They have also helped me grow as a person and it is remarkably satisfying to now be working alongside clients that were once in my classroom, now helping their students progress in current and future careers. I like to think that I have a certain ‘way’ of keeping learners engaged in the classroom and whilst I still can, I will keep on delivering courses. Whether I take home the award or not, I am a winner every day in the work that I do.”
At First Intuition, we work with the apprentices and their employers to develop their individual technical and all-round skills that help businesses to thrive and grow.
Why should you hire apprentices?
We believe that apprenticeships are a great way to train and upskill your teams for the challenges of the future. Common feedback from clients regarding apprenticeships are:
Greater job satisfaction
Positive return on investment
Increased productivity
Improved staff retention
Tailored skillsets
Increased productivity
86% of employers said apprenticeships helped them develop skills relevant to their organisation and 74% of employers said apprenticeships helped them improve the quality of their product or service.*
What makes a good apprenticeship programme?
What works?
You need to choose the right provider, a provider you trust and that fits within your business. Communication is key whether that is between yourself and the apprentice or yourself and the training provider. From the start, it is good to set out expectations so, everyone knows what they are doing and what is expected. Accept that the apprentices are going to make mistakes and let them know when they do (politely).
What doesn’t?
Internally, if people do not understand the apprenticeship programme, it builds barriers. Employees need to understand how much support and guidance apprentices need.
How do you ensure people understand the apprenticeship programme in the organisation?
Internally make sure you are having top-level conversations with the board and managers below them, explaining how the apprenticeship programme works. However, if you do not have members of staff able to provide this, use your training provider to your advantage and ask them to come in to explain how it all works.
Study buddies make a huge difference with apprentices, especially in the first few months of starting with a company. They make the environment more comfortable and have been on a similar journey.
“Each of the apprentices is linked to an apprentice a stage above them, so they have someone to talk to and to gain advice from their mentor.”Apprentice Employer.
What communication measures can be used to help apprentices succeed?
Communication is key from the outset. Remember that apprentice’s are likely to have been in a classroom six months ago and were being told what to do by a teacher.
From the start, it is great to set out expectations, expectations from the manager, from the student and from the training provider. This way you set boundaries and support of how the framework of the apprenticeship will work.
Younger apprentices are likely to be more tech-savvy and may prefer to communicate via messaging platforms and chat channels. You may find most young adults don’t have the confidence to answer the phone which is where our impact skills programme helps to develop these types of skills.
How can businesses help make an environment where apprentices succeed?
Internal communication from the top down makes apprenticeships more successful.
“There has been an evolution over the last few years. Partners are now supportive of apprenticeships and what is involved, they know it is not an easy ride and that apprentices need support.” Apprentice Employer.
Study buddies also help in this situation as they have already been through it and can advise, relate, and help support. You also need to make sure they are building a relationships with their manager so, they become approachable. Apprentices will make mistakes but it is how they learn from them.
“We will make sure our Apprentices have lunch together to get to know each other outside of work.” Apprentice Employer.
What can businesses do to aid the recruitment process of an apprentice to ensure they are successful?
When recruiting, make sure you are working closely with your marketing team to ensure the job advert is getting out there on social media as much as possible:
Promote all year round – it doesn’t just need to be a September start
Look at every application that comes through
Have a close relationship with applicants – let them know within 24 hours that you’ve seen their applications
Act quickly – they may be offered a job elsewhere
Managers from different departments on standby ready for interviews
In today’s recruitment market, you need to act quickly as you don’t want to lose talent to your opposition.
“When recruiting, you need to make sure they fit within your team. A willingness to learn is sometimes more important than academic qualifications, especially for those who have been in education throughout COVID-19.” Apprentice Employer.
We always advise you to continue engagement after offering the job until they start as sometimes they could have a few months before they start. This makes them feel like they are part of the team, keeps them engaged, so they feel they have started their learning journey. This also helps to build a relationship between yourself and the apprentice, so the first day isn’t so daunting.
Once the recruitment process has finished, it is always good to evaluate how it went. You want to make this process as streamlined as possible and a positive experience for both your team and the apprentice:
Reflect on what has gone well/where to improve
Ask for feedback from current student intake
Ask for feedback from management teams
What can businesses do during the onboarding process of an apprentice to ensure they are successful?
When an apprentice starts in your business, the first few weeks are key in ensuring they settle in and feel supported. Having an induction programme will benefit both the apprentice and the employer as well as give them structure without overwhelming them as they will know what to expect:
Be patient
Put apprentices in touch with other apprentices from different firms – the chances are they will end up together in the classroom
Make apprentices aware of who is who and get introductions in place
Work lunches outside of the office to get to know them
What can organisations do to celebrate their apprentices?
Employers can celebrate their apprentices’ exam results in various ways but sometimes even just a congratulations to acknowledge their hard work is enough.
Below are some suggestions of what employers can do:
For every exam pass, send a well-done card signed by the partner
Announce when someone passes their exams both inside and outside the organisation
Introduce pay increases for passing exams
Introduce a student of the year award
*Information from the Government’s Apprenticehip website.
Alternatively, we have a wide range of exclusive resources, for both apprentices and employers, within FI Hub. Learn more today.
Who would study for the AAT Level 2 Foundation Certificate?
The AAT Level 2 Foundation Certificate in Accounting is an ideal starting point for anyone wishing to pursue a career in accountancy or finance. The qualification will build core accounting knowledge and skills that can be used to progress either to employment or to continue studying.
This qualification is suitable for young people and people starting in accountancy. For instance, those who have just left school, adults returning to work after a break or anyone wishing to change careers. This qualification could also help someone whose already working in an entry-level finance role to progress in their career. Overall, the course will offer them development and formal recognition of their skills.
This qualification will take approximately one year to complete.
What units do you study in the AAT Level 2 at First Intuition Canterbury?
The course at Canterbury will be running fully under the new AQ2022 syllabus. This qualification delivers a solid foundation in finance administration.
Students will learn skills such as finance, accountancy, business and communications.
The units include:
Principles of Costing
Introduction to Bookkeeping
Principles of Bookkeeping
The Business Environment
As a business, what’s the difference between a commercial course or an Apprenticeship scheme at First Intuition Canterbury?
Because the course is available as a commercial course and an apprenticeship course, check out both options below:
Included in Commercial:
Classroom Course – Full AAT Level 2 Foundation Certificate Classroom Course.
Online Study – Such as a study guide, course notes, a question bank, online recorded lectures, quizzes and forums.
Out of Class Support – Students are given a tutor’s email and mobile number for complete out of class study support.
No funding support is available for the commercial course. All course fees, exam fees and registration fees are applicable.
Included in Apprenticeship:
Classroom Course – Full AAT Level 2 Foundation Certificate Classroom Course.
Online Study – Such as study guide, course notes, a question bank, online recorded lectures, quizzes and forums.
Out of Class Support – Students are given a tutor’s email and mobile number for complete out of class study support.
Impact Skills Programme – 8 impact skills days designed to support the apprentice workplace skills and behaviours. The skills sessions cover areas such as the world of work, introduction to working effectively, introduction to producing and communicating quality information and more.
Skills & Development Coach – Apprentices will have a designated Skills & Development coach who will support the apprentice development of their knowledge, skills and behaviours within the workplace.
Xero Certification
8 Weekly Progress Reviews – Apprentices will have regular progress reviews which covers a range of areas such as tracking development, supporting apprentices to achieve their programme in the agreed timeframe and offering information, advice and guidance.
Apprenticeship funding is available for the apprenticeship programme for both Levy and Non-Levy payers. Exam and registration fees are included in the apprenticeship funding.
In addition to the qualification, where can AAT Level 2 lead?
As a result of the completed qualification, it can lead to various new job roles such as:
Accounts assistant
Accounts payable clerk
Purchase/sales ledger clerk
Trainee accounting technician
Trainee finance assistant
Similarly, students wish to continue studying, completing the qualification will allow students to move on to the next level. For instance, students could move on to AAT Level 3 following completion.
In conclusion, AAT Level 2 is an excellent starting point in a career in accountancy. Overall, students will become competent in a wide range of skills once completing the course. However, it also allows students a wide range of options to further their career and academic development.
To find out more about the course at First Intuition Canterbury and how to register for our September intake, email us now atcanterbury@fi.co.uk. Alternatively, call our team on 01622 755100.
Across Kent, First Intuition offers courses in our Maidstone and Canterbury centre. First Intuition Maidstone offers courses and apprenticeships including AAT level 2, AAT level 3, AAT level 4, ICAEW and ACCA.
New digital technologies such as automation, AI, data analytics and apps that connect to accounting software are becoming increasingly critical for accounting and finance professionals. Finance roles and functions now incorporate a magnitude of new digital products. As well as finance-related software, and novel forms of digital-based customer communication and interaction.
Benefits include the potential to improve efficiency, reduce time spent, give a competitive advantage, create additional revenue streams, and improve recruitment and retention. Businesses that do not adopt these digital technologies risk falling behind.
Louisa Matheson, Digital Programme Manager at First Intuition, shares six ways digital technologies are reshaping the finance industry.
1. Technology will support, not replace, accountants
Automation is enabling accountants to have more impact as it helps drive efficiency, eliminates time-consuming tasks such as data entry, and reduces the opportunity for human error. These benefits are widespread across the profession as they can be implemented in a range of accountancy and finance roles. It also allows for the opportunity to partner with IT experts to maintain and support such automation systems.
2. Accountants will be able to offer more value
In addition to internal efficiency gains, accountants can then create value through analysis and insight. As well as forecasting and storytelling, leading to data-driven decision making. This opens up opportunities for new roles, skills, and competitive advantage for businesses that adopt the right technologies. However, it has equally created a space for businesses to lose their competitive edge, staff, and clients if they do not keep up with these ever-changing technologies.
3. New ways to present data and tell the story
Data visualisation is an exciting area. Such tools offer accountants the opportunity to present their information and findings in new and creative ways. These can better illustrate results, aid analysis and assist in storytelling. In turn, leading to more effective decision making. Whether it is a client report or an internal analysis, these tools can shape the way businesses use, manipulate and present data. This can help produce clearer, more detailed, and more advanced findings which in turn can give a competitive advantage.
4. Accountants’ skillsets are evolving
Digital technologies have widened the skills a finance professional can develop. Skills in digital technologies such as data analytics, automation and coding can assist accountants in working more effectively, efficiently, and powerfully. However, it is not necessary for accountants to develop all of these skills, as companies can partner with others with such skill-sets. What is more valuable is to have an understanding and openness toward these new opportunities. Accountants need to know how to ask the right questions to solve the right problems. They need to understand the problem and how digital technologies can help them.
5. Recruitment and retention techniques are changing
As more tech-savvy young adults enter the workforce, they bring new ways of working and employers may find a generational divide. Those who have limited digital adoption may find it more difficult to attract younger staff. Whilst those that have embraced digital adoption may struggle to employ older and more experienced accountants that are unfamiliar with using these technologies. This again emphasises the importance of an open mindset to these new opportunities. With the widening skills sets that employers are increasingly looking for, it can attract more people to accountancy and finance. This is because employers look for digital and data skills, in addition, to finance and management skills.
6. An understanding of digital technologies is essential
A major obstacle for organisations adopting digital technologies is deciding where to start. There are so many different technologies that it can be difficult for businesses to know where to focus their efforts. Furthermore, resistance from finance professionals who have not had to use digital technologies before and do not understand them can block adoption further. But to stay competitive it is increasingly necessary to adopt. Businesses that will benefit most are those that understand what they are trying to achieve before they decide which technology is going to work best for them. Figuring out what problem needs to be solved, what skills are needed to solve it and how digital technologies can help them will facilitate the most appropriate and effective adoption.
To read more exclusive news and tips from First Intuition, visit FI Hub.
The use of analytics in finance and accountancy is not new, but it is the next core capability of the finance professional. For those working in a finance role, whether part-qualified or qualified there will be a data journey they are on and there is a real opportunity to lead organisations to better business decisions driven by new insights rather than simply reporting on past events.
Finance professionals need to have digital and analytical skills to:
Understand the business
Know the data that is available and relevant
Plan, collect and use the right data
Ask the right questions of the data – apply critical thinking
Interpret the data in relation to financial performance
Use professional scepticism to evaluate the data
Be able to present and communicate findings and key messages
Support business decision making – level up business performance, reduce risk, reduce costs, understand the future business and its environment
First Intuition have designed and developed ‘finance-flavoured’ programmes to help accounting and finance professionals gain a better understanding of the digital technologies which are relevant to the finance world. As well as the impact they are having on the business environment and how the finance professional can provide insight and impactful support for business decision-making. Details of the two new courses are below:
Digital Finance Essentials
A shift in the technological landscape means finance professionals are required to adapt their skillset to support the changes happening internally in the day-to-day activities as well as to support the commercial potential of the technological shift.
There is no less of a need for the finance professional skills but the focus and value-add is changing. The traditional skill set is not redundant but the need to enhance it to enable an interaction between the computers and the human to create more value for the business and client is essential.
As data is growing rapidly the finance professional has a key role in supporting better business decision making, enhancing productivity, and benefiting from the vast volume of data now available.
This programme will help to create a level of essential knowledge and understanding of the key digital finance trends affecting the finance sector and the technologies enabling the shift. It will introduce the key concepts, terms, techniques and roles as well as looking at the emerging digital assets and liabilities affecting business. Attendees will cover the impact of digital transformation and specifically topics such as automation, AI, crypto-currency, data analytics, data visualisation and cyber-security.
Data Analytics in Finance
The role of the accountant has and is changing, as technology drives the need for new skills and new ways of working. Do you want to learn how to harness the power of data analytics and create value in your business and for your clients?
This programme will enable participants to understand how data analytics can transform an organisation and the services it offers as well as how you can enhance your data translation skills. It will cover key areas including the types of analytics, their relevance in the modern finance world, data visualisation and communication, data analytics skills and roles, plus data security and ethics.
Employer Focus Groups
We would like to invite anyone who is interested in finding out about our new programmes to attend one of our employer focus groups.
Public Courses for those who work in Practice or Industry (virtual classroom):
Please contact Louisa Matheson our Digital Programme Manager louisamatheson@fi.co.uk for more information about our virtual classroom dates and prices.
Digital Technologies
For further information on any of our Digital Technology courses please email Louisa Matheson our Digital Programme Manager louisamatheson@fi.co.uk
Leadership & Management Courses
As part of our post-qualification education, we also have Leadership and Management courses starting in East Anglia and Yorkshire in 2022. We will be offering a range of options catering to individuals looking to add additional skills to those wishing to obtain chartered management status. You can read more about this exciting new addition to our course here.
Recruiting and Training an Apprentice
We’re hosting a dedicated webinar on recruiting and training an apprentice for accountancy and finance roles. If you’re considering recruiting an apprentice in the coming months, this will be an invaluable session. Whether you’ve not recruited for a while or have new starters joining on a regular basis, this webinar will provide information on a range of topics for firms of all sizes. This includes those working in practice, industry and the public sector.
We’ll provide information on the following topics:
The recruitment process for accountancy/finance apprentices
How we can support you in your search for an accountancy/finance apprentice
Liaison with local schools
Signing up your apprentices for a programme
What an accountancy/finance apprenticeship looks like and your role within it
How to get the most out of the training programme for you and your apprentice
Upskilling an existing member of staff
The Detail
Date: 22nd April 2022
Time: 12.00 pm – 1.00 pm
Where: Via Zoom (please register using the link below)
This session will be hosted by David Malthouse, Managing Director of First Intuition Chelmsford
Register to join
You can register to join our webinar by clicking on the link below. If you need further information, please contact shellytweed@fi.co.uk
The survey is aimed at anyone involved in Finance training within your business. They might be training managers, finance managers and more generally individuals with an interest in training or early careers finance programmes. Your name and organisation will remain anonymous and will not be shared outside of First Intuition. The survey should take no more than 8 minutes to complete.
Coming soon: Insight Report
We will be writing a follow-up insight report ‘Two Years of Turbulence – how recruitment, development and retention has adapted’, to be released publicly in May. In the report, we will be sharing back with you the key trends and insights found in the data helping you to benchmark your own activity in these areas.
Your participation in this survey is greatly appreciated and will help us to build a really interesting picture of how far we have all come, in what has been one of the most disruptive periods ever faced by global business.
Key points for ICAEW in 2021
Alex looked back at the key points for the ICAEW in 2021. In 2021, the ICAEW saw record student numbers signed up last year, as a result of pent-up demand from employers. These numbers look set to carry through into 2022 recruitment. Increasingly, the quality of training offered is being used as an attraction tool in recruitment, as well as a key part of succession planning within businesses.
Looking forward, the ICAEW are evolving in line with the ever-changing needs of the industry:
Ethics – new Ethics Learning Programme (2020)
New exam platform (March 2021)
Data Analytics Software (March 2021)
Changing format of exam questions (Ongoing)
Digital learning materials (2021)
Technical knowledge – (2021 and ongoing)
Spreadsheet functionality (2022)
Introduction of spreadsheets to the ACA qualification
This has been driven by a need for the ACA to replicate the workplace and to drive work in data analytics. This focusses on two key areas;
Data analytics (AA / CR)
Spreadsheet functionality (FM/BST/SBM 2022)
Assessing these within the ACA qualification will help to develop students’ skills in professional scepticism, data analysis, problem-solving, and managerial decision making.
To support the rollout of the new spreadsheet functionality, the ICAEW will be providing lots of support and guidance through recorded videos and practice software. More information can be found here.
Further ICAEW Updates
Alex talked us through further updates to the ICAEWs activity including a refresh of their website to make it more user friendly. ICAEW has also relaunched the training vacancies and employer jobs board, a valuable recruitment tool used by many employers on the call. A 2022 events calendar and ongoing work within their D&I community, which is open to anyone working within the sector, also featured in the work planned for 2022.
The forum attendees then heard from Ginny, on updates to FI’s education delivery in 2022.
Employer Forum: Updates to FI’s delivery of ICAEW Professional Level courses
Ginny talked through the main changes to FI’s delivery of the ICAEW Professional Level courses;
Additional day added to BST tuition to allow for additional sessions on data and statistics
All Professional Level tuition courses now include a course exam on the final day to increase submission rates
Additional assessment available for learners to attempt and self-review prior to revision phase
Our focus in 2022 remains on assessment completion, with ongoing analysis to monitor assessment completion rates and the link to exam success. The statistics continue to prove that higher submission in mock exams, leads to higher success in the real exams. We saw that the completion of 1 additional assessment increased the pass rate for learners by 7 percentage points at the advanced stage in the November sitting. Additionally, at the December sitting for Professional stage, those who attempted 3 assessments had a pass rate of 5 percentage points more than those who attempted 2. We are keen to have employers support as to the importance of attempting all assessments and to reassure learners that this is the best way to prepare.
ICAEW Results 2021
Our first-time pass rates continue to exceed global pass rates across all three levels of the ICAEW qualification, and we continue to see a trend in our overall results, linking assessment submissions with exam success.
Whilst pass rates exceed those of the ICAEW, at Advanced Level, we are now also seeing a clear uplift for those studying under an apprenticeship programme as the programme builds to a conclusion. This a really interesting piece of data, that underlines the value in a programme that requires continued focus on knowledge, skills and behaviours rather than the qualification alone. This is achieved through increased line manager engagement, dedicated support of the FI Skills and Development Coach and the formal review process whilst on the apprenticeship.
Our next Employer Forum session
This was a really insightful session and was well received by our attendees. We’ll be running more employer forum events this year that aim to cover hot topics and insights relevant to you and your trainees.
Our next session will be taking place on 16th June 14.00-15.00 focussing on School leaver engagement and programmes. We will have insights from the ACCA on Gen Z as well as Felix Mitchell from Instant Impact, providing insight on attracting Gen Z to your business and finally insights from Martin Taylor, FI Ltd Chairman on the value of school leaver programmes.
If you would like to attend, please get in touch with our Client Support team on ClientSupport@firstintuition.co.uk, to register your interest.
Want to read more exclusive news and industry-related tips from First Intuition? Head to FI Hub today
This year the assessment is based on a company called Horizon Hot Tubs, which is topical given that everyone other than me bought a hot tub over lockdown. If you want to sit in a lukewarm stagnant pond with your neighbours, that’s up to you.
Each year I write an analysis on what each scenario entails and what could possibly come up in the AAT assessment, emphasis on POSSIBLY.
Horizon Hot Tubs
The owners of Horizon Hot Tubs are looking to sell the business in 5 years at a price of two times the average revenue over the five-year period. This means there is probably a real focus on driving revenue as high as possible. However, things have not gone as well as they would have liked, sales are down, and costs are up. So much so the owner received an offer for just double the profit, rather than revenue, and they were tempted to sell.
There have also been issues with cashflow recently as they have now allowed their customers to pay just 20% upfront and the balance with delivery, but the lead time for delivery can be up to 8 weeks. Yet Horizon Hot Tubs need to pay for the hot tubs in full within 7 days of receipt. The pressure to rapidly increase sales, whilst not having cash to fund the business means to me there could be a real danger of overtrading.
To increase revenue the company has diversified into also offering to service hot tubs after the sale and sell consumables like filters. The filters get a high margin, which does look promising for the future. However, they have decided to sub-contract this, which to me raises lots of flags about control. Remember this unit is all about internal controls, and with this being outsourced the company has much less control on quality and standards, which has led to complaints. This is further compounded by them using a specialist delivery firm who have high staff turnover. The technical nature of installation and the inexperience of the staff at the delivery firm has led to further complaints.
SWOT analysis/cost benefit analysis
There is a very good chance that you might be asked to complete a SWOT analysis in task 6 of this assessment. One of the key points about a SWOT analysis is that the Strengths and Weaknesses should be internal factors, and Opportunities and Threats should be external factors. I would definitely put the delivery firm they use and the outsourced servicing team down as a threat. The next thing you could get asked in a SWOT analysis is then to make recommendations based on your analysis. It isn’t a leap too far to suggest that it would be a good opportunity to bring the delivery and servicing in-house.
Another issue which to me looks like it could generate lots of issues about control is the staff working from home. They used to work in an office, and now staff are all working from home, and morale has fallen. I am a massive fan of working from home, but Horizon Hot Tubs are clearly not doing this very well. The lack of meetings has led to a feeling of a lack of leadership and direction. This firstly looks to me like something I would mention if I was asked in task 3 to explain some possible weaknesses in the business. It is also something that perhaps might come up in a cost benefit analysis type question in task 6. Would the benefits of returning to an office outweigh the costs, in both financial and non-financial terms?
Horizon Hot Tubs have recently been looking at selling hot tubs overseas, which is an interesting option. When I first started reading the scenario one of the first things I saw was that they import their hot tubs from overseas. I immediately thought that this is a threat (think SWOT again) of the pound weakening and the cost of their hot tubs rising. Selling hot tubs overseas may go some way to offset this risk as if the pound weakens your costs will go up, but if you are selling overseas your products will be cheaper. This is a good way to offset a threat and an opportunity to increase revenue.
Disclaimer
These are only my thoughts, you might get a SWOT analysis or a cost benefit analysis in your assessment, or you may not. Each synoptic window has a different assessment written for it, and the question types and subjects will vary from sitting to sitting.
Nearly completed AAT? Unsure what qualification to go on to once you’ve completed your AAT studies?
This article aims to give AAT students an introduction to professional qualifications they can move on to after they complete AAT level 4.
Do you need some help with your choices?
With FI you are never on your own. You can arrange to speak with one of our experts, who will be happy to help answer any of your questions.
Alternatively, to continue reading more accountancy tips and news from First Intuition, visit FI Hub.
Life After AAT: What will we cover?
Our fantastic tutors will be on hand to chat through all the Level 7 qualifications (ACCA, CIMA, ICAEW), and discuss the benefits of each qualification. The Apprenticeships Team will also be on hand to offer support and advice.
We’ll also be providing a buffet lunch for anyone who wishes to join us!
Sign up to join our Life After AAT event.
If you’re interested in attending this event held in FI Manchester, or you know anyone else who might be, please confirm with Harriet Martin directly (details below).
If you’re unable to attend the event, we’re arranging 1-2-1 sessions additionally for you to chat about your next steps in more detail. We can do this in college or in your workplace. Please let Harriet know if this is something you’d be interested in!
Can you tell us a little about your background and why you chose to study accountancy?
When I was going through school and starting to consider my future and career, the main thing that stood out to me was I liked numbers. Maths was my favourite subject, so I knew something numerical would be the right thing for me. I chose accountancy more specifically as I wanted to be a part of something bigger – I wanted to contribute to individuals and businesses and know that my work had an impact on decisions. I always liked the idea of being able to see the ‘real life’ implications of working with the numbers.
What made you choose to do an apprenticeship over the alternative routes?
I decided early on that university wasn’t for me – for many reasons. It didn’t appeal to me and I felt strongly about it. Thankfully, accountancy was a career that I could go for without university. I loved the idea of working while I was learning – I wanted to be able to hear from and work with people in the industry to build up my skills and knowledge as a well rounded professional.
Could you tell us about your experience as an ACCA apprentice?
It has been brilliant. From a studying perspective, I have learned the rules and regulations to progress in my career. From a working perspective, I’ve learned many of the soft skills required to be able to apply the knowledge I’ve gained to the daily situations I face.
How have you found studying as an ACCA apprentice with First Intuition Maidstone in Kent?
FI Maidstone has been great to study with – the tutors, courses and materials provided are excellent and cover absolutely everything. The tutors especially are fantastic. They are contactable with any queries to help solidify knowledge on the courses, and they help give students the platform to pass exams.
Now that you are near the end of your accountancy apprenticeship, what would you say to someone just starting?
The study isn’t easy, it takes determination and commitment. That said, it is very achievable. First Intuition provides you with all the tools you need to progress through the qualifications. Working in accountancy is a great career to enter. It provides so many options to learn soft skills, as well as being part of something bigger!
To find out more about apprenticeship programmes, click here. To find out more about apprenticeships in Kent, click here.
Welcome to our expert apprentices guide on apprenticeships. This will show you step by step into the world of accounts and finance.
How do finance apprenticeships work?
This blog will cover the following points about what is an accountant and how do apprenticeships actually work. This covers exactly what being an accountant includes on a day to day basis and the breakdown of how an apprenticeship is laid out.
Apprenticeships Vs University
This blog will cover what is the differences between apprenticeships and university and why university isn’t the only option. A lot of people believe that university is the better starting point for accountancy, however, this isn’t always the case! Apprenticeships may be the faster and more cost-effective method of study for you.
What are accountancy qualifications?
This blog will cover the following points of what are the accountancy qualifications and where accountancy can take you. The accountancy qualifications and what each level means can be a little confusing, that’s why we’ve created this short breakdown of each. We’ve also added in where a career in accountancy could take you in your career path!
How to become a finance apprentice?
This blog will cover the following points of how to become an apprentice and what are the accountancy apprenticeship options. Knowing where to start with becoming an apprentice can be hard, that’s why we’ve created a breakdown of exactly where to start on your path to apprenticeships.
AAT Advanced Level Synoptic Exam sessions and AAT Professional Level Synoptic Exam sessions
The Advanced Level and Professional Level Synoptic exams are two of the keystone exams for the AAT qualification and therefore we are implementing some changes to our London CBE offering to help you pass these exams first time.
AAT restrict the availability of these exams through their synoptic windows that reduce the dates that are available for these exams to be sat.
Here at First Intuition, we know that preparing for these exams can be tough so we have introduced bespoke Advanced and Professional Level Synoptic Exam sessions to make it as easy as possible for students to identify the exam sessions where they can sit their exams and book them as easily as possible.
These select exam sessions at our London centre can be booked online via our website and will make sure that we have plenty of availability for exams that are restricted by AAT’s synoptic calendar.
These exam sessions will run once per week per Synoptic Window.
Update to AAT CBE Prices
We will be updating our AAT CBE prices at our London centre in line with increased fees from AAT, the regulations provided by AAT and market trends.
These changes will go into effect on the 1st April 2022.
Any bookings made before the 1st April will be charged at the current prices.
Any exam bookings made on or after the 1st April will be priced at the new prices.
Please see below the full details of the current prices and the new prices:
Exam
Pre 1st April 2022 Price
Post 1st April 2022 Price
AAT Foundation Level Core
£100
£110
AAT Foundation Level Synoptic
£100
£110
AAT Advanced Level Core
£100
£110
AAT Advanced Level Synoptic
£100
£120
AAT Professional Level Core
£100
£110
AAT Professional Level Synoptic
£100
£120
ACCA Business and Technology
£110
£115
ACCA Management Accounting
£110
£115
ACCA Financial Accounting
£110
£115
ACCA Corporate and Business Law – English Variant
£125
£130
ACCA Corporate and Business Law – Global Variant
£125
£130
We encourage you to book your exams soon to take advantage of the current lower prices.
To read more exclusive news and updates from First Intuition, head to FI Hub.
Starting the AAT Apprenticeship
Turns out I loved it, and they seemed to love me too. So, for the next two years I would come back and help out over the school holidays. Fast forward two years, aged 15, I completed my GCSEs. As my friends looked forward to a big summer break, I had been offered an AAT apprenticeship with MBL. I started straight away.
What wasn’t there to love? I had more money than all of my friends. I had the top of the range suits that Topman had to offer. Plus, I was working four days a week and went to Manchester for college once a week to study AAT. I was even awarded the ‘Apprentice of the year’ at the 2013 Altrincham and Sale Chamber of Commerce Awards, did that mean I was a local celebrity?
Stepping up to ICAEW
After an amazing six years at MBL, I had completed my AAT. Then, I moved on to start studying for my ICAEW qualification. This was a massive step up for me, and you soon realise why the chartered accountant qualification is recognised as one of the most prestigious qualifications across all industries.
I would be lying if I said I cruised through these exams. I really struggled. At this point I decided to move firms, to UHY Hacker Young in Manchester, a Top 20 UK firm. I thought being a small fish in a big pond would give me the experience I needed to help me push on with my qualification.
It was at UHY where I met Stuart Hurst, (if you don’t know him, give him a follow on LinkedIn). Stuart helped me find my ‘WHY’. He helped me understand why it was I wanted to be an accountant, to change the industry and the lives of owner-managed businesses across the UK, through the use of cloud accounting solutions.
Made in Manchester
Over the next three years I grew as part of the UK’s number one cloud accounting team. We won Xero’s Large Firm of the Year award, amongst several other team awards. I even managed to fill up my own trophy cabinet with a Made in Manchester Award, a North West Young Professional Award and was shortlisted as one of the ‘Best Digital Rising Stars’ at the 2020 Digital Accountancy Awards.
Along with the work progression at UHY, I slowly progressed through my exams. I dropped down to one exam per sitting after I realised towards the end of my qualification that I am actually Dyslexic. This may have given some indication as to why the professional exams were such a struggle for me towards the beginning.
Sometimes, the best journeys in life are not always in straight lines. I currently sit with one final exam to complete my ICAEW qualification, the end is in sight!
From AAT Apprentice to Head of Accounts
In 2021, even though the rest of the world looked like it was falling apart, my career took its latest turn. I’ve recently left UHY after a great three years. I will be opening a Liverpool office for a London/Manchester-based firm called Accounts and Legal. A firm based heavily around my personal beliefs, to turn up at work on a Monday morning to make a difference to people’s lives, whether that’s through growing their company, or helping them get their weekends back with automating their bookkeeping process.
Want to follow in Max’s footsteps?
I’m looking to grow the Liverpool office, and would love to take someone on the AAT to ICAEW journey. If this sounds like an opportunity you would be interested in, then please reach out to me at m.whiteley@accountsandlegal.co.uk for more information.
Learn more about AAT and ICAEW courses at FI Manchester below:
To continue reading more exclusive tips and industry news from First Intuition, head to FI Hub.
Registration Fees
AAT is moving away from an annual subscription model to a one-off registration fee per level. So rather than pay £101 per year, someone starting level 3 on Qualification 22 for example will have to pay £228 to register one level 3. The accountants amongst you will no doubt spot that if a student were only to take one year on level 3 it would be cheaper on the old annual membership model. Also, it was that if you moved over mid-level, any exam passes you have would carry over at 70%, irrespective of the actual percentage you achieved. Some units don’t carry over, so you need to be careful about losing passes you have previously obtained.
However, AAT have made a couple of announcements that make it much more appealing to move over mid-level recently.
Firstly, if a student has sat one assessment on that level on the full AQ2016 accounting qualification, they can transfer onto the new qualification at a reduced cost of £50, £75 and £100 for level 2, 3 and 4 respectively, up to September 23.
Secondly, if you have passed exams on AQ2016 some of them will carry the percentage that you achieved in the exam over. However, not all do, and then it gets more complicated for certain units where they are combined on Qualification 22.
Transitional Arrangements
Level 2
This is the most straightforward in terms of transitional arrangements. Bookkeeping Transactions, Bookkeeping Controls, and Elements of Costing carry their percentage over to their equivalent units on Qualification 22. Foundation Synoptic and Using Accounting software do not, as there is no equivalent unit for them on the new standards.
Level 3
Level 3 is where it starts to get a bit more complicated. Indirect Tax carries directly over onto the new standards and the percentage will carry over. As we knew previously, to get the exemption from the Qualification 22 Financial Accounting: Preparing Financial Statements you had to pass BOTH Advanced Bookkeeping and the Final Accounts Preparation unit. Only having passed one will mean you don’t get the exemption, and you have to sit the new unit which will test you on the knowledge from both Advanced Bookkeeping and Final Accounts preparation. However, the change now is that you can carry across a percentage, but it is only your percentage in Advanced Bookkeeping. You do still have to pass Final Accounts Preparation, but the percentage will have no bearing on the percentage carried over.
The new Management Accounting Techniques unit is similar in that you must have passed Management Accounting Costing as well as either the old Advanced Synoptic or the new Spreadsheets unit to get the exemption. However, the percentage you carry over will only be the percentage you gained on Management Accounting Costing. There is no equivalent unit on AQ2016 for the new Business Awareness paper, so everyone will have to sit this exam if they move over partway through level 3.
Level 4
Finally, we have level 4 which is a bit more straightforward than level 3. All the optional units, Financial Statements Unit, and the Professional synoptic unit carry directly over onto Qualification 22 and carry over their percentage. The only complication relates to Budgeting and Decision and Control. On Qualification 22 these are being amalgamated into the new, large, Applied Management Accounting unit. To get the exemption from this unit you need to have passed both Budgeting and Decision and Control units. Only passing one will mean you won’t get the exemption. However, due to the extra knowledge being assessed in the Applied Management Accounting unit, if you get the exemption, you will only get an exemption at 70% irrespective of what you achieved in Budgeting or Decision and Control.
So, what does this mean for AAT students?
For level 2, not a great deal, as there is a synoptic on both AQ2016 and Qualification 22. However, for the later levels, if you are careful, you can get the best of both worlds! You can make a “hybrid” of the best bits of both qualifications.
At level 3 you could start level 3 now and take the Advanced Bookkeeping unit and Final Accounts unit, and avoid the large combined Final Accounts: Preparing Financial Statements units. You could sit the Indirect Tax as that carries over directly. This will keep you busy for a number of months, and then when Qualification 2022 launches in September 22, pay the reduced £75 fee to transfer over, and sit the Management Accounting Techniques paper and finish off with the new Business Awareness paper. This would mean you avoid the synoptic exam that students don’t like.
Likewise, at level 4, you could avoid the large, combined Management Accounting unit by sitting Budgeting and Decision and Control on AQ2016. You could then transfer over to Qualification 22. You would only get a 70% for the exemption when you transferred over but you would then avoid the tricky Professional Synoptic unit later on.
Before you decide
Before you decide to do anything, I would advise you to do your research! Speak to your tutor, if possible, as you may need to get extra material, and remember you can’t register on Qualification 22 until September 22.
The role of digital technologies, automation and data analytics is becoming increasingly critical for finance professionals. Finance roles and functions now encompass a magnitude of new digital products, digital businesses, finance-related software, and novel forms of digital-based customer communication and interaction. Amongst other benefits, they have the potential to:
Improve efficiency
Reduce time spent
Give a competitive advantage
Create additional revenue streams
Improve recruitment and retention
Businesses that do not adopt some of these digital technologies risk getting left behind. This article shares answers to questions asked to expert speakers who work with digital technologies in accountancy and finance during a First Intuition Think Tank (FITT) Forum.
Gareth asked some poll questions to gauge where the audience were on their digital transformation journey. The majority had made some progress but for many, it was limited to starting to use spreadsheets in more advanced ways. A reasonable number had adopted automation technologies such as cloud-based software platforms. However, only a few had started to make use of data analytics in a piecemeal way. Only a tiny proportion felt like they had embedded these technologies in either a tactical or strategic way.
Gareth wasn’t surprised by this: “With clients I have been talking to over the last year, they sometimes have pockets of expertise based on self-taught enthusiasts. Though I rarely see any consistency across different teams of how they are adopting these technologies and how they are upskilling staff to work with them. Most organisations recognise the pressing need for these skills, but don’t know how or where to start.”
How to get started
At First Intuition our view is ‘journey before tools’. You need to understand what you are trying to achieve before you can decide which technology is going to work best for you. Often this will start with laying foundations of terminology and mindset which can then be built on.
Guest speakers
Expert industry observers and employers:
Mark Proctor –Director of Twenty Seven Solutions and formerly of News UK and AB Mauri
Ryan Ebbage – Digital Specialist at Larking Gowen
Andy Baker – Head of Internal Audit at Bank of Ireland
Rob Mastrodomenico – Founder of Alchemax Analytics
Louisa Matheson – Digital Programme Manager at First Intuition
Accountancy awarding bodies:
David Lyford-Tilley – Technical Manager at ICAEW
Clive Webb – Head of Business Management at ACCA
Christian Gagiano – Senior Manager of Curriculum Development at CIMA
You can watch the recording of the forum by clicking the button below.
This was one of the most fascinating employer forums we have ever run, and it is well worth watching the 75-minute recording if you have time. But here are some of the key points that our speakers raised in response to Gareth’s questions:
How have you seen the accountancy sector changing as a result of emerging digital technologies?
“Firms are hearing growing expectations from their clients about using digital technologies.”
“There has been a shift from descriptive analytics to predictive analytics, so looking forward at what might happen.”
“There really is an opportunity for smaller firms.”
“The pandemic has acted as a motivator and a shock wave. There hasn’t been a lot of difference between the reaction of large and small organisations.”
“There is growing need to be able to make sense of unstructured data.”
The accountancy sector has changed as digital technologies alter the role of accountants. With the assistance of digital technologies, accountants can save time on laborious tasks and instead invest their time in more value-added duties such as analysis, storytelling, and forecasting. This has opened up opportunities for new roles, skills, and competitive scope for businesses that adopt the right technologies. However, it has equally created a space for businesses to lose their competitive edge, staff, and clients if they do not keep up with these ever-changing technologies.
Is automation eliminating accountancy jobs?
“It’s not getting rid of accountants but it’s changing their role from simple process-driven tasks to the more interesting end of what accountants can be doing.”
“Automation is reducing the boring jobs and means accountants are able to offer more value to clients”
“Why would you spend £70k per annum employing someone to do work you could train a monkey to do. Automation is freeing up accountants to do the job they were meant to do!”
“Automation is driving cost efficiencies, and freeing up accountants to spend more time on value creation.”
There are more students being recruited into accounting than ever before so automation is not replacing jobs. Automation is enabling accountancy jobs to be more impactful as it can help efficiency and cut time-consuming tasks such as data input. This gives accountants and finance professionals more time to do roles that help their clients such as analysis and projections. Furthermore, automation can help eliminate the opportunity for human error for more accurate analysis.
The potential benefits of automation adoption are widespread across the profession. This is because automation can be implemented into a number of accountancy and finance roles. The adoption of automation also creates new job opportunities. For example, IT experts are needed to maintain and offer support for automation systems.
How has automation and cloud-based technology affected competition?
“Competition has increased, but so has our offering to new clients.”
“Location is not a restriction, you can use technology to give great, quicker client service.”
“To stay competitive, this is necessary.”
Competition has grown as businesses incorporate new technologies and products into their services. These present new opportunities as companies can expand the services they offer and differentiate themselves by specialising in a particular technology area that was not possible before. Furthermore, cloud-based technology for example has meant that physical location is no longer important and has reduced data storage. This opens up the pool of potential clients for businesses as they are no longer limited by geographical proximity.
Is any organisation too small to benefit from digital transformation?
“Definitely not. In fact, smaller organisations are in a very good position to accelerate quickly”
“For a small team technology allowed us to cover an awful lot of ground. Team size was not an impediment, in fact it allowed us to be very nimble.”
“Shaving time off every week, every month, every year-end is massive for us and for our clients.”
“Doing nothing isn’t an option”
No firm is too small to adopt digital technologies of benefit from digital transformations. Technology can be used as ammunition for a competitive edge whilst staying clear of it can hinder success. Small companies are in fact in the best position to adopt their digital transformation journey as they can start right away. A small team also has the ability to be more agile and reactive to the technologies that are relevant and useful to them. They can more easily move to focus on the technologies where the data is telling them to be.
What impact does remote digital working have on client relationships?
“Relationships with clients have never been better.”
“Speaking to clients daily means we are able to have more exciting conversations and improves the value-for-money they get.”
Although some face-to-face communication is essential for maintaining client relationships, remote digital working has in some cases aided accountants’ relationships with clients. Digital remote working has enabled pathways for daily communication that was not possible from infrequent in-person visits. This has also meant accountants can receive a steady flow of information that is up to date. This minimises the likelihood of needing to chase missing data, making roles less stressful and time-sensitive. Furthermore, daily communication between businesses and their clients through instant messaging mediums looks set to continue. Especially as the next generation of professionals have grown up communicating in this way.
How long can accountants keep holding onto Excel? Surely there are better tools available now?
“It’s not about getting rid of Excel, It’s about understanding how to use it in the right way.”
“For a lot of people day-to-day spreadsheets can still play a major role for quick data analysis but you can automate lots of really complicated tasks really easily in code.”
“It’s less about software tools and more about the thought process. It’s about setting up the environment first so that you can implement those technologies.”
There are better tools available for accountants than excel. However, what is the best tool to replace it with and can staff can be trained to use this new tool? Excel is not the best tool for specific accountancy-related tasks, however, no single programme can do so many tasks so well. If businesses want to focus on perfecting a specific task they are able to get better tools for that. Understanding what you want to achieve and focus on is essential for choosing the right digital tools for your business. It is less about the specific software and more about the approach and thought process behind it.
How have digital technologies affected the skills set that a finance professional needs to develop?
“It’s continuous! Accountants need to keep on an educational journey.”
“Changes are very rapid, iterative and responsive.”
“It broadens out the skills set you are looking to develop within your team.”
“The challenge is taking data and turning it into insight that helps you run your business.”
“A lot of digital skills are soft skills. A data analysis project can fail because the messages aren’t being communicated effectively.”
Digital technologies have broadened the skills a finance professional can develop. Skills in digital technologies such as computer programming, data analytics, and automation can assist accountants in working more effectively, efficiently, and powerfully. However, a high level of expertise in these skills, although helpful, are not essential as companies can outsource these services. Skills that appear to be more valuable are an understanding and openness towards digital technologies. Including how they can assist a business in improving/ solving specific problems. Accountants need to know how to ask the right questions to solve the right problems.
Do we need a high level of technical data skills, for instance, should accountants learn Python?
“No. Finance professionals don’t want to embrace it in the way that data scientists would. Accountants want to know ‘what can I do?’ rather than ‘how can I do it?’”
“With low-code/no-code developments someone has already done the coding in the background so accountants don’t need to be able to code to make use of the tools.”
“It’s about opening their eyes to what can be achieved.”
Coding programmes like Python allow us to automate complicated tasks and can assist in cutting workload, improving efficiency, and offers opportunities for new services. Accountants can benefit from learning these coding languages, however, understanding them can be just as valuable. Once code for a function has been written it can be used over and over again. In many cases, accountants can use code that is already written, rather than having to learn how to write it themselves, to benefit from programmes like Python without a high level of technical data skills needed.
For businesses to benefit from digital technologies such as Python, employees need to understand the problem, how digital technologies can help them, and how it links back to assist for specific tasks. Companies may need outsider advice to understand the level of skills that are required and facilitate the right changes.
Do you think digital adoption plays a role in staff retention and recruitment?
“It definitely makes accounting a more appealing career path!”
“Structured skills development in areas like digital technologies and data analytics can give a clear post-qualification development pathway for staff once they qualify as accountants.”
“One of my colleagues went back to Malta two months and continued working as normal.”
“I have a colleague who lives in Spain. She has a swim in the sea every morning before she logs on to work.”
As more young adults with an understanding and experience in digital technologies enter the workforce, employers are likely to find they will be expected to have some degree of digital adoption. Businesses may also begin to find a generational divide. Those who have limited digital adoption may find it more difficult to attract younger staff. Whilst those that have embraced digital adoption may struggle to employ older more experienced accountants that are unfamiliar with using these technologies.
However, as digital technologies become more prominent in the industry, the skills sets that are encouraged by employers to bring in or develop within teams are broadening. This is giving a wider scope of people the opportunity for a career in accountancy and finance. This is because employers look for skills in technology-based programmes and toolings as well as accountancy.
What tends to be the big blockers to organisations adopting digital technologies?
“This is an area where the traditional model of experience and knowledge is turned on its head. Often it’s the more senior staff who have the least experience and confidence with these new technologies.”
“For a number of people there is fear, some are embracing it, some are cautious. Everyone is at different stages.”
“If everyone buys into it from the top down you will get much more impact.”
A major blocker for organisations adopting digital technologies is knowing where to start. Companies are at very different stages in their adoption journeys and many fear about what to do first. There are so many different technologies that help to achieve different things that it can be difficult for businesses to know what and where to focus their efforts. Furthermore, resistance from finance professionals who have not had to use digital technologies in their careers before and do not understand them can block adoption further. But to stay competitive the adoption of digital technologies to some degree is going to be necessary.
For a business to solve its problems it needs to know what it is trying to solve. As well as why it is trying to solve it, what skills are needed to do so, and how to ask the right questions. This is where firms may need to outsource expertise. This will ensure they have the correct information to facilitate the adoption of the most appropriate digital technologies.
How are the accountancy awarding bodies helping their members with digital adoption, and how are the qualifications changing?
The accountancy awarding bodies are keeping their qualifications up to date with information about merging technologies. As well as incorporating digital programmes into the syllabus. ICAEW for example has partnered with data analytics software provider Inflo so that their exams better reflect working in accountancy once qualified. Furthermore, digital skills, cyber skills, practical techniques, data analytics modules, statistical reasoning, bias and error, and the link data between data and wrong conclusions are being embedded into syllabi and the next iteration of qualifications.
Additionally, awarding bodies are supporting their members through continuous action action-focused CPD programmes to understand Python and other relevant digital programmes, as well as how to keep data secure. CIMA has developed an A-F of resources for starting a digital journey.
Finally, a reminder that you can also find additional resources from your professional body. Further information can be found in the attached blog: You are part of something BIG.
The FI Safeguarding Team
Fashion & Finance Forum – 10th March
Join our host, David Malthouse, as he talks to a range of industry experts to find out what drives and affects the business of fashion. They’ll talk about the challenges the pandemic brought, how they adapted and what the future looks like now we appear to be coming out the other side. David will also ask them about sustainability and how their business is changing to reduce the carbon footprint of this high-polluting industry. He’ll also find out how they plan to counter the rise of the ‘social media’ seller.
The Details
Date – 10th March 2022
Time – 12.30 – 2 pm
Where – Via zoom (register with the link below)
Our Special Guests
We’re delighted to be joined by Paul Clifford VP of Merchandising and Planning at QVC, Mark Tweed, Brand Director from Cyberjammies, Sasha Ramdoo, from SR Fashion Start, and Sean Murray, from The Retail Practice.
Use the link below to register for the webinar:
Future and past events Events
In December we hosted a very popular Football and Finance forum and you can download the resulting podcast here.
We’ll be adding more industry events in the future and these will include:
Food and Finance
And many more
To register your interest for any of these future events, please contact shellytweed@fi.co.uk
To find out more about the other events we aimed at professionals in the accountancy and finance industry please click here
International Women’s Day 2022
Although taking place on the 8th of March this year, we’ll be extending the celebration of International Women’s Day 2022 with an all-female takeover of our regular Wednesday student webinar on the 9th of March between 6.00 pm and 7.00 pm. This episode will also be released as a podcast later the same week, so there is no need to miss out.
This year’s theme
For International Women’s Day 2022, the theme is ‘challenge bias’ so our panel will be taking a deeper look at this important topic. They’ll discuss how bias has affected their careers, how they’ve tackled it, where it comes from and what can be done to create lasting change.
Who’s on our panel for International Women’s Day 2022?
We’re delighted to once again be joined by women from the world of accountancy and finance. Our hosts for the event are Kelley O’Donovan, Director at First Intuition Chelmsford, and Ginny Bradwell, Education Director at First Intuition Ltd.
You can also listen to last year’s podcast episode by clicking on the link below:
FI Chelmsford Accountancy Academy 2022 will return to our centre and this FREE event is open to any 16-18 year old with an interest in this industry. If you’re considering a career in finance or accountancy or are just curious about whether this industry is a good fit for you, then these two days will help you to make up your mind.
Having spent two years running this event virtually, we are delighted to be able to welcome students from years 11, 12 and 13 to our centre. You’ll find out more about routes into this industry, what accountants do, meet employers, and get CV and interview tips.
Dates for our Accountancy Academy 2022
The event will run on the 7thand 8th of Julyfrom09.30 am to 3.30 pm.
The format for the two days will look like this:
DAY ONE
Introduction to Accountancy
Routes into Accountancy
What does an Accountant do (with practical tasks)
DAY TWO
Interview Skills
CV Surgery
Employer Q&A Forum (with local employers)
All sessions will take place in our centre:
5th Floor Halford House
Coval Lane
Chelmsford
Essex
CM1 1TD
Please note, hot and cold drinks are available all day. Lunch is not provided but we are a short walk from Chelmsford city centre and a fridge is available to store food items.
How to sign up
If you would like to register your interest then please use the link below to reserve a space.
Nearer the time, we will ask you to confirm your space and complete the appropriate permission forms
Why should I attend Accountancy Academy 2022?
Students attending will get a really clear idea about whether this is a career that might suit them and how they can get started. Equally some students will make up their minds that this is not a route for them. We believe by demonstrating what the industry is about and explaining the roles that are available give attendees a greater understanding to help them make choices about their next steps. We’ll cover both post-school and university routes and will also explain more about apprenticeships in this industry. To read more about what our Accountancy Academy will cover, please take a look at this article.
When is GBCC Spring Expo 2022?
Event Details:
Greater Birmingham Chambers of Commerce Spring Expo, Aston Villa Football Club
When:
Thursday 31st March 10:00 – 15:00
Providing AAT, ACCA, CIMA and ICAEW Training via classroom, blended or online learning we work with employers and students to create personalised study programmes that work for you. We are experts in our markets and pride ourselves in delivering programmes that both our clients and we, are proud of. We offer both apprenticeship and exam only programmes, using online and classroom delivery models, to build personalised programmes for your employees.
At FI Birmingham, we offer:
A Dedicated and experienced local team – here to help you every step of the way
Small class sizes – our tutors are able to offer real support in and out of the classroom
Modern study centre with free refreshments – providing a great environment to focus on your studies
Greater Birmingham Chambers of Commerce Spring Expo offers visitors the opportunity to network and build relationships, to engage and shape a successful local business community, as well as learn at the seminars across the day. Register now – it is free to attend!
#GBCCExpo22
Attend more events in Birmingham and meet the team:
Want to explore more exclusive news and tips from First Intuition? Head to FI Hub now.
What attracted you to a career in accounting?
When I was studying for my GCSE’s and A Levels, I always loved the Finance modules. I knew I would go down this avenue in my career. It was not until I studied my accountancy modules that I knew this was the exact route I wanted to go down. I think I was very lucky in the sense that before I left school, I knew what I wanted to do as accountancy is something I have always loved learning about.
Why did you choose the apprenticeship route over university?
I did actually complete a year at University in Leeds however, this route was not for me. I was always torn between the two of them and after a year, I decided to move on. First Intuition was a great opportunity that I found advertised and applied for. It’s one of the best decisions I have made. Studying an apprenticeship means that I am learning first hand whilst my costs are covered. Opposed to University where I would have incurred a large amount of debt. Apprenticeships offer a more practical approach to learning and gaining valuable on the job training. It has allowed me to develop my soft skills as well as my professional knowledge.
An apprenticeship also gives you a head start in studying for an accountancy qualification over going to University. When you graduate, you still need to sit accountancy exams and have 3 years of work experience before you can qualify. However, you can gain both the qualification and the work experience whilst doing an apprenticeship which is extremely beneficial.
What are the benefits and challenges of studying as an apprentice?
The benefit of studying as an apprentice is that I am able to gain a well-known qualification without incurring any training costs. I am receiving real-life work experience in my day-to-day role that I then learn about when I attend my tuition days. I am able to bring what I have learnt back into the work I am completing.
The main challenge of studying as an apprentice is studying alongside working full time. There are a lot of elements involved, especially when you are due to sit an exam. You have college days, work and revision to balance; however, this challenge doesn’t need to be difficult. As long as you make a plan in terms of revision, you are proactive and stick to it, it isn’t a hard challenge to overcome.
What is it like balancing work with your studies?
I think I have a good balance which has come from experience. I have now found a way that works for me. Planning is essential! Once I have completed a course, I plan a date for my exam there and then so I have a target to work towards. I feel like this is incredibly important to enable me to balance my studying. Once this date is booked, I make a revision plan which is realistic of what I am going to revise each day, when I am going to complete my mock exams etc. Having a plan in place which I stick to motivates me and helps me balance this around my day-to-day work. It also makes me feel more confident and my mindset is a lot more positive knowing I have covered everything in enough time.
Is there anything you have learnt during your apprenticeship (outside of the content your exams cover) that you feel has particularly benefited your work?
As an apprentice, besides the exam content, you have skills days which you attend. These days cover lots of different soft skills such as Teamwork, Leadership and Adaptability. These days have been really beneficial as it allows you to learn more about yourself as a person. I think this is incredibly important as I am always looking for ways to personally improve. You can gain knowledge in these different skills then bring them to the workplace to work more effectively both independently and as a team. I feel these skills sessions have been vital in improving my confidence. This has grown a lot over the 3 years I have been studying at First Intuition.
What support do you receive doing an apprenticeship with First Intuition?
Lots of support! I get support from my Manager who gives me brilliant support and from on-the-job training. A lot of what I study, I now complete at work in different tasks. This has allowed me to develop and bring the knowledge that I have learnt into the workplace. This is really beneficial.
My Skills Coach has given me support throughout the whole duration of my apprenticeship. They have helped me with the planning of my exams and also with my development tasks. They offer me advice and feedback on how they can be improved so the end product is of high quality. My Skills Coach is also there for any general queries I have about my studies and is always on hand to help with any questions.
The tutors are great! If I have any struggles during class with any questions, they are always there to help and always explain everything in detail until you fully understand. Even outside the classroom, the tutors are always available to answer any questions. They go above and beyond to ensure that you are always fully prepared for all exams.
Have you got any advice for someone thinking of starting accountancy studies?
I think preparation and hard work are fundamental. When it comes to exams, you need to ensure you are fully prepared. You should have a plan in place for revision and make sure you stick to it. It’s very easy to become distracted, but having a plan will allow you to stay on track and be the best prepared you can be.
Also, take every opportunity that is available to you. Whether this is a new task to complete at work or any additional training sessions which become available, definitely do it as it will enable you to develop your knowledge and skills even further. An apprenticeship is about learning first hand so you should always look for opportunities within your work and studies to improve.
Would you recommend the apprenticeship route with First Intuition to other students?
Throughout school, I was always interested in business and wanted to understand more about how businesses operated and succeeded. The more research I did, the more it was clear that the best way to understand business was to understand the numbers behind them. Accountancy was, therefore, the best option in my view to get this education about business.
I also liked the idea of the challenge behind obtaining the Chartered qualification!
Why did you choose the apprenticeship route over university?
This is probably the easiest and best decision I have made! The apprenticeship route at my firm allowed me to work on real clients & businesses from day 1. I was learning for my qualification alongside working. This provided invaluable work experience in comparison to those who took the university route.
I was also being paid by my employer to learn, rather than those at university paying to obtain the same qualification! Avoiding student debts overall was a big pull.
For those who chose the university route, students will have learnt a lot of theory and spent this time in the lecture hall. With the apprenticeship route, however, I was able to apply the theory learnt in college to real clients and work. Alongside improving my interpersonal skills from meeting and handling clients.
Finally, I was able to gain my Chartered qualification quicker in comparison to the university route!
What were the benefits and challenges of studying as an apprentice?
The main benefit I think is financially being able to do things quicker than those who chose the university route. Such as moving out, upgrading cars etc can probably be achieved quicker in the apprenticeship route.
Alongside this, I think career progression can occur more quickly due to more years of work experience gained through studying as an apprentice.
However, one challenge is the lack of social life in comparison to those who go to university. When I first started my apprenticeship in 2016, virtually all my friends went to university. This resulted in me being in bed at 9:30 on a Tuesday night, working the Wednesday, but all my school friends were usually just about to go on a night out.
Furthermore, particularly as studies progress and get harder, juggling work and study can be difficult. The Chartered qualification requires a lot of additional study time outside of college. This can therefore make workdays and weekends very long. Fortunately, however, I have a very supportive employer and the support system at FI is fantastic and always offering to help, which makes this manageable.
What are you doing now you are a fully qualified accountant?
After 5 years of studying to become fully qualified, I am now simply enjoying the free time! At work, I now have a small portfolio of clients that I help to manage, alongside supporting managers with their clients.
Is there anything you learnt during your apprenticeship that you feel particularly benefits you now?
I think the main benefits relate to interpersonal skills learnt, rather than the curriculum taught. FI run skills days which help develop skills such as debating, managing a project, also handling and dealing with clients at work. It means that overall, my communication and confidence have been built and improved massively since starting as an apprentice.
Have you got any advice for anyone thinking of starting accountancy studies?
Don’t go to university….!
Would you recommend the apprenticeship route with First Intuition to other students?
Without a doubt! I would just however recommend that the employer that you choose to work for is supportive and has your best interests as a student at the forefront.
I decided to do an apprenticeship because I wanted to take a different route from the majority of young school-leavers and my friends. 37.9% of 18-year-olds were due to start an undergraduate course in 2021. I thought there must be another way I could begin my career.
After receiving four university offers and one of them being an unconditional offer, I wasn’t enticed by that. I decided to start searching for apprenticeships.
Luckily, I got an offer as an assistant management accountant apprentice at Apogee Corporation (a subsidiary company of HP). I chose this as my number one option because Apogee had 30 years of expertise in IT services, hardware, software, and printing services which were a manifestation that they could support my career growth particularly with the security of Hewlett Packard.
What was the apprentice application process like?
The application process was not difficult with Apogee. There was a friendly talent executive with who I built a great bond. The talent executive continuously communicated with me throughout the recruitment process.
During the first interview with my current manager and my colleague, they both asked me lots of questions. I did extensive research on Apogee which allowed me to be much more confident in the interview. I was so lucky and ended up having a second interview with the finance director of Apogee, who was someone who inspired me with how far she has proceeded with her financial career.
Apogee offered me a full-time apprenticeship with many prospects. I was successful and so happy to have a great career opportunity from one of Europe’s largest multi-branded companies in IT services and printing, Apogee offered me a full-time apprenticeship with many prospects.
Although Apogee’s recruitment process was not negative and I was fortunate, you do have to stay committed. It took a lot of applying for hundreds of roles and not hearing back from many companies. Don’t worry, there is a place for everyone somewhere where you will make a difference.
What does your role involve?
I work in management accounts within the IT industry, therefore my role requires preparing commission statements, updating the legal and professional fees analysis, posting credit card accruals and actuals, pulling reconciliations into the balance sheet to prepare them, updating our secondary rentals reconciliation, accruing for settlements within hardware which have been rev recognized in the month, clearing out the suspense account, completing audit samples and many more.
I enjoy working in corporate financial reporting, and I care about the results, which is why I appreciate it when my manager takes the time to give me detailed feedback.
Would you recommend an apprenticeship to others?
I definitely recommend apprenticeships from my experience, it allows you to earn and learn, whilst others are building debt and earn nothing. I have learned so much from my colleagues. This includes many competencies and a range of knowledge from joining Apogee as their first apprentice.
I have also had a positive experience with my college, First intuition has amazing resources such as FI Learn. You can view all the content, practice with checkpoints and mocks, watch lectures.
In addition to this, my coach has always been there to support me with progress reviews to explain the next stages of my apprenticeship. My strengths and weaknesses were explained to me and my manager which allowed me to utilize this advice.
I have moreover, been super fortuitous to be able to attend the soft skills sessions. These are interesting to develop yourself as an individual such as increasing your intrepidity and presenting. There is no worry about what others think of you and understanding that we are all in the same position when presenting.
I really do love my role, which is why I do recommend apprenticeships.
How do you find studying as an apprentice and what top study tips work best for you?
Despite having a superb start to my career, it is not easy. I am learning all these new processes, completing my apprenticeship development tasks, revising for my AAT exams and updating my OTJ learning log. However, anything worth having is worth the hard work. I do believe in the long run all my hard work so far will be worth it.
My advice would get the right apprenticeship for you and absolutely devote yourself to it. Studying is not easy when you are working full time. I make sure I have some ME time because your health is very important too. However, I do schedule it on my weekends. I employ all of the first intuition’s resources and the AAT website.
In terms of studying, watch videos, read your note and practice several times as it is a very action-based exam. If you are stuck, always ask your tutor as that is what they are there for.
What tips would you give to people looking to start an apprenticeship?
Although it is difficult, it is an experience where you feel a part of an organization. You want to embrace it and advance your career progression because as a new learner, it is all in your hands.
Never give up, as you may find something that you never thought you would have achieved. For example, if I looked back at last year’s me, I would not have dreamed that I would be nearly six months of being at Apogee working in management accounts.
To find out more about apprenticeship programmes, click here. To find out more about apprenticeships in Kent, click here.
As an AAT apprentice, your time is split between studying for your qualification and gaining experience in your role at work. Rebecca Fidgett started studying with us in 2018. She began with a level 2/3 programme before progressing onto her level 4 studies as an apprentice. Having completed her AAT apprenticeship in 2021, Rebecca has now begun her ACCA qualification, also as an apprentice.
Rebecca knew during her A ‘levels that she wanted a career in finance but her journey was to prove less than easy, thanks to the global pandemic. Having started studying with us in-centre, Rebecca had to transition to virtual learning and as an AAT apprentice was unable to sit exams for a period of time.
Can you tell us a little about your background and why you chose to study accountancy?
During my GCSEs, business studies and maths were my two favourite subjects and I completed my work experience at a bank, giving me an insight into finance. I enjoyed working with numbers so decided to take accountancy as one of my A-Levels. Studying this as an A-level was when I realised that I had definitely made the right decision and wanted to pursue a career in finance. I knew that the accountancy qualification would set me up for where I wanted to be and I could achieve my potential if I worked hard.
Why did you choose an AAT apprenticeship?
I decided to take the apprenticeship route as I truly believed it was the best opportunity for someone wanting to pursue a career in accounting instead of taking the traditional university path. The benefits of learning on the job, as well as studying for the qualification meant that I was able to develop my knowledge of accounting at work whilst establishing the desired skills and behaviours throughout the apprenticeship scheme. To me, choosing an apprenticeship was the best decision I have ever made and has enabled me to progress in my career in the last 3 and a half years of working for MSC.
Can you tell us a little about what it’s like to study accountancy as an AAT apprentice?
Studying accountancy as an apprentice has been challenging but most importantly it has been very rewarding. The challenge of balancing work life with studying was a challenge when I first started. However, you learn to adapt to a healthy balance of what suits you best. Dealing with the uncertainties of Covid-19 was also something I had to take in my stride,
FI were brilliant and adapted to the ever-changing situation with the right help and support available to students whenever needed. The reward of gaining the AAT qualification is that it can set you up to progress in your career in Finance whilst at the same time giving you the wider business skills that employers look for such as communication, teamwork, and leadership. For me, gaining the AAT qualification has enabled me to gain more responsibility at work and take on more tasks that my manager believes I am capable of. I really enjoy my job and am thankful to the apprenticeship that I have been able to take away such important knowledge and skills into my career.
What would you say are the main benefits of an apprenticeship for the apprentice?
One of the main benefits of the apprenticeship scheme is that you get a dedicated skills coach who provides support throughout your apprenticeship. Having someone to talk to and ask any questions you may have helped me as a student. I knew that I was never alone in my journey. There is always someone there to offer guidance and support. The regular progress reviews between the apprentice, their line manager, and their skills coach give you the chance to discuss your progress both at work and in the apprenticeship and qualification. The structure of the apprenticeship gives the apprentice a solid learning plan for what they expect to achieve at the end of the scheme. It gives the apprentice not only an accountancy qualification but valuable life and business skills, knowledge, and behaviours that will prepare them for the future.
What support did you get from FI Chelmsford and how did you find studying with us?
I couldn’t fault FI Chelmsford for the support I received throughout my apprenticeship, they were brilliant. The global pandemic started just as I started my first level 4 course. I remember thinking I would end up having to delay my exams and courses as we couldn’t attend classes due to the lockdowns. However, FI kept students up to date all the time on what the plans were for our studies. We transitioned to virtual courses via Zoom where we were able to continue our studies at home throughout the pandemic. FI Chelmsford re-opened when safe to do so for exam purposes only. This allowed myself and other students to take their exams on-demand in a covid safe environment.
My skills coach Alice supported me throughout my journey and allowed me to re-sit a course that got disrupted due to covid. I didn’t fall behind and was able to take that exam later on in the year. FI also set up free weekly AAT revision sessions for all students. This was highly praised due to the continued support from tutors giving up their own free time in the evenings to help students who wanted to achieve their potential and pass their exams.
Studying with FI has been the best and I have just started the level 7 ACCA apprenticeship with them highlighting how much of a great training provider they are and continue to be. It is very clear that FI wants their students to succeed just as much as the student wants to themselves. Thank you to everyone at FI Chelmsford who helped me on my journey and enabled me to gain my very valuable AAT qualification.
Find out more
To find out more about our AAT programmes click here.
For more information about AAT please visit their website.
At Buzzacott, nearly 500 people work together under one roof in St Paul’s, London, making it the largest single office accountancy firm in the UK. In 2019, Buzzacott celebrated 100 years of business – although a modern firm, they are proud of their rich history and the success achieved over the past 100 years. Buzzacott has developed expertise and transitioned from being accountants to advisers, to now acting as a strategic partner to clients, whether they are individuals, businesses or not for profits.
What motivated Buzzacott to introduce an apprenticeship programme?
We introduced apprenticeship programmes at Buzzacott to create a well-rounded programme of tuition which places emphasis on the development of core work-based skills such as leadership, problem solving, teamwork and project management, in addition to the delivery of technical accountancy training.
The development of these core skills are critical in the accountancy field and help to build successful relationships with clients and colleagues.
The implementation of the apprenticeship programme also helps to create a level of consistency across the skills-based training where apprentices may sit within different teams.
What challenges did the team face in setting up your apprenticeship programmes, and how did you overcome them?
One of the initial challenges we faced was surrounding the required 20% off the job training requirement and how this was required to be evidenced. First Intuition has a wealth of knowledge around the apprenticeship requirements and have helped to create bespoke training programmes for each of our accountancy apprenticeship programmes, ensuring the off the job training element is allocated from the outset. Additionally, each apprentice has a dedicated Skills Coach who works with them throughout their training to support with the documentation and evidencing of this side of the programme.
What can the government do to encourage more employers to hire apprentices?
To encourage more employers to hire apprentices, the application and sign-up process could be made slightly simpler. The government could also do more to promote the benefits of accountancy apprenticeships as a viable alternative to university.
What advice would you give to employers considering taking on an apprentice for the first time?
Research the various training providers available as the delivery of each programme can vary depending on the provider. The appointed Training Provider will work in partnership with the employer, so it is vital that the delivery works with the business needs, and appropriate support is in place to assist with the initial set-up.
For more information on apprenticeship programmes at First Intuition, please visit our apprenticeship page.
As an ACCA Apprentice, your time is split between a working role and time studying for your qualification. Rebecca Bloomfield started studying with First Intuition Chelmsford as an AAT student and then started her apprenticeship to study ACCA. She began her studies in 2018 and qualified in 2021. Rebecca completed her A’ levels and was unsure about her next steps. Support at home and from an early mentor at her part-time job made her see that she was a natural fit for accountancy. An apprenticeship was a great way for Rebecca to qualify as it really suited the way she likes to learn
Rebecca studied with us in-centre. However, once the pandemic hit, there were periods when exams were not available to be sat. Her tuition also moved online. When exams did restart, Rebecca had to sit exams remotely for the first time. To qualify under these conditions is a great achievement.
We caught up with Rebecca and found out more about her accountancy apprenticeship, as well as how she coped in the pandemic.
Can you tell us a little about your background and why you chose to study accountancy?
I studied Maths and Economics as A ‘levels and knew I wanted to do something with one or both subjects but wasn’t sure where it would lead me. I’d applied for University and secured a place to read Economics and Maths but a couple of months before my A ‘level results were released; I had a major wobble about going down this path as I really couldn’t see where it would lead. I’ve always been a huge saver, even as a child, and having that as a mindset, I couldn’t comprehend paying out all of that money to not know why I was doing it. I spoke to my parents and said:
‘I’m not sure about this anymore and I really don’t know what I want to do’.
Mum and dad were supportive, and I took a gap year. I had a Saturday job at a farm shop and my employer there encouraged me to stay on but use the time to look for jobs and research what I wanted to do. She said I could stay as long as I wanted to and after a couple of months, they needed some extra help in the office.
At first, this was mostly admin tasks but after a while, the lady who worked in the office showed me how to use the accounting software. I began to do more and more of the basic accounting tasks, and she put me forward for a City and Guilds business admin qualification. I had a great relationship with this lady, and she knew that I was capable of more so without my knowing, she called Gascoynes, who were the company’s accountants, and asked if they were looking for a staff member. She told them she thought I’d be perfect for accountancy, and they asked for my CV.
Why did you choose an apprenticeship?
I liked the idea of an apprenticeship for me because I’m a practical learner and have always learned best through doing. For me to excel in my studies, being in the job, learning on the job, and being given the time to study whilst working was invaluable. If I’d have done it whilst trying to work full-time, I would’ve had to find extra time to study. If I’d been working in a non-accountancy job, I don’t think I would’ve done as well with my studies. It also would’ve taken a lot longer. Knowing how I learned and liking the element of doing, I knew this was the right way for me. I found I could really apply what I was learning at work to my studies and vice-versa.
Can you tell us a little about what it’s like to study accountancy as an apprentice?
I found the whole apprenticeship well balanced. I felt I had enough study time, skills day sessions and time at work. All of this was great, and I really enjoyed the skills days. I felt they took me out of my comfort zone. I did mine in centre which meant I worked in different teams and mixed with people who I may not have spoken to in the usual classroom environment. It was great to meet other people from the same industry and in the same position as me. I really enjoyed my apprenticeship and have to say there weren’t really any parts I didn’t like. Similarly, I also enjoyed logging my ‘off the job’ hours as it was great to see that I was progressing and then reflect on what I’d learned.
I built a network of people that I still keep in touch with and it’s nice that everyone is local. You also get to meet lots of different people and your paths cross at various times during your journey.
What would you say are the main benefits of an apprenticeship for the apprentice?
The main benefit for me was the balance. Having the support from your employer and college feels like a joint effort. Your company wants you to succeed and is willing to sacrifice time for you to gain your qualification. A win for me was a win for them and they wanted to help me on my journey. To know that they had invested time in me felt great. They also allowed me time to learn a wider part of the business as part of the ‘off the job’ training. The mix of theory and practical learning personally was also a huge benefit. My job helped my studies, and my studies helped my job.
What support did you get from FI Chelmsford and how did you find studying with us?
I thought it was really good. I don’t think I ever had an unanswered email or one that took too long to get a response. The tutors were great at communicating. Even if you didn’t need help, there were no doubts that it was there if you needed it. How it was set up worked perfectly for me. In particular, the structure of the work and when it was needed was great. The feedback on my work and the mocks from the tutors was invaluable to me. I believe this is the only reason I did so well. The amount of support when working through questions was so helpful. You couldn’t do this on your own, you wouldn’t do so well.
I spent a lot of my time studying in centre but the last 18 months, I was at home because of the pandemic. I honestly thought my studies would suffer as it’s so easy at home to get distracted. Ian’s online lessons really spring to mind. He was so engaging, and I give him a lot of credit for getting me through some of those papers. He encouraged you to interact without putting you under pressure. Without tutors like Ian, it would’ve been so easy to switch off when studying at home and online. This was a time when everything we did was at home, work, study, revise and even sit exams. It was a difficult time to study but I’m pleased that because of the tutors this didn’t show in my results.
To find out more about studying ACCA with us click here.
For further information about the ACCA qualification, please visit their website.
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“The entire team at FI Ltd are extremely proud of this outstanding grade. Being new to apprenticeship programmes in 2017 it has been a steep learning curve and required a change to our business model, but at no time did we step away from our core values and behaviours with regards to putting our students, clients and team at the forefront of our planning and delivery.
We are pleased to be able to share this news with our apprentices and clients as they definitely were instrumental in us achieving this. We know this doesn’t mean we are perfect, no one is when delivering a complex service proposition such as ours, but it is recognition that we get things right more often than not!”
-Martin Taylor, CEO and Chairman
Ofsted Outstanding
The team at First Intuition Ltd are delighted to have received the official result of our recent Ofsted Inspection. The Inspectors rated our provision for all five areas of inspection as follows:
“Apprentices rightly value the high-quality training they receive from First Intuition. They benefit from expert tuition from specialists in the various areas of accountancy, supplemented by professionally produced study materials.”
“Apprentices develop an excellent breadth and depth of knowledge, skills and behaviours through their apprenticeship, for which many are rewarded by increased levels of responsibility at work.”
Lets start basic, what AAT courses will FI Birmingham be offering?
I am very excited to say that we will be offering courses for both Level 3 and Level 4 programmes. Whilst students are welcome to join us at any point in their studies, we have defined programme pathways for start dates in Spring 2022 and Autumn 2022.
We offer both apprenticeships and commercially funded programmes.
What can people expect on an AAT course at FI Birmingham?
Put simply, a great learning experience! Courses will be delivered by our expert tutor team – we have around 50 years of teaching experience in our team. They really know their stuff and bring topics to life! We commit to keeping our class sizes small so our tutors really get to know students and help them learn. Our courses are supported by award winning learning materials, lots of online content to aide revision and lots of practice exam questions and mocks. Courses take place in our brand new study centre and our dedicated customer service team, ably led by Michelle, will be on hand to help as needed.
Sounds great, tell us about the Level 3 offering?
AAT Level 3 is a fantastic way for students to be introduced to, and master, some of the more complex areas of accounting that will be built on in the Level 4 papers. Our Spring programme starts with Advanced Bookkeeping, which I am teaching, but, what I think is brilliant is that we give all learners free Level 2 online content to look at before the Day 1 so that everyone who starts their Level 3 course can hit the ground running! The programme then moves onto Financial Accounts Preparation.
Another great feature of our Spring intake is that we will transition students in September 2022 from AQ16 courses to AQ22 courses. The AAT are doing a great job of the updates to their syllabus so you get the best of both worlds!
Amazing. How does Level 4 work?
AAT Level 4 will not only help learners step into a range of more senior finance roles and acquire full member status but also creates a great base to build on in further qualifications.
In our Spring 2022 pathway, learners will start with the two Management Accounting papers. Getting to grips with budgeting and decision making is critical for students at this level. We then progress onto Personal Tax. All of this is done under AQ16. We then switch to AQ22 to complete the remaining papers – this will allow learners to benefit from learning and demonstrating their skills under the new, most relevant AAT syllabus at first opportunity – a chance to be a leader
Where can people find out more?
We have all our dates and prices available on our website. I’m sure our clever team will be able to turn that into a link! Alternatively, students can call us on 0121 661 4323 or drop into one of our open days – we would love to see people, show off our new centre and answer any questions you may have about studying AAT!
As an ICAEW Apprentice, your time is split between a working role and time studying for your qualification. Ella Stone started her studies in 2016 and qualified in 2021. To achieve this, Ella had the usual challenge of balancing work and studying whilst maintaining progress by sitting regular exams. However, she also had a global pandemic and a change of jobs to deal with.
During this time, there were periods when exams were not available to be sat, and changing jobs can be unsettling. When exams did restart, students often had to sit exams remotely for the first time. Studying online is also different to a classroom environment and requires different disciplines. Our students have coped really well with these changes and to qualify under these conditions is a great achievement.
We caught up with Ella and found out more about her accountancy apprenticeship, as well as how she coped in the pandemic.
Can you tell us a little about your background and why you chose to study accountancy?
I always liked maths at school and learning about the concept of money. I like being organised and I feel like accountancy is a mix of maths and being organised. Rather than sitting my A-Levels in a variety of subjects, I decided quite early that I wanted to be an Accountant. I decided to do AAT instead of A-Levels.
Why did you choose an apprenticeship?
To gain better skills for my job and for my future career journey. I liked the idea of gaining an additional qualification (level 7).
Can you tell us a little about what it’s like to study accountancy as an apprentice?
The skills you learn help me day-to-day with speaking to clients, problem-solving, and being organised. I feel the support is very good as there was always help around when I needed it. Being dyslexic, I was allowed extra time and my tutors would always cater for me to make sure I wasn’t rushed with questions and mocks.
What would you say are the main benefits of an apprenticeship for the apprentice?
The additional qualification and having skills days where you learn and gain experience in new areas such as; problem-solving, communication, and team building.
What support did you get from FI Chelmsford and how did you find studying with us?
FI were always available by call or email (especially during covid). They were always quick to respond and dealt with any issues I incurred. Most of my tutors were aware of my dyslexia which made it easier when entering a classroom for the first time as they already knew what extra help I needed.
To find out more about ICAEW programmes click here.
As well as the potential cost savings of using the apprenticeship levy to fund professional qualification training for staff, the key benefits of a well-designed apprenticeship programme are:
Better skills
Better structure
More support
We spoke to:
Marc Godden, Management Accountant –
Line Manager to Apprentices and Apprentice himself
Tommy Routledge, Invoice Variance Control Team Leader –
Line Manager to Apprentices and Apprentice himself
David Richardson, FP&A Manager –
Line Manager to Apprentices
Catherine Saul, Finance Analyst –
Apprentice
What reservations did you have about implementing an apprenticeship programme?
Marc immediately expressed the principle worry we often hear from employers thinking about how to use apprenticeships in their finance teams. “My biggest concern for any of my trainees was finding the time to allow them the 20% Off-The-Job learning. At a time when, as a team, we are incredibly time-pressured and stretched thin this was something I feared would be a struggle. I worried that learning their new roles whilst also studying could lead to burn-out and wondered if this would be too much for them to take on.”
David echoed this initial concern over “a lack of work, life, and learning balance” for the trainees in his care.
What many employers don’t realise is that ‘Off-The-Job’ does not mean ‘out of the office’. Much of the work they would already be doing in the workplace will count to the 20% requirement. The apprenticeship just helps to formally recognise new knowledge and skills they are developing in their roles. It also brings structure to the support they receive in improving their ability to add value to their employer. Very few apprentices struggle to meet the 20% required, in fact, many will be doing 60% or 70% in reality.
Catherine added a further issue “I also have some team members who prefer to study at their own pace and tend to want to get the exams sat and completed as quickly as possible.”
It is important to remember that each apprenticeship programme is tailored to the needs of the individual learner. It can be adapted to the speed with which they want to progress towards qualification.
Why did you finally decide to commit to the apprenticeship programme?
David replied “it provided a great opportunity to work through the professional accountancy qualifications such as AAT, ACCA and CIMA with the bonus of learning the extra elements above and beyond the technical knowledge”. David refers here to the broad range of valuable ‘skills and behaviours’ that learners develop alongside passing their exams. He continued “it also provided the long-term benefit for both us the employer and the studier as apprenticeships produce a more skilled employee.”
At First Intuition, we believe that the ‘secret sauce’ that makes apprenticeship programmes so powerful for developing talent is the additional Skills & Behaviours that are included in addition to the technical accounting knowledge covered. These include communication, teamwork, negotiation, critical thinking, problem solving and leadership; all critical skills in building a successful professional career.As another apprenticeship client recently commented, “we are not just training accountants, we are developing leaders.”
Tommy added his own perspective “It is something that I have personal experience on as I am on the Level 4 apprenticeship and I know how it is structured and how good the programme is.”
Marc showed the importance of getting everyone involved to buy into the process from the start. Including the prospective learners themselves. “Only after having honest conversations with trainees and giving them the chance to express their opinions on the situation, and their views on things, the decision was made as a collective that the apprenticeship programme was the right route for them.”
At First Intuition, we work hard to engage everyone from day one. It is particularly important that learners and their line managers all approach the apprenticeship in an enthusiastic and positive way.
How are you finding it now that you have embraced the programme, have your original concerns continued?
Marc responded from his own perspective as an apprentice. “In terms of the actual programme itself I think it is amazing. Having a dedicated study coach throughout your whole journey, with regular check-ins and contact has been a huge help”.
Tommy’s view was that “I think it is great and the employees are getting on well and I have been able to offer up support”
Marc also said, “for me, personally one of the biggest benefits was having a set structure in place so that I could see how the last few years of my qualification was mapped out.”
David recognised that apprenticeship programmes do require careful consideration in advance. “The work, life, and learning balance is difficult but we manage and plan for these to minimise any impact.”
When employers first adopt an apprenticeship programme the team at First Intuition spend time with the learner and their line manager mapping out their study plan through the whole programme. Including how they will structure their exam sittings and how they will meet their 20% Off-The-Job learning requirement. Although this plan can be flexed over time it gives a great indication.
What has First Intuition done to ensure the programmes are going well?
Marc didn’t hesitate to say “First Intuition has been incredibly understanding and have been able to reorganise my timetable where needed. I am in regular contact with my study coach for not only matters affecting my apprenticeship but also general overall wellbeing. All the materials which they provide, both in terms of physical copies, and digitally on FI Learn are more than sufficient to enable exam passes.”
David stressed one of the key benefits of an apprenticeship programme; the extra support that his apprentices receive from First Intuition’s Skills & Development Coaches as well as their accountancy tutors. “The coaches from First Intuition ensure my apprentices have regular catch-ups and reviews to keep them on track.”
From Tommy’s perspective as a line manager, he commented “I have been given all information when I have asked for it. I have also been invited to join the apprentices I manage at their catch-ups with their development coaches. As well as receiving reports on them.”
Marc also said that he valued the “regular progress reviews and lots of support offered by the tutors.” He added “I am kept up to date with progress reports and am invited to attend as many review meetings as I want. Their communication, to me, is faultless.”
From their point of view as learners, Tommy said “my skills coach has been great”. Catherine added that she enjoyed the “regular progress reviews and lots of support offered by the tutors.
Hatty Addley, First Intuition Skills & Development Coach
Hatty has worked closely with the apprentices at Greene King since the introduction of the apprenticeship programme says she is really pleased with the way that things have gone. “The introduction of the apprenticeship programme for accountancy qualifications at Greene King has been really positive. Students have found the structure and support of the apprenticeship programme has helped them to progress through their studies more quickly than when they have studied independently. They feel they are able to develop a set of skills which help them to become a well-rounded accountant.”
What positives have you seen since Greene King implemented the accountancy apprenticeship programme?
“I am enjoying my apprenticeship greatly” said Tommy. “It has really re-energized me as I was previously studying through distance learning. I think the classroom sessions are more effective. My skills coach is also great.”
David said that he has seen “quicker progression” in the studiers on his team than previously.
“The structure of the course is very good and the support from a skills coach is helpful” said Catherine. “I have more confidence in my abilities as I have passed exams”. This is something we often hear from learners on apprenticeship programmes.
Tommy added “I have passed 2 exams so far and my enthusiasm for the course is much greater than when I was distance learning, it helps as I am held more accountable.”
In the twelve months since Greene King introduced the apprenticeship programme, their 15 apprentices have passed significantly more professional exams than in the previous three years. A total of 27 exam passes in a year compared to only 7 fails. This is a 79% pass rate, significantly above national averages.
Would you recommend other businesses to use an apprenticeship programme with First Intuition?
“Without a doubt” said Marc. “I believe it is a really good programme and the material provided by First Intuition is top class.”
David and Tommy both responded with a simple “yes” and Catherine added a resounding “definitely!”
Marc added “based on my own experience I would happily recommend First Intuition”
Gareth John, Chief Executive of First Intuition, said “I am extremely pleased that Greene King made the decision to introduce an apprenticeship programme into their finance team, and beyond delighted with how well it has worked for them so far. Speaking to apprentices, learners and senior managers over the last twelve months I have had so much lovely feedback about the impact it has had so quickly.”
Hatty added, “I have really enjoyed working with the Greene King apprentices and I look forward to seeing them continue to progress through their studies.”
Level 7 Accountancy Apprentices split their time between a working role and time studying for their qualification. Rikki Viskin chose ACCA as her preferred route whilst working at DG International. She started her studies in 2019 and gained her affiliate status in 2021. To achieve this, Rikki had the usual challenge of balancing work and studying whilst maintaining progress by sitting regular exams. However, she also had a global pandemic to deal with.
It’s worth remembering that during this time, there were periods when exams were not available to be sat. When exams restarted, students had to transition in some instances to sitting remotely. Our students were also used to the classroom environment. Suddenly they were studying at home and many were furloughed. We take our hats off to anyone who’s managed to keep studying and making progress. However, those who managed to successfully complete their qualification in this difficult time have really achieved a great deal.
We caught up with Rikki and found out more about her accountancy apprenticeship, as well as how she coped in the pandemic.
Can you tell us a little about your background and why you chose to study accountancy?
During my time at school, maths was always my strong point and I had a particular interest in my business studies GCSE, so I knew I’d prosper in a finance-based role. Once I left college, I did a lot of research around different career paths and accountancy was definitely most suited to me.
Why did you choose an apprenticeship?
I chose an apprenticeship because it gave me the best of both worlds; I love to learn new things but thrive in a work environment. An apprenticeship gave me the opportunity to contribute to society while studying at the same time. This allowed me to progress in my career with not only the required knowledge to do my job but the skills and behaviours I’ve learned throughout the apprenticeship.
Can you tell us a little about what it’s like to study accountancy as an apprentice?
Studying accountancy as an apprentice has been a learning curve but it has definitely been the best route for me. My skills coach, my line manager, and I regularly set targets, both work and study-related, and this really helped with my knowledge at work as it encouraged my employer to give me more responsibilities and visibility of the business.
What would you say are the main benefits of an apprenticeship for the apprentice?
Compared to studying without an apprenticeship, I think the structure is a huge benefit. The apprenticeship standard is designed to work on lots of skills, such as timekeeping and presentation, through the skills days and the quarterly reviews are a great way to reflect on how far you’ve come and help to prepare for the future.
What support did you get from FI Chelmsford and how did you find studying with us?
The support from FI was phenomenal; the pandemic happened right in the middle of my apprenticeship so I thought I’d have to push back my exams. However, my skills coach kept in regular contact and due to this, I was able to sit my June TX exam on the pilot remote sitting in July and therefore keep on track with my original plan. To support my studies for this exam while FI was closed, David set up weekly calls to revise the syllabus, answer any questions and ensure I was confident to sit the exam. The support I received during the pandemic really shows how much FI wants their students to succeed!
To find out more about our ACCA programmes, please click here.
To find out more about the ACCA, please click here.
What is the Trusted Service Award?
The Feefo Trusted Service is based purely on interactions with real customers, awarded to businesses that collect genuine reviews and insights via Feefo. The accreditation is a true reflection of a business’s commitment to outstanding service, based on the number of reviews they have collected and their high average rating. This is a very unique accreditation and, a very reputable badge of approval.
FI Award: Qualifying for Gold
Businesses that have collected at least 50 reviews between January 1st 2021 and December 31st 2021 are awarded Gold Trusted Service status by Feefo. In order to qualify businesses must also have a Feefo service rating of 4.5 and above. Overall FI collected more than 239 reviews in 2021.
FI Client and Service Director, Hazel Rogers, commented on the award:
“It’s fantastic to see that the high-quality service and student support delivered by our teams has been recognised by the Feefo Gold Trusted Service Award for the seventh year running. The Feefo platform allows us to request feedback from our learners in a transparent way, holding us to account for the standard of service and support we aim to deliver to all of our learners.”
James Morley, Managing Director FI Birmingham and Online, commented:
“We are very proud to have achieved our seventh Gold Trusted Service award from Feefo. As an education provider, we know that this grade reflects how we support our students educationally as well as the wonderful customer service the team provides. It’s great to see that this has played a role in keeping our learners happy! As we look to the year ahead, Feefo gives us tremendous insight into our learner’s feedback and we will continue to listen and work hard to achieve an even better score next year!”
Maintaining customer satisfaction
As well as offering fantastic customer service, we are focused on continuously developing our course offering in response to what our learners value the most. In 2021, we were able to launch a new learning platform, enhance our online content, improve our pre-course support and offer a wider range of courses to give our students more choice and flexibility – something that is increasingly important to students in our ever-changing industry.
In this interview, Loris shares his journey to becoming a prizewinner, including top tips for aspiring CIMA students.
Congratulations on your CIMA Highest Achiever award for Management Case Study! What do you think was the biggest factor that lead to your achievement?
Thank you very much! I would say lots of preparation. This is absolutely key. FI is really good at providing good preparation work with Mock Exams for instance. It is important to fully understand the pre-read by reading it again and again.
What made you choose a career in Accountancy? Was there anything that triggered your decision?
When I was still at university, I fell in love with Finance thanks to my teacher who was really good at transmitting passion for numbers. I understood then the value that Finance Analysts /Accountants can bring to any organisation. This added value is really was emphasised by CIMA, which I think is great.
For your studies so far, you’ve tried our FI Online courses. How did you find this study method? What was your approach to studying for this module and are there any study tips you recommend to other online students hoping to achieve a CIMA Highest Achiever Award?
FI Online courses are more than helpful I should say! The online preparation offered to students is more than enough to pass any CIMA exam. This is a resource that every student should use in order to achieve success. If I could recommend just one tip, it would be to use as much as you can of every single resource FI provides; study materials, course notes, and most importantly, the question bank and mock exams. The best way to check your knowledge is to test yourself with the question bank and mock exams. I used to attempt these two under real exam conditions!
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
Availability, quality of materials, and the possibility to test yourself enough through the tuition provider’s platform before going into an exam.
What support have you had from your employer, colleagues, friends and family so far during the course of your studies?
I had the chance to have a supportive family and girlfriend. Let’s be honest, it is not always easy to study after work and during the weekend. It’s important to talk with family and friends about it, and if you’re lucky, they will do their best to help you out! I will add that I received a lot of support and trust from my employer and my line manager, which helps a lot as well.
Do you have any goals/plans in mind for once your CIMA studies are finished?
For the short term, I think I will try to enjoy my time without having to think about exams!
A big congratulations from Team FI, Loris! Keep up the hard work and we can’t wait to see what you achieve at Strategic Level.
To read more exclusive CIMA News, industry tips and tricks, head to FI Hub today.
An introduction to Advanced Bookkeeping
Advanced Bookkeeping is the first of two Advanced level financial accounting units. It develops Foundation level skills, incorporating Advanced Bookkeeping and managing records for non-current assets, in preparation for producing final accounts for unincorporated organisations. The purpose of this unit is to build on skills and knowledge learned in the Foundation level accounting units and to develop bookkeeping skills, taken to an initial trial balance.
This is valuable progress for the student, both in terms of moving towards preparing final accounts and also in terms of offering employers more technical skills at this stage. The bookkeeping skills that students have acquired at an earlier stage will be reinforced and developed in this unit. While the daybooks and some of the ledger accounts may be familiar, the accruals basis of accounting is introduced to underpin many of the adjustments that are commonly found in the workplace, including accruals, prepayments, accounting for irrecoverable and doubtful debts and the period end valuation of inventory.
This takes the student to the position of being able to draw up a trial balance using adjusted figures, and to extend it to identify the profit or loss for the period.
Students will study non-current asset accounting in some depth, including the accurate recording and control of the valuable resource of non-current assets which is vital to all organisations. On completion of this unit, students will understand and know how to use the non-current assets register as an important and independent record of the details of each individual non-current asset. The student will know how to use the various ledger accounts required to record the acquisition and disposal of non-current assets, how to calculate the gain or loss on disposal, and how to choose and apply depreciation methods and rates.
Students are expected to know and explain why they follow certain procedures, rather than just knowing that they have to be followed. While recognising that computerised accounts packages and spreadsheets will normally be used in the workplace, this unit helps the student understand the background processes. On completion of this unit, students will also begin to understand how ethical principles apply in the context of their work in this area. This enables the student to be a more independent member of a team and to work intelligently in their role, requiring increasingly less supervision as their knowledge grows and starting to supervise more junior members of the team.
Advanced Bookkeeping is a mandatory unit in this qualification. It follows on from the Foundation level units, Bookkeeping Transactions and Bookkeeping Controls. It is closely linked with the Advanced level unit, Final Accounts Preparation, which is recommended to be delivered after this unit. It also incorporates appropriate parts of Ethics for Accountants. Skills and knowledge from this unit are essential for the Professional level unit, Financial Statements of Limited Companies.
Learning outcomes for Advanced Bookkeeping
1. Apply the principles of advanced double-entry bookkeeping
2. Implement procedures for the acquisition and disposal of non-current assets
3. Prepare and record depreciation calculations
4. Record period end adjustments
5. Produce and extend the trial balance
This Advanced level unit is about preparing final accounts for sole traders and partnerships, and helping students to become aware of alternative business organisation structures.
This purpose of this unit is to provide the background knowledge and skills that a student needs in order to be capable of drafting accounts for sole traders and partnerships, and it provides the background knowledge of the regulations governing company accounts. A successful student will be able to complete tasks while being aware of potential ethical issues and know how to report information effectively. The student should become an accomplished member of the accounting team who is able to work with little supervision and who can see a financial picture of the organisation as a whole.
Students will be able to recognise the different types of organisations that need to prepare financial statements and will understand why such statements are important to users in the business environment. The financial accounting techniques and knowledge that they have already acquired will be developed to prepare accounting records when the records are incomplete, and students will become familiar with mark-up and margin.
Students will recognise special accounting requirements for partnerships. They will become aware of legislation and regulations governing financial statements, and will be able to recall and apply ethical knowledge to situations arising during the preparation of accounts. This unit also introduces students to the terminology and formats used by accountants in the financial statements of companies, working with the International Financial Reporting Standards (IFRS) terminology that is utilised across AAT.
Using all of this, the student will be able to prepare final accounts for sole traders and partnerships from an initial trial balance and present these to their line manager. They will then gain awareness of the more detailed requirements for the preparation of company financial statements.
Final Accounts Preparation is a mandatory unit in this qualification. It is closely linked to the Advanced level financial accounting unit, Advanced Bookkeeping, as well as to the Foundation level units, Bookkeeping Transactions and Bookkeeping Controls. In addition, it draws on the ethical principles from the Advanced level unit, Ethics for Accountants. On completion of this unit, students are prepared to start the Professional level unit, Financial Statements of Limited Companies.
It is recommended that this unit is taken after Advanced Bookkeeping and with or after Ethics for Accountants.
Learning outcomes for Final Accounts Preparation
1. Distinguish between the financial recording and reporting requirements of different types of organisation
2. Explain the need for final accounts and the accounting and ethical principles underlying their preparation
3. Prepare accounting records from incomplete information
4. Produce accounts for sole traders
5. Produce accounts for partnerships
6. Recognise the key differences between preparing accounts for a limited company and a sole trader
This unit provides students with the knowledge and skills needed to understand the role of cost and management accounting in an organisation, and how organisations use such information to aid management decision making. This unit takes students from Elements of Costing at Foundation level and gets them ready to prepare organisational budgets and report on performance at Professional level.
On successful completion of this unit, students should be able to carry out costing procedures in an organisation’s accounting department with minimal supervision. They will be able to gather, analyse and report cost and revenue information to support managerial planning, control and decision making.
Students will develop a deeper understanding of the fundamental principles that underpin management accounting: costing methodology and techniques, how costs are handled in organisations, and why different organisations treat costs in different ways. They will be able to recognise different approaches to management accounting and provide informed and reasoned judgements to guide management. They will also learn how to apply these principles and appreciate why effective cost accounting is crucial to any organisation.
Students will learn the techniques required for dealing with direct costs and revenues, and with the treatment of short-term overhead costs. These include inventory control methods; direct labour costing; allocation and apportionment of indirect costs to responsibility centres; calculation of overhead absorption rates, including under absorptions and over absorptions; and prime, marginal and absorption costing calculations.
They will also learn the techniques required for decision making, using both short-term and long term estimates of costs and revenues. These include: estimating changes in unit costs and profit as activity levels change; segmented profit or loss by products; break-even (cost volume profit – CVP) analysis; limiting factor decision making; job, batch, unit, process and service costing; reconciling budgeted and actual costs and revenues by means of flexible or fixed budgets; and capital investment appraisal techniques.
This unit builds on the knowledge and skills that students develop at Foundation level in Elements of Costing and prepares them for the Professional level units, Management Accounting: Budgeting and Management Accounting: Decision and Control. Together, these units give students an underpinning understanding of cost and management accounting principles and the ability to apply relevant techniques.
Management Accounting: Costing is a mandatory unit in this qualification.
Learning outcomes for Management Accounting: Costing
1. Understand the purpose and use of management accounting within an organisation
2. Apply techniques required for dealing with costs
3. Apportion costs according to organisational requirements
4. Analyse and review deviations from budget and report these to management
5. Apply management accounting techniques to support decision making
This Advanced level unit is about using spreadsheets to accurately enter, analyse and present information so that informed accountancy judgements can be made. The skills and knowledge from this unit integrate spreadsheet use within the other Advanced level accountancy subjects.
Accounting technicians need to use spreadsheets as it is important that financial information is accurately analysed and presented in an unambiguous way. Spreadsheets are widely used within industry, commerce and practice, and a variety of spreadsheet packages are available specifically to assist with accounting roles (routine and one-off): Features of spreadsheet packages allow calculations, manipulation of data, analysis, budgeting, preparing financial statements, reporting, forecasting and decision making.
The student will add value to their organisation if they are familiar with the underlying principles of such software and can use it competently within their workplace. Completing this unit will allow the student to apply these important skills to Advanced Bookkeeping, Final Accounts Preparation, Management Accounting: Costing and Indirect Tax.
The student will be able to analyse data using their spreadsheet skills and then communicate the most important information to enable appropriate judgements to be made. This means that the information presented needs to be accurate and easily understood by the recipient.
The objective of this unit is to equip students with sufficient skills and knowledge to enable them to select the correct information and then accurately input raw data into a spreadsheet. The student may need to use spreadsheets developed by others or to produce their own. The student will then be able to demonstrate their use of a range of skills to analyse this data in line with accountancy conventions. Skills such as the use of formulas, functions, data analysis tools, sorting and filtering will be vital within accountancy to enable students to perform complex calculations quickly and accurately. After analysis, the data needs to be comprehensively checked and then presented using a range of methods, for example as a structured spreadsheet with pivot tables and charts. The responsibility for checking accuracy of information at Advanced level remains with
the student.
Students need to demonstrate their spreadsheet skills across the whole range of accountancy topics at Advanced level. Therefore, this unit can only be examined when the knowledge and skills of the other Advanced level units are understood.
Students must have access to a suitable spreadsheet software package as part of their study for this unit and for the assessment. The program selected by learning providers must be capable of producing reports in at least one of the following formats at various stages of the process: XLSX.
Assessment evidence submitted in alternative file formats will not be marked. Spreadsheets for Accounting is a mandatory unit in this qualification. This unit links to Advanced Bookkeeping, Final Accounts Preparation, Indirect Tax and Management Accounting: Costing at Advanced level.
Learning outcomes for Spreadsheets
1. Design and structure appropriate spreadsheets to meet customer needs
2. Use spreadsheet software to record, format and organise data
3. Use relevant tools to manipulate and analyse data
4. Use software tools to verify accuracy and protect data
5. Use tools and techniques to prepare and report accounting information
The bookkeeping controls unit is about control accounts, journals and methods of payment. It takes students through reconciliation processes and the use of the journal to the stage of redrafting the trial balance, following initial adjustments.
This unit covers more complex Foundation level bookkeeping procedures, which will enable students to develop their understanding of the relationship between the various accounting records and consolidate their knowledge of double-entry bookkeeping. Students will gain the confidence they need to perform well in the workplace and the unit will prepare them for
greater responsibility.
Students will develop the ability to prepare the value added tax (VAT) control account as well as the sales and purchases ledger control accounts, including reconciliation with the sales and purchases ledgers. They will use the journal to record a variety of transactions, including the correction of errors. Students will be able to redraft the initial trial balance, following
adjustments, and be able to identify different methods of payment and their use. They will learn to update the cash book following receipt of a bank statement, and also how to prepare a bank reconciliation statement.
This unit builds on the knowledge and skills acquired from studying Bookkeeping Transactions. Studying Bookkeeping Controls and consolidating the double-entry bookkeeping skills gained in Bookkeeping Transactions will also provide an important foundation for the financial accounting units at Advanced level: Advanced Bookkeeping and Final Accounts Preparation.
This unit refers to value added tax or VAT. This is an indirect tax operating in the UK but this type of tax may also operate and be known by another name in other countries.
Bookkeeping Controls is a mandatory unit in this qualification.
Learning outcomes for bookkeeping controls
1. Understand payment methods
2. Understand controls in a bookkeeping system
3. Use control accounts
4. Use the journal
5. Reconcile a bank statement with the cash book
This Advanced level unit is about indirect tax: specifically, the tax that is referred to in the UK and throughout this unit as value added tax (VAT). The unit is designed to develop students’ skills in preparing and submitting returns to the relevant tax authority in situations where the transactions that have to be included are relatively routine. However, some non-routine issues are also included in this unit.
This unit provides students with the knowledge and skills that they need to keep their employers and clients compliant with the laws and practices that apply to the indirect taxation of sales and purchases. The content is designed to ensure that students can perform these tasks relatively unsupervised, particularly in terms of routine and some non-routine VAT tasks. However, it is expected that the student will still require some management for more involved and intensive VAT transactions. It is important that the student understands and applies the VAT rules from an ethical point of view. All VAT work must be carried out with integrity, objectivity and a high degree of professional competence. There must be due care with regard to confidentiality about any personal data being processed and, from a business protection aspect, with the correct approach to professional behaviour.
Students will learn about VAT legislation and the importance of maintaining their technical knowledge through monitoring updates. Students must be taught how to complete VAT returns accurately and must understand the implications of failing to do so. Inaccuracy and omission, late submission of returns and late payment or non payment of VAT need to be understood in terms of the sanctions and penalties that are available to the relevant tax authority.In particular, students will learn how to calculate the VAT value correctly in different circumstances, verify the calculations of the submitted return and correctly use an accounting system to extract relevant data for the return.
The VAT registration and deregistration rules are important aspects of learning at this level, and this includes the need to monitor sales closely to avoid breaching regulations. The existence and basic terms of special VAT schemes are also important.
Students will learn about how to deal with errors made in previous VAT returns and how and when these errors are corrected. They will also learn about communicating VAT matters to relevant individuals and organisations, including the special rules that apply when goods and services are imported into and exported out of the UK and the European Union (EU).
Indirect Tax is a mandatory unit. It links with Advanced Bookkeeping, Final Accounts Preparation and Management Accounting: Costing as core subjects, and with Spreadsheets for Accounting and Ethics for Accountants to create the Advanced Diploma in Accounting.
Learning outcomes for Indirect Tax
1. Understand and apply VAT legislation requirements
2. Accurately complete VAT returns and submit them in a timely manner
3. Understand the implications for the business of errors, omissions and late filing and payment
4. Report VAT-related information within the organisation in accordance with regulatory an organisational requirement
An introduction to Management Accounting: Budgeting
This unit is about the use of budgeting for planning, coordinating and authorising the activities of an organisation and for controlling costs. The unit provides skills and knowledge to improve the performance of an organisation by setting targets, constructing achievable plans and monitoring results.
Students will develop a range of skills within the context of planning and control. These include management accounting, statistical analysis, written communication and variance analysis. The application of standard costing and its links to budgeting is also included, although the topic is covered in detail in the Management Accounting: Decision and Control unit.
Students will also develop their business awareness as part of this unit. In particular, they will gain an elementary understanding of production planning (efficiency, adjusting for changing inventory levels, material control, staff planning, plant scheduling) and aspects of marketing (competition, promotion, product life cycle and so on). In this context, performance measures are used to set targets and monitor performance. These are not high-level financial indicators such as return on net assets, as learned in other units, but detailed measures relevant to specific budgets. As an example, average hourly labour rate would be relevant to the control of a direct labour cost budget.
Budgeting could be described as the art of the possible. Budgets are constructed from forecasts and plans. Forecasts relate to external factors, over which management may have very little influence, while plans relate to the organisation’s activities and must be managed.
This is a mandatory unit. Its content has links with Management Accounting: Decision and Control, but the application here is specifically to budgeting.
Learning outcomes for Management Accounting: Budgeting
1. Prepare forecasts of income and expenditure
2. Prepare budgets
3. Demonstrate how budgeting can improve organisational performance
4. Report budgetary information to management in a clear and appropriate format
For more information about the specific details of Management Accounting: Budgeting, please click here.
For full information about our AAT level 4 qualification at FI, click here.
An introduction to Management Accounting: Decision and Control
This unit is one of the mandatory Professional level units. It takes students from Advanced level costing principles and prepares them to be valuable members of a management accounting finance team. This unit was formerly known as Financial Performance.
A student who has successfully completed this unit, together with the Professional level unit, Management Accounting: Budgeting, should be a useful member of a management accounting team. Working with little supervision, the student could be expected to liaise with key business unit managers and/or budget holders in order to: prepare a basic budget and/or standard cost budget; create budgetary reports, control reports and standard costing control reports; and prepare key performance indicators and workings to aid management decision making.
This unit teaches students management accounting principles and concepts. Students will understand the nature and importance of different concepts such as cost behaviour, cost analysis, standard costing and contribution theory. They will know when each technique should be used to aid the planning and decision making of an organisation and the subsequent analysis for control purposes.
They will learn the key performance indicators that should be used to aid the performance monitoring of an organisation and the techniques for assessing changes to an organisation (what-if analysis). The student will build a toolbox of techniques, understand the nature of these techniques and know when each technique should be used.
Management Accounting: Decision and Control is a mandatory unit and builds on the fundamental concepts and techniques introduced in Foundation level Elements of Costing and Advanced level Management Accounting: Costing.
Learning outcomes for Management Accounting: Decision and Control
1. Analyse a range of costing techniques to support the management accounting function of
an organisation
2. Calculate and use standard costing to improve performance
3. Demonstrate a range of statistical techniques to analyse business information
4. Use appropriate financial and non-financial performance techniques to aid decision making
5. Evaluate a range of cost management techniques to enhance value and aid decision making.
For more information about the specific details of Management Accounting: Decision and Control, please click here.
For full information about our AAT level 4 qualification at FI, click here.
An introduction to Financial Statements of Limited Companies
The unit is concerned with the drafting, analysis and interpretation of financial statements of limited companies. This builds on the Foundation and Advanced levels, where the emphasis of the financial accounting units is on identifying and recording transactions in accounts and ledgers following the principles of double-entry bookkeeping, and drafting the statements of unincorporated organisations from the accounts and records prepared.
On successful completion of this unit, a student could be expected to be able to draft the financial statements of single limited companies and groups of companies with little supervision. A student could also analyse and interpret the statements by means of ratio analysis for the purposes of assisting outside user groups in their decision making, thereby fulfilling a useful role within an accounting team.
The unit provides students with the skills and knowledge for drafting the statements of single limited businesses and consolidated statements for groups of businesses. It ensures that students will have a proficient level of knowledge and understanding of international accounting standards, which they will be able to apply when drafting the financial statements, and will have a sound appreciation of the regulatory and conceptual frameworks that underpin the preparation of statements.
Finally, the unit will equip students with the tools and techniques that will enable them to analyse and interpret financial statements effectively.
This is a mandatory unit. It builds on the skills and knowledge acquired in the two Foundation level units, Bookkeeping Transactions and Bookkeeping Controls, and the two Advanced level units, Advanced Bookkeeping and Final Accounts Preparation.
Learning outcomes for Financial Statements of Limited Companies
1. Demonstrate an understanding of the reporting frameworks and ethical principles that underpin
financial reporting
2. Demonstrate an understanding of the key features of a published set of financial statements
3. Draft statutory statements
4. Draft consolidated financial statements
5. Interpret financial statements using ratio analysis
For more information about the specific details, please click here.
For full information about our AAT level 4 qualification at FI, click here.
An introduction to using accounting software
This unit provides students with the knowledge and skills needed to carry out typical bookkeeping transactions and tasks using accounting software. In the modern business environment, processing data and information into accounting software is a necessary task in most finance roles.
This unit teaches students the practical steps for processing accounting information electronically and will allow students to reinforce their understanding of the sequence in which bookkeeping tasks are carried out. On completion of this unit, students will have the practical ability to enter accounting transactions into software and to perform bank reconciliations accurately.
Students will be able to enter information and understand the main features. They will learn how to set up general ledger accounts for new and existing businesses and process the typical bookkeeping entries expected of students at this level, including the processing of sales and purchase documentation, recording bank and cash entries and carrying out bank reconciliations accurately. Students will also learn how to produce reports using the software and understand the purpose of these reports.
Students must have access to a suitable specialised accounting software package as part of their study for this unit and for the assessment. Spreadsheet software alone will not allow full unit content coverage, so cannot be used for the study or assessment of this unit.
The program selected by learning providers must be capable of producing reports in at least one of the following formats at various stages of the process: XLSX, CSV, DOC, DOCX, PDF, BMP, GIF, JPEG, PNG.
Screenshots may also be submitted using one of these formats. Assessment evidence submitted in alternative file formats will not be marked.
This unit refers to value added tax or VAT. This is an indirect tax operating in the UK but this type of tax may also operate and be known by another name in other countries.
Using accounting software is a mandatory unit in this qualification.
Learning outcomes for using accounting software
1. Set up accounting software
2. Process sales and purchases transactions
3. Process bank and cash transactions
4. Perform period end routine tasks
5. Produce reports
The bookkeeping transactions unit introduces students to the double-entry bookkeeping system and the associated documents and processes. Students will reach the stage of extracting an initial trial balance, before any adjustments are made. This unit provides students with the skills necessary to operate a manual double-entry bookkeeping system and provides a strong foundation for progression to more advanced manual and computerised activities.
On completion of this unit, students will be able to check the accuracy of invoices, credit notes, remittance advice, statements of account and petty cash vouchers. They will know how to use these documents to make entries in sales and purchases daybooks, sales and purchases returns daybooks, and discounts allowed and received daybooks using account codes, as well as how to transfer those totals to the sales, purchases and general ledgers.
The UK government department responsible for collecting taxes (HMRC) offers more than one method of accounting treatment when prompt payment discount (PPD) is allowed and received. However, students at Foundation level are only required to use credit notes to adjust for PPD. Using this approach, credit notes are recorded in separate daybooks, a discounts allowed daybook and/or a discounts received daybook, removing the need for discount columns in the cash book. There is no requirement at this level for learners to understand how to account for PPD by any other method.
The cash book and petty cash book are also covered in this unit, including making entries into both and transferring totals to the ledgers. Students will make appropriate checks on the accuracy of supplier invoices and credit notes, reconcile supplier statements with the purchases ledger account and calculate payments due to suppliers. They will also calculate sales invoice and credit note amounts and check receipts from customers. This unit refers to value added tax or VAT. This is an indirect tax operating in the UK but this type of tax may also operate and be known by another name in other countries.
Bookkeeping Transactions is a mandatory unit in this qualification.
Learning outcomes for bookkeeping transactions
1. Understand financial transactions within a bookkeeping system
2. Process customer transactions
3. Process supplier transactions
4. Process receipts and payments
5. Process transactions through the ledgers to the trial balance
The purpose of the elements of costing unit is to give students a basic introduction to costing, while building a sound foundation in the knowledge and skills they need for more complex costing and management accounting units such as Advanced level Management Accounting: Costing and Professional level Management Accounting: Budgeting.
Students will understand the importance of the costing system as a source of information for internal management decision making. In contrast to the more outward perspective of financial accounting, the skills developed in this unit will allow students to provide information to managers that can be used to assist in internal business planning, decision making and control.
A student successfully completing this unit will be an effective member of the costing function within the accounting team. Working with the management/financial accountant and supervision, they can be expected to:
• use the costing system to record and extract data and information for management purposes
• extract, compare and provide information on actual performance against budget.
The elements of costing unit covers the nature of cost and how it is used in a costing system. Students will understand the different classifications of cost and how they can be used for internal management decision making. As well as classifying costs, students will code transactions and build up a unit cost for a product or service, using a range of techniques to cost material, labour and overheads. Students will also engage with the budgetary control system by comparing actual costs with budgeted costs and they will determine variances, noting whether they are adverse or favourable.
Cost behaviour is essential to the unit. Students will understand how cost behaves at different levels of output, and how variable and fixed costs per unit behave as output changes. The High-Low method, in its simplest format, is introduced to give students the underpinning knowledge and skill development for later units for management accounting at Advanced and Professional levels, where marginal costing is used as an aid to management decision making.
Another important knowledge and skill that students will develop is to understand overhead as a component of cost and to build a basic unit product cost using labour hours, machine hours and per unit as a basis. This will prepare students and give them the basic tools for studies in overhead apportionment, reapportionment and absorption at Advanced level.
Elements of Costing is a mandatory unit in this qualification.
Learning outcomes for elements of costing
1. Understand the cost recording system within an organisation
2. Use cost recording techniques
3. Provide information on actual and budgeted costs and income
Monday 7th February 2022 – Virtual Event for Students:
Career Guidance and Interview Tips from a Recruiter
Time: 12:30 – 13:30
We will be running a Career Guidance and Interview Tips webinar hosted by Louisa Rowland of Goldhawk Associates. This session is aimed at school leavers looking to enter the workplace down the apprenticeship route.
Louisa Rowland is an executive consultant at Goldhawk Associates in Kent. She is an experienced recruiter who has managed offices, specialist divisions and teams, as well as working in a sole capacity within a variety of markets including Public Practice, Commercial Senior Finance, Public Sector Finance and Human Resources.⠀⠀⠀⠀⠀⠀⠀⠀
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In this session, Louisa will cover everything from career guidance to her top interview tips. She will also be answering any questions you may have about career progression, recruitment and more.⠀⠀⠀⠀
Monday 7th February 2022 – Virtual Event for Employers:
The Value Finance Apprentices can bring to a Business
Time: 13:00 – 14:00
Are you an employer who does not currently engage with accountancy and finance apprenticeships but is interested in learning more about their benefits and the value they can add to your business?
This virtual session gives employers the opportunity to hear from Peter Ellington, owner of small accounting practice Triple Bottom Line, and his experience employing and working with apprentices. Peter will share his firsthand experience of the potential value apprentices can bring to a business. As well as the financial benefits, the process of recruiting and onboarding an apprentice, and will answer any questions from the audience.
During the event, attendees will also hear from Tatiana, a current apprentice at Triple Bottom Line, as she shares information and answers questions on what it is like to be on the apprenticeship programme.
Tuesday 8th February 2022 – Virtual Event for Employers:
Building Your Talent
Time: 13:00 – 14:00
Are you a business that currently employs accountancy and finance apprentices but would like more information on how to maximise the benefits of using apprenticeships?
In this session, we will hear from members of the First Intuition team and employers who currently use apprentices. They will share tips about the positive changes apprenticeships can make to your business, how they can shape the development of your team, and what businesses can do to ensure their apprenticeships are utilised to their full potential.
Wednesday 9th February 2022 – Student Webinar:
Ask a Graduated Apprentice
Time: 18:00 – 19:00
As part of the weekly First Intuition student webinar, hosts Ben Bullman and David Malthouse will be joined by a panel of recently graduated apprentices as they discuss their experiences, what it is like being an apprentice, and life after graduating. Attendees will also have the opportunity to ask any questions to the panel.
Friday 11th February 2022 – Student Podcast:
Life after Graduating as an Apprentice
Anyone who missed the ‘Ask a Graduated Apprentice’ webinar will have the opportunity to listen back on The FI Podcast.
The episode will hear hosts Ben Bullman and David Malthouse, joined by a panel of recently graduated apprentices, as they discuss their experiences, what it is like being an apprentice, and life after graduating. The podcast episode will be available to listen to and download on Friday 11th February.
In one of my classes recently I asked a final level student “what’s the double entry for a cash sale?”. They stared at me in silence before replying “eh?”. If only they had understood the language. (they had clearly never learned the basics!)
Double entry is the language of accountancy and it is critical to both your studies and your career that you become familiar with its workings.
What are the Categories of transactions?
As a starting point it is important to be familiar with the different types of transaction that businesses can undertake. Most of the transactions that you see in your studies will fall into one of six basic categories:
Income
This generally relates to the revenue generated by making sales to customers but can also include interest received or dividends received.
Expenses
These are operating costs incurred by the business such as purchase costs, rent of premises or salaries.
Assets
These are things owned by the business such as vehicles, computer equipment or even cash in the bank.
Liabilities
These or things owed by the business to other people and include bank loans and trade payables owed to credit suppliers.
Capital
This represents amounts owed to the owner of the business (the sole trader) either for amounts invested in the business or for the profits earned by the business. Capital can be thought of as a specific type of liability.
Drawings
These are amounts withdrawn from the business by the owner and therefore reduce the capital balance.
The dual effect
Before even worrying about the double entry for a transaction it is really useful to consider the so-called ‘dual effect’ that it has on our accounting records. The dual effect says that any financial transaction will impact upon two balances in our accounts. This is actually a little simplified as some transactions will impact upon more than two balances, but you can perhaps think that the dual effect means that every transaction impacts upon at least two balances in our accounts.
For example, a cash sale to a customer has the following dual effect:
The balance of cash (an asset of the business) will increase
The value of sales made in the period (income for the business) will increase
A cash purchase from a supplier has the following impact:
The balance of cash (asset) will now decrease
The value of purchases made (an expense of the business) will increase
How about a transaction that does not affect the balance of cash; perhaps a credit purchase where we have not yet paid for the goods bought:
The value of purchases made (expense) will increase just like for the cash purchase above. It does not matter if you have not paid yet, you have still incurred a cost.
We need to recognise a trade payables balance (a form of liability) for the amount still owed to the credit supplier.
Double entry
Using our knowledge of the dual effect we can start to construct the double entry for any given transaction. ‘Double entry’ again suggests that each transaction impacts upon at least two balances in our accounts (‘dual’ and ‘double’ have a similar meaning here).
Double entry is a system of Debit and Credit entries to describe the dual effect of a transaction. Every double entry must balance, with equal values on the Debit and Credit sides.
A useful mnemonic to help you remember your double entry basics is DEAD CLIC.
DEAD
Debits increase:
Expenses
Assets
Drawings
CLIC
Credits increase:
Liabilities
Income
Capital
So for a cash sale to a customer we can follow on from our dual effect above as follows:
Increasing the balance of cash will require a Debit entry to the cash account since cash is an asset and included in DEAD.
Increasing the value of sales made will require a Credit to the sales account as sales are income and included in CLIC.
And that gives a balancing double entry of Debit Cash, Credit Sales.
Notice that DEAD CLIC reminds you of how to increase a category of transaction. To decrease them you do the opposite. So if you receive cash into your bank account (as shown above) you would Debit Cash, but if you pay cash out of the bank account you would need to Credit Cash.
Let’s construct the double entry for a cash purchase from a supplier:
Decreasing the balance of cash will now require a Credit entry to the cash account as we need to do the opposite of DEAD.
Increasing the value of purchases will require a Debit to the purchases account as it is an expense and included in DEAD.
This gives the balancing double entry of Debit Purchases, Credit Cash.
Why don’t you have a go at this example task. When you have finished you can see me talk through my solution below.
Give the double entry for each of the following transactions:
Alternatively, to get access to more exclusive news and tips from First Intuition, head to FI Hub.
What sort of jobs do accountants do?
Accountants work in every single type of organisation in every single country in the world; from local accountancy firms to global multinationals, from charities to NHS hospitals.
One of the great things about choosing a career in accountancy is the incredibly wide range of jobs that accountants work in at all levels of business. Here are just a few examples of job titles:
Bookkeeper, Purchase Ledger Clerk or Treasurer
Financial Accountant, Auditor or Financial Reporting Manager
Management Accountant or Commercial Business Partner
Financial Controller or Finance Manager
Chief Financial Officer and even Chief Executive Officer
Training as an accountant leads many people into successful careers in closely related areas. These include business analysis, insolvency, tax advice, corporate finance and merchant banking.
School leavers often start their careers in accounting by studying for the AAT qualification (Association of Accounting Technicians). This qualification gives excellent fundamental skills and is highly valued by employers. If you are interested in finding out a bit more about why the AAT qualification is such a great start to a career in accountancy and finance you can watch a video discussion here.
Graduates normally start with ACCA, CIMA or ICAEW which leads to full qualification as a professional accountant within three years. ACCA and ICAEW are more common in accounting practice firms. CIMA tends to be studied by individuals working in finance departments. For example, commercial businesses and public sector organisations such as the NHS. Find out more about these higher-level qualifications.
What are the key skills needed to be a good accountant?
Firstly I would stress that you do not need to be brilliant at maths to be an accountant. These days computers and software packages do most of the ‘number crunching’. This means you just need to be able to add up and multiply on a calculator.
The more crucial skills include analytical ability, problem solving and decision-making. It is also important to develop strong transferable interpersonal skills such as communication and leadership. These are all skills that you may have already started to build. You can see me discussing some of these skills in-depth and how to develop them.
How can I start a career in accountancy?
It is very common nowadays to enter a career in accountancy straight from school or college, but plenty of individuals go to university first. Even the largest accountancy firms tend to support both entry routes into their training programmes:
Is an apprenticeship a good way to start a career in accountancy?
Apprenticeships are an excellent way to start at all levels. Recent changes to the rules for apprenticeships have meant that larger numbers of both school leavers and graduates are studying under apprenticeship programmes. Apprenticeships help trainees to develop a wider range of important career skills in addition to the technical knowledge to be an accountant.
About 65% of the accountancy students at First intuition are on apprenticeships and many of my most capable students are apprentices so it’s definitely not a ‘second-class’ route.
Do I need to go to university if I want to become an accountant?
Absolutely not! Many employers have well-established school-leaver programmes for recruiting into entry-level positions. This can lead to incredible success at the highest levels. In fact, the Managing Partner of the largest independent firm based in Cambridge is a great example that school leavers can go on to achieve success at the highest levels of the profession:
First Intuition has been training accountants for over ten years, working with many large employers such as NHS England, Deloitte, PEM, Larking Gowen, TUI Group, Bidwells and BGL Group.
First Intuition offers classroom and distance learning courses for all of the main accountancy qualifications; AAT, ACCA, CIMA and ICAEW.
Whilst this is aimed more specifically at learners who really struggle with exam nerves on the day, the tips below are equally worthwhile for those of you who feel you have your emotions under control on the day. A calmer you is a clearer thinking, more rational you, and that’s what you want to achieve the best in your exam.
Put away the folders/notes
If you are getting anxious it might well be because you feel you aren’t prepared for the exam and don’t know the syllabus well enough. This is probably an irrational thought given the hours you have put in up until now. Having your notes in front of you immediately before the exam will only act as a trigger for your anxiety. You will inevitably find something in there 30 mins before your exam that you don’t remember. This will cause you to question your knowledge for the whole paper. Put your notes away well in advance of the exam and ideally don’t bring them to the exam centre.
Listen to some music
We all have some music that either gets us feeling positive or reminds us of a great memory where we were either really relaxed or very happy. The power of triggering those memories and positive thoughts with music is well documented. Therefore ahead of the exam why don’t you create a playlist with all these tracks on? That way on the journey to the exam on the bus or in the car you can listen and get your head in a great space. If you can, feel free to belt out a bit of a sing-along as it will also help to relieve any built-up tension (might be a bit awkward if you’re using public transport though!).
Get some fresh air and take in some big breaths
If you can, arrive early enough to have a walk near to the exam centre before you go in. Plan out if there’s anywhere nearby with some green space that you can take yourself to so that you can have a brisk walk, take some deep breaths and again help to remove any built-up nervous energy. The fresh air will be perfect for your brain and you can even maybe listen to your playlist on this walk too. Alternatively use it as an opportunity for a bit of mindfulness by really listening to the sounds you can hear around you and have some time being present in the moment. If the negative thoughts come back into your brain, then note that they arrive but let them pass through without stopping as you refocus on your surroundings instead.
Use positive affirmations
There’s a common phrase that people use which is “Whether you say you are going to fail, or you say you are going to pass, you are probably right”. Positive affirmations are a very simple and quick way to help improve your chances of performing at your best. Some examples would be:
I’ve done my best to study for this exam and am well prepared
I’ll use any nervous energy as a positive force
I feel relaxed and confident when sitting exams
I’ve passed many tests before and will pass this exam
You might read those statements and think they don’t apply to you. But that’s the point of positive affirmations, you saying them over and over again starts to change your subconscious voice that doubts you into one that supports you. They are great for exam day and useful as a tool during your revision phrase.
Use power poses
Some people really get strength and confidence from striking a commanding pose. Whether it’s having your arms up high in a star position or standing with your hands on your hips like a superhero. It might be worth doing these before you’re waiting outside of the exam room as your fellow students could well give you some funny looks. A quick trip to the toilet is a great place to know that you won’t be seen when getting your inner superhero ready.
Take a break during the exam
Many exams are time-pressured but sometimes asking to have a loo break in the middle of your exam acts as an excellent reset button for your emotional state. If you feel a bit overwhelmed in the exam then taking 5 minutes out of the room and maybe trying some deep breathing or power poses or positive affirmations as noted above can give you that pick me up to finish the rest of the exam strong.
So next time you have an exam coming up why don’t you plan to try and use some of the above tips. None of them should negatively impact your performance and if you find one that works for you then it will be a tool that you can keep on using throughout your career at any point when you have performance-related anxiety.
Useful Links
To find out more about the qualifications we offer, please click here.
Here are some links to the exam bodies we work with:
Before you can download the report, we kindly ask you to give us your contact details.
Jump Start January
Can we really jump-start January and make changes that will last for the rest of the year? This is the time of year when many of us think about improving our health and wellbeing. In a time, where we’re all very conscious of our health, courtesy of the long-lasting Coronavirus pandemic, it’s never been more important to look after ourselves both mentally and physically. But where do you start? We’re bombarded with health advice in the news and on social media; eat meat, don’t eat meat, run, don’t run, exercise is good for you, but don’t overdo it. It’s easy to see why many so-called ‘New Year’s Resolutions’ have faded by the middle of January.
Our team is also trying to navigate this minefield, so we’ve asked them for some ideas about how to ‘Jump Start January’ this year. One trend we’ve noticed is the focus on not putting yourself under too much pressure to make huge changes. Making our lives more difficult is something all of us can do without. Here’s a quick rundown of some of the changes made by team FI, as well as some in which you can participate in.
Changing the way we eat
In previous years, David and Kelley, two of our Chelmsford Directors, successfully completed Veganuary. In fact, David was so successful that he maintained his vegan lifestyle for several months. With this success under their belts and knowing how good they both felt the last time, Kelley and Dave are aiming to complete Veganuary this January too and will be sharing some tips and recipes with the team.
Move more to Jump Start your January
Our team is a fairly active bunch, so it came as no surprise that January has seen a wave of new commitments. This January, a number of members from FI Chelmsford are participating in an exercise challenge to raise money for Food Cycle. Between the team, they are running or walking the distance between Sansepolcro, Italy (the birthplace of double entry bookkeeping) and Chelmsford, Essex (its new home), which is 1017 miles!
Tutor Ian has always been a committed runner but has decided to mix things up this year by introducing daily yoga. He has successfully taken on yoga in January before and found it very beneficial. He found a wealth of useful videos on the Yoga with Adriene YouTube channel, which allows him to practise for as little as 7 to 15 minutes. Enough time to feel the benefits but in a way that’s easy to fit into your day.
Also returning to an old favourite, our Marketing Manager, Shelly took up netball in 2021 and plays with a back to netball group. Realising that she’s probably one of the oldest on the court and maybe not the fittest, her goal was to improve her all-round fitness, and she continues to play netball with the group to achieve this.
If you need the structure and atmosphere of a gym, a few team members recommend joining one of the council-owned gyms that are reasonably priced and frequently offer student discounts. You’ll not only have access to your local centre, but also others in the area. This opens up the opportunity to try a range of activities, including ice skating and swimming, and also means you’ll always have somewhere to train.
Taking time for ourselves
While exercise can give us some much-needed time away from the daily grind, we don’t have to pound the pavement to get a break. A recommended activity to get away and relax is spending more time reading. Setting yourself a challenge can help if you’re not someone who would usually pick up a book in their free time. Our Associate Director, Emma, had previously set herself the challenge of reading four library books a month. Reading has so many benefits that many of us are not aware of. It’s the perfect way to wind down before sleep, improves our brain connectivity, and reduces stress, heart rate, blood pressure, and the symptoms of depression.
From a student’s perspective, reading also widens your vocabulary, sharpens your memory, strengthens your writing skills, and makes you more aware of grammar and spelling. In previous years, Emma focused on fiction, but if you’d prefer something that might help you with your motivation and commitment to your goals, there are some great recommendations later in this article.
Jump Start January with Self-care
In this busy world, with work, study, and family commitments filling our time, it can be difficult to commit to a new diet, exercise regime, or hobby. However, looking after ourselves, even by making small changes and personal promises, can help us feel better about our chaotic lives.
In 2022, our Apprenticeship Manager, Rebecca, decided to do just that. She started her day with a 5-minute meditation and positive affirmations. To begin, she reminded herself that she isn’t perfect and that’s OK, that her happiness isn’t dependent on how others perceive her, and that she should look for the bright side in every situation. She also set herself the goal of complimenting another person at least once a day. At the end of each day, she reflected on what went well, what she had learned, and how she could grow.
Those who engage in positive thinking often see a reduction in common colds, improve their cardiovascular health, and have a longer lifespan. Alongside this, thinking positively can help to improve coping skills in stressful situations, reduce the risk of depression, and also helps to achieve other goals such as improving fitness or changing your diet. In some ways, this can be considered the cornerstone of wellbeing.
Think before you drink
Amongst our team, there were no pledges to try ‘Dry January’. This could be due to our tendency to avoid putting ourselves under too much stress. However, it may also be because there are a few birthdays amongst the team this month, but we know that this is the time that many people try to ban the booze. There are many benefits to giving up alcohol. These include feeling healthier and less jaded, saving money, lowering cholesterol, and reducing the risk of diabetes and high blood pressure.
If you’re not ready to forgo alcohol, then why not try moderation instead? Drinking less can have similar benefits to giving up completely, although these may be subtler but more sustainable. Sleeping better, having more energy, and improvements to your overall health are just a few of these. It may also help you commit to other goals, such as diet and exercise modifications.
We’ve also seen an increase in the availability of non-alcoholic beverages these days. This means that you can still socialise and feel very smug the next day when you’re not suffering from the effects of a boozy night out.
Motivation and Resources
Over the years, we’ve collected tips and recommendations from the team for embarking on and sustaining changes.
Books we are reading
Atomic Habits by James Clear – This book aims to demonstrate ways to build good habits and break bad ones.
Books by Dr. Ranjan Chatterjee – Dr. Chaterjee is a Doctor with over 20 years of experience who believes that by looking at our health as a whole and making small, manageable adjustments we can all improve our wellbeing. He has written a number of books about stress, losing weight and mental health.
Good Life, Good Vibes by Vex King – A mind coach whose book aims to help us all to empower our minds and embrace positive thinking.
Happy by Fearne Cotton – Aims to help you release what’s going on inside your head and keep moving towards the good things in life.
Think like a Monk by Jay Shetty – In his book, Jay focuses on what he believes are the roadblocks to our potential and power, helping you develop the skills and tools to break through negativity, anxiety, overthinking, and peoples expectations.
Podcasts we love
We love a good podcast and when we’re not listening to our FI podcast (which incidentally has lots of episodes on wellbeing, motivation, and mental health), here are some of the others we like:
Once again, Dr. Rajan Chatterjee features highly and his podcast has over 200 episodes offering easy ways to make improvements to your health, expert advice, and also dispels some common myths.
The Power Hour with Adrienne Herbert – what could you achieve if you dedicated an hour a day to improving yourself? This podcast speaks to leading coaches to find out their tips.
Open Mind with Frankie Bridge – In her podcast, Frankie hopes to inspire others to be more open about their mental health by chatting to her guests.
The Doctor’s Kitchen with Dr. Rupy Aujla – Dr. Rupy and his expert guests explore the multiple ways in which diet and lifestyle can help you achieve your healthiest and most fulfilling life.
Our tips to achieving your goals
Setting, sticking to, and achieving your goals is similar whether you’re at work, studying, or trying to make healthier choices. Here are some top tips from our team.
Visualise what you want and what it will feel like to achieve it.
Concentrate on 2-3 goals at a time. Too many and you’re less likely to achieve them.
Break each goal into manageable chunks.
Find people to support and encourage you.
Reward yourself and try to tie this to your goal. For example, if your aim is to work out more frequently and after a few weeks you’ve managed it, then you could reward yourself with something that compliments this goal such as a new workout outfit or a massage.
“The journey IS the reward”
Gareth John – FI CEO
There is no set rule on this, but we do have a suggested order for each level, as some units follow on from others.
This is the recommended order for level 2:
Bookkeeping transactions (BTRN)
Bookkeeping controls (BKCL)
Elements of costing (ELCO)
Foundation Synoptic (FSYN)
Using accounting software (UACS)
The reason for this order is that it is best to start with the 2 bookkeeping units to get a good knowledge of your debits and credits.
Bookkeeping transactions is best done first because Bookkeeping controls follows on and builds on the knowledge learned in Bookkeeping transactions.
Elements of costing is done next and then the synoptic.
This exam will have questions on the first 3 units (BTRN, BKCL, ELCO). This is to test you have retained your knowledge from these units, so you need to have sat the first 3 units before sitting the synoptic exam.
This is why the synoptic unit is 4th, so the first three units are as fresh in your mind as can be.
Using accounts software is a stand-alone unit so is done last as it will not be tested in the synoptic unit so we leave this until last.
This is the recommended order for level 3:
Advanced Bookkeeping (AVBK)
Final accounts preparation (FAPR)
Management accounts – costing (MMAC)
Advanced Synoptic (ADSY)
Spreadsheets (SPSH)
Indirect tax (IDRX)
The reason for this order is that again it is best to start with the two bookkeeping units (Advanced bookkeeping and Final accounts preparation).
These units build on what you learned at level 2 in the first two units, and typically students studied this at the start of level 2, so we don’t want a large time delay between these units and when they need this knowledge at level 3.
Advanced bookkeeping is best done first and then Final accounts because Final accounts builds on the knowledge learned in Advanced bookkeeping.
Management accounts – costing is done next (this builds on what you learned at level 2 in the Elements of costing unit).
The synoptic unit is next, this exam will have questions on the first 3 units (AVBK, FAPR, MMAC). This is to test you have retained your knowledge from these units, so you need to have sat the first 3 units before sitting the synoptic exam.
This is why the synoptic unit is 4th, so the first three units are as fresh in your mind as can be.
You will also have to sit the new spreadsheets unit. This has now required prior knowledge, so it can actually be sat at any point in the level. However, you shouldn’t break up the natural flow of AVBK, FAPR and MMAC into ADSY. So, we recommend that if you aren’t sitting this 1st, you would sit this as your 5th exam as you must wait 6 weeks for your results for this to come through.
Indirect tax is a stand-alone unit so is done last as it will not be tested in the synoptic unit. This also means that when you are waiting the 6 weeks for your synoptic and spreadsheets results, you can study IDRX, which is quite a short unit. So when you sit your IDRX exam, you will get your result for this on the date of the exam, which will be a similar time to when your synoptic and spreadsheets results come through.
This is the recommended order for level 4:
Management Accounts – Budgeting (MABU)
Management Accounts – Decision and Control (MDCL)
Financial Statements for Limited Companies (FSLC)
Professional Synoptic (PDSY)
Two chosen optional units.
The reason for this order is that Budgeting is a nice unit to begin level 4 with, this builds on the knowledge learned from Elements of costing (level 2) and Management accounts costing (Level 3).
Decision and control follows on from this and builds on the knowledge learned in Budgeting.
Financial statements is next. This builds on the bookkeeping knowledge gained from levels 2 and 3.
The synoptic unit is next, this exam will have questions on the first 3 units (MABU, MDCL, FSLC). This is to test you have retained your knowledge from these units, so you need to have sat the first 3 units before sitting the synoptic exam
This is why the synoptic unit is 4th, so the first three units are as fresh in your mind as can be.
Then the two optional units. However, as the optional units are not part of the synoptic exam, you could start with the optional units. However, we wouldn’t suggest you do these between any of the mandatory units and the synoptic exam, as you are just creating a time difference between when you studied Budgeting, and when you need that knowledge in the synoptic exam.
I fully recommend that when you start any new level, you get in touch with your tutor to discuss the choices available to you.
Other options
At level 3, you can start with Indirect tax as it is a stand-alone unit.
At level 4, you can start with Financial statements as this is a stand-alone unit.
You could also start with your optional units, they don’t have to be done last.
At each level, you must do the 3 main units before the synoptic as these units will be tested in the synoptic.
We do have the above recommended orders, but you do have different options and they can be adjusted depending on the individual student so as I mentioned at the beginning, the order is not set in stone, but some units are best done before others.
Have a chat with your tutor to discuss what is best for you.
Happy studying!
Once you have decided the order to study, you may want to know our tips for sitting your first exam.
For more news and exclusive tips from First Intuition, visit FI Hub.
The pandemic has shifted the mindset of many employees, who are increasingly emphasising the values of a company, what they stand for, and how they treat their staff. Poor work culture is costing the UK economy nearly £24 billion a year. 34% of people have said they have left their job because of the culture in their workplace. Work culture is therefore becoming increasingly relevant.
Culture-first businesses are better businesses. They have a more productive workforce, higher retention of staff, and attract the best people. Retention and Recruitment are key challenges for all firms and a strong culture plays a large role in addressing these issues.
This article shares highlights from the session where guest speakers, listed below, joined Lucy Parr and David Malthouse to discuss how to get a culture-first organisation.
Guest speakers include:
Lisa Lister, Co-founder of Culco
Jane Slimming, Co-founder of Culco
Lisa Leighton, Managing Partner at BHP
Fiona Wieland, Coach and Project Manager at NHS Skills Development Network Yorkshire and Humber
Danielle Heath, Co-founder of Innovate Enterprise Solutions
You can watch the recording of the forum by clicking the button below.
Benefits of a culture-first organisation
Improve business culture and happiness, and in turn, increase productivity and retention
Create a place where people feel valued and do their best work to be their best version of themselves
Staff that are a better fit for the business are more likely to have increased morale and go the extra mile
Staff that are a better fit for the business attract the right clients for the business
What is culture?
Culco define workplace culture is the character and personality of an organisation. It is made up of leadership, values, traditions and beliefs, and the behaviours and attitudes of the people in it. They should be the foundation of the people a business hire, promote and let go.
To gain culture:
Invest time into developing values
Communicate these in the right way and do not stop
Recruit, promote and let go based on these values
Constantly engage and measure staff based on these
Finding your values
What do you do already?
What do your staff think?
What’s your vision statement?
What do your customers think?
What are you trying to achieve?
Do the values help you achieve your proposition?
When you have the right ones and live by them you get the right people, doing the right thing. The company values should be a clear path of what is needed in order to achieve company greatness.
Communicating them
Launch event
Display them wherever you can – physically/digitally
Promote them externally to find and work with the right clients
Continue to do it – NOT launch and leave
Find ways to bring them to life and help them with the behavioural change
Positivity Day
Creative exercises
Honest discussions
Recruit, Promote, Let Go
Use the values in interviews. Ask candidates to demonstrate the behaviours
Use them in appraisals, shouts outs and when communicating someone has been promoted. Reward them openly
Let staff and customers go when they can’t demonstrate them
Deciding on a programme to promote culture
One size doesn’t fit all
Has to embody values
Has to either motivate/energise or increase positivity
Get inspiration from anywhere
The programme is an ongoing commitment. Constantly evolving, changing and improving it does not have to be (and will not be) right the first time. Ask staff how they are feeling and allow them to make comments anonymously. Listen to feedback and act on it.
Responsibility/launch
Depending on how big the programme is, staff will be needed to help you deliver it
Seniority does not matter, anyone from any level of the business can help implement
Let people choose what they want to take responsibility for
Then launch it. Make an event out of it, communicate how important this is and how much of an investment the business is putting in
Delivery
Keeping momentum is key
If you cannot deliver it do not start it
Set aside dedicated time to go over it
Start small and grow it
Make it count and make it important
Measurement
Ask what is working and do more of it
Ask what is not and stop doing it
Re-do surveys to see the effect on the staff
Ask staff for suggestions and implement them
Marketing
A strong culture helps recruit the best staff and clients so share it where possible
Doing activities that enforce a business’ culture provides a huge amount of content for social media
Put evidence on display for when clients come into the office
Now more than ever, the quality of a training providers online learning resources is essential to a students’ ability to prepare effectively for their exams – and this isn’t just for ‘traditional’ Online students. Students who attend live, tutor-led classes (either Online or in one of our centres) also are using online content to support their learning more than ever.
Whether you’re using the content as your primary method of learning, or are using it to review and revise what you’ve covered in class, it gives you flexibility and control over your learning.
That is why we think its more important than ever to give you a taste of what we provide to all our students via our online learning platform – FI Learn.
What you get
To give you a chance to explore our online content, we’ve made a short section of our CIMA BA2course and our ACCA Financial Reporting course available to you for 14 days. Even if you’re not studying these subjects, all our papers follow the same structure and provide the same quality of content – so it’ll still give you a flavour of the platform. This isn’t really about learning the subject, it’s more about you being sure that FI’s online learning resources can support you.
We’ve made the trial available to purchase for free via the FI website. You don’t need to pay for the demo, but you’ll need to go through our checkout process to access the course.
By signing up to our free 14 day Try Before You Buy Demo, you’ll be able to see the following:
You’ll be able to see:
FI Online: Try Before You Buy
An example of our study planners we provide to every learner
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Access to pre-recorded videos (all completed by our excellent tutor team) for a selection of chapters
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End of chapter practice questions
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Checkpoint tests
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If you decide that you’d like to sign-up for a full course, you’ll also receive:
Sign up to a full course and receive:
FI Online: Sign Up and Receive
Physical materials sent out to an address of your choice
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Full access to all of the lecture videos, tutor debriefs and question practice for your chosen paper
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Named tutor support
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Full access to mock exams
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How to sign up
We’ve made the trial available to purchase for free via the FI website. The trial is completely free to access, and you don’t need to pay, but you will need to go through our checkout process to access the course.
The First Intuition Apprenticeship Awards were hosted remotely on Tuesday 21st December.
The Apprenticeship Award winners, alongside their managers, were invited to the ceremony where the achievements of the winners were publicly acknowledged.
Employers were enthusiastic in nominating their apprentices and the awards committee was challenged to whittle this down to just 12 deserving winners.
One of the winners said, “I was already so appreciative that my team had taken the time to put me forward, to then also be recognized by First Intuition was such a great surprise to end the year on. I’m grateful for all the support I’ve received and am looking forward to improving even further in the future”.
Another winner said, “Although it has been a difficult year, I am so happy with the progress I have made with my exams. The support from First Intuition has been amazing and I am so grateful to have been chosen as a winner of this award”.
The winning criteria
The criteria for the apprenticeship award winners included: going above and beyond, academic excellence, outstanding teamwork and contributing to the well being of their teams.
One student introduced Workout Wednesday’s for their firm to run remotely for all members of the team.
Another student organised raffles for charities, raising money for breast cancer.
Others were recognised for the outstanding quality of work and dedication throughout the year as well as going above and beyond.
Jo Dyson, Education Director at First Intuition said:
“It has been a delight to review the applications for the Annual FI Apprenticeship Awards. Our apprentices have continued to go from strength to strength in 2021. At a time when working remotely can be a barrier to developing the key business skills needed to take their career to the next level, our programme challenges and supports them in their development. The fact that so many of our employers nominated their apprentices for an award this year shows how much these skills are valued”.
The 12 apprenticeship award winners
Here is a full list of the apprenticeship award winners.
Samantha Richards
Amy Merchant
Lucy Taylor
James Sherlock
Callum Meredith
Milan Miskolczi
Robson Kerr
Rebecca Green
Alisha Sandhu
Lucy O’Connell
Jane Zhou
BCMS team
To find out more about apprenticeships at First Intuition please visit this page.
It doesn’t matter when the sale is paid for, or when we send out the invoice. Sometimes we invoice in advance for the work being done. And sometimes we might do the work before issuing the invoice. In this article we explain the differences between accrued and deferred income and how we adjust the journal entries for them. You can read more about double entries in our double entry overview article.
What is double entry for immediate payment?
If we earn some income by delivering goods to a customer and the customer pays for those goods immediately, then the double entry is:
Dr Cash (the asset that we now own)
Cr Sales (the income that we have generated from delivering the goods)
This is a cash sale.
What is double entry for credit orders?
If we earn income by delivering goods to a customer and they do not pay immediately, this is often because we offer them a credit period. We would normally send them an invoice as a request for payment at a later date. The double entry for this is:
Dr Sales ledger control account (the asset of the receivables balance owed by the customer)
Cr Sales (we have still generated income by delivering the goods even if we haven’t been paid yet)
This is a credit sale.
Note: It doesn’t matter that we haven’t been paid for the goods yet. We have delivered them to the customer so we have “earned’ the income. Therefore, the credit is still made to the sales account.
Accrued income
Now, what about if we deliver goods to a customer, who doesn’t pay immediately, but we haven’t issued an invoice yet? We still need to recognise the income earned as we have delivered the goods. But because there is no sales invoice to list in the sales day book, there would be no entry made to the sales ledger control account. Therefore we need to recognise another form of receivable. This will be invoiced and collected at some point in the future; accrued income.
What is double entry for accrued payment?
Dr Accrued income (again, an asset. Think of this as an ‘un-invoiced receivable’)
Cr Sales (again, still recognising the income generated as we have delivered the goods)
As long as we have delivered the goods we have ‘earned’ the income. It does not matter that we haven’t sent an invoice yet.
Accrued income is a current asset and would sit on the balance sheet (the Statement of Financial Position) under trade receivables.
How do you eliminate accrued income?
When you eventually raise the invoice for the goods that the customer has had you can eliminate the accrued income as follows:
Dr Sales ledger control account (now that you have raised an invoice)
Cr Accrued income (getting rid of our ‘uninvoiced receivable’ now that it has been invoiced)
Deferred income
Deferred income is the exact opposite to accrued income. This is when we receive payment by a customer for something, but haven’t actually earned the income (so we haven’t delivered the goods yet). It would occur in a situation where a customer is paying in advance for goods that we are going to deliver in the future.
If we haven’t delivered the goods yet then we haven’t ‘earned’ the income so we cannot recognise anything in the sales account yet. Instead, we recognise a liability called deferred income. It may seem strange that we are recognising a liability when we are dealing with a customer but if they pay in advance for goods then we owe them that money until we deliver the goods. If we fail to do so we will have to repay them the amount that they have paid.
What is double entry for deferred income?
Dr Cash (the payment we have received in advance from the customer)
Cr Deferred income (the liability we owe to the customer until we deliver their goods)
Note: We don’t recognise anything in the sales account as though we have had some cash from the customer. The reason for this is that we haven’t yet done the work that ‘earns’ this income.
Deferred income is a current liability and would sit on the balance sheet under trade payables.
How do you eliminate deferred income?
When we deliver the goods to the customer, we have now done the work to ‘earn’ the income and will no longer have to potentially pay them back so the double entry posted is:
Dr Deferred income (to remove the liability no longer needed)
Cr Sales (as we have now ‘earned’ the income)
Other forms of income
In some tasks the ‘income’ being dealt with may be something other than sales of goods, for instance, it may be rental income. The basic double entry here is much the same as above.
So, if a tenant has occupied some space we own (meaning that we have ‘earned’ the income) but we haven’t yet invoiced them this is accrued income:
Dr Accrued income
Cr Rental income (instead of sales)
If a tenant pays in advance for the next period, it is deferred income as we haven’t ‘earned’ the income yet:
Dr Cash
Cr Deferred income
Your turn
We own a building in which we rent space to tenants at £1,000 per annum. One tenant pays for two years in advance and a second tenant will be invoiced for the same two years at the end of the second year. Show the relevant ledger accounts at the end of the first year.
Once you have had a go yourself, you can watch our solution here:
The owners of a business are likely to be very interested in how much money their company is making. “Profit” is the amount of profit generated in pounds. “Profitability” looks at how this profit in pounds compares to some other value in the accounts. The higher the profitability ratios the better.
Margins on sales
Margins compare the profit in £’s to the sales revenue generated on the P&L. Since “margin” is short for “margin on sales” they are literally calculated as the profit figure divided by the sales revenue, showing the result as a percentage. There are two margins that you can calculate depending upon which profit figure is used:
– Gross profit margin is calculated as gross profit/sales revenue x 100. This shows the profitability of the business after taking account of cost of sales.
– Net profit margin is calculated as net profit/sales revenue x 100. This shows the profitability of the business after taking account of all operating costs. The net profit figure is also known as “profit from operations”, “operating profit” or “profit before interest and tax”.
Returns on investments
Running a business to generate profit will normally involve some investment by the owners in assets (shops, machinery, vehicles etc). We can calculate ratios to compare the profit in £’s to a value of the assets from the balance sheet. There are two measures we can use depending upon which asset value is used:
– Return on capital employed (ROCE) is calculated as net profit/TALCL x 100. In this case TALCL stands for Total Assets Less Current Liabilities.
– Return on net assets (RONA) is calculated as net profit/net assets x 100. Net assets will be Total Assets Less Total Liabilities (a slightly different way of valuing the balance sheet to TALCL).
Liquidity ratios
As well as looking at the profits currently being made, the owners of the business are likely to be keen to ensure that the business is likely to continue making these profits in the future. The liquidity ratios focus on the ability of the business to generate cashflow.
– Current ratio and quick ratio
The current ratio examines whether the value of liquid (or current) assets covers the value of short-term (or current) liabilities. It is calculated as current assets/current liabilities. A figure greater than 1 implies that the business should be able to cover short-term liabilities.
The quick ratio does a similar job but ignores the value of inventory. This is because inventory could potentially take quite a long time to convert into cash. The quick ratio is calculated as (current assets – inventory)/current liabilities.
– Period calculations
Another way to examine liquidity is to look at the length of time that each element of working capital exists for ie how long does it take to collect money from credit customers, how long do we hold inventory for, and how long do we take to pay credit suppliers:
– Receivables collection period in days = trade receivables/credit sales x 365
– Inventory holding period in days = inventory/cost of sales x 365
– Payables payment period in days = trade payables/credit purchases (or COS) x 365
Gearing ratios
Gearing examines the way in which the business is financed. The two sources of finance considered are equity (funds raised from shareholders through issuing ordinary shares) and debt (amounts borrowed from banks and other financial institutions).
There are two ways of calculating the gearing of a business although they are both ways of comparing the levels of equity and debt.
– Total Debt/Total Equity or D/E.
– Total Debt/Total Debt plus Total Equity or D/(D + E).
If a business has very high levels of gearing it means it has a lot of borrowing which can cause problems with covering interest payments.
Why don’t you have a go at this example. When you have finished, follow the link to see me talk through my solution:
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Will I be able to do some exam practice?
Of course, we know how important question practice is when studying towards a professional exam and we pride ourselves on providing you with lots of question practice throughout the course – including mock exams with feedback – so that you can test your knowledge, focus your studies and keep on track towards passing your next exam.
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Please note that exam and membership fees are not included in our FI Online or FI Online Live courses. Find out about FI Online courses
A positive from the pandemic was the opportunity to develop free resources to support accountants that are available to everyone. In response to COVID-19, First Intuition developed and delivered a number of free resources for its clients, students, and young adults looking for work. These were introduced as First Intuition rapidly responded to the twin issues of employers coping with constant change in working practices, and young adults leaving education after a very fractured end to their school and college journeys.
The free resources were created to ensure existing students could continue with their studies, school/ college leavers could find their first jobs, and to help employers stay up to date with the latest news and information.
These free resources were subsequently made available to anyone so others could benefit from First Intuition’s training and insight. The majority of these continue to contribute to First Intuition’s ever-growing portfolio of free resources. They include:
AAT Revision Sessions
The AAT Revision Sessions are possibly the biggest free contribution to the accountancy community. To help students with AAT assessments the team of experienced tutors put together a range of free online revision programmes. These were open for anyone, not just First Intuition students.
These short sessions run on a weekly basis and break down a particular question type or topic area for many of the Level 2, 3 and 4 papers. At its height it offered 14 different free sessions per week to anyone studying AAT around the country.
Annually First Intuition centres across the country invite local students to come along to one of the free Accountancy Academies. These are a place for young adults to find out more about the accountancy and finance industry and the careers available within it. It gives students interested in pursuing a career in accountancy and finance the space to learn more and ask questions. First Intuition share and promote the academies amongst schools/ colleges and careers advisors to encourage as many students to join.
The event took place virtually in 2020 and 2021 allowing more students than ever from across the country to access the event. In 2021, the programme ran twice; once in April/May and then again in July with over 600 registrants. This allowed students who were completing assessments for GCSE and A-Levels to choose the best time to attend. Find an overview of the sessions here.
Mini Skills Sessions
In 2020 and 2021 we offered free virtual Mini Skills sessions that cover the essential skills to help anyone in the workplace think in a more focused and effective way to increase productivity. Topics ranged from time management to emotional intelligence. The interactive Mini Skills sessions focused on one topic per week so viewers could develop specific skills where needed.
Sessions were available to attend live and were relevant to both students and employers.
FITT Forums
First Intuition Employer Forums became incredibly popular during the summer of 2020. This came as we saw many employers and educationalists tuning in regularly to hear the latest news from our industry.
Our regular First Intuition Think Tank (FITT) forums continue to address issues emerging that are affecting businesses. Previous topics have included remote onboarding, remote management of junior staff, the role of data analytics in accountancy, equality, diversity, and inclusion in the workplace, and engaging with schools and colleges to broaden your recruitment pipeline. Though aimed at employers, the topics are available to everyone, First Intuition client or not.
Collectively, the FITT forums have had thousands of attendees. The sessions are all recorded and summarised so anyone can revisit them. Click to find summaries of the sessions from 2020, 2021 and the recordings on YouTube.
Leadership Lunch and Learn Forums
First Intuition’s free bite-size leadership and management sessions, with guest speakers and panellists, were introduced to help businesses to lead and manage teams in unprecedented times. The sessions offer a great opportunity to learn from expert speakers on the topics facing companies today, and how to develop leadership skills to overcome new workplace challenges. Attendees can also hear first-hand how companies have implemented effective changes related to leadership and management. These sessions are recorded/ summarised and made available on First Intuition’s website and YouTube channel. Catch-up on previous Leadership Lunch and Learn forums here.
FI Podcast
FI Directors David Malthouse and Ben Bullman present the FI Podcast aimed at students. Each week it covers the latest insights into exams, apprenticeships, study techniques, how to excel in the workplace, as well as general insight into the accountancy industry. Special guests also feature to talk about specialist topics of interest to our students. Previous guests include Steve Williams, Director of Security Operations for LNDSR, Catherine Wallis, Head of Operations at the One Group, and Christina Christoforou, ACCA qualified and founder of CMNC Finance.
In December 2021, there had been over 70 episodes and approaching 17,000 downloads. Covering topics from effective revisions techniques to managing mental health. Listen to previous episodes here.
AATitude Festival
During the pandemic, First Intuition tutors wanted to inspire accountancy students and give some much-needed motivation, structure, and technical help to keep them on track. As a result, First Intuition’s created the award-winning AATitude festival. The week of virtual events aimed at AAT students offered a unique space to draw together a multitude of perspectives, experiences, and expertise to gain knowledge and skills in all things AAT.
Topics included dealing with narrative tasks, revision techniques, how to succeed in synoptic assessments, career guidance, and more. The programme received 1,500 delegates from across the UK and ran again in 2021. AATitude Festival was also shortlisted for PQ Magazine’s ‘Innovation in Accountancy’ award. More details on the sessions and their recordings can be found here.
Employability Skills Resources
To account for the reduced focus on employability skills by schools during the pandemic, First Intuition put together a host of free employability skills resources. These are to help young adults navigate their way into the workplace and through the process of starting a new job.
The Employability Skills combine original content from First Intuition and links to other helpful resources. The content is relevant to anyone looking for help and advice on how to find, apply, and start a job in most roles. Not just in accountancy and finance. Resources include how to find the right career for you, how to apply and interview for a role, what to do once you have been offered a job, and how to make a good impression once you start.
Other useful topics include what to look out for in your contract of employment, office etiquette, and salary negotiations. We share the employability skills resources at careers fairs and distribute them to local schools/ colleges. Find the employability skills resources here.
Get your First Job in Accountancy Resources
Similarly, to make up for the fewer opportunities for young people to spend with careers advisors whilst working from home, First Intuition created a number of articles with information and advice on how to start a career in accountancy and finance. Links to these resources are below:
First Intuition created and compiled pre-start resources to help employers and their new trainees settle into their new roles. These resources are free to access ahead of starting or during the early weeks of a trainees accounting and finance role. They combine over 7 hours of video on different topics from First Intuition’s archive of video lecture content. The pre-start resources and are a great way to get up to speed before students’ first formal study course. Find the Pre-start Resources here.
Apprenticeship Guidance and Resources
As the popularity of accountancy and finance apprentices continue to grow, First Intuition put together a selection of useful online resources to inform and answer questions about accountancy apprenticeships. These compiled resources include useful links that inform employers about apprenticeships and their benefits. As well as apprenticeship testimonials, apprenticeship incentives, and the programmes First Intuition offer. Find the Apprenticeship Resources here.
First Intuition Scoops first CIMA Excellence Award
CIMA have announced that First Intuition won a Global Pass Rate Excellence Award at the CIMA Awards ceremony 2021. This award explicitly recognises CIMA tuition providers who have consistently achieved excellent pass rates across all Case Study levels and multiple exam sittings. Consequently, this cements First Intuition’s position as one of the best CIMA tuition providers in the world.
The CIMA Excellence Awards celebrate outstanding training providers who have made significant contributions to the accounting profession this year. Moreover, these awards highlight the high-quality of teaching, research, and learning in accounting education across the world.
Gareth John, Executive Chairman and Director of First Intuition Cambridge Ltd, said:
“Fantastic news, particularly in such a disrupted year! Well done to our diligent CIMA students, their supportive employers, and our dedicated tutors and coaches for a great team effort.
It’s been great to see that our virtual classroom delivery across all qualifications from March has maintained both pass rates and progression at pre-COVID levels.”
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at The Chartered Institute of Management Accountants, commented:
“The CIMA Excellence Awards honour institutions and individuals who have made outstanding contributions to the accounting profession. First Intuition have therefore worked tirelessly to enrich their students, providing them with the best possible tuition and prepare the next generation of accounting professionals. The Global Excellence Award is a true testament of their commitment and dedication to building the future of our profession.”
The future of the CIMA Awards
CIMA will present the Excellence Awards annually to those who have made a difference to the global accounting community. Above all, they look for tuition providers that have proactively supported their students towards earning their Chartered Global Management Accountant (CGMA) designation. CGMA is the most widely held management accounting designation in the world.
Visit the CIMA website for a complete list of the 2021 CIMA Excellence Awards winners.
As the accountancy industry continues to develop and mould, a shift becoming more prominent is employers favouring school leaver programmes over graduate schemes. Therefore, it is increasingly important for employers to engage with local schools and colleges to broaden their recruitment pipelines.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss and share tips on how employers can most effectively engage with schools and colleges during the recruitment process.
Guest speakers
Expert industry observers:
Cinzia Brusini, Head of Careers at Form the Future Klara Reddy, Senior Lead Practitioner for Personal Development at Ormiston Academies Trust
Ryan Stowers, Manager of Corporate Tax for Saffery Champness Rachael Saunders, Education and Policy Director at Speakers for Schools Conor Cotton, Managing Director at Not Going To Uni
You can watch the recording of the forum by clicking the button below.
Poll Results:
Question: In recent years how has the proportion of your intake of trainees that is made up of school and college leavers changed?
Answer: The majority of respondents felt the proportion of their school and college leavers intake had either increased slightly (54%) or stayed similar (34%).
Question: How do you find the recruitment process for school and college leavers compares to graduates and experienced hires?
Answer: The majority of respondents found the recruitment process for school and college leavers similar (40%) or slightly easier (37%) compared to graduates and experienced hires.
Question: Which stage of the recruitment process for school and college leavers do you find hardest?
Answer: The stages of recruitment found hardest included engaging with schools and colleges (51%), the first few months in the workplace (31%), and messaging the benefits of apprenticeship programmes (29%).
Top Tips for Engaging with Schools and Colleges to Broaden Recruitment Pipelines
Spend time getting to know local schools and their specific needs. Long term investment and relationship building will ensure you are in front of students at the right time and with the right information to make the greatest impact
Make sure you are speaking to the right people to do impactful work
Start earlier – in year 7 or primaries
Collaborate with other local businesses in the same industry, working together can create a stronger message
Think about how you are giving young people an opportunity to see the day to day of the organisation
What has changed in the last two years in how employers engage with schools and colleges?
Employers need to think more creatively about how to help people in the workplace. There is no longer the need to follow conventional programmes, employers should try workshops, skills training sessions, virtual events, etc to engage with young people and help them respond
With the rise in virtual working, it is easier than ever for employers to be inclusive. There are more opportunities to engage with disadvantaged people through virtual work experience, events, and online workshops
The way students are choosing to consume information has changed. They now prefer to engage with content on-demand rather than live, which is accessible however and whenever they want it
Channels available to talk to young people has increased. Particularly through virtual channels, there are more opportunities to reach young people. As a result, today’s young adults benefit from being given information through multiple different methods with a number of touchpoints
Apprenticeship applications have gone down as university applications have gone up. However quality has gone up so conversion rates are better
What is the benefit of investing time in engaging with schools?
It allows employers to find the brightest students and give them the best opportunities, as well as ensuring the best talent is found early before competitors recruit them.
What is the best way to engage with young adults who are still at school?
Recognise the school’s gatekeepers – find out who the careers leader is – and ask what you as an employer can do to help
Be clear about what students you want to engage with (age group, gender, subject-specific) and what you are committed to doing
Make sure representatives turn up
Start recruiting talent lower down the school to get your brand known early on
Brokers between businesses and schools can be an effective way to spread messages to multiple schools. It can be hard to manage a lot of relationships with lots of different schools but brokers are a good way to advocate your message for you
How is making career decisions later affecting timelines in the recruitment process?
Students seem to be more cautious about making decisions about their next steps after school. Mission statements for businesses and what they stand for are more important to young adults. Employers should consider extending deadlines whilst embedding earlier will help with decision making. Advertise positions in line with the school cycle and timeline to make it easier for students.
How should employers assess candidates?
Employers need to move recruitment towards strength-based assessment that recruits on potential and the individual skills a candidate can offer rather than their exam results
Really look at how accessible the recruitment process is to students of all backgrounds
Remove questions that ask ‘what did you achieve during the pandemic?’. Employers need more understanding and sympathetic to different students experiences
Be upfront with candidates about the work that will be involved
Advice for improving engagement with young adults?
It is harder to engage with young adults as they are targeted by more businesses than ever before, competing for their attention. Furthermore, lines are more blurred between industries so it is harder to ensure you are getting in front of the right people.
Young ambassadors can be a great way for businesses to get messages across as they are relatable. Use apprenticeships and young people within the company at events and talks where possible
Employers should explain the benefits of their workplace and the opportunities young people have. Inviting candidates into the office can bring the career to life
Be clear about what you can offer and who you are aiming at. Clearly communicate who you are as organisation, what you are giving, who you want, and what you are giving them
I have a few mantras that I tell myself when I feel stressed. These all help me regain a stronger, more positive mindset. These are:
Pressure is privilege
People in the most senior positions tend to be put under the greatest pressure. This is mostly because of their senior position (think of Teresa May trying to negotiate a successful Brexit outcome). Rather than viewing pressure and challenge as something to avoid. I think of them as a great opportunity to test my character. This consequently allows me to develop as a person, and to deliver my greatest contribution.
No pressure, no diamonds
In geological terms the rarest and most valuable gemstones can only be formed under the most intense pressure. I do genuinely think that life can be like that. It is only through facing extreme adversity that the most valuable outcomes that you seek can be produced.
What’s the worst that can happen?
It’s easy to exaggerate in your mind how badly something might affect you if it goes wrong. Or alternatively if you don’t perform how you would like to. It can be useful to stand back and get some perspective by identifying the genuine impact of “the worst thing that can happen”. A classic example is sitting an exam; some people worry about failing an exam so much they would rather not sit it in the first place. “What’s the worst that can happen” if you sit the exam? If you do fail it, you can come back a couple of weeks later and sit it again. Hopefully having worked at the areas that you found difficult. Consequently meaning you have a far better chance of passing it second time around. You may have to pay a resit fee which can be annoying but that really isn’t ‘the end of the world’. In fact, the extra work that you put in will actually mean that your technical skills will now be much stronger than those passing first time.
Rick Rigsby once said:
“I don’t worry that you will be successful, I worry that you won’t fail”
There is nothing in my life that I didn’t choose
Whether it’s my marriage, my children, my qualification, my business, my house project, my voluntary activities or my social life (all things that cause me stress and worry from time to time) every single aspect of my life has been chosen and created by me, and no one else. Reminding myself that nobody forced me to do any of it, and that in some cases I have had to fight very hard to get them, helps me to stop feeling down and to crack on with real enthusiasm. I think “well if I chose this, I’m going to have a jolly good go at it!”
A few years ago I would have loved to have the problems I have today
As you progress through life you tend to find that the pressures you face take on new dimensions; maybe managing the productivity of a team of people, rather than just worrying about your own workload. I often find that the biggest sources of stress in my current life are those very things that I dreamt about and aspired to a few years ago. In many respects it is the fact that they were important goals that I set myself that is why they now feel stressful; I’ve worked hard to get here and I want to get them right.
Will the outcome of this still affect me a year from now?
Sometimes things can seem like a ‘big deal’ at the time when in reality they only seem that way because you are stuck in the middle of them and don’t have a true perspective on them. Many of the things we really worry about won’t actually have much lasting impact on us, which raises the question of why we let them affect us so much. The passage of time, like distance, has a way of making everything seem smaller and smaller.
I really hope that some of the thoughts I have raised here can help you to think about responding to stress in a positive way, to understand how important stress actually is in creating what is important to you in your life, and above all to minimise your experience of anxiety.
First Intuition’s Think Tank Forums started during the pandemic as a way to keep clients up to date with the ever-changing situation and how it was impacting the accountancy and finance industry. Two years on, though less pandemic focused, these forums are still informing employers on the latest and relevant accountancy and finance industry news. The sessions offer views, experiences, and advice/ tips from expert speakers on a range of topics that are currently affecting businesses.
Below you will find summaries and recordings of previous FITT forums in 2022.
Previous 2022 FITT Forums
Do we ALL need data literacy skills?
As the use of digital technologies becomes more prominent in the accountancy space, we look at whether, going forward, all accountants are going to need some form of data literacy skills in order to stay competitive in the industry.
We heard from expert speakers as they discussed:
What we mean by data literacy
Whether we all need to improve our data literacy skills
How we can improve our data literacy skills (technical and non-technical skills)
Keeping your People & Talent Strategy Relevant in a Dynamic Labour Market
Staff recruitment and retention remain key concerns for employers across all industries, particularly as external pressures such as rising costs take hold.
This session took a look at the wide ranging/ rapidly changing labour market and employment environment, as well as what employers can do to effectively adapt and continue to assist staff development.
The Growing Role of Digital Technologies and Data Analytics in Accountancy and Finance
Accountants and other finance professionals are increasingly exposed to a variety of digital technologies which are changing the nature of the activities they spend time on, and the skills they therefore need to develop.
In particular, the huge amounts of data that organisations create can be manipulated in increasingly sophisticated ways to generate commercial insight to support and improve decision-making.
This session took a closer look at these new digital technologies, how they are changing roles in accountancy and finance, why they are important for the growth of the industry, and what employers can do to keep up with these changing technologies.
You can find a full archive of valuable insight from previous First Intuition Think Tank forums below. Many of the discussions are every bit as relevant now.
This offer is available for ACCA and CIMA Online and Online Live courses, as well as ACCA Classroom Courses in our London study centre. Find online course dates and prices here and London study centre prices here. Book now to lock in 2021 prices for courses in 2022.
Take full advantage of the Price Lock with Unlimited packages
ACCA and CIMA Unlimited Packages offer access to every and any course for your paper or level. Additionally, Unlimited packages offer a fantastic saving when compared to booking individual FI Online Live courses. Booking an Unlimited package while prices are frozen is a fantastic way to make sure you get the best saving on your 2022 courses.
Benefits of an Unlimited Package:
Quality – expert tutors, national provider, great pass rates
Flexible – Study online at a time and place that suits you
Value – big savings compared to buying individually
Learn more about the Unlimited Packages available for your qualification below:
ACCA & CIMA Price Lock T’s & C’s
– The Price Lock is available for:
ACCA FI Online and FI Online Live courses
CIMA FI Online Courses
ACCA and CIMA Unlimited Packages
ACCA Courses at the London Study Centre
– Bookings made before 20th December 2021 will pay 2021 prices.
– Bookings sent after the 19th December 2021 will be charged at 2022 prices.
*Not all course prices will be changing for 2022 and prices changes may differ from paper to paper. SBR London Tuition price for June 2022 is lower than online live 2022 price.
AAT’s new syllabus was originally planned for September 2021 (‘Qualifications 21’). This was delayed to February 2022 due to COVID-19 and became ‘Qualifications 22’. This has now been delayed again to September 2022 due to insufficient time to fully test their new assessment platform ATLAS cloud.
Key dates
AQ2016:
Last registration date for current AQ2016 – 31 August 2022
Last assessment date for current AQ2016 – 30 September 2023
Q2022:
First registration date for new Q2022 – 1 September 2022
First assessment date for new Q2022 – (4-6 weeks later?)
Transition considerations
Q2022 has fewer exam modules, but bigger individual units (Level 3 financial accounting and Level 4 management accounting)
No synoptics for Q2022 Level 3 and 4 (unless an apprenticeship where EPA exam still required)
Confirm AQ2016 assessment passes qualify for Q2022
Subscriptions fees AQ2016 are annual, Q2022 are per level, may cause overlap costs
What does the delay mean for you/ your trainees?
On the whole, the delay to the new syllabus will have very little impact on students studying AAT. However, if you were planning on transferring over to Q2022 in February 2022 to take advantage of no synoptic exams at level 3 and level 4 (synoptics are typically are seen as harder exams and students may want to avoid these), to learn the most up-to-date syllabus, or to not have a deadline of September 2023 to ensure you finish all your AQ2016 exams, you may need to rethink your timescales. You can find more information about the impact of moving over from Q2022 to AQ2016 here.
Existing students should:
Continue under the current AQ2016 syllabus – do not take a break in your studies until September 2022 to start on the new syllabus
Plan for AQ2016 exams (and potential resits), including synoptic assessment windows, to ensure you have time to complete them before the last AQ2016 assessment date of 30 September 2023
Consider transition from 1 September 2022 (depends on individual circumstances- subscription fees, pass credits – First Intuition will guide individuals on the most effective path based on their circumstances)
New Level students pre 30 August 2022 should:
Sign up to AQ2016 now (realistically can complete the whole level if signed up by March 2022)
Consider transition from 1 September 2022 (depends on individual circumstances- subscription fees, pass credits – First Intuition will guide individuals on the most effective path based on their circumstances)
What First Intuition students can expect for their studies
Online material will remain for AQ2016 until September 2022
Classroom schedule will remain AQ2016 for the first half of 2022
Q2022 material release date TBC
Watch a discussion on what the delay to Q2022 means
For more information, you can catch up on a Q&A session with a representative from AAT.
Firstly, what is actually is an accountant?
Many people assume accountancy only involves a lot of maths & figures. However, there is more to being an accountant (or an apprentice accountant) than sitting at a desk with a calculator all day!
Modern accountancy has gone way beyond boring counting, the computers do much of the number work these days. Every successful organisation depends upon a strong finance department. Therefore, this means that accountants are one of the key players in a huge range of different types of workplaces!
The main purpose of most businesses is to make a profit and this means that keeping an eye on financial results is extremely important. The role involves looking at the income generated by a business and the costs involved. Accountancy is the process of recording financial transactions, then summarising them in a sensible way. Following this, an accountant will communicate the results with interested people in a meaningful form.
What are apprentices and how do apprenticeships actually work?
If you are ready to take on the world of work and pursue a career in accountancy, becoming an apprentice is a fantastic way to get into employment. You can earn a salary whilst you continue to learn new specialist skills to help you develop and progress in your career.
As an accountancy apprentice, you will finish your programme with an internationally recognised accountancy qualification. This is including an apprenticeship award to show employers your proven ability to perform a key finance job role.
Read more of our ‘An Apprentice Guide’ blogs by clicking the following icons.
What is First Intuition?
First Intuition was founded in 2007 with the aim of becoming the first choice accountancy tuition provider in the UK. We employ qualified tutors who are passionate about what they do and care about every single student’s progression. Our team provide a wealth of experience and dedicated support to ensure our students achieve great exam success.
First Intuition provides a highly personal approach and first-class service to accountancy training.
What’s the difference between apprenticeships or university?
A lot of students are not aware of the difference between going to university and doing an apprenticeship. These helpful bullet-point lists show you the exact comparison of timeframes, cost and salary expectations.
This means that apprentices need 36 months of practical experience. After this, apprentices will have 2 accountancy qualifications by 22 (This is based on starting at 18 as a school leaver with A levels).
Costs:
– No study costs – in other words, normally no debt
– Starting salary at 18 – £11 – £18k
– Salary at 21 – £27 – £40k
Experience:
– Business experience
– Management experience
University
Timeframes:
– 36 months at university
– 36 months study once in work to get qualified
– Need 36 months of practical experience
This means that students need 36 months of practical experience. After this, students will have a degree and one accountancy qualification by 24 (This is based on starting at 18 as a school leaver with A levels).
Costs:
– Cost £9k per year in fees and debt on starting work around £40 – £50k
– Cost of additional living expenses
– Starting salary at 21 – £15 – £22k
Why University isn’t the only route to success!
One of the main concerns for young students is whether they should move onto University or start an Apprenticeship. University used to be the more popular route, however, over the recent years, we have seen a significant growth in apprenticeships. Even employers are considering apprenticeships to be just as desirable and valuable as a degree.
At First Intuition we understand the pressures on young people to decide whether or not to go to University or become an apprentice, so we thought it would be useful to list some reasons NOT to go to University:
1. Student loans
A quick search on the internet suggests that many students will leave university with personal debts in the region of £50,000. If you turn out to be a high earner (and hopefully you will be!) you will repay the full loan plus interest.
2. Earning money straight away during an apprenticeship
The financial position of those who decide to start an apprenticeship at age 18, working in an area such as finance will have their study fees paid for by the government but are likely to earn a lower wage whilst they study. Many apprentices start to earn between £12,000 and £14,000 per annum.
3. Getting ahead with apprenticeships
Those who know what they want to do at such an early age, want to get started on their career path straight away. We have some of our apprentices completing their accountancy training by the time they are 20, and landing manager roles in an accountancy firm at the
impressive age of 22! These trainees have clocked up both work experience and professional qualifications by the time their university counterparts have bought their first business suit.
4. Going to University doesn’t guarantee employment
A degree does not guarantee you a job – therefore only you can do that!
In Conclusion…
If you think a career in finance is for you, then a finance apprenticeship is certainly worth considering. It gives you a salary from day one, and a fast track to a finance qualification as well as your career.
Read more of our ‘An Apprentice Guide’ blogs by clicking the following icons.
What is First Intuition?
First Intuition was founded in 2007 with the aim of becoming the first choice accountancy tuition provider in the UK. We employ qualified tutors who are passionate about what they do and care about every single student’s progression. Our team provide a wealth of experience and dedicated support to ensure our students achieve great exam success.
First Intuition provides a highly personal approach and first-class service to accountancy training.
At First Intuition, we currently offer four different levels of apprenticeships to cater for all four accountancy qualifications*.
Level 2 – AAT Qualification
The level 2 apprenticeship is for the AAT qualification. This is a great entry into accountancy. For instance, the level 2 apprenticeship gives the apprentices the skills they need to start and continue on a career in finance.
Level 3 – AAT Qualification
The level 3 apprenticeship is for the AAT qualification. This is a great entry into accountancy. For instance, the level 2 apprenticeship gives the apprentices the technical skills they need to start and continue on a career in finance.
Our level 4 includes 4 options of courses – AAT, ACCA Knowledge, CIMA Certificate, ICAEW CFAB
The level 4 apprenticeship could lead to several qualifications. These include AAT, CFAB, and CIMA certificates. This apprenticeship offers the technical knowledge of accounting and taxation. This is as well as focusing on business awareness and ethical standards.
Our level 7 includes 3 options of courses – ACCA, CIMA, ICAEW
The level 7 apprenticeship includes ACCA, CIMA and ICAEW qualifications. This apprenticeship offers the technical knowledge of accounting and taxation. This is as well as focusing on business awareness and ethical standards. Please note, this apprenticeship is only available for those 21 and under from January 2026, click here for more information on this requirement.
To find out about each qualification, click the below buttons!
*Course availability may vary based on location.
Where can a career in accountancy take me after I finish my qualifications?
A career in accountancy can give you endless possibilities. Therefore, here are a few of the many industries accountancy could take you:
Read more of our ‘An Apprentice Guide’ blogs by clicking the following icons.
What is First Intuition?
First Intuition was founded in 2007 with the aim of becoming the first choice accountancy tuition provider in the UK. We employ qualified tutors who are passionate about what they do and care about every single student’s progression. Our team provide a wealth of experience and dedicated support to ensure our students achieve great exam success.
First Intuition provides a highly personal approach and first-class service to accountancy training.
Start handing out your CV to employers and applying online.
2. Get an interview:
Wow employers by showing them what you’re made of! Make sure you do your research on the company prior to the interview. Not sure how to prepare for an interview? Take a look at our helpful blog all about how you can prepare yourself by clicking here.
3. Start your job:
Time to start your new career journey, meet your colleagues and learn on the job.
4. Time to get your head down:
During your apprenticeship you will attend our classroom courses on set dates where our tutors will teach you the syllabus in order for you to pass your exams successfully, helping you achieve your qualification. Throughout your apprenticeship, you will also attend our Impact Skills Days which help develop skills that are invaluable to business success?
5. Bring what you’ve learnt in the classroom to the workplace:
Impress your employer by applying the skills learnt in class to the workplace.
6. Make it permanent:
Apprentices are more likely to be retained by employers after their apprenticeship.
Following on from these 6 steps, we’ve found helpful links that could help along the way to becoming an apprentice:
Accounting apprenticeships work similarly to the qualification levels. Below, we’ve written up a short summary of each qualification. For more information about each level, click on the icons at the bottom of this section.
Accountants Assistant (Level 2)
The level 2 apprenticeship caters for the AAT qualification. This is a great entry-level into the accountancy profession, giving the apprentices the fundamental technical skills they need to embark on a career in finance.
Following this level 2 apprenticeship, most apprentices will move onto the level 3 Assistant Accountant which also caters for the AAT Certificate.
Duration: 12 – 14 Months
Entry Requirement: Entry requirements will be apprenticeship employer (therefore may vary). You may be required to take functional skills Maths and English at level 2. This is only if you do not already hold the equivalent qualification GCSE grade 4-9.
Qualification level: This qualification includes AAT Level 2. This is the equivalent of GCSEs.
The level 3 apprenticeship caters for the AAT qualification. This is a great entry-level into the accountancy profession, giving the apprentices the fundamental technical skills they need to embark on a career in finance.
Following this level 3 apprenticeship, most apprentices will move onto the level 4 Assistant Accountant/Tax Technician Apprenticeship. This caters for AAT, ICAEW, CFAB and the CIMA Certificate.
Duration: 12 – 15 Months
Entry Requirement: Entry requirements will be apprenticeship employer (therefore may vary). You will typically need five GCSEs grade 4-9. The entry requirements will be set by the employer and therefore may vary. Depending on the entry requirement, you will be required to take functional skills Maths and English at level 2 if you do not already hold the equivalent qualification GCSE grade 4-9.
Qualification level: This qualification includes AAT Level 3. The Level 3 apprenticeship is equivalent to 2 A levels.
The level 4 apprenticeship caters for several qualifications such as AAT, CFAB, and CIMA Certificate. This apprenticeship offers the technical knowledge of accounting and taxation. This is as well as focusing on business awareness and ethical standards.
Following the level 4 apprenticeship, most students move on to Level 7 Professional Accountant Apprenticeship. This caters for the ACCA, CIMA and ICAEW qualifications and offers the opportunity to become a qualified accountant via an apprenticeship programme.
Duration: 18 – 24 Months
Entry Requirement: Entry requirements will be apprenticeship employer (therefore may vary). You will typically need five GCSEs grade 4-9.
Qualification level: This qualification includes AAT Level 4. The Level 4 apprenticeship is the equivalent of a foundation degree. You should have a level 3 qualification, such as A-levels, or have already completed a level 3 apprenticeship.
Accounting and Taxation Professional Apprentice (Level 7)
The level 7 apprenticeship caters for ACCA, CIMA and ICAEW qualifications. This apprenticeship offers the technical knowledge of accounting and taxation. This is as well as focusing on business awareness and ethical standards.
Following completion of the level 7 apprenticeship, there may be further qualifications to complete in specialist areas. It can result in credits being awarded. These can go towards relevant undergraduate degrees and other relevant master’s degrees.
Duration: 36 Months
Entry Requirement: This apprenticeship is only available for those 21 and under from January 2026, click here for more information on this requirement. You will also need an apprenticeship employer (therefore may vary). You will typically need five GCSEs grade 4-9.
Qualification level: This qualification includes ACCA, ICAEW or CIMA qualifications. The Level 7 apprenticeship is the equivalent of a masters degree. There are various qualification entry points for a Level 7 apprenticeship. Please contact us for further information to find out more.
Read more of our ‘An Apprentice Guide’ blogs by clicking the following icons.
What is First Intuition?
First Intuition was founded in 2007 with the aim of becoming the first choice accountancy tuition provider in the UK. We employ qualified tutors who are passionate about what they do and care about every single student’s progression. Our team provide a wealth of experience and dedicated support to ensure our students achieve great exam success.
First Intuition provides a highly personal approach and first-class service to accountancy training.
“Just over ten years ago, we set out on a mission to help start and develop finance careers across Essex, we were passionate about improving the skills in the region and giving people an outstanding alternative to university.
To hear from the Ofsted inspectors that our Apprenticeship program is outstanding is a testament to the phenomenal team that we have built, the brilliant employers who have supported our program, and the amazing apprentices that we have the pleasure to work with every day.
I am incredibly proud of the impact our apprenticeship programme has had on the careers of so many people working across Essex and am looking forward to driving this forward over the next ten years.”
David Malthouse, Managing Director
Ofsted Outstanding
First Intuition Chelmsford is delighted to have received the official verdict of our recent Ofsted Inspection. After a four-day visit, the Inspectors concluded that our provision is outstanding. We are equally pleased to note that this outstanding verdict applied to all five areas of inspection which are:
The quality of education – Outstanding
Behaviour and attitudes – Outstanding
Personal development – Outstanding
Leadership and management – Outstanding
Apprenticeships – Outstanding
Only 13% of apprenticeship providers had been awarded an outstanding grade as of August 2020*. This confirms that this is an exceptional result of which our whole team can be immensely proud of.
“Apprentices rapidly develop their professional skills and behaviours because of the highly personalised guidance and support provided by tutors, skills coaches, and employers.”
“Leaders, tutors, coaches, and employers work tirelessly together to develop a highly effective programme that successfully introduces a young, diverse workforce to the finance and accounting sector.”
“Leaders have successfully promoted apprenticeships to the finance sector in the region. They understand the challenges employers face in recruiting and retaining skills locally.”
“Leaders accurately identify gaps in apprentices’ existing skills and knowledge. They tailor the curriculum expertly to include units of learning from different programme levels to overcome any knowledge or skills deficit.”
“Skills coaches expertly review the progress apprentices make over time to ensure that apprentices are on a planned pathway to achieve their extremely ambitious career goals.”
What our Directors and Management team have to say.
“I am absolutely delighted to see all the hard work and effort our team put into supporting our Apprentices and Employers recognised. We have created a number of new initiatives over the pandemic and it is wonderful to see how impactful these have been. I am so proud of the team, our Apprentices and Employers and look forward to continuing to develop and innovate what we deliver to help even more Essex apprentices and employers in the future.”
Kelley O’Donovan, FI Chelmsford Director
“We are extremely proud to have been awarded the accolade of being an Outstanding provider for Apprenticeship delivery in accountancy. Our dedicated team work tirelessly to provide a learner-centred experience, where all are provided opportunities to develop their knowledge, skills and behaviours, and we will strive to continue to deliver this outstanding experience.”
Emma Liddell, Associate Director
“We strive to offer an excellent level of service and support to our apprentices and employers and are therefore so pleased that Ofsted have validated all the hard work from the team with an Outstanding grade. We are proud to work within an innovative and inclusive environment, where anyone who walks through the doors are helped and supported to reach their goals and beyond, whatever their background.”
Rebecca White – Apprenticeship Manager
To find out more about FI Chelmsford, please click here
The centre is led by James Morley (jamesmorley@fi.co.uk), Managing Director FI Birmingham and Online. James has worked in Professional Education since 2008, supporting both employers and students develop learning pathways that work for them.
James is supported by our Programme Lead, Hannah Campbell (hannahcampbell@fi.co.uk), Head of Operations, Michelle White (michellewhite@fi.co.uk) and their dedicated service and operations team.
Teaching will be delivered by a number of our friendly FI tutor team including Rosie Bennet, Erica Evans, Jayne Boucher and Nadia Zackria. They have a wealth of experience and are extremely passionate about their roles in developing students’ knowledge to progress them in the world of accountancy. Learning through tutor-led tuition at FI Birmingham will be packed with real-life examples to give technical subjects a practical content. Tutors will provide exam-focused tuition to ensure our students have the best chance of passing their exams.
We are currently recruiting for various roles to expand our team, including tutors and members of the Customer Service team. If you are interested and would like to find out more, please visit the Birmingham page to view the job descriptions and apply.
The New Centre
Opening in January 2022, Birmingham tutor-led tuition courses will be held in our brand-new professional learning centre, conveniently located in Edmund House in Birmingham City Centre. The centre is less than 10 minutes’ walk from both New Street and Snow Hill station and local bus and tram stops making it a convenient location for all.
FI Birmingham is well equipped to cater to our students. Our facilities include:
Modern air-conditioned classrooms offering a great learning environment
Free Wi-Fi broadband, so students can bring their laptop and log on during breaks if they wish
Relaxing student break out area with complimentary tea, coffee and snacks
Dedicated Customer Service and tutor team ensuring that you receive the support you need to succeed.
Bicycle racks can be found at Eden Place, just off Edmund Street which is round the corner from FI Birmingham’s front door. Please see information from the police on securing your bike safely
Disabled Access and Disabled Blue Badge parking bays can be found on Colmore Row.
Programmes
We are initially launching with AAT and ICAEW programmes in 2022, with AAT offering Foundation, Advanced and Professional levels and ICAEW available under Level 4 and level 7 apprenticeship programmes. You can find more details about our 2022 programmes here. We plan to expand this to include ACCA and Leadership and Management programmes later in 2022.
The Birmingham learning centre also supports local CIMA students via our excellent online provision where FI provides everything they need to complete their CIMA studies at certificate, operational or professional level.
There will be further communications, employer breakfast meetings and student events over the course of 2022, so if you are interested in attending, please contact Michelle (michellewhite@fi.co.uk), and we’ll add you to our mailing list so you’re the first to hear about our exciting news and developments.
However, if you don’t want to wait to get in touch, please fill out the form below to request a call-back and our friendly team will support you with your enquiry.
We look forward to welcoming you to our new professional learning centre.
Over the last few months, we have talked about how apprenticeships are the way to build a long-term team of finance professionals, whether that is in and accountancy practice or any other company where the finances are complex enough to need a clear understanding of the risks and regulations that surround this aspect of business life.
Other people have recognised the same potential in recruiting and training staff for the future through the Government apprenticeship scheme. The US owned bank JP Morgan has just started a scheme based on the South Coast that aims to bring in people from other sectors and train them to a high level of professional accountancy knowledge. This scheme is being run in conjunction with Advancing Black Pathways, and organisation that aims to promote access to well paying career paths for the Black community. In an interview with Financial News Cecil Peters, who is running the programme for JP Morgan said that: “We know it’s a really competitive marketplace right now and that a lot of banks are fighting for the same pool of talent. This is one of the ways we are doing something different to bring more people into the industry.” The intention is to extend this initiative to all communities and all parts of the country in 2022.
While JP Morgan are a huge business with 20,000 staff in the UK alone, the opportunity to replicate the same sort of programme is open to companies of all sizes by working with First Intuition. We can offer your existing team the chance to add to their skill set and turn those skills into a professional qualification that will support them throughout their careers. We can also take people from other walks of life and help them access the training they need to begin well paid valuable careers that benefit bother them and their employers by building the pool of talent you need to take you business through the challenges of the 2020s, 2030s and beyond.
With the potential for financial support from the Government Apprenticeship programme, and First Intuition’s proven track record in training team members that add value and remain in your business longer this is a strategy with massive benefits for any business with an involvement in finance, which is of course all businesses. From a level 2 accounts assistant to degree level professional qualifications and beyond, First Intuition are the best partner for your growth.
First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. All types of business need team members who have a thorough grounding in financial management, and we are able to fill that need. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.
Can you give me a bit of background about yourself? Have you always been interested in accounting?
No! I always had an interest in numbers, and did A levels in maths, further maths, physics and art but had no idea what I wanted to do when I left school. My school pretty much just focused on going to university and so I didn’t initially even think about alternatives.
So you were planning to go to university? What changed?
I went to a range of uni open days, Durham, UCL, Southampton, Bath and Nottingham looking at maths, physics, engineering and architecture degrees, but nothing really jumped out at me to say “yes Zoë you really need to be here for three years!” Consequently, I started looking for other options.
My school and friends weren’t massively supportive so this was a bit of a lonely piece of research. Their attitude, was that you need to go to university to get a good job: My school actually said ‘ A clever girl like you Zoë, should be going to university’. My Dad too was concerned. This was over eight years ago now and, at the time, people really lacked the knowledge and understanding that, in accounting, the school leaver schemes and graduate schemes are just different routes to the same place – just one or two years apart.
I applied to a number of the larger professional firms and was successful with the one I am still at now, working in their Reading office. Reading made sense to me as it was near to my family home and I was able to live at home throughout my training.
Was there a master plan then?
There wasn’t a master plan as such! In fact, even when I started with my firm I wasn’t sure what the ACA was (the qualification you receive when completing the ICAEW). What I did know was that if I hated the role then university would always be there. I had received excellent A level grades and I knew I could get into a course the following year, or even after that. So my attitude was really to give the first year a go and see if I enjoy it.
Which I presume you did as you have been there eight years now?
Yes. Once I got into it, I loved the work, and realised that the university option wasn’t needed at all. I went on the same training courses, took the same exams and did the same work as the graduates I had joined with (and I didn’t have any student debt!). I did go and visit friends at university but the experience there never really did it for me.
I know that with most university courses you have about 20 weeks off a year but most of my uni friends were working in supermarkets and restaurants to earn money during that time, which seemed pretty boring compared to what I was doing. They weren’t off travelling around the world, so I didn’t feel like I was missing out.
I bought myself a flat in Reading when I was 23 and haven’t really looked back at all.
The experiences I have had as well match up to anything I would have had at university. A nine week placement in Colorado USA in my third year was a highlight. I regretted not taking up an opportunity to go to Australia on secondment a few years back, but I am making up for that now, by moving to Toronto, Canada in January 22 for an 18 month secondment with my firm. I am so excited!
How do you feel now, when you look back on the last eight years?
Chuffed and proud. I made the right decision for me and it has worked out fantastically well.
What would you say to someone who was in year 11, 12 or 13 right now?
For me, unless you know absolutely what career you want to do and that you need a degree to do it, you should seriously look at school leaver apprenticeship programmes, not necessarily in accounting, they exist in loads of different disciplines.
So many people waste their three years doing a degree that they don’t enjoy or will never use. My view was if I am going to test the water, I would prefer to be paid for it and not build up graduate debt!
I would really encourage everyone to go to careers days and do the research., Don’t rely on schools to do this as they are still in the “go to uni world” (I know as my brother is currently in 6th form and apprenticeships are still not given much attention!)
There is much more information out there now than there ever was when I was doing this back in 2013, so take the time to do the research and find what works for you!
Finally, what three words describe your journey to where you are now?
Exciting, opportunities, well-rewarded.
A fantastic and honest reflection from Zoë, much appreciated from everyone at FI. We hope this resonates with some teenagers, parents, teachers and careers offices.
Become an accountant with the AAT qualification and First Intuition.
Whether you’re looking to take the next step up in a current accounting role. Or if you have an interest in becoming an accountant, and don’t have any previous experience. The Association of Accounting Technician (AAT) is the UK’s leading professional body for accounting and is, therefore, the perfect way to kick-start your career.
Access to our award-winning pre-recorded lectures covering the whole syllabus
Your own personal tutor with full support (including evenings & weekends)
We now offer daytime AAT Online Live courses (09:30 – 12:00). See our Online Live brochure further down for dates and prices
Studying AAT with First Intuition
We offer several study packages to suit your study needs and budget. We offer exam-focused learning materials and a high level of study support to help you pass your exams first time!
AAT Online Live
Get the best of both worlds! Our AAT Online Live courses combine a structured classroom schedule with the flexibility of studying from your workplace, home or anywhere you have internet access. Our AAT Online Live courses are for individuals who want the benefits of being in a classroom with a structured approach, but who can’t make it to a First Intuition centre.
AAT Online
Our AAT online courses have been created with a flexible approach to ensure they fit around you and your lifestyle. You can study at your own pace, in your own time and take your exams when you feel ready. You will be guided throughout your studies with your own personal AAT tutor, who will be able to hold you accountable and offer their support every step of your journey.
AAT Self Study
The Self Study package is for those of you who want to go it alone. Included is a complete set of study material that covers the full syllabus with lots of exam standard lecture examples and gives you the opportunity for lots of guided question practice to prepare you for the computer based exams. Self study units include 2 mock assessments. A further two mocks can be for £15 per unit from our website. See our AAT Mock Bank section for further details.
What’s Included
What’s Included
Self Study
FI Online
FI Online Live
Study planner
Course notes
Question bank
Task bank
Two mock assessments**
Pre-recorded lectures covering the syllabus
x
Regular course assignments with tutor feedback
x
Two further assessments with tutor feedback
x
Email & phone tutor support
x
Live classroom sessions
x
x
Sage One Access (6 months) – AQ2016 only
x
Free UK delivery
x
AAT registration
x
x
x
Assessment fees
x
x
x
**Self study units include 2 mock assessments. A further two mocks can be purchased for £15 per unit – click here to find out more.
How to book
To book online please click here where you will be able to select the unit you require.
Interest-free instalment plans
At First Intuition, we understand that everyone’s circumstances are different. We pride ourselves on making our students learning as affordable and accessible as possible, which is why we offer instalment plans for students who self-fund their courses. Get started straight away by paying your first instalment at the time of booking, and spread the remaining balance through monthly direct debit interest-free!
AAT Distance Learning Demo Course for FREE!
Why not sign up to our AAT Distance Learning Demo Course absolutely free and get a taste of what it’s like to study AAT with First Intuition? Click here to find out more!
To find out more about our AAT Distance Learning, please click here!
Award Winners
Although the concept of apprenticeships has been around for centuries, the modern apprenticeship system that combines academic learning and practice was introduced in the 1960’s. This system was put in place to prevent skills shortages in traditionally skilled occupations and was considered an alternative path to more ‘academic’ routes such as completing A-Levels and going to university. Now, 60 years on, despite dramatic changes to the apprenticeship system and shifts in the types of industries that can benefit from on-the-job training, negative connotations surrounding apprenticeships and their association with the unacademic still exist. The accountancy industry is no exception to this out-of-date thinking.
Tim Howes, Client Director of accountancy training provider First Intuition, comments on this outdated view. “It appears to me, rather worryingly, that the word apprenticeship is still viewed with scepticism in many quarters. Perhaps the existence of incentives to employers to recruit an apprentice and the setting of minimum wages for apprentices has fuelled such scepticism, but this is unwarranted in my opinion.”
Apprenticeships today
Nowadays, apprenticeships are very credible routes for school or college leavers or anyone looking to change career by gaining a qualification through work-based learning. Apprenticeship programmes have developed and modernised considerably since the 1960’s and have expanded from more traditional trades to programmes that work across different subjects and sectors. This is particularly the case for the finance and accountancy industry, where learning on the job offers a valuable head-start and malleability to develop essential skills that going to university does not.
Tim Howes states that “Apprenticeships are designed by employers for employers and so the technical learning and skills development conveyed via an apprenticeship is key to ensuring that employees have the right skills for the job. No longer the sole domain of the ‘trades’ such as builders, plumbers and electricians, apprenticeships are far and away the most popular medium for training and development in the finance sector”.
Benefits
The benefits of advanced skills training and the extra support trainees receive on an apprenticeship, together with the financial incentives, makes apprentices an attractive option for many accountancy firms. Gareth John, Chief Executive of First Intuition, comments that in 25 years the biggest change to the industry has been the dramatic uptake in apprenticeships since 2015. “Just five years ago only around 5% of new learners studying with First Intuition were apprentices, today it is more like 80%. What was once a niche aspect of our business has now become the norm.”
Despite this, Gareth John confirms many employers remain needlessly hesitant to explore the option of hiring an apprentice. “I work with one major employer in East Anglia who spent several years considering apprenticeships but never quite committing, they worried about the admin and the off-the-job-learning. They finally introduced an apprenticeship programme in January 2021 and couldn’t be more delighted with how well it has gone. They see that First Intuition do most of the admin and they are seeing the massive impact the off-the-job learning is having on the abilities of their team members. Plus, their trainees have passed more accountancy exams in the 9 months since the apprenticeship programme started than in the previous three years!”
Why it is important out-of-date connotations change
It is essential that students, employees, and society are correctly educated about the benefits of apprentices and that outdated beliefs are quashed before they start having detrimental impacts on the industry. For example, the misinformation and discouragement around apprenticeships may mean students wanting to go into finance and accounting are prompted down the university route, when in fact employers are hiring apprentices over graduates.
Gareth John states “I see so many employers who used to recruit 80% graduates to 20% apprentices who have now reversed those percentages and take on more apprentices who have not gone to university. They question the value of a new recruit holding a degree, even a relevant one in accountancy and finance, preferring to train knowledge and skills from first principles”. These misinformed students, many in debt from university fees, will therefore likely struggle to find a job in the industry by the time they graduate.
Furthermore, businesses who do not offer apprenticeships are missing out on the competitive benefits of financial incentives, cheaper labour, and employees with tailored skills training and support. Tim Howes confirms that “in many cases apprenticeships provide a broader range of development opportunities than were provided by employers before their introduction”.
First Intuition is committed to educating businesses and students about the benefits of apprenticeships to ensure all trainees and employers have the best chance at prospering. If you would like more information about accountancy apprenticeship programmes and their benefits, please visit our website or get in touch.
Speaking on behalf of First Intuition Ltd, Martin Taylor, CEO and Chairman, said:
“We’ve been looking at the Manchester market for a number of years now. Recent national client wins have accelerated this, and we’re thrilled to be able to work even more closely with the team in Manchester to help them grow. We’re committed to regional autonomous study centres that can offer their markets the local service, relationships and programmes that they need and this merger offers all of that.”
Andy Booth, iCount partner, said:
“We’ve been a materials partner with First Intuition Ltd. for many years, we have very close relationships with the senior team at FI and therefore this was a natural extension when we were looking at our strategic options post-pandemic. A key consideration for us was the degree of autonomy being offered to us to continue to grow our regional market but as part of a wider group and the fit with the FI plans couldn’t be better as we look forwards as First Intuition Manchester.”
It is expected that the transaction will be completed in December 2021.
For further information about this announcement, please contact:
First Intuition Ltd. began in 2007 with a single goal – to put the learner at the centre of everything. Since then, we’ve won awards, opened a national network of 21 study centres, and now deliver to over 10,000 students per year. As a business, we’ve created a warm and inviting place that aspiring accountants are supported and treated as individuals, not just a number. We offer both apprenticeship and exam-only programmes, using online and classroom delivery models. We also develop talent, and build and manage personalised training programmes for employers.
In this article, I don’t want to tell you which pension you should go for, but rather explain how the tax benefit applies between the two main types of pension; occupational pensions and private pensions.
The government often uses tax policy to influence people’s behaviour; think of the tax on cigarettes and alcohol. These are examples of the government trying to dissuade people from doing something. However, governments would like to encourage people to save for their retirement, so the public purse doesn’t have to look after them. Therefore, you will get a tax benefit when you put money into a pension.
There are two ways this works depending on the type of pension.
Occupational Pension
If you have an occupational pension, which is run by your employer, your employer will take money from your wages and put it into your pension plan. However, your employer will take this from you before they calculate the tax on your wages. Let’s look at a simple example of a basic rate tax payer, who pays tax at 20%, and pays £100 into their pension every month. Their employer will take £100 from the employee and put this into the employee’s pension plan. However, they will take it off the employee before the employer calculates the employee’s tax. If the employee had not paid £100 into the pension, they would have been taxed at 20% on their income, and they would have only received £80 in their net pay from this £100. So if the employee pays £100 into their pension plan, the actual cost to them is only the £80 they would have otherwise received, yet £100 goes into their pension plan.
Private Pension
Private pension plans work in a different way. You pay money into your personal pension plan net of a tax credit. Basically, you pay the amount into your pension plan, and HMRC top it up to the same amount as it would be if it was an occupational pension, with a tax credit. For example, you pay £80 into your pension plan, and HMRC will put in an extra £20. This leaves £100 in your pension plan, but it only costs the tax payer £80. A different method but with the same result.
Higher Rate Tax Payer
If someone is a higher rate tax payer it gets a little more complicated. If a higher rate tax payer, who pays tax at 40%, pays £100 into their occupational pension plan, again, this will be deducted before the calculation of tax. If they didn’t put this money into their pension plan, they would only have received £60 (after the deduction of 40% tax) into their pay packet. So if they put £100 into a pension, it is only costing them £60 out of their pocket. With an occupational pension, the tax credit is given at source, so the tax relief is always at the correct rate.
It is a little bit more complicated with a private pension though. Your pension provider doesn’t know what rate of tax you pay, so they always ask HMRC for the 20% tax credit. So if you are a higher rate tax payer and pay £80 into your pension plan, you will only get £20 added into your pension by HMRC. So at first glance, it looks like it is better to have an occupational pension rather than a private pension if you are a higher rate tax payer.
To make things fair, HMRC will extend your basic rate band by the gross amount of your pension contribution. So taking our example above, if the tax payer pays £80 into their pension, HRMC will add £20 to it, the gross amount will be £100. So their basic rate band will be extended by £100. This means that for £100 of income they are paying 20% tax rather than the 40% tax they otherwise would have paid. So the tax payer will be paying £20 less tax, based on paying 20% on £100, rather than 40% of £100. Therefore, at the end of the day, the cost of putting £100 into their personal pension plan will be £60 for a higher rate tax payer. They will be putting £80 into their pension plan, but then their overall tax bill is £20 less, so the net cost to the tax payer will be £60, the same as if it was an occupational plan.
If you would like to read more AAT-related blogs please click here!
So the skills of an accountancy career are transferable. Which other paths has this taken you down in your career?
Whilst I qualified in a large accountancy firm in their audit practice, I took an opportunity for a year’s secondment to graduate recruitment. Conducting 150 interviews means you learn fast! I also got my first role in training, where I trained partners and managers in how to interview.
I then turned back to accountancy but this time as a tutor. Being in a classroom is still one of the things I love most about my job. Being able to work with people at the start of their career journey is a privilege and seeing them develop from day 1 to qualified is a joy.
Has your accountancy career given you the opportunity to work in different industries?
My next detour led me to a completely new industry. Working in football gave me exposure to compliance, stakeholders and a role on a team organising a Wembley cup final. (Not to mention a seat in the Royal Box for the day).
A seat in the Royal Box! What led you from football to teaching?
Having children gave me a chance of another detour – this time to a school. The exposure to Ofsted, safeguarding and the art of policy creation on my ‘career break’ has proved rather useful to my current role in FI.
Detour over I returned to the classroom with a raft of real-life examples. There’s not much I can’t explain using football as any of my students will know!
If I had stayed on the straight line, I wouldn’t have experienced the joy of creating a year 2 art display or the ecstasy of a cup final win.
What advice would you give to someone embarking on an accountancy career right now?
If you’re starting out and not sure where you’re heading, there are plenty of chances to change en route. Even if you’re further in, don’t get so hung up on the destination when there’s so much to see along the way.
The FI Hub and the FI Podcast episodes contain lots of resources to support you through your journey and who knows where you will end up.
Remote working is here to stay. The many reasons for this have been cited elsewhere, as have some of the challenges facing companies who have found themselves needing to rely on staff to work with less day to day supervision than when everyone was office based. Your finance team has the critical job of managing transactions, reporting and sustaining cash flow, while overseeing cost control. Understanding the processes and the wider picture behind the need to secure core finance functions means that a higher skill level is required in your team to facilitate this. While an external accountant will be able to support much of this, they are not present in the business daily. With increased automation of invoicing and payment processes having eyes on the cash flow which can understand when to raise concerns about a potential shortfall, or issues that may affect external auditing can save time, money and avert possible risks to the business. This is particularly important in supervision and leadership roles. Having the checking and approval process for manual and automated processes in the hands of team members who can interact with your external accountants and auditors in their language and at a high level can lead to cost savings and more stable, predictable cash flow.
The accounting and financial qualifications that First Intuition provide as part of the apprenticeship scheme facilitate this upskilling of your existing staff, at all stages of their careers, especially in the areas of risk management and internal auditing. Taking team members whose skill set may need updating and supporting them through programmes from the level two accounts assistant on to leadership and higher levels will benefit the employee by offering career advancement as well as retaining and upskilling a team member
First Intuition work with businesses to help their teams learn the skills needed in the modern commercial world. Developing people who go on to valuable careers that benefit both them and their employers. Our goal is goal to develop financially fluent professionals who can make an impact for talent hungry employers. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.
Across our website, we have a range of resources for schools that aim to help young people find their way in the world of work and accountancy. To help make these resources easier to find this page combines them all into one place. We have resources covering how to get started in accountancy and the opportunities we offer school students wishing to find out more. However, we have also shared our experiences of finding and applying for roles, as well as preparing for interviews and work.
Do you have what it takes to become an Accountant?
We recognise that it can be difficult to decide on a career path. There are so many options and so many different paths you can take, even once you have decided. We know that accountancy can be a rewarding and variable career path but how do you know if it will suit you? To help you decide, we’ve put together a dedicated page that has two quizzes to help you decide if you have the right skills and mindset to become an accountant. Follow this link to read more and try our accountancy quizzes.
Accountancy Summer School
Every year we host our Accountancy Summer School which is designed to help young people decide if a career in accountancy is suited to them.
In 2025, our Accountancy Summer School will take place in Chelmsford our centre and be hosted on the 9th and 10th of July between 09.30 and 3.30 pm. A link to register can be found here.
Our Accountancy Academy is free to attend and whilst it is generally aimed at those in years 11- 13, we have been joined by college and university graduates and those with a general interest in starting work in our industry. You can read more about our accountancy summer school in thisarticle.
Whilst we feel our Accountancy Summer School is beneficial to anyone wishing to make up their mind on whether a career in accountancy is suitable for them, it’s always great to hear about previous attendees who are now working in our industry. Even more satisfying is the feedback we receive from these individuals who all believe our summer school was instrumental in helping them to decide on their career path and find a role. Many of these former attendees are now studying with us at one of our centres across our network. Our summer school is divided into different sections but we always cover the following topics:
Introduction to Accountancy
Accountancy Taster
The Skills needed as an Accountant
CV preparation and Interview Skills
Employer Q&A forum
Employability Skills
In light of the COVID-19 pandemic, we noted that many young people were not getting access to the usual careers advice and had gaps in their work experience due to the lack of part-time work and wider life experiences. Our employability skills article covers how to find the right career path, through to the first day of work. Our team have shared their experiences, consulted with industry experts, and drawn on the best external resources we could find to provide an in-depth guide on how to get started in the world of work.
We regularly attend careers events organised by local schools, colleges, and industry professionals. At these events, we talk to students, often accompanied by their parents about the opportunities within and routes into accountancy. We provide information that helps young people to decide whether to pursue their career path via further education or through an apprenticeship. You can download our guide here.
In addition to supporting careers events, we have also joined individual local schools to help with specific workshops. These have included carrying out mock interviews, assembly presentations, and skills workshops.
If your school or organisation would be interested in us attending one of your events, then please contact shellytweed@fi.co.uk.
Working with local employers
In addition to our Accountancy Summer School Employer Forum, we are in regular contact with local employers. We host a range of employer forums that, amongst other topics, also look at the challenges of recruitment, particularly post-COVID-19. Many of our local employers ask us to help with the recruitment of their apprentices. If you’re looking for a local role within accountancy, then please send your CV to asawyer@fi.co.uk.
Additional Articles
We have a number of articles on our FI Hub that are useful resources for schools and those looking to get started in our industry. These include:
Careers in accountancy and finance – this article contains videos with topics similar to the sessions we run for our Accountancy Academy.
The industry bodies we work with also have lots of resources on their websites that provide useful information for those looking to get started in our industry. You can use the links below to access these:
To help make it easier for our apprentices and students to find articles on topics they may be interested in we’ve pulled them all together into this page. These resources for apprentices and students may be useful to support studying but also cover a much broader range of topics too.
Weekly Student Webinar
Every week David Malthouse and Ben Bullman host a webinar for students. This webinar aims to update our students on all of the latest news from within FI and from the awarding bodies. The webinar also covers a key topic each week and we invite guest speakers to join and share their experience on this subject.
The webinar takes place every Wednesday between 6.00 pm and 7.00 pm and is also recorded as a podcast (see below). You can join in by registering with the link below.
The FI Podcast
Our student webinar is very popular but we understand that life gets in the way and not everyone can make it, every week.
We record each session and release it as a podcast episode. We even add some bonus episodes too. It’s the perfect accompaniment to your daily commute, regular run or whenever you have a little downtime. We’ve covered lots of topics both from within accountancy and much broader subjects too.
Topics have included:
Mental Health Awareness Week
Improving your cyber hygiene
Using social media for work
Why study planners are so important
Transferrable skills
Climate change and the accountancy industry
Women in accountancy (an International Women’s Day special)
The podcast is available via Podbean and across all streaming platforms.
Hot Topics
Every quarter, our team produces a newsletter covering ‘Hot Topics’ that they feel our apprentices and students should be aware of. Aimed at raising awareness of key issues both locally and nationally, copies are available in our common room but you can also download the latest issue with this link. Latest Hot Topics Newsletter
Wellbeing
Alongside the technical aspects of studying, we also recognise that it’s vital that our apprentices and students look after themselves and have access to good advice. We have a dedicated section within our FI Hub that has articles on wellness.
These articles have been created with both experts and passionate members of our team and cover topics including:
Getting a good night’s sleep
Coping with student life
Mindfulness
Running for headspace
And much more…
AAT Revision Sessions
In the early days of the COVID-19 pandemic, we realised that many of our students were in the unfortunate position of being ready to sit an assessment but not being able to physically do so due to lockdown restrictions. In order to help maintain and consolidate knowledge, we launched a programme of free revision sessions. To begin with, this was aimed at our own FI students but with so many external students in the same position, we extended our offer to anyone studying AAT. These sessions have continued and cover every level of AAT. We are currently running eight sessions per week with modules being rotated on a regular basis. Each session lasts between 45 mins and an hour and covers an exam question in detail. Recordings of a selection of sessions are available on our YouTube channel (see below).
Our YouTube Channel
As well as recordings from our AAT revision sessions, our YouTube channel is also the home of videos about careers, employability skills, apprenticeships, leadership and management and all the recordings from our AATitude festival.
This channel is updated regularly so be sure to subscribe so you don’t miss out on our latest videos.
Social Media Channels
You can keep up to date with all of our latest news by following us on social media.
For the past two years, in the absence of actual festivals, we have held our own. Our AATitude festival aims to inspire accountancy students but also give some much-needed motivation, structure and technical help to students who needed it. You can watch the recordings of all the sessions in this article.
Sessions included:
How to achieve a distinction
Skills to succeed in Synoptics
Accounting qualification to consider after AAT
The changing role of an accountant
Careers stories
And much more
This page has pulled out resources that we feel are relevant to our apprentices and students but our FI Hub contains much, much more and is regularly updated with new articles. Click on the image below to see the latest topics.
Football and Finance Forum – 26th November 2021
We’re delighted to be hosting a very special industry-focused session looking at the business of sport. Our host, David Malthouse, will be joined by a panel of finance professionals from the football industry. They’ll talk about what it’s like to work in this industry and share stories from the world of sports. This is a must-attend event for anyone who has a real passion for football or finance or both.
You’ll also get an opportunity to put your questions to the panel via the Chatbox.
The Details
Date – 26th November
Time – 12.30 – 2 pm
Where – Via zoom (register with the link below)
Our Special Guests
We’ll confirm the exact line-up very soon but we expect to be joined by representatives from the world of football. Register using the link below:
Future Events
We’ll be adding more industry events in the future and these will include:
Fashion and Finance
Food and Finance
And many more
To register your interest for any of these future events, please contact shellytweed@fi.co.uk
To find out more about the other events we aimed at professionals in the accountancy and finance industry please click here
A perfectly balanced trial balance, with no suspense account, does not mean that your accounts are 100% accurate. There may well be errors within the accounts. A trial balance that is balanced only proves that the total of the debits matches the total of the credits. Any error which has an equal and opposite debit and credit will not cause the trial balance to become imbalanced. Therefore the error will not be highlighted by the trial balance.
In the exam you will be told what the error was, but you need to decide if you need a suspense account. You will also need to be able to remove the suspense account, if there is one, and correct the original entry.
These skills are needed at all levels of accountancy, and come up in all levels of the AAT qualification. Students do find these types of questions difficult as all errors are different; you will need to think on your feet. The key to these type of questions is to think “what went wrong” and “what should have happened”. Then the difference between them is the journal you need to enter. It helps to draw up T accounts on paper and lay out what was originally entered.
View the online lecture where we look at the different types of error that do not require a suspense account.
We also have a corresponding blog on errors which do require a suspense account here.
A suspense account is an account which allows you to make the trial balance balance. When the trial balance is now balanced you can carry on with other tasks. However, you cannot produce a set of accounts which has a trial balance in it. So before you prepare the accounts you need to go back to the imbalance, find the error and correct it. In the exam you will be told the error, but you need to decide if you need a suspense account. You will also need to be able to remove the suspense account, and correct the original entry.
These skills are needed at all levels of accountancy, and come up in all levels of the AAT qualification. Students do find these types of questions difficult as all errors are different, and you will need to think on your feet. A good way to attempt these questions is to write down what has happened. You will then need to identify which side of the trial balance is greater. You can then enter a suspense account on the side which is smaller to make the trial balance balance. Then you could think about what you need to remove the suspense account and correct the accounting error.
Please click below to view the online lecture where we look at the different types of accounting errors that require a suspense account.
We also have a corresponding blog on errors which don’t require a suspense account here.
Andy’s Background
For the last 5 years, I have been working as a self-employed electrician. I had always had a fascination for accounting but never felt confident enough to attempt to do my own business accounts. When lockdown arrived I found I had a lot of time on my hands that I needed to fill and I started looking at doing a basic bookkeeping course. I found several options but after taking advice from an accountant friend, I settled on the AAT Level 2 Foundation Certificate in Accounting offered by First Intuition.
My initial goals were simply to get a better understanding of basic bookkeeping principles to help with my business and to occupy myself during the COVID lockdown. The study materials arrived and, after having my induction on 7th Jan 2021, I got stuck in.
AAT Level 2 – January 2021
Because I had so much time on my hands, I was able to fly through the Level 2 units during January and, after scoring well on the mocks, I booked up the first two assessments in the third week of Jan and the next two during the following week. The final Level 2 assessment, the Synoptic, was then booked for 3 Feb and I managed to get an overall distinction.
By now I was ‘hooked’ and I booked up the Level 3 Advanced Diploma in Accounting course before I had completely finished Level 2.
AAT Level 3 – February 2021
I expected Level 3 to be a bit more challenging than Level 2 but after just one week I found I was ready for the first assessment and then managed to do one assessment a week through February. Because of the Synoptic Window, I had to wait until the end of March before I could do the Level 3 Synoptic which was a little bit frustrating. Getting immediate feedback on the results of the assessments was encouraging but having to wait 6 weeks for the Synoptic result was quite ‘agonising’. As I drew near to completing Level 3 I knew I wasn’t going to stop there and made sure I had all the materials ready to start Level 4 while I was waiting to do the Level 3 Synoptic. When the L3 synoptic result arrived, I was delighted to have achieved an overall distinction for level 3.
AAT Level 4 – April 2021
Level 4 was a big step up from Level 3 for me and I found it a lot more challenging. I was fairly comfortable with the calculation-type questions, but I found the extended writing questions very difficult. I had set myself a goal to complete the core part of the course in time to make the May/June 2021 Synoptic window, but I was struggling to meet this. The team at First Intuition, and in particular my tutor Nathaniel Hammond, was very helpful and encouraging all the way but I wasn’t sure I was going to make it. Thankfully the Synoptic window was extended due to the COVID pandemic and so I was given a bit more crucial time. The results had been coming in for the other core assessments and I was relieved to have passed all these and the Level 4 synoptic was finally booked for 11 June. There then followed another agonising 6-week wait for the synoptic results. During this time, I completed the two optional units and when the results for the Synoptic finally arrived I was dismayed to see that I had failed, scoring just 67%. I immediately booked a resit during the next window and arranged this for 30 July. But, in my panic to book this I hadn’t realised that I had also booked the second optional assessment just 2 days before this so that was a very busy week!
Final Results – July/August 2021
By the end of July, I had completed all the assessments and had also resat the L4 synoptic. The first optional result came in and I was very pleased to see I had passed, then the second arrived with a pass and so I now just had to wait for the Synoptic resit result. That took another week and I was immensely relieved to see that I had just scraped through this time. Considering the increased difficulty and the fact that I had already failed the synoptic once, I was delighted to achieve an overall merit for level 4.
Final Thoughts
I want to extend a big thank you to the distance learning team at First Intuition, in particular my tutor Nathaniel Hammond, who encouraged and supported me all the way.
The AAT Distance Learning team is very proud of Andy’s success and wishes him all the best with his future and career!
Following on from our recent FITT forum on Retaining and Attracting Qualified Staff, our panel looked at the challenges of leading a team to success given the changing landscape we are all facing since the arrival of the COVID19 pandemic. David Malthouse and LucyParr led this discussion and identified two areas that firms are currently finding challenging.
Smaller firms, particularly those based in smaller towns and cities, often have no pathway for qualified staff to progress. They often find employees leave to join larger companies or take up work in larger cities.
There are many qualified employees who are good at their jobs but are not sure how to take the next steps to progress in their careers.
At First Intuition, we have launched leadership and management programmes that are accredited by the CMI. These aim to help existing and aspiring managers further develop their skills. You can find more information about these programmes here.
Key points from the discussion
The pandemic has caused a change in how we lead our teams
The pandemic has caused a shift in everyone’s expectations, particularly with regards to the workplace. For the first time, health and welfare were prioritised by the UK government over the economy. For employers, this meant that they were often having difficult conversations while the workforce grappled with isolation, furlough, homeworking, home-schooling and bereavement. At the same time, there were significant changes socially with people becoming more aware and using their voices. This was most evident in the Black Lives Matter movement, the US elections, and the UK’s final departure from Europe. Inclusion and flexibility have become priorities and many people have been asked to step into shoes that would not have traditionally fitted them.
Greater recognition of mental and physical health within the working environment.
Our panel highlighted that mental and physical well-being has come under increased scrutiny since the start of the pandemic. As managers, it is important to be empathetic and supportive. With the lack of face-to-face contact, reading body language has become more difficult. Therefore, if we recognise signs that an employee is not faring well, even if they say they are, it’s crucial that we follow up. Informal and formal sessions are both invaluable. Virtual meetings that are scheduled just for coffee have become just as essential as our day-to-day formal conversations. They can go some way to replicate the social aspects of the office and ensure staff take time out to relax.
It is important for leaders to exemplify by setting standards themselves. Showing team members that it’s OK to take a lunch break or that it is not necessary to keep in touch whilst on holiday, help to embed the standards you wish to set.
We need to align on our purpose and values
According to a survey by the Institute of Leadership and Management, 70% of values held by staff do not align with those of their employers. Making a difference is one of the top ten values cited by employees as being important to them. Whilst only 10% of employers place this value within their top ten. In order for people to fulfill their potential, they need to believe in a firm’s purpose and that they are making a difference. Performance is directly affected by loyalty, motivation, and morale. Personal development has never been more important as staff are keen to learn new skills to safeguard their future.
Moving forward but not back to where we were.
One of the key questions that face us as we learn to adapt to our changing working landscape, is how we use the experiences from the pandemic and blend them with the best aspects of our old working lives. As leaders, we need to consider how we balance new work patterns whilst ensuring we have enough social interaction. With many people now not experiencing the daily commute as part of their working day, it is also key that staff take time to decompress at the end of their day.
With the evolution of technology within our industry, we should also encourage our teams to be open-minded, curious and to develop the right mindset and attitude towards these changes. As leaders, we may also find that our more junior members of the team are better placed to explore and embrace new technology and act as ambassadors.
Reward and Development
As previously mentioned, the opportunity for staff to develop has never been more important. Whilst a development plan is key, it is also about identifying other opportunities for junior employees to gain experience wider than their current role. Our panel suggested that involving trainees in high-level meetings or allowing them to work with new clients can give them a greater breadth of experience and allow them to develop their aspirations.
As a starting point for any development plan, it is essential that leaders take time to understand individuals and what their ambitions are. This not only helps to establish whether their goals align with those of the business but will also identify those keenest to progress within the organisation. From there, we can work with individuals to help them achieve their ambitions but there will not be a ‘one size fits all’ solution.
In terms of reward, our panel identified that there is now much more to this than salary. Increasingly employees are looking for organisations to consider:
Work/life balance
Flexibility
Work Environment
Social opportunities
The client base they will be working with.
Many firms are finding that they are also having to ‘sell’ their organisation to potential candidates during the interview process.
Watch the full discussion
If you are interested in watching the full discussion on how to lead a team to success, please click on the link below.
The news is full of shortages of staff. From lorry drivers to care workers many sectors are finding it hard to recruit and are looking to the future to ensure that they can at least begin to fill the skills gap. Using the Government Apprenticeship scheme to nurture team members committed to the business and with company specific skills will benefit both employee and employer in the long term.
On the ICAEW Insights blog in June there was a piece that lead with the headline; “Almost a third of employers across the financial, professional and business services sector are struggling to recruit due to widespread skills shortages aggravated by the COVID pandemic”. Reflecting the blogs we have shared here over the last few months the ICAEW conclude that with people being away from their desks on furlough or isolating for long periods over the last year and a half ; “people’s roles and skills are not as relevant as they were 18 months ago, which is further aggravating the skills situation and putting an additional strain on the job market.”
Using Apprenticeships to upskill and retrain your existing workforce to fit the needs of your business today and in the future can boost employee retention and enhance company loyalty. Finance departments are amongst the worst hit by the lack of staff with up to date skills.
The accounting and financial qualifications that First Intuition provide as part of the apprenticeship scheme are as relevant in business as they are to accountancy practices. Especially supporting the areas of risk management and internal auditing. Taking team members whose skill set may need updating and supporting them through programmes from the level two accounts assistant on to AAT, ICAEW ACCA and CIMA qualifications can retain a valued employee who may otherwise find themselves underskilled for the company’s future plans.
First Intuition work with businesses to help their teams learn the skills needed in the modern commercial world. Developing people who go on to valuable careers that benefit both them and their employers. Our goal is to develop financially fluent professionals who can make an impact for talent hungry employers. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.
For most professional bodies, meeting CPD obligations is as much a requirement of membership as passing the original examinations, so it makes sense to choose a provider who:
Offers the same high quality of training that delivered exam success
Uses a familiar style of training – flexible, personalised, and effective
Already knows and understands its clients and students
You can choose from a range of public and private courses, both tailored and off-the-shelf. And you can have them delivered digitally via live-on-line sessions or specially recorded on-demand content, or face-to-face here at First Intuition Yorkshire or in-house.
Whatever course you choose, you can be sure that it will be:
Accessible, informative and of immediate practical use
Carefully targeted and personalised to suit your needs.
Designed and delivered by specialists with at least fifteen years of experience
Validated with a certificate of participation
Of high quality and good value.
To speak to one of our team about your CPD requirements just contact your local participating centre.
Retaining and attracting qualified staff is becoming an increasing issue as organisations go back to ‘business as usual’ and moving job roles is less of a risk for employees As a result, the UK is facing its highest number of job vacancies since records began. Strategies to improve retention rates of high-potential team members once they qualify, and to increase success in attracting experienced hires, are therefore more important than ever.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss the approaches that employers can use to keep staff engaged and loyal when they qualify. As well as how to be as appealing to experienced candidates in the marketplace looking for their next role.
Alex Bond Burnett, Founder and Lead Executive Performance Coach at Speaking Ambition
You can watch the recording of the forum by clicking the button below.
Poll Results
At the beginning of the session, attendees were asked to complete a poll answering ‘Where are your main staffing issues?. 67% of attendees are finding ‘attracting newly qualified/ experienced staff’ their main staffing issue. 38% are struggling with ‘retaining newly qualified/ experienced staff’. Whilst 32% are having problems attracting new experienced managers.
It is clear from these results that attracting and retaining qualified/ experienced staff is where the problem lies for many employers.
Advice from the Awarding Bodies
There is no one factor that impacts staff retention and attraction. It is a combination of many factors, namely:
Feeling happy in a job
Feeling respected, appreciated, and heard
Alignment with the business’ ethos, culture, and goals
Feeling like you fit in with the team
Being challenged and developed
Having room to grow and advance
Employers can help enforce the points above by:
Making employees current roles something they are passionate about
Communicating with employees when they are doing well or should expect a promotion
Conducting research on employees to find out their wants and needs
Avoiding a policy that is standardised for everyone
Celebrating successes and failures in a safe space
Acting upon missions and values
Demonstrating that professional and skill development can add value to a role
The pandemic has accelerated a shift in what people want and expect from their workplace. Motivational points for different workers are changing and as a result, employers need to start appealing to employees’ personal needs. Consequently, more personalised strategies for recruitment and retention are needed, and unique pathways should be developed and encouraged for different members of staff.
Gareth says “I was really struck by how consistent the points raised by Fiona, Andrew and Clive were, particularly around the need to allow each employee in a business to guide their own individual pathway. The idea of ‘flexible, flexible working’ seems obvious now I have heard it and another ‘light bulb moment’ for me was the need to not just have meaningful organisational mission and values, but to connect each individual’s personal contribution to it.”
Advice from a Recruitment Consultant
There is a correlation between the strategies applied to retaining staff and attracting them. Attracting is making a promise and retaining is keeping to it. Below is advice from a recruitment consultant on what companies can be doing to retain and attract staff:
Security over pay is still a main factor in deciding whether someone stays in or chooses a new role
Make employees route of progression and future at the company clear to them
Rewrite business plans and turn hierarchical structures on their head
Help employees accelerate quickly where possible, particularly after two years of stagnation
Listen to staff’s wants and needs before forming policies, no policies should be permanent
Job security is important, ensure people feel as though they are looked after. Employers who have looked after their staff through the pandemic are seeing a greater sense of loyalty now
Businesses are brands as well, the more people who get to know you, the more likely you are to have people coming to you for jobs
Sell the company, not the job. Young people are particularly interested in the brand and what they stand for rather than the actual job
Hiring should be an easy process with regular touchpoints. Keep in touch with a new employee during their notice period and invite them to things with their new team
Job interviews should no longer be like an assessment and instead should be discussions to get a feel of whether the candidate will fit in at the company
Gareth adds “David gave a clear overview of why individuals leave organisations and what they can do to prevent this happening. He nicely separated the twin challenges of ‘attraction’ and ‘retention’ and highlighted the role of successfully scaling culture in achieving both. I loved his idea of a ‘flipped pyramid’ where senior staff are there to support their more junior colleagues rather than to control them. His example of a job advert for an accountant that looked more like a Rock Star illustrated how important it is for organisations to stand out from the crowd in a competitive job market.”
Advice from HR Consultants
Listen to survey results amongst staff and make sure you go back to staff and say you listened
Use hidden influencers in organisations to motivate and level up culture. These are the people who have a big presence and are the ones others go to for advice
Create paths for employees growth so they can visualise their future at the company
Embrace creating a new form of best practice
Give employees the opportunity to stretch themselves by learning something new
Provide situations where employees can make memories together, the people you work with is a big factor when deciding whether to leave
Let people use their superpowers. Everyone has things they are great at and that should be encouraged and harnessed
Encourage employees to have a side hustle. The skills gained in a side hustle can help organisations and be an attractive attribute to a company
Businesses need to reinvent the future of the workplace and reframe the employee experience as a journey. Employees have a greater need to know what they are working towards and employers need to know what is important to them in their work. Employers should be creating personalised journeys, encouraging passions, and helping people grow, they cand do this by:
Communicating what they have planned for employees and how they can grow
Understanding opportunities available in the organisation, people might want to work in another department in the same business
Make employees feel included and know how they fit into the organisation
Share an organisations’ goals and employees’ involvement in meeting these
Encourage and support staff in generating and developing as many skills as possible, not just technical skills
Have a plan for your staff, know your best talent and put in processes to help understand staff’s different qualities
Gareth says “As usual C-J went down brilliantly with our audience and shared with us another of her highly practical top ten tips. For me, a couple of really interesting points were to identify internal influencers whose powers you can leverage, and to encourage staff to have a ‘side hustle’ outside work. I also loved Katherine’s MAP mnemonic which gave some really powerful questions to use when talking to colleagues about their ambitions and aspirations. Frances gave some incredibly topical points on the importance of early career conversations and clear progression plans for both technical and non-technical skills development.”
Advice from Post-Qualification Education Experts
It’s clear that the days when retaining and attracting talent was simply a matter of increasing the basic salary offered are well and truly over. Far more sophisticated, and personally tailored, approaches are now required. A theme that cropped up a number of times throughout this session was the importance of giving qualified staff similar clear and robust progression and development plans to those that they tend to have in the early years of their careers as they train and pursue qualifications. At First Intuition we are seeing our clients working harder to improve the consistency of this journey from new starter all the way to management and senior leadership positions.
The next steps up after qualifying as an accountant are often assumed to be outside of the organisation. We need to show accountants that being qualified is not the end of their learning, development, or opportunities within the organisation they are already with. Developing additional skills in fields such as digital technologies, data analytics, and leadership and management are important departments for post-qualification training to help people continue to develop and level up.
Digital technology
Digital technology can improve what accountants are doing on a day-to-day basis. Making job roles more efficient through digital technology can improve jobs, give diversification in a role, and make a learning opportunity. Employers need to construct a learning path that inspires people to improve their jobs as they go.
Leadership and management
Key leadership and management skills that need ongoing training and development include:
Leading remote teams
Emotional intelligence
How to influence
Driving innovation
Communication
These skills are important for how we perform and interact with each other, communicate information, influence stakeholders, understand different dynamics, build relationships, understand the needs of employees, make decisions, and recognise individuals’ strengths.
This post compiles the answers to all the questions our accountancy students are frequently asking on our position during the Coronavirus pandemic. We hope you find them helpful, but if you are still unclear then please do call or email your local centre and we will chat this through with you.
We have also been running live webinars and Q&A sessions for employers and students – you can find out more here.
FAQs
When will First Intuition centres re-open for classroom courses?
We consider ourselves to be in a very fortunate position – we have been delivering all of our courses remotely since the first nationwide lockdown was implemented in March 2020.
From 8 March, people in England will see restrictions start to lift and the government’s four-step roadmap offers a route back to a more normal life.
We therefore want to provide our students and employers with as much clarity as possible to support ongoing plans for learning.
Most of our physical centres around the UK will not be opening for face to face delivery of classroom courses before July 2021 at the earliest. Until this time, we will continue to deliver our scheduled classroom courses, skills modules, progress reviews and introduction days remotely, utilising online technology as we have been doing since March 2020.
You can find course dates and information for your local centre on your local centre page.
Is my local centre open for exams?
We recommend contacting your local CBE centre to find out if they will be open for exams during this time. You can find a list of these exam centres here.
The good news is that most of the professional accountancy bodies are progressing with remote proctoring for on-demand exams, which enabled thousands of students to take exams in 2020. We recommend booking a remote on-demand exam where possible.
I’m an apprentice and have a review meeting booked with my FI Skills Coach. Should it still go ahead?
Progress reviews will continue to be held with skills coaches, apprentices and line managers. Your skills coach will be in touch regarding remote meeting arrangements.
During this uncertain period, our skills coaches will work with apprentices as flexibly as possible to help you identify how the current situation and new ways of working can be applied to the skills and behaviours within the standard.
Our skills coaches are there to support you – you do not have to wait until your next scheduled review to speak to us and we’d encourage all apprentices to reach out to their skills coach for support during this period.
I’m a new apprentice and due to start my programme in the next few weeks. What should I do?
All of our upcoming programmes for new apprentices will be going ahead as planned. Your local FI centre will be in touch regarding arrangements for your introduction to the programme.
What is the status of my qualification and the availability of exams?
AAT students
AAT are not currently offering remote invigilation for any modules.
We are keeping some of our assessment venues open for exams only in order that AAT students can still progress with their qualification. If you are an AAT student with assessments outstanding, or an employer supporting AAT students, your local FI centre will be in touch with you directly. Alternatively, you can contact your local centre here.
More information will be released over the coming weeks – you can find the latest information on the AAT website here.
ACCA exams went ahead via remote invigilation in March. We recommend you take advantage of the remote invigilation option and sit your next exam as planned. The June exam sitting may well see similar issues and some students have already experienced delays to the progression of their qualifications. The student feedback we have seen on remote exams has been overwhelmingly positive and pass rates under these conditions are not significantly different to exams held in physical exam centres.
For guidance on remote invigilation including how to book and how to prepare for your exam, please visit the ACCA website.
CIMA students
Following the UK and Scottish government announcements on 4th January 2021, Pearson VUE test centres in England and Scotland are now closed for CIMA exams. Remote online exams will continue as normal. Find out more about what to expect from a remote exam here.
If you have an exam booked at a test centre, please cancel this exam and book an online exam. For more information, please visit the CIMA FAQ page.
We strongly encourage students to take advantage of remote examinations and continue with their CIMA studies as planned, where personal circumstances allow for this.
ICAEW students
On Friday 15th January, ICAEW announced that March Professional Level exams and all Certificate Level and ICAEW CFAB exams will be available via remote invigilation only.
At FI we believe this is the most sensible decision considering the current trends of COVID-19 within the UK. It gives clarity to students, employers and providers alike over the next 7 weeks and allows everyone to be prepared. Therefore we strongly encourage students to continue with their ICAEW studies as planned where personal circumstances allow for this.
How will pass guarantee work if I cannot sit my exams as originally planned?
We will extend the terms and conditions of our pass guarantee scheme for any courses affected by exam sitting cancellations or unavailability of computer-based exams. Please contact your local study centre directly if you have any questions.
We understand that the current circumstances may also impact your ability to attend Online Live and Virtual Classroom courses in real-time and submit course exams to the deadlines set. If this applies to you, please contact your local FI centre, as we’ll be reviewing pass guarantee eligibility where these requirements are not met on a case by case basis.
We will continue to update this information as we make further decisions or new information comes to light. We’d like to thank all of our students and employers for your patience and ongoing support.
That isn’t to say delivering virtual classes for the most part hasn’t worked well.
Great pass rates and student engagement for the most part backed up by really supportive employers has meant that our students have been able to progress in their careers, but to just look at pass rates alone misses such a huge amount of what is great about learning.
School and college isn’t just about tests and results, the process of learning is so much more. In-centre courses allow students to interact with both their student colleagues and their tutors, so what does that matter versus online classes?
Education is about experiences
The experience of making new friends in a high pressured environment
The experience of watching how others are finding the course; difficult, easy, boring, exciting (!) and referencing themselves to this
The experience of a tutor who watches the body language of students to see who is struggling and speaks to them during breaks
The experience of peer pressure and social competition
The experience of saying thank you for a course well delivered
The experience of time management when it means more to get to class than simply getting out of bed
It isn’t just the students that need to be back in-centre, it is the tutors as well. Very few people enter the professional education industry so that they can sit in an empty room and speak to a screen. They join it to engage and share with the next generation, to see their faces when the “penny drops”. Most importantly probably for the tutors is being able to watch the class, to see those that need help but don’t ask for it and carefully build their confidence during breaks and lunchtimes so that no one is left behind.
Comments from the students on their first day back:
“Really glad to be back.”
“It’s more interactive this way, I find it easier to learn in-person.”
“Great to be here.”
“Amazing to see everyone’s faces again. Love being back with my friends.”
And finally …
After the last 500 days of missed classes, school and university now more than ever it is important to bring our future professionals together to re-engage with what it means to learn and prosper in their early careers.
All it takes now therefore is to say welcome back to the class of 2019, and welcome for the first time to classes of 2020 and 2021 to FI classes in-centre – we really hope this is an exciting new step in your development! (And don’t forget to make the most of the free tea, coffee and snacks to keep you focused!)
What are the benefits of apprenticeships:
Benefit 1. Upskilling Teams
Adding to the capabilities and knowledge of staff has clear benefits. By helping them work towards a professional qualification you are building skills that are directly relevant to your business and its long term requirements. In a Government survey, 86% of employers said apprenticeships helped them develop skills relevant to their organisation, and 77% said that they felt having apprentices now would give them a future competitive edge.
Benefit 2: Staff Retention
With the skill shortage growing to offer new and existing staff a clear path for personal and professional development. Structured career progression and the increased personal confidence that we spoke about in last months blog, result in more fulfilled team members who are more likely to stay with the business longer. In some high staff turnover industries with an average team turnover of 84% have found that this drops to 39% among staff who joined the business as apprentices.
Benefit 3: Cost-effectiveness
Apprenticeships are a particularly cost-effective way to train staff, as they are making a contribution to the workplace while they are learning. Apprentices spend much of their time gaining skills on the job as well as adding to their skills and professional understanding in the classroom environment. Funding can also be available to support the cost of the apprentice while they are learning. For those on lower salaries under the age of 25 employers national insurance contributions are also waived.
The benefits to the employer reflect the benefits to the student. In many ways they are similar, both sides of the equation want to improve their ability to attract the other. Both want to achieve the best potential they can from their work. First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. All types of business need team members who have a thorough grounding in financial management, and we are able to fill that need. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.
Access more help and advice from our client support team in the Apprenticeships Introduction video below.
Every business needs an accountant. However, research from the Institute of Chartered Accountants in England and Wales suggests that a quarter of businesses did not use an accountant within the year covered by their report. Working with an external accountancy practice is the most common way of engaging with an accountant. But increasingly companies are recognising the benefits of having a financially qualified person within their own team.
What an accountant can do for your business is clear. Helping you pay the right amount of tax, and advising on making the business as tax efficient as possible. Accurate bookkeeping is a key aspect of managing your company finances, and ensuring the correct financial reporting to HMRC is kept up meets your statutory requirements. Compliance with Government requirements can absorb a considerable amount of your time in a larger business and mistakes can be easy and possibly damaging. Without an accountant on hand to support you the potential for issues is high.
But, why is this an argument for having someone with an accounting qualification on your internal finance team? Regulations, particularly those governing larger businesses shift constantly. Having a team member who is up to date on what affects your business, while having the intimate knowledge of the company that only comes from working in it day in and day out can avoid pitfalls and save money. Businesses over a certain size must carry out statutory audits. However, businesses of all sizes can benefit from internal audits. They are an excellent way of keeping your business goals on course, and aligned with the owner or board’s vision for it. An audit provides reassurance and certainty about the health and direction of the business, as well as preparing the ground for a statutory audit. Again this will save time and money and decrease stress on the business and its leadership team.
The responsibility for internal control of the business finances lies with the management team. Having a financially qualified and literate person to advise on areas such as
Risk assessment, prioritising areas or processes that require attention and audit focus.
Early warning of deficiencies that need to be identified and remedied.
Reporting and analysis, interpreting the figures to help management build actions.
An Internal Audit reports directly to management or the Board rather than an outside agency, giving visibility to the strengths and weaknesses of the company financial structure, allowing improvements, cost savings and risk reduction to be implemented in a manner and time frame that suits the business.
Through the Government apprenticeship scheme it is possible to build both the understanding of and commitment to your business that comes from working within it, and the financial qualification and business skills that will benefit your business in the long term. First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. All types of business need team members who have a thorough grounding in financial management, and we are able to fill that need. Get in touch with the First Intuition team in Bristol or call us on 0117 3540190 to discuss how we can help with your apprenticeship plans.
Leadership and Management Programmes
Our leadership and management programmes are accredited by the CMI and complement our existing qualifications whilst also working perfectly for aspiring and existing managers in a broad spectrum of industries. CMI is the only Chartered body in the UK that awards
management and leadership qualifications, and the only body that awards Chartered Manager, the ultimate recognition of the professional manager. CMI qualified managers and leaders make a positive impact on businesses helping them to grow and thrive. Research shows that management and leadership development leads to a 23% increase in organisational performance and a 32% increase in employee
engagement.
CMI encompasses a membership community of more than 100,000 strong and leads the way in Management and Leadership qualifications with a pathway to a Chartered Manager status, the hallmark of any professional manager.
These qualifications are designed for practicing middle managers and leaders at operations, division, departmental or specialist level, who are typically accountable to a senior manager or business owner. The primary role of a practicing or aspiring manager and leader is to lead and manage individuals and teams to deliver the aims and objectives in line with the organisational strategy.
Qualifications Available
From Autumn 2021, FI East Anglia and Yorkshire will offer the following qualifications:
Level 5 Award in Leadership and Management
Complete 1 module (4 credits)
This award is the shortest and most concise, typically taking around 1-2 months.
Level 5 Certificate in Leadership and Management
Complete 3 modules (13 credits)
The certificate provides a broad base of knowledge and skills, typically taking between 4—6 months.
Level 5 Diploma in Leadership and Management
Complete 8 modules (37 credits)
This diploma provides a comprehensive and extensive programme of learning, typically taking between 12—14 months.
Chartered Manager
Complete the diploma, post-qualification experience and assessment.
Contact Us
We’ll be offering these programmes at the centres below. Please click on the links to get in touch or find out more about your local centre.
When gearing up for a job interview, making sure you are well prepared will ensure your interview process goes as smoothly as possible, which in turn will increase the chances of you securing your dream job. Here are 4 top tips to help you fine-tune your interview prep:
1. Don’t be afraid to ask pre-interview questions!
When you’ve been offered an interview, some employers may give more in-depth information than others. Here are a few questions you may need to ask:
What format the interview will be held in? – Asking this question means you save getting caught out if they require you to complete a task or presentation.
Who is the interviewer? – This is important information for your pre-interview research.
2. Now, let’s talk about the interviewer!
When it comes to the interviewer, unless it’s a recruiter or internal HR team, they probably don’t have much experience conducting interviews. This is the perfect chance to get an upper hand with your preparation.
So… Research into the interviewer! This means finding out who they are, what they’ve achieved and how they got to the position they are in now. LinkedIn will be your friend on this one!
Make sure during this research, you also look into who the director for your specific area is and who is the managing director of the company. They may ask you questions about this and having the information on hand will show the effort you’ve put into your preparation.
3. Next, it’s time to do your company research.
Doing your company research is KEY for an easier interview. These are the following sections you should look into:
Look into what the company does
What does the company stand for
What are their company ethics
Who are their competition
Finding out this information allows you to discuss what attracted you to their business and why you are the perfect candidate for their company.
Other information that would be beneficial is researching what could affect their company such as the local markets, local news and their stocks & shares if applicable. Don’t be scared to look at their companies house, their accounts information may be valuable material.
4. Finally, KNOW YOUR CV!
We can’t stress this one enough, knowing your CV is vital to a good interview. This is the material that the interviewer is using to interview you and why they wanted to in the first place.
Your CV should be a true and accurate source of information about your skillset. So make sure you know exactly what information you’ve included.
Next, go through the job description and compare each point to your CV. Familiarizing yourself with the job specification will allow you to link this back to your skillset. This shows that not only do you want to work for them, but you’re also perfect for the job!
Don’t worry if you don’t have every skill listed on the job specification. Being able to use your knowledge from your current skillsets and research will show you’re perfect for the role. This will make you stand out from the crowd.
Alternatively, for more exclusive news and updates from First Intuition, Visit FI Hub.
Accountancy Academy 2021
This year our annual Accountancy Academy took place virtually and whilst once again, we were denied the opportunity to meet students face-to-face, we were able to invite 16-18-year-olds from around the country to one joint session. We had over 200 students register for this year’s event which was hosted by tutors from our Yorkshire and East Anglia centres.
This year’s format followed the same programme as 2020, as this had proved very popular and received great feedback. We ran the programme twice in 2021; once in April/May and then again in July. This allowed those students who were completely assessments for GCSE and A’levels to choose the best time to attend.
The Sessions
This year we offered attendees four standalone sessions with our tutors followed by a separate session in which they could meet employers.
Session 1 – Introduction to Accountancy.
In this session, our tutors talk about the routes into accountancy at all levels and abilities. Whether you’d like to start after GCSE’s, A’Level’s or university, there are course options that can be studied as an apprenticeship, employer-funded or self-funded. Our Apprenticeship brochure explains this in more detail.
Session 2 – Accountancy Taster
This is a practical session in which our tutors work through a business case example with attendees and look at a small business model from a number of different accounting angles.
Session 3 – The skills needed as an Accountant
In this session, we look at the skills needed for accountancy roles. We also help students to identify where they might already be using those skills in their everyday lives, extracurricular activities and part-time jobs.
Session 4 – CV preparation and interview skills
We talk about how to put together a CV so that it stands out and give our top tips on mistakes to avoid. We also look at interview skills and show some good and bad examples. Our team give their advice on how best to prepare for an interview.
Session 5 – Employer Q&A forum
For this session, we invite employers from East Anglia and Yorkshire to take the questions of our attendees. This gives the students a real opportunity to understand what employers are looking for when they recruit.
Accountancy Academy Feedback
Here’s a summary of just some of the great feedback we’ve had on our 2021 Accountancy Academy.
2022 and beyond
Subject to government guidelines at the time, we intend to resume our Accountancy Academy in 2022 as in-centre sessions. We’ll release more information about these later in 2021 but if you’d like to register your interest now, please contact shellytweed@fi.co.uk.
Further Information
To help young people get started in our industry, we have put together a range of resources aimed at helping them to identify roles, find, prepare and interview for jobs and make a successful start in their new careers. You can find these resources here.
If you weren’t able to attend this year’s accountancy academy, we ran similar sessions last year in conjunction with the ICAEW, you can view this with this link.
For more information about the Accountancy awarding bodies, please use the links below:
Advanced Diploma Synoptic (ADSY) – What has changed?
The new Advanced Synoptic will be available from the September sitting onwards. The Advanced Diploma Synoptic (ADSY) will no longer assess Spreadsheets (SPSH). The new synoptic will assess learning outcomes from Advanced Bookkeeping (AVBK), Final Accounts Preparation (FAPR), Management Accounting: Costing (MMAC), and Ethics for Accountants (ETFA). The short code for this new Advanced Synoptic assessment will be changed to ADSY.
The old AVSY section 1 consisted of 3 tasks in 1 hour 15 mins. The new ADSY is 6 tasks in 2 hours 30 mins.
The fee for the synoptic assessment will remain unchanged.
For further information on synoptic windows and result release dates, please visit the AAT’s dedicated results webpage.
Spreadsheets (SPSH) – What has changed?
The new spreadsheets assessment will be available from 1st September. It is still mandatory but is now on-demand and the assessment will be marked as ‘Competent/Not Yet Competent’ only, which will not contribute towards your overall grade of the qualification. However, students must pass this assessment to gain the qualification.
Spreadsheets for Accounting (SPSH) will be assessed via an on-demand assignment (in an .xlsx format) that will be set and marked by AAT with a six-week turnaround for results. SPSH can be sat before or after ADSY. The assessment duration for SPSH is two hours and the pass mark for this assessment will be 70%. You can take the SPSH assessment either from home or at an assessment centre.
“My experience of studying AAT Level 4 with First Intuition’s Online Live classes has been absolutely brilliant. I would thoroughly recommend it to anyone looking to study in a structured, supportive environment that replicates the face-to-face classroom environment.”
First Intuition vs competitors
“I came across First Intuition via YouTube and was really impressed with the quality of the presentations and the clarity of the explanations. First Intuition had by far the best accounting tutorials I had found. I looked at a couple of the other well-known online tutoring companies, but none compared to First Intuition in terms of the quality of materials, delivery and access to the materials, tutor support, and cost.
“A lovely phone call with Jane in the office and that sealed it for me. I could tell that this was a company that really cared about its students, and nothing was too much trouble. I had all the online materials for the rest of my Level 3 course within a couple of hours.”
Online Live Revision Sessions
“In response to the Covid 19 lockdown, the wonderful tutors introduced a range of free live online revision sessions. Even though we were not in a classroom face-to-face, the online zoom sessions create a strong sense of community and support. These are made fun and interactive by the tutors. The free revision sessions were massively significant in me completing Level 3 on time and with a Distinction.”
Online Live Course
“The Online Live classes cover each of the AAT modules, you will know your schedule for the year when you sign up. There are two Online Live classes each week. The classes last between 4 and 6 weeks, followed by 3 weeks revising the exam preparation material. Your distance learning tutor can answer any queries, problems or issues you have.”
Tutors
“The distance learning tutors are amazing and so supportive, nothing is ever too much trouble. They always respond really quickly to queries so you always have someone to turn to if you are struggling. You also have the pre-recorded lectures so you don’t need to worry if you can’t make a class. This makes First Intuition so brilliant, you have the course materials available to you in so many ways. Including printed course notes, pre-recorded lectures that you can access anytime, and live classes.”
Classmates
“I never would have thought that online live classes could replicate the feeling of face-to-face but the First Intuition classes have done that. You do still get to ‘know’ your classmates. Everyone is really supportive of each other, and you get to share the same experiences as you would in the face-to-face environment.”
Flexible study
“The First Intuition study materials make it easy to know what you should be doing each week. There is never any pressure, the modules are totally flexible so if life or work starts to get in the way you can speak to your tutor and come up with a different study plan. You are always supported and encouraged to keep on track, set goals and book your exams. It’s great for ensuring you complete a whole level in a sensible timescale.”
The AAT Level 2 Accounts/Finance Assistant apprenticeship standard development started in 2016. The development involved employers, SMEs, and educational experts and used research from the accountancy industry, including surveys, job vacancies, and job descriptions. The programme has been approved for delivery since July 2019.
There are many similarities between the Level 2 and the Level 3 and Level 4 apprenticeships, but a few key differences are:
Unlike the Level 3 and 4 apprenticeships, the Level 2 apprenticeship includes a mandated qualification which means that student registration fees and exam fees can be covered by apprenticeship levy funding. The AAT Foundation Certificate in Accounting is one of the qualifications that’s been approved to use as part of the apprenticeship
The End Point Assessment (EPA) must be sat on top of the qualification unit and synoptic assessment (if using the AAT Foundation Certificate in Accounting qualification as the mandated qualification). So, as the qualification is mandated, the full AAT qualification is completed on-programme. Then following gateway, the EPA (which is in addition to the qualification) will be taken. This consists of a structured interview and in-tray test
Level 2 will take 13 months to complete, a little less than Levels 3 and 4
Knowledge
The new AAT Qualifications2022 retains the valuable focus on building strong foundations at Level 2 in core technical bookkeeping and accounting skills. These cover double-entry, suspense accounts, journals, trial balance, reconciliations and costing topics.
The Level 2 qualification also now sees an expansion of content across other areas highly relevant to the modern commercial environment. Including business awareness, communication, technology, sustainability and ethical principles.
Level 2 apprenticeship learners are trained, supported and developed in a wide range of important career skills and behaviours. Whilst also gaining the technical knowledge assessed in the AAT exams.
Skills and Behaviours
Our Impact Skills Programme (ISP) for the Level 2 apprenticeship standard helps learners build a number of crucial employability skills that lay a strong foundation for a successful start to a finance career:
Personal effectiveness
Working effectively in a team
Producing and communicating quality information
Attention to detail
Working in the business environment
Using systems and processes
Customer focus
Professionalism
Many employers now believe that these skills and behaviours are more important in their trainees than basic technical knowledge.
The Finance/Accounts Assistant apprenticeship covers:
Funding
The Level 2 Accounts/Finance Assistant apprenticeship standard sits within funding band 8, capping the amount of funding available at £6,000. This level of funding opens up a range of options to enable additional training, to augment the apprentice’s on-programme learning.
The Level 2 Finance/Accounts Assistant apprenticeship is applicable to a variety of business-related job roles, including administrators and data input clerks. The programme is being seen by many as a replacement for Level 2 business and admin qualifications. This opens up the opportunity for administrators to move smoothly into finance as time progresses. As well as another talent development approach to engage different types of people and attract talent at an earlier age.
First Intuition can help advise the appropriate route and entry point for individuals. Get in touchif you would like some more information on Level 2 and apprentices.
Find more information here about the Level 2 apprenticeship standard, including a flowchart for fast tracks, here: Level 2 Apprenticeship.
Click the button below to watch a recording on the topic.
CIMA Focused – why are we launching a new way to study?
We’re launching a brand new way to study for the CIMA qualification. Our experiences during the COVID-19 pandemic proved that our students made a smooth transition to our virtual classroom. In fact, many of them maintained their expected progression or exceeded it, particularly on the case study papers. We found that students worked well online and used the chatbox to engage with the lesson in a way they may not have done in the classroom. The feedback on our virtual case study classes was also excellent and small group tutorials proved very popular online.
At the same time, we still believe passionately in face-to-face training and know that our students appreciate time in the classroom. We know that as exams approach for the objective tests, our students really benefit from interaction with their tutor as they iron out any last minute queries. With this in mind our new ‘CIMA Focused’ offer will blend virtual tuition for the objective tests with face-to-face revision to ensure students studies are effective and successful. Meanwhile, our Case Study papers will be offered via the virtual classroom as this method of delivery has proven highly effective and has achieved excellent results.
The benefits of CIMA Focused
This blended approach to learning combines the best of our virtual classroom with our tried and tested in-centre experience.
We believe that this will allow students to:
Maximise their studies through a blend of online and classroom learning.
Feel supported throughout their CIMA journey.
Stay on track and progress.
It is also important to note that our CIMA Focused programme can be studied as part of an apprenticeship.
CIMA Webinar
To launch our new CIMA Focused programme, we recently held a webinar to talk through the changes and explain the benefits. We were delighted to be joined by Trevor Robertshaw from CIMA, who talked to us about the changes the qualification has undergone and gave us an insight into the future. You can watch the recording below:
Trevor also provided some helpful slides for those wishing to get a better understanding of the CIMA Qualification.
Study CIMA Focused
Our CIMA Focused programme will be available from August 2021 in our East Anglia and Yorkshire centres. You can find a link to our brochures and contact details for each of these below:
To find out more about the CIMA programme click here and to visit the CIMA website, please click here.
First Intuition Maidstone is a well-known accountancy study centre… But we don’t just offer accountancy courses!
We also offer CMI Leadership and Management courses! Did you know CMI are the only organisation that can award Chartered Manager status, the highest accolade for managers and leaders?
Our qualifications are expertly designed to provide students with the tools, support and guidance needed to take on every professional challenge. Currently, we offer CMI Level 3 Diploma and CMI Level 5 Diploma.
These are also available as apprenticeships using Levy and Non-Levy Funding. All our apprenticeships delivery includes flexibility to ensure every apprenticeship is fit for its purpose.
This dedicated webinar is FREE to all employers. During the webinar, you will find out exactly what our courses include and how your business will benefit from leadership training.
Click the below button to register.
About: Leadership & Management Courses for Employers
When: Tuesday 27th July at 12pm
Where: Hosted via Zoom
Any questions about CMI Leadership & Management Courses?
Contact us at Maidstone@fi.co.uk or call us on 01622 755100
*Statistics based from www.managers.org.uk (CMI)
How the pandemic has changed the accountancy industry is useful to consider as we enter a new stage of returning to normal life. As with most industries, COVID has greatly impacted the accounting and finance profession. From the way businesses operate to how accountants are trained, no part of the industry has escaped change.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss how the pandemic has affected the accountancy industry, the changes made by the awarding bodies during this time and how they have benefited the industry, the role the accountancy profession can play in the recovery of COVID, as well as predictions for the future.
You can watch the recording of the forum by clicking the button below.
Key Comments from the Awarding Bodies
Looking back at the last year:
What were the key responses to COVID you made?
Remote working
The awarding bodies’ responses to the pandemic were varied. All of them moved remotely with employees working from home and exams operating online, however, some were better prepared for this than others. CIMA was at an advantage as they had computerised their exams since 2015. As a result, they did not have to cancel a single exam. Similarly, ICAEW had already started embracing a digital platform for exams. However, AAT and ACCA had delays getting their exams online as they had not already had the technology in place. This led to some students unable to progress.
Mental health
Cash flow and changing business models were the first focus for a lot of the awarding bodies and their clients. Followed by maintaining mental health amongst staff and helping teams manage and work remotely. COVID emphasised the importance of pulling on existing members and external sources for support.
Communication
Another response noted by the awarding bodies was the need for increased communication and the provision of information. Many feel they became like press officers, grappling with everchanging government advice and communicating what the changes meant for students and members. They communicated what businesses were entitled to then helped them get it. This has created a sense of interconnectedness and demonstrated the value of effective communication in building and maintaining business relationships.
How do you think the pandemic has affected the accountancy industry in general?
Digital delivery
The awarding bodies agreed that one of the biggest changes the pandemic has had on accountancy is the acceleration of digital delivery. Andrew from AAT recalled how before the pandemic practices were on a five-year delivery path to get digital. The pandemic forced this to happen in five weeks. Most, if not all, accountants are embracing new technology as a result of the pandemic, the technology was already available but people hadn’t stepped up to using it. Andrew believes a blended delivery of face-to-face and digital learning for trainees is here to stay.
Missed learning
For a lot of students, the pandemic had a negative effect on their studies. The awarding bodies who struggled to move their exams online, saw their students experience a long period of time where they could not complete their qualifications. This was because they could not sit their assessments or their colleges were closed. As a result, there are fewer newly qualified entry-level candidates available.
Skills
The pandemic has also meant staff had to pivot on their skills and adapt. Accountants have had to prove the skills knowledge they get from their training alongside their technical content knowledge. Skills such as resilience particularly came to the forefront for members new and old. The pandemic reiterated the importance of interpersonal skills learning.
The current position:
What role do you think the accountancy profession can play in the coming recovery from COVID?
As a result of lost opportunities for young people to work during the pandemic, support for developing professional skills earlier on will be needed. Claire from ACCA highlights how the accountancy profession can work together with the community to grapple with skills. Professional bodies need to put these partnership opportunities together so they can do more than a conventional accountant and take on a variety of different tasks. It is everyone’s role in the accountancy industry, particularly the awarding bodies, to talk about accountancy differently. They can help the next generation understand the people focus of the profession and the different career pathways within it.
Looking forward:
What changes in the industry do you think will be permanent? What other changes can we expect to see in the next couple of years?
ESG
The pandemic has caused a socio economic shift. Environmental, Social and Governance (ESG) will have an important role in stepping up in this space. Including understanding ethics, how businesses work, and supporting businesses and their sustainable recovery. A lot of businesses are already starting to shift their mindsets to focus on these topics however many are still trying to survive the pandemic. Shaun from the ICAEW agrees that upcoming topics of focus for the accountancy industry will be ESG, climate change, sustainability, and human capital. Businesses will need to embrace these recommendations. The awarding bodies can play a role in educating people and allowing the profession to be open to everyone.
Skills and development
Steve from CIMA believes it is too early to say what the response to the pandemic from the accountancy industry is going to be, although often a crisis is followed by invention. Steve thinks the post-pandemic challenges will be related to scarcity and abundance in supply chains, as well as the rapid and extensive change to the types of skills needed. Practical skills will be needed alongside adaptability and resilience to cope with change within a business.
Hybrid working
The pandemic has changed accountancy through hybrid working. Claire from ACCA believes hybrid working is here to stay which is going to affect leadership and management. Hybrid working will depend on personality as well as individual’s and the business’ needs. New employees who have started during the pandemic and had no contact with their team should be prioritised for going back to the office. Different people will have different needs so businesses should be cautious to not have one rule for all. Furthermore, younger partners need to not be left behind, there is still a place for more experienced mentors in the office.
Key Comments from the Industry Experts
Looking back at the last year:
In your view how have you seen the pandemic affect the accounting industry?
Exams
Graham from PQ Magazine believes that within the accountancy industry, part qualified accountants have had it toughest. These trainees are often still living in shared accommodation and so have struggled more working from home. They have also had their work, studies, and exams disturbed. Some awarding bodies have performed better than others when it comes to exams, but this has been problematic for students who are vulnerable and in their positions. They have not been able to demonstrate their competency to their employers through exams.
Adaptability to change
Chris from Generation CFO feels that working from home has been the biggest shift. It proved the change had always been an option but was something people were choosing not to do. This highlights that businesses can do a lot more and mindsets need to be open to different ways of working in order to change. There was more output from employees but this was due to working longer hours rather than more technical working. This illustrates some issues around businesses’ own agility, being able to adapt, and use technology. From an industry point of view, finance teams stepped up to huge demands to save companies but this way of working is not sustainable. Many had to pause capital projects and finance transformation projects. There needs to be a balance between surviving and making sure the business continues to develop.
Communication
Louise from Moneypenny commissioned a survey during the pandemic from senior partners at accountancy firms about their business’ focus. See the Moneypenny survey results here. They found that a lot of businesses communication had suffered since March 2020. Many company’s phone lines had been down or were being manned by the wrong people so the client’s journey suffered. Louise feels businesses need to be conscious of developmental differences related to communication, particularly for new intakes who have not benefited from informal in-office learning from their peers.
New intakes
Martin from First Intuition believes the pandemic has changed the accountancy industry by destroying the education system conveyor belt that has been around for decades. 2021 intakes are going to be more impacted than those from 2020 as they will have had even less school and office contact. The education sector should therefore focus on getting the basics right, such as sitting exams, so students can progress. For new intakes who have been working throughout the pandemic, employers should be mindful of the gap in their experiences with some trainees being on furlough and some having worked twice as much as usual.
Looking forward:
What changes that we have seen do you think will be permanent and what other changes do you think we will see in the next few years?
Hybrid learning
Graham sees remote invigilation as a good thing and is here to stay. Exams on demand can be very beneficial for trainees who have had disrupted learning, however, this doesn’t always work for students. Learning by zoom has been a good way to ensure studying and progression continues through the pandemic however students still need to have aspects of face-to-face contact. A blended approach will be the most effective going forward so trainees can still bond and gain a better understanding of company culture.
Adaptability to change
The pandemic has changed accountancy through the ability to adapt to change. Chris wants businesses to acknowledge that they need to be able to adapt to change to develop. This includes understanding what people want in the return back to work and understanding and effectively managing mental health and absenteeism. Furthermore, carrying through what businesses have learnt from the pandemic and continuing to bring new skills and talent with a focus on learning pathways. Graham agrees that people who hide behind numbers and data will struggle in the future. Adapting to changes including digital technologies is going to become part of the finance toolkit.
Flexibility and skills development
Martin believes flexibility and empathy with each other and organisations will stay within the industry. He hopes to see more bridging programmes to assist in the continued development of skills and knowledge.
Key Comments from the Audience
Accountancy education needs to change more rapidly so accountants can support the social and economic shift that is inevitable with climate change
Life long learning is important, lots of new future-focused areas are relevant to all finance professionals
Having people coming into accountancy with different backgrounds ensures there is a diversity of thought. There are different strengths between graduates and school leavers, which are important to have within a firm and the sector. Choice of routes is important to help attract good people
The onboarding of new staff, particularly new students, is one that businesses have to be mindful of. Colleagues need each other to help them work effectively, which cannot always be replicated using technology
Have faith in the ingenuity of the workforce to solve issues without necessarily going back to how it used to be
It will be important to put ESG at the centre stage going forward
Offices should be changed so that it is more of a ‘social space’, a meeting or training area, and less of a ‘workplace’. Office time should be used for interaction with people
Key focuses for the future:
Support, compassion, focus on values and mental health
Mentorship, coaching, value pathways, entry-level recruitment and retention
Since the introduction of the Level 3, 4 and 7, accountancy apprenticeship standards have seen huge uptake by employers. They are now the most popular way of supporting accounting trainees studying AAT, ACCA, CIMA, and ICAEW.
The Level 2 standard has so far proved to be far less popular, with many employers ‘fast-tracking’ students through the Level 2 Certificate in Bookkeeping or even using direct entry into Level 3. For bright and diligent students, it was often unnecessary to complete all papers of Level 2, rendering the Level 2 apprenticeship standard irrelevant for many. However, all of that now seems likely to dramatically change.
The Level 2 apprenticeship standard may now become the preferred entry point option for many employers hiring school and college leavers. This is a result of different factors coming together at the same time to create the ‘perfect storm’ for supporting wider adoption of Level 2 apprenticeships. Including the timing of the introduction of the tougher new AAT qualification (Qualifications2022), which has less duplication of content and more core material covered at Level 2, coupled with the educational impact of the pandemic and loss of exam exposure for coming cohorts of new starters.
The ‘perfect storm’
Three main factors are coming together at the same time to create the ‘perfect storm’ that increases the relevance of Level 2 apprenticeships.
The new AAT Qualifications2022 which has dropped much core content to Level 2, less duplication across levels, and now has harder exams at Levels 3 and 4
The impact that lockdown has had on opportunities to develop basic employability skills
The lack of formal exam exposure young adults have had at GCSE or A-Level
New qualification
AAT’s syllabus change to Qualifications2022 will bring with it the removal of repetition of the syllabus content between levels. Level 2 will introduce a topic, Level 3 will expand on it, and Level 4 will put it into practice. This will make it harder for trainees who come in at Level 3 or 4 to understand key themes and concepts that they have not covered previously. Levels 3 and 4 are also expected to be more challenging to assist in the transition to Level 7. Students will therefore struggle more if they are pushed straight into Level 3 unless they have a strong background in relevant A-Levels.
All AAT students recruited from September 2021 onwards will be affected by the syllabus change at some point.
No exam exposure
The lack of formal GCSE and A-Levels for two years gives further reason for students to sit Level 2 exams. This is true even for those with an Accounting or Business Studies A-Level as they will not have sat formal exams in those subjects, so will not have developed the skills for preparing and sitting high-pressure exams. Level 3 under the new syllabus will start with a bigger and harder exam than before. Starting at Level 2 will give students the opportunity to take smaller exams that are slower and easier. Easing them back in will help build confidence in their ability.
Lockdown
The pandemic has resulted in increased isolation and a lack of opportunities to build interpersonal skills. Many school leavers have missed opportunities to gain essential soft skills through part-time jobs and being a part of school activities. Such as organising plays, captaining sports teams, volunteering, work experience, and attending careers advice talks. As a result, skills and behaviours essential for the workplace like communication, organisation, time-management, and general confidence have suffered.
Some examples of how part-time jobs can prepare young adults for the workplace:
Attention to detail. Developed by checking stock at the start of a shift and cashing up at the end of the night
Communication. Developed by taking orders from customers, ordering extra stock from suppliers, facing difficult customers, or sharing problems with a manager
Using systems and process. Developed through working the till, taking payments, etc.
Personal effectiveness. Developed when having to turn up on time and clear tables or serve customers quickly
Customer focus. Developed when apologising for delayed service and compensating with a free item or discount, checking on customers that they are enjoying their food or need assistance, up-selling food/ drink/ other products
The increased emphasis on skills, knowledge, and behaviours building in the Level 2 is now needed more than ever. This will give students who have not had part-time jobs and extra-curricular activities the opportunity to develop soft skills and business skills and therefore a chance to plug some of their skills gaps. This will give a better foundation for starting a career.
Summary – why choose a Level 2 apprenticeship:
Emphasis on skills and behaviours building for an introduction into the workplace
Embedding knowledge building blocks early on for the new Qualifications2022
Easier introduction to professional assessments for students who may not have sat formal exams for two years
The whole programme can be funded with the apprenticeship levy, including AAT membership and assessment fees
If trainees do all units at Level 2, it’s worth considering the funding available if done as an apprenticeship. It will add 6 months or so to the programme but could save a lot of cost from the incentives
Attract to a broader range of talent giving greater diversity to your talent pipeline
Conclusion
As a result of the ‘perfect storm’, employers will need to think carefully about what level they start their recruits. There is more need to consider new starters on an individual basis rather than taking exemptions where available. Employers will have to be more certain of what individuals have achieved and look at what is right for each student to ensure they do not struggle and skills gaps are not left.
As the effects of the pandemic on candidates become clearer, coupled with the harder Qualifications2022, we predict more employers utilising Level 2. Whilst some employers may be put off by Level 2 as it will take an extended time to complete AAT, others may find it beneficial to have a longer period of time before trainees qualify. However, all employers will be facing these changes and those who decide to continue to fast track may find they suffer further down the line.
Fast track students will need additional support and more learning time from their employers and training providers. The Level 2 entry point may be a preference for the short term until the impacts of the pandemic have passed. However, employers may find they prefer it.
Find more information about the Level 2 apprenticeship standard, including a flowchart for fast tracks, here: Level 2 Apprenticeship.
Click the button below to watch a recording on the topic.
Get in touch
First Intuition can help advise the appropriate route and entry point for individuals. Get in touchif you would like some more information on Level 2 and apprentices in general.
Just over 20% of the employable workforce in the UK held a degree, now this percentage is almost up to 40%.
An ILM research report showed that over 70% of management positions were looked for both an undergraduate and professional qualification, this is even higher now
The challenge therefore, for those embarking on a career as a finance professional, is “how to stand out from the crowd”? When there are so many with degrees, when there are over 150,000 accountancy students in the UK alone, with over 10,000 completing their qualification every year… how do I show that I am different?
With this supported MSc Professional Accountancy programme our students can access:
Quality education from a Platinum approved provider
Quality support for the two MSc modules both which add knowledge and skills. (The business simulation module is excellent in demonstrating what it is like to manage a business)
Through an evening course programme that involves 11 sessions per module
Employers love to see individuals who:
Take responsibility for their own career development
Demonstrate a desire and a work ethic that is different to their peer group
They feel will add value to their organisations
Basically becoming a leader, not being led. Making decisions on their career, not waiting for others to do this.
By joining our MSc Professional Accountancy community we want you to become part of a network that will stand out from the crowd.
What to do Next?
The registration deadline has now expired for the July 2021 intake (current version of the program). The final opportunity to register as a new student for the current version of MSc in Professional Accountancy is January 2022.
Please contact University of London directly, as FI will not be offering tuition courses for this intake.
Do you want to get access to more exclusive tips and industry news? Visit FI Hub today.
Onboarding the COVID Generation follows on from our session looking at recruitment of the COVID generation. This forum explored the additional support that employers and training providers should offer to new hires affected by the pandemic. This is to ensure new starters transition smoothly into the workplace and are provided with the support they need to start a successful career, following months of increased isolation and lack of skill-building opportunities.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss how employers can assist in the onboarding process of this year’s cohort or school and college leavers.
Form the future is a not-for-profit social enterprise that aims to help young people make informed decisions about their future. They work with schools and employers to help give students insight, confidence, and more access to career information. Anne has noticed that career advice has been squeezed out of the curriculum since the start of the pandemic as schools focus on learning and exams. The education system favours good exam results over creativity, confidence, and problem-solving attributes that are increasingly recognised as valuable and essential skills in the workplace.
The lack of focus on careers and skills has meant fewer young adults have been exposed to available career opportunities. Fewer employers have been speaking in schools about their industry and offering hands-on learning and work experience. Whilst lost experience from part-time jobs and the ability to work with people has affected young people’s transferrable skills, creating ‘skills gaps’.
Anne has also seen that students are finding it difficult to articulate their transferable skills. Not working has made it difficult to see how their skills translate to the workplace.
How can employers help?
Anxiety
The interruption to education has made students feel resentful, anxious, and nervous about how they going to be assessed. This may translate into the workplace where they feel their hard work is not assessed fairly. Employers should be mindful of people who have anxiety over being assessed, as well as social anxiety. Not everyone has come through the pandemic completely intact and will have different needs.
Pre-boarding
Do not assume anything from new starters and be really clear with your expectations. The basics of work may be alien to them. Clearly articulate in writing what is needed for remote working including a list of all equipment required, as well as what to wear. Before joining employers should set up phone calls to give new starters opportunities to meet their team.
Mentoring
A mentoring system should be in place where new starters can ask questions to another member of staff who is not their line manager. The check-ins should be pre-scheduled on a regular basis for the first few months.
Mental health check-ins
Regular roundtables that ask staff how they are feeling can create a safe place for employees to get support from peers without shame. This allows for a culture where it is okay to say you are struggling and where to get support. Corporate memberships to meditation apps such as Headspace or Calm can be a great way to ensure staff has access to helpful resources.
Social activities
Whilst remote work continues, employers should integrate social activities into the way they work to encourage shared experiences.
Growth Works with Skills is a free and impartial service across Cambridge and Peterborough that brokers relationships between schools and employers to work with career leads. They offer grants, growth coaching, signposting, and help with the process of apprentices and employer training.
Growth Works is currently working with employers to communicate the importance of transferable skills for entering the workplace. This is done through companies presenting in schools in assemblies and enterprise events. Advice on CV writing and mock interviews are especially useful for students.
Debbie reports that since the pandemic started, apprenticeship opportunities are down 40%. More students than usual are going to university or having a year off. Employer engagement has also decreased as employers have had other priorities. Virtual schooling has also meant engagement in careers has also dropped as not everyone has access to a computer. Furthermore, the change in assessments and workload pressures have meant teachers have struggled to have time to engage with careers leaders.
How can employers help?
Engage with local schools
As a result of the reduced engagement with schools, employers can help by working with schools in a more regular way. Talking in assemblies, getting involved in enterprise events, and mock interviews can help inspire young people.
Most employers enjoy working with schools, particularly as virtual engagement offers more flexibility. Engaging with local schools can also be a great way for employers to recruit talent when students leave. If employers are recruiting new apprentices, they have the opportunity to go in and influence students themselves. Furthermore, businesses can develop their own team’s skills by going into schools and communicating with students and teachers.
Not Going to Uni is a jobs board for school and college leavers offering information on anything other than the standard university route. It is a commercial organisation but is equally trying to promote informed choice for young people. The organisation also works with employers about their attraction programmes for school and college leavers. They produce regular content to offer practical advice from people doing apprentices.
Sean reports that between March 2020 – June 2020 apprenticeship recruitment dipped by 75% as most companies shifted their focus away from growth. However, in quarter two of 2021, there are signs the market is on the recovery with interest to their website up by over 100%. Despite the reduction in recruitment, Sean praises employers for reacting quickly and reshaping their recruitment policies to the situation.
How can employers help?
Work experience
Employers can help the COVID generation by offering virtual work experience and speaking at schools. This is especially important in bridging skills gaps by providing experience in a professional environment. Employers need to be aware of this lack of skills and confidence when they are onboarding and integrate solutions into their induction programmes.
Patience
In addition to the extra support from mentors, all staff need to be patient and understanding towards new starters who may have had 18 months without social interaction. Training for staff will help with this.
Strong induction
Employers should make allowances when bringing people in and ensure there is a strong induction programme in place. This needs to cover everything including basics, businesses should not assume people know the way things are done.
Key Comments from the Awarding Bodies
AAT
During their own recruitment through this period, AAT has found that effective onboarding needs a really strong plan. Below are some points they found valuable when onboarding the COVID generation:
More time for formal inductions as a lot of company culture comes from connections between staff
More fundamental business basics in the induction
Make sure IT systems are working to help confidence early on
Regular check-ins to keep track of new starters
More patience, helping, and guiding – give expectations and allow longer to adjust
Give new starters more face to face time in the office
Below are some successful practices from AAT’s clients:
Talk to those who went through the remote onboarding last year and ask what worked and what didn’t to shape how things are done going forward
Pre-boarding and pre-induction measures that help break down perceived barriers – being in the home broke down barriers as it removed the formality of the office
Induction apps for new trainees that provide a schedule of induction, social chat channel, key contact numbers, and other company information
Work in conjunction with training providers to build exam preparation into the first few weeks so new starters are more prepared after no pressurised exam exposure
ICAEW
The ICAEW is running virtual work experience and virtual intern programmes during the summer of 2021 to assist in the development of transferable skills in young adults. The programme encourages employers to get involved and assist in getting students ready for the workplace.
The ICAEW has found that some virtual communication regarding onboarding has worked well. Some firms are going to keep aspects of virtual onboarding going forward. Similarly, virtual work experience will remain for some companies as they have found it more inclusive and easier for staff to manage.
CIMA
CIMA has ensured their new hires are sent a link with all onboarding documentation, important information, and virtual office tours. Remote onboarding hubs are a great way to ensure all information is in one place as well as easy to find and follow. Similarly, checklists for onboarding tasks and for the first day of work can give structure to new starters and mean all tasks are met.
ACCA
Following a report into employers views of the pandemic and what it means for recruitment and onboarding, the ACCA found:
The generation of new starters being hired are the most digitally connected. Their knowledge of social media can be used as a strength and present an important opportunity for employers. Particularly as social media can assist with the recruitment of young adults and help advocate the image and value of the profession
The purpose of the finance profession is important for people looking to start a new career in it
Potential recruits can learn a lot from virtual discussions. Businesses can set up sessions to talk about practical topics and what it means to work in finance
From finding the right career to making a good impression on the first day, First Intuition has a number of resources to help in all aspects of finding a job. Combining original content and links to other helpful resources. The resources are relevant to anyone looking for help and advice on how to find a job, not just in finance. Find our employability skills resources here.
Do you want to read more exclusive news and tips from First Intuition? Head over to FI Hub now. Alternatively, if you have any further questions, please get in touch with the team today.
“How would the apprenticeship scheme have made a difference to your learning experience, and what benefits can you see for the businesses who use apprenticeships to train their staff?”
Ben told us – It’s a really interesting point. If I had undertaken the apprenticeship scheme, then I would have attended a lot more skills days where I would have built up presentation skills, team working skills . Overall I think that I would have become, a more well-rounded individual from the start. You could get a lot of the same skills at university, but the apprenticeship is another route for school leavers as well as adding to the skills you may have built up at university. The apprenticeship is self-development as much as it is the skills development. If somebody is coming straight off the back of their A levels or an NVQ then that self-development aspect is one thing we have to offer them to help them develop further as a person and a businessperson.
Ben’s comments highlight an aspect of the apprenticeship scheme that is one of the less well highlighted benefits to business of the Government’s apprenticeship scheme. An apprenticeship is all about personal development. With training targeting the specific skills that you as the employer identify as the most important. Apprenticeships will add real value to your training programme.
Within an accountancy business where clients expect that their accountant will have a certain level of business acumen the benefits of training through the apprenticeship scheme are clear. To quote Ben again; “a combination of working in business, plus the apprenticeship plus the professional qualification builds up an individual to the kind of modern accountant that you would expect”.
And these advantages are not just limited to accountancy practices. Apprenticeships are a good way to bring qualified, business aware staff into the financial teams of many types and sizes of business. The return on investment of using the apprenticeship scheme can be advantageous to any business needing skilled financial teams. With funding potentially available to large and small companies and the support of First Intuition, upskilling existing team members or taking on entirely new employees and building the accounting skills you need will benefit your business in the long term.
First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. Get in touch with the team in Bristol or call us on 0117 3540190.
Firstly, ICAEW and ACCA will both take roughly 3 years to complete and become a qualified accountant. However, This may change depending on exemptions and the time between your exams.
It is worth noting, both courses are available under the apprenticeship scheme, click here to find out more.
ICAEW is a world-leading professional membership organisation that promotes, develops and supports chartered accountants and students worldwide. At FI, we have Approved Learning Partner Status for the ICAEW qualification.
In total, there are 15 papers to sit.
The first 6 papers (certificate level) are sat within 6 months. These papers are on-demand exams which means that you can sit the exams when you are ready at FI.
The 6 professional exams we teach towards exam sittings in June and December. Normally, students sit 2 at a time. They have scheduled exams and must be booked via ICAEW. The exams will be sat at a centre that is provided by ICAEW.
The ICAEW also have exam sittings in September and March which you could also work towards, however, we have a recommended structure to follow which works towards June and December. If you were to work towards March and December you may fall out of touch in relation to the structure of the course we offer. This means you could delay your completion.
The final 3 exam papers can be sat in July or November.
You need to complete 450 days of work experience with an ICAEW authorised training employer or an authorised training principal.
ACCA has a worldwide reputation for excellence. Their rigorous qualifications are recognised and respected across the globe. At FI, we are a Platinum Learning Partner Status for the ACCA qualification.
In total, the ACCA course has 13 papers to sit.
The first 4 papers (applied knowledge level plus Corporate Law in the applied skills level) are usually sat within 6 months. The papers are on-demand exams which means that you can sit the exams when you are ready at FI.
The remaining 9 ACCA papers, we usually teach towards exam sittings in June and December. Normally, students sit 2 papers at a time. They have scheduled exams and must be booked via ACCA. The exams will be sat at a centre that is provided by ACCA.
The ACCA also have exam sittings in September and March which are also possible to work towards. Some students prefer to sit one exam at each session. This means they take one in March, one in June, one in September and one in December. Under this option, many students prefer to attend the taught courses for 2 subjects in the first half of the year and then sit revision to June and then the revision course to September for example.
You need to complete 3 years of relevant work experience
You do not need to be within an ACCA approved firm.
Want to know more?
Contact our team at Maidstone@FI.co.uk if you have any questions.
Apprenticeship Incentives – An Overview
The ESFA originally introduced payments to support employers who hired new apprentices between 1 August 2020 and 31 March 2021. Including £2,000 for 16 to 24-year-olds and £1,500 for those 25 and over.
Apprenticeship incentives have now been extended for a second time following the Chancellor of the Exchequer’s announcement in October 2021. For eligible apprentices of any age who start employment from 1 October 2021 to 31 January 2022, employers will receive £3,000. The apprentice must start their training before 31 March 2022. You can apply for incentive payments for these apprentices from 11 January 2022 to 15 May 2022.
The payment is different to apprenticeship levy funds, so you can spend it on anything to support your organisation’s costs. For example, on uniforms, your apprentice’s travel or their salary. You do not have to pay it back.
The incentive payment is in addition to the £1,000 employers already receive for hiring an apprentice:
aged 16 to 18 years old
under 25 with an education, health and care plan or who has been in the care of their local authority
Furthermore, employers will also receive a National Insurance exemption if the apprentice is aged under 25 and a 95% subsidy of the training costs (if not paying via the apprenticeship levy). Levy paying employers can utilise their levy pots.
These incentives are claimed on the Digital Apprenticeship Service, so you will need your organisation’s bank details so the ESFA can pay your organisation directly.
You still have time to apply for a payment of £3,000 for apprentices with an employment start date from 1 April 2021 to 30 September 2021. Applications close on 30 November 2021.
Digital Apprenticeship Service for non-levy employers
Employers can also make up to 10 new reservations. From 1 April 2021, the ESFA reset reservation levels for employers who do not pay the Apprenticeship Levy. This enables employers to make up to 10 new reservations to fund new apprenticeships starting in the financial year 2021 to 2022.
Employers can also reserve funds up to 6 months in advance. From 1 April 2021, the ESFA extended the reservation period for employers who do not pay the Apprenticeship Levy from 3 to 6 months. This means that from 1 April, these employers can reserve funds up to 6 months before an apprenticeship is planned to start.
Eligibility
The deadline for new apprentices who joined your organisation from 1 August 2020 to 31 March 2021 has now passed (31 May 2021). However, you can apply from 1 June 2021 to 30 November 2021 for apprentices who joined your organisation from 1 April 2021 to 30 September 2021. This also includes if you recruit apprentices who have been made redundant. You cannot apply for an existing employee who joined your organisation before 1 August 2020, even if they started an apprenticeship after this date.
How to apply
You can apply for an incentive payment after you have added new apprentices to your digital apprenticeship service account. The ESFA has produced a video step by step guide detailing how to make an incentive claim via the Digital Apprenticeship Service.
When you’ll get paid
This is a direct agreement between your organisation and the ESFA. Payment is made in two equal instalments for each apprentice. The first payment is after an apprentice completes 90 days of their apprenticeship and the second is after 365 days. To receive the full payment, the apprenticeship must last for at least one year. Bacs provides payments on the 14th working day of the month (usually taking three working days to process). After you apply, you can view the estimated payment dates for each apprentice in your digital apprenticeship service account.
You can find out more about our apprenticeships here and some employer resources here.
OUR APPRENTICESHIP PROGRAMMES
We offer a range of accounting and leadership programmes with different entry levels and responsibilities. Click here to find out more.
Please get in touch with Andy Buncall if you need to further discuss your upcoming training needs or want to start progressing starters for any of our apprenticeship programmes.
Leadership Lunch and Learn
In these unprecedented times, the ability to lead and manage a team has changed. Managers are now having to move away from traditional techniques to those that can be used remotely. These short leadership lunch and learn sessions will give you the opportunity to develop new leadership skills which are relevant to today’s world.
Below you will find the recordings and a summary of what each session covered.
Managing for Retention
Managing for retention is becoming increasingly important as retaining staff becomes a bigger issue for organisations. A recent survey conducted by First Intuition found that 29% of employers were finding it difficult to retain staff. Whilst 60% were finding it difficult to retain newly qualified staff. This is in part due to a competitive job market with a shortage of candidates. Employees are therefore often leaving due to being offered alternative roles with more competitive benefits. Strategies to improve retention rates and make current workplaces more appealing to existing staff are therefore more important than ever.
This session discussed the tips and techniques required from managers in order to retain staff in an increasingly competitive job market. Guest speakers included Kay Thompson-Barker, Managing Director at Sea Light Development Ltd, David Culley, Programme Designer, Author of Computer Programmes & Tutor at Adept Training Ltd, and Carolyn Connery, Head of Employer and Provider Development at Chartered Management Institute.
The pandemic has shifted the mindset of many employees, who are increasingly emphasising the values of a company, what they stand for, and how they treat their staff. Poor work culture is costing the UK economy nearly £24 billion a year. 34% of people have said they have left their job because of the culture in their workplace. Work culture is therefore becoming increasingly relevant.
Culture-first businesses are better businesses. They have a more productive workforce, higher retention of staff, and attract the best people. Retention and Recruitment are key challenges for all firms and a strong culture plays a large role in addressing these issues. This session discussed how businesses can increase positivity, energy, and motivation in their own teams, the activities that can be used in person or remotely, and how a positive culture can be used to enhance recruitment, retention, and productivity. Guest speakers included Lisa Lister and Jane Slimming, Co-founders of Culco, Lisa Leighton, Managing Partner at BHP, Fiona Wieland, Coach and Project Manager at NHS Skills Development Network Yorkshire and Humber, and Danielle Heath, Co-founder of Innovate Enterprise Solutions.
Before the pandemic hit around 6% of people worked from home. In 2020 this significantly increased to almost half the population. As we come out of the other side of restrictions it is predicted that many employees will retain at least an element of home-working in their role.
How do managers excel at leading remote teams? This leadership lunch and learn session included guest speaker and co-host C-J Green, Co-Founder of BraveGoose, who shared her expert tips and advice. In addition, the session also included a panel of experienced and successful managers including Louise Hazard, Senior R2R Manager at Greene King, Simon Mader, Head of Technical Accounting Compliance & UK Reporting at AstraZeneca, Carolyn Connery, Head of Employer and Provider Development at Chartered Management Institute, and Dennis Laudick, VP Marketing, AI/Machine Learning at Arm.
They considered some of the inherent challenges in remote work, the benefits it can bring, and experiences we can all learn from.
Building Team and Personal Resilience in a K-shaped Economy
In a very short period of time resilience has changed. Resilience was a remedy focused towards anxiety. It is now a capacity for enabling people, teams and organisations. Recognising the importance of the ability to withstand adversity and bounce back from challenging events over the last 12 months has been recognised by us all.
How to transition to hybrid working is a hot topic for many businesses as staff start to return to the office. Remote working and its flexibility is something many want to continue in their post-COVID workplace.
Businesses are facing challenges of leading their teams to success following the changing landscape since the arrival of the COVID19 pandemic. Smaller firms often have no pathway for qualified staff to progress. Whilst, there are many qualified employees who are good at their jobs but are not sure how to take the next steps to progress in their careers.
In the session, we considered leadership styles, techniques, methods, and tools for success with particular focus on finance teams and the current issues of attraction, development, retention and motivation within them. Guest speakers included Carolyn Connery, Relationship Manager at CMI, Elena Kennedy, Associate CIPD at Stress Management Society, Kay Thompson-Barker, Director of Sea Light Development, Helen Kerrigan, ACA Director of Future Finance Training, and Luke Taylor, Partner at Smailes Goldie.
Do you want to learn more? Head to FI Hub, where we have a large collection of educational articles crammed with exclusive tips, tricks and industry news.
How to transition to hybrid working is a hot topic for many businesses as staff start to return to the office. Remote working and its flexibility is something many want to continue in their post-COVID workplace. A Personnel Today survey found that pre-pandemic, 45% of workers were happy to work five days a week in the office, now its is only 5%. This shift in worker mentality needs to be considered by businesses to effectively implement a form of hybrid working that benefits from the positives of in-office working and working from home.
This article shares highlights from the third Leadership Lunch and Learn session. Guest speakers discussed their tips for businesses facing how to transition to hybrid working.
You can watch the recording of the forum by clicking the button below.
Hybrid Working Overview
Katie Allen describes hybrid working as a blend of collocated office working and remote working. Below are some of the main points Katie believes businesses need to consider in order to effectively transition to hybrid working:
Hybrid working is not a one size fits all solution
Decision-makers in businesses need to consider the boundaries and responsibilities of the company, what they are trying to deliver, and how to connect with clients and customers when deciding what hybrid model works best. Businesses also need to consider staff’s needs as they will have their own boundaries.
Connect and listen to staff
It is essential to ask and listen to the wants and needs of employees when deciding on hybrid working policies. A survey by CMI found that 50% of managers had not consulted with their people about what their preferred working arrangements might be. Not everyone has been impacted by the pandemic in the same way, some may have struggled whilst working from home whilst others may have thrived. Listening to needs will help ensure your staff can be productive where they work best.
Reach out and ask for advice
Connect with your clients and customers to see what are they doing with their hybrid working policies. Check to see if your model is still going to be able to service their needs and how to ensure a smooth transition. This is an opportunity to press the restart button and decide what to do differently and how to harness positive change going forward.
Hybrid working is not a replacement for flexible working requests
The legal request for employees to change their working conditions will still remain. Hybrid working policies are separate from this and still need the same level of consideration as flexible working requests. Changes to hybrid working policy need to consider the knock-on effect to employment contracts, tax, and visas.
Whatever businesses choose to do, they should ensure they review what the impact will be on policies and procedures. With particular attention to discrimination to ensure policies are inclusive and support any way of working.
How to Create a Cultural Shift
Farnell Clarke Limited made the decision to move to a flexible working structure pre-pandemic. Within this workplace model is flexible working hours, the ability to work both remotely and in the office, as well as no cap on annual leave. Will Farnell explains how a mindset shift with the emphasis on outcome over input is what was able to drive this drastic change in the fundamental business model. As long as the client is happy and a great output is being created, staff can work where and how they like.
A business’s culture is made up of values, beliefs, and personalities that are not easy to change overnight. Will offers some tips on how to create a cultural shift in businesses towards hybrid working:
Leaders in a business need to create a clearly defined plan with an appropriate time frame and recruitment strategy for long-term decisions
Start with a vision and value proposition on what the changes can bring to the business. A lot of businesses still don’t focus on what they want to achieve by making these changes and what is driving them
Recognise what you want to achieve, who you want to work with, and how to drive them
Set a clear structure on how the company operates but give people the flexibility to make their own choices.
How to Preserve Data Security
A concern for a lot of businesses facing a transition to hybrid working is how to ensure data security. Farnell Clark Limited is able to preserve its data security by having the correct infrastructure and business culture. The business is technology-focused and uses Cloud infrastructure, two-step authentication, and no paper to ensure data is kept online. The business’s infrastructure needs to support the hybrid model that has been adopted.
Restructuring the Office Environment
RSM
Laragh Jeanroy reports how RSM has restructured its office in response to a full employee review of work before and during the pandemic. In response, they have changed their office space from traditional and structured to dynamic and flexible that incorporates technology and promotes mental health and wellbeing. The new office embraces the things employees like about home working and what they have missed from the office. This includes fixed office spaces, collaborative areas, booths for making calls, and more social spaces.
Businesses need to create an environment where people want to come back to the office, that caters to both what the business and employees need. Laragh believes that the right space and the change of office environment will make it easier for staff to adopt hybrid working. It is harder to change people’s behaviours in an environment they associate with their old way of working. Quarterly surveys will help RSM establish what is working and what isn’t so they can be flexible with their space and policies.
COEL
Barnaby Clark reiterates the importance of engaging with employees through surveys and conservation. This is the way to find out what people want and need to get them into the office. Management needs to accept people are working in different ways and the office will be fulfilling new needs. If staff are having a chat it may be because they are in the office to socialise and the majority of work will be done at home.
CBI
Richard DeNetto explains that flexibility is needed on both sides. Hybrid working may create more complications and costs at first as businesses iron out what works for them. Many firms are going down a task-based approach to hybrid working so teams are in the office for certain tasks rather than whenever they please.
The best scenario will be for employees to have an office space at home where they can be self-sufficient. As well as one in the office where they can be present for team development and learn from senior colleagues. Mirco moments, where you overhear conversations and contribute, are essential for learning and development in junior staff. However, managers need to be mindful of their workers from different backgrounds and their working conditions. Equally, workspaces need to be inclusive for all.
Team Cohesion
Rob Alder notes that before the pandemic, remote workers often felt out of the loop and removed from the organisation. Now they feel involved and in the same boat as everyone else. Rob believes that businesses are unlikely to see a lack of cohesion between individuals in the same team in a hybrid environment. It is cohesion between wider teams where more work may be needed. Rob offers some tips for wider team cohesion:
It is the responsibility of the manager and leader to make sure cohesion is maintained through effective management
Social events, after works drinks, and lunches can be a great way to get individuals in different teams to mix
Social spaces in the office that encourage teams to talk when they are in
Meetings and calls with a mix of remote workers and people in the office need to be run effectively so remote workers still feel included and engaged. This can be achieved by setting rules that any conversations are saved for when everyone is on the call
Businesses need to consider EDI and think about the impact of home working on certain groups. People need to be treated differently based on their background and situation to ensure everyone feels heard and visible. The new working environment presents an opportunity to make sure EDI policies are embedded in an organisation’s culture
What to Retain and Change
Katie sees the transition to hybrid working as a great opportunity to reflect on what lessons we have learnt through the pandemic.
Access: Onboarding and the sharing of information has become quicker and easier
Advancement: There is now the opportunity for global mobility between offices. As well as the chance to work collaboratively with the best people in an organisation and shine in roles where there was previously no access to
Authenticity: Most people have seen in their colleague’s homes and have experienced a more human side. This sort of interaction that encourages personality and relatability should be retained
Mental Health and Wellbeing
Richard DeNetto reports how mental health and staff wellbeing has never been higher on the agenda for businesses. Examples of the best practices firms have been introducing and adopting include:
Creating additional ways to discuss mental health whilst working remotely
Setting up policies and approaches that are embedded and long-lasting. For example mental health first aiders, virtual round tables, anonymous hotlines, and instant messaging
Using workplace networks to help minority groups be heard. Codefining and leading employee voices
Encouraging managers to create a mental health action plan with their employees and teams
Implementing practices that support the mental health of staff wherever they work, for example, calls that last 25 mins or 55mins to encourage breaks
Real and honest conversations asking how people are
Managers talking about their own mental health to help encourage their team to be able to open up
Recruitment and Development
Will Farnell states that the biggest challenge currently facing accountants globally is recruitment and retention. It is more important than ever to listen to the needs and wants of employees to ensure they attract top talent. The option of hybrid working is likely to be a must for candidates deciding where to work.
Will believes that businesses do not invest enough in recruiting the right staff. Recruitment is a marketing function and activity to get the right people so we need to sell who we are and what we do. A compelling package, such as flexible working, that appeals to the right people will therefore help a business stand out.
Motivating Teams
Rob Alder has noticed productivity has not changed much since the pandemic. What is important to motivate teams is a flexible management approach where managers stay engaged with their teams, give clear targets, and work to overcome barriers.
However, hybrid working risks younger workers not being able to learn from managers and senior leaders that are not in the office. That type of engagement and development needs to be looked at. Role modelling from senior leaders and coaching instruction can be valuable. As well as creating a safe space to try things and fail.
Ben Morris works with First Intuition as one of our tutors, supporting our students through their apprenticeships. He is uniquely qualified for this role as he started his journey learning with First Intuition himself. We talked to Ben about his experience on both sides of the desk, from student to tutor.
Tell me how you got started in accountancy?
This was in the days before apprenticeships. When I graduated from University with a degree in Accounting and Finance, I joined an accounting practice in Cheltenham, and they sent me to First Intuition as they were the existing training provider for my company. I sat a few exams for the ICAEW, ACA chartered qualification. I felt I needed a break from learning after GCSEs, A levels and university, so stayed with my firm being an accountant and auditor. When I felt it was time to get going again, I started self-studying with First Intuition again as I had always had a good experience with them. When I qualified, I spent some time in practice, and then Graham got in contact and said, “Have you ever thought about teaching?”. To be honest I hadn’t but it was something that I would be interested in doing and so here we are now.
So now you are teaching apprentices. What does your daily work involve?
In normal times they would come into the centre in Bristol, they are given the material for the course they work through to prepare them for the exams. If it’s one of the earlier level courses, once we have helped get them to that initial level of understanding where we’re happy they would then take time away to practice the questions and then return to sit the exam. If it is one of the more advanced courses, then it’s broken down into learning and revision phases where we get extra time to prepare the students.
As we are talking in May 2021 this is presumably happening online at the moment. How does that change things?
The process is much the same. There are slight differences in that we were utilising a lot more technology at the moment. We are able to use Zoom polls, online quizzes and breakout rooms. So, we are certainly making the best of the situation.
How would an apprenticeship have made a difference to your learning experience back in the beginning?
That’s a really interesting question. If I had undertaken the apprenticeship scheme, then I would have attended a lot more skills days where I would have built up, presentation skills, team working skills. I would have become a more well-rounded individual possibly. I guess you get some of those skills at university, so the apprenticeship really does appeal to school leavers as it helps them build their life experience as well as the learning.
So, the key point of the apprenticeship is self-development as much as it is the skills development.
Yes exactly. A little bit of coaching goes a long way, I think, in the sense of becoming a more well-rounded business person, particularly coming straight out of A levels into the AAT. It does expose the apprentices to challenges and situations that do make them more aware of the real world, definitely. Obviously, I don’t think you can ever replace that life experience fully with just being out in the real world in business. I think a combination of working in business, plus the apprenticeship plus the professional qualification builds up an individual to the accountant that you would expect to have as a client.
Having seen First Intuition both as a student and tutor what do you think makes them stand out as a training provider?
It is definitely the personal approach that they take. Throughout my time as a trainee there they knew who I was, they knew my name. You could walk in after being away for weeks to start the next course and they would remember you and understand you. There’s a lot more care, because they do care, it’s that business, they want you to grow they want you to succeed. So everyone who works there has that sort of philosophy of dealing with people on a personal level. Everyone I’ve spoken to who has experienced other training says First Intuition are the polar opposite of what they have seen before.
Thanks for your insights Ben. First Intuition’s goal is to develop financially fluent professionals who can make an impact for talent hungry employers. Get in touch with the team in Bristol or call us on 0117 3540190.
Employability skills can be learnt and improved to help increase your chances of finding a job. It is not always clear what will help you find and succeed in a job, especially when this varies from industry to industry. However, this article includes some useful resources that are relevant for applying and starting most roles. Including how to find the right career for you, how to apply and interview for a role, as well as what to do once you have been offered a job, and how to make a good impression once you start.
This article is relevant to anyone looking for help and advice on how to find a job. The resources will also help answer questions on topics that are often not included in employability skills, including what to look out for in your contract of employment, office etiquette, and salary negotiations.
If you are ready to take advantage of this opportunity, ACCA has outlined important steps to make sure you are prepared for a smooth exam experience. For some of you, this will be the first exam you sit under RI and (as with anything new), this can add to the nerves that come naturally with sitting an exam. We would like to share ACCA’s guidance on sitting exams via remote invigilation, how to prepare for your exam and what to expect on the day.
We’d strongly encourage students to book RI exams as soon as possible and well in advance of the booking deadline, to lock in the date and time that is most suitable for you. ACCA has provided a useful video walk-through on how to book your exam:
Remote invigilation exam room requirements
As with any exam setting, you will need a quiet space where you will not be distracted by street noise, music and people talking loudly. Invigilation will happen via webcam, so your exam environment must also:
Be well-lit so that you and your desk set up are clearly visible by the invigilator
Be completely private with nobody else in the room or visible through windows or glass panels
Have a lockable door
How should my exam desk be set up?
Your exam desk must be clean and clear of clutter. Items you may have on your desk include:
One monitor
Keyboard
Mouse
Webcam
Calculator
A clear glass of water or a small bottle of water (with labels removed)
You cannot have additional monitors, peripherals, food or drink, headsets, earphones or earbuds in your RI exam. This also includes scrap paper. More details and a helpful video on your desk set-up can be found on the ACCA website here.
Testing your computer
To make sure your remote invigilation session runs smoothly, you will need to check that your computer meets certain requirements. As part of this, you will also need to run a system test. These checks include internet connectivity and computer equipment you’ll need in order to run a remote session exam successfully. ACCA has outlined the computer requirements in this video, as well as detailing equipment and technical checks on their website.
**FI Top Tip! It is essential that you run the system test well in advance of the exam. This must be on the same computer and in the exact room where you plan to sit the exam.**
How should I prepare for the exam day?
Aside of making sure you have followed all the steps listed above, our best advice is to practise taking an exam using the Computer Based Exam (CBE) software. Practise this as many times as possible and under exam conditions – replicate the real exam as closely as you can. This will mean that nothing comes as a surprise on the day and you can focus all of your attention on answering the questionscorrectly.
You can launch the exam via the ACCA website up to 30 mins before exam time
The invigilator will instruct you to assist with performing a visual inspection your room – this may take 15 mins to complete
As with in-centre exams, you will not be able to launch your exam 15 minutes after the scheduled time. It is very important to allow time for setup checks before you are due to start the exam.
You are allowed a toilet break of 5 minutes during the exam
Candidates may wear religious apparel
You cannot wear any form of wearable tech, such as smartwatches during the exam. However you may have a clock and pictures on the wall (although these are subject to invigilator approval. Meaning you may possibly be asked to remove them)
Speaking aloud during the exam is not permitted
The invigilator will help you to resolve any technical issues that may occur during the exam.
Best of luck
As with any exam, no matter the qualification or format – preparation – in particular, is key. In September and December 2020, ACCA exams were sat under remote invigilation with success. We have also found that the exam results were comparable to those of previous sittings where students sat in-centre. You may even find that sitting an exam from the comfort and familiarity of your home or office helps you to channel all of your energy into your exam performance.
Here is what an FI ACCA student thought following her remote invitation exam in December:
“In my December exam sitting I had to take my exam through remote invigilation. Whilst daunting at first, the idea of ensuring that your laptop works and that there are no connectivity issues on the day, the whole process and experience was an excellent one.
I really enjoyed the fact the exam was at home. I felt at ease and relaxed (well as relaxed as you can be sitting an exam). Another benefit was that I could choose a time that suited me knowing that I wouldn’t have to contend with traffic to try and get to an exam site was a total blessing.
It was simple to set up and the instructions you have to follow are clear, concise and easy. Once the initial setup has been completed the invigilator can open your exam for you to start. My exam was booked in for 10:30 but actually I was able to start early as all the checks were completed so quickly.
A couple of recommendations I would make to ensure the experience is smooth, keep checking the software on your computer to ensure it still works, clear your room the night before so that you aren’t rushing around on the day and use a computer with a decent size screen so that you have the space to open what you need during the exam.” Frances, ACCA student
We undoubtedly wish you the best of luck in your March exams and look forward to seeing you progress through your ACCA qualification.
Before we get into some numbers, which I am sure you are desperate to do, as all accounting students are, let’s look at the differences between mark up and margin. Before I do that, just remember that cost + profit = sales price, and conversely, sales price – profit = cost.
Mark up
Mark up is where we are using the cost of the product to calculate the profit that we want to make. Once we have calculated the profit, we add this to the cost price, and this is the amount that we will charge our customers. Say for example we had a product which costs us £200 to make, and we want to add a mark up of 30% on this, the profit that we will add on will be £200 x 30% = £60. Therefore, when we add the profit to the cost to come to a sales price of £260.
Margin
Whereas with margin we are using the sales price of the product to calculate the profit that we want to make. So, we will start with the sales price, deduct the profit that we are going to make, and that will leave us with the cost of the profit. So let’s look at an example, if we sell a profit for £260 and we want to make a profit margin of 30%, we will have a profit of £260 x 30% = £78. We can then take this from the sales price to come to the cost of £182.
Note that in these examples we have the same profit percentage and the same sales price, but the profit and costs are different. DO NOT mix these up, you will get the answer wrong.
Advantages and disadvantages
I know you are desperate for some numbers, but I will keep you a little longer, let’s talk about the advantages and disadvantages of both.
With margin we are using the sales price to dictate the profit, so we will set the sales price and then calculate the profit. The advantage of this is that we can set a price that is competitive compared to our competitors. The downside of this is that the cost price is whatever we have left after we have deducted our profit, and this might not be enough to cover what it actually costs to produce your product, so you might be making a loss.
With mark up we are adding the profit to the cost, so we will always be making a profit. The downside is that the price is whatever the cost plus the profit is, and it doesn’t take into account what your competitors are charging, so you might end up being a lot more expensive than your competitors.
AAT Level 3 and 4
At level 3 and 4 we might have to work some of the costs and or sales price backwards, which is a little trickier, but remember that the figure that we are starting with is always 100%. If we have a product which costs £80, and we have a profit margin of 20% of the sales price, we know that the cost must be 80% of the sales price. We can then work backwards to come to the sales price, if £80 is 80% of the sales price, we can divide by 80 to get 1% of the sales price, and then multiply by 100% to get 100% of the sales price. The calculation would be £80/80 x 100 = £100.
With margin the figure we start with is the cost, so the cost is 100%. Under mark up, we would add a percentage to the cost to come to the sales price. If we have a mark up of 20% and we have a sales price of £100, the profit ISN’T £20. We have added the profit to the cost to come to the sales price, so the sales price is 120% of the cost. Then in our example, we could divide the sales price 120 to get 1%, and then multiply by 100 to get the original cost price. The calculation would be £100 /120 x 100 = £83
Why don’t you have a go at the following questions:
If a company has a product it sells for £720 which includes a mark up of 20% what is the cost of the product to make?
A company has a profit margin of 30% and sells a product for £800 what is the cost of the product?
A product costs £300 to make and the company sells it with a profit margin of 40% on the sales price, what is the sales price?
Equality, diversity, and inclusion (EDI) in the workplace are increasingly recognised as topics that need to be acknowledged and addressed by businesses. Recent movements such as Black Lives Matter have made it harder for businesses to shy away from reviewing their EDI policies. Increasingly, candidates and customers are asking for business’ EDI statistics and policies before accepting a job or buying from them. It is, therefore, important companies address these issues if they are to stay relevant and successful.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss the importance of diversity in the workplace. Including how it can benefit businesses, the impacts of the pandemic, and what businesses can be doing to improve EDI.
Speakers and panelists
Richard DeNetto, Associate Director at CBI and Campaign Lead for Change the Race Ratio
Representatives from the awarding bodies AAT, ACCA, CIMA and ICAEW
You can watch the recording of the forum by clicking the button below.
Change the Race Ratio
Richard DeNetto, Associate Director of the CBI, has helped lead the Change the Race Ratio since its launch in September 2020. The campaign uses the CBI platform to improve diversity in businesses, specifically for board and senior management representation where the gap is bigger.
The Change the Race Ratio campaign was set up to emulate the progress made in gender disparities at board level. Executive groups and board level employees are targeted as this is where the culture is set in a business. The campaign aims to accelerate progress in diversity in businesses by working together rather than apart.
Change the Race Ratio was originally founded with 15 businesses who bring their different expertise and resources to help the programme. Now there are around 100 signatories including businesses of all sizes.
The programme consists of four commitments:
In line with the Parker Target, to have FTSE companies put one minority member on their board by the end of 2021, and by the end of 2024 for the top 100.
Other businesses to set goals to include minority members of staff on their board – related to their size and location.
Make data on EDI statistics readily available and publicise all pay gap information by the end 0f 2022.
For businesses to set action plans to fill gaps where there is a lack of representation and where the organisation does not align with the communities they are serving.
Once signed up, signatories have access to resources and support to help them continue to make progress. This includes monthly events and briefings as well as access to one-to-one consultancy from a team of race expert ambassadors.
Why is EDI important? How can it benefit individuals, businesses, and society?
Sharon Critchlow
Sharon has personal experience and consulting expertise in the issues surrounding EDI. She believes EDI is a matter of not getting the most out of people. Businesses should ensure the right people are employed in the right jobs and are allowed to grow. Not allowing employees to be their whole self at work is stifling them and in turn, impacting the business and profession.
As a result of social media, whatever a company does that is unfair or unethical will get out via posts or reviews. Companies are therefore already unofficially being forced into transparency. Not giving people the right encouragement or putting things in the way will eventually get out to investors and customers. This will impact how your business is perceived by the world and affect people’s buying decisions. Sharon states that if you are not proud of your actions then you as a business should not be doing them.
Rachel Blackburn
Rachel believes businesses should all know the Equality Act 2010 inside out. If they stick to the principles of that legislation they can’t go too wrong. Legislation is glue and an enabler for businesses to make necessary and worthwhile changes. They can also help businesses address problems before they surface and something goes wrong.
Richard DeNetto
Richard agrees that equality is about fairness, this is what has driven recent social movements. If you are running a business it is right that the employees and leadership represent and reflect the community that you serve. This will help make better choices as you will have more diversity of thought that will understand and accelerate the product. For unfairly representative boards, it is a matter of when businesses notice as opposed to if. This will likely be when sales are significantly impacted, as consumers are already making buying decisions based on diversity policies.
Comments from the audience
As well as following legislation, enforcing EDI policies is about the moral responsibilities of inclusivity we have as business owners. Businesses don’t know what customer and client base they are missing if they don’t reach out to them.
For a lot of companies up until now, it has been a case of willful ignorance. However, there needs to be a point where something has to be done by businesses to take action in order to move forward.
Businesses acknowledge that changes are needed to ensure a fairer workplace. However, there is a lack of understanding of what can be done to change things and whose job is it.
What progress has been made towards EDI in the workplace over the past decade, particularly towards increasing ethnic diversity, gender inequality, and social mobility?
Richard DeNetto
Progress has been made but there is always more a business can do. 5 – 10 years ago businesses didn’t even know key terms related to EDI. Today businesses and leaders are better at talking about diversity but are not yet comfortable. Professionalism and support of EDI are pushing businesses in the right direction, targets that have been made and are being met. Targets and mandatory reporting mean that what gets measured gets done. For example businesses with over 250 employees are reporting their gender pay gap. 120 businesses in the UK are reporting their ethnicity pay gap.
Reporting has helped shine a light on where businesses have problems so they can’t shy away from them. However, one-fifth of FTSE 100 firms don’t have ethnic minority representation on their boards. Whilst there are no black chairs, chief execs, or CFOs on any of the FTSE 100 companies, a backward step from 2014.
How do you think the pandemic has affected progress made towards equality and ethnic diversity in the workplace?
Rachel Blackburn
The pandemic has led to multiple EDI webinars taking place whilst people have had more time to attend them. However, there is concern whether any action will actually come of them. Organisations are still confused about what they can do to help. Some organisations have done their best to implement changes whilst others have used the pandemic as an excuse to postpone addressing the issues. Many have said they need to wait until business is as usual or that they will address it when they next need to recruit.
Rachel notes that when a company is actively recruiting it is less likely to be inclusive. Particularly if there are a high number of applicants. If there are more people to choose from businesses will automatically have higher standards. Businesses are therefore less likely to consider EDI, whereas with a smaller pool of candidates they may be more lenient on qualifications and background etc. It is important to be mindful of these positives and negatives when recruiting.
Rachel is concerned that businesses are not aligned as an organisation. There needs to be a conjoined effort and approach to EDI in large companies to ensure every part of the business is aligned. As well as making efforts to implement changes as opposed to just ticking a box.
Flexibility and hybrid working are great for some, however, certain minority groups may be living in smaller housing. Companies implementing mandatory working from home are often making assumptions everyone has a nice and safe space to work. Working in poor conditions can make it harder for people to reinvent themselves, something they can do in the office. Furthermore, it might be harder to work effectively in poor working conditions and therefore progress. This should be considered when businesses are implementing their plans for future working.
ICAEW
However, the ICAEW notes that an effective hybrid working model needs to have true flexibility and that in some cases the pandemic has acted as a leveller. The virtual work experience offered by the ICAEW has meant some students feel more comfortable working from home. They have not had to worry about dressing the part if this is something they are not used to. It has also made work experience more accessible for those who do not live in the immediate London area and may not be able to afford the commute into the office. You can find information on how to get involved in offering virtual work experience here.
Sharon Critchlow
Businesses may be making excuses not to change because of the pandemic, however, it is always easy to find excuses to delay something that makes you uncomfortable. It is really about culture and what you want to be known for. The little decisions businesses make affect the bigger decisions and assumptions down the line. Businesses should consider what a decision is going to give them and whether it reflects what they believe. Is employing candidates from Russell Group universities going to give them people from minority groups if that is what they need? These decisions ultimately lie with senior management, they need to break down moulds and assumptions of what ‘good’ looks like.
What is a business’s case for driving diversity and what are the implications for a business that does not reflect the customer base they serve?
Sharon Critchlow
As things have become more computerised, businesses have taken on people for lots of different reasons and roles. The case for driving diversity comes from what we want businesses to look like moving forward. Humans offer ideas and creativity that technology cannot so more people are needed in order to reach more markets. Particularly at the moment when contact with others is more reduced than ever, how are businesses going to hit hearts and minds if they don’t have experience and input from different societies.
Sharon believes that the wider people we have around the table, the easier it is to get it right, to get more sales, and see new opportunities. If a business can’t benefit from talent because they can’t see past prejudice, then a competitor will.
What is your advice for businesses to effectively engage in EDI?
Rachel Blackburn
Three suggestions for organisations to consider to effectively engage in EDI:
For an organisation to change it has got to come from people at the top. They need to provide the resources and time, then the right strategy and policies. Businesses can start by looking at their website and ensuring equality policies are up to date and images are inclusive. Does the marketing strategy tie in with the business’s values? Businesses also need to make sure their social media content is diverse. Not everything is common sense so invest in training and education to engage staff.
Businesses need to prepare for uncomfortable conversations to be able to move forward. It is okay to have uncomfortable conversations if you are serious about progressing and changing. Unlearning is as good as learning but it can be challenging to question people’s values and language they have grown up with from respected family members. As well as question their beliefs of what is right and appropriate.
Make sure staff do understand the equality act, particularly leaders. You can tell if someone understands through their language. People should know the difference between racist, antiracist, different biases, and what is appropriate. Businesses need to give staff the tools and resources to teach them so they know what language is acceptable and how not to cause offence.
Richard DeNetto
Businesses need to think about what it is to be inclusive. If you are a white middle-class male you are still a part of diversity, you are just the majority. Telling people’s stories from right across a company is powerful as it connects on every level from all parts of the business. Leading from the top is where you get real buy-in and see alternative leadership in the space. If you are a small organisation make sure you have an EDI network, whilst bigger businesses can split this up further to ensure all voices are heard. This is also a great development opportunity for the people in those networks to support them in their own development.
Sharon Critchlow
Remember white middle-class males might feel under attack and blamed for something they don’t feel they are responsible for. It is important businesses understand all voices from all groups. Although policies and structures are important, understanding and connections on a personal level are also vital. If people feel empowered to speak out and help then change is more likely. Mentoring can play a part in encouraging someone to step up when they see something wrong. It also helps with understanding different perspectives around the table because you know that person and understand on a personal level.
Why do you see EDI as an important issue for members of your organisation and for the organisation itself?
AAT
AAT has 130,000 members worldwide and is an entry-level qualification. It is therefore important to remove as many barriers as possible and be diverse both internally and externally. The AAT has tried to lead in this and started doing their own gender pay gap reporting before any legislation came in. They were also the first accountancy body to sign up to the women in finance charter. Internal targets helped drive this action, for example, gender diversity at senior level is linked to bonus rewards.
Currently, the AAT doesn’t have much data on ethnicity, internally they are trying to learn more but will only be able to make inroads if they have the data. Since a lot of their business comes through different avenues they do not always have access to background data. This is something the AAT is currently working on fixing.
Internally, as the office is based in London, AAT has a more representative demographic than the UK average. However, looking at different data shows that in fact there are parts of the business that have never been looked at or monitored that indicate it is not performing well in diversity. For example who is progressing at different levels and what appraisal rating staff are getting? It indicated that at some levels the company is doing very well and at others not. What is evident is that companies need the right data and they need to unpick it to be able to see where there is an issue.
Having EDI champions internally and lots of different awareness-raising events help towards creating an inclusive culture. However, it is the actions that are going to create change whilst reports will measure progress. The AAT aims to deliver their learnt lessons externally once they have been addressed internally.
ICAEW
ICAEW is also working on member data and where to get it from. A lot of work needs to be done amongst members and society to explain why they are collecting this data and what they are doing with it. Effective communication will build trust between consumers and organisations using their data.
There is a lot of untapped talent because of the stereotypes of what a successful accountant looks like. The ICAEW is trying to break these barriers. Clients may want to see accountants who look like them and can relate to them. However, there will be a point where others notice this and won’t work with companies that do not look as diverse as their client base. Furthermore, the quality of the work suffers without a diverse team. Boards or teams make better decisions with more diverse people that have different experiences and perspectives.
The ICAEW has been focusing on ethnicity and engaging with supporting black heritage students. They were the first professional body to sign up to the Black Talent Charter committed to raising black heritage senior leadership in the next 5 years. They have also focused on participating in events for black heritage students and the 10,000 black interns initiative.
Recruitment is another important area to look at and invest in for EDI. Diversity and inclusion are definitely becoming more important in attracting clients and employees. 6 out of 10 job searches are asking about diversity and inclusion in interviews. Whilst 4 in 10 would turn down a job if they were not happy with the company’s EDI policies. This shows how relevant it is for companies to polish their policies if they want to keep attracting top talent.
CIMA
EDI is at top of the agenda for CIMA and from what they have seen, effective policies and implementation work. There is some resistance to EDI in certain ‘conservative’ areas and it will take some time to overcome this. However, eventually, it will become normal practice. Members have the opportunity to encourage EDI in practice, so it is important to CIMA that they lead by example.
ACCA
There needs to be a clearer understanding and distinction between being inclusive and being a global organisation. The awarding bodies are working on this as well as on progression and collecting data. However, what is acceptable data to collect here in the UK may not be acceptable elsewhere. This is a massive challenge for global organisations in how to collect data sensibly. A solution is to embed data collection for diversity purposes into the culture of the profession. This again comes back to implementation from the top and the individual responsibilities at the bottom. We are not yet at a point in the pandemic where we can say what the impact has truly been in terms of EDI. Some early surveys suggest it has negatively impacted EDI. There are many topics to unpack surrounding EDI in the workplace and it is important to keep at it for change to incur.
This is a question I see asked a lot on Instagram accounts to trigger conversations around the motivation behind people who run regularly. The answers often follow a similar pattern. The winner of the race, so to speak, is the vast majority of people who regularly run do it for improved mental health.
Having gone from being an occasional runner pre-2020 to running over 1,000 miles in 2020, I can vouch from personal experience as to why mental health comes out top of the reasons why people run.
2020 – the year everything changed
Everyone’s experience of 2020 and the multiple lockdowns is different, that’s something I’ve seen clearly. The one consistent theme I’ve heard is how at varying stages it has put strain or pressure upon everybody, without exception. The term mental health, be it anxiety, depression, stress has become far wider discussed over the last 18 months than ever before.
My own personal experience as a dad of 3 young children was that the first lockdown threw me right in the deep end as far as life changes go. Up until then, I worked 4 days a week with two children at primary school and 1 at nursery. Suddenly I was furloughed for the first 2 months in April and May. I had all 3 children at home all day every day with me, trying to homeschool and parent them 24/7.
What made it especially difficult in those first few weeks was that the uncertain messages about ‘shielding’ that we were given at the outset meant my wife had to spend 2 weeks self-isolating herself from the rest of us at home. This meant that I was single parenting them from dawn to dusk, plus sleeping in the spare bedroom with the smallest child, every day. People have it harder than that even without Covid, but for me, that was a big change all at once.
Even when she came out of shielding, as she was a key worker, she carried on working from home. This meant I was doing the majority of the parenting/homeschooling. I’ve always been told I have a lot of patience and stay calm in stressful situations. This can mean though that when the pressure is high you tend to soak it up more and more until eventually, you snap.
Snapping
I can still vividly remember the evening about a month into homeschooling where I officially snapped. My wife came downstairs after finishing work and I was so full of stress and anger. It had been another failed day of trying to teach a 5-year-old and 7-year-old. At the same time, I had a 2-year-old charge about the place. I just snapped. Handing over responsibility to her, I got changed into my running gear and headed out. I can still remember one of my children innocently asking, “Where are you going Daddy?” and me snapping back, “Anywhere but here!”.
I ran so hard that evening that I still to this day haven’t bettered my 5km time. Did that run “fix” my mental fatigue and stress? No, not at all, I got back and was still angry and didn’t want to speak to anyone.
However, what it did do was make it clear to me that something needed to change. It triggered conversations between my wife and I that helped us communicate better. The result was a new arrangement of allowing me some regular ‘me time’ away from the children and homeschooling. Running quickly became that ‘me time’.
Running for mental health
Over the coming months, I finished furlough and started working from home and the children slowly went back to school. Then they were home again, then at school again! During this time, I increasingly leaned on running to help manage my mental health through all these constant changes of routine and stresses.
I found rather than just being a release of pent-up anger, it actually allowed my head time to process and work through anything that was troubling me. Both short or longer-term concerns. My mind would drift just listening to the repetitive beat of my feet on the ground. I would be present with my surroundings. Maybe it was birds singing in the trees or the sound of cars driving past me.
A lot of people run with headphones listening to podcasts or music. I have never gone down that route as for me running is often a form of mindfulness. Being present in my surroundings lets me feel more gratitude for the positives about the here and now. This is in place of letting my mind dwell on future concerns. I even started taking pictures of where I was running on my phone. Doing so made me appreciate how lucky I was to be able to do this.
Takeaway message
Ultimately, you don’t need to run 1,000 miles to find the positives as I have had from running. I think my story is one that worked for me and my situation. The key messages of giving yourself ‘me time’, being present in your surrounding by focusing on the here and now and remembering that self-care isn’t selfish are applicable to everyone.
I wouldn’t have considered myself as someone who struggles with their mental health. However, 2020 taught me that when life gives you so much change and stress anyone can be knocked back. You just need to be aware that there are always steps you can take to change the areas within your control that will help your mental health. It won’t take away those aspects outside of your control causing the stress. However, you will be better placed to tackle them.
We’ve all heard the phase mindfulness – but what does it actually mean?
Mindfulness above all is a technique that teaches you to fully observe what is happening in the here and now, within your body, mind and environment. When you take time to stop and observe in life it can help manage and prevent feelings associated with depression, stress, anxiety, or general unhappiness.
Does mindfulness actually help, and how?
Multiple studies show that practising mindfulness can help common mental health problems, but how? After practising mindfulness you’ll find yourself becoming:
More self-aware.
Less stressed.
Able to reflect and respond to feelings and thoughts quicker.
Able to deal with difficult or unsolicited thoughts.
By developing these skills and boosting your awareness you will be able to notice signs of stress or anxious feelings earlier. Becoming reactive to these feelings helps us figure out the triggers, how to deal with them better and how to avoid them.
Practising mindfulness can not only help with any mental health problems you may be experiencing but also can boost attention and concentration in your everyday life and help improve relationships with others.
Ways to practise mindfulness:
Meditation:
Considering mindfulness is thought to stem from Buddhism, it will come as no surprise that meditation is one of the best ways to practise mindfulness. Sitting quietly and focusing on your breathing, sensations in the body and your thoughts. The end goal being to be more focused on the present moment and to stop your mind from aimlessly wondering. Working meditation into your life can be as easy as setting aside five minutes each day. However, the more skilled one becomes (sitting still can be harder than it sounds!) the longer one can meditate with stronger intentions.
YouTube have a host of different guided meditations available for free. You can also find lots of FREE specialist Apps.
Yoga:
Similar to mediation, yoga has its roots in Buddhism and again aims to quiet the mind. By focusing on breathing and on the way your body is reacting to the stretches and poses. Setting positive intentions whilst doing yoga and meditation can be another great way to add further focus to your practice.
Introducing yoga into your routine can be as easy as setting 15 – 20 minutes aside each day to take time for yourself. Alternatively, as gyms are opening up there are plenty of yoga classes around the country at various levels. Again you can find lots of guided videos on Youtube or specific apps that range from difficulty levels and time if you are unsure of how to get started and can’t get to a class.
Journaling:
Mindful journaling is a practice that allows you to fully reflect on any emotions or situations you’ve experienced. It can help with processing your feelings and delve into what triggers certain emotions allowing you to work on them. You should always try to speak up about any issues you’re experiencing. However, journaling allows you to fully reflect on what’s going on inside with zero third party opinions and influences.
Journaling is often assumed to be a writing exercise but you can also create visual journals with sketches, doodles etc. It is your private journal so you can fill it as you please. You can purchase specific “wellness journals” that are filled with prompts to help you fill them in. Alternatively of course you can always choose a regular notebook if you wanted something more discreet.
Does taking on a new skill feel overwhelming? Feeling completely hopeless over your situation? You might need more treatment and support in place before you start.
What’s the deal with ACCA AFM?
ACCA Advanced Financial Management is not an easy exam. In fact, a whopping 67% of December exam candidates failed it across the globe. So why is it such a hard module to pass?
4 reasons students fail AFM
The latest examiners report lists the following reasons why AFM candidates are performing poorly:
Poor time management
Computational answers being badly structured
Not reading the requirement of the question properly
Lack of detailed knowledge of the syllabus areas
How to pass AFM
Are you making the mistakes listed above?
If so, our Online Live revision course may be just what you need.
The interactive Online Live sessions will walk you through real AFM questions
We will provide you with a strategy on how to maximise your marks in the time available
You will be given the skills to enhance the presentation of your answers
We show you how to encourage the marker to award you marks even if your final answer is incorrect
Finally, our expert AFM tutors will give you advice on exactly how to approach and answer the questions
March 2021 was a tough exam with a global pass rate of 39%. However, of the students that attended an Online Live revision course with FI, 67% of our students achieved a pass in ACCA AFM, which is a 71% increase on the global ACCA pass rate.
Book Now
Spaces are limited on our Online Live revision courses to ensure you have the best experience in the virtual classroom. Book your place by clicking the button below. We look forward to seeing you online soon!
Located in the heart of Canterbury, FI Canterbury is easily accessible with fit for purpose classrooms and expert tutors. Perfectly designed to start or continue your accountancy education with ease.
FI Canterbury will be running AAT courses, starting with AAT level 3 from the 10th September 2021. With an 88% AAT Level 3 pass rate at our Maidstone centre, we are bringing this opportunity further east!
Our courses will run during weekdays at the Ann Robertson centre just off Whitstable road. During your classroom studies, we’ll even provide refreshments!
The AAT is the UK’s leading accountancy body offering entry level qualifications. What’s more, First Intuition is the UK’s leading AAT provider, with outstanding student success rates.
AAT Level 3 is an advanced diploma in accounting. This course is an excellent opportunity to continue your development in a finance career. The Canterbury course includes 5 modules that will be studied throughout a 12 month period. The modules included are:
Advanced Bookkeeping
Final Accounts Preparation
Indirect Tax
Management Accounting: Costing
Full Synoptic course
Introducing FI Canterbury Tutors
Ashley Bean
Ashley is our AAT course leader across Maidstone and Canterbury. After qualifying with an accountancy practice in Kent after completing both his AAT and ACCA studies, Ashley acquired the ACCA Applied Accounting Degree with Oxford Brookes. Before joining First Intuition, Ashley was part of the Group Finance team at a large insurance company.
As a tutor, Ashley is who is more than happy to go ‘above and beyond’ to ensure that his students are properly prepared for their exams and assessments.
Nicole Cook
Before joining FI, Nicole started her career working in Local Government with Kent County Council, which has the largest County Council budget in the UK. She supported Directors and Budget Managers to make key decisions on the most volatile and high risk budgets within KCC.
During this, she became an ACCA member with a First Class Degree in Applied Accounting. Nicole has a wealth of knowledge and experience that she can draw on to help students. Added to this is her love of learning as a former student of First Intuition herself.
Dee Takamizawa
Having qualified with a local Accountancy practice, Dee joined the team to pursue her life-long dream of working in the world of Teaching.
As a former First Intuition student herself, Dee is eager to deliver Canterbury courses in a way to suit all learner styles. With the idea of ‘practice makes perfect’ in mind, she is happy to mark and provide feedback on work completed in and out of class, enabling students to feel fully prepared for their exams.
Any questions or ready to sign up? Contact us now at canterbury@fi.co.uk or call 01622 755100
Over the last 12 months, there has been a distinct split between sectors and individuals where work has virtually disappeared for some, and others have been so busy they have struggled to cope. Both ends of this last year’s K-shaped economy have required huge resilience from both teams and individuals.
This article shares highlights from the second Leadership Lunch and Learn session with guest speakers listed below. The speakers joined Gareth John to discuss building team and personal resilience in a K-shaped economy. As well as advice going forward as restrictions start to ease and businesses reopen.
You can watch the recording of the forum by clicking the button below.
Building Personal Resilience
Resilience is defined as ‘the capacity to recover quickly from difficulties; toughness’. Resilience is being used more and more and has particularly come to the forefront during the pandemic, both in a professional and personal sense. Supporting people is becoming more important than ever. To effectively support your colleagues or peers you need a strong sense of personal resilience. This is especially true for the staff of businesses that have experienced extreme impacts from the pandemic, going from 0 to 100 or 100 to 0 in a short amount of time.
Eddie Edwards’ advice for personal resilience
Love what you are doing
When asked what gave him the drive to carry on ski-jumping, Eddie replies that underlying everything is a passion for what you are doing. He was able to push through when times were hard due to his love of skiing and passion for the sport. If you love what you are doing then it is easier to carry on when things get tough and cope with the ups and downs.
Set yourself personal goals
Eddie set himself personal goals and broke the bigger task of getting qualified for the Olympics into smaller manageable chunks. As long as he was better at jumping than the day before he saw this as progress towards the bigger goal.
Success is not linear
Do not let setbacks get in the way of progress as failing can help you learn. Progress and success is not linear and will take zig-zags, thinking like this will make it easier to digest setbacks. As long as you have your end goal in sight you will be able to achieve your goals. Often achieving a target is hollow and the journey is what is important.
Make the most of the resources and opportunities
Even if you have little to no resources available to you, people are often happy to help along the way. Therefore make use of any resources you have at your disposal. This also applies to taking opportunities when they arise. The film about Eddie the Eagle’s story was released in 2016, however, Eddie reveals that he originally signed for the film to be made 21 years ago. Production of the film was repeatedly stalled and it was not until he took the opportunity to be on the programme Splash some years later that the film was revisited.
Eddie reminds us that you never know what accepting opportunities will bring. Even though it might not seem like it at the time, decisions might positively impact you further down the line in ways you haven’t thought about. Strength and resilience come in being able to be flexible and go with the flow.
Have a plan B
Fear of doing new things and lack of resilience to be able to cope if you fail can be overcome by having a plan B. If you know you have something to fall back on then it is easier to accept failure, take risks, and embrace opportunities. In Eddie’s case, he was able to fall back on plastering when he came out of the spotlight and work dried up.
Never give up
Eddie believes that if you have got a dream, ambition, and passion to do something then you should go for it. Never give up no matter how many people say you can’t do it. The points above will help give you the personal resilience to continue to get up and go when at first you don’t succeed.
Charlene Lyons’ advice for personal resilience
Adapt quickly
When pubs shut in response to the first lockdown in March 2020, Charlene reports how Black Sheep Brewery had to adapt quickly to ensure the safety of the business and its 150 staff. The brewery was quick to change its business model from selling stock entirely through pubs. The business diversified and shifted its trading to what the circumstances would allow, including food deliveries, selling stock online, and distributing their leftover product to supermarkets.
It was this quick response to making difficult decisions and adaption to change that Charlene believes has allowed the business to be resilient. With this, they have had to refocus and in doing so have learned more about the Black Sheep brand and its place and voice in the industry. Charlene feels the pandemic has enabled the brand to grow and start its next phase of trading in a stronger position.
Doug Field’s advice for personal resilience
Recognise teams’ needs
Co-op’s businesses in different sectors have been affected by the pandemic to a varying degree but all have experienced challenges. The travel department for example has faced very different challenges to the funeral department, whilst the supermarkets have faced different issues still. This illustrates that even different parts of the same business can have experienced very different challenges. As Doug puts it, everybody is experiencing the same storm but we are all in different boats. Therefore staff should be treated on an individual basis when addressing their needs and offering support.
Doug reports that Co-op has shown support for its staff by producing videos on how much the company values them. As well as sharing customer letters of praise. They are also promoting events for resilience and partnerships for wellbeing to raise awareness of the support available. It is about ensuring the support is there when it is needed and recognising what teams need.
Dyfrig Jenkins’ advice for personal resilience
Respond, Recover, Thrive
YOU. Development offers executive coaching and organisational development to a number of businesses in different industries. Dyfrig exclaims that these sorts of events can be a great way to reengage, revitalise, and reconnect staff. Talking to people and engaging with them can be a useful way to not only support staff but to hear different viewpoints and perspectives. Businesses should be reflecting on what changes made throughout the pandemic have worked well and should be continued. As well as what parts of working life pre-COVID should come back when they can. Sometimes businesses are so future-focused that they miss opportunities to learn from past mistakes.
Dyfrig reports that when coming out of a crisis or challenging circumstance you should respond, recover, and thrive: Respond – How you deal with the situation and manage continuity Recover – How you learn and emerge stronger Thrive – Where you prepare for, then shape your future
Asking questions such as what worked well, what didn’t, and why? As well as is there a better way? can aid individuals and businesses to effectively respond, recover, and thrive.
Caroline Ford’s advice for personal resilience
Transferable skills
Caroline has experienced six mergers and a number of redundancies during her working career meaning she has worked in many different industries. When asked how she stayed resilient with so many career changes and few qualifications, she notes the importance of determination. Like Eddie, Caroline believes her ‘plan B’ of learning to type meant she always had something to fall back on. This gave her the confidence to take jobs she didn’t feel qualified for because if it failed she could go back to typing. Once equipped with transferable skills Caroline was confident she had a skill set she could easily transfer across industries.
A useful tip to increase resilience is to think about what your main assets and skillsets are. Then think about what you want to do, where you want to do it, what inspires you, and whether it aligns with your values. A good cultural fit between a company and an employee is important for workplace resilience.
Positive mindset
Caroline has found that you are “only as good as your last interaction with a client” so it is important to show up to work with a positive attitude. How you behave, conduct yourself, and interact with people will help you further down the line. If you are positive, help people, and are a joy to work with people are more likely to help you. Be courageous and ask for help when you need it.
When opportunity meets preparation
When you have got the equipment to do something, the confidence to be flexible, and the positive mindset to see it as a worthwhile opportunity then you have the resilience to succeed. At times when you are not feeling resilient do a stock check and audit on your life. Clear clutter and write down what is on your mind. Looking for opportunities, preparing for them, reframing your mindset, and asking for help can all increase your workplace resilience.
Building Team Resilience
Team resilience refers to ensuring your team is able to cope with challenges and recover from them quickly and effectively. Mangers’ roles include ensuring their team has the resources and support to be resilient in times of crisis. As well as have the capabilities to continue to support the business successfully.
Charlene Lyons’ advice for team resilience
Support for staff
Charlene reports that some staff coming off furlough have found it hard to readjust. This is because the business and role are completely different from when they left. To overcome this Black Sheep Brewery has put a lot of time and resources into supporting the team through their transition period back to work. Their aim is to ensure staff understands that they are the biggest asset to the company. As well as promote that although things in the business and society have changed, together they are stronger as a team.
Training has also been implemented to aid mindset growth, taking control, and letting staff know their best is good enough. Overcoming COVID fatigue for both working staff and those coming off furlough has been another focus. Charlene feels that staff will feel more resilient if they are part of a culture that is flexible, where they can voice concerns and be supported.
The company has been working to reassess its values and what matters to people in a post-pandemic world. Lots of amazing things can help support staff and they don’t always need to be financial. Peer on peer support however is essential to hear peoples’ concerns and create resilience within teams.
Support for other businesses
Collaboration between businesses and industries has been essential for both team and overall business resilience during the pandemic. Brewers had to work with pubs to collect stock that would not be able to sell and find ways to dispose of large quantities safely. Black Sheep even went to its competitors for help when their packaging supplier failed. Furthermore, brewers and their supply chains have had no government support so have come and worked together to gain it. The pandemic has created an environment for competing businesses to come together and help each other out and become stronger.
The pandemic has particularly exposed the fragility of global supply chains and the need to support each other to ensure economic resilience. This economic resilience trickles down from individual resilience to team resilience, to business resilience, to sectorial resilience.
Doug Fields’ advice for team resilience
Wellbeing resources
Doug believes it is important to invest in continued support and wellbeing to ensure resilience in staff. Offering learning resources is one way to do this. As well as getting in professional help to assess the wellbeing of staff. East of England Co-op has partnered with charity Suffolk Mind to ensure staff has access to support where and when they need it and their voices are being heard.
Dyfrig Jenkins’ advice for team resilience
Self-care first
In the first few months of the pandemic, everyone was panicking and just trying to survive. As a result, there wasn’t much information on being resilient and managing teams in a virtual world. More information is available now. Businesses that were already progressing towards flexible working and wellbeing support before the pandemic have appeared to do better over the past 12 months than those who weren’t. It has become apparent that a team cannot be resilient if you as a manager are not resilient yourself. You, therefore, need to focus on yourself and self-care first or it will be impossible to look after others.
Positive energy and mindset
Dyfrig shared a quadrat, shown in the image below, that is a helpful framework to indicate where you and your team members are in terms of energy and mindset. Appropriate energy is needed to maintain a positive mindset. High energy and a positive mindset will lead to performing well. Whilst low energy and a negative mindset can lead to burnout. Managers need to ensure they are in a position of high energy and a positive mindset. They will then be able to effectively lead their teams in the same state and maintain resilience.
Lucy Pakes’ advice for team resilience
Communication
At Ashtons Legal, they were quick to communicate changes with both their clients and staff. Lucy speaks about the challenges of staying on top of communications regarding furlough as the scheme was changing so quickly. As the team people turned to for advice and updates, Lucy had to keep up with changes and communicate them quickly. They found that getting news out as soon as possible was the most effective way to reassure clients and stay resilient as a team. Sharing information and supporting each other was also key.
Framing
A lot of resilience is about how you frame a situation in your mind. If you view a challenging circumstance as something to deal with and move on rather than catastrophising, you are more likely to be able to move past it. This is something Lucy has been working to communicate with her clients over the past 12 months. Clients are especially asking for help in how to reinstall resilience and help their employees that are coming off furlough. These staff members are often finding they are coming back to a completely different job and company from when they left.
Lucy says that resilient people are able to focus on the things they can control and try not to focus on what they can’t. To help encourage this way of thinking, we need to give people as much information on things they can control and make clear what they can’t. This will leave a clearer head and remove unnecessary stress.
This year ICAEW is going paperless by providing the workbook (previously the study text) and question bank in an e-format on a digital bookshelf. The tax tables and audit standards will also be provided in this way.
The only exception is the IFRS Blue Book which will still be provided as a paper copy.
What is included with my ICAEW course?
As part of your ICAEW course at First Intuition, you will receive the following materials:
ICAEW workbook
These digital publications act as reference tools and are easily searchable. They can be annotated and accessed on a number of devices to help you study wherever you may be. The workbooks also include questions for you to test your understanding with a button to easily check the answer.
ICAEW question bank
As with all things, practice makes perfect. So the best way to practice for a computer based exam is by using computer based resources. The question bank allows you to mimic the experience of the exam itself as you build your knowledge.
FI course notes
These come in both soft copy and hard copy for you. Hard copy notes allow you to write in as you are learning. Soft copy notes allow you to refer back easily when you are not near your notes. Hard copy notes can also be taken into the open book exams (BPT, CR, SBM and case) in addition to your ICAEW digital bookcase.
FI Learn access
All materials can be accessed through your FI Learn account. You can watch pre recorded videos covering the course notes and watch debriefs of course and mock exams and for certificate papers you can also attempt practice assessments and test your learning quizzes.
Permitted texts
Tax tables for TC/BPT and Audit Standards for AA – provided by the ICAEW on the ICAEW digital bookshelf, easy to navigate for that quick fact required in the exam.
Why has the ICAEW changed?
Given exams are all computer-based with paperless scenarios, it’s a natural progression for learning materials to be so too. This allows them to be accessed wherever you are, on the device that is most convenient for you either on a mobile, tablet or desktop. As well as ensuring you are practising in a paperless way ready for the exam.
What are the benefits?
Portability – Instant access, on any device wherever and whenever. No need to carry around heavy printed materials! Your annotations will be synchronised across all devices when you are online.
Availability – You can download your ICAEW materials to access when you are offline.
Interactive – Annotate, highlight and search – you can still annotate and highlight while studying, and have the added benefit of searching not only the learning materials, but your annotations too. Access past exam questions directly from your question bank. Test yourself by hiding and revealing the answers at the touch of a button.
Accessibility – You can access your personal ICAEW Bookshelf within the open book exams. You will be able to access your materials, your annotations and highlights and use the search functions, during your open book exams! (BPT, CR and SBM).
Updatability – Digital format means resit students can be more easily supported. You will automatically have access to the latest edition of learning materials without any extra charge!
Navigability – a digital format is immediately more accessible, as it offers functionality that allows you to navigate to sections quickly, zoom in and change background colours
Useability – use the text to speech or speed reader options to study in a way that suits you and your needs.
Not to mention saving 262 tonnes of paper per year!
How do I access my ICAEW materials?
Upon purchase of an FI course, a licence will be made available to you to redeem via an email link from the FI centre you booked with. Once redeemed, access your ICAEW learning materials via the Bibliu app. This is available from the Apple and Google Play stores. When logging in, select ICAEW from the drop down and enter your ICAEW log in details.
What do FI tutors say?
Join FI tutors Ryan Hill and Ginny Bradwell as they discuss ICAEW’s move to paperless materials and what this means for you and your studies (11mins).
What do other students say?
Sagar
“It is good as we don’t have to worry about going through the whole book and highlighting important bits beforehand and we can use the time instead to revise and study. The search function is a LOT faster than looking through a book… this saves time in the exam.”
Clare
“It is good because it is far easier and faster to electronically search for a section than flicking through a large book. Just having a highlighted book doesn’t mean you can find anything!”
Jack
“I think the search function alone makes it worthwhile. The highlighting could be useful when picking bits to bring across into your answers too. I love how we can navigate between questions and answers in the QB quickly without having to turn to the back constantly.
Rebecca
“Seems like it would be a lot easier to search for what you need rather than using a book and would save a lot of time in the exam. If you can copy and paste straight from text into your answer then this could also save time which is good. I really like having the workbook and question bank on my phone to access whenever and wherever.”
David
“Ctrl F is a game changer!”
ICAEW materials FAQs
Does this mean I can’t take paper copies into the exam?
For AA and TC you will have access to a clean version of your permitted text in the exam. No hard copies can be taken in We will work with you during the tuition phase to find things quickly and easily.
For FAR you can take the Blue IFRS book into the exam. This is not available on the book shelf yet.
Can I print the digital learning materials myself?
These products have been created for a digital format and we can only recommend that they are used digitally to get the best out of their functionality and enhance your learning experience
I am a resit student, do I need to buy the digital materials or can I use my 2020 materials?
For CR and SBM the 2020 materials will suffice for the exam and can be taken in digital form. However, you will not have any materials on your bookshelf to access in the exam if you haven’t purchased any.
For AA and TC you will automatically be given access to a blank e-version of the Audit standards or Tax tables in the exam – no paper copies can be taken in with you.
How long will I have access to my digital materials?
The ICAEW do not plan on taking materials away from you once they are in your ICAEW Bookshelf. However please note that the content of the ICAEW digital learning materials are intended to prepare students for the ICAEW exams, it is not recommended using them for professional advice.
Can I use my Kindle to study with the digital learning materials?
No. The format and functionality and format of our digital learning materials are not compatible with the Kindle systems.
For more information please visit the ICAEW website.
Gareth John (Chief Executive of East Anglia/Yorkshire) said:
“I have never been prouder of the dedicated learning professionals that I am lucky enough to work with than I have been during the challenges of the pandemic. To see the way that every team member across the country has stepped up to minimise the disruption to our learners has been nothing short of inspirational to me. Seeing the breadth of recognition my colleagues at First Intuition have achieved in so many categories of the 2021 PQ Awards is a real testament to the commitment and creativity they have displayed day in, day out over the last 12 months. Well done to all of them!”
Nick Craggs (AAT Distance Learning Director) said:
“To be shortlisted three times, and win one award last year was an amazing achievement, but then this year to be recognised in so many categories is something I wouldn’t have dreamed of! It shows how every single person across the FI network has risen to the challenges of the last year. The hard work and dedication shown by every single person at FI has been inspiring and is a real testament to their passion and commitment to our students. I was delighted to see us being recognised in so many categories!”
Kelley O’Donovan (Chelmsford Director) said:
“When lockdown happened I knew that I had to do something to help my students. So I started running weekly revisions sessions online for my financial statements class. I then thought – why restrict just to them? With the use of technology, I could be helping the wider AAT community at this difficult time and hence I started offering them to anyone who needed help with financial statements. After only a few weeks I had over 100 students joining live and after telling other colleagues at First Intuition about this, they were inspired to also give up their time to do the same for their subjects. As a result, we have managed to help and support over 5,000 AAT students. We have all faced challenges over the past 12 months but what is important is how you choose to respond to those challenges and make the best out of a bad situation.”
Jon Block (East Anglia S&D Coach) said:
“I was very humbled to have been shortlisted for the 2021 PQ Magazine Mentor/Training Manager of the Year award. I feel incredibly fortunate to work with so many amazing students and colleagues within my role.”
Noah Davis (Chelmsford Student) said:
“I was delighted to have been shortlisted for the PQ Magazine – PQ of the year. Having been a subscriber to the magazine for quite some time, to see my name on the website was a very surreal and humbling moment.”
Congratulations on achieving the highest total average marks worldwide in the ACCA Strategic Professional level achieving ACCA Gold Medal Prizewinner status. What do you think was the biggest factor that led to this achievement?
I think the biggest factor was exam technique. Obviously studying hard and having the knowledge is important, but without being able to apply this to the question, you cannot pick up the marks. Answering the question, focusing the answer on the information given and time management during the exam. These were crucial to the marks I achieved.
What made you choose a career in accountancy? Was there anything that triggered your decision?
I studied history and politics at university so was unsure what to do when I left. I wanted a career that opened doors and gave me lots of possibilities, as well as being secure. Accountancy ticked all those boxes for me. So far I have enjoyed my career so I think it has been a good choice and it is a career with so many opportunities. I am looking forward to seeing where my career takes me.
Over the course of your ACCA qualification, you have studied in the classroom as well as using FI Online courses. What was your preferred approach to studying? Do you have any study tips for other ACCA students?
For the tuition phase, I found FI online courses are as useful as the classroom, as this is passive learning, and have the added bonus of not having to spend time travelling! For revision, I found the classroom far more useful as it was easier to interact and speak with the tutors about any areas you were unsure about. Being online it was harder to do this. FI were always happy to have a call to go through anything but for me face to face revision would have been preferable.
How have you been supported by your company and colleagues throughout your studies so far? How has this contributed to your success with ACCA?
My company often gave me time off to attend tuition and revision courses which helped give me the time to study. They also paid for the tuition and the exams. My manager was brilliant and tried to give me work that was relevant to my exams when possible. Having real-life experience of some of the topics and the time to study definitely helped me to pass the exams.
How do you feel First Intuition has responded to the disruption caused by the COVID-19 pandemic? In what way/s has the pandemic affected your ACCA studies?
First Intuition reacted well. They were already doing online classes before the pandemic so the structure was there for online learning. Not being able to attend classroom teaching was a different challenge and made interaction harder. However, working from home meant less time commuting and therefore there was more time for revision or time to relax. So the challenges were different from before and after the pandemic.
Having become an ACCA Gold Medal Prizewinner, which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
Responsiveness of the tutor to queries you will have is key for me. Most of the revision is done in the evenings and weekends. Therefore if you have a question on Saturday morning and no response until Monday it can disrupt your weekend revision. First Intuition always responded very quickly to queries meaning it would not delay my revision. The quality of the notes and revision material is also very important. Some of the topics can be hard to grasp. Having clear notes that can be understood when looking back at them is crucial.
Do you have any goals/plans in mind now that you have finished your ACCA qualification?
My main plan is to get my social life back and enjoy the extra free time I have! From a career point of view, during my studies I was very focused on passing exams so had not given a lot of time to consider what to do once qualified. However, as I work in practice, I would like to expand the client base that I look after and develop my management accounting skills.
The importance of data analytics in the accountancy and finance industry is growing year on year. What was once viewed as something that would threaten to leave accountants’ roles obsolete, has instead aided them to deliver better-informed advice and strategy for clients. Chartered accountants have more time to interpret data, look for trends, and offer predictive and prescriptive analysis now machines are doing the laborious numerical legwork. Technology is amplifying the role of humans instead of taking over from them.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss how data analytics is changing the role of accountants, what the future of accountancy looks like, and what businesses should do to keep up to date and benefit from data analytics.
Representatives from the awarding bodies AAT, ACCA, CIMA and ICAEW
You can watch the recording of the forum by clicking the button below.
The Role of Data Analytics in the Audience
To get an indication of how technologically developed the audience were we asked a couple of poll questions before we started:
Question 1 – How far along the journey of adopting general accounting technologies such as cloud accounting, bookkeeping and tax software and automated apps are you, with 0 being not started and 5 being fully adopted to the maximum extent?
In response, 64% of the audience said 3 or 4 (no one said 5) with only 16% saying 0 or 1. This shows that most felt they are well advanced with adopting general accounting technologies. This is not surprising given the high profile recently achieved by the likes of Xero, quickbooks, Receipt Bank, GoProposal and similar platforms.
Question 2 – How far along the journey of adopting specific data analytics technologies and tools are you, with 0 being not started and 5 being fully adopted to the maximum extent?
This time only 41% said 3 or 4 (again no one said 5) and a significant 40% saying 0 or 1, indicating that for many employers progress in the adoption of data analytics is well behind where they are with more general accounting technologies. It is however clear that there is an increasing appetite for information and guidance in this emerging area. It sounded like the content of the session was going to be really useful!”
Introduction to Data Analytics in Accounting
Data analytics benefits three main areas:
Better business insights
Enhanced decision making
Improved quality and efficiency of work performed
Paul Wardle from Inflo, the financial data analytics auditing software solutions, shares his views on the current state and direction of data analytics. Inflo is designed and built by accountants for accountants to enable the industry to use data to drive better decisions, have more accuracy and effectiveness, as well as develop advisory opportunities. Accountancy has gone through unprecedented change over the past ten years, driven by technology and data analytics.
Paul highlights that the skillsets of accountants are changing. The future accountant needs to make better decisions with more informed choices from data. Programming knowledge, R or Python, and SQL Scripting are useful for accountants to learn. Future accountants have similar roles and aligned skillsets to data analysts, as data analytics and AI are influencing what they do on a day-to-day basis. Accountant’s jobs are evolving to put data in a meaningful way to shape thoughts and decisions.
Artificial intelligence is fantastic but it is hybrid knowledge that benefits accountancy. Using an accountant’s knowledge and experience of a business, as well as their professional skepticism is essential. Inflo makes it easier for accountants to spot anomalies in data and use machine learning to recommend ways to start looking at risk. As well as measure data performance with visual KPIs to help businesses add more value to their existing services.
Thoughts from the Panel
Is tech such as AI and data analytics rendering accountants obsolete, or quite the opposite are they putting accountants in the strategic driving seat?
Christopher Argent: Accountants are not going to be made obsolete. Humans tend to overestimate the power of technology but we are also in a position to underestimate it, particularly with AI. People either feel as though everything needs to be automated and roles changed accordingly, whilst others feel nothing should be done. Businesses need to look at technology and capabilities, a computer is not going to completely take over a role, but instead, AI solutions will aid a single process or task. We need to get closer to the problem and drive it internally to understand data analytics in accounting.
How do you think technology is changing the skills sets accountants need to drive value in their organisations? Is technology creating a generational divide?
Steven Drew: The way in which we see accountants now is outward-looking, forward-thinking, and more likely to engage with clients. Rather than being about compliance and data entry, it is more around developing advisory skills and personal skills to build relationships. As well as communications to effectively visualise and present data to make information more impactful. Accepting the role of data analytics is more about mindset than age. People who are more proactive and are looking for opportunities will be the ones who benefit most. There is a role for everyone but it is about seeking opportunities and embracing the tools that can make businesses more effective.
What are your thoughts on the current state of analytics adoption?
Mike Willis: Accounting and reporting are a trust activity where humans and judgment are needed. Mike agrees with the idea that the human side is still dominating the industry and will do for a while. Adoption is driven by the forces that are shaping the costs and benefits of data analytics. Data analytics has been used to predict behavior in retail for years, why then is the adoption in accountancy lagging behind? Mainly due to the fact retail is extremely competitive and there is data available from millions of customers. The huge amounts of data available and the lack of understanding to unlock what it is truly showing is driving data analytics in accountancy.
‘Data analytics’ seems like ‘sustainability’ in that it covers a huge ocean of different aspects. Can you suggest any smaller ‘buckets’ to help apply and use data analytics?
Christopher Argent:
We need to better understand our role in data analytics and therefore need to be more data literate. Training in this would help accountants see the opportunity in data analytics.
Accountants should use their knowledge of businesses and finance to bring context to the questions they are trying to answer in a data analytics project. Questions do not need to start with data but use data to answer the questions.
Messages can get lost without effective communication and visualisation. Accountants need to learn the fundamentals of data visualisation including what works and what doesn’t.
Steven Drew:
It is about working together as a company towards supporting business decision-making. Financial colleagues provide financial information, whilst a marketing team provides information about research and insight from the customers. They come together as part of one mix.
Always ask the question ‘so what?’. Try and bring together analytics, financial information as well as customer insight, and share it in the organisation to identify risk, opportunity, and ways to be more efficient.
Mike Willis:
Descriptive analytics tools: This includes using visualisation as an explanatory to describe the state of the world and communicate. For example using visuals to explore and understand a data set through looking for relationships, trends, and patterns. Accountants, therefore, need to understand how the brain processes visual queues so to create a visualisation that tells the story and communicates effectively.
Predictive analytics tools: This includes trying to make a prediction, using a subset of variables to explain what is the ultimate outcome.
Prescriptive analytics tools: An algorithm that is making a recommendation or decision.
You don’t need to be a data scientist to participate in the world of data analytics, a lot of people can pick it up and become well versed in these principles.
At what levels of an organisation should data analytics be a consideration?
Christopher Argent: Top to bottom, there are people potentially coming in at the bottom who are more tech-savvy than the leadership team. We are starting to see trends around reverse mentoring, with the younger generation pushing conversations around apps, AI, and tech. There is a need for senior leadership to acknowledge the shift in this market from a talent point of view. As well as to understand the power of data analytics, the process, and the investment that is required.
What are the key skills required to make the best use of Data Analytics tools?
Steven Drew: Part of the changing role for accountants is to look outside. A key part of this is context, yes we need to develop advisory skills and relationships but we also need to understand the organisation. Staff need to know what the business is trying to do, the products, the customers and using that to develop opportunities.
Mike Willis: At one level there is being able to formulate questions and answer them using data tools. At another level it is about understanding the more complex algorithms, what can they do, and what they cant do. Survey evidence suggests there is a gap between what data science teams can do and what executives think they can do. We need to close this gap by gaining an understanding of what the algorithms can do. Having a basic understanding of writing code can help with this, as well as becoming more data literate and skeptical consumers of analytics technology.
Do you think accountants need to understand Python or SQL at a level?
Christopher Argent: This isn’t about being a data scientist, what are we gaining from learning Python or SQL? We need to understand that algorithms are not perfect and they have performance levels. If you want to understand how these projects run and want to be more data literate, then a basic understanding SQL or Python will help you empathise and be part of these projects. However, the goal is not to become a data scientist. Your job is still in finance and this is just to augment it.
Steven Drew: No, I would prefer the accountant to focus on developing their skills around finance. Yes, there is a need to have some empathy with data scientists’ roles but it is better accountants focus on understanding the information, helping to engage and work as a collective.
What are your top tips for leaders to prioritise and consider?
Mike Willis: There is no one size fits all approach to data analytics. Large corporations need to think carefully about data analytics adoption throughout the business. Smaller organisations however can let this evolve and they can choose what works for them.
Steven Drew: Keep it simple and focus on using this information to support business decision-making and strategy. Embrace the change. Qualifications are important but are likely to become outdated quickly. There is therefore a need for professional bodies to develop their qualifications but also businesses need to focus on CPD. This will make sure staff know what is out there and what works for them, and develop a well-rounded skillset that adds value.
Christopher Argent: Embrace data analytics and see it as an opportunity for augmenting your role. The profession is changing so start the journey and go with it. The journey starts with the nontechnical, including understanding the fundamentals, data literacy, data analytics, and theory concepts. First, figure out what accountants’ role is in data analytics before understanding a data analyst’s role.
Comments from Awarding Bodies Representatives
ICAEW
Adam Brit: In 2016 we were under pressure to change the qualification or introduce a new qualification for data scientists. The message was that the role of professional accountants was limited and in the future and there wouldn’t be any. In 2019 those same people said the future of accountancy is about data storytelling and using technology to benefit what accountants do. Technology should therefore be embedded in what trainee accountants are learning.
The role of a professional accountant is around enrolling trust in data, and technology has a part to play in that. For example to manage the volumes, sources, and visualisation for data storytelling. Professional accountants’ role is to act as an informed buyer when looking at technologies. They do not need to have coding skills but instead need to understand what the technologies are doing and ask the right questions.
Accountants should also be enabling trust in data, this can be achieved with professional skepticism. For example, looking at whether sources can be trusted, asking what is data saying, can it be matched with other sources? Accountants’ ethical code and the ethics of data analytics are just as important as understanding it. Furthermore, communication is essential as well as staying up to date. Data analytics is a phrase that has a meaning at the moment but this will change over time. What we have discussed becomes increasingly important as the extended role of reporting and assurance around sustainability comes in. This conversation will therefore likely have a different slant in a year.
ACCA
Clive Webb: This world of technology is going to continue to change. If we purely stick to financial data in the way we look at this, we are starting to absolve where the decision-making is going to come from. Accountants have to realise it is not just about financial data, but about non-financial data and customer sentiment. Technology is the business model of the future and the reality of today which the pandemic has only escalated.
Continuous education and evolution of the qualifications are important. Organisations need to embrace this and take continuous education opportunities to be the educated communicator. But companies need to take the time to understand how technology is driving the business as that gives you that data model. By understanding the data model then you can understand the business objectives and can problem solve. How to use data to forecast and scenario model is essential for businesses to predict outcomes.
CIMA
Tim Rutt: We have gone from analog to digital and as a result huge amounts more data is out there. Big data is not necessarily better, it is about how we make sense of this data. An accountant’s job is to make sense of data in order to maintain relevance in society. Particularly as there is now more data to measure and make use of, including sustainability, governance, and society.
For accountants, it is about owning and understanding the algorithm (not writing it) and predicting the future. Tim agrees that competencies are changing to be about building empathy from interactions with stakeholders. As well as co-creating value from being out there and making connections.
Accountants should, therefore, be reframing and trying to develop critical reflexive forms of analysis. As well as questioning assumptions, where beliefs are stemming from and challenging them, how we can think about things differently, and educating to ask better questions.
AAT
Anthony Clarke: There has been a clear message from clients that they still need people to understand the numbers. As well as have the confidence to interrogate and draw conclusions from the data they are seeing. Wider skills and behaviors and accountants being curious and having professional skepticism to derive conclusions from the data and communicate that with clients is still essential.
CPD’s Role
The need for lifelong learning is important in all elements of accounting but particularly in data analytics. The area of digital literacy is fundamental to the accounting profession. First Intuition has teamed up with FUTURE FINANCE TRAINING LTD – a like-minded and internationally recognised CPD training consultancy to design and deliver continuous professional development courses the First Intuition way.
Managing remote teams has become more essential to businesses than anyone could have predicted. Before the pandemic, around 6% of people worked from home. In 2020 this significantly increased to almost half the population. As we come out of the other side of restrictions it is predicted that many employees will retain at least an element of home-working in their role.
We ran a poll at the start of the forum which showed just how much attitudes have changed over the last year:
Before the pandemic:
Of over 150 attendees 71% said that employees in their organisations did not work at home at all before the pandemic started, with another 22% saying staff worked just one day a week at home.
During the pandemic:
By the start of 2021 during the third lockdown 76% said that staff were working fully remotely five days a week, with another 17% saying staff were in the office for one day each week. We asked the audience how levels of productivity had been affected by such high levels of remote working and 78% said it was either the same or higher.
Expectations for after the pandemic:
Given the positive outcomes seen in the last few months it was unsurprising that few people expect to go back to the way things were before the pandemic. Only 2% said they expect staff will return to working in the office 5 days a week. However, not a single member of our 150 strong audience said they thought that fully remote working would stay with us. The consensus with 88% of the vote was for 2 or 3 days a week working at home.
This article shares highlights from the session where guest speakers, listed below, joined Gareth John to discuss how to effectively manage remote teams. As well as the new layer of challenges businesses are likely to face.
You can watch the recording of the forum by clicking the button below.
Top tips for effectively managing remote teams
C-J Green from BraveGoose, the HR tech provider, shared her ten top tips for managing teams remotely. Here are some key points:
Levelling
As hybrid working looks to become the new normal with 91% of forum attendees working from home at least a couple of days a week. New challenges for businesses will arise as employees will no longer all be in the office at the same time. C-J describes the importance of avoiding a two-tier system where employees feel as though they are missing out on important conversations, and generally out of the loop. All-staff meetings should therefore be delivered in a way that the experience is the same for all. This may mean continuing to deliver certain communications virtually to prevent an ‘us versus them’ rift between coworkers in the office and at home. Zoom meetings are great for levelling and connecting staff as the experience is the same for everyone. Virtual meetings can also help remove the professional facade and allow staff to seem more approachable and equal.
Personal approach
It is essential for staff motivation that employees feel their company value and care about them. Employees should be managed on a personal level and their individual skill sets recognised. The pandemic has particularly emphasised the importance of personal connection and the difference in individuals’ experiences. The one size fits all is no longer effective management and staff should be encouraged to level up based on their personal skill set. This can be done by speaking to employees individually on a regular basis to pinpoint strengths and struggles. Coaching conversations can also help motivate, where managers set up calls to catch-up and praise rather than to assign work.
Stronger sense of team
Teams can feel more motivated and connected when all staff members are included in creating new protocols. The pandemic has created a unique opportunity to make major changes to the way we work. Including all team members, even junior staff, in these decision-making processes will help create a stronger sense of team. Employees will also feel as though their voices are being heard and their best interests are in mind.
Working asynchronously
Employers should appreciate that staff have different responsibilities and commitments they have to juggle. It is not always possible for every staff member to join a meeting or event. Recording meetings and allowing access for everyone to watch them makes people feel more included and as though they are not missing out. This can help staff better manage their time and removes unnecessary pressure to be available. Equally, providing agendas before meetings helps people assess whether it is relevant to them to attend. This all helps employees better manage their time and workload, to work in a way most effective for them.
The Elephants Backpack
C-J describes how team discussions at the end of the week to share reflections can be beneficial. This environment should be a safe space for teams to offload any issues and chat through key achievements or areas to improve. This can help team members feel heard and allow managers to know how their team is feeling.
Advice from the panel
The panel of guest speakers shared their experiences of managing teams remotely.
“Manage people instead of things”
Dennis Laudick from Arm has found he has had to focus his time on rebalancing his team to get the best out of the group. When working from home and communicating virtually he noted that some team members are naturally thriving whilst others are shying away. Dennis now encourages group members who haven’t talked much to contribute rather than contributing himself. Ensuring all his team are included and heard and set up to complete work themselves. Managers need to listen to their teams and put in as much effort to communicate as possible.
Managing teams remotely is an opportunity to throw away the traditional roles and ways of working together. Dennis believes managers should be promoting we are all in it together. This not only benefits team members but helps managers better understand their team. He believes things should not go back to the way they were before and hopes that the new human level in the workplace doesn’t go once we return to the offices. The professional facade that has come down with Zoom should stay.
“Some roles are not getting their natural highs”
Louise Hazard from Greene King believes some teams in her organisation have suffered more than others. This is mostly decided by different teams’ roles and how they are reinforced. Sales teams for example are not getting the natural highs of their job roles whilst working at home. Managers, therefore, need to focus on motivating some teams more than others. This can be done by having honest conversations about what will make things better and shows interest in individuals’ future. Setting up team chats where no one talks about work Louise says is another good way to motivate staff.
Louise also notes that staff on furlough are likely to find it hard going back to work. Particularly if they are going straight back to the physical office. A ‘we are all in this together’ approach will be especially important here. Employers should start organising their going back to work policies now, taking into consideration different staff member’s wants and needs. The benefits of working from home that add to working life that office life might take away should be considered and kept in place where possible to keep staff members happy.
“People do not all need to be regimented”
Carolyn Connery from CMI agrees with C-J’s comments of working asynchronously. The pandemic has helped employers look at employee’s soft skills and acknowledge that people do not all need to be regimented to the same thing. Flexibility will be key moving into the post-pandemic workplace. Carolyn states that a lot of change is set to continue and with that, a lot of new skills are needed. Employers should think about levelling up their employees to ensure they keep up with ongoing changes to the workplace.
The pandemic has also highlighted the importance of managing peoples’ mental health and wellbeing. Junior managers may have had to make hard decisions over the past 12 months in terms of redundancies and furloughing staff. Equally, those who have been on furlough may feel disconnected. Managers should be re-educating themselves to be more aware of their team’s mental health. This can be done by paying more attention to changes in staff and setting up chats to ask how people are feeling. A lot of employers are training or hiring mental health first aiders to meet this challenge. Listening to staff and creating resources they can go to is going to be essential as the long-lasting effects of the pandemic continue.
“I have had the time to do things that were not possible before”
Simon Mader from AstraZeneca reports how the digitalisation of meetings has made certain aspects of work more accessible. Meetings which were once only possible by taking two days off for international travel are now easy to attend. More junior staff members who would have not joined trips can also now attend those meetings. Furthermore, tasks which once meant days of travel can now be completed easily in a day.
Not only has remote working allowed employees to connect with staff members they previously would not have been able to, but it has also helped to get in touch with people. People are now more available and easier to get hold of with the majority working from home. This has made some aspects of work easier and quicker. Simon agrees that catch-up chats that are only a click away are invaluable for building and managing work relationships.
Comments from the audience
Productivity
The audience agreed that productivity has varied between team members due to their personal situations, such as homeschooling kids. Productivity has differed depending on the role/seniority of the staff, with less productivity at lower levels due to support not being as readily available. Overall, 49% of the audience felt they had the same level of productivity working from home than in the office. 22% felt they were less productive and 29% more. Where there are more distractions appear to largely determine productivity levels. One audience member said they have found using Zoom has actually enhanced training and productivity by having the ability to share screens and take control.
Communication
The audience felt that it was important going forward to ensure all employees feel equal and included. Techniques to do this include meeting consistency, where all meetings are either online or in the office. Effective communication is essential for staff to feel in the loop and included. Giving communications to everyone at the same time can help this, as can frequent Zoom meetings that engage all staff. Including daily/ weekly catch-up calls and face-to-face meetings once a month. But ultimately, staff should be able to choose what method of communication is best for them.
Mental health
Everyone agreed that the past 12 months have highlighted the importance of recognising and responding to mental health. The audience recommended managers make sure they call their team to ask them what they need or if they want to talk. Furthermore, one-to-one catch-ups should not just be about giving more jobs to do but instead voicing praise and creating a safe environment to voice concerns. One-to-ones can also help managers understand their team’s needs and plan new working patterns as their working and personal lives change. Being available and willing to support staff is key.
One size does not fit all
The audience also felt that one size does not fit all staff members. Management and work, whether in the office or working remotely, should be tailored in line with individuals’ needs. Each team member is different and so is their circumstance. This is the same for new starters, do not use a one size fits all induction and instead design their introduction around what they need to feel part of the team. This can be helped by scheduling social ‘get to know you’ sessions for new starters to meet people they’ll be working closely with.
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What will you receive when studying CIMA Unlimited?
Unlimited access to any online CIMA course from FI for 18 months. Choose our Online Live or Online courses for every paper at that level and attend a course a second or third time at no extra cost if you need extra help or support.
Tutor support anywhere by phone or email
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The CIMA Unlimited course offers a 25% saving per level compared with buying Online Live courses individually.
CIMA Unlimited Certificate Level – £1,375
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Either pay upfront and save the hassle of lots of expense forms, or you can pay for CIMA Unlimited in 3 or 6 instalments – therefore helping you spread the cost whilst you study.
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Below are some useful resources offering information about women in the finance industry and the gender gap.
Accounting and finance is often considered an industry dominated by men, but things are changing. First Intuition and the awarding bodies offering finance qualifications are committed to equality and diversity amongst their workforce and students. Empowering women to be successful leaders and inspire women finance and business professionals of the future.
As a woman in a male-dominated industry, getting ahead wasn’t always easy for Dame Jayne-Anne Gadhia, the new Chair of HMRC Board. But, as she tells Annie Makoff, her experiences spurred her on to achieve career success.
WIL supports women working across practice, industry and public sectors who are in senior management, partner or board roles. The programme has a strong personal development focus, and seeks to refine and craft your individual leadership style.
Insight into what it is like to be a woman working in accountancy, we’ve taken a look at progression, the challenges and real-life experiences of both qualified and trainee accountants.
Our Chelmsford and Yorkshire Directors Kelley O’Donovan and Lucy Parr takeover the podcast with a panel of guest speakers. To discuss and address the challenges women have had and continue to face in the professional world.
Lifelong learning
The key information, plans and objectives included in the 80 page long white paper can be summarised as follows:
There is a clear continuation of the belief that employers should remain at the heart of skills training – setting the “skills demand” for the future. The plan to enable this further is to invest in regional hubs with FE colleges and ITPs (independent training providers) creating “learning business centres” that act as skills development hubs between education and employers.
A real focus on L4 and L5 technical qualifications being genuine alternatives to a university degree – with this being backed up by more information regarding funding, which is acknowledged to need reforming and simplifying.
Whilst the paper is written very much from an FE college point of view, the AELP (ITP trade organisation) has committed to ensure that our voice is heard.
Closing the gap
The white paper sets out the key skills gaps in healthcare, social care, engineering, and “technicians” – but that FE colleges are not able to meet this demand due to challenges with the funding models currently in place. Local skills improvement plans (LSIPs) will bring together employers, colleges, providers and other stakeholders to set out what changes are required to address these gaps.
This approach presumes that the lens through which skills development should be examined is “local”. I would counter that the lens of sector specific trailblazer groups, led by employers and industry experts, makes a lot more sense to determine the skills development needs across entire sectors, as opposed to 50 LSIPs all trying to address the accountancy skills needs locally.
Presenting an alternative to university
The government is aware that a lot more awareness and stronger branding of level 4 and 5 qualifications as an alternative to a degree is needed to make these programmes a true alternative to university. This is going to be really important. When we consider the 30,000 undergraduates in our sector currently studying a full-time accountancy and finance degree, with no real work experience included in their programme, we can really appreciate that the choice to follow this career path via a university route may not be the best one. Whilst the skills of independent living, socially getting to know others and the “adventure” of university are not in question, these benefits could potentially be achieved without signing up to 90 weeks of a degree course (so just under 2 years in reality on a typical university programme, for 60 weeks are holidays).
For our sector therefore we should see accountancy as a “technical subject”, not an academic one; a subject that is practical in nature. This move will require a much clearer focus on “technical colleges” vs “academic institutions”; a move that harps back to the period before the university revolution under Tony Blair in the 1990s.
Skills development
The paper is very clear that apprenticeships will continue as a focus for skills development. Whilst there are ongoing consultations regarding funding bands and what costs can be included within an apprenticeship, this government (and all other main UK political parties) remain committed to the current levy system and the building of programmes that have employers at the heart of them.
T levels also remain a critical element of this “skills for jobs” strategy. Whilst the launch of these has been a challenge over the last 12 months, the initial colleges have been selected to deliver these as alternatives to A levels. Within the accountancy sector there continues to be much discussion as to how these programmes will work, considering the length of work placements required, the additional safeguarding an employer is required to have for 16 year olds in the workplace and the overall funding available to achieve this.
Lifelong learning: A question of funding
This brings me onto what is probably the most critical element of all of this – where is the funding to achieve these changes? The government plans to implement a flexible lifetime skills guarantee – equivalent to 4 years of post 18 education – ie equivalent to what a student can access right now for a university course. This requires major changes to the Student Loan Company (SLC) to enable a student to obtain a finance loan for higher technical qualifications in same way as students can for a degree. Due to the immense changes to the current processes this is targeted to come in from 2025, but the implications of this are considerable:
An accountancy student could get a loan for level 4 and level 5 (our accountancy professional bodies would need to register) and have their study paid for via a SLC loan. This could mean that firms consider different routes into their organisations, such as working with providers to offer placements for an 18-24 month period, followed by recruiting onto a much shortened apprenticeship programme. This isn’t just something specific to accountancy, all technical L4 and L5 qualifications could be managed this way.
Therefore, in the same way as universities have been looking at making inroads into apprentice funding, ITPs can make inroads into the use of student loan funding.
Obviously this will not change overnight, which is why 2025 is set as an implementation date and will require extensive changes to current student finance systems and the SLC.
Consultations will start on these proposals in Q1 2021. We can expect a strong reaction from the Higher Education (HE) lobbyists as this will make a huge change in the balance between universities and FE colleges / ITPs. However, HE institutions know that restructuring is coming. When only 20% of students actually pay off the £60,000 of debt that is built up by attending their courses, both HE and the government know the current position can’t continue.
Looking ahead
With the consultation starting soon, we will be keenly watching the reaction from all stakeholders, but from employers (and students who want their programme to be valued by employers) these changes should be a positive step forward.
Recruitment of the ‘COVID generation’ brings a new set of challenges for young adults entering the workplace, as well as for the employers hiring them. For the first time since WWII, there are massive changes to the way students study, are assessed, and in turn the skills they bring to the workplace. We believe it is important for employers to have information about these changes to ensure candidates are successful and the right recruit is hired.
Gareth invited a balanced panel of guest speakers, representing both students’ and employers’ perspectives on the topic. Exploring the impacts on the different parties involved, speakers discussed their answers to the following questions:
Questions for candidate representatives: Form the Future and Long Road Sixth Form College
1. What has the next generation of school and college leavers missed out on over the past 11 months compared to usual cohorts?
2. Which skills might these school leavers be lacking when employers encounter them?
3. What can employers do in their recruitment processes to help support these young adults to overcome some of the skills gaps and give the best impression of themselves?
Questions to the employer discussion panel: AstraZeneca, CBI, and Leeds City Council
From either your own experiences or from employers you talk to, have recent recruits already shown any skill deficits compared to normal school and college leavers?
1. Conversely, have any recent recruits shown any stronger skills since the start of the pandemic?
2. What allowances in recruitment have already been necessary to allow for these skills deficits?
3. What else can be done to plug these skills deficits when young adults join the workplace?
4. What advice would you give to employers who are currently undertaking their recruitment process?
Below are some highlight comments from the forum. You can watch the full recording of the forum by clicking the button below.
Top 10 Takeaway Points
Employers should offer more virtual work experience and careers resources to help the COVID generation gain employability skills
Recruits should be considered on an individual basis as candidates will not have been impacted in the same way, this is especially true for disadvantaged students. Recruitment therefore may need a more tailored approach going forward
Students should be encouraged to think about relating their skills in interviews that have not been gained in the workplace
Employers could assist candidates by giving them ‘more scaffolding’ in applications to help students show what they are capable of. They can also give them tasks that let their natural skills shine, or give candidates a trial run
Mentoring can be beneficial for both new starters and the mentoree
Employers should not catastrophise the situation and should continue to encourage young adults into the workplace
Local employers can help schools in their area by providing career help and resources
Schools should tell all students about the apprenticeship route after school and college
Being more mindful of students needs may make the workplace more attractive, discouraging students to simply follow the university pathway
Promoting social activity in the workplace would help change the belief that university is the only way to gain those experiences
Key Comments
Candidate Representative: Anne Bailey, CEO and Co-founder of Form the Future
Anne helps young people to prepare for their careers, introducing them to different industries and jobs. Anne found that schools have had to squeeze their curriculum and cut careers resources since March 2020. For instance, Form the Future spoke to less than 5,000 students in the last year compared to the usual 20,000. Employers haven’t had the chance to go into schools let alone offer work experience; thousands of work experience placements have disappeared. Exposure to careers is too important for young people to miss out on, it’s too great a risk. Students can’t be what they can’t see.
A big impact on the COVID generation has been mental health. The opportunity to have a ‘terminal exam’ as a reflection on their progress and their futures has been swept out from under year 11’s and 13’s causing huge anxiety and uncertainty. Furthermore, part-time jobs in customer-facing, dynamic environments haven’t been available. These can be the making of young adults and a big boost to their confidence and developing self-awareness. There haven’t even been opportunities to evidence transferable skills such as teamwork through playing on a sports team, or organisational ability by holding a play.
Anne recommends that employers’ give ‘more scaffolding’ to help students better conduct themselves in interviews and stand out in a competitive job market. This includes allowing candidates to reach further back to link to examples of transferable skills. Furthermore, students should be taught how to talk about the transferable skills they have developed during the pandemic, like time management, working alone, and using online programmes. Interviews can favour extroverts and employers should give tasks and ‘work trials’ that favour the natural skills of introverts. Additionally, new starters could be paired with other young and relatable employees as mentors who can offer support.
Candidate Representative: Steve Dann, Vice President of Long Road Sixth Form College
Steve Dann, Vice President of a college of 2,500 students doing a range of level qualifications, gave insight from the perspective of the student. Steve believes the effects of the pandemic is going to ripple through the education system for several years. He states that it is likely to be younger children who are the most affected, impacting reading and writing. This is particularly the case for disadvantaged children. College students have been in the education system for most of their life and are more resilient to change. The educational impact is minimal compared to the effect on interpersonal skills.
2020’s college leavers had learned the majority of the syllabus by the time the first lockdown started. 2021′ college leavers will have had two academic years of disrupted learning, particularly in 2021. They have also missed out on the usual way of being assessed and graded through exams. This uncertainty and unfamiliarity has helped contribute to mental health problems, as well as changed the relationship between student and teacher. Teachers assess students based on their work throughout the year, meaning every piece of work is now held against them.
However, Steve does report that some benefits have come out of the changes to learning over the past year. Some students have thrived as they have gained extra hours in the day by not commuting. As well as able to work in their own time instead of around a teacher’s schedule, and generally had fewer distractions.
Steve advises that employers should not catastrophise the situation and should continue to encourage the COVID generation into the workplace. Employers should be wary about how grades are predicted in 2021 as it is still not yet confirmed how students will be assessed.
Employer Representative: Emma Wood, Talent Acquisition Partner at AstraZeneca
Emma reported that AstraZeneca has not seen any skills deficits in the young adults they are recruiting in 2021. They have seen a huge rise in applicant numbers for this round of recruitment with double the applications than usual and great feedback from virtual events they have hosted. However, she believes we will not see the full extent of the impacts of COVID-19 for a couple of years yet.
Mental health again came up as a top concern for the COVID generation. Students worry they will have nothing to show for their years of education without exams. Employers and teachers should be encouraging young adults to see the other benefits and years of hard work have brought for them. Including a strong work ethic and self-motivation that is essential in the workplace.
Emma agrees that there is going to be a considerable lack of work experience in candidates’ applications. She encourages recruits to think outside the box when discussing their skills without work experience. For example, helping someone in the community, or managing workload when studying at home.
Employer Representative: Alex Hall-Chen, Education Policy Advisor at CBI
Similar to Emma, Alex has not seen too much impact on this year’s cohort of recruits’ skills, she agrees it is likely to be more of a problem for next year. She is more concerned that the COVID generation will be lacking soft skills rather than subject knowledge. Soft skills like communication, time-management, problem-solving, and team working are what employers really look out for when recruiting. Students may also choose not to take education further due to their lost learning, which would help gap some of those missed skill bridges.
Alex advises that employers consider that no young person will have had their learning disrupted in the same way. Recruitment therefore may need a more tailored approach going forward. She also believes that new employees would benefit greatly from mentoring and peer support in place to help students adjust. Engagement with government programmes with learning on the job could be powerful in overcoming some of the issues.
Employer Representative: Tracey Greig, Employment and Skills Senior Manager at Leeds City Council
Tracey has seen a considerably larger number of students attending their virtual careers festival, implying they are thinking about employment opportunities. She says the main missing skills have been a lack of confidence and issues with resilience.
Some employers may be looking at GCSE grades instead of A-Level for comparison purposes and understanding a candidate’s capabilities. However, local employers can help schools in their area by providing career help. Including helping to put together a CV, virtual work experience, online interview preparation, and other employability skills to help young adults build a virtual portfolio. Equally, businesses can help young adults with interview preparation so that they can show the best of themselves.
This has proved invaluable for students when implemented in the past and can be great for a company’s brand identity. Employers should give students the opportunities to gain alternative skills to bring to their applications other than work experience. Tracey also argues all students should be introduced to apprenticeships, not just those who are unlikely to go to university.
Sophie at AAT comments that as a small employer, recruitment has been lower than normal with notably lower quality applicants. They are looking at adapting how they assess their new recruits accordingly, with competency interviews and tests that can assess the skills candidates might have but are not visible in a CV or interview. Employers should be prepared for gaps in CVs, recognising why it there and looking for potential. As well as taking into consideration external factors like limited access to WiFi and computers when assessing applicants. It must also be remembered that some people will never have actually been in a physical office environment.
Lucy from ICAEW points out that employers should be mindful of judgement about the COVID generation and those who have not achieved as much throughout lockdown. Sometimes just surviving is enough. It is therefore important to get to know how the candidate is as an individual. How you question students is going to be important to avoid unconscious bias.
Aleksandra from ACCA agrees with this more personal and tailored approach. It will be important going forward for employers to look at employees on an individual basis as they will suffer from differing gaps in knowledge. As well as different perceptions of work, and differing wellbeing and mental health concerns. Furthermore, younger employees and the COVID generation are tending to jump to technology for solutions rather than their accountancy training. Employers, therefore, need to think about bridging the skills gap between different ages. Inter-generational coaching can offer big benefits for both parties.
Trevor from CIMA argues that he has seen resilience in students who have been able to adapt quickly to the move to online exams with no change to pass rates. He agrees that the benefits of mentoring programmes are notable for both the mentor and mentoree.
Further Comments from the Audience
More applicants and lack of work experience
On the whole, members of the audience agree that a larger number of applicants have come in this year than usual. Not only are CVs more likely to lack work experience, but applicants are also coming from further afield. Furthermore, a large number of applicants graduated in 2020 and are now starting their career a year later than they would have done. Perhaps because they were unable to find a grad role last year.
Fewer careers events
Some employers have found they haven’t had as much interest from local schools with regards to careers events. One employer notes they normally help schools with interview and advice sessions but have done none this year. As a result, they have not seen as many school leaver applicants as yet. Schools do appear to have prioritised getting students through online learning and careers events have been pushed back. CV building and general awareness of apprenticeships and alternative routes into employment seems to be lacking still in many schools. There are however lots of insight programmes and resources available virtually to provide career information.
Skills gained
The COVID generation does have some advantages they can articulate to employers. The ability to cope with online working, study, and socialising without requiring excessive or disproportionate hand-holding and time investment from line managers. Demonstrating that they can be trusted to be efficient, effective and economical in terms of their work.
Concern for wellbeing
The audience agrees that wellbeing is a major concern as remote working can be a challenge to younger people, and often domestic arrangements may not be ideal for home working. Lack of social engagement without the office environment is cited as a major issue. Similarly, the anxiety of constant assessment and therefore the requirement for high performance on an ongoing basis is as well. However, a positive is that this form of assessment is more replicated in the workplace so maybe better for preparing students. It may open up a conversation to change the current exam system that can be an unreliable way to test performance.
Widening the disparity gap
With a move to online, digital exclusion and how some young people have limited access to computers and WiFi is likely to become a bigger problem. This will greater impact students from low SES backgrounds putting them at a further disadvantage. More widely, the impact of lost learning has been greater already for disadvantaged groups; if that isn’t explicitly accounted for in recruitment then workforce diversity may suffer.
FI has delivered Online and Online Live courses to thousands of students over the past 9 years. As a result, all of our tutors are familiar with best practice in delivering learning via these study modes. This meant that we already had the infrastructure, experience and expertise in place to move to exclusive remote delivery at the beginning of the pandemic, without sacrificing any of the key components of a great course.
In fact, being experts in online learning enabled us to deliver an even more engaging experience for students who were suddenly forced to learn in front of a screen. We make use of digital polls, whiteboards and word clouds to increase engagement during our classes. The use of these tools provides a truly interactive experience.
The feedback we have received from students has been overwhelmingly positive.
“Amazing! The online course was just as interactive as being in the classroom, if not more so.” ICAEW Assurance student
“Excellent platform, even better tutors. Online lessons were conducted in a well thought out manner with light hearted delivery making it easy to ask questions and get involved.” Craig, CIMA Strategic Case Study student
“Online session was fantastic. All students were included and encouraged to participate.” ACCA Strategic Business Leader student
“Ravi is just a fantastic teacher he makes it so enjoyable. The adobe connect works really well especially the option to private message the teacher when unsure about questions.” ICAEW Strategic Business Management student
Connecting with students in class
Tutors include a feedback layout at the end of each session providing students with several polls to see how they are finding their experience. This allows us to reach out to students who are feeling overwhelmed or struggling. In a virtual learning environment, tutors can’t look around the room and read people’s faces, so we have to obtain this important feedback another way.
Our tutors also use confidence meter polls to ask students at the start of a session how confident they feel and repeat the same poll at the end to see how confidence has improved.
All of these measures were put in place to ensure the continued progression and engagement of our online learners. After excellent pass rates in the September and December ACCA and ICAEW exam sittings, we are excited to continue with these methods of engagement in our online classrooms.
Coaching support for apprentices during COVID
As soon as we closed our offices in March 2020, we converted all progress reviews with apprentices and line managers to remote reviews, using Zoom. FI Coaches were well equipped to deal with this as on occasion earlier reviews pre COVID-19 had been conducted this way. We noted that line manager attendance increased at the remote progress reviews as the online sessions were more accessible for them.
Early in the pandemic our FI coaches were picking up the phone to their apprentices far more. These were a great opportunity for informal check-ins on their situation and welfare. For those experiencing anxiety and seeing this impact on their learning, we were signposting learners to additional support resources. As well as liaising with their employers where needed to ensure they could seek the right support.
Lockdown events to boost motivation
Working from home for an extended period of time presents very different challenges to being in an office environment.
Our ’How to Study Online’ webinar was extremely popular in April 2020, with more than 5,000 ACCA students registering to attend – a record number, according to ACCA! Our aim was to help students better understand the different techniques for online learning and address any challenges. Students asked hundreds of great questions during the webinar. This therefore showed us that they were not willing to let the pandemic affect their chances of qualifying. Attendees were keen to find out how to build an effective study plan and avoid distractions while studying and working from home. We interviewed our Head of Online Programmes, Hannah Campbell, about what students took away from the event and what it was like to deliver a webinar to that many people!
Later in the year we introduced a series of free virtual mini skills sessions that covered the essential skills to help professionals think in a more focused and effective way. These webinars were open to anyone who wanted to improve the core skills required to work efficiently. Topics ranged from time management to building and handling business relationships. We plan to bring this popular webinar series back for 2021 so watch this space.
In 2020 we launched the FI Podcast, presented by FI Directors David Malthouse and Ben Bullman. Each week David and Ben cover the latest insights into exams, apprenticeships and more from the accountancy industry. So far, the FI podcast has had more than 5,000 downloads from listeners across the world. Find out more and listen to the latest episode here.
Minimising the impact of exam cancellations
With assessments paused, cancelled or delayed in 2020, students could no longer sit the exams they had been working towards. We were concerned that our students would find it difficult to maintain their knowledge until assessments resumed. For that reason, we worked hard to launch a programme of events and initiatives to keep students engaged and focused on their studies, despite the disruption.
Summer programmes designed to engage
We created ACCA and ICAEW bridging programmes to support students affected by June exam cancellations. These essential top up programmes enabled learners to maintain their technical knowledge. More notably in the weeks leading up to revision courses for September exams.
The FI Virtual CIMA Summer School helped motivated students use any extra time they had during lockdown to progress with their studies remotely. Our carefully timetabled programme of Online Live courses enabled CIMA students to progress with confidence, avoiding the disruption that students studying other qualifications faced at the time.
FI’s inaugural AATitude festival offered a unique space to draw together a multitude of perspectives, experience and expertise from, through online events held over a week. This was the first AAT event of its kind and reached 1,500 delegates from across the UK.
Summer 2020 also marked the return of the FI Accountancy Summer School, an event aimed at students and university graduates aged 16+ who are interested to understand more about a career in accountancy. This event was delivered entirely online, which meant the sessions were available to more students from across the country than ever before. Following on from last year’s success, this year’s event will also take place online.
Free revision sessions to support students
To offer FI students as well as non-FI students support outside of the (virtual) classroom, we created our FI Masterclass webinar series. FI Masterclasses offer a free live session with an expert tutor, covering topics relevant to all accountancy qualifications. We have helped more than 2,000 students gain confidence in a range of syllabus areas. These include basic variances, accruals and prepayments, transfer pricing and many more.
FI Chelmsford Director, Kelley O’Donovan, wanted to help AAT students by offering free weekly Zoom AAT revision sessions to breakdown a particular question type or topic area. FI tutors launched a programme that at its height offered 14 different AAT sessions per week. More than 6,000 students have registered for these webinars to date and recordings have been made available on our First Intuition YouTube channel.
ICAEW revision sessions offered similar support for students who were looking to maintain their knowledge in the break between exams. Tailored, tutor-led Zoom sessions focused on specific ICAEW modules and the tricky syllabus areas within those modules.
FI Masterclasses, AAT and ICAEW revision sessions are running again in 2021, owing to popular demand. We aim to continue providing these free sessions for as long as students need the extra support.
Impact of COVID-19: Supporting employers
Developing and managing training programmes during a pandemic is one of the most significant challenges an organisation faces. We wanted to help employers proactively manage this unprecedented period of change.
FI employer insight reports shifted focus to help employers navigate industry changes as a result of the COVID-19 pandemic. Topics included remote onboarding, remote management of junior staff and remote recruitment. You can read all of the insight reports on our Employers page.
FI Employer Forums became incredibly popular during the summer of 2020. This came as we saw many employers and educationalists tuning in regularly to hear the latest news from our industry. These First Intuition Think Tank forums addressed issues emerging that were affecting businesses in a way that they hadn’t in the past. Following the success of 2020’s Think Tank forums, we are continuing the series for 2021. View the schedule for future FITT forums.
We also worked very closely with employers to review study pathways to bring forward learning where possible. For example, some trainees were required by the business later in 2020 and therefore we rescheduled their learning. We have been working closely with professional accountancy bodies to provide insight into the needs of employers and training programmes. This has been important because any changes to assessment delivery impacts students and employers.
Award-winning year
We are delighted to share some of the awards First Intuition has collected over the past year. We have won these awards in recognition of our support to students. As well as our enhanced resources and outstanding pass rates. During which has been an exceptionally challenging period for students and training providers alike.
We are delighted to announce that FI has also been shortlisted for 8 PQ Awards this year, which is a record for us! We would like to thank everyone who nominated us across all categories. The FI team are looking forward to the awards ceremony on 29th April. Find out more
Looking ahead
The biggest change we have seen since the beginning of the pandemic is the growing confidence of our learners. We are proud to see First Intuition students boldly progressing with their qualifications and even winning prizes for their fantastic achievements.
As we move into Spring 2021, we are feeling positive about the year that lies ahead.
We look forward to a gradual return to normality as our classroom centres and offices open up again this summer. Our goal is to facilitate face to face learning when safe to do so for those who are keen to return to the classroom.
We would like to take this opportunity to thank all FI staff across the network. Not only for their commitment, but also for their tireless work to bring the events and initiatives to life. What made this particularly difficult was doing all this while working from home. Where children, pets and plenty of other distractions were imminent. In addition, we thank everyone at FI for their unwavering support to our thousands of students and employers during these extraordinary times.
Your First Few Weeks as an Apprentice
The transition to apprenticeship
Making the transition onto an apprenticeship programme can be daunting initially. This is mostly due to having what seems a lot to get your head around. The good news is that there are some simple actions you can take in your first few weeks to hit the ground running.
If you haven’t already, take a moment to reflect on your recent exam results. There has been a lot of media attention on this year’s exam results; but amongst the noise of twitter trends, opinion pieces in the papers and government u-turns. There’s been little room to enjoy and feel grateful for the results of all your hard work. So take pride in your results and appreciate the access they have given you to your new role as an apprentice.
Your first week
In the first week of your apprenticeship I recommend you download a copy of your apprenticeship standard and assessment plan, and READ THEM! If you’re feeling super keen, why not laminate them and pin them to your wall at home. While this might not sound like the most exciting activity for your first week in a new role; trust me it will pay dividends in the long run. Becoming an apprentice means signing up to achieve a series of challenging requirements. You are therefore much better off knowing what you’ve signed up to at the start of the journey. As opposed to half way through.
Your main opportunities
Undertaking an apprenticeship gives you a unique opportunity to reflect on your experiences and performance during your programme; becoming more self aware and self confident in the process. Getting to grips with your e-portfolio and then tracking your knowledge and skills development weekly should become a top priority. The one constant in your professional career is YOU! So make spending time on your personal development a weekly habit. Like putting away money for a rainy day. You won’t necessarily see the value in it now but in ten year’s time you’ll be grateful you did.
Expectations
Apprentices are often bombarded by information during the first few weeks of their programme. Sadly, the human brain is just not wired to hold onto all that information in one go. So pay particular attention to any information that will help you succeed during the first three months of your programme. There’s plenty of time to get to grips with everything else, later on. Don’t be afraid to ask your employer or training provider any questions you have that will help you to understand what is expected of you during the initial period of your apprenticeship. Once you have completed the first three months successfully, you will have a strong foundation upon which to build your success for the remainder of your programme.
If you will be working from home initially. Ensure that you take the time to create a working environment that reflects the needs of your role. For me that means a reliable internet connection, peace and quiet, and access to a steady stream of extra strong lattes.
Creating a ‘work routine’ at home is essential for your well being. This will ensure that you have effective boundaries between your work and personal life. Find out from your employer what their expectations are regarding your working hours at home and how to be ‘visible’ to your team. Make sure you take regular breaks from your desk throughout the day. Finally establish a routine for ending your work day. This will help you to switch off from work and relax. My end of workday routine includes going for a short walk. When I return home from my walk, my brain is now in relaxation mode. This mean I can let go of any thoughts about my work until the following morning.
Your First Study Course as an Apprentice
Many apprenticeship programmes involve studying for a professional qualification alongside gaining practical work experience. Thanks to COVID19, the world of professional study and exams has also needed to adapt; leading to a huge growth in online learning and in some cases sitting exams from home.
Professional exams are often very different to any previous exams you might have taken. They also require a different study approach. Professional exams are very practical in focus and course materials are often very dense in content. When I first picked up my study manuals for Accounting and Assurance, advise was to bring a trolley with me to help me cart them home! Quickly recognising and adapting to the differing demands of a professional exam course is the secret to getting off to a great start with your studies. This becomes even more important in light of the impact of COVID 19 on course and exam arrangements. So here are my tips for adapting to the demands of your first professional exam course.
It’s a marathon not a sprint
Professional exam courses often contain A LOT of information to learn and apply. If your study strategy in the past has been to cram everything at the last minute. It’s definitely time to let it go. Instead, strap on a pair of ‘grown up’ pants and take responsible ownership for your learning. My advice is to start early and study steadily.
It’s all about effort
Apprentices are sometimes intimidated by professional exams and doubt they have the ability to pass them. The good news is, the research suggests that the best strategy for success is effort; above all else. Effort has three ingredients all of which are within your control. The first is energy, the second is action and the third is discipline. If you consistently direct all your energy to actions that improve your performance on exam standard questions, you will succeed.
Practice, Practice, PRACTICE!
For many apprentices starting out in a professional career, they haven’t experienced exam failure in their past. They are accustomed to success, followed by success, followed by success. So it can come as quite a shock to learn that getting things wrong on a professional exam course, can be an important part of the learning process. Because professional exams are, by their nature, practical you will be encouraged to test your knowledge and understanding regularly via question practice. Pinpointing what you don’t know is as important as learning what you do know. Don’t be put off from tackling difficult questions on your course, before you feel prepared to answer them. Accept that failing questions on the course is an important part of your learning journey and will help you on your eventual journey to exam success.
Doing well means feeling well.
We rarely take time to consider the relationship between our body and our mind. The two are intimately connected and it’s vital that we look after both, if we want to achieve our goals and fulfil our potential. Completing an apprenticeship programme can really test your body and mind as you study for professional exams, experience pressure to perform in the workplace and learn new skills. Taking proactive steps to maintain your physical and mental well being on your programme, is more important than any exam result, any promotion opportunity, any salary increase. Trust me, I know from personal experience. As well as a study plan and a career plan you should develop a well-being plan.
This well-being plan should include healthy habits that contribute to positive physical and mental health (eg. 30 mins of physical activity daily, a minimum of 7 hours sleep daily, drinking two litres of water daily, 15 mins of mindfulness meditation daily). Your body is often the first to send you signals that all is not well with your physical AND mental health; so learn to pay attention to what you body is telling you (eg. fatigue during the day, butterflies in the stomach) and take action without delay. At First Intuition we encourage apprentices to talk openly about their well-being with their tutors and coaches. We are there to listen without judgement and to provide confidential support when needed.*
An Apprenticeship at First Intuition
The first three months of your apprenticeship will become one of those ‘fixed points in time’ that you will remember for the rest of your life. It’s a time to make new friends, to develop new knowledge, skills and behaviours, to be valued for the contribution you make. Congratulations on taking the courageous steps to grow beyond your current abilities and to risk failure in pursuit of your goals. I wish you every success on your journey and First Intuition is grateful to be there by your side, every step of the way.
For further information on what it is like to be an apprentice with First Intuition read Dawn’s story about her experience as a Level 7 apprentice.
*For further guidance and support during your programme, please contact your Skills and Development Coach and / or Safeguarding officer, as needed.
In this article, Abbie shares some information and top tips on what it is like to be an accounting apprentice for those thinking about taking the same pathway.
Why did you decide to do an apprenticeship?
I was interested in doing an apprenticeship because I learn best in a professional environment where I can learn first-hand. An apprenticeship has allowed me to have a clear progression route through my career. This is thanks to my training agreement and qualifications that link directly to the tasks I face at work.
Learning on the job means I have a brilliant mentor who is always happy to discuss anything work or study-related. My colleagues will regularly use lunchtimes to go through anything that might help me for an upcoming exam. Everyone supports everyone in the workplace, they want to help and share their knowledge so I can learn and progress.
There were several factors I took into consideration when deciding between going to university and starting an apprenticeship. Financially, I incur almost zero study costs compared with university that costs thousands of pounds a year. My employer covers my college training for me to gain my qualifications, and I even get paid a salary and paid days off for study leave. Furthermore, I can become a qualified chartered accountant in less time than a graduate with experience working in the industry.
What was the application process like?
I knew I wanted to pursue a career in accounting whilst studying for my A-Levels. I contacted Whiting & Partners to ask if they offered any work experience to students. Later, I was invited in for an interview where they offered me a work experience placement.
After being invited back to complete another placement, I asked if there were any job opportunities available at Whiting & Partners after I had completed my A-Levels. Fortunately, they offered me a conditional offer based on my exam results. This really motivated me through my studies to ensure I worked to my full potential and get good grades.
I was very lucky to have had the opportunity to do work experience at Whiting & Partners, which in turn led to being offered a full-time position. Whilst applying to other accountancy firms, I learned that different companies use different methods to recruit. A large firm’s process for example included an online English test, mathematics test, skills tests, a writing task on a business’ financial performance, on top of a CV, personal statement, and interview.
What does your role involve?
Part of my role as Trainee Accountant is being responsible for accounts preparation services for a range of business clients, including sole traders, partnerships, and limited companies. My average day varies across the week, sometimes I am in the office, visiting a client, or on an audit. Our clients range in sectors and my company offers several different services, meaning I can gain varied experience.
I am currently specialising in company secretarial and book-keeping. Company secretarial involves the change of ownership of business’, share distributions, and the appointment of directors. I produce and file forms with Companies House to ensure business records are up to date, so clients continue to receive important information. Book-keeping involves keeping business’ records up to date, analysing expenses, and income from invoices. I then identify amounts clients are owed and owe so they can continue to operate their business successfully.
With an apprenticeship, 20% of my work is ‘off the job’ where I attend First Intuition Cambridge once a week. I revise most days during the course and on the weekends after it has finished. Work have been brilliant at supporting my college courses to make sure I am prepared for exams. For example, before I started my Advanced Bookkeeping course I undertook an internal bookkeeping course at work. This meant when I started the college module I understood the key concepts to build upon. I really experience the value of being able to link what I learn in college to real-life situations at work.
What are the progression opportunities?
As my career develops I will be able to progress through the following job titles: Accounts Technician, Assistant Manager, Manager, Associate, or even Partner!
In terms of my studies, I have just completed the AAT Advanced Diploma in Accounting and the Assistant Accountant Apprenticeship. I am currently studying for the AAT Professional Diploma in Accounting as well as the Professional Accounting Technician Apprenticeship. I hope to finish this in March 2022 to then move onto ACCA or ACA alongside the Professional Accountant Apprenticeship.
Having already completed some accountancy exams, I am qualified as an Associate Bookkeeping Member (AATQB). In the next couple of years, I hope to qualify as an AAT Full Member (MAAT) and a Chartered Accountant by the age of 23.
Top tips for becoming an accounting apprentice
It is important to be proactive and involve yourself in whatever opportunities arise. Work experience proved invaluable to ensuring I secured an accounting apprentice role. It meant the company already knew me and my work ethic, taking less of a risk by hiring me. Hard work is also important and going the extra mile wherever you can. Whether this is studying at college or at work, the more you put in the more you will learn. This all comes with self-motivation, set your goals for what you want to achieve early, and work towards them.
University is not the only option available to you after college. By taking the apprenticeship route, I can qualify as a chartered accountant before a graduate out of university. University graduates are still required to sit accountancy exams as well as have 36 months of work experience before qualifying. I will have an extra three years worth of experience working in practice over a university graduate. It is just a different route to get to the same end goal.
Make sure you do a lot of research to make sure you are taking the right route for you. Luckily I knew that accounting was something I wanted to pursue. However, it was still important to research the differences between the qualifications, to ensure I can specialise in specific sectors in the future. Preparation is key, whether that be for exams, interviews, or research into your chosen career. Preparing for video interviews for my apprenticeship helped me identify key achievements that make me stand out in a competitive job market. I was then able to bring these discussion topics into the interview.
The accountancy apprenticeship programmes offered by Smith & Williamson provide opportunities for aspiring professionals in Birmingham, Bristol, Guildford, London, Salisbury and Southampton, with around 70 school leavers and graduates joining the firm each year.
What was your perception of apprenticeships before you decided to introduce them at Smith & Williamson?
My perception of apprenticeships before developing our programmes was very much the traditional view. Naively, an old-fashioned view of apprenticeships. That apprenticeships are only for those who want to train in a specific trade. Things such as plumbing or to become an electrician. In addition to this, a mutual view across the firm was that apprenticeships are only for school-leavers. This of course is no longer the case. Nowadays anyone can become an apprentice at any stage of their career.
What motivated you to introduce an apprenticeship programme at Smith & Williamson – what were your key drivers for the decision?
There were a number of different drivers for our decision to introduce apprenticeships in the firm. We are a levy payer, so it makes sense for us to seriously look at how we could ensure the we use our levy funds. Although, our motivations were not solely financial reasons. As we researched the benefits of apprenticeships, it became clear that an apprenticeship programme would support our aims as a firm to access the best talent straight from school, university or work. It would also offer opportunities to individuals to study for a fully-funded professional qualification. These may be those who, for whatever reason, may not be able to fund further education themselves.
Another key driver for us was to establish a high-performance culture among apprentices. The focus of the apprenticeship on experience in the workplace allows us to shape the work provided to apprentices to help build their skills, address gaps and improve their contribution to achieving the objectives of the business and their own personal goals.
The apprenticeship standards developed by the employer-led trailblazer group support the development of key professional skills and behaviours in addition to technical knowledge, to create more rounded professional accountants or tax advisers who can provide the best possible service to our clients and support the sustainable growth of our firm. The flexibility in how we could deliver the standards also allowed us to work with First Intuition to co-develop and co-deliver apprentices skills training. This ensured that we are addressing the skills that our industry believes are essential for professional accountants or tax advisers.
What challenges did you face in setting up your apprenticeship programmes, and how did you overcome them?
Our biggest challenge was ensuring that everyone within the firm understood what the programmes involve. Not just the trainees and appraisers, but also colleagues from around the business.
Communications were really important – particularly around busting some of the myths on apprenticeships, the requirements and who they benefit. We managed this by running multiple ‘town hall’ events at all of our offices. We also chose to invite all staff who were involved in developing and mentoring trainees. This included trainees who joined in earlier intakes. As a consequence, we could ensure that they also understood what the newer intakes would be doing differently and why.
Our training provider, First Intuition, joined us in delivering these sessions and answering questions from the business. Taking an honest, and transparent approach to communicating our reasons for moving to apprenticeships, what was involved and how the programmes would be supported really helped to get engagement from stakeholders around the business and made the overall transition smoother.
How has COVID impacted on your programmes?
Fortunately, our programme already had blended elements of virtual delivery within the training and support. Therefore most our trainees had experience of virtual courses and meetings with their skills coach. We made some very early decisions with First Intuition to move all of the formal training delivery online. We communicated these decisions, along with decisions on adapted study pathways to manage exam sitting cancellations, to the business very quickly.
These early decisions and communications meant that we limited the disruption to our programmes and the progression and learning of our trainees has continued successfully. The way in which First Intuition and professional bodies such as ICAEW and CIOT have worked so flexibly to ensure training could be delivered virtually and exam sittings could be quickly resumed via a mix of remote invigilation and test centre options has ensured minimal disruption for Smith & Williamson trainees and the business, allowing us to continue to serve our clients throughout the pandemic.
What can the government do to encourage more employers to hire apprentices?
Seek out more examples of employers who are willing to share their positive experiences and make these more publicly available. Particularly, small employers who might otherwise be unnerved by all of the in-depth rules and guidance on apprenticeships.
The process could also be de-mystified – how can the process of hiring an apprentice be simplified without compromising on quality and support? Quality assuring providers is also key. The current We could expand Ofsted monitoring to include ratings for providers on how closely they work with and support employers of apprentices.
What advice would you give to employers considering taking on an apprentice for the first time?
Go for it! Don’t let the paperwork put you off. You will get access to a greater pool of talent – individuals you may never have recruited onto traditional programmes may turn out to be some of your best recruits. They are also a fantastic way to upskill people already working with you.
Approach the development of your programme by first considering:
What skills do we need from our people now and in the future?
Can we develop these skills within an apprenticeship?
What apprenticeships are available to support me to do that?
Thank you very much to Claire for these fantastic insights into the process behind starting an apprenticeship programme.
For more information on apprenticeship programmes at First Intuition, please visit our apprenticeship page.
Congratulations on achieving joint first place for ICAEW AA and FAR in December 2020 and your ICAEW prizewinner status. What do you think was the biggest factor that led to this achievement?
I think the main driver was commitment. I took a ‘little and often’ approach to revision, rather than trying to cram a lot of information in the final week/weeks before the exams.
What made you choose a career in accountancy? Was there anything that triggered your decision?
I’ve always been a fan of numbers and thoroughly enjoyed studying Maths at school. I studied History at university, which made it clear that I would prefer to work in a numerical field. However, I was glad to have improved my literary and research skills.
Over the course of your ICAEW qualification, you have studied in the classroom as well as using FI Online courses. What was your preferred approach to studying? Do you have any study tips for other students aspiring towards ICAEW prizewinner status?
My main tip would be to engage in class, particularly whilst the pandemic is ongoing and we are studying online – as it is very easy to ‘switch off’. Even if you aren’t overly confident in the answer, try to offer one in class – if you get it wrong, I feel that you’re more likely to remember it.
How have you been supported by your company and colleagues throughout your studies so far? How has this contributed to your success with ICAEW so far?
My company and colleagues have been very supportive. It’s been very useful to hear revision tips from my colleagues who are ahead of me in their studies or have already completed them.
How do you feel First Intuition has responded to the disruption caused by the COVID-19 pandemic? In what way/s has the pandemic affected your ICAEW studies?
The main effect on my studies has been having to sit exams remotely. It was quite off-putting taking the Certificate Level exams without a physical calculator (using the on-screen one slows you down a great deal), so I’m very pleased this has now been rectified. I feel that First Intuition has responded very well and the online classroom has been brilliant – I actually find the online learning preferable, as it means I don’t have to commute and so have more time to practise in the evenings.
Having become an ICAEW prizewinner, which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
A tuition provider which provides you with a great deal of support in terms of being on hand to answer any questions and being happy to mark some of your work.
Do you have any goals/plans in mind for when you finish your ICAEW qualification?
Nothing concrete as of yet. My car lease runs out shortly after qualification, so perhaps a new car will be on the cards!
Finally, we’d like to say a huge congratulations to Charli and look forward to watching her progress in her ICAEW qualification. If Charli has inspired you to start your ICAEW journey, you can read more about the ICAEW qualification at the links below.
ICAEW introduced remote invigilation during the August 2020 Advanced level exams. ICAEW allows candidates from this sitting onward to sit their exam in centre or via remote invigilation.
Remote invigilation exam room requirements
Please check you have the following items to be able to complete the exam.
A reliable computer or laptop with a microphone and web camera. It is also important to have a strong internet connection too
A quiet room
A clear workplace
A mobile phone with Wi Fi connection and camera. This is used for the check-in process
Please check your computer meets the minimum technical specification for the exam. A full list of specifications can be found on the ICAEW website.
During the exam you will need to be in a quiet room, away from distractions with a closed door. During the exam no one is permitted into the room, so make sure the room is locked if you envision someone entering the room.
Before the exam
ICAEW suggests that you familiarise yourself with the exam software before your exam day and practice using the exam software.
Two weeks before your exam you will receive an email from ICAEW for your system check. The system check will check your internet band width and other technical aspects. If you have any technical difficulties during the test, you can request/ask for assistance from the live chat box.
**FI Top Tip! It is important to check your machine in the environment you are planning to take the exam, a few weeks before your exam in case you experience any technical difficulties.
What to expect on the exam day
Please be ready to start for the time you booked for. Before your exam starts you will be asked to complete the on boarding process. Please ensure you check the ICAEW website before your exam day for an updated list of what ID is required and resources you will need on the exam day.
Best of luck
We wish you the best of luck with your next exam. To help prepare for your exams we are hosting FREE ICAEW Revisions Preparation sessions a head of your revision course. To sign up for a session visit our website.
Created by Feefo, Trusted Service is awarded only to businesses that use Feefo to collect genuine reviews and insights. Businesses therefore only receive the award if they meet the high standard, based on the number of reviews they have collected and their average rating. Above all, this is a very respectable badge of approval, as well as a unique accreditation. It is based purely on interactions with real customers. Since all reviews are verified as genuine, the accreditation is a true reflection of a business’s commitment to outstanding service.
FI Award: Going for Gold
Feefo gives Gold Trusted Service awards to businesses that have collected at least 50 reviews between January 1st 2020 and December 31st 2020. Businesses must also have a Feefo service rating of 4.5 and above, in order to qualify. Overall FI collected more than 200 reviews during this time, with an average of 4.6 out of 5 stars.
FI Client and Service Director, Hazel Rogers, commented on the award:
“I’m delighted that for the fifth year running First Intuition have been awarded the Feefo Gold Trusted Service Award!
This news, along with some more really strong ICAEW and ACCA exam results for the December 2020 exam sitting including two ICAEW prize-winners, ends the week on a high note for team FI. It’s great to see the hard work of our tutors, coaches and service teams being rewarded with these results.”
Steph Heasman, Director of Customer Success at Feefo, congratulating First Intuition on winning this year’s award, commented:
“The Trusted Service award has always been about recognising companies that go way beyond the norm in customer experience and generate great feedback from happy customers.
Despite the incredible challenges of a global pandemic, First Intuition has continued to provide remarkably high levels of service. Therefore, they deserve a huge amount of credit for what they have achieved.
I’m confident that throughout 2021 we’ll see even greater customer experience achievements as we return to something like business-as-usual.”
Adapting to Change
Above all, maintaining a high level of customer satisfaction has been incredibly important throughout this period of uncertainty and change. In addition to this, our next article we will take a look back at the past year and consider how FI has adapted to the disruption of the COVID-19 pandemic.
Below is some useful information explaining why these changes to Qualifications2022 matter now. As well as how it will impact you and your students.
The overview
The new qualification, Qualifications2022, does a great job of striking a balance between retaining the AAT’s robust technical grounding that employers value, whilst introducing increased business awareness and commercial focus. Ensuring trainees are prepared for effective roles in the evolving business environment. It will also offer better preparation for students planning to move onto further qualifications and level 7 apprenticeship programmes. However, employers may need to accept that some students will benefit from starting at a lower level than would be possible under AQ2016. They may therefore take longer to complete their AAT qualification.
This is likely to be amplified by the disjointed learning young people have experienced throughout 2020 and 2021. As well as their reduced practice in taking and preparing for exams, and less exposure and opportunity for learning in business practices due to fewer part-time jobs.
Key dates:
31st August 2022 – Last day for registration under AQ2016
1st September 2022 – All registrations will be for Qualifications2022 from this date
30th September 2023 – Last assessment date for AQ2016
What are the changes?
The main differences between AQ2016 and Qualifications2022 are:
The removal of repetition of syllabus content between levels
Update of material to better reflect current conditions and tasks in the accountancy
All levels have fewer assessments as part of the qualification
The only synoptic assessment that forms part of the qualification is in level 2 (but apprentices will need to sit an additional synoptic exam at levels 3 and 4 as part of their EPA’s)
Removal of some papers:
Level 2 – Using Accounting Software
Level 3/ Level 4 – Synoptic Assessment
Adding of some papers:
Level 2 – The Business Environment
Level 3 – Business Awareness
The combining of some papers:
Level 3 – Advanced Bookkeeping and Final Accounts Preparation have been combined into Final Accounting
Level 4 – Budgeting and Decision & Control have been combined into Advanced Management Accounting
There are four new ‘themes’ throughout all levels; technology, communication, ethics, and sustainability
For apprenticeships – the full AAT qualification will be completed ‘on-programme’ (before gateway)
EPA – will be outside of the qualification for levels 3 and 4
The Level 2 synoptic is a new in-tray task. Continued use of the current synoptic for Level 3 and Level 4
Guided learning hours increased for L2 and L3 but reduced for L4
What are the implications of these changes?
Entry Points:
To help with clear progression in competency, the repetition of topics covered at more than one level will be removed. Also aiding to build on student’s existing knowledge as they progress. This however will make it harder for students who are fast-tracked, as they may lack the basic knowledge and skills in topics that have been covered at a lower level.
Fast track approaches will therefore need to be looked at carefully and the student’s past academic record considered. Student’s past experience and whether or not they are a high achiever will become more important to ensure they do not struggle if they are fast-tracked.
This problem is likely to be exacerbated by the ‘COVID generation’ of students in the 2021 and 2022 intakes. These students will have suffered from disjointed learning, less experience of taking exams, and weaker inter-personal skills as a result of fewer part-time job opportunities and reduced in-person class contact. These students will likely need more help and attention and may be better suited to starting AAT at Level 2. As a result, it is likely to take longer for a student without an accountancy background to complete their AAT qualification.
The presentation here shows an overview of entry points for different students. This PDF gives more detail on learner journey options.
New Themes:
Technology, communication, sustainability, and ethics will now form the four key themes running throughout all AAT levels. Students will build on their existing knowledge as they progress through the qualification. Level 2 will introduce a topic, Level 3 will expand on it, and Level 4 will put it into practice. A better understanding of core techniques will make the transition to higher levels easier for students.
These themes and the Qualifications2022 syllabus as a whole will better reflect the current conditions and real accountancy tasks expected in the industry. As well as being of huge value for students who transition to more advanced qualifications. In keeping with this, Level 2 Using Accounting Software and the Level 3 synoptic assessment have been removed from the syllabus. This is because accounting software and technology is now more specific to individual companies. However, students will still need to know how to put digital and computer systems into practice.
The presentation here provides more information on specific changes to each level and gives a closer look at how the new themes will be incorporated.
Transitioning to Qualifications2022:
Students who register onto the AAT qualification before 31st August 2022 and who are not able to finish Level 4 by 30th September 2023 will have to transition from AQ2016 to Qualifications2022 at some point. Depending on where students are in their studies, some may need additional support to fill knowledge gaps between the qualifications. First Intuition will advise on the most appropriate point to transition and will develop specific resources plugging any knowledge gaps.
Another consideration for transition is that:
Students aiming for a merit or distinction should be aware that there are they are certain considerations about moving some units over onto Qualifications 22. Most percentages carry over, but there some considerations that you need to keep in mind. It, therefore, needs to be considered that some students will want to resit the unit to get their grade back up. First Intuition will ensure students in this situation will be looked at on a case-by-case basis. So each specific student is on the best route. First Intuition will also support students with specialised sessions to plug the knowledge gap for those having to transition over.
Employers need to consider the best route for their students to ensure they are the least impacted by the transition to Qualifications2022. Employers will need to think about when they intake new students to ensure they are not spread across two syllabi.
Apprenticeships:
The recently approved Level 2 apprenticeship standard will become a more appealing option for employers. This is because the AAT qualification is likely to take longer for many students to complete.
The additional support, both financial and in the focus on additional communication skills for apprentices, will likely result in a rise in the number of employers opting for Level 2 apprenticeships to support training for AAT under Qualifications2022.
Why is this important now?
Many employers are already in progress with recruitment for their next intake of school and college leavers to study AAT. Candidates who will start towards the end of 2021 or at the start of 2022 will at some point throughout their AAT studies have to sit Qualifications2022 assessments. This is because there won’t be enough time to complete the full qualification under AQ2016. Students starting in 2021 will have time to complete their first level in AQ2016 but probably not their whole AAT qualification.
Students currently studying AQ2016 will have until 30th September 2023 to complete their AAT qualification under the current syllabus. Anyone who has not completed the qualification by this date will have to finish their remaining units on the Qualifications2022 syllabus. They may also have to do additional studies to fill the knowledge gap if they don’t plan the transition carefully.
This is important for employers to consider in their current recruitment process. Particularly for students hired halfway through 2022 and especially those being fast-tracked risk lacking assumed knowledge when they move to higher levels. Similarly, students being recruited now are likely to have suffered from the adverse impacts to their education from COVID. Meaning they may need a gentler transition into the workplace. It is therefore likely to take longer for them to complete their AAT qualifications.
Employers more than ever before need to take into consideration the individual candidate’s academic achievements before deciding whether to start them on Level 2 or Level 3. The recruitment may also need to be more forgiving to students in the ‘COVID generation’. Offering more support at the beginning and expecting later qualification dates.
In these unprecedented times, the ever-changing situation continues to affect employers in a way they haven’t done in the past. As a result, we have organised a continuing series of First Intuition Think Tank forums where we discuss the topics which are repeatedly affecting businesses right now. These topics are those we feel are most relevant to the employers that we work with. Expert speakers share their experiences on these topics and point us to real-world case studies.
Below you will find summaries and recordings from our FITT forums for 2021.
Engaging with Schools and Colleges to Broaden your Recruitment Pipeline
Many employers are now favouring school leaver programmes over graduate schemes. This has required a shift in recruitment tactics from how organisations promote their vacancies through to how they assess candidates and then onboard them. This session discussed and shared tips on how employers can most effectively engage with schools and colleges during the recruitment process.
Guest speakers included expert industry observers Cinzia Brusini, Head of Careers at Form the Future, Klara Reddy, Senior Lead Practitioner for Personal Development at Ormiston Academies Trust, Ryan Stowers, Manager of Corporate Tax for Saffery Champness, Rachael Saunders, Education and Policy Director at Speakers for Schools, and Conor Cotton, Managing Director at Not Going To Uni. As well as representatives from the awarding bodies AAT, ACCA, and ICAEW.
How the Pandemic has Changed the Accountancy Industry and How we Train New Intakes
This session discussed how the pandemic has affected the accountancy industry, the changes made by the awarding bodies during this time and how they have benefited the industry, the role the accountancy profession can play in the recovery of COVID, as well as predictions for the future.
This forum explored the impact the pandemic has had on young adults. As well as the allowances that will be required in recruiting the coming cohort of school/college leavers to account for lost learning and skills development opportunities. Not only will students have suffered huge disruption to their education for in excess of 12 months. They will have had extremely limited opportunities for early work experience in the hospitality and retail sectors. They will also have seen extra-curricular employer outreach and career activities disappear. This forum considered how the skill sets of these young adults are likely to differ from our normal expectations. As well as how their CV’s might look and what their exam grades may or may not mean.
Guest speakers including Form the Future, AstraZeneca, Leeds City Council, and Long Road Sixth Form College formed a balanced panel exploring the impacts on the different parties involved, from employer to student.
This forum explored how digitisation, automation, and Artificial Intelligence are revolutionising the way that financial transactions are recorded. As well as how they are also transforming the way that data can be interrogated, analysed, and presented to aid better business decision-making.
We were joined by leading experts in this rapidly growing field, including Inflo, the financial DA software that is now embedding into ICAEW exams, Head of Products & Markets at AAT, Cambridge Judge Business School, GenerationCFO, and representatives from the awarding bodies AAT, ACCA, CIMA and ICAEW.
Equality, Diversity, and Inclusion in the Workplace
This forum discussed the importance of diversity in the workplace for employers as well as what businesses can be doing to improve EDI. Embracing diversity and inclusion, and providing equality goes a long way in promoting a work culture that values talent beyond stereotypes. Moreover, an inclusive workplace fosters better productivity and efficiency, improves retention of staff, and can act as a major attraction during recruitment.
Guest panellists included Richard DeNetto, Associate Director at CBI and Campaign Lead for Change the Race Ratio, Sharon Critchlow FCCA, APFS, Chartered MCSI, FRSA, Wellbeing and Emotional Intelligence Evangelist and Trainer, Rachel Blackburn MBA, Executive Coach at US2U Consulting, and Representatives from the awarding bodies AAT, ACCA, CIMA and ICAEW.
Onboarding the COVID Generation follows on from our session looking at recruitment of the COVID generation. This forum explored the additional support that employers and training providers should offer to new hires affected by the pandemic. This is to ensure new starters transition smoothly into the workplace and are provided with the support they need to start a successful career, following months of increased isolation and lack of skill-building opportunities.
Guest panellists included Anne Bailey, CEO and Co-founder of Form the Future CIC, Debbie Longhurst, Business & Education Development Manager at Growth Works with Skills, Sean Allison, Managing Director at Not Going To Uni, and representatives from the awarding bodies AAT, ACCA, CIMA and ICAEW.
Businesses are currently facing a shortage of qualified and experienced accountants as it is proving hard to retain and attract them. There are increasing incidences of competitors poaching staff, sometimes even before they are qualified, as well as upward pressure on salaries. Gareth John hosted a discussion to examine the approaches employers can use to keep staff engaged and loyal when they qualify. As well as how to be appealing to experienced candidates in the marketplace looking for their next role.
Guest panellists included David Culley, Director at Pure Resourcing Solutions, C-J Green, Co-founder and Executive Director of BraveGoose, Katherine Wiid, Recruitment Retention Coach at Recrion, Frances Hall, Director at Corbar Consulting, Crystal Haygreen, Director of Post-Qualification Education at First Intuition, Chris Argent, Founder of GenerationCFO, Alex Bond Burnett, Founder and Lead Executive Performance Coach at Speaking Ambition and representatives from the awarding bodies AAT, ACCA, and ICAEW.
The below provides some helpful resources for starting a career in accounting and finance, including step by step guides. As well as advice from industry experts and links to register to live webinars with potential employers.
Accountancy careers – where do I start?
Accountancy is an increasingly popular choice for young adults looking for an interesting and rewarding career with excellent promotion prospects and earning potential. 2020 has shown that the finance sector is very resilient and gives better job security than many other career options.
Gareth John, Director of First Intuition where many aspiring finance leaders study for their accountancy qualification exams after leaving college, lays out his answers to some of the questions he is often asked by college students.
Life after school or university
If you’re thinking about studying accountancy or have already started, you may be wondering where your qualification will lead. Surely dedicating a number of years, to what’s widely considered to be a challenging qualification to achieve, must lead to some really fantastic opportunities? Our Tutor, Ian Thoroughgood, looks at the different career options open to those with accountancy qualifications.
Looking for your first job in accountancy and don’t know where to go?
If you are ready to take on the world of work and pursue a career in accountancy, then this article will give you some suggestions on how to get the wheels in motion!
Sometimes, it can be helpful to think about your approach before sending out multiple job applications.
Careers in accountancy & finance
Due to accountants invaluable skillset, they work at all levels in organisations in every industry and country in the world. From ledger clerks in manufacturing businesses to management accountants in fashion retailers. Managing Partners in accountancy firms to Finance Directors of multinational companies. Or Directors of Merchant Banks to Chief Financial Officers of global charities. Few other professions offer the same incredible breadth of opportunity as achieving an accountancy qualification can. Learn more about how to join this network of professionals.
Accountancy Academy: online for 2021
Every year First Intuition centres across the country invite local students to come along to one of our FREE Accountancy Academies so to find out more about our industry and the careers available within it.
We always love meeting young people who are keen to find out more about the world of accountancy. Despite the current Covid-19 pandemic, our Accountancy Academy is still going ahead.
Following on from last year’s successful online Accountancy Academy, this year’s event will also take place using our ‘Virtual Classroom’.
Starting studying
Starting your studies towards a professional qualification can be really exciting, but also can be a little daunting. The following ‘5-Step guide’ to becoming an accountancy student’ is a must for anyone unsure of where to start!
Stories from students who have changed their lives with an accountancy qualification…
Becca, Warren, and Vic are great examples of success that can be achieved with a career in accountancy (all without a degree)! We think these stories are an inspiration to aspiring young accountants.
Apprenticeships
If you are ready to take on the world of work and pursue a career in accountancy, an apprenticeship is a fantastic way to get into employment. You can earn a salary whilst you continue to learn new specialist skills to help develop and progress your career. As an accountancy apprentice, you will finish your programme with an internationally recognised accountancy qualification. You will also receive an apprenticeship award to show employers your proven ability to perform a key finance job role.
For more information on how to start your career in accounting and how First Intuition can help, take a look at our YouTube page or alternatively, you can contact your local First Intuition centre.
Once the AAT Online Live classes are over the distance learning tutor takes over and helps the students with their exam preparation and with the marking of mocks with full feedback.
Our latest set of results (December 2020) are now in, after waiting the 6 weeks for the level 4 results.
Foundation Level
Of the Foundation students who started Bookkeeping Transactions, 100% of them passed first time, whilst 95% passed Bookkeeping Controls. These are both well above the national average pass rate of 87.2% for Bookkeeping Transactions and 72.3% for Bookkeeping Controls.
Advanced Level
At the Advanced Level the first unit was the notoriously hard Advanced Bookkeeping unit. There was a cohort of 70 students. Within 2 months of the course of the 70 who started the unit, 60 had sat or booked their exam. Of the 60 that had sat the exam, 55 passed giving rise to a pass rate of 92%. This again is well above the national average the pass rate of 74.5%. Equally, 92% of the 49 students who sat the Final Accounts Preparation unit passed, compared to the national pass rate of 77.1%.
Professional Level
The step up from the Advanced Level to the Professional Level is one that students have historically found difficult, but this wasn’t the case here.
We had a large intake of 112 students for the Management Accounting: Budgeting unit. Of the 78 students who sat the exam (70% of the class), 70 passed. This gives the live cohort an incredible pass rate of 90% compared to the national average pass rate of 76.5%.
However, it isn’t just the pass rates which have been exceptional, students have loved the new interactive AAT Online Live classes.
What our Students and Tutors think:
“Carol was fantastic, really engaging and really clear at explaining everything. I think the AAT Online Live adds a new dynamic to distance learning, really enjoyable…” Andy Murray
“I really enjoy teaching the AAT Online Live classes, the technology allows for lots of class participation and it is great when everyone takes part in the quizzes and polls. Knowing that the students also have a dedicated distance learning tutor also makes sure they are looked after outside of their live classes. It really feels like the best of both worlds.” Anne Bosch FI Tutor
You can see a demo of our dedicated Online Live classes, and get more information here:
We have a new intake of AAT Live Online classes throughout the year, please click the button below to see the latest brochure.
Speak to a member of our support team to find out more on 01425 618124 or email aat@fi.co.uk
Eleanor, huge congratulations on achieving the highest result worldwide for Operational Case Study. Could you identify the biggest factor that lead to becoming a CIMA prizewinner?
I wish I knew, I am still surprised! Knowing the course content closely probably goes without saying… I think another key factor were my tutor, Karen’s, words: “So what?” A question that added an extra level of commentary beyond rote answers and forced me to think about why what I was writing was relevant to the company itself and the specific question being asked.
Please could you tell us a little bit about your background and why youchose to study CIMA?
I started off my career as an office junior. I enjoyed the little parts of the company’s bookkeeping I was involved in. So when thinking about how to further my career, AAT appealed to me.
Becoming an accountant felt like a far-off end goal at the time (4 years and 24 exams ago). Along the way, I was able to join my current team as a trainee accountant. With their support, I was able to move on to CIMA as soon as I finished AAT level 4, which was great.
I have been able to progress beyond a trainee as my studies have continued. I enjoy my role working in industry, so CIMA felt like the more natural choice for me personally.
Tell us a bit about your studies. Did you find anything particularly hard? Did you have any challenges that you had to overcome?
It has been hard for everyone over the past year. I am lucky to have been able to work from home for the majority of it, but it can be difficult to work all day in one space, then have to sit down again in the same place all evening to study for hours more. I definitely lost momentum at the start of the year.
It may sound silly, but I was able to give myself a boost by sitting down at my coffee table to study instead of at my work desk. Setting specific goals has helped, too. For example, aiming to complete the operational exams in time for a certain case study window gives some motivation to sit down and study.
On a lighter note, my biggest day-to-day weakness is reading the questions properly!
Can you tell us a bit about your experience of First Intuition as a training provider?
I have studied using all three of FI’s delivery methods. Online, Online Live, and Classroom courses. I think the FI tutors are great, and genuinely care about their students. The course notes strike a good balance, covering the content without being unnecessarily long. Even when using a live course, I have found it handy to have the recorded content available. It is useful for quickly going over something I don’t fully understand, and for getting a different perspective on trickier subjects.
The case study course was very good. There is no way I would have achieved the same results without it. It gave a great insight into what to prepare for, and how to go about answering the case study questions. Having three mocks with feedback really helps to cover a lot of the course and identify where my knowledge was lacking. (Or indeed, where I had not read the question properly.)
Thank you Eleanor, becoming a CIMA prizewinner during the COVID-19 pandemic is inspiring. Keep up the good work and best of luck for your next CIMA exam.
First Intuition was awarded the CIMA Excellence Award in 2020 based on the high-quality of teaching, learner progression and pass rates that consistently exceed the global average.
For more inspiration, read the story of other recent FI prizewinners below:
Further to the recent announcements made by the UK and Scottish governments, Pearson VUE test centres in England and Scotland are now closed for CIMA exams while the lockdown is in place. These closures are necessary for the safety and wellbeing of all staff and students.
CIMA online exams have been running successfully since May 2020 and are available for all exams. While the lockdown continues this is the only option available. The feedback we have had from our students is very positive so we encourage students to book a remote exam as soon as they are ready.
In our opinion, there has never a better time for CIMA students to progress with their studies.
How does remote testing work?
CIMA exams are now available to sit at home, using Pearson VUE testing software. This video explains how objective tests will work if you choose to take an exam remotely:
How can I sit a CIMA exam?
The format of the exams will remain the same but will contain some additional functionality specific to remote testing requirements such as the ability to allow students to contact invigilators during the exam
The exams will maintain their high levels of security, reliability and fairness using a proctor (an online invigilator)
Case study exams will be delivered at home using established testing software through Pearson Vue
CIMA have confirmed you will be able to use a physical calculator from their approved list. Please visit the CIMA FAQ page for more detail on this.
“The online proctoring is a really simple process. When you go to complete your exam, you can login up to half an hour before. I’d recommend to use all this time.
The exam has a separate whiteboard. It is just like MS paint and allows you to draw a box to write text in so I found this useful. Opening and closing this was very simple and text remains on the board as you move through questions. I’d recommend doing some timed practice questions using MS paint as preparation.
Overall you’ll probably have more time to prepare than I did and I passed so don’t be daunted by it.”
Mikey, CIMA P2 Online Live student
How do I book a CIMA exam?
The exam booking service is now open – you are able to book exams online or over the phone. CIMA have assured us that there is sufficient capacity but they are experiencing high call volumes so please be patient when working through the booking process.
For further information on CIMA exams, please visit the CIMA website for FAQs.
You may have a lot of questions and CIMA do recognise that this solution may not work for everyone. However, in contrast to the approach taken by other institutes, this solution to exams allows as many of you as possible to progress with your CIMA studies.
Above all, we strongly encourage students to continue with studies as planned where personal circumstances allow for this.
Overall, completing the Xero Certification Course is a great step towards gaining a solid understanding of all things cloud accounting and of Xero.
Xero Advisor Certification shows you how to use all the core features of Xero to help you advise your clients. From setting up to bank reconciliation, right through to reporting.
What, exactly, is Xero Certification?
The eLearning course will take about six hours and includes how to set up and run Xero on a day-to-day basis.
There are knowledge checks throughout, which means you are assessing your knowledge and understanding as you move through the certification.
There are twelve modules in total.
By the end of it, you will be able to set up Xero, run Xero day-to-day, review month end and therefore generate all relevant reports.
Xero have included another six hours worth of additional content free of charge, covering topics like Why Cloud, Why Now?
The Xero Certification is great for your general accounting skills, knowledge and development.
At First Intuition we are proud to offer the Xero Advisor Certification Course. With Making Tax Digital going live on 1 April 2019, the shift towards technology-based practices has made a quantum leap. Consequently this, along with a thirst for knowledge, has boosted the demand for skills gained with Xero – the UK’s leading online accounting platform.
If you have any queries please do not hesitate contact us either by email aat@fi.co.uk or telephone on 01425 618124. Please be aware that some of our accountancy courses will now include Xero Advisor Certification as standard.
The First Intuition apprenticeship award was hosted remotely on Monday 21st December. To watch the reply visit out Facebook page.
The apprenticeship award winners alongside their managers were invited to the ceremony where the achievements of the winners were publicly acknowledged.
There were 30 nominees and the committee chose 12 winners.
David Newton, an employer of a winner said:
“It’s great to see our students making a great start to their careers with the help of First Intuition”.
The winning criteria
The criteria for the apprenticeship award winners included: going above and beyond, academic excellence and contributing to the well being of their teams.
One student created an evening study group in their office. This allowed other apprentices to support each other and remain socially distanced.
Another student organised remote virtual charity events for the whole office to enjoy like Macmillan bake sale and Christmas bingo.
Others were recognised for outstanding quality of work and dedication to study as well as juggling childcare during lockdown.
Jo Dyson, Director and Head of apprenticeships at First Intuition said:
“I am so proud of out apprentices for all that they have achieved their year. They have faced challenges and extra pressure in the workplace, as a result of COVID-19. They have continued to study and follow their dreams. The awards have given us a chance to hear about some great charity projects, which they’ve been involved in outside their workplace responsibilities, as well as how they have supported their teams both emotionally and practically”.
The 12 apprenticeship award winners
Here is a full list of the apprenticeship award winners.
Eloise Buchan
Amie Ellison
Claire Gardiner
Molly Hird
Ceri Hurst
Calliope Jones
Anna McGimpsey
Alicia Milne
Cameron Moffat
Ben Spurdell
Billy Tyrwhitt-Bettridge
Sarah Winship
To find out more about apprenticeships at First Intuition please visit this page.
Congratulations on your ACCA Gold Medal award and highest total average marks worldwide at Strategic Professional level. Could you identify the biggest factor that lead to this achievement?
I think there were a myriad of factors. These processes supported my ability to learn throughout my ACCA studies:
Attempting a vast array of past questions (some questions multiple times!).
I attempted all questions in full, under timed conditions from the outset.
Then I’d give myself unrestricted time during the self-assessment phase to re-attempt segments and create notes.
Dialogue with incredible tutors – FI’s tutors are outstanding.
I found that the tutors at FI could answer questions incisively. They also helped prevent me from becoming preoccupied with marginal points.
The office team were also exceptional and that’s critical when you’re busy balancing work and studies – they’re responsive and professional.
Read widely and revise content, but try to stay engaged.
In my experience, reading texts and ACCA articles helped to provide the stimulus I needed to refine my understanding of ACCA’s syllabus. I would often pause every five or ten minutes and consider whether I had understood the content.
Many times, I would attempt to paraphrase the subject, re-writing the passage in my own words or verbally articulating the content.
I would also attempt to create mnemonics for technical elements of the syllabus.
Planning and studying as early as possible.
Cramming studying into intensive short timescales can be effective (and sometimes necessary), but I preferred to begin studying as early as possible. In fact, at the Strategic Professional level, I began reading the course content prior to the course starting.
Honest and constructive reflection.
I would routinely reflect on the syllabus content I had covered. This could be an unsettling and painstaking process, especially with topics which were difficult to master.
Support of family and friends.
I was lucky enough to have the incredible and unwavering support of my family and friends, and the expert support of my tutors at FI. Quite simply, these two forces were inextricably linked to the marks I achieved
What made you choose a career in accountancy? Was there anything that triggered your decision?
I was interested in financial and commercial management and the ways that this could propel competitive business performance. I saw the ACCA as an opportunity to progress into a strategic managerial role.
Over the course of your ACCA qualification, you have studied in the classroom as well as using FI online courses. What was your preferred approach to studying and do you have any study tips for students who are still studying ACCA?
I preferred the online courses. In my experience, they expanded the number of hours I could spend preparing for the course sessions and so this enhanced the time available for studying.
How do you feel First Intuition has responded to the disruption caused by the COVID-19 pandemic?
FI were great – their response to the pandemic, in my opinion, was exemplary:
On my particular course, Strategic Business Leader, FI created a bridging programme because the June 2020 session was cancelled by ACCA. This consisted of additional assignments based on a specimen paper and this was provided at no extra charge. The bridging course helped to keep up the momentum and facilitated a continued dialogue with our tutors.
The tutors (and the office team) were very supportive – they’ve got that winning cocktail of intelligence, empathy and a positive disposition.
In what way/s has the pandemic affected your ACCA studies?
Just like most people I knew, I was anxious about the pandemic, the closure of offices and the impact of working remotely.
This was challenging because it injected a shot of adrenaline into all of the usual anxieties surrounding taking ACCA exams. However, FI’s almost seamless transition into virtual tutoring, meant that the accessibility of support felt as forthcoming as it always had been. So rather than compounding the challenges, FI dialled them down (from a studying perspective, at least).
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their ACCA studies?
Excellent pass rates.
Experienced tutors, both in terms of their technical knowledge and their ability to relay their expertise.
The quality of course materials is important.
Responsive tutors – my FI tutors responded to emails with precision and substance.
My personal preference is for the pre-recorded lectures to be recorded by a different tutor to the Online Live course. Some of the ways in which tutors convey technical content can help revise your interpretation of certain aspects of the module. This leads to a more robust command of the study material.
Do you have any goals/plans in mind now that you are ACCA qualified?
The imminent goal is to become an ACCA member. Then my longer-term goal is to work towards a senior managerial role, making a contribution towards the leadership of a dynamic and competitive company.
Ali’s achievement is proof that with careful planning, hard work and commitment great results can be achieved. Ali studied via a combination of tuition, revision and Question Based Days. Ali joined both online and in the classroom courses to achieve these fantastic results.
Learn more about our course options, how to plan your qualification and book your next ACCA course below:
The record attendance indicated just how relevant this topic is in the current situation. This was reinforced when Gareth opened the session with a poll asking the audience what the major organisational concerns about the next 6 months are:
Staff wellbeing and mental health – 59%
Reduced revenue levels due to further recession – 38%
Managing remote teams on a permanent basis – 32%
Impact of Brexit – 24%
Recruiting and onboarding new recruits – 21%
Upskilling/reskilling existing staff – 18%
Bankruptcy of customers/credit risk – 12%
Sourcing funding for growth via debt or equity – 12%
Unwinding of government support measure – 9%
Operational liquidity and working capital issues- 3%
It is extremely interesting that 4 of the top 6 concerns are about people! Expert speakers have covered a few of these topics in our recent employer forums which you can find here.
Mental health and workplace wellbeing
We then got stuck into the topic of the session….
but here is a summary of some of the key takeaways:
Our first expert speaker was Jen Christie of Rise Well talking to us about how to optimise employee wellbeing and performance during a pandemic. She started with a clear assertion that it’s not just vulnerable people who have suffered negative effects during the pandemic, “not one person hasn’t been affected”.
During her talk Jen ran a poll on what everyone’s biggest personal wellbeing challenges had been pre-COVID;
Work-life balance – 46%
Stress and overwhelm – 31%
Rigid working patterns – 10%
Commuting – 10%
Stigma around mental health – 3%
Whilst it was good to see that even before the pandemic there was little concern about stigma around mental health, the two biggest challenges identified are unlikely to have been improved by the months of the crisis and the remote working forced on most people, making the topic of workplace wellbeing as relevant as ever.
Jen took us through a detailed discussion of 9 key strategies to adopt, including:
Culture: senior role models and wellbeing champions. She stressed how critical it was to get buy-in from the top, and how powerful it was for senior leaders to share their own stories of vulnerability.
Preventative versus Reactive. A comparison of Return On Investment of different approaches for us accountants!
Communication. Poor communication can have a huge impact on mental health.
Upskill line management and leadership. Having open conversations, being empathetic listeners, spotting signs and self-awareness.
We then heard from Sophie North of Luminate who started by explaining the physical and behavioural warning signs of mental health. Our host Gareth was able to spot a number of these in how he feels from time to time! (Download Sophie’s slides here).
Sophie’s priority pyramid resonated with many, particularly her key conclusions:
Aspects nearer the bottom of the pyramid need more priority.
Self-care should always come first, it’s the foundation for everything else.
She also gave some great advice on how to have conversations about mental health, stressing that the more it is talked about the more we can break down any stigma about mental health. Touching on wellbeing in every catch-up conversation helps to normalise discussions and help make colleagues comfortable with expressing their feelings.
Sophie gave a great suggestion for starting these conversations using “I’ve noticed…” and also talked about how important it is to check back in with someone following any conversation about their struggles.
Accountancy awarding bodies
After an incredible range of tips and ideas from our two expert speakers we invited the accountancy awarding bodies to contribute their thoughts:
Mark Foley from CIMA talked about the importance of being kind to yourself and kind to others, and the way his teams used ‘min-fist-pumps’ to regularly celebrate small successes.
Lynne Brown from ACCA talked about the 4 pillars of wellbeing they use; emotional, community, physical and financial.
Olivia Hill of AAT highlighted the importance of lots of communication around mental health. She also gave great advice about ensuring that Mental Health First Aiders need clear guidance of what will be expected of them in advance of any training.
Gareth Winters from CABA, the charity supporting Chartered Accountants wellbeing, stated that “to provide service to a client you need to be the best version of yourself.” Back to the importance of self-care!
Marc Jerrard from ICAEW wrapped things up talking about how the Institute has been putting the welfare of employees first; running book clubs, breakfast chat clubs, advent calendar craft clubs. A real benefit has been the way that this has allowed everyone to interact with colleagues that they normally wouldn’t be able to.
We also heard about some of the great involvement our speakers have in community initiatives such as shopping for elderly neighbours and looking after local deer. You could tell from the way they gushed about these simple activities just how personally rewarding they are finding them.
Practical advice
As well as hearing from our speakers we had some great, practical advice posted in the chat box during the session:
“I have joined an app which gives 5 tasks each day around meditation, gratitude and being aware of how you feel each day. It is great to have that accountability for your own mental health but with people you don’t know. I find it makes it easier. It’s set up by Mantality and is split into a male and a female app (Mantality itself focuses on male mental health but they had a lot of interest from women and so have created this second group).” Claire
“We have provided our employees with the Tictrac app which is a personalised health and wellness platform. They have access to at-home fitness, mental wellness – meditation/various podcasts from specialists, yoga, nutrition and activity challenges so for example there are monthly step/running/cycling challenges.” Carrie
Mental Health First Aiders
And there was a bit of discussion of Mental Health First Aiders:
“I think it’s really important to set out to expectations for Mental Health First Aiders on what the role involves, but also communicating guidelines out to the business more widely too so that people understand what the role of the MHFAider involves and, crucially, doesn’t involve!” Sophie
I joined First Intuition Reading on 6th February 2012.
How has the company grown since you have worked here?
It’s grown so much. To begin with it was just me and the directors. We now have over 30 members of staff across two centres. In the beginning we only taught ACCA and CIMA but now we teach these two as well as AAT and ICAEW. We have also moved away from just accountancy courses and have introduced Leadership and Management. Our Digital programme will be launching next year as well.
What is one of your first memories of being at First Intuition Reading?
It has to be my office desk. In the beginning I was just using a classroom desk. We used to have student parties when we played games on the Wii and sang karaoke.
What do you love about your job?
I love chatting to the students and seeing them qualify but it’s sad to see them go and move on. Luckily some students have come back to teach with us. Some of our past students are training managers now so its great that we are able to work with them.
What do you think makes First Intuition Reading special?
I think it’s the personal touch. We really value our students. They are not just a name on a register and we really care about them succeeding. We make everyone feel welcome.
What are you most proud of?
I’m proud of the amazing team I work with. We all work well together to help our students succeed.
What are you looking forward to happening at First Intuition?
I am looking forward to the business growing more. Hopefully next year we will be all be working in the office again.
For ACCA and CIMA students completing their Practical Experience Requirements is a compulsory part of their qualifications. Many students find this a difficult area to navigate.
Whilst this is a fundamental part of the ACCA and CIMA qualifications, those studying other qualifications will also find this process beneficial as it helps to capture your work experience and skills. AAT students wishing to go on and study for their ACCA or CIMA qualification can understand at an early stage how they can start documenting their experience. Our ICAEW students will find the techniques discussed useful in preparing for performance reviews and promotions.
Before joining First Intuition, Ben Bullman, our Cambridge Managing Director and Tutor worked in practice. During this time, he managed a team of Accountants and has first-hand experience of the Practical Experience Requirements, gained in his own qualification and by signing off those of his team. Ben has put together his guide below and you can find further information in the links at the end of this article.
What are the minimum requirements?
Both CIMA and the ACCA require a minimum of 3-years work-related experience but this can be longer.
Students who work part-time will need to extend this time on a pro-rata basis.
Work experience does not have to be continuous. Students who take a career break or have other gaps in their employment still need to have 3 years of total experience as a minimum.
Work experience must be gained in a relevant role but experience from a sandwich year or whilst studying AAT can be included. Students can include experience gained from before they registered with the ACCA or CIMA.
If you are furloughed you can work on your Practical Experience Requirement but cannot use this time as part of your documented work-experience.
Where do I capture my Practical Experience Requirements?
For ACCA Students, you will need to go to your My ACCA and login into your account. You can select the job roles you’ve worked in and begin adding your experience. The ACCA website will keep a record for you in your account.
CIMA students will need to download the form from the CIMA website and use this to track your work history. You will need to take a look at the rules on the CIMA website. There are two sets of these; the existing rules and the updated rules. We currently recommend we use the existing rules.
What do I need to capture?
ACCA students will need to write a reflective piece for each of the 5 essential areas and then choose 4 aspects from the technical section. For the technical aspects, you can choose 4 from any of the boxes. Unless you work for one of the ACCA’s approved employers, you will need to complete this in full. It is worth checking though whether your employer is on the approved list.
CIMA students will need to document how they have demonstrated each of the three skills required. You will then need to look at the further requirements and document 100% of the basic, 70% of the core and 30-40% of the supplementary ones.
How do I record my evidence?
For each element, it’s worth looking at the following and aim to write around 300 words for each piece of evidence. The following points may be useful.
Describe the situation
Document the task- what were you asked to do?
Capture the actions you took.
Summarise the results.
Be sure to add a reflective element. What did you learn? (finish each piece of evidence with this)
Write in the 1st person to make it personal and clear that this is your work experience.
Be succinct.
How does my Practical Experience Record get signed off?
ACCA
ACCA students will need to get their PER signed off by their workplace supervisor and this must be a qualified member of one of the chartered institutes (ACCA, CIMA, ICAEW). They do not need to be an ACCA member.
If your direct supervisor doesn’t meet the criteria above, you can ask another qualified member of your organisation to sign off your experience.
If you don’t have a member of a chartered institute at your workplace, you could consider asking someone external to your organisation. This could be a contractor who signs off your company’s year-end accounts, for example, but they must be a chartered member.
You will need to get previous employers to sign off the experience gained with them and they must also be a member of a chartered institute.
There is more help available on the ACCA’s website if you don’t work full-time in a finance role.
ACCA students can submit their PER on an ongoing basis, at any stage of their training.
To make their final submission, ACCA students will need to have passed all of their exams and their Ethics module.
The ACCA notifies students when they are eligible to make their final submission.
CIMA
CIMA students will need to get their experience verified by their direct supervisor and one other person in the organisation.
This does not need to be a member of a chartered institute.
CIMA students need to collate all of their evidence onto the document they have downloaded from CIMA’s website.
PER can only be submitted once students have completed their Strategic Objective tests but have up to four years after this to make their submission.
Students have the option to submit by post, email or discuss their PER in a face-to-face interview. The latter is a good option as any feedback is immediate. These interviews are currently being offered via remote technology. Students submitting via the post can wait up to 8 weeks for feedback.
Ben’s Top Tips for submitting your Practical Experience Record:
Use the resources on the ACCA and CIMA’s websites (see below for details)
Pick an Objective/Skill and start recording evidence
Identify and have a chat with your workplace supervisor
Look at other Objectives/Skills and link to work appraisals
Think about career plans and obtaining experience when you can
You can find out more about our ACCA and CIMA programmes by clicking on the links.
For more industry news, special offers and exclusive tips visit FI Hub.
Education Careers Service
If you are currently in education then why not talk to your schools careers service. Schools have staff who provide advice and guidance to pupils. In order to help you find your first job in accountancy, schools are able to provide students with access to some external sources for careers guidance. These include things like local career fairs, websites and mentoring.
You might even have some careers fairs going on at your school which you can attend and meet local employers. Don’t be afraid to ask the employers for their names, positions and email addresses – you could send them an email afterwards to introduce yourself and show your interest in working for the company.
Organisations
There are organisations out there like Form the Future or The Skills Service who bring schools and businesses together so students can learn about employment opportunities in their regions. They link businesses, education and training providers together.
Recruitment Agencies
Finding work through a recruitment agency can be a good choice for some, especially those who find the whole idea of selling themselves tough – recruitment agents do this for you!
Recruitment agencies know the job market and actively search for work on your behalf, so this can also lead to finding a job quicker than expected.
There are national recruitment agencies that deal with accountancy & finance positions like Hays, Reed, Michael Page. Or more local recruitment agencies like Pure and TheOneGroup in East Anglia and Sharp Consultancy in Yorkshire. Just have a quick google and see what local agencies you have.
Apprenticeship Fairs
If you are ready to take on the world of work and pursue a career in accountancy, an apprenticeship is a fantastic way to get into employment, earning a salary whilst you continue to learn new specialist skills to help you develop and progress in your career.
Apprenticeship fairs are run up and down the country throughout the year. The North’s largest apprenticeship recruitment fair takes place in Leeds where they have over 100 organisations exhibiting apprenticeship vacancies available. You also have them run in Peterborough/Milton Keynes – again just have a quick google and see what local apprenticeship fairs you have.
Careers Fairs
Careers fairs are a great way to talk to employers directly. Companies pay to attend these events and their aim is to talk to people interested in finding a career. Use this opportunity to network and find out about how their application process works.
Social Media
LinkedIn is the world’s largest professional network on the internet. Making it a great platform to use to find the right job. By connecting with leading figures in your chosen industry you can promote your achievements and build up an online presence. A complete LinkedIn profile can help you connect with opportunities with employers and agencies that you might not have normally seen.
Qualification Websites
You can also look directly on each of the qualifications website as they have job boards for you to search AAT, ACCA, CIMA and ICAEW.
Websites
We also suggest these websites as good place to start:
Every year First Intuition centres across the country invite local students at school, college and university to come along to one of our Accountancy Summer Schools to find out more about the accountancy profession and the careers available within it. Read our blog about Careers in Accountancy & Finance.
Background
At the start of the session, Gareth conducted a poll. He asked attendees about their recent experiences using remote elements in their recruitment processes, as well as their expectations for the future. Overall, the results confirmed the growing importance of this topic
Before the pandemic began – Less than 5% said that they had used remote elements ‘a lot’ before March 2020 when the COVID crisis started. 50% of attendees said that they had ‘not used remote at all’.
Since the pandemic began – just over 50% have used remote elements ‘a lot’ since March 2020. This is a huge increase on the 5% from pre-pandemic in this category. 35% said they had used them ‘a little’ and only 12% said they had not used remote elements at all.
The rest of 2020 – Not a single person said that they wouldn’t be using remote elements in some part of their recruitment process.
Into 2021 – every attendee said they would be using remote elements to some degree in 2021. With a whopping 65% saying they would use it ‘a lot’.
In terms of the way that the audience expected to use remote techniques there were some interesting results:
The majority of attendees were going to use it for promoting vacancies, receiving applications and the initial assessment of those applicants.
100% expected to use it for initial interviews.
A significant proportion would use it all the way to the final interview, therefore meaning that they expect to hire people that they have never physically met.
Another common area for using remote techniques is going to be aptitude testing and skills testing.
Instant Impact on practical considerations for remote recruitment
Our first expert speaker was Felix Mitchell from Instant Impact. Felix covered the practical, operational, and technological elements of remote recruitment, including tips on the successfully running of remote assessment centres. Felix certainly raised some fascinating points:
How much impressive talent there is on the market and what an amazing opportunity there is to hire great talent. In view of the fact that this includes those in different industries with transferable skills.
The way that remote can improve the effectiveness of five channels for attracting talent, including online job boards, partnerships and virtual headhunting.
The importance of training and briefing remote interviewers to optimise the online candidate experience.
Instant Impact are in-house recruitment & diversity experts. They work as an extension of their clients’ HR function and provide the strategy, team, marketing & technology that they need to make high quality, diverse hires directly. Consequently, Instant Impact are committed to eliminating bias in all of their talent partnerships. In addition, they commit to setting a new industry standard when it comes to diversity.
Recrion on interpersonal and interviews in relation to remote recruitment
We then heard from Katherine Wiid of Recrion who took us on a deep dive into interpersonal and interview-related aspects. As a result of this, she gave some great top tips such as:
Setting up a welcoming background to interview from
Always interviewing online as a panel of 2 or 3
Working hard to over-communicate deliberately and frequently during an interview
Separating ‘confidence from competence’ in a candidate
Insight from FI and the accountancy awarding bodies
We then heard from First Intuition’s Hazel Rogers who launched the Insight Report that FI have commissioned on this topic that is likely to stay with us beyond the pandemic:
At the end of the session, we invited thoughts and tips from the accountancy awarding bodies who were present at the forum.
Olivia Hill, Chief HR officer at the AAT, stressed the importance of using job adverts to give a flavour of what working in the organisation is like. She also talked about the benefit of pre-recorded videos from the Chief Exec and other members of the executive team, talking about organisation culture.
Dave Payne, a senior manager with the ICAEW, gave his 5 top tips for ‘virtual attraction’. This included facilitation of peer-to-peer interaction during the recruitment process.
Sharon Machado, from ACCA’s insight team, rounded things up with some fresh ideas and new points (not surprisingly , always a tough task for the final contributor!). Overall, Sharon’s points included the use of psychometric testing to guide interview questioning and link to organisational values.
This has been a short summary of some key takeaways. However, you can watch the recording by clicking on the button below:
FITT Forum Archive
You can find a full archive of valuable insight from other First Intuition Think Tank forums below.
Below you will find highlights from our 2020 FITT forums. These addressed issues relevant to the time where we invited expert speakers to join us to share their experiences and point us to real-world case studies.
Below you will find the highlights of our 2020 FITT forums.
Remote Onboarding and Inducting of New Staff
During our first First Intuition Think Tank (FITT), we discussed the topic of Remote Onboarding, a hot topic for many employers. We were delighted to be joined by Felix Mitchell, Founder and Director at Instant Impact and Will Dempsey, Global Talent Acquisition Lead at AstraZeneca. They shared their own experiences of remote onboarding and gave insights into best practice in this area. In our second session on this topic, we were also joined by representatives from the AAT, ACCA, CIMA and ICAEW who provided an industry-specific perspective on this subject. You can find out more about this topic, watch the recording of the sessions and find useful links in this article.
Remote Management of Junior staff
In our second topic of our First Intuition Think Tank, we moved on to talk about the remote management of junior staff. In our first session, we were delighted to be joined by C-J Green, Co-Founder and Executive Director of BraveGoose and we also launched our own insight report on this subject. In the second part, Dyfrig Jenkins, of YOU.DEVELOPMENT.co.uk talked about this topic in more detail and we also heard from the accountancy awarding bodies who shared their thoughts and the work they’ve been doing to tackle the challenges many employers are currently facing. You can find out more about this topic, watch the recording of the sessions and find useful links in this article.
Returning to the Workplace
Our third topic in our ‘First Intuition Think Tank’ session focused on returning to the workplace. With many firms now evaluating how they can provide a safe and welcoming environment for those employees who are planning to return to the office in some way, we examined this topic in more detail. Barnaby Clark and Lizzie Duckworth from COEL, a commercial and design fit-out company joined us for our first session to share their expertise in this area. You can find out more about this topic, watch the recording of the sessions and find useful links in this article.
Online Delivery
Our fourth ‘First Intuition Think Tank’ focused on Online Delivery of induction and internal training. Upcoming intakes of new students are likely to be starting their accountancy careers in a largely (or entirely) remote environment. Many employers are facing the prospect of delivering initial induction and internal skills training virtually, rather than in a conventional board room or office setting. Getting this right will be critical to ensuring engagement, productivity and retention in those important first months in work. It’s therefore critical to maintain quality and keep engagement levels high. You can find out more about this topic in this article.
Maintaining a Team Ethos and Culture in a remote-working world
In our fifth ‘First Intuition Think Tank’ we focused on team ethos. For many employers, their ‘team spirit’ and ‘family feel’ are crucial parts of their identity. Many are concerned that this will be challenging to maintain if many staff are working predominantly remotely. We were lucky to hear from expert speakers C-J Green and Dyfrig Jenkins, plus insight from the accountancy awarding bodies. You can find out more about this topic in this article.
Remote Recruitment, Attraction and Selection of Candidates
Many employers are already turning their attention to starting their recruitment process for their 2021 intakes, and are facing a very different environment to any normal year. Online platforms, techniques and processes for recruitment can prove just as effective as being ‘in-person’ if used correctly. In this session we were joined by expert speakers Felix Mitchell from Instant Impact and Katherine Wiid of Recrion. Felix covered the practical, operational, and technological elements of remote recruitment including tips on successfully running remote assessment centres. We then heard from Katherine Wiid who took us on a deep dive into interpersonal and interview-related aspects. You can find out more about this topic in this article.
Mental Health and Workplace Wellbeing
Whilst the first 6 months of the pandemic presented a commercial, financial and liquidity crisis for many businesses, the next 6 months seem more likely to create a mental health crisis amongst the teams we will all be relying on to carry our businesses through the recovery. The combined impact of high levels of remote working and the career uncertainties and anxieties caused by the pandemic will make the winter months a challenge for many. In this session we were joined by expert speakers Jen Christie (Rise Well) and Sophie North (Luminate). You can find out more about this topic in this article.
What is SAD?
Officially, know one knows what causes Seasonal Affective Disorder (SAD) however research has indicated that its linked to the lack of sunlight. Which makes autumn and winter a prime time. The theory is, part of the brain called the hypothalamus stops working property due to the lack of sunlight. This could affect the production of melatonin and serotonin and the body’s internal clock. Don’t worry though, there are ways to overcome the lack of sunlight during even the harshest of winters and get you back on your feet.
The symptoms
Let’s first look at the other symptoms that could indicate you are suffering from SAD. We’re already touched on the craving of carbohydrates, a change in your mood and sleeping longer but these are not the only symptoms. Other symptoms include:
A lost in interest or pleasure in everyday activities
Irritability
Feeling lethargic
Feelings of despair or worthlessness
SAD Treatment
If you think you are suffering from Seasonal Affective Disorder (SAD) please speak to your GP. They will be able to advise you on the treatment that is best for you. Treatment could include but not limited to: getting more natural sunlight, light therapy: using a special lamp or bulb to get the illusion of sunlight or talk therapy.
If you think you might be suffering from Seasonal Affective Disorder please speak to a professional and make an appointment.
There are a number of myths you may need to dis-spell here if you want your apprenticeship programme to be successful. This post aims to highlight the 4 myths related to launching an apprenticeship training scheme.
Myth 1
Are apprenticeship programmes relevant to professionals?
Many still believe that apprenticeships are something for school leavers who were not clever enough to pursue other careers or for manual roles. This view is a long way from the new style professional apprenticeship standards which include challenging business skills and professional qualifications. A good clear explanation of the programme and the standards involved will help here. Many of the best recruits are choosing apprenticeships to avoid university debt resulting in a pool of high quality candidates undertaking apprenticeships.
Myth 2
Will an apprenticeship programme mean I lose a team member for one day a week?
A key feature to cover here is also to explain clearly the off the job learning requirement. This will be covered in a later blog but is not the 1 full day away from work each week which many managers believe. Although there will be time away at college much of the learning is reflected in the experiences which the apprentice gathers in his workplace. Any employer who is invested in developing their team in the workplace is likely to meet this requirement already.
Some employers have also reported a more enthusiastic and effective team as a result of study leave being provided in the working week. Those employees who regularly do all their studying in their free time are likely to be tired and demotivated in the workplace as a result.
Myth 3
Will line managers need to spend a lot of time managing an apprentices?
An effective manager will already monitor his team’s workload and ensure exposure to new experience’s and provide regular feedback. The apprenticeship requires the manager to work with the training provider to mentor the employee. This means:
Sharing information about the job role and apprentice’s development
Attending part of the quarterly progress review to share information
Working with the provider to motivate the apprentice and keep them on track should they fall behind.
In most cases this amounts to less than an hour per month on top of the routine line manager responsibilities.
Myth 4
Are apprenticeship programmes just a free professional qualification?
This is an attitude we see all too frequently and usually leads to an unhappy relationship between the apprentice, line manager and training provider. Done well an apprenticeship is an exciting challenge and a chance to speed up the development of soft business skills by the employee.
Managers often complain about the lack of communication skills and commercial awareness of millennials in their workforce. A strong skills programme should seek to overcome these issues with the result that the manager benefits from a more effective and empathetic employee.
In my role as director of apprenticeships I have seen these issues many times and worked with employers to help them obtain the buy in if line managers. Please do contact me if you would like to discuss your apprenticeship programme. jodyson@fi.co.uk
Maintaining a Team Ethos and Culture in a remote-working world.
For many employers, their ‘team spirit’ and ‘family feel’ are crucial parts of their identity. Many are concerned that this will be challenging to maintain if many staff are working predominantly remotely. We were lucky to hear from expert speakers C-J Green and Dyfrig Jenkins, plus insight from the accountancy awarding bodies.
How are people working now?
At the start of the session, Gareth ran a poll about how much different levels of staff will work from home in the coming months (October 2020 to March 2021). Here are the results of the percentage of the audience that gave each answer:
Level of staff
Not at all
Once or twice a month
Once or twice a week
Three or four times a week
All of the time
Don’t know
New starters
5%
14%
9%
18%
50%
5%
More experienced trainees
0%
14%
18%
14%
50%
5%
Experienced seniors
0%
5%
9%
36%
50%
0%
Managers
0%
5%
18%
36%
41%
0%
Senior leaders/ directors/ partners
5%
9%
18%
27%
41%
0%
It is clear from the results that:
The vast majority of employers expect staff at all levels to be working from home at least three or four days a week.
Between 40% and 50% of employers expect that staff will be working from home all of the time.
This certainly made the purpose of the session extremely timely!
What are the reasons behind this?
After running the poll, the audience were asked for the reasons they would let staff work in the office, and we received a range of responses through the chatbox:
“We’re allowing people to work in the office if they are unable to work from home, be it the environment or IT connection. In addition, there are certain teams where they are ineffective from home so there is a requirement for them to be in the office.”
“Key office-based functions – telephone helpdesk, secure payments, IT support. Also, to support an individual’s mental health.”
“Systems dependent roles.”
“Exceptional circumstances to be agreed with the manager, printing, wellbeing, IT, customer-facing roles where essential services have to be provided.”
“Where they have a lack of space or IT to work from home. Where there are performance issues. Also just allowing people to see others for their own mental wellbeing.”
“Staff essential to maintaining the running of the office, e.g. admin team. New apprentices with their buddies, those unable to work at home. We have a third at home, a third full time in office, a third odd days. All under review depending and those wishing a break can request time in office.”
Our Speakers
This led nicely into hearing from our ‘dream team’, double-act of expert speakers Dyfrig Jenkins of YOU.DEVELOPMENT LTD and C-J Green of BraveGoose who both gave plenty of practical pointers for the listeners to implement.
In his fascinating talk Dyfrig referenced the ‘Engaging for Success’ report (link below) which highlights 4 enablers of employee engagement:
Strategic Narrative – visible and empowering leaders giving a clear narrative of where the organisation has come from and where it is going.
Engaged Managers – line mangers really make the difference by focusing their people.
Employee Voice – involve staff so that they are central to the solution.
Integrity – your values must be reflected in your day-to-day behaviours, don’t have a ‘say/do’ gap.
C-J was as inspirational as ever, some of her points really resonated with the audience:
Don’t convince yourself it’s a difficult situation. Ask yourself what’s great about it, think about what can be done differently.
Help team members identify their ‘mood hoovers’ and help them to deal with them.
Don’t spend all of your time in ‘stacked transactional output-driven meetings’. Create time for creativity and innovation.
have a proportion of ‘keep-free’ time to reflect, read, explore, learn.
Speak to at least one person (someone who gives you energy) each week with no ‘thing’ to achieve.
Connect people who wouldn’t normally have the chance to chat. Ten minutes talking to one of the senior leaders can make junior staff feel really connected.
Try ‘walk and talks’ on the phone with colleagues to give them and yourself the chance to grab some fresh air (and a break from video calls!).
An event calendar for cultural connections can give staff a sense of wider connection and gives ‘power over loneliness’.
We then welcomed additional insight from representatives from each of the min accountancy awarding bodies:
Fiona Hodgkin of ICAEW
Sharon Machado from ACCA
Trevor Robertshaw of CIMA
Anthony Clarke of the AAT
Our Session on Maintaining a Team Ethos was recorded. Please use the link below to access it:
At the end of the session the audience was asked what key takeaways they had:
“One thing to explore is the notion of Airbnb experiences for your teams, one of our clients has adopted these with huge success.”
“I’m going to start making my “welfare calls” walking talks where possible and also ask each member of our management team to make contact with someone not in their team for a check-in.”
“I have just blocked out two hours of my calendar every Friday. And I have started organising a team-effort mega triathlon for Children in Need.”
“I’m going to check out those online tools (Nectar, Kazoo, Bonusly, Go Game) and save some time in my diary for planning.”
“We have already taken on 1-2-1s with staff, but making time in the diary for myself to reflect is something I will definitely do.”
These courses are designed for new, and aspiring, managers and supervisors. Therefore if you are looking to up-skill your team, or if you want to develop your own leadership & management skills. Then these courses will be just what you are looking for. Do you want to find out more? Watch our introduction to Leadership and Management Webinar today.
This short webinar will look at the benefits of the CMI qualification. As well as why having a Management qualification can boost your, or your teams, effectiveness and potential. It will provide you with a high level overview of our programmes at First Intuition, in addition to the course structure. However, do not be overwhelmed. This is a bitesize 30 minute session, from one of our friendly and experienced tutors.
If you would like to discuss these programmes further, or see how we can make them work for you, please contact shanereeves@fi.co.uk or call 07551 988478.
1. What if ACCA cancel the exams, will I have spent a lot of time studying for no reason?
This is a common (and valid!) concern among ACCA students. However, we can reassure you that it is extremely unlikely that December 2020 exams will be postponed.
Despite a small number of students experiencing technical issues during September exam week, the vast majority of students sat their exams as planned. Exam centres put full social distancing and safety protocols in place, therefore meaning they could run most with no issues. Therefore, we expect the same from the December exam sitting. Furthermore, the ACCA are ensuring that there is a strong ‘final backup’ via remote invigilation, so we have every reason to believe that December 2020 exams will go ahead as planned.
2. It has been a while since I last studied and I’m worried I’ve lost my assumed knowledge
For those who haven’t studied since March or before, it can feel like you have a long road ahead of you to get back on track with your studies. However, as long as you find a supportive training provider with high quality materials, you should find that the lost knowledge comes flooding back as soon as you start studying. You may even enjoy opening your books again!
Every FI course comes with a full suite of online resources, recordings, planners, and tests that will help you build up the knowledge you need to pass. Don’t miss our series of free masterclasses, which are designed to help you brush up on your technical skills. Find out more about ACCA Masterclasses at FI.
3. What if health issues interrupt my my studies?
We can’t guarantee nothing will get in the way of you sitting your exam in December. Nevertheless, we encourage you to avoid pausing your ACCA qualification because of a ‘what if’…?’ scenario.
If you have booked your exam and cannot attend, you will be marked absent, which does not affect future results. If you need to withdraw your exam booking before the standard exam entry closing date (2nd November), you can do so and receive a refund from ACCA.
There are further steps you can take to ensure you are supported if something does stop you from studying unexpectedly.
Speak to your training provider to understand what their cancellation or deferral policy is. For example, FI courses include access to all online resources for a minimum of 6 months, which means that if you have to defer unexpectedly, you will still have access to everything you need for the next available sitting, including mock exams and tutor support. Alternatively, if you change your mind about the course within 14 days of booking, we will offer you a full refund upon cancellation, in line with our Ts and Cs.
Remember that your training provider will want you to pass your exams as much as you do. Talk to us at FI if there is anything we can do to help make your journey to qualified easier.
4. I have never studied online before. When will classroom courses to come back?
We all want in-centre courses to come back and normal life to resume. However, with the current uncertainty and changes to regulations, the one thing that is definite is that we will be delivering a wide range of Online and Online Live classes for the December exams. Our Online Live courses are as close to a real classroom as we can make it with your tutors engaging and managing the sessions with you.
We have all had to adapt over the last 6 months so don’t let this be the reason for delays to your career. Why not book a free Online Live demo and try it out before you commit?
5. Funding my studies is difficult right now
We are sorry if you find yourself in a difficult financial situation after the events of the past few months. If you are motivated to continue with your ACCA qualification this must be frustrating for you.
Why not consider an ACCA Unlimited package, which allows you to pay in instalments? Split the cost of a course over 3 months to make the payments more manageable. As always, talk to our friendly team if you have any questions about how to book.
6. I just don’t feel like studying until things are back to normal, why shouldn’t I put my ACCA exams on hold until 2021?
Your confidence has taken a hit with exam cancellations and other sources of disruption. This is completely normal and we understand your concern. However, we don’t know yet how this pandemic will be affecting our daily lives in 2021. Is it worth delaying your ability to qualify? You might be waiting until March 2021 to take your next exam. But then what if there is another set of restrictions in your area? Wait until June 2021?
The longer you wait to book your next exam, the more money it will cost you. The average PQ earns around £28,000 per annum, while the average NQ earns about £40,000. That is a £12,000 difference! With this in mind, we recommend taking at least one exam in December and another in March 2021 to get back on track and qualify sooner.
If you have more questions about ACCA exams, please visit the ACCA Exam FAQs.
If you need help planning your next steps, read our latest blog on scaling the ACCA mountain for tips and advice.
At our 2020 online AATitude Festival, we welcomed over 1,500 delegates from across the UK. The festival offered a unique space to draw together a multitude of perspectives, experience and expertise.
Our ambition was to inspire accountancy students but also give some much-needed motivation, structure and technical help to students who needed it.
The conference was opened by Gareth John (Chief Executive), Nick Craggs (AAT Distance Learning Director) and Ben Bullman (Managing Director and Tutor for Cambridge).
Throughout the week we had career sessions with industry experts, and got stuck into the detail with skills and technical sessions. Here’s a snapshot of what went on.
How to achieve a distinction panel discussion
Nick Craggs our AAT Distance Learning Director thought the ‘how to achieve a distinction’ panel was one the best sessions. We had three students: Nick Wiggs, Phoebe Warner and Denitsa Gavrilova, who came to share their tips as to how to not just pass the exams, but get a distinction. Only 1% of students achieve a distinction at level 4, both of which Nick and Phoebe did! It was really interesting to hear what they did in the run up to their exam, and on exam day. The advanced synoptic exam is a very hard exam, and the lowest pass rate of all level 3 exams, yet Denitsa got a perfect 100%, and she shared her tips as to how to attempt this exam.
How the AAT supports you and your studies & Training on communication skills for accountants
To begin with Ross Grange and Neil Maguire from the AAT join our Director of AAT studies Crystal Haygreen. They took us through the support and resources AAT provide to help student members with their studies. Their new learning portal has all the resources from the old study support area but also has some great new resources. A key note from this session is the value of AAT Comment. Crystal discovered this about a year ago and has since spent hours viewing the articles and resources! Therefore we can’t stress enough how valuable this is to student members.
Alexandra Bond Burnett then presented to us a high energy, engaging session on communication skills for accountants. Alexandra is a coach, trainer and accounting professional, she is on a mission to help finance professionals become impactful communicators. She shared with us some great tips and thoughts to help our aspiring accountants enhance their careers with effective communication. With the increasing automation in the industry the accountant now has more time to spend on business advisory, effectively building relationships within the organisation or with clients has never been more important.
Stories from AAT students who are changing their lives with the qualification…
We had a brilliant final headline act hearing the study and career journeys of Rebecca Fay (former AAT Apprentice of the Year), James Duggan former (Royal Family chef turned accountant) and Arsenal and England player Leah Williamson. Such inspiring stories for aspiring accountants. And a surprise cameo from another AAT student Stephanie Millward MBE and her Paralympic Gold!
Skills Session – Improve your time management
In one of our early morning skills sessions we focused on time management. This session covers the essential skills to help you think in a more focused and effective way, as well as to ensure the enhancement of personal productivity and satisfaction. You can watch this short, interactive and information-packed session below.
Due to success of our mini skills sessions we will be running more Free Virtual Mini Skill Sessions starting on 23 September – you can find out more and book your place here!
Skills to succeed in synoptic assessments
Nervous about sitting your Synoptic? Want to know how to pass your Synoptic Assessment first time? Crystal Haygreen and other colleagues share their top tips on how to pass these tricky papers!
Accounting qualifications to consider after completing AAT
It was an early on the final day of festival for Ben and Gareth, but worth it for a great chat about study options after finishing AAT. We regularly see how the AAT helps students enter and successfully progress with ICAEW, CIMA and ACCA. Ben and Gareth talked through exemptions, timescales, top tips and Ben’s personal experiences of succeeding with study beyond AAT.
The changing role of the accountant and the future of accountancy
The way that technology, automation and AI affects the world of finance fascinates Gareth John. Gareth is therefore proud to host a panel discussion on this topic with leading industry observers. Graham Hambly, editor of PQ Magazine, Steven Drew, Head of Markets and Products at AAT, and Andy Turpin, Director of the Virtual Finance Office at PEM Chartered Accountants join Gareth in this discussion. The session covers a broad mix of the practical and human changes that we are already seeing affecting the way that accountants work. You can watch this discussion below:
Inspirational career stories from successful MAAT’s
Gareth always loves hearing how ambitious individuals have used AAT as a spring-board to incredible career success. So it was a real treat for him to be joined by Warren Tilbury, Managing Partner of PEM Chartered Accountants, and Jo Nockels, Financial Controller at TaxAssist Head Office. Both of them give really engaging and relatable insight (including why failing exams shouldn’t hold you back!) into what has led them to such career heights.
Keeping motivated and successfully studying at home
We opened this session with some motivation from our very own Gareth John. Gareth discussed how he motivates himself to achieve his goals and how accountability from others can push him further. When it comes to creating success in your life, being accountable to someone other than yourself is a real motivator!
In the second part of this session Jamie Hughes from AAT and Han Dunsterville join our AAT Distance Learning director and Tutor Nick Craggs. Han is an admin on the independently run AAT student Facebook group. They discuss the best ways to study successfully at home!
AATitude Accountancy Festival Playlist
These are just a few of our highlights from the AATitude Festival. However you can see all our recordings on our YouTube Channel here.
Free AAT online revision sessions open to all!
If our AATitude student festival has rekindled your study spirit then our free AAT revision sessions will be perfect for taking you to the next stage of your qualification progression. Since the start of lockdown we have been running free weekly online revision sessions for each paper at each level. Furthermore these are free of charge and open to any student. So far over 4,000 students have used them to help get back on track with their studies. You can find recordings of past revision sessions here.
Our free AAT Revision sessions will continue to run. As a result of this, we would be happy if you would remain a part of our student community. To find out more or to book your place please click the button below.
To make sure that aspiring accountants could still get the information they need to explore their career options during lockdown, we recently ran an online accountancy and finance summer school. Altogether, there were around 800 young adults registered to attend. In order to ensure that those unable to attend didn’t miss out, we decided to record the sessions. As a result of these videos, you should be better informed to make the right decision for your future accountancy qualification. These videos cover all the questions you might have about accountancy and our courses at First Intuition.
Session one
This session covered entry routes into careers in accountancy, as well as some of the key job roles and major professional qualifications. You will also hear from some guest speakers from the AAT and ICAEW within this video.
Session two
In Session Two we took a deeper dive into some common entry-level positions with some interactive exercises.
Session three
Here we talked about the crucial transferable skills required for a career in accountancy, as well as how you may already be able demonstrate some of them.
Session four
In Session Four we looked at CV-writing tips as well as interview advice for finding and getting your first role in finance.
To find out more about your local summer school please contact your nearest centre here.
Why choose AAT and why become an accountant?
Struggling to decide why you want to become an Accountant? Unsure if you should choose to study with AAT? Join CEO and Tutor Gareth John and AAT Distance Learning Tutor Rhian Owen as they discuss the tasks you can expect as an accountant, as well as the benefits of studying with AAT.
Stories from students who have changed their lives with the AAT qualification…
Becca, Warren and Vic are great examples of the success that can be achieved using increasingly common non-traditional career paths into professional accountancy. A degree is no longer a requirement to starting and building a rewarding career in finance, and hasn’t been for quite a while.
We think these stories are an inspiration to aspiring young accountants, like yourself. Therefore if you are wondering how far they can go without a degree, the answer is all the way!
STARTING FROM SCRATCH?
Studying towards a professional qualification can seem confusing when you first start. For this reason we chose to give you the introductory guides below. These will teach you the fundamentals of accountant qualifications, therefore helping help you get off on the right foot.
First Intuition Tutors, Carol Bowhill-Mann and Tanya Floringer joined us to share how they have found the change to delivering remotely. This included their tips for running a successful online session. They discussed the use of different software and suggested ways to boost engagement. Carol and Tanya have produced a comprehensive blog covering their thoughts which can be found here.
Key points that arose from this session include:
Just as in the traditional classroom, correctly preparing your online session makes all the difference. Make sure you are comfortable with the software. Plan breaks, quizzes and polls to keep the session interesting. Quiz platforms such as Menti and Kahoot are easy to use and excellent for making sessions fun.
Whilst Zoom has secured the top spot for online delivery, Tanya and Carol also covered similar software such as Teams and Adobe Connect. They discussed how employers can use these platforms for functions that Zoom does not provide.
It’s important to test and have fun with the software you choose. Don’t be afraid to give attendees the reins for certain tools and in break-out rooms.
Communicating effectively whilst delivering online is important. Make sure all emails have clear headings. Check that attendees have the right set up before sending over resources to ensure they will be able to work alongside you during the session.
You can watch the session using the link below:
Session 2 – Friday 21st August
Online Delivery – Delivering and Engaging Part 2
This week we were joined by Michelle Parish from the Learning and Performance Institute. Michelle delivered her presentation FEARLESS FACILITATION – 7 confidence-boosting tips that will make your virtual meetings sing (and 3 things you should NEVER do!).
Her approach to switching her own camera off during much of her presentation was a revelation for many, as was her insight that “the chat box is your friend”. She also helped with approaches to monitoring her audience’s ‘online body language’ when they don’t have their own cameras on.
Key points that arose from this session include:
Ensure you are comfortable with the technology, you are using. When delivering online, it’s important that you are comfortable using the software. However, you also need to ensure you can troubleshoot minor issues that may come up for attendees.
Be prepared. Have a checklist of what you need for the session such as resources, for instance. Log on early to ensure all software is working correctly.
Grab the attention of your delegates early on in the session. It’s important to engage the attendees straight away and interact with them. This will set the tone for the duration of the session.
Familiarise participants with the technology. This will help the session run smoothly whilst boosting engagement and communication. In addition, if the attendee is not aware of how to use the technology it will be tricky for them to interact whilst you’re delivering the session.
Involve the audience. When delivering online you may have to be more creative in how you involve the attendees. Use names and acknowledge comments in the chat-box. Use reactions and emoji’s if the software supports these functions.
How you use your voice is key. This is just as important when delivering online as it is in the classroom. How you speak and interact at the beginning can set the tone for your whole session.
Always have a back-up plan. This could be back up software to use if the platform goes down, for example. Equally, it could be as simple as having spare batteries for wireless equipment. Knowing you have a backup allows you to relax and enjoy delivering the session.
You can watch the recording using the link below:
Top Tips for Online delivery
You may find these handy downloadable and printable top tips useful when preparing and running online sessions.
To book your computer based exam at our Southampton office, you will need to go to https://readingfi.accessplanit.com and book online, if you already have an account. You will need to pay the exam fee by card at the point of booking.
Please remember to bring your original ID to the exam. A photograph will not be accepted.
Exam prices
Please make sure you only have one exam and one admin/facilities fee in your basket, you cannot book two exams at the same time.
AAT Level 2, 3 and 4 exams (Q2022) = £115 (For our First Intuition AAT apprentices please call the office on 02382 350676)
AAT Level 2 The Business Environment exam= £120
Exams prices from September
AAT Level 2 and 3 exams= £117
AAT Level 2 The Business Environment exam= £122
AAT Level 4 exams= £120
ACCA BT, FA, MA = £129
ACCA LAW = £146
ICAEW = £120
AAT Remote exams
For AAT remote exams please contact reading@fi.co.uk to book this exam.
Level 2 and 3= £130
AAT Level 2 The Business Environment exam=£135
Level 4 = £133
The below exams are currently not available for remote invigilation:
Level 3 = Management Accounting Techniques, End Point Assessment- Knowledge Assessment
Postponing your exam – If you require to postpone your exam there is a £15.00 admin fee required and at least 7 working days notice must be given. A maximum of 2 deferrals will be permitted. Under no circumstances a refund of the examination or associated administration fees will be given.
If you need to cancel or amend your booking please contact the Southampton office on 02382 350676 or email southampton@fi.co.uk
A flexible approach to studying AAT
Due to the current COVID-19 situation we’ve moved all of our AAT classes online. These aren’t pre-recorded sessions. You will still be taught by a Tutor, live, on the day, via Zoom. You can ask questions, as if you were in a class room session.
Our current students tell us this works for them…
“Of the virtual classes, that I’ve attended, this was the most interactive.”
Small class sizes
We pride ourselves in keeping our class sizes small. This means that students can get the most out of each AAT session. Since moving to virtual classes are we have kept this the same.
Experienced AAT tutors
Our Tutors have industry experience. They can draw on real life examples in their teaching. You will also have the comfort to know they have been where you are now.
Some thoughts from our current AAT Students…
“Joey was fantastic.”
“Allie is great at explaining the more difficult topics.”
Regular feedback
You’ll receive regular feedback from us. During the course you’ll be given practice exam questions, to complete. At the end of the course you’ll be required to complete a mock exam. Your tutor will give you constructive feedback to improve your score. At FI we’ll give you the tools you need for success in your AAT qualification.
Study material
You’ll be provided with a set of course notes. and be given access to our online portal. Here there are more practice questions as well as mocks you can complete, to get you ready for the real thing.
In centre support team
Our support team are in house/local staff who are always happy to answer any AAT questions your might have. You can contact them via phone or email and they can provide you with the support you need.
How do I find out more about AAT?
Please visit the AAT website to find out everything you need to know about AAT. Make sure you explore further and find out more about AAT at First Intuition.
How do I book an AAT course?
Book here it’s simple. Just click on the centre you would like to study with.
From School Leaver to Managing Partner
Warren, what drew you into a career in accountancy?
“It was probably when I was doing my GCSE’s in the early 1990’s that I realised that I wasn’t going to be an actor in Star Wars! I was doing GCSE Accounts and enjoyed the way that with the numbers you could get everything to balance, I found that very satisfying. I was also studying Economics at school and found that I really loved the whole business environment“.
Tell me about your early years in the profession
“Of course. After I completed my A-levels in Accounting and Economics I was keen to get straight into a job in accounting rather than go to University. I applied to the big firms but at that time they weren’t taking a lot of non-graduates. I was lucky enough to get an opportunity to interview at PEM and joined them at 19.
As a school-leaver I started with the AAT qualification which I didn’t find to be too challenging after my Accounting A-level, but when I moved onto the ICAEW qualification I kept failing the Tax paper. It became a real problem for me and stopped me progressing. I failed that paper so many times that I’d probably get sacked if I was a trainee at PEM these days.
One of the senior partners told me that I could stay on at the firm as AAT-qualified, but if I wanted real career progression I needed to persevere and get fully qualified.
In the end I converted over to the ACCA qualification which left me with six papers to finish before I got my qualification. My first daughter had been born and I knew I had to finish my final exams quickly as there was no way I could study for a long period with a little baby around.”
Did finishing your qualification allow the career progression you wanted?
“Yes, once I got my qualification things moved quickly. I was in the right place at the right time as a number of partners were retiring. I was working in audit and was getting the opportunity to work on larger clients, particularly helping with managing some of the jobs.”
At this point Warren laid out the timeline of his career with PEM since qualifying in 2002:
2003 – promoted to Assistant Manager
2005 – promoted to Manager
2009 – promoted to Partner
2016 – promoted to Managing Partner at the age of 41.
Did your rapid advancement have any downsides?
“At times. I remember going to my first conference which was organised by the Kreston Group of firms (that PEM are a member of) and feeling like I was a lot younger than the other Partners who were there. It was quite nerve-wracking.
My predecessor as Managing Partner got me involved in a rebranding project a few years ago. I had to help deliver the rebrand at a firm away-day and even though I was a Partner I was absolutely petrified!”
So it kept pushing you out of your comfort zone?
“Yes, very much so”.
How have you seen things change at the firm over your career?
“If I think back to the 1990’s when I started at PEM, the use of technology was limited to email and a few laptops. There was no accounting software, everything was manual, there was far less regulation and scrutiny. It was quite a traditional firm with core audit, accounts and tax services plus recovery and corporate finance. At that point we had around 80 staff and were something of a sleeping giant. I thought it was a good time to qualify at PEM as it felt like the firm was going somewhere.
Since then the firm has added specialist tax, outsourcing, payroll, IT and legal services and is the largest independent firm in Cambridge with 175 staff and plans to grow to 240 by 2025. We have changed the dynamic of the firm hugely into a more open, collaborative, and exciting organisation. We’ve also worked really hard to retain the culture and work life balance that makes PEM a great place to work”.
And what about changes in the nature of your own work?
“The nature of my work has changed a lot, away from compliance and towards defining and driving strategy. I have to take a much longer term, holistic view, thinking of ‘one PEM’.
I’m lucky as alongside my role as managing partner, I look after some excellent clients and hopefully my experience running PEM has benefited these relationships”.
Are there particular skills that are important in a leadership position?
“Leaders need a vision and also a plan of how to achieve it, even if the plan changes over time. You can’t be too dogmatic in a dynamic environment and I am always willing to be persuaded of different solutions. We have quite a bold plan but it is eminently achievable with the team I work with.”
A sense of calmness is important, at least in terms of what everyone else sees! Like a swan gracefully swimming by but going like crazy underneath.
A pragmatic view is a key skill and knowing how to choose your battles and knowing who you need on-side. I think it’s important to give people the time to talk.
You have to be willing to make mistakes and can’t be afraid to take risks.
In the accounting profession you have to have a handle on where tech is going. I’m lucky as I’m surrounded by a great team who can see the potential of technology changes.
Do aspiring accountants need to go to University to get into the profession?
“I didn’t! You absolutely don’t have to have gone to Uni. When we look at candidates it’s about what they can do in the future, not what they have done in the past.
We like people who are keen to grab challenging opportunities. Being able to communicate with clients is also really important, perhaps more than technical ability.
Most crucially we consider whether they will fit the PEM culture and our values of authenticity, reliability and empathy.
These days I am always glad to see some of our AAT trainees who have the potential to go onto being partner one day.”
Can you give any advice to aspiring leaders about their careers?
Perseverance is incredibly important. You can’t give up every time you hit a hurdle.
Find a culture that suits you, and something that you believe in. To succeed, you have to believe in what you are doing, and you have to have the confidence to preach it too.
Surround yourself with people much better than you are. I see my role as creating the right environment to get the best people.
Create a culture that allows people to speak their mind.
Some great advice there. Thanks a lot Warren!
To find out more about our Accountancy courses please click here.
As winners of PQ Magazine Online College of the Year 2020 and also of Best use of E-learning in the 2018 AAT Awards, and Best Distance Learning Provider in the 2020 AAT Awards we have a proven wealth of expertise in online training that we can pass on to you; platform selection, material creation and adaptation, learning activity management and maximising attendee engagement. We can help you to embrace this new approach to internal training confidently and effectively.
Here are some of our top tips and advice for training remotely…
Training is an important part of an accountant’s working life – both as a trainee, learning new skills, and as a qualified accountant, keeping professional development up to date.
Gathering large groups of employees together for a training course is not feasible in the current climate.
This report provides some ideas for how to successfully deliver training online.
Plan
Software
There is a variety of software available – popular ones include Microsoft Teams, Zoom and Adobe Connect. All provide “getting started” articles and videos, plus there are many more on Youtube.
Zoom – has become very popular during the Covid crisis for everything from family quiz nights to First Intuition courses! We like it because it is very easy to learn how to use, the ability to tailor settings and the quality of the sound and vision for the participants. Participants can communicate via the chat box, or verbally and can also turn on their webcams (if they wish).
Adobe Connect – also used by First Intuition. Adobe has a lot of functionality, allowing you to show different things on the screen at the same time, such as polls, weblinks, files and the course notes.
Purpose
This may impact on your software choice as well. A lecture will work well in Adobe or Zoom. Zoom is great for verbal communication and break out rooms.
When
What is the best time of day to deliver the session? Traditionally courses in the office may have taken place over the lunch hour with sandwiches provided. But with more people working from home, you may wish to avoid lunchtime to encourage your team to have a break from their laptop.
Communicate
Ensure all participants have received an email a few days in advance with a link to the session and the start time. Give the email a clear title so participants can find the email easily on the day of the course and attach resources that will be used during the session. Participants may not have access to a printer, so send resources using applications such as Word or Excel that the participants can work on without needing to print.
Practice
Get a group of colleagues together so you can practice before the live event. Keep this informal – just have fun exploring the functionality of the software you have chosen to use.
Preparation
Once you have decided on the method and time of delivery and have decided on the content of the course, now is the time for some detailed preparation.
Timing
Do a rough plan of the expected timing for the session. Allow time for plenty of breaks – around 50 minutes delivery followed by a 10-minute break.
If you will have your camera on, consider what the participants will see. A blank wall behind you will look more professional than a cluttered bookcase! If working from home, ensure other household members know when you will be teaching to avoid unplanned background noise or appearances.
Transitioning
Have everything open and ready on your laptop before the session starts. All documents, websites etc already open so you can easily move between them. Aim to do this at least an hour before the start time.
Open the room
About half an hour before the session starts, open the room. You may wish to use a holding area so participants cannot enter the room until admitted. It’s a bit like standing in the corridor waiting for the door to be unlocked! Do a sound check and if you will be writing on the screen, check your pen is working. Have a glass of water handy.
If you have a second device available, it is useful to log in again as a participant. You can then see what the participants see. In Zoom this is also useful to have the chat box open on the second device, so it doesn’t get in the way on your main screen.
Set the rules
Once you have let the participants into the room, have a slide on the screen with basic information. This may include the start time, whether you want them to have their microphone and/or camera turned off or on, any resources they may need for the session. You may also like to include an opening poll to encourage immediate engagement. Remind the group to turn off their email and put their phone away to discourage multi-tasking during the session.
Breaks
Put your microphone on mute during every break. You may get a phone call or have someone else come into the room to talk to you, and may not want the whole group to hear the conversation.
Always ask the group if they can hear you after a break. Otherwise you could end up talking to yourself for several minutes (particularly if you don’t have the webcam on).
Engagement
Participants will remember the training better if they are actively involved. There are a variety of ways you can get everyone involved.
Chatbox
Encourage participants to type their comments and questions into the chat box. Tell them at the start of the session whether you will answer questions as you go along, or at the end.
Microphone
Some applications will allow verbal communication as well.
Polls
Polls can be set up within some applications to ask questions of the group. Usually these are multiple choice style questions. These can be useful to gauge how many participants have answered the question and results can be shared on the screen. Open-ended polls can be used in Adobe Connect.
Breakout rooms
Breakout rooms can be used to divide the group into smaller groups. They can then discuss tasks together, and present their results back to the whole group.
Annotator (in Zoom)
This allows the participants to write on the screen, either freehand with their mouse, or typing in a text box. This can be used in the breakout rooms or the main room. You could put a crossword on the screen for the group to complete together.
Quizzing software
You could also incorporate a quiz – there are several websites such as Menti, Kahoot, Quizizz and Socrative. This is great to encourage competition. Multiple choice questions, True or False, Word Clouds etc can all be used. All of these have free versions and some have an upgrade available for a small fee.
Quiet participants?
You could ask a question of a particular person, or if this is too direct, direct your question to anyone whose name begins with a certain letter of the alphabet, eg A-D.
End of session
You could set up a poll for feedback. Ensure participants are informed of any further work required, and whether they need to complete a CPD certificate.
Problems
Even with the best preparation, this is a live event so things can go wrong! Keep calm and keep communicating so the participants know what is happening.
Possible problems and solutions:
One of the applications freezes. You may need to close down the application and open the files again. Have all the files for the session saved in one place so you can easily open them again.
Participants cannot hear you. This is usually a problem at their end. Logging out and back into the application often resolves this.
Participants say the sound quality is not very good. Encourage them to close down other applications they are not using as this may affect the sound. Webcam use up a lot of bandwidth, so turning webcams off may also help. Using a headset rather than the computer microphone can improve sound quality immensely.
You lose internet connection. Unfortunately everyone’s internet speed varies greatly depending on where they live and the time of day. Usually it is intermittent and comes back again quickly. Set up a co-host who can take over the session if your internet does drop out for too long.
There’s a power cut. Unlikely, but did happen to one of our tutors for a whole afternoon during a teaching session. She connected to the wi-fi hotspot on her mobile to keep going. Mobile batteries drain quickly though doing this, so you may need more than one!
To find out more about First Intuition Think Tank forums or to register please click here.
So much valuable content emerged in the discussions that this article summarises some of the key points and includes links to the articles shared by our guests and speakers. There are also links to the recordings of both sessions.
If you need any reassurance or advice on the subject of ‘Returning to the Workplace’ this is a great place to start.
Session 1 – Friday 22nd July
Returning to the Workplace Part 1
Barnaby Clark and Lizzie Duckworth from COEL, the commercial design and fit-out company joined us to talk about the look and style of workplaces in the future as the Government safeguarding guidelines have to be implemented and why having a communal workplace is still vital to both employees and companies.
Key points that emerged during this discussion include:
Whilst many people will continue to work from home, the office will become a destination that people choose to go to when they need to work collaboratively or feel part of the team.
Traditional desks will become less common but those who need a fixed position in the office (e.g Accountants) should be allocated one.
One-way systems, graphics with reminders about handwashing and distancing need to be implemented.
Systems that encourage the booking of rooms or time in the office will help to meet the guidelines.
There are pros and cons to both home and office working. Employees and employers need to consider practical requirements such as ergonomics, technology, connectivity, lighting and noise.
Wellbeing is also important and needs to be encouraged whether employees are working at home or in the office.
Session 2 – Friday 29th July
Returning to the Workplace Part 2
In this session, we were joined by
Hannah Jones – Partner at Hart Shaw Chartered Accountants
Ruth Evered – Senior Manager at Saffery Champness Chartered Accountants
Sophie Shepherd – Head of HR at the AAT
Clive Webb – Head of Business Management at the ACCA
Key points that emerged during this session included:
Trial lockdown periods before the official Government announcement helped companies to iron out teething issues and gave employees a chance to test their home set-up.
Offering more employees the opportunity to work from home in advance of the official lockdown helped to ease the transition for many employees.
Communication proved one of the greatest challenges and it was important to keep in touch and provide regular updates, even when there was little news.
Saffery Champness established regular Q&A sessions to allow employees to share their thoughts and ask any questions.
Setting up a comfortable and effective home workspace was challenging for some employees, particularly those who were juggling childcare, did not have the right technology or lived in shared accommodation.
Replicating informal collaboration that occurs naturally in an office space is still proving difficult and new trainees, in particular, are missing the benefit of interacting with trainees of varying levels and different managers.
There is a real variation in the progress of moving back to the office amongst our panel with some seeing 50% of employees back on a rota basis and others not returning at all.
The international make-up of a company also has an effect on the plans to return to the office, depending on the global experiences of the company.
The mental wellbeing of employees with regards to returning to the office needs to be considered carefully and an individual approach based on personality, available technology, home set-up, transport and personal preference works best.
In our First Think Tank Friday Fortnight, we discussed the topic of remote onboarding. You can read the key points that emerged, watch the recordings and find all the links in this article.
Our second topic focused on the remote management of junior staff. This article covers the key points, has links to view the recording of the sessions and shares resources provided by our speakers and guests.
To find out more about our programme for these sessions, click here.
Leadership and Management Courses in Maidstone
Partnering with the Chartered Management Institute (CMI), these new courses are designed for both new managers/team leaders and those looking to continue their progression. Furthermore, all of our courses are accredited with the CMI. Therefore learners completing the full level will be on their way to achieving Chartered Manager status.
Following the Covid-19 pandemic, managers will play an ever important role in helping companies adapt and respond to the changing business environment. Companies will therefore be looking to ensure they have the right people with the right skills to drive these changes forward. Whether it is dealing with HR issues, managing budgets more tightly, or professional development, these courses cover a wide range of key areas within Leadership & Management.
Leadership and Management Programme Details
The programmes are available both commercially and as apprenticeships. Courses can also be booked individually, and can be an excellent CPD opportunity if there is a key skill you need an employee to develop.
Programmes on offer:
Level 3 Diploma in Principles of Management & Leadership
Can be undertaken as the L3 Team leader/Supervisor Apprenticeship, where government funding is available
Aimed at first line managers, team leaders or supervisors, or those aspiring to be
8 CMI modules, ranging from managing teams, achieving results, delivering projects, and managing budgets & resources
Individual modules can be booked separately and added on to commercial CMI courses
To register your interest, or to find out more information please contact Shane Reeves at shanereeves@fi.co.uk or ring the Maidstone office on 01622 755 100 to discuss the options available.
Find out more about FI’s Level 3 and Level 5 Leadership and Management programmes.
FI wins Tutor and Distance Learning Provider of the year 2020
The renowned AAT awards went virtual for the first time ever, and excited nominees dialled into Zoom to hear the outcome of the awards, one of those was our very own Nick Craggs.
Gareth John CEO of First Intuition had this to say:
“I’m so proud and delighted to see First Intuition’s AAT Distance Learning team recognised in this way. When we first started with the goal of giving distance learning students a level of support and care that is normally only available to classroom students, a lot of people told us it couldn’t be done. Nick Craggs and his team show that it can!”
“The incredible dedication they all show to supporting their students is amazing and I am always extremely pleased with the pass-rates and progression they achieve. And for Nick to also win AAT Tutor of the Year was the real icing on the cake!”
Watch Nick Cragg’s live reaction to winning AAT Tutor of the Year
Alongside winning PQ Magazine’s Online College of the year we couldn’t be happier now also winning Distance Learning Provider and having our own Nick Craggs win tutor of the year at the AAT Awards. A huge congratulations to Nick and the rest of the team, making the FI family stronger and giving us something to celebrate in these times.
“I am over the moon to be announced as AAT’s tutor of the year. I have been teaching AAT for nearly ten years now, and I still love it, each and every day. I am passionate about helping students achieve their goals and achieve their dreams, and I couldn’t envisage doing anything else. So to actually get recognition for something, which to me, doesn’t even seem to be a job but something I love to do is the icing on the cake”.
Here are some comments from FI Students on us winning Tutor and Distance Learning Provider of the year 2020
“Well done! I’m self-studying, and free revision sessions helped me massively with my level 3 exams, I especially loved the AVBK with Nick. I’ve bought FI books for level 4 and I’m so excited to start learning. You guys are amazing!” Barbara G, AAT Level 4 Student
“Many congrats FI & Nick!! Both truly well deserved! FI doing what they do best, helping their students be the best and succeed!!” Andy M, AAT Student
“Congratulations to First Intuition and Nick these awards are so well deserved!!! I have always been impressed with the excellent support that I have received since I started training with you, but this has increased to a higher level during lockdown, as we have been so well informed & supported by the whole FI team. You really should be so proud of yourselves!! I am so pleased that I made the decision to study with you.” Jan S, AAT Student
As with our previous session on Remote Onboarding so much valuable content emerged from the discussions that we’ve summarised the key points in this article. We’ve also included the links that were shared, our insight report on the remote management of junior staff and the recordings of both sessions.
C-J Green of BraveGoose gave us a fascinating overview of 10 key areas that she thinks businesses should be focusing on at the moment, including;
“When dealing with staff, it’s all about output, if you are still focusing on input then you are going to find the modern business environment increasingly difficult”. She advised replacing job descriptions (which are so quickly out of date) with ‘output agreements’ that are reviewed on a weekly and monthly basis.
“Stop trying to replicate the office at home.” Younger staff are used to engaging with screens so embrace a world of work technologies that you might not even recognise.”
Have virtual ‘think-out-loud’ sessions where you give staff the chance to verbalise their thinking about what they are up to for a few minutes, even if they don’t have any specific questions. Scheduled agenda-driven video calls tend not to allow this freedom of expression.
“Communicating with junior staff can spark your inspiration as much as you spark theirs”, so don’t treat it as a ‘necessary evil’ that distracts you from your own work, but as a golden opportunity for development at all levels.
“Death to employee surveys, long live town halls!”. Virtual technologies give you an amazing ability to be in front of your teams like never before, to talk personally to them and to invite questions.
Watch the video of her jam-packed session below for her full list of priorities.
Session 2 – Friday 17th July
Remote Management of Juniors part 2
Dyfrig Jenkins of YOU.DEVELOPMENT LTD joined us the following week to give his perspective on the environment we are now dealing with juniors in:
He explained the increasingly VUCA environment we operate in:
Volatile
Uncertain
Complex
Ambiguous
and how this can overwhelm people and teams, and increase the chances of people making bad decisions.
The factors that influence workplace engagement by junior staff include:
Clarity of their role
Freedom to have a say and make decisions
A sense of recognition
His statistic that around 50% of home workers are experiencing physical pain due to poor home office set-ups shocked us all, as did the fact that 75% of business leaders plan to permanently adopt flexible and agile working. Any senior manager expecting to go back to how things were, needs to have a rethink.
With junior staff, a process of “check-in rather than check-up” will ensure they feel supported and foster far greater trust. It will also “develop confidence as well as competence.”
We also heard some excellent advice from Anthony Clarke of the AAT, Mark Foley of CIMA, Sharon Critchlow of ACCA and Laura Barber of ICAEW. You can find the recording of the whole informative session below:
In our First Think Tank Friday Fortnight, we discussed the topic of remote onboarding. You can read the key points that emerged, watch the recordings and find all the links in this article.
To find out more about our programme for these sessions, click here.
Who is CMI?
CMI (also known as Chartered Management Institute) is a chartered professional body that helps managers to develop. It is a recognised professional qualification, and a useful addition to your CV. Members of CMI benefit from access to a library of invaluable resources, networking opportunities and events, which remain available to you even after you qualify. This means you continue to receive support with any daily management challenges that may be presented to you. Visit the CMI website today to discover more.
What is required to do a Leadership and Management apprenticeship?
A suitable job role that allows you to practise your new skills in the workplace
A dedicated mentor in the workplace
20% OTJ (off the job) learning
CPD (continued professional development) log and to complete an EPA (end point assessment)
Your coach will conduct quarterly reviews with you and support you during the EPA process.
How long is a management training programme?
The level 3 programme is between 12-15 months and the level 5 programme is 18 months.
What is the difference between level 3 and level 5?
Our Level 3 programme (Team Leader) is for a manager who is starting to lead a team and who currently has limited management experience.
Our Level 5 programme (Operational/Departmental Manager) is suitable for a manager who is already heading up a larger team or who is expecting to head up a larger team.
How will I learn on the leadership and management programme?
We have a variety of ways to deliver training so there is something to suit everyone. Our delivery includes a workshop once a month, optional drop-in sessions with tutor support, impact skills days to practice your developing skills in a friendly environment, completion of written tasks set by CMI and 1:1 calls with your FI Coach.
How will I be assessed on the CMI management programme?
You will have one written assignment per module (8 in total). At the end of the Leadership and Management programme, you will need to complete an End Point Assessment.
What is Off the Job?
“Off the Job Learning” (also called OTJ) refers to time spent learning new skills. As an apprentice, you are required to spend 20% of your time learning new skills and activities as part of the programme.
OTJ can include: time at college, time in work, hours spent working on assignments or studying, working with senior members of staff to improve your knowledge and skills, completion of development tasks set by your tutor.
What is CPD?
CPD is also known as Continuing Professional Development, is any training/learning you have done to develop your skills. This is logged in a CPD log which forms part of your final Leadership and Management assessment.
What is End Point Assessment (EPA)?
The End Point Assessment is the final assessment for an apprentice, to demonstrate that they can do the job they have been training for. The EPA is the final hurdle to completing the qualification and is separate of any qualification or assessment that you might have undertaken during the on-programme stage of the apprenticeship. Therefore, when you have completed your apprenticeship you are likely to have 2 qualifications – your apprenticeship as well as a separate professional qualification.
The EPA for Leadership and Management is broken down into sections:
A knowledge test
An interview
Portfolio of work-based evidence
Professional discussion on your CPD and a presentation
A work-based project and report
We will support you in working towards the final assessment and in developing your portfolio and the evidence required for EPA.
I am interested in the Leadership and Management programme, but I do not know what level to do. How do you I find out?
Please get in touch with us, we can explain more about the programme and discuss your previous experience to ascertain the appropriate level for you. We also have an eligibility questionnaire that we can send to you to complete. This will give you a better indication of what level you should start your studies with us.
Where do I find out more about the Leadership and Management course?
Want to read more exclusive news and tips from First Intuition? Head to FI Hub now.
So much valuable content emerged in the discussions that this article summarises some of the key points. There are also links to the Employer Insight report we commissioned as well as the recordings of both sessions.
If you need any reassurance or advice on the subject of remote onboarding this is a great place to start.
Session 1 – Friday 26th June
Martin Taylor and Hazel Rogers from First Intuition discussed the content of our latest employer Insight Report. The title of this is ‘Meeting the challenges of remotely onboarding new employees and bringing them into your company culture’.
We were also joined by Felix Mitchell, Founder and Director of Instant Impact. He shared his own expertise and some client case studies.
Some key points that emerged:
There is often a ‘black hole’ between when the recruitment team finish their job and the HR team start theirs. This ‘pre-boarding’ period between an accepted offer and the first day at work is actually critical for successfully integrating new team members who will be working remotely.
Social events are just as important when working remotely.
A buddy-system for new starters is invaluable for making them feel welcomed to the team and building organisational loyalty.
Informal contact with senior leaders is important for new starters and needs to be deliberately planned when everyone is working at home as they will rarely cross paths in a coffee room.
During their onboarding, new starters should be encouraged to ‘contribute as well as consume’.
Session 2 – Friday 3rd July
We were joined by Will Dempsey, Global Talent Acquisition Lead at AstraZeneca. He talked about his experience of building a remote onboarding programme including a couple of useful toolkits.
We also invited insight specialists from AAT, ACCA, CIMA and ICAEW to provide their tips and best practice for employers.
Interesting points from this session:
It’s important to identify the potential stress points for each new joiner so that plans can be put in place to mitigate them.
Getting to know individuals is going to be crucial. This may involve some low-level personality profiling such as Myers Briggs.
Someone needs to take ownership of the onboarding process as it often falls down the hole between ‘recruitment’ and ‘induction’.
Ensure that there is communication across teams as well as within them to avoid ‘silos’ developing where staff don’t know colleagues in other departments.
‘Planned informality’ is needed to replace relationship-building communication that would happen organically and naturally in an office environment.
For too long SMEs have been cut out of the funding priorities of the ESFA, but since January 2020 these same companies have been given access to the vital funding needed to start new apprentices.
Employer event with FI Maidstone and ICAEW
This event saw Ian Fidock, Managing Director of First Intuition Maidstone, Shane Reeves Apprenticeship Centre Manager, and Frank Garvey of the ICAEW, discuss the benefits of apprenticeships, their design, and how First Intuition Maidstone can help tailor a programme to meet the needs of local businesses. Watch this video for the full discussion on how apprenticeships can work for SMEs.
Accountancy apprenticeships are a key route for budding new accountants to enter the industry, get qualified, and apply the technical knowledge they learn to a workplace environment. Not only do SMEs receive funding to support their training requirements, but apprenticeships provide the opportunity to mould an individual to fit an organisation’s culture.
How can apprenticeships work for your organisation?
Supported by First Intuition Maidstone, and the ICAEW team, our programmes support employers from becoming ICAEW approved employers, through to the onboarding of new trainees, and the development of their recruits for welcome retention upon successful completion.
To explore how apprenticeships could work for your organisation, and to find out more about our programmes don’t hesitate to get in touch.
Check your team have everything they need to be productive. Ensure you have a sensible and organised document storage system and an agreed naming convention which everyone can access and navigate.
2. Set clear expectations
The better briefed your team are, the more chance they have of reaching the goals. Set clear measurements of success (metrics) and targets.
3. Ask
How are they working? Telling them what to do when you’re not there to see means they’re likely to do it their way anyway! This way you can help ensure their way is working and coach them how to improve.
4. Goals, not activity
When managing teams remotely, a manager can no longer measure success through observed input (hours worked) and instead has to switch their measure to output (delivery of value).
5. Communicate
People can’t simply turn around and ask questions of their team, so communication must be encouraged. As a leader, make sure you can be contacted and agree a communication strategy; DM, email, phone, Zoom… Set appointments for more formal meetings.
6. Avoid email fatigue
Encourage the use of phone, facetime or direct-message. Set standards around ‘reply-all’.
7. Meet regularly
Engage your remote team through a regularly scheduled face-to-face meeting. This can be weekly or monthly and could be combined with a training or coaching program.
8. Video calls
Control the conversation. Direct questions to individuals to avoid people talking over one another. Mute if you’re not talking. Have an agenda and limit the time. Use cameras to ensure engagement and add non-verbal communication.
9. Not just work
Show you are supportive of their success by using inquiry to help them achieve their goals rather than check on their progress and numbers. Make time to talk about other topics than work to foster better working relationships. This constant interaction will help remote workers feel included and valued.
10. Trust
There will always be uncertainty about whether or not the work will get completed at the same level as if they were in the office. You can monitor productivity but you can also set agreed behaviours such as expected log-in times, regular check-ins, email response times and shared values. Trusted employees are often more motivated.
Our Leadership and Management programme can help you manage teams
We offer the level 3 and level 5 Leadership and Management programmes. Our programmes are designed for those who currently run a team or will do so in the near future. The course teaches the core strategies required to be an effective manager as well as putting the strategies in practice via our skills days.
How to find out more about our Leadership and Management programmes
Anyone who is currently studying with First Intuition Norwich will need to go to firstintuition.accessplanit.com and book online. You will need to pay the exam fee at the point of booking.
Please download the instructions below on how to book computer based exams:
If you need to cancel or amend your booking please contact the Norwich office on: 01603 293075
External Student
If you do not study with First Intuition, you will need to contact our customer service team on 01603 293075 so we can set up an account for you. Once you have an account you can book using this link firstintuition.accessplanit.com and follow these instructions Norwich – How to book CBE’s.
Social distancing
We will be adhering to the 2 metre social distancing rule. This applies to candidates walking around the centre as well as spacing our computers 2 meters apart. We have placed yellow tape around the centre to mark the 2 meters.
Cleaning
All machines and surfaces will be cleaned with anti-bacterial spray/wipes before and after each exam. Candidates should also use the hand sanitiser stations whilst in the centre.
The exam room
We have reduced the amount of candidates in each exam room to adhere to the 2 meter rule. This does mean we need to run more exams to serve the same amount of candidates that we had before. Please be patient if you waiting for an exam slot.
Facemasks
We are asking all candidates to wear a face mask when they are in centre. If you do not have one of these we can provide you with one.
Personal belongings
We are asking all candidates to reduce the amount of items they bring into the centre to avoid contamination. We are also encouraging candidates to bring in their own bottled water if they expect to need a drink.
Additional measures
To ensure the safety of our staff and students we are asking all students who have an exam to fill out a health form and return it to us the day before their exam. It is important to contact us if anything changes before the exam or you experience Coivd 19 symptoms up to 14 days after your exam in our centre. We will not charge you if you need to cancel your exam due to illness.
How to book a computer based exam
We are currently prioritising exam spaces for our own students and for those who already had an exam booked with us before lockdown. We will open up to external booking when we have capacity. We expect to be able to take bookings for external students by 1 August. If you would like to make a new booking please do not contact us before this date as we are unable to take bookings yet.
If you are nervous about your exam, this article could help.
To keep up to date on the Coronavirus news please visit the Government website.
What should I do if I failed an accountancy exam?
In my previous post – am I ready to sit my accountancy exam?, I finished with a recommendation to watch The Last Dance on Netflix. This mini-series looks at the success of the Chicago Bulls basketball team in the 1990s. Still worth watching if you have not checked it out. The biggest star of this team was Michael Jordan and I’m starting this blog with another quote from him
“26 times I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
Most of my students email me after their exams. I love it when they tell me they have passed. My job is great for sharing successes, but the harder email to read (and I would image for most students to send) is where they tell me about a failure. That mutual sense of disappointment, have we in some way both let each other down? For the vast majority of students, the answer to this question is no! Exam fails happen, this is part of life and only makes the prize of passing and ultimately qualifying more valuable.
I would like to share with you my views and responses to exam failure.
My Top Tips
Look at your score. Exam pass rates are meant to be a challenge. If you were only a few marks short you clearly had a chance of passing. The odd missed question, silly mistake or misread requirement could have been the difference. Many students have openly acknowledged to me they had no new technical knowledge second time around, but the exam just went better for them.
Plan a quick resit. Different professional bodies have rules on resits, but I would usually encourage a student to sit as soon as possible. I have recently helped a couple of CIMA students who resat exams within 10 days and passed the second time around. This really boosted their confidence and meant they continued with their original study plans to start a new unit and get closer to qualification.
Was it time? If you left the exam leaving questions unanswered, these parts definitely scored you zero marks. Students must work on time management, doing mocks under exam timed conditions and developing techniques to get through questions accurately but quickly.
Feel more positive. Turning a fail into a source of motivation is a skill. I have form on this as I failed an exam early in my accountancy career. It hurt and was not a nice feeling, but I used this to push me on. I passed the resit and felt it improved my preparation techniques for future exams.
Resilience is not listed in the syllabus of any of the accountancy bodies, but I see this being as important in your route to qualification as knowledge of Debits and Credits. Don’t fear failure, acknowledge it and use it to drive you on. Success is all the better when truly earned, whether you are a star of the NBA or an accounting trainee.
Further advice if you’ve failed an exam
If you want help with preparing for an exam please get in touch. Benbullman@fi.co.uk
There are some great resources available here on our website to help you prepare for an exam, take a look at some of the articles shown at the bottom of this page.
You can also take a look at the advice offered by your awarding body
For latest news and exclusive tips from First Intuition, visit FI Hub.
Dear Nick
I got the books on Monday so have now had a few days to access FI material via all different forms, i.e. the paper folder, laptop, iPad and android, as I use all for studying.
FI Online portal
The first two words that instantly came to mind when first accessing the My FI portal were: ‘modern’ and ‘clean’. With the latter I mean uncluttered.
The dashboard overview is very user-friendly, with just a one-click link to each Level 4; (at my previous provider I would land first on a welcome page, would be shown what the weather is like in my area, and that I gained ‘badges’ for having passed my first assignment, achieved a merit assignment pass, etc and other non-essential items. Then I would have to scroll down past many other headings until I got to the module I wanted, then within that module scroll down to the chapter that I had last finished at.) With the FI user interface, I can quickly get to where I want.
I can access the FI portal on my MacBook and in Windows and the format has held; at my previous provider the formatting of the web pages went out of the window unless Google Chrome was downloaded. Unfortunately it wasn’t something I knew about before signing up for the course.
Paper
It is obvious the structure of the folder has really been thoroughly thought about in terms of content.
I appreciated the option of wire bound or lever arch file notes – I’ve only ever had wire bound before which tend to break because of the bulk. Now I can take a chapter or topic out and about with me and I can annotate them on the move.
I particularly like the clear layout, followed by an illustration of a topic but then watching lectures and trying an example out for yourself before looking at the answers is ideal for me.
iPad
I have downloaded a copy of the course notes and questions onto my iPad and the formatting has held. In normal times I like to read in the car, or go over and practice questions in a library without having to carry the entire syllabus with me.
Watching the lectures on the iPad is just brilliant: I really like the way the tutors highlight salient points as they talk and there is no problem in following what they are doing.
Android
I very much like the online lectures, they are such a useful aid to learning, or giving a brief overview to a subject. Makes such a refreshing change to simply reading everything.
The FI portal seems to be correctly formatted for a smartphone, although I wouldn’t want to use it for any length of time to read from.
I am so delighted that I can listen to these lectures on my phone so that my hands are free to do (eg the washing up) or walk somewhere!!
FI
The tutors teach in a such chatty, interesting way, bringing the subject alive, that I feel I am almost in the classroom. I rather regret not to have used FI for all of my AAT with at least all my level 4 where I might have got better pass marks than simply reading rather dry, uninspiring text book material. The benefit of hindsight!
Thank you
Again, I would like to thank you also on behalf of others for offering these generous revision sessions to all non-FI students too in lockdown, where I first got to know First Intuition. It has been really useful to interact with the tutor and other students via an initial fun quiz before being talked through useful tips on how to tackle exam questions or what the AAT exam is looking for, etc. It is through these sessions that I have realised that I have some larger gaps in my knowledge which haven’t been covered in the text books from my current provider. (Shockingly in at least two instances the text book has taught us an incorrect method of calculating something!!). Although I wasn’t expecting it, I am very grateful to Rebecca for contacting you about me.
I am now starting to work my way methodically through the course notes and question material with much greater confidence – which will hopefully be reflected in assignments.
I look forward to working with you.
Thank you once again, and kind regards
Alex
Click the blogs below to see what helped Alex with her AAT Studies.
It seems clear that this year that is going to be far from normal
Many universities have already announced that they will be holding lectures online for the first term, or even for the entire year as in the case of the University of Cambridge and others.
For more practical degrees such as medicine, music and engineering it is less than clear quite how they might even translate to online delivery.
Young adults may feel reluctant to move to big cities away from their family and live in shared accommodation.
Social distancing may put a very different spin on all those fresher year social and sporting activities that sounded so fun.
Important networking opportunities are likely to be far harder to engage with.
It certainly makes students and their parents question the value of the tuition fees being charged for what might amount to months of watching a computer screen.
Increase in deferred University places looming
There is increasing talk in the media that deferral rates will be much higher in 2020, such as these two BBC articles article 1 / article 2.
On 20 May London Economics published a report (link here) assessing the potential impact of the Covid-19 pandemic on UK Higher Education enrolments which makes very interesting reading. They asked 516 predominantly UK-domiciled respondents whether they would still intend to go to University in Autumn 2020 under two scenarios:
If the University they had applied to or received an offer from was operating as normal and running all classes in person with few social distancing measures
Result – Only 86.7% still intend to go to University in the Autumn even if they are operating as normal
If the University they had applied to or received an offer from was not operating as normal and were delivering many classes online, restricting university activities and enforcing social distancing restrictions
Result – An even-lower 72.0% still intend to go to University in the Autumn if they are not operating as normal.
And just last week it was reported here that UCAS said that over 65,000 students had still not made their minds up with deadline day for final submissions looming on 18th June.
This may present employers with an opportunity to recruit a calibre of talent they wouldn’t normally be able to attract.
The big question that occurs to me is “if all of these young adults decide not to go to University this September…what will they do?”
It seems unlikely that gap years to go travelling will be feasible, or even appealing. For similar reasons voluntary work may be a less practical option. It is also the case that many youngsters are in a worse financial position than expected due to losing part-time work or summer jobs due to the crisis.
So, what’s the solution….
Well, can a gap year become a gap career?
Employers are in a unique position this year to offer these capable, ambitious youngsters an opportunity of a lifetime: “Try out a career for a year, there’s a lot going for it:
earn some proper money
gain valuable work experience
make useful professional connections,
maybe achieve a qualification or certification for your CV,
you never know you may love it and stick with it!
and if you decide it’s not your long-term future then take up your deferred Uni place next year and spend the money you’ve earned on a great Uni experience.”
For students receiving estimated GCSE, A-level or degree grades this year, successfully completing the ‘real exams’ of the early stage of a practical accountancy qualification also gives a tangible recognition of ability when some academic awards may be viewed with a degree of suspicion by employers. For example, AAT level 3 (which can be achieved within a year of leaving school or college by a motivated student) can be worth up to 56 UCAS points which is better than an A grade at A-level, and that might mean getting into a better University in 2021!
AAT level 3 (which can be achieved within a year of leaving school or college by a motivated student) can be worth up to 56 UCAS points which is more than an A grade at A-level.
The door is still open
I know that a lot of the clients that I work with are still planning to recruit and train accountancy trainees this Autumn and still have vacancies to fill. They are offering sponsored training for a globally-recognised accountancy qualification such as AAT, perhaps under an apprenticeship which complements practical workplace bookkeeping and accounting knowledge with recognition of crucial career skills such as teamworking, communication, negotiation, problem solving and decision-making.
And don’t make the mistake of thinking that Apprenticeships are a second-class option. Some of the highest-calibre students that I see training to be Chartered Accountants are apprentices, and a large number of graduate training programmes are increasingly being done under level 7 apprenticeships. Cutting out the debt of studying for a degree, and becoming an apprentice straight from school is a great way to accelerate knowledge, skills and career progression from an age that has rarely been possible in the past.
And what’s even more appealing is that studying for a level 7 accountancy qualification can give the option to also achieve a Batchelor’s degree and even a Master’s degree along the way by completing some extra modules, so students who don’t ever go to University don’t need to miss out.
Building core accountancy skills
The AAT qualification itself is used to train many school leavers in the first couple of years of their finance careers, and is seen by many employers as the most robust way to build the core bookkeeping knowledge and fundamental practical workplace accountancy skills that they need their trainees to develop, far more credible even than accountancy degrees.
Some of my most successful students are school leavers who started with AAT and have gone on to great things in their career, exceptional individuals like Chief Financial Officer Stefan Payne and Managing Partner Vicky Wainwright. Click the links to see their stories.
And from the employer’s perspective even if the student does decide to take up their Uni place in 2021 they may well be an ideal graduate candidate 3 years later, already familiar with the organisation’s people, culture and ethos.
Now is an ideal time for would-be Uni starters to see if there might be an interesting ‘gap career’ for them, maybe even in accountancy and finance.
Accountancy Summer School – Online for 2020
Every year FI centres across the country invite local students to come along to one of our Accountancy Summer Schools. Students can find out more about our industry and the careers available within it. Despite the current Covid-19 pandemic, we are still planning for our Accountancy Summer School to go ahead! We will be using our ‘Virtual Classroom’ which we’ve been using successfully to teach our own students in the current circumstances. Click here to find out more and book your Free Place!
Value of a degree….
It has become increasingly clear in recent years that university isn’t always the best option for everybody who wants to start a professional career – watch Gareth’s video from 2017 below to find out some interesting facts that still hold true today.
Lanching virtual classrooms
Some of the choices like the decision to switch to a virtual classroom were easy to make. We needed to protect our staff and our students and to facilitate continued learning for our students and apprentices.
Our business model has always been about caring for our learners and a personalised approach to study. Above all, it was important to preserve these distinctive traits despite changing to virtual classrooms, to avoid being just another online delivery website.
We opted for virtual, but live, classroom delivery. Keeping our classes small meant we retained our interactive approach and our tutors continue to be approachable and supportive. By using software with video images helps us make the experience more personal.
In practice our worries turned out to be unfounded. It was a natural progression to transfer the business model onto the online classrooms and support. Our learners feedback is overwhelmingly positive. The results from our recent survey support this.
What our students have said
“..my development coach is fantastic at what he does. Always has something relevant and interesting to discuss and his level of knowledge not only about the apprenticeship but multiple other topics is brilliant.” First Intuition Reading student
“Everyone I have encountered so far as FI have been lovely and always so helpful. I couldn’t pick just one :)” First Intuition Reading student
The personal approach is not a badge we wear or something written on a branding document. The thing which makes our business special is the team of tutors and coaches who deliver it. The personal approach is about the people who care for their learners and who are proud of each step which their learners take towards reaching their potential.
It is the hard work and partnership with our learners which makes us what we are, the team work and the characters involved.
The future
In conclusion the biggest lesson we have learned is that our business is agile and able to adjust. This is likely to be needed in the future as businesses face unprecedented levels of change. We can be online but preserve the small classroom. It’s our people who make the difference.
We had a great response to our survey. Some students were studying as apprentices and others as examination only learners. We have students who are sponsored by their employers and others were funding their training themselves.
92% of our respondentsfelt fully informed about the change from a First Intuition centre to our virtual classroom. Feedback we received included:
“It’s nice feeling that someone’s in control of the situation.”
90% felt that the level of interaction was good or above. As part of the change we built in more polls and online quizzes designed to replicate the engagement that learners would be used to in our centres.
“First online session I have attended and found it excellent. Highly recommend!!”
Some of our learners reported that it was easier to be involved with class discussions as you could do so anonymously rather than speaking up in class.
“Very supportive and efficient service, FI really goes the extra mile!”
Indeed 90% felt that they were able to communicate with the tutor during classes using chat boxes or raising their virtual hands to ask questions.
The challenge of transitioning to virtual classes
Robust technology and reliable broadband were initially a challenge for many organisations moving to online meeting solutions. Schools, offices and even Joe Wicks’ PE lessons were competing for core hours. Our sessions are delivered through Adobe who increased their capacity over the early weeks.
Having colleagues on standby to support with IT issues and to communicate with learners using other platforms meant that we were able to continue to deliver during this time.
The professional qualifications that we deliver were also experiencing rapid changes in this period leading to cancelled exam sessions.
For FI this meant the need to create bridging programmes to support our learners who had commenced their studies for a June exam that is now deferred to September 2020.
Our learners are attending additional webinars and submitting work for marking to keep their knowledge and technique fresh for the revision courses later this year.
As we move into the next phase
It is important to FI that our learners are supported. Consequently 97% of our respondents felt that they were fully supported and knew who they could approach for assistance.
Our learners reported challenges with their physical workspace and home distractions. However, the flexibility to view recordings of our live sessions gives more opportunity to schedule study time around working remotely.
Thank you to our students, clients and staff for continuing to support our learners through their professional qualifications.
Finally, what happens next?
As we continue to deliver our programmes virtually, we are building in more opportunities for interaction. Quizzes, polls and collaborative brainstorms will form part of our delivery together with short, regular screen breaks.
We are also following up on the mock results and level of interaction of our learners – FI’s very own track and trace system!
Finally, later this year we are launching our new learning platform. This comes with increased functionality for online studying.
ACCA, CIMA and ICAEW have all been introducing ‘remote proctored’ invigilated exams which use a combination of biometrics, AI and live invigilation to allow students to sit their assessments remotely from their home or office.
The AAT suspended all assessments in March but plans are now in place to allow students to restart sitting their assessments using physical assessment venues.
Physical assessment venues
Students are now able to sit their exams in an physical assessment venues (from June 29th 2020) although not all centres will be opening on that date and capacities will be reduced due to social distancing measures. Students may need to be willing to sit at a different centre to their usual one.
The AAT have made some additional synoptic windows available over the Summer, shown in green bold below alongside existing windows.
Students will not be able to sit the level 2 Foundation Synoptic until 17th August.
Remote invigilated assessments
The AAT were hoping to introduce remote ‘proctored’/invigilated assessments from August. After extensive testing and further investigation that the AAT have conducted, it has become clear to them that it will not be possible for them to introduce RI in the way that they had planned. As a result, they have changed their plan and are now working towards implementing a managed pilot through selected training providers utilising two of their Level 1 qualifications. This will provide them with valuable information and learning which will allow them to better understand and mitigate against the risk of the issues associated with RI.
Level 2 Foundation Synoptic – calculated result
Any students who have sat and passed Bookkeeping transactions, Bookkeeping Controls and Elements of Costing by 31st March (at least one of which must be been sat in the 12 months up to that date) will be given a calculated result for the level 2 Foundation Synoptic. This result will be based on their results for the three exams they have passed. The calculated results will be released on 13th August. There will be a £49 fee for this.
Recognition for Prior Learning/Exemptions for other qualification exams
It may be possible to achieve credit for up to 50% of AAT papers at a particular level through ‘RPL’/exemption, which may be an alternative for students who are unable to complete AAT units by sitting assessments in physical assessment venues or by remote proctoring. Examples might be:
Completing a Xero Certification can help achieve RPL against Level 2 UACS
Passing ICAEW Principles of Tax (available remotely from May) and gaining exemption from level 4 Personal Tax and Business Tax
Passing ACCA Management Accounting (available remotely from late June) and gaining exemption from level 4 MA: Budgeting and MA: Decision & Control
Passing CIMA BA3 Financial Accounting (available remotely from May) and gaining exemption against level 4 Financial Statements of Limited Companies
See here for a full overview of exemptions available through passing exams of other qualifications.
Qual21
The new AAT syllabus which was due to be introduced in September 2021 has been delayed to February 2022 and will be called ‘Qual22’. The last date for registering on the current syllabus AQ2016 will be 31 January 2022 and students will have until 28 February 2023 to complete papers under AQ2016.
Certificate/CFAB level exams have been available for students to sit remotely from home since early May. They are available ‘on demand’ and can be booked directly by students at any time although it’s a good idea for them to confirm their plans with their employer and training provider before they do so.
So far over 2,000 remote exams have been delivered successfully and pass rates are holding firm in line with physical exam centres at 86% overall.
Technical requirements for students exams at home, including a system check can be found here.
Professional level exams
The June Professional level exams have been cancelled meaning that the next sitting is in September.
The ICAEW have obtained FRC approval to offer remote invigilation of exams allowing them to be sat by students at home or in the office. The ICAEW are in a position to offer this as an option for the September Professional exams for those students who cannot or who do not want to sit exams in a physical centre. Students will be able to ‘mix and match’ exam types for separate papers at the same sitting, but will not be able to change their mind once they have made a decision.
September Professional Level exambooking windows will be:
13 – 17 July for physical venue exams
20 – 24 July for remote exams
It is strongly advised that students considering sitting a remote exam perform a system check as soon as possible so that if there are any issues they still have time to book at a physical venue. A link for the system check can be found here.
Advanced Level exams
The July Advanced level exams have been postponed to week commencing 24th August. The ICAEW are confident they will have the capacity to accommodate all student in physical exam venues.
The ICAEW are able to offer a remote invigilation option for these exams. Students will be able to ‘mix and match’ exam types for separate papers at the same sitting, but will not be able to change their mind once they have made a decision.
August Advanced Level exam booking windows will be:
29 June – 3 July for physical venue exams
6 – 10 July for remote exams
In addition, the ICAEW are keeping the second booking window open to students who may need to book an assessment centre, should they find that they are not able to access the remote invigilation option due to technical/system restrictions.
It is strongly advised that students considering sitting a remote exam perform a system check as soon as possible. A link for the system check can be found here.
The ACCA are now offering remotely invigilated exams that students can sit at home for ‘on-demand’ exams, including:
Accountant in Business (AB)
Management Accounting (MA)
Financial Accounting (FA)
Corporate and Business Law (LW)
The Foundation Level exams are also be available (FA1, MA1, FA2, MA2, FAB, FMA, FFA). These remote exams will be available 24 hours a day and will be booked and administered directly with the ACCA.
Physical exam venues are currently able to offer the on-demand exams if they are open and operating as normal. It is best to check individual exam centres for their current plans and operating capacities. FI centres are working hard to be able to offer on-demand exams in centre in the next couple of months.
Session-based exams
Physical exam venues
The June exam sitting has been cancelled in the UK. The ACCA are expecting the September exam sitting to run as normal in physical exam venues and students are advised to book their places in the normal way. The ACCA are confident that they can offer adequate capacity for all students to sit their exams in physical exam venues even though demand is likely to be high.
ACCA students can be confident that Session exams are going ahead in September 2020. ACCA’s first priority is for students to be able to sit exams in centre and therefore have opened up the booking system for physical centres. In the event that centre based exams cannot go ahead, ACCA have a contingency in place to ensure exams could go ahead remotely, if necessary.
CIMA started running remotely invigilated exams for the Objective Test exams from the 4th May, and ran the May Case Study exams in a similar way. They plan to continue offering remote exams as an option even after physical exam venues reopen.
On the whole students are happy with the ‘in-exam’ experience. Although no pass rate statistics are available yet, results are said to be very good and in line with classroom exams.
Students schedule their remote exams online through MyCIMA via the Person VUE platform.
A comprehensive set of FAQ’s can be found here including detailed system requirements and useful hints and tips videos.
Physical exam centres
Some Pearson VUE exam centers have started to reopen. The Pearson VUE website which is updated regularly about the status of exam centres in each country and be found here.
Free resit offer
CIMA are offering a free resit exam to students who book and sit any Operational, Management or Strategic level OT assessments between 1st June and 31st July. If they fail their exam they are eligible for a free resit within three months of the original exam date. Terms and conditions can be found here.
ATT/CIOT
The May sitting of the CTA and ATT papers were cancelled, but an emergency session is taking place at the end June/early July for a few of the papers, being CTA Application and Professional Skills (APS) and ATT Paper 4. These will be running as online remote invigilated (proctored) exams.
All students who had originally booked to sit in the May window were contacted, that they were automatically deferred to the November 2020 exam session. For those sitting CTA APS and ATT Paper 4, they were advised they could sit them online June/July if they wished. Students would have needed to contact CIOT/ATT directly to secure their place otherwise they have been deferred for entry for the November sitting, which will also be online and will be for all the usual exam papers, not the limited number in June/July.
The results for the June/July exams will be released on the 19th August, the ATT has advised if students fail they will offer a free resit for the November sitting, however, the CTA is not offering free resits for anyone who fails APS.
The November booking window will be open from 15th July to 18 September, however, there will be a short window for students to register late (until the end of September), where the normal late registration fees will apply.
They have also relaxed the rule of having to sit all CBE’s before registering for their final CTA paper(s), so anyone will be able to enter and sit their final CTA paper(s) in November. If students go to book their CTA exam(s) without completing the CBE’s and find they cannot book should contact CIOT directly, as the booking system will still flag up the lack of CBE’s.
There is no restriction on new entrants for the November 2020 exams.
If there any changes regarding the exam windows communications will be sent on via email to students.
There have now been a number of helpful videos / webinars released by the ATT / CIOT to assist students in preparing to take their exams online via remote invigilation. Tolley have also provided their own guide to assist students.
First Intuition Think Tank (FITT) forums for employers
First Intuition are hosting a weekly employer forum addressing the current issues that employers are facing as a result of the pandemic. Expert speakers, peer discussion and dedicated content will allow attendees to draw on a number of valuable sources of knowledge in developing their own effective organisational and personal responses to the crisis. Click here to find out more and book your place.
Downloadable Guide
Download the Syllabus Changes For ACCA Qualification Exams 2019/20 – 2020/21 Guidance pdf here:
As always, if you have any questions or concerns about your ACCA studies, we are here to help. Contact your tutor or local study centre who will be happy to talk though any question you may have.
Find our ACCA Online course dates and prices to September exams here or for your local study centre here.
We are also running new FREE Revision Masterclasses online every week, covering relevant topics to many ACCA papers. These are a great way to fit in some extra revision, top up your knowledge and get the opportunity to ask questions to an FI tutor ahead of your exams. Find our upcoming masterclasses here.
When’s the right time to sit an exam?
What if I fail? I don’t feel ready? Should I do more work? How do I fit everything around my family/work/life commitments? Remember – no one ever feels completely ready! You need to trust in the preparation you and your tutor will have undertaken.
I’m not saying you should rush into exams and sit whilst knowingly underprepared. I do however remind students our First Intuition courses are designed to start preparing you for the big day from the very start. Structured course notes and lectures to cover the syllabus areas in the correct level of detail. Assignments and questions completed throughout your course to identify and revisit key areas. Mock exams are marked and reviewed to develop exam technique. When I go through this, most students acknowledge they are ready. They just needed someone else to tell them and give them the confidence to attempt the exam!
In the last two months, the level of student uncertainty in booking an exam has obviously increased. Quite understandably students are worried about the health of themselves and family members. There are additional stresses from work in response to Covid19 and the new world of sitting remotely proctored exams from home. These factors remain important but my recent chats with students have been more positive. On the whole, people are settling into their new normal.
Looking for inspiration?
I have been really grateful for our on-demand TV subscription during lockdown. One of the highlights of my viewing has been The Last Dance series on Netflix. This looks at the success of the Chicago Bulls basketball team in the 1990s and I would urge you to check it out. Michael Jordan was an ever-present star of this team and has been quoted many times. If you are after a final piece of motivation I will leave you with one of my favourites.
We will allocate places on a FIRST COME FIRST SERVED basis.
We have created specific tuition and revision combined courses, aimed to prepare you for the ACCA pilot exam sitting (dates below), delivered 9.30am to 4pm GMT via our Online Live classrooms if you would like to attend these to support you through to the exam.
The courses are 5 days long in duration and include marking of course exams and mock exams and tutor support throughout the course.
We will also pass assure those students who sign up for this by giving them a free revision course if required to the September 2020 exams.
30% price reduction for FI students
(Please note that pass assurance does not cover these unique courses, to take advantage of pass assurance use the standard FI exam sitting courses)
To proceed with booking to the ACCA Pilot exam sitting:
Step 1 – sign up with your details, which paper/s you are interested in and whether you wish to attend one of the courses below, or study on your own – do this BY THURSDAY 14TH MAY.
Step 2 – we will contact you on Friday 15th May to confirm your place. Again this will be for the first 50 students per paper who registered interest.
If you wish to book a course as well:
Step 1 – Ensure that the dates you have selected you can attend.
Step 2 – We will contact you directly Friday 15th to Monday 18th May to collect payment for the courses / confirm your place. Please DO NOT register if you are not expecting to pay.
Step 3 – For those attending courses, materials will be despatched and your login to the online learning platform released by the end of Monday 18th May.
Step 4– First courses start on Wednesday 20th May.
We have secured up to 50 exam seats for the papers below for FI students. Also, we have created specific tuition and revision combined courses (see dates below), delivered 9.30am to 4pm GMT via our Online Live classrooms.
The courses are 5 days long in duration and include marking of course exams and mock exams with tutor support throughout the course.
This pilot exam sitting is not on the ACCA website for general access and is only available via trusted learning providers.
Pass assurance
We will pass assure students who sign up for these courses, by giving them a free revision course (if required) to the September 2020 exams.
How can I secure my place?
We will allocate places for the ACCA pilot exam sitting on a FIRST COME FIRST SERVED basis. Therefore, if you really want to progress as quickly as possible and use this remote exam sitting, simply follow the steps below:
Step 1 – Sign up with your details and which paper you are interested in using the form below – do this by Thursday 14th May.
Step 2 – We will contact you directly between Friday 15th to Monday 18th May to collect payment from the first 50 students per paper. Please DO NOT register if you are not expecting to pay for a course.
Step 3 – Course materials will be despatched and you will receive your login to the online learning platform by the end of Monday 18th May.
Step 4 – First courses start on Wednesday 20th May.
Please note: a minimum number of 15 students per course is required for it to run.
Course fees: £699 inc VAT per paper
ACCA exam fee: £120 per paper (UK fee)
Exam Dates
Monday 6th July – Audit and Assurance
Tuesday 7th July – Taxation
Thursday 9th July – Financial Reporting
Studying an accountancy course at home can be challenging. For some students, it means they have no divide between their home life and studies and it can be difficult to motivate yourself and plan your time. We talked to our team to get their advice on setting up, planning and retaining the knowledge gained whilst studying at home.
How to set up to study an accountancy course at home.
If you’re studying for an accountancy course at home, it’s crucial that you plan your time. You can help make your study sessions more effective by building routines and habits.
Study at the same time each day and each week. Building a predictable habit helps train your brain to know when it is ‘learning time’. It is also a good way to structure your time while you are in lock-down.
Study in the same place, ideally a tidy desk in a quiet part of your house or flat.
Wear the same clothing when you study, like a comfortable jumper and leggings.
Ensure you focus whilst studying by putting devices out of reach (except your calculator!). This way, social media won’t distract you. Also, ask others in your household to leave you alone for an hour or two.
Study for manageable chunks for time, no more than 90 minutes at a time, taking a few minutes break every half-an-hour.
Use post-it notes to note down the key elements of a topic, or a key calculation, equation or ratio and stick them up around your study area.
Some students find using mind-maps a very handy way to organize their knowledge into a visual representation (Mind Maps)
Once you are finished each study session reward yourself with a treat.
The Three Stages of Learning
There are three distinct phases to preparing for exams. To tackle an accountancy paper, you’ll need to go through all three stages. This does not necessarily need to be at the same time and the different phases can be worked on in different weeks or months:
1. Learning Phase
The initial period of working through the content of a new syllabus to familiarise yourself with the various topics covered. This could involve:
Reading course notes and textbooks.
Attending Virtual Classroom courses.
Writing out ‘cheat sheet’ summary cards.
Memorising any formula or equations needed.
If you have a tutor to support you make sure you are asking them if you need help with any topics.
Discussing areas with a ‘study buddy’ or try to answer other students questions on online forums.
Most importantly, attempting plenty of lecture examples and practice questions to start getting used to the calculations and other approaches required.
For most papers, the Learning Phase will take students 4 to 6 weeks.
For some papers, the Learning Phase might require a refresher of ‘assumed knowledge’ from prior studies. For example, Financial Reporting papers normally assume that you have covered the material from more basic Bookkeeping and Financial Accounting papers. It can be worthwhile digging out old notes and texts and spending a week or two reminding yourself of what you have already seen before getting stuck into the new unit.
2. Revision Phase
Once you have finished covering the content of the syllabus it’s time to ensure that you are comfortable with it and that you can apply all that new-found syllabus knowledge to the sort of questions you can expect to see in the real exam. This would involve:
Going back to each technical topic in the paper and reviewing your summary notes and ‘cheat sheets’. You can even summarise your summaries!
Attempting more challenging practice questions in the style of what you might see in the real exam.
Submit work to be looked at by a training provider, particularly in any more narrative discursive requirements where it can be harder to judge how good your answer is. Feedback from an experienced tutor can be extremely valuable in building your confidence.
Reading examiner’s reports that are available as these can guide you to the areas that you need to be careful of.
The Revision Phase will probably take 2 to 4 weeks before moving to the final:
3. Rehearsal Phase
This would happen in the last week or two before sitting the real assessment, and would involve:
Practising several full mock assessments rather than just individual questions on separate topics.
Giving yourself the same amount of time that you will have in the real thing, no more and no less.
Not looking at the model solutions until you have finished your entire paper.
Once your time is up making sure that you debrief each part of the paper to fully understand any areas you found difficult. Have another go at any questions you struggled with.
We would suggest that students don’t start their Rehearsal Phase until the last 2 or 3 weeks before the real exam as you don’t want to peak too early and use up all of the available mock exams. However, in the meantime, they can do a great job over the coming weeks of covering the Learning and Rehearsal phases. If you’d like to, you could cover more than one paper by blending these three stages to prepare for 2 or 3 exams in September. If you’re thinking of sitting more than one paper, you’ll find useful advice here.
A few Top Tips for improving your memory
Make sure that you get plenty of rest, sleep and relaxation.
Make sure that you take regular exercise.
Hydration is critical so drink plenty of water each day.
Make sure that you fuel your brain effectively with a balanced diet including plenty of fresh fruit and veg.
Nuts and dried fruit are a great study snack.
Many of our students continue to work whilst studying and may be based solely at home for the first time in their career. To help, we’ve put together some Top Tips for Working at Home.
Find out more about the accountancy paper we offer for these qualifications:
In May 2020 ACCA released the following statement:
“We recognise the disruption exam cancellations have caused. We applaud the impressive efforts made by our learning partner network to mobilise and engage their students during these unprecedented times.
We’re delighted to announce that in circumstances where centre-based exams are disrupted, we’re introducing new flexibility for ACCA students to take exams at home, through remote invigilation.”
Which exams will be available online, and when?
ACCA confirmed that on-demand exams at Knowledge Level plus the Skills Corporate Law module will be available to book from 18th June as remote exams. These exams include FA1, MA1, FA2, MA2, FAB, FMA and FFA. Furthermore, ACCA have confirmed that if centre-based Applied Skills exams can’t go ahead in September 2020, a remote exam contingency is in place. Therefore, ACCA students are encouraged to book their September 2020 exams with confidence.
ACCA’s Alan Hatfield said: “Exam entry is open for September and we know students are already planning for this session. We advise students to book exams in their local centre as usual and we’ll provide updates if circumstances change.”
How does remote invigilation work?
Using the latest technology, you will take exams online and a live invigilator will invigilate remotely. There is a thorough system of checks involving biometrics, artificial intelligence and recording. ACCA provides more information about this process here.
There will be no change to current September exam fees. However, ACCA have announced that there will be an exam fee increase for the December 2020 exam session. Please see the ACCA website for more information.
How many ACCA exams can I sit to September?
If you have the time available, we recommend sitting two exams in September and starting to study now. Consequently, September 2020 is our biggest course offering yet – see our online course dates here or find your local centre’s course offerings.
There was a time when it was common for students to sit more than one accountancy paper in a sitting. With some examining bodies historically offering only two sittings per year, many students would plan, study and revise for two, three or even more papers at a time. It’s only in the last few years that we’ve become accustomed to students sitting one exam per sitting. These timescales have therefore formed the basis for their study plans.
The current Covid-19 pandemic has had repercussions for students. Not just in terms of the suspension of some assessments but also the time available to study. With a greater gap between exam sittings, it is practical for many students to pick up more than one paper. Extra months can be used to cement knowledge but also to tackle additional papers.
Being in lockdown also provides many students with more time. The guidance from the government, regarding furloughed employees, has been clear. It is possible to continue to study whilst you are not able to work. Without the day-job to occupy them, many of our students have decided to use this time to make progress in their studies. Students who are still working are also finding that they have a little more time on their hands. The absence of a daily commute and normal social activities can add valuable study time.
Many students have clearly made a conscious decision to work hard to come out of the lock-down in a stronger position than they went into it. Since the Easter weekend, First Intuition has seen a noticeable increase in enquiries from students intending to make progress.
However, accountancy, as we all know, is not an easy subject to master. The subject matter for papers varies and can require a different approach, way of thinking and method of tackling questions. So how do you balance these different requirements if you’re studying for more than one paper? We’ve put together some tips to help you prepare for success.
How to study more than one accountancy paper?
If you’re studying for more than one accountancy paper, it’s crucial that you plan your time. You can help make your study sessions more effective by building routines and habits. There is helpful advice in our article ‘How to Study an Accountancy Course at Home‘. In this article, we offer advice on building habits, where to work and also how to break your learning down into three key stages. These are Learning, Revision and Rehearsal. We cover this in more detail in the blog mentioned above but if you are looking to study more than one accountancy paper, this is the process we’d advise.
For most papers, the Learning Phase will take students 4 to 6 weeks.
With some papers, the Learning Phase might require a refresher of ‘assumed knowledge’ from prior studies. For example, Financial Reporting papers normally assume that you have covered the material from more basic Bookkeeping and Financial Accounting papers. It can be worthwhile digging out old notes and texts and spending a week or two reminding yourself of what you have already seen before getting stuck into the new unit.
The Revision Phase will probably take 2 to 4 weeks before moving to the final:
We would suggest that students don’t start their Rehearsal Phase until the last 2 or 3 weeks before the real exam as you don’t want to peak too early and use up all of the available mock exams. However, in the meantime, they can do a great job over the coming weeks of covering the Learning and Rehearsal phases of more than one paper to prepare themselves to pass 2 or 3 exams once they restart.
How to balance studying more than one accountancy paper
It’s possible to ‘overlap’ the Learning Phase of a new paper with the Revision Phase of another paper if you plan and organise your study sessions in advance. Our suggested approach would be:
Spend an entire study session on a single unit, rather than trying to mix them together.
Regularly alternate your study sessions between the two papers you need to overlap.
It’s good for knowledge consolidation to stick with the same unit for a few study sessions in a row before switching to the other one.
Put a bit more emphasis on learning the unit that is newer to you without neglecting revision of the one you already have knowledge of
So each week, you might spend 4 or 5 study sessions focusing on the Learning Phase of the newer topic, plus 2 or 3 study session on the Revision Phase of the other unit. This should allow the newer one to ‘catch up’ the older one. In a month or two, you could shift the balance so that each week you are doing 3 or 4 study sessions on the Revision Phase of each unit. You could even consider starting the Learning Phase for a third paper at that time.
Making it stick
Many students will understand the difference between the material being in your ‘short-term’ memory and your ‘long-term’ memory. The danger of only spending a few days ‘cramming’ for an exam is that, whilst you might be able to pass that exam, within a few weeks you will have forgotten most of what you learned. Short-term learning leads to short-term memory!
Having a longer period to learn the material gives the opportunity to develop reserves of longer-term memory. This will not only lead you to higher marks when you sit assessments but that means you will be able to draw upon the knowledge both in later studies and in your working career.
To build longer-term memory, it’s important to have a process of ‘knowledge consolidation’. This involves regularly revisiting and reviewing a topic that you have worked on.
Let’s say you spend 90 minutes one evening working through a section of notes on the material and labour variances.
The potential process could be:
Review it one hour after the original study session (before heading to bed), just for 5 or 10 minutes. Try reading summary notes and maybe redoing a couple of short questions you have already had a go at.
Next, review it one day after the original study session, again for around 10 minutes. Practice a couple of new questions that are similar to ones you have already done.
Then, review it one week after the original study session, maybe for a little longer, say 30 minutes. You might rewrite your summary notes (including proformas or equations and calculations) to see how much you can remember and then practice some more new questions.
Two weeks after the original study session, review it again, just for 15 minutes, completing one or two new questions.
Review it one month after the original study session. This is likely to now fall into the Revision Phase of your studies. By this stage, you should be attempting exam-standard revision questions.
Finally, review it six weeks after the original study session. This might now fall into my Rehearsal Phase where you are completing full mock assessments. This will include exam-standard questions on the variance calculations you need to be able to perform. Hopefully, by now, you are bossing them!
A few Top Tips for improving your memory
Make sure that you get plenty of rest, sleep and relaxation.
Make sure that you take regular exercise.
Hydration is critical so drink plenty of water each day.
Make sure that you fuel your brain effectively with a balanced diet including plenty of fresh fruit and veg.
Nuts and dried fruit are a great study snack.
For more information about the courses, we offer click here.
If you’d like to study for more than one ACCA paper but are unsure of which ones work well together, you may find our article on Studying two ACCA papers – which to choose useful.
If you’re considering which of the optional units within AAT you’re going to study take a look at our article
What makes a good manager?
If I asked you about the best role you have had in your working life, most people would look to a time where they were working with likeminded individuals, with a shared vision of what success looked like. That vision would have been shared by a manager who inspired those around them, with strong management and leadership skills. So, it is likely that this manager created a strong culture, where people were empowered to make decisions and were supported in doing so.
If it is about the people, how do organisations know that those who are managing are the right people? For me, my first opportunity to manage came not because of any skill or talent in managing people but because I was good at my job. That led to promotion and before I knew what was happening, I was supervising a team and was responsible for the development and management of others. Therefore, spending less time doing the thing I was good at in the first place!
In my case, the role models I drew on were managers that I have experienced. Some had good habits and some less good habits. You learn from what you see and like many things you don’t start off being good!
Management and leadership: How do you get to be good?
Firstly, there is no one ‘best manager’. Of course, much has been written on this subject over many years. What is clear is that people can be trained to manage well. A relevant qualification will help aspiring managers to develop skill in this area.
The Chartered Management Institute (CMI) Diploma of Management and Leadership is a level 5 qualification aimed at those who are departmental or operational managers. Therefore, it covers elements including project management, stakeholders and reflective practice, to support managers in the development of core skills.
The CMI diploma of Principles of Management and Leadership introduces techniques and models that support working in a first-line management position.
Why do I need this?
A colleague of mine talks about those who claim to be qualified by experience, hence not being qualified! To possess a professional qualification, therefore, demonstrates that you possess the skills demanded of a chartered manager. At FI we deliver the CMI qualification using a blend of Online Live sessions and guided online study. We assess students skills through their completion of assignments. Also, the course includes our impact skills programme. This programme is a series of workshops where skills and behaviours can be practised. Therefore, this gives you the chance to learn and reflect, to try out your skills and to network with others from different sectors in your cohort.
If you would like to know more about how you can achieve chartered manager status please get in touch with us: landm@fi.co.uk
Register your interest in First Intuition CMI programmes here to receive news and updates and more information.
About the awards
We are on the shortlist for Best National Training Provider and Best Learning Experience in the 2020 School Leaver Awards.
In view of this, responses of completed surveys by genuine apprentices and school leavers help to judge nominated training providers and employers.
Above all, apprentices and school leavers rate their experiences across a range of categories. Therefore, nominations are based on the qualities that young people value in an employer or training provider.
Additionally, there are main awards which are based on the thoughts and opinions of the expert judging panel. Learn more.
Lastly, we would like to congratulate our clients that have also been nominated in the School Leaver Awards. The following employers from various sectors have received nominations for Top Employer awards:
H W Fisher
British Airways
KFC
Christies
CBRE
GSK through Arch
The most important point here is that we wish to Thank all of our students and apprentices that nominated FI!
Finally, judges will announce the winners on Thursday 3rd September. Therefore, we wish the best of luck to all of our clients!
1) Technology
During lockdown remote working technology has been adopted in the workplace. COVID-19 has forced us all to embrace remote working techniques. Examples include Zoom and cloud based document sharing. Most of us have already recognised the time and cost savings associated with remote working. There is also the added benefit in terms of a work-life balance. Managers will increasingly face challenges in managing their teams from afar and putting their leadership skills into practice. For instance, a significant issue is the challenges of monitoring and motivating a team of remote workers.
2) Change management
Many of us have needed to adapt to different roles and new ways of addressing our client base as well as looking at our leadership. This might be moving to an online delivery model or to transforming the products which you offer. For instance, some gyms have switched to offer an online workout subscription service. The traditional role of the gym instructor will change when the demand for this service continues. At First Intuition, we have quickly embraced the delivery of online courses and workshops to meet our customers’ needs. It is not yet clear whether the classroom approach, which we know and love, will recover to its previous levels.
3) Building new teams
For many businesses the unwanted, but inevitable, outcome of COVID-19 will be cashflow problems and a slow recovery during what promises to be a fairly deep recession. Teams will need to operate on a shoestring and more people being asked to cover wider roles than before. Strong leadership and management skills will be needed to support your team as they settle into their new roles, adapting work practices ready for “the new normal”.
4) Create a learning organisation to drive innovation
Following an economic shock of this type companies will face a period of change and will need to be innovative. In the past, successful companies succeed in challenging environments by adopting a learning culture. They are able to draw on the skills and ideas from the whole workforce to help drive a business forward. Investing in the development of leadership skills and strong managers, who are in turn are able to develop their staff is a major leap towards creating this successful innovative environment.
5) Maximising opportunities
For many businesses, valuable skilled staff have been placed on reduced hours or periods of furlough. When the lockdown ends you will need these staff members to fit back into the business and drive the business forward with enthusiasm and skill. The government apprenticeship will fund up to 100% of the programme for your team to obtain a level 3 or level 5 management qualification. Who would not put these two opportunities of extra free time and government funding together to equip your management team for the challenges ahead?
Our management programmes are offered as apprenticeships or commercial programmes and can be tailored to suit your business needs. We are delivering our full programme through a virtual classroom environment throughout the lockdown. Please contact Aimee Knight AimeeKinght@fi.co.uk or Jo Dyson jodyson@fi.co.uk for more information. We are happy to talk about our programmes and discuss how we can help you to take your business forward.
To find out more about the CMI please visit the CMI website here.
As the global education sector braces itself for the impact of coronavirus, technology and international collaboration shows optimism and resilience.
Governments across the world have extended compulsory closures of schools, colleges and universities, owing to the coronavirus. Consequently, the challenge facing all training providers is bridging the ‘academic gap’ for an unknown period until such time that classroom teaching can resume. It is these short to mid-term challenges that we’ll look at in this and future articles.
Impact so far
For now, when speaking with clients and industry leaders, it’s uncertainty that is weighing most heavily on minds. In particular, on two fundamental questions, how bad will things get and how long will it last? The unknown in these questions makes assessing and implementing an appropriate response all the more challenging.
For many training providers, the solution (and challenge) lies in quickly transitioning from classroom to online learning. Nonetheless doing so in a manner that causes minimal disruption to students. For these training providers, who already deliver blended and online programmes, enforced class closures don’t spell disaster. In reality, the challenges they face might be considered more logistical than survivalist in nature.
But to view online learning as a ‘safety net’ is to overlook the fact that it is not an option for many international training providers. It is also not a preference for many students. Professional education courses have been available online globally for many years. However, up to 50% of students in some markets still choose classroom teaching for the sense of cohesion and support these environments provide. Replicating that sense of community and support, particularly at a time of self and state-imposed isolation represents another challenge. This is one we’ll cover in a future FILS article.
Adapt and respond
So in the short-term, as those providers with a digital alternative scramble to move everything online, we should consider how to support those that don’t have that choice and the resultant student impact. The vulnerability of those without an online ‘back-up’ is being painfully illustrated across the world, as more countries face imposed class closures. This only underlines the role FILS and others can and should play in offering a hand of support.
It is important that online training providers work with professional bodies to identify and reach those most at risk. Those that can have a duty to make their online courses available to all students and training providers impacted by class closures and importantly at a price that reflects the market and student.
At a time of such great uncertainty, ensuring that all students have the option to continue their studies and achieve their educational goals should be our collective principle objective. It is encouraging to see pro-active initiatives being launched and resultant international partnerships arising from these efforts.
A look forward from FI Learning Solutions
For now, it’s unfortunately a recognised fact that for many in the education sector things will get considerably worse before they get better. The impact is expected to be felt well into 2021. Nevertheless, as a sector, we are both resilient and adaptive. We have the tools to improve with technology and the willingness to share and collaborate.
Students’ choice in what, where and how they study, is a right that should be protected. However, that choice is now under threat as smaller classroom training providers face closure in the coming months. It’s imperative therefore that those with digital capability use it to mitigate against closures and make their online resources available to those who need them most.
Dominic Light
Managing Director
First Intuition Learning Solutions (FILS)
The easy answer to the question posed in our article’s title; “How to work from home with kids around”, is that there is no easy answer. However, there is some great advice available. Not every tip will work for every family, the key is to figure out what will work best for yours. Much will depend on your job, home set up, the age of your kids and how flexible both you and they can be.
It’s Not Your Average 9 – 5
First of all, it’s important to recognise that even without kids around, working at home can be tricky. It can be tough to adjust to not having a team around, having to work in a space that wasn’t designed for that purpose and a less structured day. Add kids into the mix and it becomes even more challenging. One of the key aspects to consider when working from home is structure. You may find that this helps your kids too. Even the youngest children and particularly those who attend day-care quickly become used to a structure. For primary and secondary school kids, it’s ingrained in their daily life.
Creating a schedule for the day can be reassuring for kids. It can also help you to plan your work too. Make sure that you plan regular breaks and spend them together. It’s tempting to try and get all your work done quickly without taking a break so you can get back to the kids. This is particularly true if you have older children, who can self-occupy. The downside of this is that you can get carried away and end up spending longer away from them. Taking regular breaks is good for you and gives kids some time with you. This may mean fewer interruptions when you get back to work.
Planning your day
Younger Kids
Age is an important factor and can help you determine how to structure the day for your kids. Once you’ve established some sort of schedule for them, you can then plan your work around it. Younger ones may still take a nap and this is a great time to get some work done. They may also go to bed early and you could use this time to work on something that requires more focus and concentration. Many parents with small children try to start work much earlier than usual. This does depend though on what time yours tend to get up.
When planning your day with younger kids, you may have to break your schedule down into smaller chunks. If you know, for example, that there is a particular CBeebies programme that always has them glued, use this time for a particular task you need to get done. With younger children, you can also set them up with activities such as colouring. You can supervise this whilst you answer short emails that can be answered quickly or deal with straightforward work. As mentioned earlier, it’s worth saving work that requires greater concentration, needs a longer chunk of time and focus for nap times and after bedtime.
Older Kids
Older children tend to have a greater degree of self-sufficiency and you can plan activities that will absorb them for longer periods. That said, they also tend to be more demanding when disaster strikes and their favourite tech has stopped working. You can’t plan for this and sometimes you just have to accept a break from the schedule. Some older children will sleep in which can give you some valuable extra working time if you make an early start. Others can dress themselves, make their own breakfast and find things to do without any input.
One of our team finds that her 9 and 11-year-olds are perfectly happy to stay in their PJ’s and will occupy themselves until late morning. However, by the afternoon they’re bored and arguing. With this in mind, she frontloads her work to the morning. She then makes sure she spends some time with them after lunch. She’ll then carry on working later in the day. Other families may differ and it’s worth considering what will work in your house. Building in an activity for lunchtime can help. This could be a family football game, board game or just sitting down to eat together. Once they’ve had some time with you, many older kids will go back to their own activities or the ones you’ve planned for them.
Toys, Tablets, Tasks and Bribes
Toys
These are a parents friend when children need occupying. There is also the opportunity to be slightly manipulative too and buy yourself some valuable time. Rotating toys can be a great way to keep children entertained for longer periods. You can also choose toys and games that take longer for children to spend working on, such as Lego or jigsaws. Gareth John, one of our founders likes doing big (500 pieces) jigsaws with his 11-year old as she is happy sitting alone for periods of time and then he can ‘dip in and out’ when he takes breaks from work to help her with harder sections.
For younger children, it can also be worth replicating what many day-care settings do. Arrange toys in a particular way so that it encourages a game. For example, laying out all the toy medical equipment and playing doctors with teddies or dolls. Primary school children love to play teacher and this can work in a similar way.
Our AAT Distance Learning Director, Nick Craggs recommends getting all of your garden toys out on a sunny day. If the weather has suddenly turned nice, this can suddenly reintroduce your child(ren) to lots of new toys. Another team member suggests that this is the time for painting equipment to come out. If you’re able to, you can even take your home office outside.
Tablets
Kids love them, parents hate them but they are an invaluable tool in your working from home armoury. Every parent has to decide how much screen time they want their child to have and we make no judgements. If you have any concerns about how much your kids use their devices, there are few things you can do. Put some restrictions on to control what they can access. If you’re concerned about the endless videos many seem to watch, download the Kids YouTube app rather than allowing them to roam freely in the generic version. You may also be able to sneak in some learning activity too. Our Chelmsford Marketing Manager, Shelly, recommends the Prodigy Maths App. After downloading it, her kids quickly became competitive in achieving the challenges. Kids are set maths questions, score points and then convert these to play games.
If you’re not keen on your kids having too much screen time, then it can be worth having this up your sleeve for times when you need to concentrate or have to take an important call.
Tasks and Activities
Younger kids love being given small jobs too and providing this doesn’t make too much mess, can buy you some work time. You could set them a task to do and ask them for something specific. For example, asking them to create pictures to decorate your home desk. Nick Craggs recommends having easy to set up activities such as colouring, Play-Doh or kinetic sand. These can occupy children and you can build this into your schedule, changing the activity after a break.
Older children may want to earn pocket money and depending on their age can do a variety of small jobs around the house. This might include washing up, tidying their room, sorting out old toys or even cleaning the car (for much older kids). It might cost you a few extra pounds but providing you don’t have to get heavily involved, could be worth the investment.
Pets
If you have pets such as dogs or cats then a good technique, if you need to have some undisturbed time for a call, is to give your children responsibility to help out mummy or daddy by ‘looking after the pets and keeping them quiet’. Many children will respond well to this request to help their parent out for short bursts of time.
Pets are also a good excuse to then have a break together and go for a walk as a reward for helping.
Bribes
As parents, we have some secret weapons up our sleeve. We may feel guilty but the threat of Santa, withdrawal of pocket money or the lure of a sugary treat may be worth considering.
Food Glorious Food
Snacks, snacks and more snacks
Nick Craggs recommends having lots of snacks to hand. He suggests preparing these before you start in the morning and making up a packed lunch. This can avoid the endless ‘Can I have?’ and if you keep this near to where you’re working you can keep track of what they are having. Shelly agrees and makes her kids their usual packed lunch they’d have, adding a few items usually banned at school. With younger children, preparation can help save you time later in the day. For example, by cutting up or peeling fruit in advance if possible.
Hell hath no fury like a hungry child
Whilst many of us have developed the ability to sit in a meeting around lunchtime and ignore pangs of hunger, most children have not. If you can avoid scheduling calls, web conferences and tasks that require time and focus around lunchtime, it may help. However, once kids have got their food, many become quite engrossed. If you need to get something done this can be a good time. Unless of course, you’re using this time to take a break yourself to spend some time with them.
It’s also a good idea to get plenty of good nutrition into children early to help them maintain their concentration. Gareth always makes sure that during the week his daughters have a big breakfast with cereal, brown toast, fruit and yoghurt and then some kind of mid-morning snack. As well as helping their ability to focus on their own studying this takes the pressure off if Gareth gets caught up in work and lunch is a bit late!
Be Kind to Yourself
As we said right at the beginning, there are no easy answers here. Working at home while kids are around can be challenging and stressful. Our team recommends being honest with colleagues and clients if you’re children are in the background while you’re on a call or web conference. Worrying about the potential for noise and how others may react can create more stress. On many of these calls, you can mute yourself and only speak when you need to. Many people will be sympathetic and some will rearrange for a more convenient time.
If your kids are old enough, it can be worth having an honest conversation with them. Talk through the schedule you’ve created. Having some kind of reward, even if it’s a promise to play in the garden after work, can help.
Avoid work and parental guilt
Finally, don’t put too much pressure on yourself. You probably won’t achieve as much as you usually would in the office. Keeping things moving and being up to date can sometimes be as much as you can do. If getting meaningful tasks done during the day is tricky, a few solid hours in the evening may be more productive. We have all become very understanding when seeing or hearing each other’s kids on video calls. Gareth has even become quite comfortable with his youngest coming for a hug whilst he is mid-sentence talking to 60 employers on an online forum.
Be realistic about what you can achieve and honest with those working with you. Try to go easier on yourself as a parent too. It isn’t the end of the world, for a short time, if your kids are spending more time glued to a screen than usual and are chomping their way through endless amounts of sweets and chocolate
If you’re trying to work out how best to work from home or have been having problems adjusting you may also find our Top tips to working from home useful.
What is the ACCA Bridging programme?
Owing to the cancellation of ACCA June 2020 exams, students are now facing a longer gap before their next exam. The ACCA Bridging programme is a 10-week programme to keep you motivated and supported throughout the period of May, June and July 2020. The FI ACCA Bridging programme will make sure you are ready for your Revision courses to the September exams.
Who is the ACCA Bridging programme for?
The programme has been designed to help students who have studied tuition courses to the June 2020 sitting (or before) transition to revision courses to the September 2020 exam sitting. Therefore, the programme is intended for the following students:
Online Live students who are currently completing their tuition courses to the June 2020 sitting
Classroom students who have completed a tuition course to the March/June 2020 sitting
Resit students (who have previously completed a tuition course at FI or elsewhere)
An add on for students booking revision to September 2020 who wish to keep their technical knowledge ‘up to date’
It is important to note that the bridging programme is not a replacement for a standard tuition course.
What’s included?
By enrolling on the ACCA Bridging programme, you will benefit from:
Guidance on how to consolidate the knowledge you gained throughout your tuition course
Expert support to help you structure your studies so that you are ready for September sitting revision courses
Three questions you can submit for tutor marking and feedback – start building those exam skills before revision courses start
Technical updates to ensure you are aware of any syllabus changes – have confidence that your technical knowledge is up to date
Tutor support
A mock exam to submit for marking and feedback
Guidance on how to progress towards qualification with the ACCA via PER and completion of the EPSM
How much does it cost?
We are offering our ACCA Bridging programme at the fantastic price of £99 per paper.
How can I book?
This programme has now finished.
Still have questions?
Please contact us if you would like advice on the ACCA Bridging programme, or any other element of our ACCA course offering. We look forward to welcoming you onto a course soon.
CIMA have confirmed that the Case Study exams will be available to sit remotely on the original Case Study dates:
Operational Level – 13-15th May
Management Level – 20-22nd May
Strategic Level – 27-29th May
What’s even more exciting is that CIMA have extended the exam entry window. As a result of this, the window will now close just 24 hours before the exam sitting. This means that you should still have plenty of time to prepare for and book your exam!
To support this, we are offering some additional CIMA Case Study courses:
Operational Level Case Study course – starting on the 1st May
Management Level Case Study course – starting on the 8th May
Strategic Level Case Study course – starting on the 15th May
As with all our CIMA Case Study courses, our students will benefit from:
Expert tuition
Comprehensive online learning resources, covering the pre-seen information and key technical knowledge from the relevant Objective Test papers
Three marked mock exams (all marked within 24 hours of submission to make sure you can learn from feedback quickly and efficiently)
Who is it for?
We think this is great news for two groups of CIMA students:
Those that are ready to sit Case Study but deferred their decision due to the ongoing uncertainty – you now have certainty over exam dates and courses scheduled to allow you time to study!
Those who are ready to sit their final OT exam and would like to accelerate their progress by sitting the Case Study in May. CIMA have announced that Objective Test exams will be available to sit remotely from the 4th May. This therefore means you have a great window of time to complete this exam and book onto the Case Study exam. This particularly applies to Management and Strategic Level students, who can sit their final exam before the Case Study courses start.
What to do next?
You can book onto one of our CIMA Case Study courses directly from our website.
We are always here to help so, if you have any questions, or would like any personalised advice you can contact us here.
Accountancy Students Webinars
In these evolving and challenging times, we know that accountancy students will have questions and concerns about the impact on their studies, exams and apprenticeships. Every Wednesday at 6 pm, we’ll be hosting a live webinar and will try to answer these questions and discuss any concerns. We’re fortunate to be joined at these sessions by representatives from each of the four examining bodies. They’ll provide us with the latest news about exam sittings and provide resources to help students to keep studying.
You can join these sessions by registering using this link
Ben Bullman and David Malthouse hosted our session on the 27th of May.
You can read a summary of the discussion in the link below:
The four examining bodies have all updated their websites to provide a greater level of information for students. You can find links to these resources in the links below:
Don’t forget, if you need any help making a study plan or have questions about the impact of the current situation on your studies, our team are here to help. Get in touch with your local centre or your Tutor. We’ll be happy to help and offer advice.
It is really important that at this time accountancy employers understand how their employees’ studies may be affected by the current COVID-19 pandemic. The cancellation of exams, virtual classroom courses, progression and furloughing are all topics that our clients are keen to talk about.
Our weekly accountancy employer webinars are well attended. We’ve been fortunate to have representatives from the four major examining bodies joining these sessions. Experts from our own team have also attended to provide updates on apprenticeships.
We’ll be capturing the summaries of each of these weekly accountancy employer webinars. We’ll update this page each week with the latest notes.
Employer Survey
On Friday 15 May we discussed our recent employer survey which looks at the impact the current COVID-19 crisis is having on workloads, resourcing, training and recruitment plans. You can view a recording of this webinar here or read the accompanying summary.
We’re offering more ACCA courses to September 2020 than we have to any other exam sitting. This is so that you can use this additional time to boost your progress over the next few months.
ACCA Tuition courses
You have more ACCA course options to choose from if you study to the September 2020 exam sitting:
Long link ACCA tuition courses starting in April and May, with a bridging programme through to August revision courses. This is a great option if you are planning on taking 2 or 3 papers in September 2020 and want to get a head start on your studies. These tuition courses will be delivered via our virtual classroom.
Standard ACCA tuition courses which start in June with Online Live, or July for virtual classroom. We recommend you then transition into August revision courses and question days.
FI Online courses start any time and you can study at your own pace. See below for our full online study options.
ACCA Revision courses
Revision courses start in August 2020. We have temporarily closed our classroom centres, therefore all September 2020 revision courses are delivered as Online Live.
What are my ACCA Study Options?
We have 3 excellent ACCA study methods available to help you find the perfect fit for your new routine:
Classroom: Join full-day sessions in one of our study centres courses. Ask questions as you go and learn within a community of like-minded peers.
FI Online Live: Experience live and interactive tuition, with shorter 2.5 hour sessions spread across several weeks.
FI Online: The perfect way to learn if you want complete control over when, how and where you study. With the added security of expert tutor support when you need it. We recommend blending your ACCA online course with an Online Live revision course for key topic revision and question practice.
Our CIMA summer school allows you to complete an entire level of your CIMA professional qualification between May – August. We have scheduled our courses so that, regardless of your need, you can complete 1, 2, 3, or even 4 exams within a level with FI.
You will study using FI’s Virtual Classrooms, running 9.30am to 4pm, and join a group of motivated CIMA students being taught and led by one of our expert tutors.
Study with confidence. Study with FI
By studying with the CIMA summer school, you are joining a programme that has been designed to help you progress faster and do more. When studying at FI via the CIMA Summer School, you benefit from:
We have a great success rate on our CIMA courses. Pass rates are over 80%.
We offer great value – all our courses are competitively priced with a great saving available for those that wish to complete the whole level.
Study with confidence. CIMA summer school students will not only be able to attend a free course but will also receive £100 cashback* to pay for a retake if you fail after following our guidance.
We are in unprecedented times, but, CIMA students have a fantastic opportunity to use this time to progress their studies, progress your career development and get ahead!
How much does the CIMA Summer School cost?
We are offering all of our courses at a great price. Our Objective test courses start from £675 and our Case Study courses start from £750. Therefore we are offering a great value bundle price for our CIMA Summer School:
The definition of proctoring is “to invigilate; to watch people take an exam and check they don’t cheat”. For centuries we have managed high stake exams by putting hundreds of students in a room. With stern-looking people walking up and down, checking that you have nothing up your sleeves or on your watch to ensure the validity of the end results cannot be challenged. Invigilation is there to create a fair playing field for all and to ensure parents, employers and the students themselves can trust the end results.
But what to do in an age where sitting hundreds of people in a room for several hours is simply not possible?
The agility of the education sector
In the last three weeks, we have seen the education sector move to remote learning models. There are different examples of this.
At FI we have replaced our in-centre schedules with Virtual Classrooms. We manage attendance, student questions, marking and feedback as we always have done.
Schools are delivering full days of structured classes remotely.
Some universities seem to be struggling on the back of 4-6 weeks of lecturer strikes. Consequently, many year 1 and year 2 university students have been simply told: “get ready for a September start”.
However, on the whole the “teaching and learning” part of the education sector has been incredibly agile.
So what of the assessment side of the education sector? Ofqual has come out and said that GCSEs and A levels will be assessed on the back of teacher input; it seems there is no solution to run high stakes mass exams differently.
In our sector, accountancy education, we are seeing the grassroots of some real innovation which we hope will spread.
The introduction of online exams
CIMA (Chartered Institute of Management Accountants) is leading the way with announcements that ALL of their 17 exams will be remotely proctored from May 2020. This is fantastic news, as it allows their students across the globe to keep studying. At FI, we have extended our CIMA offering to allow students to make the most of remote testing.
I had to find out more about this “remote proctoring”. CIMA isn’t the first in our market to do this. Moreover, other institutes such as CIPFA, have been using remote proctoring for online exams for some time.
Pearson Vue are the testing provider that CIMA use. Interestingly, it is the same provider that ICAEW use (ICAEW use BTL for the Professional and Advanced levels, who also have online proctoring software). This is great news for employers. Mostly because once you have the right spec for IT to support the CIMA tests, it is expected this will meet the same requirements for ACCA and ICAEW if (or more likely when) they move to remote proctoring. For more information to share with your IT departments, or to check your own PC spec please see here.
How does online proctoring work?
I have had a look at Pearson OnVue (the name they have given for online proctoring) and the process is pretty much the same as you would expect if attending a physical centre. I was really impressed.
There are a few simple requirements for candidates to sit an OnVUE online proctored exam:
Quiet, private location
A reliable device with a webcam
Strong internet connection
The process of the exam is as follows:
Log into your Pearson Vue account
When you click ‘Begin Exam’ you will be prompted to download the OnVue software
Run the OnVue software and complete the check-in process, which includes taking a photo of your ID, a headshot, and photos of your surroundings
The exam will begin when you have completed the check-in process
During the exam you will be monitored via your webcam and microphone and will not be permitted to move out of the proctor’s view.
You can ask the proctor questions by using the chat icon at the top of your screen.
If you want to read more or watch the video (with a nice American man talking for a bit) click here.
How is online proctoring changing the face of education?
Can we expect this type of invigilation to be in place for us all in the coming years? There are some blockers at the moment, for example, concerns by regulators such as Ofqual, about the robustness of these measures for high-value exams. However, compared to relying on teacher input for 0.5 million GCSE and 0.5 million A Level students, and in such uncertain times when necessity is the mother of all invention, it may be time to think how we CAN do things rather than why we cannot.
Will all exams be online in the future?
Being able to offer a choice is really the best approach, and I expect the assessment side of the education sector will join the teaching and learning side, agreeing with this position. The ability to offer remote proctoring to enable greater accessibility, greater choice and mitigate risks of huge physical spaces being required makes a lot of sense. So long as physical centres remain for those students who don’t have access to PCs to continue to access learning, the world of remote proctoring of professional exams may well be on our doorstep.
Get ready for this change not just in accountancy qualifications, but within a few years to be available for GCSEs, A Levels and degrees as well.
Martin Taylor is Chairman of FI Ltd and has worked in the education industry for over 20 years. Read more about the future of accountancy education.
So Natalie, many congratulations on achieving your ACCA and Oxford Brookes BSc (hons) degree. Can you tell us what made you start studying accountancy in the first place?
I fell into accountancy, whilst studying for my A’ Levels. At school, I never really knew what I wanted to do but found an office job, working as an Accounts Assistant. In my new role, I started to learn from the very beginning and began my AAT qualification. At this point, I knew I wanted to continue studying further. It’s a great achievement when you pass an exam, knowing how hard you’ve studied and revised. This motivated me to keep going.
Why did you then choose to take on the ACCA degree programme?
I always wanted to obtain a degree. After becoming an ACCA member, I wanted to carry on studying but didn’t want to sit any more exams. I felt the degree programme was something that would really suit me, as I could achieve my degree without any more exams. At the same time, it would also help me to develop new skills and fit around my work and being a mum.
Can you explain a little about what’s involved in completing this qualification?
The BSc is a research and development report, along with a skills statement. Once you’ve chosen a topic, the research can begin and much of the required work is about researching data and analysing it. This is crucial to starting the report, as you need to make sure there is enough information to produce your report but not too much, so that you can keep it concise. The resulting report includes your findings and conclusions on the data. There is then a Skills and Learning statement, which is a reflection on how you feel the report went. I found this part the hardest, as self-reflection is not my strong point.
What do you think the benefits of completing this qualification?
Aside from achieving a degree in Applied Accounting, there are so many benefits to completing the qualification. It’s recognised worldwide which is a real asset to your C.V but it also develops new and existing skills. In comparison to obtaining a degree through the traditional route, the low cost is also a huge plus.
How do you think studying for your BSc has helped you or will go on to help you in your career?
I think that as this is a worldwide qualification, it will really help my career. In combination with the ACCA, it shows that I’ve gained the relevant skills required for certain accountancy roles. I’ve also found that it’s been beneficial in developing my existing skills, as well as some new ones too. You have to give a presentation on your report which developed my confidence, in being able to stand up and talk in front of people. It also helped me to plan how to discuss data findings with people outside of the accountancy industry, who may not necessarily understand industry terms.
My report was on the motivation of employees which helped me to learn lots about what actually motivates people. I got to feedback my research findings to a current client and to help implement changes within the workplace. For me this was a great achievement, as the completion of my report is now helping a client to keep their employees motivated, which in turn leads to them working harder.
How would you describe the support you received from First Intuition Chelmsford in studying for this qualification?
I had great support from my tutor, Rebecca Emson, from start to finish. We had the required mentor meetings, in line with the Oxford Brookes guidelines, but if I had any queries or problems, the support was always there at any time. I needed this to keep me motivated to finish the report. I couldn’t have asked for a more supportive tutor.
Thanks so much for taking the time to discuss this Natalie and many congratulations on a fantastic achievement.
First Intuition Chelmsford offer a full range of ACCA courses, find out more here
To find out more about studying for the ACCA and Oxford Brookes BSc (hons) in Applied Accounting, use the link below.
At lunchtime on Saturday 4th April the government released further clarification on furloughing apprentices here, with some key points:
Apprentices can be furloughed in the same way as other employees and they can continue to train whilst furloughed. However, you must pay your Apprentices at least the Apprenticeship Minimum Wage, National Living Wage or National Minimum Wage (AMW/NLW/NMW) as appropriate for all the time they spend training. This means you must cover any shortfall between the amount you can claim for their wages through this scheme and their appropriate minimum wage.”
Employees can be furloughed multiple times, but each separate instance must be for a minimum period of 3 consecutive weeks”.
If your employee has more than one employer they can be furloughed for each job. Each job is separate, and the cap applies to each employer individually. Employees can be furloughed in one job and receive a furloughed payment but continue working for another employer and receive their normal wages.
General Update
‘The last 2 or 3 weeks have seen many organisations go through a hectic process of transforming their day-to-day operations to cope with remote working. Attention is now turning back to the progress of trainees and the opportunities they have to make some good headway in their studies.
The ESFA and AELP have confirmed that although students who are furloughed cannot work for their employer they can continue to study, sit exams, work on their portfolios and document any ‘Off the Job’ learning.
The AELP also confirmed that is possible to enrol an employee as an apprentice while they are furloughed.
For ACCA and CIMA students, we will be offering an online session aimed at helping them to complete their PER requirement.
In the past couple of weeks, CIMA have shared some exciting news about how they plan to handle examinations during the COVID-19 pandemic. During today’s webinar, Leyton Ramskill and Trevor Robertson from CIMA talked us through these plans in more detail.
CIMA examinations
From next month, CIMA will be offering Case Study and OT Paper examinations using remote proctoring via Pearson Vue
End Point Assessments will also be available to take remotely at level 4 and 7.
The format of CIMA exams will remain the same as normal with exam security as rigorous as it is currently.
Pre-seen material will be provided as usual for the case study exams at each level.
It is possible, depending on the volume of students, that all candidates will sit their exam on the same day and at the same time. In this instance, it is likely, that only one variant of exam and pre-seen materials will be used.
Dates for Case Study exams may need to move but will still take place in May. First Intuition will review the timing of our courses for the Case Study and Core Papers, so that students can prepare for the new dates.
On the 7th of April CIMA will be sharing as much information as possible about how these remote examinations will work. This may include details on exam security, exam bookings and exam dates but some information may need to be confirmed at a later date.
CIMA have put plans into place for Operational and Professional Level exams. They will be looking at the Certificate Level next.
Software for remote proctoring will need to be downloaded in advance onto a student’s computer or laptop to avoid firewall issues. It will then check photo ID, and perform a scan of the room. The software is equipped with alerts for unusual noise and detects programmes and functions that may compromise the security of the exam.
They will review remote proctoring in the longer term to evaluate how it can be taken forward after the COVID-19 pandemic has subsided.
CIMA general advice
CIMA’s advice to students is to continue with their studies and exam preparation.
There is information for students and employers available their website CIMA FAQ’s
CIMA also have advice on their website which includes webinars and Facebook Live sessions for businesses
Update on other qualifications
AAT
The AAT are seeing levels of enquiry remain stable at this time with many new students looking to make use of the coming weeks to start their qualification.
The April synoptic window has been cancelled. We are encouraging the AAT to add extra synoptic windows later in the year, especially at level 4.
There is a trend towards students studying 2-3 papers at the same time in preparation for when assessments It is likely that many students will then try to quickly pass multiple assessments in a short space of time.
ACCA
The June exam sitting has been cancelled in the UK. Students will need to rebook for the September sitting as this won’t happen automatically.
The ACCA are evaluating remote proctoring for the September exam sitting. They are also reviewing capacity at exam centres based on expected, increased demand. September 2020 may well be the biggest exam sitting in ACCA history.
Any students who could not sit their exams in June and who would be affected by the seven-year rule that requires all Professional papers to be completed in this time will benefit from an extension up to the September exam sitting.
The September exam sitting is now available to book. We would advise students to act quickly due to the expected increase in demand.
Fees for ACCA examinations were due to increase but will now be kept the same for September.
ICAEW
The June Professional Level exam sitting has been cancelled and the July Advanced Level sitting has been postponed until August (expected to be w/c 24th August).
Students who have had an exam cancelled will need to rebook as this will not happen automatically.
The ICAEW are close to being able to offer a remote exam sitting for the Certificate Level. They are awaiting regulator approval.
The ICAEW have confirmed that they still require students to log 450 hours of practical work experience during their training period. They have confirmed that students who are furloughed can have up to 12 weeks of furlough time without the need to break, suspend or extend their training agreement, as long as they still meet the 450-day requirement.
If an exam has been moved, students will be able to sit their final exam after the training period has been completed.
To review the update from our previous webinar with employers, please click here.
In this session, we discussed examinations, how to maintain your knowledge along with the latest news from the AAT, ACCA, CIMA and ICAEW.
Here’s a summary of the discussions from this webinar, based on the latest news and questions from our students:
AAT
Exams have been suspended until at least the end of April.
Results from exams that took place prior to the 23rd of March will be released in line with the original schedule.
We have asked the AAT to look at adding extra synoptic windows when the exams restart
The AAT are aware of the demand for remote options for their exams but are regulated by OFQUAL and need to work with them to ensure exams can be run satisfactorily.
FI students who had an exam booked with us that has now been cancelled will receive priority when booking slots reopen.
When we are able to run exams again, we will look at offering a greater number of slots to accommodate additional demand.
Our team is working on a solution to help students maintain their knowledge to the next available exam sitting. This could take the form of regular drop-in sessions. We will be in touch with our students as soon as these sessions are confirmed.
ACCA
The June exam sitting has been cancelled.
Students who had booked an exam for June will have their account credited and will need to rebook for September. This will not happen automatically.
The ACCA have lifted their usual restrictions on the number of exams that can be booked, Those with bookings already in the pipeline will be able book their exams based on their new study plans.
The ACCA are looking into remote examinations and may be able have this in place for September.
Our advice to students is that they should look to study at least 2 papers to the September sitting. You can find our advice on good combinations of papers here.
There will still be a syllabus update in September but Alex Leach from the ACCA has advised that this will not be a major change.
FI students who had an ‘On Demand’ exam booked with us that has now been cancelled be offered priority when booking reopens.
We will look to add a greater number of slots to accommodate additional demand when we are able to reopen.
CIMA
CIMA have announced that from May they will be offering remote proctoring (invigilation) for their exams allowing students to sit exams at home.
With this in mind, it is likely the May case study exams and objective tests will go ahead.
CIMA will confirm their plan, in relation to dates of examinations, on the 7th of April.
Our advice to CIMA students is to rebook their cancelled exam slots, as soon as they become available.
ICAEW
The ICAEW have cancelled the June Professional Level exam sitting.
The Advanced Level papers, originally scheduled for July, are likely to run at the end of August.
The ICAEW is aiming to confirm dates next week (w/c 6th April).
The ICAEW are also evaluating remote examinations but are regulated by the FRC, so will need to work with them to ensure standards are met.
We have asked the ICAEW to look at remote proctoring for the CFAB exams as a priority and an announcement will be made very soon.
We have also asked the ICAEW to look at adding an additional Advanced Level sitting to help those students who are close to qualifying.
Apprentices
The ESFA have confirmed that furloughed apprentices cannot work but they can continue studying on their apprenticeship programmes.
The 20% off the job learning cover the whole of an apprenticeship and does not refer to the percentage of your working week. This means apprentices can continue to add to their 20% OFJ learning whilst furloughed or working from home.
The current situation represents an excellent opportunity to document new learnings. This could include the use of new technology, systems or ways of working.
General
Your Tutors are available to help maintain your knowledge. They can offer advice, set extra practice questions and help with queries.
Look out for additional sessions aimed at maintaining knowledge. We will let you know about these as soon as they are firmed up.
All study materials will be posted to students’ home addresses or the one you have indicated as a preference.
If you’d like to join our next webinar, they’re taking place every Wednesday evening at 6 pm and you can click here to register. You can attend as regularly as you’d like to.
The webinar began with a wider round-up of news from our industry. The following updates were provided by David and Gareth:
The ACCA has cancelled the June exam sitting. Students who had booked an exam for this sitting will receive a credit on their account and will need to rebook for September. The booking for September will not happen automatically.
Some students who are awaiting March results and had an exam booked for June are experiencing problems booking for the September sitting. The ACCA are in the process of bulk cancelling exams booked for June, so that students may book for September instead.
CIMA have announced that online exams will allow students to sit at home from May. Dates will be confirmed during w/c 6th April and the method of examination will be confirmed as soon as it is finalised.
Furloughing of employees is happening within our industry and some apprentices are being offered this route.
The ESFA have confirmed that furloughed apprentices are still able to continue with their studying and their ‘Off the Job’ learning during this time.
Non-levy employers were advised to familiarise themselves with the Apprenticeship Service which is now being used to access funding for apprentices working for SME’s. The FI team are on hand to help with this transition and answer any questions.
Update from the AAT
The AAT are operating a ‘business as usual’ approach in terms of support
Assessments are temporarily suspended but results from sittings prior to the 22nd of March will be released in line with the original timescales.
Assessments will resume as and when government advice allows.
Elements of apprentices EPA’s can continue to be assessed remotely.
Apprentices are advised to continue to work on their Knowledge, Skills and Behaviours with the support of their employers.
This is a good time for many apprentices to focus on their portfolio.
AAT students will continue to receive their weekly newsletter from the organisation and can make use of the online study resources available on their website.
Employers can contact the dedicated employer team with any queries employers@aat.org.uk
Update from the ICAEW
The ICAEW’s aim is to ensure any changes allow employers to have fully qualified and competent staff at the end of their training.
They are investing in technology to create future solutions. These will need to meet the requirements of the regulatory body.
Dates for the August sitting will be confirmed by the end of this week but are likely to take place between the 24th and 26th of August with results released on the 2nd of October. N.B these dates are not confirmed.
For those who were planning to sit an exam, mocks and questions banks continue to be available.
Remote proctoring for the certificate level exams were originally planned for 2021 but the ICAEW are now working to make these available as soon as possible.
Case study advance information will be released on the planned date in June to enable students to prepare for the case study exam now being held in August.
CABA is available to support students, members and their families. This includes emotional and financial support and advice.
The qualification will continue to require the current level of work experience, as this is a regulated qualification but this will be reviewed should the situation continue in the longer term.
Our bi-weekly webinars will continue every Tuesday and Friday at 1 pm. If you would like to join us, please register your interest using this link
ACCA exams: Keeping your studies on track
The June 2020 ACCA exam cancellation has no doubt added to the disruption and anxiety that many were already feeling. In fact, recent events may mean that people’s studies have fallen down the priority list.
However, as we continue to adjust and adapt to our ‘new normal’, many of our learners have taken the opportunity to review their learning and how they can still progress towards qualification and their long term goals. To review how they can come out of this disruption better placed and stronger than they are today.
One silver lining for us has been having the opportunity to speak with many of our ACCA students. It has been another reminder of the close relationship we have with our students.
And it’s not just existing students that have questions for us. We have been running Facebook Live sessions to stay in touch with all ACCA students. More details of our Facebook and other live events can be found here.
Plans for ACCA Students
ACCA Tuition courses
The entire First Intuition network have pulled together to create a new national programme of “Virtual Classrooms” for all ACCA papers to the September 2020 exams. These virtual classrooms are taught by the most experienced tutors in the industry. Our biggest ever course offering means you will be able to continue studying in the short term and maintain your progression plans for this year.
ACCA Revision courses
In preparation for the September 2020 exams we will be adding additional revision courses to ensure we cover all papers. We will be running all revision sessions as Online Live classes, which means you can attend from the comfort of your home.
We believe that the reduced commuting time and socialising of recent weeks are a great opportunity to make tangible study progress. However, we also recognise that some students may find this more challenging. We will therefore be running our usual programme of courses to the September 2020 and December 2020 exam sittings.
FAQs
When speaking with ACCA learners, we found that lots of you are asking similar questions. So we thought it would be useful to try to answer some of the most frequently asked and our thoughts on them:
I’ve started studying to June, what should I do?
We recommend completing your current tuition course.
We are offering all of our tuition students a bridging course to ensure they don’t lose momentum during the summer. This will mean that our current learners are heading into revision courses feeling really confident.
How many papers should I sit to September?
This is a really personal question and one that must be considered in the context of your longer-term plans for your progression and qualification.
For those that are willing and able, it might be a great opportunity to sit an extra paper to keep yourself on track (or even get ahead a little).
It wasn’t that long ago that there were only 2 exam sittings a year for ACCA students (June and December). Students would often start studying for the June exams in February. Most students would do 2 papers at a time but some would attempt 3. We have redesigned our course schedules to support this and we’re always on hand to give advice based on your personal circumstances. Read our advice on sitting 2 papers together.
When should I start studying to the September 2020 sitting?
This will vary for everyone, but we have a range of options.
We are running a series of courses starting in late April/Early May via our virtual classroom.
We are also offering a range of Online Live tuition courses starting in June. The dates can be found here.
All of our centres have updated their September offering. Find your centre and look at your options here.
Should I book the exam or wait?
We would recommend booking your September 2020 exam as soon as possible. We think that September 2020 will be a busy exam session. ACCA are working hard to introduce extra capacity and more will come online over the next month or two.
If you are having any problems booking your September 2020 exam, please get in touch with ACCA.
Our Promise
We are totally committed to working with you to ensure we minimise the disruption to your studies in the coming months.
If you have any questions, please do not hesitate to get in touch with your local FI centre.
However, there lots of different courses available, so how do you choose the correct AAT online course?
Different ways to study an AAT course online
We appreciate that everyone is different so we have different ways to study an AAT course online, and so we have a study method that is right for everyone.
We have flexible AAT online course, which has prerecorded lectures which takes you through the entire syllabus. These can be watched in your own time so you can go as fast or as slow as you like. You can even take a break should you go on holiday, or look after children in the school holidays.
Or for those looking for a more structured course with set study periods we have our Online Live courses. You will know when you will start the course and when you will complete.
With both courses you will get your own tutor who you can call on an evening and weekend, marked mocks and assignments.
Take a look
In the short video below you can see how our online learning platform looks and feels and get a great sense of how it works:
What should you look for in an AAT Online course
You may be looking to study online due to needing flexibility, and you may be looking to take breaks. As such you might be expecting to take a bit longer than average. So you should look to see how much support you get. At First Intuition we offer unlimited support as part of our Pass Assurance.
You should also think about when will you be studying, and when you may want support. So if you study on an evening, you may want to check that the training provider offer evening support. First Intuition offer support up to 8pm Monday to Thursday, as well as Saturday morning.
We also recommend try before you buy. At First Intuition we are incredibly proud of our online materials. So much in fact, that we would be willing to give anyone full access to a single unit for a week. This allows you to make an informed decision.
If you would like a free trial please call 01425 618124 or email aat@fi.co.uk
At a time of great change, where does it leave your ongoing studies for your professional exams?
Every cloud has a silver lining, and maybe this is one of them. You are potentially going to have more time now than you have had before, and fewer distractions. With reduced travel requirements and fewer social gatherings, we all need to plan useful and worthwhile things to do. Therefore, this could be an opportunity for you by pushing ahead and doing more studying than you had considered previously.
To support that, FI is working tirelessly to continue to provide those who are willing and able to progress with their studies, the opportunity to do so.
One of the ways we have done this over the last week has been finding ways to support our students. Particularly those who had booked classroom courses that are no longer possible to run in-centre. We have transitioned all of our in-centre classroom students to “virtual classrooms”. This is a fantastic concept that we are able to offer after several years of investment in our online and digital capabilities as a training provider.
Every year, thousands of students study via our “on-demand” courses (FI Online) or via our tutor led, interactive online class (FI Online Live). Consequently, this has allowed us to develop the infrastructure, experience and expertise to move to remote delivery without sacrificing any of the key components of a great course:
Structure
Local and personalised support
Expert tuition
In addition to these components, Virtual Classrooms include:
Expert tuition led by the course tutor
High quality physical materials delivered free of charge
The ability for students to ask questions and chat with their peers
Structure, guidance and motivation from the tutor
The opportunity for students to advance their learning without significant disruption to plans that have been in place for months
If you invest time now, it will not be wasted. In contrast, it will be laying a foundation we will be building on over the coming months to help you progress as quickly as possible in your chosen qualification.
For distance learning students, what now, is the best approach to your studies if you can’t sit exams.
You can carry on working through your materials, just be aware that if you work through all the questions, you won’t have new ones before your exam so it may be a good idea not to rush through the materials at this stage and to spend more time on each section. Ideally not doing the mocks so that when the exam centres do open, you have some fresh practice questions to complete before your exam date.
When you get to the end of a unit, you could put that unit to one side and begin working through a new unit. This will keep you busy and actively studying while the exam centres are closed. When they do open, you could then go back to the original unit and spend a few weeks revising and getting yourself back up to speed with that one.
We normally don’t advise to learn two units at the same time as it is a lot to take in. However, at this time with not being able to sit exams, it may be a good thing to keep studying.
Some units are better to do so as they flow nicely with some crossover:
Level 2, there is bookkeeping transactions and bookkeeping controls.
At level 3, there is advanced bookkeeping and final accounts preparation.
At level 4 there is budgeting and decision & control, there is also the two tax units PTAX and BTAX.
You could stop studying while this is happening. Have some much-needed rest and spend quality time at home. If this is what you want to do, I would keep picking the study book up and doing a little bit every now and again, so it keeps you in the loop and it’s not a complete break. This will help later when you do decide it’s time to commit to studying properly again.
If you have a tutor, you can always discuss your options with them.
Please stay safe.
Regards
Phil Toomer
(AAT distance learning tutor)
Here is a link to a blog that explains what First Intuition are doing regarding the coronavirus.
I started working from home after 17 years of working in a busy London Head Office and worked for a Digital Marketing agency where the whole team worked remotely. Aside from our monthly face-to-face team meeting and the odd visit to clients, I was based at home for over eight years. The learning curve was steep and it took me a while to get into a system that worked for me. During this time, I think I established some good working from home practices. They may not work for everyone but here are some of my top tips.
Finding the right place to work at home
It sounds easy, doesn’t it? You’ll just take your laptop home and start working. In reality, where you work at home can have an impact on how much you get done. For a variety of reasons, it may cause other complications too. I was lucky enough then to have a home-office but these days, my dining room table is where I work.
Having a home office is ideal. You can set it up with all your work and almost mirror your office environment with a desk, chair, monitor and other office essentials. If this isn’t possible, then you’ll need to find somewhere you can work comfortably for long periods of time. Stylish as they may be, most dining room tables and chairs weren’t made to be sat at for the duration of a working day. Don’t be surprised if you suddenly start to notice a few unusual aches and pains. To mitigate this try to make where you sit as comfortable as possible. Use a cushion, if it will help or invest in a back support.
Think about seating position. It could be well worth getting a footrest to be more comfortable. If you’re going to be working at home regularly there are a few other items you may want to invest in. These include a separate keyboard, a monitor screen and a headset for taking calls. All of these will help to make working at home more comfortable and avoid aches and pains.
Work at home your way
Working at home if you’re used to a busy office can feel very lonely. The sudden lack of background noise can feel strange and you might miss having people to share ideas with. For some people, the quiet can actually work and suddenly you feel like you can focus and really get things done. Try to work out what suits you best. For me, having the radio on quietly in the background gives a feeling of not being totally alone. For others, it’s about using a relaxing or uplifting playlist. If you’re used to being in a busy office and are in a position where you need to chat to others to get your work done, set up an account with one of the online video communications sites, such as Zoom. That way you can still see and chat with your colleagues when you need to.
If keeping in touch is important in your role, investigate other ways to keep up to date with your colleagues too. This might be via tools like Trello, Google Hangouts or Slack. You might simply just pick up the phone. As I mentioned earlier, if you’re job involves lots of phone calls, you may want to invest in a headset. It’s a really good way to avoid a crick-neck, caused by wedging your phone between your neck and shoulder while you type.
What to wear
The jury really is out on this one and many freelancers I know are divided. It’s important that you feel comfortable and for some people, this means working in their pyjamas. Others will only feel ready for work if they’re in office dress. For many, it’s somewhere in between. This is where I ended up. Tempting as PJ’s are, I opted for casual, comfy dress and something that I’d feel comfortable wearing on a video conference. However, it really is up to you and needs to fit with how you’ll be working. If you need to get up early, maybe before the rest of the family gets up, you could start in your PJ’s and change later. If you live alone, won’t see anyone all day and are most happy in your pyjamas or gym wear, then go for it.
Plan your work
It’s easy for your day to drift when you’re working from home. You start off with some good intentions but get distracted by something on social media or a news story on the internet. It’s worth setting out, at the start of your day, what you want to achieve. Before I make a start each day, I list the things that I must or really want to do that day. I sometimes pop them on a post-it note on my laptop, as a reminder too.
Make sure you set some realistic targets. It’s easy to think you’ll get lots done at home but in reality, you may still get ad hoc requests and have to take unplanned phone calls. Having a clear idea of what you’re setting out to do, will give you some momentum and help you focus. At the end of a day working at home, it’s also good to see what you’ve achieved.
Working at home and surviving distractions
Separating work and home life can be tricky. You get up in the morning and put the TV on while you’re drinking your morning coffee with a plan to start work at your usual time. This can often go wrong. My advice is to not even switch the TV on. If you do put it on, set a rigid time at which you’ll turn it off. Unless you can work with the TV on in the background, it can be very easy to get sucked in and waste valuable working time.
Social media can also be a distraction and it’s easy to get caught up checking your feeds, on and off during the day. Try to limit how many times you access social sites during the day. You could try to keep it for times when you’re taking a break.
Working around children
For those people with children, working at home can become even more challenging, particularly if they are going to be at home with you. This is almost a whole topic in itself. Some of the solutions I adopted during my time working at home included flexing my hours. Sometimes I would start early, take a break to spend time with my little ones and carry on at nap and bedtimes. With older children, the challenge can be keeping them occupied to prevent boredom and dare I say it, arguing. One way around this is to set them a task or activity which will occupy them for a while. Make sure you build in regular breaks so you can check in with them.
Phone calls and video conferences can be incredibly difficult with children around. I once locked myself in the bathroom and sat in the shower cubicle (for extra sound-proofing) while on the phone to a client. It was a nightmare and I learnt very quickly that honesty is the best policy. After that, I would explain in advance, if possible, that my children would be around during the call. Most of the time, clients were understanding. Either recognising the dilemma and being OK with it or suggesting an alternative time to speak. This won’t always be the case but in my experience, it’s better to be upfront than being stressed out that World War Three is breaking out in the room next door.
Having children around while you work is never easy, even as they get older. I would often dread the long school holidays but in reality, we always seemed to muddle through. There are no ‘solve-all’ solutions here but my best advice is to try and figure out what works for you and your family.
Take a break
It’s easy to get carried away when you’re working at home. Without the distractions of the office, it’s tempting to just plough on and get stuff done. It’s really important not to spend the whole day at your desk and particularly at a dining room table. Aside from the comfort implications, mentally you need a break too. Get away from your desk for a short break every now and then. You’ll find this helps you to feel refreshed and ready to start again. I would often go for a short walk around lunchtime, to help clear my head. It’s amazing the effect fresh air can have on your productivity.
Whatever you choose to do, make sure it’s away from your computer. You could use the time to read the paper, put some washing on or do a few stretches. With this in mind, try not to eat at your desk. It’s really important to take time away from work and stretch out.
Staying healthy
Believe me, when you’re working from home, the fridge and kitchen cupboards are tempting. It’s far easier at home to snack your way through the day compared to being in the office. This really comes down to mindset but one way you can help yourself is to plan your food in the same way, you plan your day. Work out what you’re going to have before you start and get it ready in advance. If you take a packed lunch to work, then make one for your day at home too.
Keeping work and home separate
One of the challenges I faced when working from home was knowing when to stop. Having your work in easy reach can mean you keep checking emails. You might also be caught up in a cycle of just finishing one more thing. Make sure you set a clear finish time for work. If you’ve got a home office, switch everything off and shut the door. If you’re working in a living area, then my advice is to get a box or bag and put everything away when you’re done. This way, work won’t merge into your home life.
See it as a positive thing
Working at home can be really productive. Mindset is key. These days, I often use working at home, as a chance to focus and deep dive. It’s also a time to do research, join webinars and spend time planning. For me returning to an office-based role was great. Having a team around to support me and talk through ideas really helps. On the downside, the phone rings a lot and the office is busy with people popping in with queries. It’s easy to get distracted. Working at home can be really rewarding and productive in comparison. The important thing is not to lose contact with the outside world. Find ways to keep in touch with your colleagues and prioritise your comfort and wellbeing.
For more information about our programmes, please click here
Roll back 30 years to 1990: ‘Ghost’ was the highest grossing film of the year. Sinead O’Conner was at the top of the charts with ‘Nothing compares 2U’. The fall of the Berlin wall a few months earlier was leading to the reunification of Germany. Elsewhere, the world of Accountancy training was taking onboard a young, recently qualified ACA. One who had narrowly avoided slipping into the world of insurance as one commonly did in the day in and around Norfolk. So, what changes have we seen in the ensuing 30 years? There have been many!
Technology
Firstly, and continually, there has been extensive development in technology. Back in 1990, fax machines were the new world order. You had ‘made it’ if you had a Nokia 3310. The classroom was a different place entirely back then. It wasn’t uncommon to still use a blackboard and chalk for courses. The overhead projector and acetate rolls soon moved in. The stains on your fingers changed from that of yellow chalk to a rainbow of permanent ink. The evolution of smart boards, tablet laptops and the internet have transformed everything. The ability now exists to move around in a classroom and to bring the outside world within. Despite a short ‘death by PowerPoint’ blip, the technological advances have fashioned our approach. The use of real-world illustrations and live data make for a far more engaging learning experience. Interactive audience apps add to engagement. Exam syllabi have all been updated to reflect the importance of technology in the workplace too.
Learning styles
Society’s entire attitude to and understanding of learning science has meant an evolution. In 1990, you had a book or file and if you were lucky you had a tutor too. You sat and listened, whether that was right for you or not (not that you knew). Today we recognise that there are a multitude of preferred learning styles. This has led training providers to develop a variety of approaches to study in response. In addition, we recognise now the variety of challenges to learning faced by many. Dyslexia and Dyscalculia for instance are better understood. Formats of printed and electronic material provided to learners have evolved in this light. Flexible time allowances and other arrangements now facilitated by the examining bodies have emerged. All of this was unheard of back in the day.
Delivery platforms
Allied to the technological advances referred to above, lectures can be delivered online to timetable daytime or evening. In the UK and now worldwide. Lectures can be re-watched later removing the need to take notes live at the expense of not hearing what was said next. Recorded products sit alongside the more traditional home study approaches. Classrooms too have become a more conducive environment, delivery is more collaborative and inclusive, meeting the needs and preferences of each individual. In today’s challenging position, technology has meant continuity that would have been impossible 30 years ago.
On demand exams
The workplace has become an ever-increasing demand on time in those 30 years. This has led to employers and students needing greater flexibility in sitting examinations. Technological advances have assisted in the shift of mindset, with more and more exams becoming available to be sat on computers on-demand. This has presented a unique disruption to the training providers in the sector. Traditional course delivery models had been firmly rooted around the set exam sessions. Institutes now require their exams to be sat on computer and so training providers have needed to reflect this in their approach. Simple, but crucial adjustments followed in the classroom. Ensuring sufficient access to power supplies for student IT equipment. Ensuring a robust Wi-Fi provision for access to media and exam resources, mock papers and so on. Course delivery too has adapted to facilitate flexible exam sittings. 365 course start dates a year. Credit accumulation rather than sit all and pass all or else fail the lot has shifted the goalposts.
Apprenticeships and funding
Last, but by no means least, changes in who we see training, with who and how this is funded. I have seen a clear shift from a male dominated classroom to pretty much the reverse at the current time. We have seen the evolution of Technician level bodies and qualifications such as the AAT. This has itself facilitated a shift from traditional routes into the profession. Once a domain for graduates alone, now tapping in to the talented population of the school leaver. This is something employers were taking on board long before the funding changes clicked in. Then BOOM, along came NVQ’s, Apprenticeship Frameworks and then the Apprenticeship Levy. The Digital Apprenticeship Service (DAS) and the new Apprenticeship Standards have shaken the mix again.
Apprenticeships and the Levy have changed the traditional training landscape. They have fashioned an evolution in the packages of training now being delivered. Focus moves away from solely on the technical qualification of the various institutes. Now there is a much more rounded picture of the skills required of the accountant of today and importantly, of the future. Greater emphasis has emerged on analytical and interpretive skills, on communication, making change and managing it, on leadership and team working, insight and persuasion. Training providers have had to evolve to deliver this complete package. To now work with apprentices and employers to ensure that this development can take place both on and off the job. Ensuring proper opportunities are available within the workplace and as necessary within the provider delivery package.
The Levy has made a real change. Not always a positive change for some. The experience of the DAS has probably distracted attention from the real positives being created. The Levy has provided a level playing field for SME’s looking to attract talent. Provider developmental programmes for trainees today were once the domain of only the biggest employers. Today, through proper funding, these are now more affordable thanks to the government co-funding of Apprenticeship Standards delivery for SME’s.
30 not out – On final reflection and in summary
Over the last 30 years I have observed ‘double entry’ shift to ‘data analytics’. I’ve seen ‘intelligence become artificial’ whilst rigid becomes flexible. Perhaps most importantly, ‘selective has become inclusive’. There has been a seismic shift in the working environment and society in general. Disruptors have been many and challenging. Change is good for the right reasons and change there has been, in the most part for the right reasons. It has been a real rollercoaster of a journey, surfing the wave of the web and adapting to new challenges. I have had the pleasure of talking with and delivering programmes to many people in that time. All these people have of course become a little older, wiser and many carry senior positions in our clients today. Like me, a little less hair in some cases, a few more ‘creases’ in some cases. A few extra pounds here and there and some less too, but all moving forward with the times. What a difference 30 years has made.
2019 saw a record intake of well over 9,000 new ICAEW students registering compared to only around 3,000 per annum in the early 2000’s. In fact, intakes in each of the last 5 years have been record-breakers showing that the relevance and appeal of one of the most prestigious finance qualifications in the world is only increasing over time.
Gareth recently visited Chartered Accountants Hall to chat with two of the senior ICAEW staff involved in the recent consultation; Adam Birt, Head of Qualifications Strategy and Development, and Fiona Hodgkin, Head of Client Relationships.
Adam started by explaining how different this consultation had felt compared to the previous one conducted in 2013. “Across the 2,200 comments we received we saw a high level of agreement about the direction we have been taking. Members we talked to were very happy, very supportive of what is being done. The exercise has really confirmed that the key themes already in progress are the right ones.”
I questioned whether technological changes such as cloud accounting and automation meant that accountancy trainees could ignore the fundamentals of bookkeeping and got a clear response. “Very simply, no they can’t ignore them. Technology doesn’t change the content and accountants must, must know the core principles. Double-entry is as important as ever, if not more so.”
The 5 key themes that have driven the discussions held around the country
1. Ethics
At a time when accountants are often in the news for the wrong reasons, and when some people are particularly questioning the role and the performance of the audit profession, the way that the qualification develops and embeds ethical behaviour is absolutely critical. Students must be given the tools and the confidence to exercise sound judgement in the kind of situations they may find themselves in.
“We are going to ensure that the qualification helps students to develop and embed ethical behaviour at an early point in their careers.”
2. Development of skills
Adam and Fiona explained that the skills contained in the Apprenticeship standards that are now used by so many ICAEW Training Organisations are already covered by the ICAEW Professional Development Ladders, and that they still consider the ACA to be the gold standard.
“Although accountants are often accused of being ‘bean counters’ it is actually a people industry requiring a broad range of people skills. Being able to communicate, both digitally and face-to-face, is normally at the top of the list and is critical to a successful career. Team-working, adding value, problem solving, negotiation…all important too.
The ACA qualification is designed to develop and to test these skills within the exams but often students don’t realise what they are learning. We have put a real focus on clearly identifying which skills are assessed within each exam by giving allocations of marks, for instance in the Case Study.”
3. Professional scepticism
“This is an area we got a lot of positive feedback about; the need for students to exercise the twin traits of curiosity and scepticism when dealing with information they are given by clients.
We want to use the exams to put students in situations where they have contradictory information, or where conflicts of interest might be present. This will ensure that they can think and act in a more commercial manner.”
4. Technology
It’s been decided that rather than creating separate training looking at tech it would be embedded throughout the main qualification. Systems and processes, cyber security and data analytics will all be covered by students as they progress through the exams.
And it’s not just syllabus content that will reflect evolving technology, the way the exams themselves work will change incorporating improved word processing and spreadsheet function.
From March 2021 students will start having access to data visualisation software called Inflo. This is already used by many auditors and accountants. This will allow interrogation of data during exams and gives the ability to identify exceptions and create graphical representations of trends, patterns and variances. Students will be expected to consider the validity of the data in line with building their levels of professional scepticism as covered in point 3 above.
The ICAEW are also keen to take a lead on Sustainability by moving to paperless textbooks and question banks. This should save over 250 tons of paper every year! Learning Materials will be made available as E-books that can be stored on the student’s virtual bookshelf alongside their FI course notes. The material will even act as an audiobook if students would like it read to them!
5. Technical knowledge
As already highlighted above there will still be a focus on basic knowledge and technical expertise. The ICAEW will be looking more at the delivery of Technical Knowledge, for instance with the online materials already mentioned.
I sometimes come across students who question whether they really need to learn the huge range of material they cover, often in a great level of detail. Adam picks up this point saying “it’s true that qualified ACA’s don’t always use all the technical knowledge they study but the key is the way of thinking that the qualification trains you to use; the analytical abilities of weighing up complex options and making a reasoned decision.”
Adam neatly summarised the objective underlying all the other themes:
“The ACA is the Gold standard, and this evolution will ensure that remains the case”.
To find out more about our ICAEW courses please click here.
Now all employers have been given a digital online account (DAS) we want to help support our clients through this time of change by holding some apprenticeship forums across East Anglia.
What will we cover?
Levy/Non Levy payer funding rules
20% off the job training guidance
Recruitment of Apprentices & training of existing staff
How Apprenticeships can work for you
The future of Level 7 apprenticeships
Q & A session
When are the Apprenticeship Forums?
Cambridge – Tuesday 17th March at 08:00 (this event will be held at Quy Mill Hotel)
Norwich – Tuesday 24th March at 08:30
Ipswich – Tuesday 24th March at 16:00 (this event will be held at the Holiday Inn, London Road)
Peterborough – Thursday 26th March 08:30
Chelmsford – Friday 27th March at 08:00
How to Book?
All you need to do is click the button below and fill in the booking form. We will then send you a confirmation of your place and a couple of reminders nearer the time.
Please get in touch to discuss your upcoming training needs or if you want to start progressing starters for any of our apprenticeship programmes.
It can be difficult to think about setting off in a new career direction and it’s easy to come up with lots of reasons not to. ‘Who will be home when the kids get in?’ ‘What will I do about school holidays?’ ‘I’ve not worked in a while, I don’t know what I’d be good at’, ‘My skills are probably out of date now’ or ‘I want to do something different to before, but I don’t know what’.
New Directions
If you’re looking at a new direction, it’s easy to dismiss the idea of working in accountancy. Many people think that you need to be a whizz at maths and already have a string of qualifications. These are common misconceptions. A good G.C.S.E in maths can be enough to get started, although you may need to pass a numeracy test for a potential employer or to start studying a new course. In terms of qualifications, it’s now common to study whilst working to gain qualifications with courses available on weekdays, at weekends and in the evenings. You can even study online to get the qualifications you need; choosing to join ‘Live’ sessions or study at your own pace when it suits you best.
Accountancy may surprise you!
So where can accountancy take you? When many people think of accountants, they imagine a corporate culture, being based in an office all day long and working long hours at specific times of the year to meet deadlines. This, however, is only one side of accountancy and some people are surprised to learn that there are opportunities for those with accounting qualifications in a huge range of industries and within companies of any size. The public, private and charity sectors all offer plenty of opportunities for those with accountancy training but these days, there are a growing number of small and start-up businesses, many of whom need help with their finances. Let’s not forget too, that there are also lots of individuals and sole-traders who just need help with their accounts at various times during the year.
This wide variety of sectors means that accountancy can be a very flexible career option. Small businesses may only need part-time support and you can work freelance with individuals, start-ups and sole traders, so you can often juggle your own workload, from the comfort of your own home. Of course, if you like the idea of working in a fast-paced office environment and your personal circumstances allow it, opportunities to work full-time in the public and private sector now often come with a degree of flexibility such as compressed hours or time spent working from home. With jobs at a range of levels too, it’s not only easy to get started but if you choose to study and keep studying, accountancy is a career choice where you can really progress.
Starting off
So how do you get started? If you’ve worked in accounts before, there’s no reason why you shouldn’t be able to apply for jobs at a similar level to your previous roles. However, you may want to refresh your knowledge or upskill, and in this instance, you may want to return to studying before you apply for new roles. If you’re keen to get straight back to work, it’s worth mentioning at any interviews that you’d be happy to study to gain new qualifications, as many employers now help their employees to fund their studies.
If you’re totally new to the world of accounting, you may wish to get some qualifications first and study centres like ours, First Intuition Chelmsford, and our colleagues across the UK can help you to decide what and how to study. There are plenty of flexible options to fit around your lifestyle and our teams are always keen to help new learners formulate a plan to study.
Find out more about the qualifications we offer here
Click on these links to get more information about the AAT, ACCA, CIMA and ICAEW
FI wins Online College of the Year 2020
The prestigious awards took place at the Cafe de Paris in London on 26th February. Importantly, Nick Craggs and Phil Toomer were there to collect the award.
“We were absolutely overjoyed to just be shortlisted, but to come away winning the award for Online College of Year is just amazing. Moreover, for FI to be selected as the top online college out of all the providers and accountancy qualifications, is mind-blowing!
We are so proud of the dedicated, motivated, hard-working team we have at FI. However, we couldn’t have done this without our students!
We are really pleased with the results that our new Online Live and Online courses have been achieving recently. Further, to be recognised with a PQ Magazine award is a testament to all our hard work.”
Here is what FI students said about us winning Online College of the Year 2020:
“Absolutely fantastic! Congratulations to all the team at FI! I will be returning to you soon (hopefully) to finish AAT level 3 and progress onto further qualifications. I wouldn’t go to another accountancy “college”‘ again!” Alice S, AAT Level 3 student
“Congratulations guys. Very well deserved and thank you for all of your support” Kate F, AAT student
“WHOOP WHOOP. Go Team FI! Well done all, amazing college, tutors and materials. Highly deserved!” Andy M, AAT student
Read our articles below to find out more about our AAT Distance Learning courses.
What is laughter?
There are two parts of laughter. The first: the sound and the second: the gestures. When we laugh our bodies do both these actions. It is an involuntary action and we can’t choose what we do and don’t find funny.
The process starts in our frontal lobe. The frontal lobe is located at the front of the brain and is split into two halves. The left is for our practical side and the right is our creative side. When we hear or see a joke both parts of our brain are used. The left side determines if the sounds and images we are seeing are a joke and the right tells us if the joke is funny.
Once this is determined the limbic system gets the message that we need to laugh. It then send signals to parts of our body that show the physical signs.
What are the benefits
There are many benefits to laughing but here are a few :
Improves your overall health- It can boost the immune system, reduce stress and even reduces blood pressure.
Laughter releases endorphins- Endorphins are the happy/feel good chemicals in the brain so when we laugh these endorphins are released and we feel happier.
Laughing actually burns calories- a study found that laughing for 10-15 minutes a day can burn 40 calories.
Although having a good chuckle is great. We don’t have to really laugh to make us feel happier. By just making the sounds and gestures we can trick our brains into thinking we are laughing for real. This is why laughter therapy and yoga popularity has risen in recent times.
How can you experience more laugher
After a stressful day it could be a good idea to do one of the following to help you feel less stressed:
To find out more ways to help your wellbeing please visit our wellness page here.
Feefo Trusted Service Award 2020
We are delighted to have won the Feefo Trusted Service award 2020 for First Intuition’s reviews. This award is an independent seal of excellence, recognising businesses for delivering exceptional experiences.
About the Feefo Trusted Service Award
Feefo created the Trusted Service award, granted to businesses that use Feefo to collect genuine reviews. The award is based on the number of reviews companies have collected and their average rating. Therefore, only companies meeting the high standard receive this highly-valued badge of approval. Consequently, this accreditation remains unique. Above all, it is based purely on interactions with real customers. All FI reviews are verified as genuine; so this is a true reflection of our commitment to outstanding service.
FI’s Continued Success
We started working with Feefo back in 2016, with the aim of collecting genuine customer reviews via an independent platform. Since then, FI has been presented with the Trusted Service Award every year.
We’re very excited to receive this award from Feefo, based on First Intuition’s reviews from real students, who are our most important critics. The award recognises how hard we work to give all our students the best possible experience at FI. Our staff are fully committed to the highest quality of service, so it is important for us to listen, understand and respond to all our customers. The beauty of Feefo is that it enables us to consistently improve. We read every one of the FI reviews and reply individually and make sure our students’ voices are heard.
Congratulations from Feefo
Steph Heasman, Director of Customer Success at Feefo, congratulated FI on winning this award. Steph commented: “The Trusted Service award is about recognising companies that go way beyond the norm in customer experience and generate great feedback from happy customers.
“This year we’ve been delighted to see so many companies using Feefo to provide outstandingly high levels of all-round service. It’s what Feefo is all about. We help our clients give their customers the best experiences possible. I’m certainly confident we’ll see more success from businesses partnering with us throughout 2020.”
About Feefo
Feefo is a reviews and customer insights technology company. They provide businesses with the tools to collect real, purchase-verified reviews. Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction. Consequently, this increases consumer confidence and enables businesses to make smarter business decisions.
I remember when I finally got promoted to a manager. I had worked extremely hard for this and felt I was ready for the role. It had taken me 3 years to complete my exams and I felt that I was ready for anything.
My first one to one with a member of my team came. I remember he was fairly young and very arrogant so he was not expecting any feedback. Certainly, any feedback which did not support his very positive view of himself. I had some learning points which I wanted him to take on board and wanted to pass on my wisdom as a manager.
It was a recipe for disaster; so you can probably imagine how well it went!
I am not alone and for many of us, the progression to supervisor or manager is part of our career path. Often we are underprepared so don’t process the skills needed to be an effective manager. A small number of people are natural managers so seem to have an innate ability to say and do the right thing to unite their team. Most of us mere humans learn by trial and error possibly taking a few casualties along the way.
Our management programme
We have designed a CMI programme aimed at aspiring managers/supervisors to develop the skills needed to adjust to a management role. The programme covers practical skills like using models to improve coaching skills and motivational theories to help build a team. The apprenticeship combines work-based practices with a Chartered Manager qualification. There is an added benefit of having a management tutor to support your development along the way. You will also have the support network created by joining a group of fellow managers on their journey.
I imagine that my first foray into management all those years ago would have gone more smoothly if I had benefitted from the skills and behaviours gained through a management apprenticeship.
Our programme is open to anyone who is developing their management skills in the workplace. Please email to find out more jodyson@fi.co.uk
To find out more about the CMI please visit the CMI website here.
ACCA MSc London Open Evening
When: Wednesday 29th April 2020, 6pm to 7pm
Where: Online, link to be distributed by email
Registered attendees will receive a 5% discount code to use against any FI element of a programme booked before 30th June 2020. So reserve your place now by clicking on the button below.
What Will the Open Evening Focus On?
The new University of London MSc Professional Accountancy programme, delivered from our London centre, is specific to ACCA members and affiliates. Find out more about the ACCA MSc programme here and take the opportunity to virtually meet UoL and FI programme leaders at the open evening on 29th April.
For those of you who are currently studying at Strategic Professional level, find out more about our ACCA Unlimited study packages for our London centre and online. Therefore, attend our virtual open event to understand how ACCA Unlimited could help you qualify faster.
ACCA representatives will also be joining us to answer questions on your ACCA journey, CPD options, PER requirements and ACCA membership.
Open Evening Timetable
6pm – 7pm MSc Professional Accountancy talk – delivered by UoL and the FI programme team plus Q&A
Interested?
If you would like to find out more, please register for the virtual ACCA MSc open evening by clicking the button below.
We look forward to seeing you there.
Apprenticeships: What can we expect in 2020?
Compared to four or five years ago when perhaps 5% of our learners were apprentices, many of our intakes in 2019 were made up of more than 50% apprentices. This swing is a powerful indication of the relevance to employers of the many valuable additional workplace skills and behaviours that apprentices acquire during their training.
Developments from Department for Education (DfE), Trailblazer Groups, Regulators and ESFA
We expect full reviews of the Level 4 Accounting Technician and Level 7 Professional Accountant standards
Reviews undertaken in other industries have proved a great opportunity for employers and training providers to provide feedback. Specifically, on where the knowledge, skills and behaviours contained in the standards need to be re-examined in addition to whether the assessment approaches remain appropriate. We don’t expect major changes to the overall look and feel of the standards but we will be canvassing our employers to ensure their voices are heard.
Please feel free to let your local FI contact know if you have any input.
Funding cap review for Level 7 Professional Accountant
As occurred with the Level 4 standard in 2018, we expect a funding cap review for Level 7 in 2020. The approach the DfE takes with cap reviews is to request a number of costing submissions from training providers. At FI we have a completely transparent approach to pricing our programmes which should form a useful basis for the government’s consideration.
Given the national shortage of available levy funding that has been revealed in the last year, it seems pragmatic to expect a reduction in the Level 7 cap. Consequently, this may necessitate changes to delivery approaches. With the uncertainty over the implications of the transition of SME’s onto the Digital Apprenticeship Service in coming months, a cap review would add another layer of concern for many employers.
Ofsted and the Office for Students (OfS)
Ofsted currently regulates the quality of education up to Level 5 programmes. The newly created OfS is charged with regulating the quality of Level 6 and Level 7 programmes. This creates an interesting dynamic for training providers such as FI, who deliver programmes from Level 3 to Level 7. Although we adopt consistent approaches and processes from ‘bottom to top’ to ensure smooth learner progression, we now face regulation by two different bodies. Furthermore, the extent to which they will be consistent in their inspection approaches is unclear.
We support the changes to Ofsted’s inspection process, which focuses less on faceless data and more on the experiences of the apprentices and the impact that their programme has had on their careers. We hope that the OfS will be taking a similar approach.
Apprenticeship Developments at FI
We are anticipating an exciting year ahead, with a number of significant developments to our courses and programmes during 2020.
Expansion of our national delivery network
We are unique in our industry in our ongoing commitment to face-to-face delivery and to building local teams to work with local clients. Distance learning is certainly an important part of our offering, but online programmes complement what we do in the classroom, rather than act as a substitute.
Over the last few years, we have rapidly increased our national coverage and 2020 will see further growth; delivering more course programmes in more locations. We have been establishing new centres in major cities such as Leeds and Birmingham, but have also been expanding the number of qualifications that we offer in locations like Norwich, Sheffield, Southampton, Peterborough and Ipswich.
2020 will see us further consolidate relationships in those local markets which are so important to us.
Enhanced Impact Skills Programme
One of the most exciting things about the new apprenticeship standards is the additional career-relevant skills and behaviours that are included. Students don’t just learn traditional technical knowledge in areas such as financial and management accounting, tax and business strategy. They also attend face-to-face workshops that help them develop in critical areas like communication, critical thinking, negotiation and leadership. These workshops have a profound effect on the confidence the students demonstrate in the workplace.
Conversations with employers (and awarding bodies) over the last year have confirmed just how important these additional skills are becoming to the career of the modern accountant. Processing transactions simply isn’t enough anymore. Analysis, interpretation, decision-making and advisory are all essential tools to succeed in finance. As one client said to me recently “we are not just training accountants, we are developing leaders.”
To ensure that delivery of these skills and behaviours isn’t just a valueless box-ticking exercise, we have developed a comprehensive Impact Skills Programme that is interwoven into the on-programme phase of our apprenticeships. We recently spent time talking to our clients about the skills they deem important for their trainees to develop so that we could ensure these were highlighted and prioritised.
Leadership and Management
Many of the accountancy students that we help to achieve their professional qualifications rapidly move into management positions with little or no formal management training. Our understanding of the organisations that we work with and the close relationships we already have puts us in an ideal position to help these ‘accidental managers’ to develop the skills they need.
As a natural extension of our Impact Skills Programme, we have started delivering Leadership & Management programmes at Level 3 and Level 5, accredited by the CMI. These programmes allow chartered accountants we have trained to move on to become chartered managers. As a result, this allows them to make that next step in their career with full training and support, maximising their chance of succeeding for themselves and their organisations.
Gareth John
Executive Chairman and Director
First Intuition East Anglia, Leeds, Sheffield and AAT Distance Learning
What Manav said about our Accountancy Academy:
“I was a student who attended the accountancy academy last year. I would like to say a massive thank you for organising the Accountancy Academy last summer and coming in to my school to talk about accountancy apprenticeships.
This opportunity has inspired me to apply for an accountancy apprenticeship.
When I started Year 13 in September 2019, I applied for several accountancy apprenticeships and I am pleased to let you that a leading company has given me a conditional offer for an apprenticeship.
If I did not attend the First Intuition talk in my school and the accountancy academy, I would not have applied at all to accountancy apprenticeships.
Once again, thank you for all of your work at First Intuition. I look forward to recommending the accountancy academy to younger students”.
We just want to say a massive thank you to Manav for taking the time to send us such a lovely message. It means a lot, both as an organisation and as individuals. We love to hear this sort of feedback of our support.
At First Intuition we want to give students an insight into what a career in accountancy & finance is like, we take students through a series of short workshops aimed at helping them to understand the role of an accountant, the career opportunities available to those with accounting qualifications and give advice on CV’s and preparing for interviews.
Further workshops:
We will be running workshops again in 2020, please click here to find out more.
Engaging with schools
Anne Bailey, founder and CEO of Form The Future, thinks that there is a clear gap between what students are learning at school and the skills that they need in order to be ready for the workplace. Her concern that the worlds of education and employment were completely disconnected led her to establish Form the Future. Form The Future work to connect schools and their students with role models, mentors and coaches from local businesses that are seeking more engagement with school leavers. Anne stressed the value of employers getting directly involved with events at schools to promote careers. Since potential school leavers can be less ‘formed’ than grads, offering work experience can be a very useful ‘extended job interview’ for both the organisation and the youngster.
Recruiting and managing Generation Z
Kelly Drewery, business psychologist and talent manager at Bedfordshire, Cambridgeshire and Hertfordshire Police Services, explained that this is the first time that five generations have been in the workplace together, and that creates unique challenges. To her knowledge there is no research that shows that any generation has different personality traits, but they do have differences in experiences that make their needs and priorities different i.e. technologies they have been exposed to in childhood, their economic and political outlook…they won’t have any experiencing of researching things other than by ‘googling it’, many of them don’t like picking up the phone to talk to people, they have no idea of what a final salary pension scheme is.
3 key questions that managers and employers need to ask themselves when dealing with Gen Z:
How to get their attention? How do you even get access to them? Some youngsters don’t even have phone numbers as they communicate exclusively through Apps.
What skills do they bring and what skills don’t they bring? Entrepreneurial drive is increasingly common but social skills can be underdeveloped.
Who do they trust? As business leaders how can we engage with them in a way they trust. They have been turned cynical by ‘fake news’ online.
Quick tips:
Attention spans are short so think about how to get access to them through social media and visuals. Host online recruitment events.
They want authentic interactions, maybe with junior staff.
Pay and security are more important to them than many think.
Their life choices are different than previous generations. They might be choosing between University or buying a house or going travelling, rather than being able to do all of them.
The recipe for success in the War for Talent
Michael Walby, formerly Director of Professional Qualification Training at KPMG, thinks the key things to look for when interviewing candidates are:
A sense of purpose. Can they articulate why joining the organisation will make a difference to them? Does that align to the purpose of the business?
Passion for the everyday work. Will the daily work they will be doing energise them?
A growth mindset and willingness to fail. Will they be willing to develop through failure?
Healthy habits that give incremental improvement.
Authenticity. Are they confident in who they are, or are they ‘filtering’ their real self?
Further tips for successful transition from education to the world of work:
Offer multiple entry-points (school leavers, graduates, experienced hires) to maximise your chance of finding potential.
Allow staff to keep options for their career pathways open for as long as possible. Don’t narrow then down too early.
They need help to adapt to making important decisions for themselves. Empower and support them to make those decisions but hold them accountable for the results.
Retention and internal career pathways
Jonathan Evans, Global Talent Scout & Capability Lead at AstraZeneca, closed by highlighting the fact that diverse teams are the highest performing so avoid recruiting in your own image!
Jonathan stressed the pace of change that all organisations face. Organisations and individuals need to be agile and multi-faceted which requires a positive mindset of lifelong learning.
Organisations are often too lean with everyone maxed out, which doesn’t allow time for a focus on longer-term career development of staff with potential. Try your hardest to build slack in for this as the business will ultimately benefit.
Leadership roles require a great breadth of technical and commercial experience so rotations during early years are highly valuable (as many apprenticeship programmes offer). It helps to build leaders and teams of leaders with the crucial skills to face the future:
Enterprise leadership
Digital literacy
Learning agility
Please click on the boxes below to find out more about our apprenticeship programmes.
OTJ Learning is a rule set by the ESFA which states that the apprentice should spend at least 20% of their apprenticeship learning and developing. The reason for this is to ensure that a quality programme is delivered by the employer and the training provider which adds value to the apprentice. This will benefit not only the learner but also the employer who should end up with a skilled, well-rounded employee by the end of the apprenticeship.
Firstly, the most important thing to say is that OTJ does not mean ‘off work’. An apprentice does not have to be given one day off per week.
In fact, the term Off The Job Learning is a little misleading, the ‘Off’ refers to their normal work. The emphasis in OTJ Learning should be on the word ‘Learning’.
The second most important point to make is that the 20% is based on the total paid hours’ duration of the apprenticeship. So, for example, an apprentice working 37.5 hours per week on an 18 month apprenticeship will have a total of 2925 contracted hours, 20% of which is 585 hours. This total can happen at any stage of the apprenticeship and if you were to average it out, it would roughly equate to an hour a day. However, it doesn’t have to be even across the duration. In fact, it is likely that a large amount of it will occur during the early stages of the apprenticeship as the learner learns and acclimates to their new role.
This total can happen at any stage of the apprenticeship and if you were to average it out, it would roughly equate to an hour a day.
If we were to summarise what counts for OTJ Learning, we would say it is ‘anything that occurs during working hours that is beyond the normal day to day work’. It’s important to note that this must not be contrived experience, it should be naturally occurring and specific to the apprenticeship standard. The most common misconception is that this is an arduous task which takes time and effort. This shouldn’t be the case. If you take a look at what counts you should see that an apprentice is very likely to be gaining these sorts of experiences on an almost daily basis.
The sorts of things that count towards this 20% are:
Day release for training, including the teaching of theory, that is required as part of the apprenticeship standard
Special training days/workshops to develop knowledge, skills and or behaviours that are included as part of the apprenticeship standard
Learning a new skill for the first time at work under guidance from a supervisor/mentor
Shadowing
Observing Colleagues
Visits or secondments to other departments or other companies/suppliers/customers
Industry Visits
Mentoring
Attendance at apprenticeship competitions
Time spent writing assignments
Revision
Guided online activities/revision of knowledge
In our experience, the biggest challenge people face is being able to identify every time an apprentice is engaged in something that counts towards the 20%. Having a line manager who understands this rule, and working with a training provider who has a reliable way of recording this experience is the best way to ensure this rule is met.
So, to clarify:
An apprentice does not have to be given one day off per week.
An apprentice must log 20% of their total paid hours for the duration of their apprenticeship as OTJ Learning.
OTJ Learning is work completed in work hours that is new/developmental/learning relevant to the role and apprenticeship standard.
This has to be completed to show that the apprentice is learning and developing in their role.
It should be naturally occurring and, as such, it shouldn’t be difficult or inconvenient.
The training provider, the line manager and the apprentice should work together to ensure the experience is being properly recorded.
We hope this has been useful, please do share with anyone who you think might learn from this.
An accountancy apprenticeship allows you to kickstart your career and earn while you learn. FI centres across the country are running free events in 2020 for potential school leavers in year 12 and 13, to introduce you to a career in finance. The purpose of these workshops is therefore to help you:
Explore career options in Business and Finance
Discover an alternative to going to university
Understand the role of an accountant
Receive advice on C.V.s and preparing for interviews
So, if you are approaching your A Levels and would like to find out more, book your place at a school leaver event below.
Upcoming Workshops and Events at FI
February 2020
Accountancy Academy 19th and 20th February, First Intuition Leeds
Thousands of highly able 18-year-olds are turning down the university route and claiming roles previously deemed possible only for graduates. Reasons for this include:
Earn while you learn
Avoiding student debt is an attractive prospect for school leavers. Joining an apprenticeship scheme as an alternative to university means earning a wage while you work towards completing a qualification.
Experience in the workplace
Entering the world of work in a chosen field provides school leavers with on the job experience, which employers can value more than a degree.
Achieving a prestigious qualification
As well as gaining practical skills and experience, school leavers have the opportunity to work towards a respected qualification. As a result, these students are equipped with the knowledge needed to succeed in their chosen career.
Interview with a School Leaver
We speak to business professional Skye Van-Witten, who completed her AAT and ICAEW qualifications at FI after choosing an apprenticeship over university.
“I choose to study as an apprentice because I had no interest in going to University. I wanted to get straight into the workplace. It also meant no debt!”
Whether you run a small, medium or large organisation, there are compelling benefits to recruiting and developing younger talent:
Value
Expectations of reward are lower at the school leaver entry point when compared with graduates. Parity of reward with graduates is typically achieved at the point of qualification.
Availability/diversity
Raw talent can be found at all levels of the education system. Opening entry routes to 18 year olds increases the pool of raw talent organisations can access. Wider access to talent can enable employers to benefit from wider experience with transferable value for their clients.
Agility/adaptability
Younger employees often enter the workplace with less rigid expectations of their role. This enables them to be more agile and adapt to changes in their work role and environment as required by the organisation to respond to changes in the market or client needs. School leavers are often open to opportunities for change in order to explore future options for their career direction.
Retention
School leavers often have fewer preconceived ideas about employers. This enables organisations with a supportive people strategy to create a strong connection with their school-leaver intake. The typical length of a school-leaver programme is 4-6 years.
Work experience
School leavers can gain experience in your organisation as part of a structured work experience placement. Consequently, this provides them with the opportunity to learn about your organisation and the opportunities for a career in your industry. You have the opportunity to learn more about your potential employees before you commit to training them.
There is now much publicly available data to support the business case for employing school leavers in your organisation. If you are currently considering starting a school-leaver programme, have recently done so and you are reviewing how well it has been implemented – or perhaps you want to enhance a well-established programme – this report produced by FI and AAT will give you insight.
Accountancy Apprenticeships: A Year In Review
Accountancy Apprenticeships: The Good
Accountancy programmes continue to be an attractive destination for school leavers and graduates under apprenticeship programmes. In 2019 approximately 7,000 new Level 7 Professional Accountant apprentices started their programmes. It was the 7th most popular standard (just behind customer service practitioner and just ahead of hair professional). In our estimates, this represents approximately 25% of all new students to the world of accounting.
Across the FI network, we now have over 1,300 Level 7 apprentices who include the most relevant professional qualification (either CIMA, ACCA or ICAEW) for their job role. With our focus on regional coach and employer service teams, we have seen much greater engagement and consistency as these standards have been bedded in at employers. It is clear that the accounting and auditing professional firms are the biggest sectors of employers developing staff through the Level 7 programme, but other sectors are now getting on board. The key value of the apprenticeship programme for many employers is it aligns the development of the skills and behaviours as well as the knowledge through the professional qualification. This is a big step forward.
There have been far fewer clarifications from regulatory bodies over the last 12 months which has been fantastic for providers and employers alike. Trust is a key thing to build up between an employer and their chosen training provider and with a constantly changing playing field in 2018 this was a challenge so a welcome change has been consistency in this area.
Ofsted announced they will be inspecting under their new Education Inspection Framework (EIF) which looks to really get to grips with what is the impact on the learners of everything the training provider is looking to do. By focusing on speaking to more stakeholders as well as looking at data we feel this is a really welcome development. There have been hundreds of new training providers set up in the last 2 years and ensuring quality across all of these is a massive undertaking but one that is really important for our industry.
Accountancy Apprenticeships: The Bad
A funding cap reduction on the Level 4 programme was announced in November 2018, reducing the cap from £9000 to £8000 for all new starts from April 2019. There are so many implications of a change like this but these two are key:
We know of at least three training providers who have removed the Level 4 programme from their suite of programmes and now refer clients to us instead. We are not convinced this was an objective the government had in mind, there are other “unforeseen consequences” as well…
Postponing investment. The Level 4 standard started before Level 7, back in 2016. Many training providers, including FI, began delivering the Level 4 standard in 2017. By 2018 we had enough feedback from the early cohorts to begin planning for enhancements and to further invest; the announcement of a cap reduction makes us and every other provider consider any investment in a new light.
Cutting funding only serves to damage quality for employers and apprentices rather than creating a competitive environment. We feel it would be better to have an expectation of the cost based on what training providers say and then set a percentage of funding the government are willing to contribute. When Ofsted now inspect providers on the process of “what was the intent, how was it implemented and what was the impact” these cap reductions have wide-ranging impacts that need to be considered holistically.
20% Off The Job Training (OTJT) is still causing confusion about what exactly can be included and what can’t. Considering this concept came in decades ago when apprentices went to college on day release programmes the language doesn’t make as much sense now. We prefer to talk about this as 20% development time, doing tasks that are new to the role and therefore involve new learning. A line manager delegating items on their own to-do lists is a great example of giving an apprentice new learning and development opportunities. So long as these are supported, reflections recorded and feedback given these are a great demonstration of learner development. Development can occur “off the job” eg at a college like FI, or “on the job” with their line manager, doing business-related tasks. It would be a wonderful step forward for all employers if the language used in this area was brought up to date.
Accountancy Apprenticeships: The Ugly
I am going to state upfront on the next point that I am a qualified accountant, who has been educating and training accountants for the last 20 years, so I am definitely biased here. But I also flunked my A levels, did retakes part-time, and went to a polytechnic for my degree (which included a 12-month placement in the industry).
There is a lot of noise, in certain parts of the press, in certain circles and reports that Level 6 and Level 7 programmes shouldn’t be funded by apprenticeships. There are different reasons given for this:
Funds should go to Level 2 and Level 3 roles
Certain jobs (e.g. accountants) shouldn’t be allowed an apprenticeship programme
Funding is already provided to universities for this level of training
The above list are all examples of what I have heard. However, to remove Level 6 and Level 7 programmes from apprenticeship funding, and leave behind only higher education (university) programmes would be a huge mistake (in the author’s opinion!).
There are approximately 12,000 Level 7 apprentices on programmes at an average price of £18,000 for a three-year programme (whilst the programme cap is £21,000 that is a cap, not a price and prices are planned out for every individual learner based on prior knowledge). On this basis, these programmes are costing £72m per annum to fund.
These 12,000 are all employed, learning a profession on the job, they pay approximately £40m in taxes. A net requirement of £32m. They will also be contributing to the company’s profits and therefore corporation tax payments.
Now take the approximately 30,000 students currently at UK universities studying accountancy degrees. With both teaching and maintenance grants, this is costing the taxpayer £500m per yr, without any tax receipts, 16 times more than the apprenticeship situation. Institute for Fiscal Studies forecasts only 17% of students to pay off their loans in full, even if this is higher for accountancy students there is a huge difference between the funding model of HE accountancy programmes by the government and apprenticeship programmes.
From a financial and a quality perspective supporting the apprenticeship programme makes sense.
What I think would be a far more interesting question to pose is: Can an individual only access government funding for a Level 6/7 programme once (irrespective of subject area)? This position would create a new dynamic for 18 year old school leavers to really consider the value of the programme they are choosing. It would also direct far more employers to look for school leavers to join them rather than graduates.
Looking at the apprenticeship piece on its own doesn’t make sense, and we hope that elements of the Augar report and a holistic review of post 18 education will offer up the right solution.
I’ve shared my views on apprenticeship developments over the last 12 months, and we’ll be sharing views from our employers, apprentices and our network all week in support of National Apprenticeship Week – so make sure you’re following us in all the usual places and get in touch with your local FI centre if you’d like to find out more about how apprenticeships can benefit you.
What do you see as the key benefits of an accountancy apprenticeship to an employer such as H W Fisher?
We see the following three areas as being the key benefits of apprenticeships:
Accessibility to a vast talent pool of students of a certain age looking to gain a professional qualification.
Additional soft skills training which complements the skills and behaviours set by the apprenticeship standards.
The government contribution to apprenticeship training costs.
What has improved in your firm since the introduction of apprenticeships?
A generation of well rounded, supported and developing young professionals.
If the government asked for your view on the development of apprenticeships, what would you tell them?
To ensure that the apprenticeship is tailored specifically for each profession. Also, that the apprenticeship continues to consider commerciality and differing business needs.
What, if anything, would you like to change about the current standards?
The Level 7 standards can be quite rigid and leave little room for interpretation. Consideration is necessary for apprentices with differing job roles and experience.
Is there anything you would change about apprenticeships in general?
More clarity, as there are inconsistencies around the execution of the accountancy apprenticeship. For example; what the 20% off the job training can include. We’d like to see a reduction in the level of admin required for all involved, including apprentices. In addition, the English and Maths functional skills requirement should be looked at on a case by case basis.
We see our role as a training provider to ensure that the views of employers such as H W Fisher are represented on key groups. For example, the accountancy apprenticeship trailblazer group and other relevant forums. We hope that the government continues to listen to feedback from employers and take this into account when developing standards and reviewing funding rules.
#1 No screen time at least an hour before bedtime
There has been plenty of discussion and debate in wider society about limiting screen time for children. When I was growing up the only screen was a TV in the lounge which had 4 channels and so it wasn’t quite so tempting. Clearly times have now changed. The point often missed in the discussion however is the impact screen time is having on adults and their sleep patterns.
Your body’s internal clock helps regulate when you feel awake and when you fall asleep. This is set largely by exposure to light sources. Therefore, looking at screens prior to going to sleep tricks your body into thinking it is still daytime.
Try and get all screen related admin and viewing done at least an hour before bedtime. This will help your internal clock get into the right mode.
#2 Keep your bedroom for sleep only
Your mind is excellent at making associations between sights, smells, sounds and particular phases of your day or your life. When you smell food your body instantly associates that with eating and starts to produce saliva. Likewise, when you return back home after a period away your body starts feeling the emotions associated with living in that safe space. Sleep is no different, you need to make some associations with going to sleep.
The easiest way of doing this is to keep your bedroom just for going to bed and sleeping. So many of us have televisions in there or maybe have it as the room where we go and work away from other family distractions. Whilst this might feel like a necessity based on your home life it is having a negative effect on your brain as it doesn’t train it to think, ‘I’m heading into the bedroom now, get ready for sleep’.
#3 Being consistent with bedtime and wake up time
I’ve already mentioned about the body’s internal clock and how that helps regulate your daily patterns including sleep. To help set this clock effectively having a consistent bedtime and wake up time allows it to get into a routine. My three young children are a nightmare if they go to bed much later than 7 pm. Likewise, if we let them lie in during the morning we know it will throw out their ability to go to sleep that evening. Why should adults be different?
Modern life can hinder your ability to set a regular pattern of bedtime and wake up time. That doesn’t mean you can’t try and control it as much as possible. Each person has a particular time they like to go to sleep. So, just pick that time and try and stick to it as often as you can. Likewise, it is really tempting at the weekend to stay sleeping in to ‘catch up’ on sleep from the week. However, all that does is it allows your body to know that it’s fine not to get a good night’s sleep in the week as you will catch up at the weekend.
#4 Keeping caffeine later in the day to a minimum
We are a nation who love their tea and coffee. Looking around my students in class it seems we also have quite a taste for caffeinated energy drinks from Coke to Monster. I’m sure you’ve all heard about how caffeine is a stimulant. It helps you feel alert and ready for action. I’ve lost count of how many accountants I’ve known who can’t start the day until they’ve had at least two coffees!
If you are having trouble sleeping then it is definitely worth reviewing your own intake of caffeine during the day. Maybe try out some modifications to see if it helps. A suggestion would be no caffeine from lunchtime onwards. There is an abundance of caffeine-free alternatives to tea available now. This means you can still have that hot drink in the afternoon without the need to have the caffeine. Just try to remember when you hit that lull in the afternoon of feeling tired, try and drink some water. Alternatively, take a quick walk outside to remind your body it is still daytime. It needs to release its own hormones to get you awake rather than reaching for that caffeinated instant hit.
#5 No mobile phone on your bedside table
This is probably the hardest tip for many people to accept. However, it is the most important. I always know when I ask my class about this that they will all answer ‘yes’ to the question ‘who has their mobile next to them in bed?’ The excuses are usually either ‘I use it as my alarm’ or ‘what if someone needs to contact me urgently in the night?’
Let’s deal with these two push backs.
1) buy a cheap alarm clock.
2) if you really do have a situation where you might actually need to be contacted just plug it in on your landing. The far corner of your bedroom is also an option. Just be sure to set it to be on loud.
Ideally, though you should leave your phone downstairs overnight charging in the kitchen.
As I said, having your phone next to your bed is by far the worst thing you can do for your sleep hygiene. Firstly, it means you will almost certainly be having screen time immediately before bed. Secondly, if you wake up in the night you undoubtedly roll over to your phone, touch it to see what the time is and then ‘oh, I have a WhatsApp message, who is that from? Let me just check?’
Phones are designed by very clever people hoping to entice you to interact with them as much as possible. Notification symbols are red so that you see them as a warning or a danger to be dealt with. This has the impact of again more screen time. More importantly, though your brain starts waking up and thinking about a response.
The phone won’t make you wake up in the night but it will keep you awake in the night.
#6 A good night’s sleep starts in the morning
My last piece of advice follows on the previous tip and is linked back once more to your body’s internal clock. When your mobile is next to you in bed it means that first thing in the morning it will be easy for you to lie there, with the curtains still shut, looking at your mobile for the first 15 minutes.
This does not wake you up. What your body needs is exposure to proper light. Ideally, this would be sunlight, to trigger it to notice it is wake up time. If you’ve left your phone downstairs, then that urgent need you have to check in with the world will drive you to get up and go downstairs to your mobile and turn on the lights or open the curtains. This gives you exposure to light and helps your body clock trigger all the hormones you need to get you up in the morning.
Sleep well, study well
The above points are all different ideas for you to try. Hopefully, they have stimulated some thoughts about how you might adjust your habits so that you can get a better night’s sleep. I can’t guarantee following these tips will cure all sleep problems you might be having. However, anything you can do to help your body’s internal clock get into a good routine will help you have a better night’s sleep. Leaving you more alert during the day at work, at home and most importantly when revising for exams!
For more articles that will help support you while you study. visit the wellness section of our FI Hub
The Awards we have been shortlisted for are:
Innovation in Learning for our revamped AAT Online Live programme
Online College of the Year for Nick Craggs and his Distance Learning team
“We are really pleased of the results that our new Online Live course, and online courses, have been achieving recently, so to be recognised by PQ Magazine is a testament to all the hard work that the whole team, and the students, have been putting in”.
Ryan Hill said:
“I’m thrilled to have been shortlisted for this award. I’m lucky to have once been inspired by some awesome tutors myself and now I am surrounded by some of the most amazing tutors as colleagues. And of course…. the fantastic students who allow me to grow while leading them to their own success”.
What FI Reading had to say about their nomination:
“We are delighted to have received this nomination and be shortlisted for Private Sector College of the Year! The team works so hard to ensure that students fulfil their potential and clients get the best possible service. And in the year of FI Readings 10th birthday too, this would be the cherry on top of an amazing 10 years!”
My AAT journey started badly when I initially enrolled with another provider. The first unit is hard. It’s even harder when the tutor support was non existent and material all over the place.
Swapping to FI
I was recommended First Intuition and I done a trial. The difference in everything was huge. It was a breath of fresh air how it was all laid out in order. The material was excellent; short online videos which run through the whole paper material. It wasn’t just reading and reading. I could listen to the videos, where they read it out as well as explain in different ways and give examples to help it sink in. I changed provider to FI just before my first exam and my god I’m glad I did!!
Prior to swapping to FI I doubted my capabilities, nearly gave up. I started AAT in January… by May I still hadn’t done my first exam and this is when I swapped to FI. On 15 May 2019 I passed my first exam with 95%. Within 2 weeks of studying the next exam with FI I smashed my 2nd exam with 99%!!! 2 weeks it took… the first exam took me 4 months!!! Another 3 weeks later I passed my next exam with 95%.
Summer Break
I gave myself a break over the summer holidays. I’m a mum of 2 children aged 2 and 7 and i work full time. Juggling childcare in the summer holidays is difficult and I owed my children my time. I got engaged on my 30th birthday in July and went camping with the family. When the local uni library hours were back to 24 hour opening in September I threw my efforts back into studying the final 2 level 2 exams so I can finish, and get my results, before Christmas.
On 9 October I sat my synoptic. After my synoptic I then studied Using Accounting Software and within 2 weeks sat that exam. I achieved 99% in the synoptic exam which is amazing. I received my final level 2 result whilst in Spain and achieved 100%! Overall I passed level 2 with a distinction at 98%. I was so chuffed but I wouldn’t have been able to do it without First Intuition.
There are plenty of practice questions as well as mocks and then the mocks on AAT, it was brilliant. I was going to give myself a break before the new year but I had already signed up for level 3 when they had an offer on. My books were on hold though so I had the option to either get my books now and do the indirect tax exam before it changed in January or wait and get my books in the new year. My tutor said it was a short stand alone unit so I thought what the hell. Do it now, get it out the way, get that one step closer to AATQB. I found level 3 harder but I done it… and passed with 99%!
Highly Recommend FI
I highly recommend First Intuition. They may be more expensive than other providers but it’s worth it. You are also not restricted to 1 year tutor support either. It’s for as long as you need it (as long as you are actively logging on etc). They check up on you when you haven’t logged on, they wish you luck in your exam, and they are pleased when you achieve good results. First Intuition care about you, you are not just a number. They are available within their working hours including evenings. Response times is quick. They will even call you if you need them to explain something. Thank you First Intuition. Let’s hope level 3 is just as successful 🍏
What FI Has To Say
Gareth John’s one of FI’s Directors reaction to Louise’s hard work “I am so delighted with how the first stage of Louise’s AAT journey has gone. All we ever set out to achieve was to give our studiers the best chance to fulfil their potential and her incredible marks show that she’s definitely doing that! Well done Louise and good luck with your next steps!”
We just want to say a massive thank you to Louise for taking the time to write such a lovely review. It certainly does mean a lot, both as an organisation and as individuals. We love to hear this sort of feedback of our support. It’s the reason that we all love what we do so much.
If you are looking for a new provider who prides itself in the support it offers, please get in touch.
1. Dedication
Congratulations on your ACCA Gold Medal award and highest total average marks worldwide. What do you think was the biggest factor that led to your achievement?
I think the biggest factor that led to my achievement was hard work! Unfortunately, I don’t think there is a way around it. Passing these exams takes a lot of perseverance and dedication. I also think it was key to keep myself motivated, as the ACCA qualification can seem overwhelming at times. I would always ensure that I had something to look forward to after each exam to keep myself motivated.
What made you choose a career in accountancy? Was there anything that triggered your decision?
My career in accountancy began almost by accident! After finishing a history degree at York University, I took a temporary summer job at De Soutter Medical Ltd. This was initially to get some work experience but a vacancy opened up in the Finance department and the rest is history.
2. A course provider with flexible study options
Why did you switch to FI as your tuition provider? What has been different about FI’s approach?
FI’s approach to the ACCA qualification has suited me for several reasons. Firstly, I have benefited from the flexible study options. While I received excellent tuition during the classroom courses, the online/self-study options were great. Having this flexibility was especially helpful at times when my personal life and other commitments prevented me from attending taught courses. Secondly, the quality of FI’s course materials has helped me to succeed. I have found that other tuition providers overload you with information, which can make the task ahead seem incredibly daunting. The FI course notes always set out the key points in a clear format. They provide enough detail to allow you to gain the necessary marks without being overwhelming.
3. Question practice-TIMED!
For your last few papers, you tried our FI Online courses. How did you find this study method? What was your approach to studying for this module and are there any study tips you recommend to other online students?
FI Online has been a great alternative at times when I was unable to attend classroom sessions. I always received fast responses to any queries I had and found the recorded lectures extremely useful. I have a relatively long commute so would listen to the audio from the online lectures in the car; so it didn’t feel like wasted time.
My general approach has been the same for all papers. I would start by attending classes or watching the recorded lectures, while simultaneously reading through the course materials. Then, I would write out notes in my own words, which would help me to absorb the information, and then practice all of the questions in the question bank, making sure to revisit any areas that I struggled with. Question practice is key to passing these exams and think it is essential to do at least one mock exam under timed conditions.
4. Supportive and responsive tutors
Which qualities would you suggest a new learner looks for in a tuition provider to get the best experience from their studies?
I would suggest new learners look for a flexible tuition provider; so that they can find the study method that works best for them. I think it is also key to find a tuition provider that responds quickly to any queries. There is nothing more frustrating than getting stuck on a section of the syllabus. Fortunately, my tutors at FI always replied very quickly to any questions I had.
5. Do what you enjoy
Do you have any goals/plans in mind for once your ACCA studies are finished?
I still need to finish my PER and hope to get this all written up this year when I have a bit more time available. In terms of work, I plan to continue working in a management accountant role. This is the area of accountancy that I most enjoy. I also got engaged in the same week that I received my final exam results; so I will be kept busy planning our upcoming wedding!
A massive congratulations to Rachel from Team FI, both for her fantastic achievements while studying ACCA and on her engagement!
Our online lectures cover all the key aspects of the syllabus and allow you to study at your own pace. This therefore allows you to review and revise content as needed, as well as to personalise your studies by progressing at a pace that works for you.
If you need help at any time, you have access to expert tutor support. For every FI Online course you will receive the name, phone number and email address for your course tutor. As well as being able to provide advice, your tutor will be on hand to help you with any areas you struggle with throughout the course.
With preparing for any professional exams, question practice and feedback is key and we pride ourselves on providing you with lots of question practice throughout the course – including mock exams with feedback – so that you can test your knowledge, focus your studies and keep on track towards passing your next exam.
Take a look
In the short video below you can see how our online learning platform looks and feels and get a great sense of how it works:
What’s Included
FI Online
FI Online Live
Study planner and guidance
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Comprehensive pre-recorded lectures
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Extensive question practice (including mock exams and feedback)
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✔
Physical materials delivered to your door (included courses notes and question banks) with no charge for UK delivery
✔
✔
Tutor support via phone or email
✔
✔
Scheduled Online Live sessions
x
✔
Interactive tuition with expert tutors
x
✔
Opportunity to ask questions during live sessions
x
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Please note that exam and membership fees are not included in our FI Online courses.
What interested you in a career as an accountant?
I chose to become an accountant after I really enjoyed my work experience placement in an accounts department during secondary school.
You decided at an early age to enter the accountancy workplace as an apprentice. Why was that?
I choose to study as an apprentice because I had no interest in going to University. I wanted to get straight into the work place. It also meant no debt! The biggest benefit of doing my apprenticeship were that I could put into practice everything I learnt at college and then apply it almost immediately in my work place.
So, you choose the AAT qualification rather than going to university?
Yes, I started with the AAT qualification because it was the fastest route for me to qualify as a chartered accountant and gain work experience at the same time.
In the accountancy world, there are several chartered qualifications such as ACCA, CIMA and ICAEW. Why did you choose the ICAEW qualification when you had finished AAT?
ICAEW was the qualification my firm usually use to put their employees through as it is more geared to what we do in day to day work in a practice firm.
How did doing AAT help with your ICAEW studies?
Already having the AAT qualification geared me up for the ICAEW exams gradually, not making it feel like such a huge step up. Everything I learnt in AAT was the foundation of the knowledge that I used to pass the ICAEW exams.
Do you feel that your qualifications have changed your life yet?
Absolutely. Becoming a qualified accountant has had a big impact on my life. It has changed my role at work, giving me scope to move into other areas of my career. It has also meant I have my social life back!
Do you have any thoughts about where else your qualifications will take you?
Although I am still not 100% sure what area I would like to specialise in, I am enjoying the fact that I have so many opportunities within my reach. My dream is that my qualifications mean that I can move abroad for a period of time and gain some international experience.
What benefit did you get from attending classroom courses for your AAT and ICAEW studies?
The best things about attending classroom courses are that you are able to engage with classroom activities which makes learning much easier, as well as engaging with other students working in the same or similar roles as you. Being in a classroom gave me a lot of focus. It also gave me the opportunity to ask my tutors questions, avoiding any delay in improving my understanding.
How did you find your tutors at First Intuition?
I found all of my tutors at First Intuition to be extremely helpful, professionals who not only know how to teach you a subject but how to apply it in our working environment.
How was the support you received from First Intuition?
The support I received from First Intuition through both my AAT and ICAEW studies was really good. At the start of every lesson you are given the tutors emails and mobile numbers and told that if we need any help, including weekends and late evenings, we could contact them.
What did you most love about studying with First Intuition?
I loved studying with First Intuition because you are treated not as a student but as future professionals.
FI is proud to play a role in turning students like Skye into the finance professionals who will lead the future of global business.
Goodwill is the amount someone would pay over and above what the assets are actually worth on paper when buying a business. You may pay more than what the assets are worth because the company has a great reputation, which you think will lead to future sales.
Alternatively, it may have a unique research and development team, which consistently develops market leading products. Basically, it is something which you cannot see, but you feel will bring money into the business in the future.
It is difficult to assign a specific value to goodwill. Each business’ goodwill is unique to that business and fluctuates, so we do not show it in the final accounts. The only time when we know the value of the goodwill, is when someone buys the goodwill. Then it is worth what someone is willing to pay for it.
Let’s look at a scenario
Matt and Ben own a small film production business and run it as a partnership. Matt is the talented one and does all the hard work, Ben tends to ride on Matt’s coat tails, so they split the profit in the ratio of 2:1 in favour of Matt. So, for every £3.00 of profit generated, Matt will receive £2.00 and Ben will receive £1.00.
After a few years, the company begins to perform really well, and Robin wants to join the partnership. The business only really owns a few computers, but the Robin is willing to pay £60,000 in excess of the value of the computers. This is because they have just secured the rights to a film about someone with extreme memory loss, which is sure to be a box office success.
Robin is well known in the film industry, so when he joins the partnership they agree to split the profits in the ratio of 2:1:2, or for every £5.00 profit the business marks, Matt will get £2.00, Ben will get £1.00 and Robin will get £2.00.
As a percentage of every pound of profit earned going forward, Matt and Ben will actually keep less than before. Effectively, they have sold a proportion of their rights to any future profits, and instead of receiving cash, their capital account (the amount the business owes them personally) is increased, which they could later take out of the business in cash.
To credit their capital accounts, we introduce the goodwill in to the accounts using the original profit share ratio. So, remember Matt and Ben used to split the profits 2:1. As a result, we debit goodwill (being an asset) and we credit the capital accounts, in the ratio of the original profit share agreement.
The double entry will be:
DEBIT
CREDIT
Goodwill account £60,000
Matt’s capital account £40,000
Ben’s capital account £20,000
We do not keep the goodwill in the accounts, as it is so subjective. The goodwill was worth £60,000 at that point in time, and was only worth £60,000 to Robin. We need to eliminate the goodwill from the accounts. So, we remove it by crediting the goodwill, and debiting the capital accounts in the ratio of the new profit share agreement, which if you remember was 2:1:2, to Matt, Ben and Robin respectively.
As such, the double entry for this will be:
DEBIT
CREDIT
Matt’s capital account £24,000
Ben’s capital account £12,000
Robin’s capital account £24,000
Goodwill account £60,000
The overall effect is that the goodwill has gone, and Matt’s capital account has been credited with £16,000 (the credit of £40,000 less the debit of £24,000) and Ben’s capital account has been credited with £8,000 (the credit of £20,000 less the debit of £12,000). This is their financial compensation for the loss of some potential future profits. Whereas, Robin’s capital account is a debit of £24,000, this means he owes the business money! This is money he owes for the right to receive his share of any potential future profits.
Partnership accounting is a large part of this unit and it will play a big part as to whether or not you will pass the exam. However, if you follow the rule of bringing in the goodwill under the old profit share ratio and removing it under the new profit share ratio, you should not go wrong.
Why don’t you have a go at this scenario?
Norman and Stanley share profits equally, until Fletcher joins the partnership. At the time Fletcher joins the partnership, goodwill is valued at £66,000. Going forward the business will split the profit equally between all three partners. What will be the closing balance on each partner’s capital account after Fletcher joins the partnership?
You can see me work out the answers below:
Summer School 2019 took place on the 10th and 11th of July 2019. Over the two days, we covered a huge amount with the students who attended. Here’s a summary of the two days:
SUMMER SCHOOL DAY ONE
On this day we covered the following:
What does an Accountant Do?
Routes into Accountancy
We then split the students up into teams of between five and seven and they worked through the challenges below.
Icebreaker
We kicked off with an icebreaker. Many of the students didn’t know each other, so this was a great opportunity to put them into teams and set a challenge. Our Tutor, Ian, tasked them with building the tallest tower possible out of straws and sellotape. They could use the original plastic container but nothing else.
The teams quickly got to know each other and produced some interesting towers. Ian measured the winner but the main benefit of this exercise was that everyone got to know one another and felt more comfortable being in a team with people they’d only just met.
Case Study
Feeling comfortable was vital for the next part of the day, as the teams really needed to work together. Ian and Emma, our Accountancy Lead, gave them a case study about a clothing company. The text gave an overview of the company, explained their current market and gave some suggestions about how they might expand the business to account for a fall in profits. The team set to work on coming up with their suggested direction for the company’s future. Each team presented back their rationale and three things really stood out.
Each team had done a considerable amount of research in a short space of time, with only their mobile phones to aid them.
All of the team’s knowledge of business was already at a great standard with lots of technical terms being used correctly.
Everyone in each team took a turn at presenting which showed impressive confidence and teamwork.
A head for figures
So having analysed the company from a strategic perspective, the teams now turned their attention to the figures behind the company. They were given data that showed financial and KPI’s of the company over the past four years. This included profits, sales, assets and HR data such as staff turnover and satisfaction. We asked them to explain what conclusions they could draw from the data they’d been given. Again we were impressed by the conclusions each team had come up with.
SUMMER SCHOOL -DAY TWO
Summer School continued on Day Two and this day was all about the world of work and continued to explain the routes into accounting and financial roles. Alongside this, the team gave the students advice on how to look for a role and interview preparation. We also gave each student a short mock interview covering competency questions. We were delighted to be joined by Danielle Burdett, from Success Recruit, who gave the students her top tips for getting a C.V ’employer ready’. Danielle also joined us for the mock interviews to lend her experience of getting candidates ready to meet a potential employer.
Meet the Expert
Summer School closed with one of the most popular segments of the two days, the Q&A. We were delighted to be joined by three employers and two of our students. The students had prepared questions to ask the panel which covered a range of subjects from the very practical to some technical ones too. Many students were interested in whether they should go on to university or consider an apprenticeship. Others asked about the types of work the panel are involved in and how they became an Accountant. After the Q&A, the students got a chance to meet with the panel and ask any specific questions they had. We finished off the day with some feedback and here’s what some of the students had to say:
“The two days helped more than I could ever have imagined. It was 100% worth coming to. It showed me there was more to accounting than maths and helped me to realise where I want to go in the future with accounting and how to get there”
Dannii, Year 11
“After coming to this event, I now have a much better understanding of what accountancy is and what it involves, as well as the opportunities which can stem from the career. I also found the section focusing on C.V’s and interviews particularly helpful and interesting. I will definitely use what I’ve learned from this session to apply for jobs and apprenticeships”
Georgia, Year 12
“I now understand accountancy isn’t just numbers. There are so many different sections to it, all applicable to modern-day. These two days gave some of the best, clear and accurate career information out there.”
Jenn, Year 12
This short video gives a snapshot of the two days, in just over a minute.
To find out more about apprenticeships with First Intuition, please go to FI Apprenticeships
To search for opportunities in your area, we recommend checking the government’s apprenticeship site here
Meet Sarah Carter, one of our AAT distance learning students who achieved 100% in her Financial Statements exam! Sarah has kindly shared her background into accountancy and her top 3 study tips for exam success.
“After hitting 31, I decided I wanted a change in career. So I decided to go for it and return to learning after 15 years, with the aim of bettering myself. I had procrastinated for several years beforehand, self-doubt and fear of failure had stopped me from trying.
I am so happy I finally plucked up the courage to enroll onto an accountancy course with First Intuition. It has given me the confidence boost I needed and I have proven to myself that I can achieve whatever I put my mind to!
The beauty of studying my accountancy course online is that I am able to study in my own time at home whilst working full time. I didn’t have to tell anyone either, just in case I failed! Whilst studying level 2 with no practical experience, I revamped my CV and started applying for a new job. It took months and countless applications before a small business was willing to give me a chance. I have now been with them for 20 months and couldn’t be happier.
The AAT qualification has opened up so many opportunities and done wonders for my self-confidence. I have a whole new enthusiasm for work! I enjoy my job and putting my new found knowledge into good use. You can gain wonderful things from this an AAT course, it takes a lot of dedication and hard work but you get out of it what you put in to it!”
Sarah’s personal top 3 study tips are:
1. Lay the foundations:
“I take my time reading through the unit, I am wanting to learn and use this knowledge in my career – not just pass an exam and forget it! I am a strong believer in if you understand the why and learn the how, then it will be much easier to remember. It will also help your overall knowledge and understanding.
If I am struggling on a particular area, I will watch the pre-recorded lectures on MyFi. This is especially important at level 2, as you are laying down the foundations to progress onto further studies. I make sure I exhaust all of First Intuition’s invaluable materials and take full advantage of the AAT study support.”
2. Make it stick:
“After reading and practicing the whole unit, I will make additional notes on the areas I found more challenging. I write them as if I am trying to explain it to myself in my own words, focusing on the most important areas.
I have found you have to be disciplined and not leave long gaps between studying. This way you keep the new information fresh in your mind, which makes studying easier. I struggled to get back into the habit of studying after taking a 3 month gap between levels 3&4. This advice is particularly important at level 4, as there is so much to remember for each unit. The only way to keep all the information fresh in your mind is to keep going over it all.
Once I have booked the exam, I create index cards of the key information and read them in bed each night. Apparently you retain information better straight before you go to sleep!”
3. Passing the exam:
“I take my time to understand the material and never book the exam until I am confident I will pass, it’s not a race. In the week leading up to the exam I up my study time to weekday evenings in addition to the weekend days I normally study. I will have already reviewed the mapping document, qualification specification and examiner’s report to help focus on key areas. These are all available on the AAT website, use them! I always compare my written answers to the suggested answers and try and pick out the key points they are looking for and use them next time. Asking for your tutor’s feedback on these questions is also very useful.
On exam day I like to have the day off work and book in the afternoon so I am not rushing round and leave plenty of time to get there. I review my notes but don’t do any mocks as I don’t want to knock my confidence by getting something wrong, or use up too much brain power! If there is a lot to remember, like ratios, I spill them onto the blank paper before I start the exam. I also take an energy drink in to avoid a dip, especially as the exams get longer throughout the qualification. I try to take a little sit back and deep breath between questions to stay calm and focused. Afterwards don’t forget to reward your achievements after all your hard work!”
If you are interested in studying AAT online, please visit our distance learning page for more information.
For more information on our study options, please click here.
Cambridge L&M Launch Event
Gareth John, Director of First Intuition, was extremely pleased with the turnout at our Leadership and Management Launch! “I didn’t expect to see so many to turn up to our first employer forum. This shows how topical management training is at the moment. It was great to see how engaged they all were in the discussions. It reassures me that this strategic development beyond accountancy training is going to be a real hit with many of the organisations that we work with.”
We were joined by Carolyn Connery of the Chartered Management Institute (CMI) who our courses are accredited by. She gave us an insight into the huge growth in L&M training in recent years. It is clear that the increasing number of employers who are taking staff skills and retention very seriously means that this sort of internal development is not just a “nice to have”.
Facts and Figures
Employers are expecting a broader range of skills from their staff at an earlier stage.
75% of managers become managers because they were really good at their job, but that doesn’t mean they are any good at being managers. What Carolyn described as ‘accidental managers’.
Line managers are increasingly required to do things that HR used to do ie disciplinaries.
The consequences of not being a good manager can be huge.
After their managers completed a CMI qualification 96% of their team members rated them as ‘highly effective’.
The ‘ripple effect’ means that 81% of Chartered Managers are able to pass their skills onto colleagues.
How First Intuition can help
Crystal Haygreen, Director at First Intuition has led the development of these innovative new programmes, took over to talk about what First Intuition feel they can add:
“We have spent years turning out qualified accountants and we are very good at it. We are great at supporting the first stage in a career from leaving school or university up to qualification, and that’s where we stop…until now.
Qualification is often followed by promotion and First Intuition are ideally placed to continue our support through that next stage.
At First Intuition we understand:
Roles in finance.
The skills needed.
The needs of the employers.
As a result, First Intuition can help our clients give their most talented and ambitious staff the skills they need for future leadership, and help those employers to retain those skilled staff.”
Crystal continued to explain who the two different programmes might be appropriate for:
The Level 3 programme is likely to suit someone who has completed AAT.
A Level 5 programme would tend to be more relevant to build on the core skills of a fully qualified accountant.
These qualifications aren’t just for accountants!
Crystal was at pains to emphasise that these programmes are not just for those who have already studied as accountants. “One of the exciting things is that this will allow us to work with all of our clients aspiring leaders including those working outside finance. Anyone who has any responsibility for staff or teams really!”
If you would like more information about First Intuition’s new Leadership & Management programmes please click here.
Furthermore, we will be running more Leadership and Management Launch events in 2020 – to register your interest please email cambridge@fi.co.uk.
CIMA and ACCA Unlimited
For 2020 First Intuition have launched brand new Unlimited training packages for the majority of the CIMA qualification and the ACCA Strategic Professional level.
For an employer these packages can make considerable differences to your CIMA and ACCA training budgets for 2020.
Why pay double the price when you don’t need to? Why have to sign off multiple expense forms for your trainees when you don’t need to?
We wanted to make it:
Easy to learn, pass and progress
Easy to buy and transact with us
An enjoyable process for all!
When we compared our CIMA Unlimited Package prices to two other leading brands in the market delivering Online Live courses we were shocked at how much a saving could be made by you, the employer, that could be invested in your people strategies elsewhere.
How much could you save?
FI Unlimited Packages
FI
Company A
Company B
FI Saving vs Company A
FI Saving vs Company B
CIMA Operational Level
1,750
3,890
3,956
2,140
2,206
CIMA Managemenet Level
1,950
4,135
4,366
2,185
2,416
CIMA Strategic Level
2,150
4,690
4,776
2,540
2,626
Total
5,850
12,715
13,098
6,865
7,248
Prices include VAT for 2020 courses. Correct as at 14.11.2019.
FI CIMA Unlimited packages include access to any Online or Online Live courses for the 4 papers at that level, including retake courses. Our courses include all physical materials, access to our fully populated online learning platform, scheduled course times, tutor support during and post course.
Will your trainees receive the same level of quality and support?
Based upon 5 trainees taking 4 exams per year, this equates to a saving of approximately £11,000 per annum. A saving of £2,000 or more each year for every trainee makes this a proposition any financial controller should be jumping at!
We are extremely confident about this. We cap our Online Live courses at 30 to ensure our tutors can fully support their classes, this is not the case elsewhere. All our tutors hand out mobile phone numbers and emails to make support and contact as easy as possible.
Finally, if you aren’t happy with switching to FI for our CIMA and ACCA , then we won’t force you to stick with us. We will calculate the cost of courses attended and reimburse the difference to you.
The sign of a decent financial controller or accountant is to manage your company’s spend – don’t miss this opportunity.
If you want to find out more about how our Unlimited packages work at First Intuition with your 2020 CIMA and ACCA training needs, please click here. And complete our enquiry form and we will get back to you asap.
Alternatively just drop us a note at clientsupport@fi.co.uk and one of our account team will get back to you.
Martin Taylor Chairman First Intuition Ltd
We caught up with Dawn to find out more about her journey and her experience of studying as a level 7 apprentice.
(FI) Dawn, can you tell us a bit about your background and why you chose to study accountancy?
(D)It feels like a long time ago now but I really started studying accountancy back when I was doing my G.C.S.E’s. I went on to study at university and subsequently became an apprentice. Every part of the journey has been interesting and challenging.
I’ve always enjoyed studying accountancy, as it’s a broad subject with lots of exciting career opportunities. Being a people person, I chose to start my working life in external audit and completed a summer internship during my second year of university. I made the move to internal audit after graduation which gave me the opportunity to learn about processes across all parts of a business. It’s also helped me to build relationships with a variety of clients.
(FI) Why did you choose an apprenticeship?
(D) I chose an apprenticeship as I liked the idea of the added extras that you get alongside studying. In such a competitive job market, I think it’s important to be able to evidence having wider skills such as communication, teamwork and leadership, rather than just a qualification. It shows you can be adaptable in any situation.
(FI) Can you tell us a little about what it’s like to study accountancy as a level 7 apprentice?
(D) It’s been great. As a level 7 apprentice, I’ve attended skills days which have been both fun and insightful. Reflection is a key element to this and it’s important to look back at what you’ve learnt, what was most challenging and what you can take into the workplace. I think this really helps to focus your mind and work out how you’re going to improve.
(FI) What would you say are the main benefits of an apprenticeship for the apprentice?
(D) For me, one of the biggest benefits has been the opportunity to meet other apprentices and learn from them and their experiences. The support you receive from your skills coach, throughout your apprenticeship, is also invaluable. The regular reviews between employer, apprentice and skills coach give you the chance to raise any concerns or queries and to discuss your general progress. I found my skills coach really helpful throughout my apprenticeship. She offered lots of support and guidance whilst I completed my project report.
(FI) What support did you get from FI Chelmsford and how did you find studying with us?
I’ve enjoyed studying with FI and the support I’ve received from the tutors and my skills coach has been a real highlight. When studying for exams, the tutors have been friendly and helpful and are always happy to answer any questions. I’ve attended skills days on teamwork, leadership, problem-solving and communication to name a few. These have been engaging and have given me the opportunity to network with other apprentices. As I mentioned before, my skills coach has played a big role throughout my apprenticeship; answering questions and supporting me throughout the whole process.
To find out more about our apprenticeship programmes click here
What made you choose a career in Accountancy? Was there anything that triggered your decision?
“I’ve always had a passion for business. Although I wasn’t anywhere near top of the class when it came to Maths, I always enjoyed working with numbers in the context of business. I very much wanted to continue to pursue that curiosity.
A career in Finance is also a terrific way to broaden your perspective.
Finance allows you to get involved in a plethora of initiatives that other disciplines may not necessarily provide. Finance as a function is inherently holistic and pervasive; allowing you really get to know an organisation bottom up and understand the fundamentals of a business. Finance is becoming increasingly paramount in driving the organisational agenda. To operate at the forefront of a key strategic discipline is something that captivates and excites me”.
As a CIMA High Achiever Award winner, what was your approach to studying for this module? Are there any study tips you recommend to other CIMA students?
“First Intuition have a tried and tested formula that works provided you adhere to it. Completing all questions and activities in class, reading all the material, listening carefully to your tutor and completing all the mocks. Accessing past papers and model answers provided by CIMA was particularly useful. It provided a means of gauging what CIMA are looking for when it comes to a good answer. Leave no stone unturned and practise, practise, practise.
In the exam, have a strategy and make sure you give yourself sufficient planning time. Structure your answer in way that is succinct and punchy. But, keep it detailed enough to show that you understand the subject matter well”
What made you choose FI as your tuition provider?
“Initially, I started off with another tuition provider. I was encouraged to take a look at FI, given the positive experience my colleagues had whilst studying toward their qualifications. The key for me was whether the lecturer could add value by thoroughly explaining concepts/principles. A good lecturer can bring concepts to life with illustrative, interesting examples rather than simply reading from the textbook.
Smaller class sizes, an informal and fun atmosphere, an open forum for questions and friendly, approachable tutors that don’t take themselves too seriously. This, as well as free snacks and drinks available during (frequent) breaks all made for a terrific learning environment”.
As a CIMA High Achiever Award winner, which qualities would you suggest a new learner looks for in a tuition provider, to get the best experience from their studies?
There’s no denying that studying for such a reputable qualification will take up a significant amount of your time. As such, it’s only right that a new learner chooses a tuition provider that provides high quality teaching, brought to life in an interesting way. A good provider will help to consolidate your understanding, provide useful and concise notes and respond quickly to questions and queries. Combine that with approachable, down to earth tutors and a fun atmosphere and you’re onto a winner.
How are you feeling about your very last CIMA paper? Do you have any goals/plans in mind for once your CIMA studies are finished?
Having started at the certificate stage of the CIMA qualification, my last exam (Strategic Case Study at the time of writing) represents the culmination of a 2 and a half year journey of learning and studying.
As much as I’m keen to finish my studies, I think I will miss learning in a formal way. I am looking to resume studying in the next few years (perhaps an MBA), once I’ve completed a few items on my bucket list!
Congratulations Tom!
The team and FI and Tom’s tutors are very proud of his dedication to his studies. We look forward to seeing Tom progress in his current role, using the knowledge and experience he has gained in the last 2 and a half years. Well done Tom, your hard work has paid off!
You can find information on our CIMA courses here and visit the CIMA website here.
What’s changing?
CIMA have revamped the syllabus to ensure that finance professionals remain relevant in an ever-evolving technological world. There is therefore a bigger focus on digital skills and technology know-how in the new syllabus, designed to improve students’ digital literacy.
The “Enterprise” papers have seen the most significant changes in the CIMA 2019 syllabus. For example, E1 has undergone a major overhaul, now entitled “Managing Finance in a Digital World”. Moreover, this makes up around 60% of the syllabus. CIMA have recommended that students start each level under the new syllabus with the Enterprise paper.
CIMA’s summary of the key changes can be found here for specific information on each paper.
Advice and next steps
We have a range of flexible study options available at FI, to allow you to get your studies off to the very best start. FI offers classroom courses across a network of study centres, online live or online courses to suit you.
Our team of expert tutors are on hand to help you every step of the way. So, if you find yourself a little unsure what to do next, please get in touch.
New CIMA syllabus, new opportunity.
Study your new level with CIMA Unlimited.
Join a complete programme of study and support for the CIMA 2019 new syllabus. We have designed CIMA Unlimited to provide everything you need to complete your next level.
Receive unlimited access to any online CIMA course from FI, for one set price.
Access both our Online Live or Online courses for every paper at that level
Receive a 20% discount on any FI in centre classroom courses you attend.
What were your main struggles with F5 before your fresh start with FI?
My main struggles were time management and applying my knowledge. Also, when I failed the first time, I kept using the same materials and tried to do revision on my own, which definitely didn’t help me.
What was your approach to studying?
My approach to studying this time was to do as many questions and papers as I could, to time. When I practiced questions previously, even if it was just a little 2 mark question, I didn’t time myself. I think this affected my performance. I also focused more on section c this time around – something I wasn’t doing in the before as I relied too much on the multiple-choice questions.
What made you choose FI and how did our approach differ from your previous tuition provider?
I decided to try FI because my friend uses it and thought it would be a good change for me, since past methods hadn’t worked for me. FI also offered better revision class dates, it wasn’t too close to the exam so allowed me to do the classes and still have 2 weeks to revise on my own.
If you had one piece of advice for another student reattempting a paper, what would it be?
1 piece of advice I would give is to make sure you practice questions to time, especially section c. It is easier to pick up marks in section c where you can apply your knowledge and there isn’t an exact answer like multiple choice questions, which are either right or wrong – no in between.
What are your plans now that you have finished F5?
I can now move on fully to the professional papers, so I have started a new course.
The team at FI are very proud of Tolu’s success and are looking forward to seeing her progress through ACCA.
Questions?
Learn more about ACCA at FI and how we can help you pass your exams.
During the course of our careers, particularly as we progress up the ladder, we find ourselves increasingly asked to present our work, thoughts and ideas to others. As Accountants, we may be asked to present at department meetings, to our clients, to an audit committee or possibly the main board of directors. Even going to a job interview can involve presenting and whilst this may not take the form of a formal presentation, we are essentially presenting ourselves.
So why do we fear presenting so much?
For many people, being asked to present at work can cause a great deal of stress. Before they’re due to present, some people can feel sick or experience an overwhelming urge to just run away. The reason why we feel like this is simple. It can be traced back to thousands of years of evolution.
We’ve developed these responses from the days when we lived in packs. In a pack we were safe but if we stood up and did something different to the rest of the pack, we’d be thrown out. Being expelled from the pack meant certain death and because of this, our natural instincts evolved. Feeling unwell or stressed became a normal reaction to doing anything different and singling ourselves out for attention. Whilst the danger around us has changed (we don’t see too many wolves or bears in Chelmsford these days), the reaction remains the same.
Delivering an awesome presentation
Get off to a great start
It’s good to start with a bang, so don’t dive into the admin straight away. Deliver an opening that will spark interest and engage your audience. Good ways to start could be with a fact, a question or even a story (especially if you can link this back to the position of your audience). For example, if giving a presentation about pitching to clients, you could talk about a personal experience and add some humour. Once you’ve landed your killer opening, move on and talk through the admin of the presentation, if this is applicable, and don’t forget to thank them for giving up their time and joining you.
Tell a tale or deal in facts
If you choose to start with a story, you can continue this throughout your presentation. It’s worth thinking about your audience and how you want to pitch it. Some people prefer evidence-based presentations and may not be convinced by what they consider to be purely anecdotal. On the other hand, some people can put themselves in your shoes and imagine themselves in the same position. Think about the way the media create their headlines about an individual’s story versus statistics that prove an overall trend.
Repeat yourself
There is a well-known formula for successful presentations that consists of the following:
Tell them what you’re going to tell them
Then tell them
Finish by telling them what you’ve told them
As an example, you might be presenting some cost-cutting initiatives to your Directors. The structure of your presentation might look like this:
You’d start by talking about how you’re going to run through each of the cost-cutting measures you’ve been looking at. Then you’d explain that you’re going to talk through them individually and look at their pros and cons.
You’d then run through each of the measures and discuss each in detail.
Your presentation would finish with you summarising each measure briefly and adding your recommendations.
This repetition is helpful in planting your key points firmly in your audience’s minds. You can reinforce this by having slides that signpost where you are up to in your presentation.
Ask questions
Depending on the size of your audience and the type of presentation you’re giving, you may want to ask questions. These could be rhetorical questions, but you also have the option to involve the audience too and generate some discussion. You’ll need to decide whether your audience is expecting this from you or whether they’re at your presentation to gain information to take away with them. Asking your audience a question can be a gamble, as you run the risk of getting silence in return. It can pay off though, particularly when presenting to smaller groups at work. You get to find out your audience’s perspective and it takes the pressure away from you to keep talking. In these instances, you become the facilitator of a discussion rather than the presenter.
Other ways of interacting with your audience include online tools such as Menti, which allows you to pose a question and your audience to vote on or respond to what you’ve said. This could help you to steer your presentation or give you a gauge of where your audience is, in terms of their knowledge or experience.
Know your audience
Can you put yourself in your audience’s shoes? Do you know what they are expecting from you? When you put your presentation together, ask yourself these questions. Think about how long they are expecting you to talk for and give them an indication during your introduction. If you’re presenting to a small team, try to use their names. They’ll feel more involved and it shows that this presentation is pitched towards them personally. If you struggle with names there are lots of videos on YouTube that can help.
Make it visual
Our role as an Accountant is to turn data into information, so use slides, images, graphs and other visual data to reinforce some of your points. Some people are visual learners and this will help them to remember the information you’re giving them.
Getting over your nerves.
On the day of your presentation, you want to be the very best version of you. Being nervous is natural but here are a few things you can do to get you off to a good start.
Practice
Run through your presentation, not so that you’re word perfect but so that you are able to do it under pressure. Think about the things that could crop up and cause you to stumble. How could you get over them? Have some contingencies in your head so that you can adapt if this happens.
Get on top of the logistics
Think about how you want the room laid out in advance. Where will your audience sit and where will you be? Can those at the back hear you or will you need a microphone? Do you need any other equipment and if so who will supply it? If your audience is sat at desks or a table, do you want to give them anything; for example, paper to make notes on or a copy of your slides. If you do supply a copy of your slides, be prepared that some people will leaf through these while you are talking but if your topic is complex, it may help them.
Think about what you’re going to wear and how formal you want to be. Are you going to be comfortable in what you’re wearing? If you have a particular outfit that makes you feel confident, then this could be a good choice. Consider the temperature of the room too. You don’t want to be too hot or cold while you’re talking. On this note, think about whether you’ll need the air-conditioning on but be aware it can be noisy.
Get some sleep
Make a plan for before and after the presentation that includes some downtime. As part of this, getting a good night’s sleep before the day of the presentation is vital. Be sure to wind down properly, relax before getting into bed and write down anything you need to remember for the presentation before you go to bed. This should stop your mind racing with lots of thoughts as you lay in bed. You may also want to think about doing some relaxation exercises and research shows that switching off devices an hour before bed can help you drift off.
Weasel words
Get someone else to listen to you and ask them to pick up if you say a particular word over and over. These are called weasel words and we use them to fill gaps and buy ourselves some time. Common ones include; um, er, awesome, OK and right. If you find yourself doing this, it’s better to pause. Silence is much better.
Slow down
Following on from weasel words, it’s also good to understand how fast you speak. Almost all of us need to slow down. Again silence is your friend here. When it comes to speaking, it’s also worth varying your tone and try to sound enthusiastic.
It’s not all about what you say
Non-verbal communication can be just as important as what you say. This means what you do with your hands, eyes, paper and how you move. Moving around as you present can be distracting for your audience. Having a particular gesture that you repeat constantly can also draw attention to it. Using your hands can be good but overusing them can be off-putting for those watching. If you’re aware that you have a particular habit, it’s worth thinking of a way to counteract it. For example, if you tend to use your hands excessively, then try holding something. If you pace around the floor, try sitting down.
A few things to avoid
Undermining yourself
Being unprepared
Going over your time slot.
What next?
If want to master presenting at work, there are a few things you can do from here.
Actively seek out opportunities to present at work
Ask a more experienced presenter to watch you and give you feedback. Not on your content but on your presentation style.
Research presentation skills yourself by watching YouTube videos. You could read ‘How to win friends and influence people’.This may not give direct advice on presenting but it is great at illustrating how to persuade others to your point of view.
When you’re next at a presentation, focus on the presenter rather than the content.
If you enjoyed this article, you may be interested in learning more about Memory Skills
If you’d like to find out more about what we do here at FI Chelmsford or are interested in attending one of our FREE evening workshops, please get in touch with us at Chelmsford@fi.co.uk
Ian Thoroughgood is an experienced Accountancy Tutor, who has worked in both practice and the education sector. Ian recently presented a workshop on Presentation Skills to a group of First Intuition and ICAEW students.
3 reasons why you should find out more:
CMI research shows that only 1 in 5* managers receive any formal training leading to a huge increase in the number of ‘accidental managers’.
71% of organisations admit that they fail to effectively train their first time managers*.
These programmes can allow you to use apprenticeship funding as an effective way of upskilling your next generation of business leaders.
*CMI Management Report
Come and find out more at our launch events in Cambridge or Peterborough!
What to expect at our events:
An overview of our two new programmes and who they are suited for.
Benefits of the programmes for your business.
Benefits of the programmes for your team members.
Q&A session to find out more.
The Leadership and Management programmes will enhance skill sets by laying the foundations of effective managers at various levels. This will be through a tailored combination of Skills days, online technical managed learning and assignment submissions. With CMI accreditation.
Furthermore, we will be running more Leadership and Management Launch events in 2020 – to register your interest please email cambridge@fi.co.uk.
I wish that I had been an Apprentice!
I am a qualified Accountant; having completed my ACCA exams 20 years ago. Since then, I feel that I have had a successful career in the Accounting industry. These days, I run my own business and have an amazing team that I have the pleasure to work with every day.
Looking back to my first training role, I remember working really hard to achieve my qualification and was so proud when I passed my final exam and could say that I was a qualified Accountant.
The qualification opened doors for me at work and allowed me to move up to the next rung on the career ladder; that is where the real learning began!
Now when I look at what I do on a day-to-day basis and the skills that I use, very few of them came from my accountancy qualification. Very rarely do I calculate a deferred tax liability or put together a money market hedge!
Some of the key skills that have made a difference in my career are:
Key Skill 1 – Communication Skills
Every day I must work with my team, with employers, with apprentices. Every person is different and knowing how to communicate with each of them is so important to ensure the right message is being put across.
Key Skill 2 – Problem-solving
No-one told me that being a business leader would mean that every day would generate more problems! I sometimes feel that my job is “putting out fires”, the reality is that as a business leader everything stops with you. Being able to solve problems quickly and have empathy for others is a skill that has taken me a long time to develop.
Key Skill 3 – Negotiation
Everything seems to be a negotiation; employers, apprentices, suppliers all want to make sure they are getting what they need. Making agreements that everyone can work with is such an important skill. I used to see every negotiation as a “must-win game”. Now I want a more collaborative solution, and if the other party wants to “win the deal” is it really a problem if I let them feel like they have won?
Key Skill 4 -Strategic Thinking
As a business leader, you need to be thinking about 5-10 years in the future. Decisions that I make now will impact my teams lives for the next decade. This used to feel like a huge burden. I recognise that there are nearly 20 people who rely on my business to pay their rent, to feed their families, to go on holiday. I have learnt to deal with this pressure in different ways, and it has been a real challenge. One thing that I have to make sure of is that my business evolves to ensure that my team today, and my future teams, will have job security and have engaging, stimulating work.
Key Skill 5 -Team working
When I started working in accountancy, as long as I got MY work done I went home happy. Now I do very little day-to-day work but I have a team that I work with. Understanding the team’s strengths and allowing them the space to express themselves is a skill that has taken a long time to understand (and is still a work in progress).
Key Skill 6 – Saying NO
What a tough lesson this has been. My natural reaction is to say yes, particularly with clients. I almost had to re-wire my brain to accept that sometimes I have to say NO! Now I am happy to say that I will not work with a business, particularly if they only see an apprenticeship as a way to save money (and don’t see the value of the new apprenticeship standards).
Key Skill 7 – Resilience
Starting a business is tough. Despite being in front of people every day, speaking with clients, suppliers etc, no-one tells you how lonely it is. I have the best business partner I could dream of (in my wife); despite sharing everything with her, it is still difficult! We had years of working ridiculous hours and making losses. Being focused on the vision for the business is so important. You have to recognise that the early challenges are only ‘bumps in the road’ that you need to get over to achieve that vision!
Why I’m envious of our apprentices
All of these skills I “learned on the job”. I made lots of mistakes and got lots of things wrong. My tuition meant I was taught brilliantly to be a technically proficient Accountant and then had to figure the rest out on my own. I know that most other accounting professionals of my generation feel the same.
I am really envious of the Apprentices that we now train. They are not just learning how to be technically great, but they are also learning the skills and behaviours that I had to figure out for myself over the last 20 years. The comprehensive Apprenticeship Standards are going to help shape the future Finance Leaders of our businesses.
If you want to be part of these changes and want to look at how the Apprenticeship Standards can transform the talent in your finance function please get in touch with me: DavidMalthouse@firstintuition.co.uk
To read more about our apprenticeship programmes, please click here
Congratulations on becoming an ICAEW prizewinner. What made you choose a career in Accountancy? Was there anything that triggered your decision?
“In 2016, I started working at FTI Consulting in the Economic and Financial Consulting (EFC) division after studying economics at Oxford and the LSE. We mainly work on business valuation in contentious settings; such as litigation and international arbitration. The partners at EFC regularly give evidence in court as expert witnesses. I find this work very interesting as it’s at the intersection of economics, accountancy and law. It allows me to apply the accountancy rules and concepts that I learned during the ACA in a very practical setting. For example, the way different companies account for leases (operating leases or finance leases). This significantly affects the way you would compare the value of different companies”
How did you approach your studies?
“I followed taught and revision classes at First Intuition. FI provided helpful Corporate Reporting notes, which accurately summarised the material. I revised these notes in detail and did practice questions in my own time. The timed mock exams in class helped too.”
Why FI?
“The tuition at First Intuition is good. The notes are very helpful in that they are more concise than some of the other providers. This makes them very useful in open book exams. The general atmosphere at FI is very nice, which is helped by free hot drinks and snacks such as brownies!”
Which qualities would you suggest a new learner looks for in a tuition provider? How can a new learner get the best experience from their studies?
“New learners should look for a tuition provider that provides high quality teaching, useful and concise notes, and responds quickly to questions. To make it a better experience, I would also recommend choosing a provider with a good atmosphere and teaching environment.”
For someone thinking of starting their studies in accountancy, what advice would you give?
“First, make sure you properly research the professional qualification you want to complete, so that you know what to expect. You need to take 15 exams for the ACA, so it is good to know what you will be learning before you start. Also, know what it will take to complete the qualification. It is also good to think about how accounting relates to the real world. For example, accurate financial reporting is crucial to make informed investment decisions.”
What was the most important factor that lead to you becoming an ICAEW prizewinner?
“I imagine it was a combination of doing a lot of practice questions (including timed mocks), the FI notes being helpful, and luck. Out of those, luck was probably the deciding factor.”
We are sure there was no luck involved with Thomas’ success, but admire his modesty! We wish Thomas the very best of luck with the rest of his ICAEW studies.
If Thomas’ success has inspired you to start your journey towards a professional qualification, get in touch with the team today. We can’t wait to see who our next ICAEW prizewinner will be.
You can find information on our range of qualifications and programmes here. Hear what other FI students have to say about FI on our Feefo page.
Where did you work before coming to FI?
“I’ve worked in Professional Qualifications and Higher Education related roles since 2001. Prior to that, I worked in a variety of industry roles after completing my initial training as an auditor at Arthur Andersen”.
What is your favorite thing about working at FI?
“What I love the most is the working culture at FI. The culture is very student centric and the team are fun, dynamic and energetic. FI are at the cutting edge of post 18 financial education and its great to help shape the growth of this organisation”
What is your favorite thing to do outside of work?
“I enjoy running and occasionally train for sporting events – which is just as well, as my other main hobby is cooking/eating out at London restaurants! Oh, and of course hanging out with my mini dachshund, Sophie!”
What is your role at FI and what do you teach?
“My main role is to head up FI’s Higher Education programmes. This is a new and exciting area that we are moving into, as Higher Education and Professional Qualifications become more aligned in the market place.
I am also part of the London tutor team, which involves me supporting key clients. I also deliver courses in ACCA SBL and ACCA APM, ICAEW Case, ICAEW SBM and ICAEW FM”
Which developments in the HE programmes can current and potential FI students look forward to in 2020
“I am really excited about the launch of our University of London MSc Professional Accountancy programme. As the UK’s only recognised teaching centre for this programme, it is a very exciting opportunity. This is available to all qualified ACCA members, enabling them to top up their ACCA qualification to a world class Master’s degree”
Find out more about this exciting new programme at our London Open Evening on the 23rd of October 2019. You can meet Julie in person at this event as well as finding out about other new programmes launching at FI in 2020,
Find out more and register for the open eveninghere.
So why are we launching Leadership and Management Apprenticeships?
Our extensive experience in training for the accountancy sector gives us great insight into what employers are looking for. We know that solid and thorough technical knowledge is a ‘must-have’ However, we also know that employers are increasingly looking to build the professional skills of their employees and develop internal talent. We believe that Leadership and Management training can be used to motivate and retain employees but also attracts new talent to a company.
What will we be offering?
From next year, we will be offering Leadership and Management Apprenticeships at levels three and five. Both qualifications will incorporate modules based on the four pillars of management:
Principles of Leadership and Management
Managing Self
Managing People and Developing Relationships
Delivering Results
Using a combination of skills days, online learning and assignments, students will work towards their Leadership and Management qualification. These apprenticeship programmes build on existing technical qualifications and enhance the skill set of current and potential managers. They are offered in partnership with the CMI and lead to chartered manager status.
We recently held a launch event to discuss these qualifications and were delighted that our clients and students are interested and keen to find our more.
We will be hosting more of these informative events in the build-up to the launch. For more information about these events or any of the qualifications we offer, please get in touch with chelmsford@fi.co.uk or call 01245 209900
You can read more about our Leadership and Management Apprenticeships here
What attracted you to a career in accountancy?
I was looking for a career with opportunities. A career that could satisfy my ambitious nature, and that paid well too. I chose accountancy as it provides all of those things whilst perfectly suiting my analytical, logical nature, and my desire to be involved in the heart of a business.
How did you get started?
My route into accounting was not a typical one. After my A levels I worked in the hotel and retail industries for six years in an operational capacity. I started as a waiter working my way up to management level, before deciding on a change of career. In 2005 I joined the accounting firm Price Bailey as a trainee auditor.
How long did it take you to move from that position to your current role as CFO?
Eight and a half years.
What qualifications do you have?
I didn’t do a degree, which surprises a lot of people. Whilst I was in full-time employment, I studied and completed my AAT assessments, before moving onto the ICAEW qualification.
I chose to start with the AAT qualification because it seemed to be the logical choice for me. The AAT provided me with all the fundamental knowledge and core skills I needed to become a good accountant. It also complemented my workplace learning perfectly. This combination of technical and practical skills turned out to be the ideal preparation for the ICAEW studies that followed.
What do you enjoy most about your position?
The variety and being at the heart of an interesting, fun, dynamic business. Yes, I’m a qualified accountant, but the role of CFO becomes so much more than this. For me, becoming an accountant was always the route to open the doors to business leadership. However, I still enjoy rolling my sleeves up and getting stuck into the accountancy work, especially on the technical and tax side.
What is unique about working for an airline as an accountant?
Personally I love the aviation industry. It’s so interesting and varied, and with such complexities you only truly appreciate once you’re in it. The airline industry means that my role has to cover so much that may not exist in other businesses of similar size.
Items such as:
Aircraft purchase agreements with Singapore.
Regular cross-border transactions with their tax and legislative complexities.
Managing business financial risks from significant, but fluid foreign currency and fuel price movements.
Large debt funding for aircraft purchases.
What are some of the surprising elements of a CFO role?
My role as CFO varies in a wide variety of areas. In fact, I probably spend more of my time on the non-typical finance functions.
These would include:
Legal
HR/recruitment
IT
Resource planning
Commercial
Recent examples include being project sponsor and mentor for our new cabin crew uniform. This involved everything from being involved in the supplier selection process, uniform design and selection of final design. As well as pricing and contract negotiations. Alongside this, I work closely with our legal team on anything from:
Loan documentation
Commercial agreements
Premise leases.
Complex aviation specific insurance policy documents.
What advice would you give to someone who aspires to becoming a CFO?
Have goals and aspirations, both short and long term. But ensure you regularly review these and don’t be afraid to revise them as and when necessary. There will be multiple paths to your goal, and you should keep your options open.
Grab opportunities to develop and learn with both hands. Every day, and every task should be seen as an opportunity to learn. This especially includes those days and tasks that didn’t go to plan. The old adage that you learn most from your mistakes is true.
Seek a mentorand learn from your peers and bosses.The good and the bad – you will have both. You can then develop an understanding of what you like, what works and what doesn’t.
Don’t neglect the soft non-technical skills. As your career progresses these become far more important. Especially if you move into a business. Communication skills and team/people management skills become paramount. Find opportunities to develop these, whether it is a part time job grafting in a restaurant, teaching you valuable life lessons or volunteering at a local club or charity. Do something that tests you and puts you outside your comfort zone. As painful as it may seem on day one, it won’t take long and you’ll be developing new valuable skills you didn’t know you could.
Be confident and believe in yourself. If at first you don’t succeed. Life is a series of small decisions over a long period of time. Most days will not be obviously pivotal in the grand scheme of it. But the accumulation of each of those small decisions becomes important, as these are what drive you along your chosen path.
And don’t forget, good old fashioned hard work, be a master of your own destiny.
You now send your staff to courses at First Intuition. How do they find it?
The feedback that I get from my team members about their studies at First Intuition is always excellent. The tutors are always willing to go the extra mile if a student needs that little extra help. The brilliant tutors are what makes First Intuition an excellent place to study, which is backed up with first class exam success rates. As an employer, the support I receive from First Intuition is fantastic.
What benefit do you see to your business when your employees have a qualification?
It goes without saying that employees studying for, or that already have, qualifications can add significant value to the team and business. Part of this benefit comes from the motivational aspect, but only when matched with the right attitudes, which is why recruitment is critical to success. Beyond just the motivational aspect, the core skills and technical knowledge gained from studying for AAT (and latterly ACA/CIMA/ACCA) has a direct benefit in their ability to perform in their role.
With a finance team of nine in a complex business, we all have to get involved in so much. So having a team with a good qualification level is essential. It allows us to perform collectively to a much higher standard, delivering a far superior output to the business. And to support the critical business decisions being made all the time.
How do you motivate and inspire your employees?
Motivation comes in many forms. I have been managing teams now for 17 years. One thing you learn is we are all individuals, unique in many ways, but also alike in many others. Any good team is built with a good blend of personalities, which can thrive off each other, drive and inspire each other, but ultimately get along too. With motivation being very personal to each individual, you have to understand and respect what their drives, want and needs are. Then if possible you can work to fulfilling these in some way.
Inspiration comes from my motto, to lead by example with passion and belief in what we do, striving to be the best we can, wanting to be successful (however you define success). Having common combined goals and objectives that as a collective you are part of is hugely inspirational. It can be small short term tasks or large long term aims, in fact a mix of most is best.
Working hard is essential, but so also is having fun. We all spend enough of our lives at work, that we should try enjoy it too, know when to take a situation very seriously and equally when to have a laugh.
You can find out more about our AAT & ICAEW courses here.
London Open Evening
Whether you are aspiring to further develop your business, management and finance skills in 2020, or manage a team and want to increase their skills and retention, this open event will introduce a range of new programmes designed to boost your career.
When: Wednesday 23rd October 2019, 5pm to 8pm
Where: FI London, Conway Mews, W1T 6AA
Registered attendees will receive a 5% discount code to use against any FI element of a programme booked before the end of 2019.
What Will the Open Evening Focus On?
Open to all:
Our new Leadership and Management programmes, which include Chartered Management Institute (CMI) professional qualifications. These programmes can be studied as part of an apprenticeship programme or on a commercial basis. There are two programmes available:
Level 3 Team Leader suitable for those entering into management responsibility for the first time. Read more
Level 5 Department Manager suitable for those entering more middle / senior management where managing change, business requirements and team requirements are critical. Read more
There has never been as important a time as now to have professional managers in your business. These open event sessions are suitable for training managers or individuals interested in Leadership and Management programmes.
For ACCA students and members:
The new University of London MSc Professional Accountancy programme to be delivered from our London centre, specific to ACCA members and affiliates. Find out more about the programme here and take the opportunity to meet UoL and FI programme leaders at the open evening on 23rd October.
For those of you who are currently studying, we are also launching new ACCA Strategic Professional level study packages for our London centre and online from 2020. Come to our open event to find out more about these new study packages.
Timetable
5:00pm Initial registration, free access to staff and stands for Q&A and information on study packages
5.30 – 6.15pm MSc Professional Accountancy talk – delivered by UoL, ACCA and the FI programme team
5.30 – 6.15pm Leadership and Management talk – delivered by CMI and the FI programme team
Break Free access to staff and stands for Q&A plus refreshments
6.45 – 7.30pm MSc Professional Accountancy talk – delivered by UoL, ACCA and the FI programme team
6.45 – 7.30pm Leadership and Management talk – delivered by CMI and the FI programme team
Break Free access to staff and stands for Q&A and information on study packages
8:00pm Close
Interested?
Registration for this event is now closed. However, please find out more about our next open event here.
What are your biggest weaknesses?
This is one of the questions that people dread the most, no-one wants to admit in an interview that they aren’t very good at something. As a result people make one of two mistakes:
We come up with “weaknesses” that we don’t think will impact the job that we are applying for such as “I am not very good at lifting heavy objects” which isn’t much of a weakness for an accountant.
We try and come up with the “clever” answer that tries to show a strength as a weakness for example; “my biggest weakness is that I am, a perfectionist or a workaholic”, or “I care too much about my work”, or “I have an obsessive attention to detail.”
These answers may raise a smile with your friends, but every interviewer has heard them before. This is your opportunity to show them what an asset you would be to their business.
To prepare for this interview question, here are three simple steps we think you should go through:
Step 1:
Spend a little time and write down a list of your weaknesses. If you can’t think of any weaknesses, then your number one weakness is that you lack any self-awareness! If you can bear it, ask your friends and family where they think your weaknesses are and write them down.
Here are some common weaknesses that you might be able to relate to:
Keeping track of paperwork – at home bills, junk mail, birthday cards all get stacked up in little piles all around the house.
Planning work – given half a chance, you will leave everything to the last minute.
Handwriting – remember how a 5 year old writes? Well some people never evolve beyond that!
Public speaking –a lot of people get really nervous at the thought of speaking in front of lots of people.
After 20 minutes or so you should have a pretty long list of things you have problems with, you can now move on to step 2.
Step 2:
Appraise each of your weaknesses and decide, do you need to work on this weakness or can you ignore it?
For example:
Keeping track of paperwork – this is a massive issue in any line of work, so you need to overcome it.
Planning work – again, a big issue when you have multiple deadlines to meet, so overcoming this weakness is extremely important.
Handwriting – is this really a problem for you? Most people type everything, so this might not necessarily be a weakness to prioritise working on.
Public speaking – this is usually a requirement for most senior positions, so if this is you, then you really need to work on this.
Step 3:
How have you overcome these weaknesses in the past, or what would you do to overcome these in the workplace?
Keeping track of paperwork – keeping a rigid filing system at work may help to overcome this. You could say “In previous jobs I have implemented my own referencing system for invoices. I was obsessed about referencing working papers in audit files.”
Planning work – using your outlook diary to block out time to deal with lengthy tasks to ensure that you have time to complete work to meet deadlines.
Public speaking – putting yourself in a position to speak whenever you can, one of the best ways to get used to public speaking, is to do more public speaking!
Now if you have been honest with yourself, you have all the tools you need to answer the question. You should now pick at least 2 of these weaknesses and think about how you would give your answer in an interview.
Interviewer: What is your biggest weakness?
Me: “I am not very good at managing multiple deadlines. And as a result, sometimes projects are completed late. As there is a conflict with other work that I am carrying out. To overcome this I plan my time very carefully. I use my outlook diary to allocate periods of time to complete work before it is due, since implementing this system I have been able to meet all of the deadlines that I have been set.”
Suddenly you have a set of great answers that demonstrate that you have the self-awareness to understand where your shortcomings lie and also the ability to take action to remedy these problems.
Cui is now Head of Finance for a card manufacturer, who operate in the finance and retail sectors. We caught up with her to talk about her journey through her accountancy studies with First Intuition Chelmsford and to find out what she’s up to now.
So, Cui, how did you get started in accountancy?
I started off working as an account’s junior in 2003 and by 2006, after I’d finished my AAT qualification, had been promoted to accounts supervisor. I then decided to take on ACCA and joined First Intuition Chelmsford in 2011, as one of their first-ever students.
But why accountancy and what inspired you to keep going with your studies?
I’ve always loved finance but looking back, I don’t think I really believed I could achieve everything I have to date. After I finished my AAT, I didn’t really have the courage to keep studying and didn’t think I could go any further in my finance studies. Particularly bearing in mind, that English is not my first language. But then I heard people at work talking about an audit manager who’d worked her way up from being an assistant to a manager. This really inspired me, so I took the plunge and signed up to start my ACCA studies in 2011.
How did you find your studies at First Intuition and were there any highlights for you?
I was lucky enough to be one of the first students to study with F.I Chelmsford. In some classes, there were lots of us and in others, it was just me. I did wonder whether I’d get a really detailed lesson, just for me or if they’d send me to the Cambridge centre instead to save on cost. What I found was that whether they were just teaching me or a whole class, the tutors were all so professional, really patient and had a real passion for teaching. I genuinely enjoyed studying at First Intuition with David, Kelley, Gareth and lots of other tutors. I keep in touch with some of them on LinkedIn and other social media channels.
Was there anything you found particularly hard or any challenges you had to overcome?
My strength has always been on calculation or rule-based subjects and less on analysis and evaluation. I passed all my F papers, first-time round, with the equivalent of a 2:1 across all subjects. P2 and P6 were also first-time passes for me, with good marks. When it came to P3, I had to resit it twice and P5 became my Achilles heel, as I had to sit it four times. I remember being tempted to give up after failing P5 for the third time. Nobody could understand how I could fail it this many times and it nearly destroyed my confidence. However, my family and friends supported me and showed lots of love and encouragement.
David, my tutor at First Intuition Chelmsford, has known me since day one and explained how I was getting lost in P5 and not answering the questions correctly. His advice was to take a step back, focus on the full picture and understand what the examiner is asking; then answer the question. I thought David would be disappointed in me but he showed me that I had his full support and truly believed I could pass P5. Finally, on my fourth attempt, I was delighted to pass.
Have you got any advice for anyone thinking of starting accountancy studies?
Accountancy and Finance is a core division in any business. It provides a supporting function to all major elements of industry. Becoming a good Accountant provides tremendous, intangible value to any company which is a really sought-after and valued quality. It’s a secure position to have in life but the journey requires consistent determination, resilience. You need to be a confident, independent person. I was fortunate to study with First Intuition Chelmsford, as I had so many fabulous tutors. The knowledge I gained was so valuable and much of it I still use on a daily basis. Many of the things I learned from my tutors, such as Kelly’s poetry explaining how to recognise an asset, I still remember now.
So, what does the future have in store for you?
For me, there’s now no end to learning. I’m still passionate about learning in my current role, as Head of Finance. Getting your qualifications opens the door for you. To be successful on your journey, you need an open mind and to grow as an individual. I believe you can do this as an Accountant. My aim is to continue working hard and one day to become a CFO.
Find out more about the qualification we offer by visiting our page
In the first year, profits from the commencement of trade until the following 5th of April are taxed. So for example, Tony Adams prepared his first year’s accounts up to the year ended 31st December 2016. He made a profit of £120,000. As this is a 12 month period, he must have commenced trade on 1st January 2016.
In the first tax year, we tax from the commencement of trade to the following 5th of April. Which will be 5th April 2016. We will therefore tax 3 months (we ignore the 5 days in April) of the 12 months accounting period. Resulting in the amount of profits which will be taxable being 3/12 x £120,000 = £30,000.
Rule 2.
In year two, the rule is we tax 12 months of profits, no matter what. So do we have a twelve month period ending in the second tax year? Which is 6th April to the following 5th April? In Tony’s case, the second tax year is 6th April 2016 until 5th April 2017, and his 12 month period ended 31st December 2016 does fall into this period. Therefore, in the second year, the profits which will be taxed will be the full £120,000.
Note that Tony has made profits of £120,000 but has paid tax on profits of £150,000. The £30,000 of profits which have been taxed twice are known as “overlap profits”. These will be deducted from his profits when he ceases trading. At the end of his working life, his profits will have only been taxed once, but this might not be for a number of years. This highlights the fact that a bit of planning always helps when choosing your year-end.
However, we will not always have a 12 month period ending in the second year; but we do have to tax a 12 month period in the second year. So what do we do?
Well we make one!
If we have a 6 month period ending 30th June 2016 where the profits were £60,000, we need to “borrow” 6 months of profit from the following period.
For example, if the following period was the year ended 30th June 2017, and taxable profits were £180,000, we would take 6/12th of the profit of £180,000 and add this to the £60,000. This equates to taxable profits for the tax year of 16/17 of £150,000. This consists of £60,000 from the period ended 30th June 16, and £90,000 from 6 months which we have borrowed from the year ended June 2017.
Long accounting periods
We may be faced with a long accounting period in the second year. We still need to tax a 12 month period in the second year, so we just take the last 12 months of the long accounting period. For example, Steve Bould had a 15th month accounting period ending 31st December 2016 where his taxable profits were £300,000. He would only be taxed on the last 12 months, so his taxable profits would be 12/15 x £300,000 = £240,000.
If the examiner is feeling really nasty, they might not give you an accounting period which ends in the second tax year. You may have an accounting period which spans the entire tax year. Either way, we will make a 12 month period as we tax from 6th April at the beginning of the tax year, to the following 5th April.
For example, John Jensen has an 18 month accounting period which ends 30th June 2017. His taxable profits are £90,000. For the year 16/17, we do not have an accounting period which ends in the tax year, so we will just take 12 months of profit, from 6th April 2016 to 5th April 2017. This will be 12/18 x £90,000 =£60,000.
So that is the second year, what happens in the third year?
Well, in the third tax year, the odds are that you will have a 12 month period which ends in the third tax year, so you will just tax that. However, if you do not, you just follow the rules from year two.
So that’s it, learn the rules and you cannot go wrong!
Your turn
Why don’t you have a go at the following scenario, and then watch me calculate the answers below.
Ray Parlour has the following accounting periods and profits:
6 month period ended 30th June 2016 with profits of £30,000
12 month period ended 30th June 2017 with profits of £120,000
What are the taxable profits in the following tax years?
I have a decent amount of experience communicating with a variety of people, mostly from a sports-coaching background. I have taught archery to 12 year olds, windsurfing to 65 year olds, raft-building to 24 year olds, wake-boarding to 40 year olds, kayaking to 8 year olds, orienteering to 15 year olds and surfing to 30 year olds. Currently I teach work-based skills to young adults ranging from 18-22. I also volunteer as a Beaver Scout leader to kids aged 6-8 in my spare time. From this experience I would like to share four key communication skills that are common. Regardless of discipline but all of which focus on the intended audience:
Be Relatable, be Interesting, be Understandable and Use Visuals.
Be relatable. Present yourself as being on a similar level as your audience (cue the jokes about my being able to relate to 8 year olds). Make sure not to patronise, try to be genuine and be approachable. You should also try to make your subject relatable. Otherwise your audience cannot relate to what you’re saying, so you risk losing them. One way to help achieve this is to tell a story into which the audience can place themselves. Humans are suckers for a great story and they are much more likely to remember what you’re talking about if they are in it. You may wish to research what the group have in common (age, job, employer…) in order to enable you to pitch a relatable story.
Be interesting. It’s perhaps obvious to say that if your subject is boring then people will be bored so do what you can to make it interesting. But consider this; even the most interesting subject can be made boring by a dull presenter. So BE interesting! Firstly, be enthusiastic, your enthusiasm will shine through. Secondly, vary your style; your tone of voice is key as it is your main connection. You should vary speed, tone, volume and ensure you use the right pitch and inflection. You could also vary the method of delivery, keeping things interactive to keep people on their toes and stop them getting bored.
Be understandable. Talk in a language your audience understand. I don’t mean literally (although that is a valid point!) but make sure you use words your audience understands. Consider how this question may be answered:
How many Earths would fit into the Sun?
Perhaps someone with a scientific or mathematical background would like this explanation:
For those, like me, who are less mathematically inclined, we might prefer something a little less… numerically challenging:
“Compared to Earth, the Sun is enormous (it contains 99.86% of all of the mass of the entire Solar System)! The Sun is 864,000 miles (1,391,000 kilometres) across – this is about 109 times the diameter of Earth. It is so large that about 1.3 million planet Earths can fit inside it.”
So, avoid jargon if it won’t be widely understood by your audience on the other hand if your audience are familiar with the technical terminology, make sure to use it, if you make it sound simple it could come across patronising.
However, how could we present this to an 8 year old? I mean, it’s hard enough for us grown-ups to comprehend! I would start by telling them the sun is nearly 1.3 million times bigger than Earth but that doesn’t mean much. So, to further illustrate my point I would give them something visual – I would get a blueberry to represent Earth and one of those fitness/yoga balls to be the Sun. That is the best way to communicate to that audience of 8 year olds. Incidentally, fact fans, on that scale the ball would be 45m away from the blueberry, and actually the yoga ball isn’t quite big enough to be entirely accurate! This leads me on to my final point….
Use Visuals. Whenever you’re communicating, try and incorporate visuals into your message. This could be photos, videos, graphs, tables, drawings or demonstrations. Studies have shown that humans remember only 10% of what they hear and 20% of what they read, but a massive 80% of what they see. Or to put it in a more memorable way…….
Credit to Iain Hunter, Skills & Development Coach at First Intuition Apprenticeships.
James Duggan, a chef turned accountant, was “a bit of a ‘jack the lad’ at school”. James left school with minimal GCSEs which limited his options of work. But James had something he loved: food.
“I had a passion for food and in particular the ways you can express your artistic flare on a plate. It therefore seemed a no brainer to ditch the academic side of life, and focus on gaining a vocational catering qualification.”
After college, James’ catering career flourished. “I loved it, I have absolutely no regrets in my choice, I got to cook in some amazing places, cooking amazing food, for equally amazing people.”
Catering for James had a bit of everything, it could take him wherever he wanted to go in the world. “I often get asked if I miss it? And the honest answer is yes, how could I not? It was my passion and I don’t think the passion for food will ever go.”
So why, after such a fulfilling career, make a change at all?
“The simple answer is my two daughters, Lillie and Olivia. I loved my old career, but it had downsides, the biggest of which was the lack of family life. I spent so much time away from home that sometimes I would go weeks, sometimes months without seeing my children, and anyone who knows me knows everything I do, I do for them. So when the little ones where approaching five and three years old, I essentially snapped. I had missed out on so much of their lives and I hated catering for that.”
After 10 years since sitting his last exam, James looked into retraining. “Firstly, I had to learn how to learn again, and secondly, I had to find something else I’m good at.”
James enrolled into his local college and studied the core GCSEs again (English, maths science) on days off from work. It quickly transpired that he had a knack and enjoyment for maths, especially probability and statistics. After a lengthy discussion with his tutor she suggested becoming an accountant, studying AAT.
“I remember thinking, ‘ok, whatever, she must be on too much cough medicine’. You have to be the brightest of people to be an Accountant.”
However, after securing an A in maths and passing the entrance tests James enrolled on AAT. He studied the AAT Foundation Certificate in Accounting at his local college in the evenings, the Advance Diploma in Accounting on day release from his first role with HW Fisher accountancy, but what he really enjoyed was distance learning with First Intuition.
“I loved the freedom it gave me, having such a busy and active life, distance learning gives you the flexibility without restrictions to study at your own pace. I found the tutor support, especially from Nick Craggs, a lot more engaging and fulfilling, which gave me the push I needed sometimes to crack on, as it is easy to lose focus or motivation.”
And the rest as they say is history
“But if you had told me five years ago I would be a finance manager of multi million-pound firm, I would have laughed you out of the park.”
“That’s not to say it’s been an easy journey becoming an accountant. The biggest challenge and surprise for me was how hard I found getting into the profession.”
“I ended up studying AAT Foundation Certificate in Accounting while still in catering. Possibly my proudest stroke of genius was to take two weeks of annual leave to gain not only work experience but office experience within the accounts department of the company I was with.”
“I will never forget the number 452, as this is the number of job applications I filled out before getting my opportunity at HW Fisher & Co.”
But now, everyday James gets home from work and sees his children. “I get to eat an evening meal with my family, what more motivation could you want?”
James’ top tips for a successful career change
It’s a bit cliché, but never give up and believe in yourself. It took me 452 applications just to get in the door! Remember it doesn’t matter how many people tell you no, you only need one yes.
Don’t be afraid to think out of the box, gain experience where ever you can. I truly believe that every career has transferable skills into any other career. So look around you, what do you do now that you think you will use in your new career? Whether it’s team building, dealing with time pressure, customer interfacing skills or just being a lovely person, all of these can be taken into your new career.
This is my personal favourite: Remember, even if you fall flat on your face, you’re still going forward. Basically, you’re going to make mistakes, you’re not human if you don’t. But it’s how you bounce back from them that will separate you from everyone else.
Please visit AAT Comment under their inspirational stories to view the original article.
Here is a reminder of four reasons why accountancy apprenticeships may appeal to you
Earn while you learn – salaries range from £12k to £20k
Avoid student debt- all of your course fees are met which leaves you to focus on passing the exams
Get ahead – you can start after GCSE’s or A levels and you could be a fully qualified chartered accountant before you are 21 years old
Collect that valuable work experience as you go – giving you the advantage in the job market over graduates once your apprenticeship is complete
How to find the best apprenticeships
First you need to find the opportunity. Most apprenticeships are advertised on the National Apprenticeship Website so a search is a good starting point
You can also write to accountancy firms directly – even those who are not currently advertising can be tempted by a well written CV.
Ask around, often a friend’s recommendation can help to match up applicants and vacancies.
How to apply
Before you start take a good look at your target firm’s website. Do you know what they do? Make sure your covering letter/ email reflects this. To put this in context I recently received an application from someone professing their lifelong interest in working in the gaming industry. Given that the role in question was an accountancy/admin role this application didn’t get much attention.
Write a good CV
Try to make this look like you have taken time and care over it. Make sure all relevant information is there and that there are not any typing errors. Include a paragraph about yourself. No employer will be expecting you to have travelled the world and played a part in negotiating world peace at the tender age of 18 but try to say something about yourself which makes you stand out from the crowd.
Try to avoid bland statements such as “I like reading and watching TV” – after all who doesn’t? Also don’t bother with anything you did before you were 14 years old. This makes it look like you have failed to do anything since your parents stopped insisting on ballet and piano lessons. Our website has a useful section to help with writing your CV.
Check the advert carefully
Have you done everything it asked you to do? For example, I have known employers to discard applications if they were written in blue ink when the advertisement asked for black.
Try to write a good covering letter or email (which will depend on the job advert itself).
Once you have done this ask someone else to proof read it. I recently whittled down 42 apprenticeships applicants to 3 just by disregarding anyone who had a typo in their CV.
If you write a covering letter address it to the correct person and remember the simple rule, “Sir is not sincere” – if you start “Dear Sir,” you should sign off “yours faithfully”. If you do not know who to address your application to why not telephone and ask. As an employer believe me when I say that these small things make a difference.
Be proactive
Whilst I would never suggest that you harass your target employer, if you have not heard back from them, there is no harm in gently reminding them that you are still interested.
I wish you the best of luck with your job search and hope to see you in one of our classes soon.
For more information about studying accountancy with First Intuition please email or call us.
One of the biggest changes has been seen within the “Enterprise” papers. For example, E1 will undergo a major overhaul with “Managing Finance in a Digital World” making up around 60% of the syllabus.
CIMA have recommended that they start each level under the new syllabus with the Enterprise paper and so FI have courses for Enterprise papers at every level running in October 2019 to allow you to get your studies off to the very best start.
Given all the changes, what better way to ensure success than having an expert tutor guide you through the content and exam standard question practice. This is exactly what you get with a FI Online Live. See our short demo below:
Of course, if you would prefer to study in your own time you can also book our FI Online courses. Using pre-recorded lectures, an expert tutor will talk you through our excellent course notes and you will have lots of question practice to build your confidence going into the exam. Throughout the course, if you have any difficulty, you can email, call or even WhatsApp your tutor who is on hand to help with any questions!
If this isn’t the right course for you then why not check out our full range of dates and prices or leave your details below for a 1:1 call with one of our expert tutors to help you create a plan that works for you
What are the rules on AAT calculators?
You will feel more relaxed and comfortable with a calculator you are familiar with. But which one are you allowed in your AAT exams?
There are only three rules your AAT calculator needs to comply with:
It must be silent, so it cannot make amusing noises when you press the buttons!
Cannot be capable of storing text. So you are not able to keep the definition of IAS 16 in your calculator.
It can’t be programmable.
So as long as you calculator complies with these three rules it is allowed to be used in your exams. However, that does not necessarily mean that is it suitable. There are certain functions which you must have for your exams.
You must have a square root function in order to be able to calculate the economic reorder quantity in Costs and revenues.
So a calculator like this would be suitable.
However, when you get to level 4 and especially if you want to further your studies, you should be looking for something a bit more advanced. A standard scientific calculator will allow you to calculate the compound interest rates in cash management. This is my scientific calculator, which has seen me through numerous exams and this would be ideal for all of your AAT studies and beyond. I am sure if you looked hard enough it does come in pink if you want!
When asked: “why did you move from your current provider to FI”, Claire Davis at Smith and Williamson commented:
“FI made a massive impression on us all the way through the process, from their initial questions about our intentions, to their creative tender document to the relaxed and professional approach in their pitch presentation. We felt there was a great deal of alignment between our two organisations. We are looking forward to this new period in delivering high quality apprenticeship programmes with our new education partner.”
From FI’s perspective this is the start of a long term relationship, as Martin Taylor, the FI Ltd chairman states:
“This is a great example of where our values and expertise aligned really well with what S&W wanted. We were able to offer a tailored programme and also give Claire and her team confidence that the services and advice that we are able to offer will grow over time as well. We are extremely excited about welcoming their new apprentices to our centres in September.”
If you are interested in hearing more about what FI could do to help your organisation’s trainee or apprenticeship programme, please do get in touch with us for an informal chat.
Joe, tell me a bit about your journey into accountancy and how you came to be a CIMA student?
“At school, I studied Maths, Economics and Business Studies. I liked looking at the business world so I decided to go on to study Economics at university. I didn’t really have a plan if I’m honest. In fact, when I was younger, I didn’t really have a long-term plan at all. When I didn’t get into my first 2 or 3 choices for university I ended up at Newcastle. It’s an awesome place and I really enjoyed it.
After graduating I went home to Chester. I had a year out to do a bit of travelling and worked in bars to earn some money. My girlfriend managed to get a graduate job at Anglian Water which brought us to Cambridge. At that point, I was 22 and started looking for a more serious job. I applied to Cambridge Education Group (CEG) about 5 years ago and was successful in getting a job. For the first 2 years, I worked in a data analysis role in sales and marketing. I progressed pretty quickly, but it became clear that unless I did a qualification, I wouldn’t go any further. I had to weigh up whether I moved further into data analytics or start to progress in finance.
After finding out my line manager was moving roles, I took this as an opportunity to step up. However, I was told by our new CFO that I needed to be qualified in order to progress in finance. Eager to move forward in my career, I decided to become a CIMA student and start my qualification. The advice I would give anyone considering working in finance, even if it’s on the fringes in areas like data analytics, is to crack on with CIMA or ACCA, and to get it done early.”
Why did you decide to go for the CIMA qualification?
“After working for CEG for 3 years I had a very commercial background dealing with pricing strategy and data analysis. Everything I did had a finance tinge and I was moving more and more into a finance business partnering role. From what I see in the marketplace these roles seem to be getting more common. The CIMA qualification fits nicely with this line of work, as it focuses on business strategy and commercial decision-making rather than areas such as compliance and financial reporting.”
Tell me about the targets you set yourself when you started?
“I had actually registered for CIMA 18 months earlier! But kept putting off the decision to commit to the exams. I really kicked myself that I hadn’t started when I was 23 and wondered if I had left it too late. This spurred me on to try to do my CIMA fairly quickly.
I started by drawing up a plan to complete CIMA in 18 months. A good friend of mine, a CIMA student, did it in 2 years and advised me not to rush my studies. However, I found creating a plan up-front gave me the drive and motivation I needed to study. After completing the first couple of certificate papers, I wasn’t finding the CIMA syllabus too challenging. I decided to push myself and changed my plan to squeeze the remaining exams into just 12 months. This involved planning to do the whole Operational level in 6 weeks, which included a holiday in Ibiza!
On hearing this, one of the tutors from First Intuition came to talk to me. They told me that very few students did it that quickly and I should make sure I was being realistic. I actually found this more motivating, the challenge of doing something not many students achieve, gave me the extra kick.”
Did this approach work for you?
“Yes, very much so. I think it’s better to push yourself as you always have the option to slow down. I knew that if things got too tough I could revert back to my original 18-month plan. There is quite a bit of repetition across the levels, so the faster you move on the better you can retain knowledge for the next paper.”
How did you decide to study?
“At the start, I experimented by doing BA2 in the classroom and BA3 online. This gave me a good idea of how each type of course worked.
I liked the idea of online studying as it meant I wasn’t limited to weekend classroom courses. If you are as motivated as I am, you can easily plough through the online lectures at a faster pace. However, I have colleagues who admit they don’t have the discipline to study online, so classroom courses really work for them.
I did attend a classroom course for my case study papers, as I found it useful to interact with other students and the tutor for this style of exam.”
How far in advance did you book your exams?
“I would actually book all of the exams for a level in advance at the same time. This way I knew when I was sitting each exam and had a date to work towards.
There really is no harm in booking exams early, you can always move them if you need to. Also, given the time frames, I was working to, it was often necessary to book all of the exams straight away, as the exam centres can get booked up well in advance.”
What was your exam track record like?
“So far, I have passed all of my exams first time, although I did see a slight downward trend in my marks as I moved up the levels. At Certificate level I scored quite high marks, Operational level I managed solid passes, but when I got to Management level I only just scraped passes in a couple of papers! This is probably the level I found the hardest in terms of how little time I had given myself. As a result, I gave myself a bit more time (6 months) at Strategic level and I have seen my marks go up a bit.”
Did you ever worry about failing exams?
“I wasn’t ever afraid of failing an exam as long as I knew I had given it a good go. I always asked myself ‘what’s the downside of failing an exam?’ My assumption was that most employers don’t really care if you fail the odd exam. It’s always far better to sit an exam than not.”
What advice would you give other CIMA students?
If you can, try to do it as quickly as you can. By moving on quickly the syllabus is fresh in your mind, so you don’t have to keep refreshing your memory. Starting at Certificate level was not a disadvantage, in fact, it gave me a huge base of core understanding to build on.
Do every single question that you can! In my First Intuition material, I had lots of questions in my folder and lots of questions online.
Don’t get too scared of doing practice tests and mocks. I tended to do several mocks under timed conditions in the last few days before the exam. In fact, I would book my real exams for 2 pm so I could do a mock in the morning which kept everything very fresh in my mind for the real thing.
Don’t worry too much if you fail mock exams. Use them as learning tools to identify areas to improve. I don’t think it’s essential to pass mocks as long as you aren’t too far away from the pass mark. I sometimes failed my final mocks but still found the real exam passable as you will see some repetition which should get you extra marks.
Any final thoughts?
“Practising questions is where you really learn the material. Reading notes and listening to lectures is a good starting point for building syllabus knowledge but practising doing the questions as you would in the exam is what matters. I would spend the last week or two before exams drilling it in with the number of questions that First Intuition gave me.”
How do you feel your Strategic Case Study exam went?
“I scored good marks in my mocks exams and my tutor Stuart Brown was confident that I was good enough to pass. I get my results soon, fingers crossed they go well!”
Well, good luck with the results Joe! Thanks a lot for your time.
Joe was delighted to find out a couple of weeks after this interview that he had successfully passed his Strategic Case Study exam, meaning that he had passed every exam first time despite the relatively short period of time he had given himself to do so!
You can find out more about our CIMA courses here.
If you need any advice or help planning your CIMA studies, please get in touch here.
To read exclusive tips and news from First Intuition, visit FI Hub.
So Emily, please could you tell us a little bit about your background and why youchose to study accountancy. Was there anything that triggered your decision? Can you explain why you chose ACCA?
After leaving sixth form, I knew I wanted to pursue a rewarding career whilst continuing to study. Having looked at different industries/business sectors, I decided accountancy would suit me the most. After completing my A-Levels in 2015, I applied to one of my local accountancy firms, Whiting & Partners, where I started my role as a Trainee Tax Technician at their office in Bury St Edmunds. I started my studies with the AAT, as I didn’t have any accounting experience. My employer supported me studying levels 3 & 4 of AAT whilst working in my firm’s tax department. I then transferred over to our General Practice team, preparing payrolls, management accounts and year-end accounts for a variety of clients.
I chose the ACCA qualification because it flows nicely after AAT. The ACCA have also partnered up with Oxford Brookes, meaning I can do the BSc in Applied Accounting which appeals to me after my ACCA exams.
Tell us a bit about your studies. Did you find anything particularly hard? Did you have any challenges that you had to overcome?
I found learning all the different types of tax such as IHT, Income Tax, Capital Gains Tax particularly challenging. Especially being able to incorporate these into individual questions. However, my tutor, Ali Ryder, taught me how to break questions down and use different methods for remembering trickier areas of the syllabus. All the lecturers are really supportive and you are able to contact them via phone/email outside of class too.
Yes, the different types of tax can often catch students out! What advice would you give to anyone thinking of starting their studies in accountancy?
Starting accountancy studies can be quite a daunting process, but it’s really helpful working with a tuition provider such as First Intuition who are really supportive and available for one-on-one assistance.
Thank you, that’s great to hear. So, congratulations on becoming a Global Prize Winner! Were you surprised? Were you hoping to become a global prize winner?
I’m very surprised! I can’t believe I’m a Global Prize Winner! Never even dreamed that I would be able to achieve it! I was shocked when I received my result showing 90%, but even more shocked a couple of days later to see my Prize Winner email!
I bet! It’s a fantastic achievement, well done! What do you think it takes to become a global prize winner?
I think to become a GPW you have to really put in the hard work. Question practice is key with the ATX exam and it takes a lot of determination and commitment to achieve!
We totally agree. Can you pick out any highlights from the ATX course? What did you like the most about it?
The course is quite intense – there’s a lot of content and different areas to the syllabus. I really liked how my tutor, Des Hanna, broke the course down so that I could gradually build on my knowledge. I was shown how to approach different exam-style questions in a methodical manner.
So, what are your plans for the future?
I hope to complete my ACCA at the end of this year/beginning of next year. I only have two exams left, so this should be achievable. Hopefully, with the support of First Intuition, I would like to undergo the BSc Applied Accounting with Oxford Brookes. In terms of my career, I hope to pursue a managerial role where I can manage a portfolio of clients. It would also be nice to have a team of trainees I can offer study support to during their qualifications.
This all sounds very exciting, we wish you all the best with your remaining exams and for your future! Is there anything else you’d like to mention?
I’d like to say a big thank you to all of the support I have received throughout my studies from my FI lecturers and my employer, Whiting & Partners.
Thanks Emily, you have been a pleasure to have as an FI student and we’re incredibly proud of what you have achieved!
Do you think you could be our next ACCA prizewinner? Book now
Leadership and Management as a focused solution If firms are going to retain the talent they have invested in and grow their staff to reduce presenteeism (those who show up but don’t drive the organisation forward) it’s key to continue to develop the skills necessary to motivate individuals and protect staff from poor management technique.
Newly qualified accountants whilst being at the top of the technical game may then be in a position where they are leading teams and managing juniors yet without the training to do this role well – the accidental manager.
Level 3 Team Leader/Supervisor including a CMI Diploma in First Line Management would support schedulers and administrators with line management responsibilities or staff running their first assignments as in-charge to a team.
With a learner journey that includes managing stakeholders relationships, leading , managing and developing individuals and teams and delivering results including data, budgets and project management the programme is focused on the key elements necessary to support a practice.
Level 5 Operations/Department manager including CMI Diploma in Departmental Management would support qualified staff (even if they have already completed a level 7 accountancy professional qualification).
With a learner journey that includes leading people, building relationships, decision making and project management the programme builds on skills gained either at level 3 teamleader or from experience to shape the individual’s skills to be an agile professional in a modern services firm.
Why FI? At FI we work with professionals and their employers to provide financially fluent managers to aid communication in the workplace and to be the trusted advisor in talent management.
Learn more about our Level 3 and Level 5 Leadership and Management Qualifications here: Level 3, Level 5
Free Lunchtime Drop In Session
Drop in between 12:00 – 14:30 Friday 9th August 2019 for free advice on your steps towards your career in accountancy.
First Intuition Norwich, The Union Building, 51-59 Rose Lane, Norwich NR1 1BY
Over the two days, we covered a huge amount with the students who attended. Here’s a summary of the highlights:
ACCOUNTANCY ACADEMY DAY ONE
On this day we covered the following:
What does an Accountant Do?
Routes into Accountancy
We then split the students up into teams of six and they worked through the challenges below.
ICEBREAKER
We kicked off with an icebreaker. Many of the students didn’t know each other, so this was a great opportunity to put them into teams and set a challenge. Our Tutors, Ben & Alex and Skills Coach Gemma, tasked them with building the tallest tower possible out of cups and sellotape. The tower had to hold an apple for 10 seconds.
The teams quickly got to know each other and produced some interesting towers. Ben timed the winner but the main benefit of this exercise was that everyone got to know one another and felt more comfortable being in a team with people they’d only just met.
CASE STUDY
Feeling comfortable was vital for the next part of the day, as the teams really needed to work together. Alex, Ben and Gemma our Accountancy Leads, gave them a case study about a clothing company. The text gave an overview of the company, explained their current market and gave some suggestions about how they might expand the business to account for a fall in profits. The team set to work on coming up with their suggested direction for the company’s future. Each team presented back their rationale and three things really stood out.
Each team had done a considerable amount of research in a short space of time, with only their mobile phones and one laptop to share in each team to aid them.
All of the team’s knowledge of business was already at a great standard with lots of technical terms being used correctly.
Everyone in each team took a turn at presenting which showed impressive confidence and teamwork.
A HEAD FOR FIGURES
So having analysed the company from a strategic perspective, the teams now turned their attention to the figures behind the company. They were given data that showed financial and KPI’s of the company over the past four years. This included profits, sales, assets and HR data such as staff turnover and satisfaction. We asked them to explain what conclusions they could draw from the data they’d been given. Again we were impressed by the conclusions each team had come up with.
ACCOUNTANCY ACADEMY DAY TWO
The Academy continued on day two, this day was all about the world of work and continued to explain the routes into accounting and financial roles.
MEET THE EXPERTS
We had two professionals, Jamie Durham and Gemma Pritchard-Jones, from Pure Resourcing Solutions, join us to deliver a CV and Interview Skills workshop. They both did a fantastic job on giving the students helpful tips and advice on making their CV’s ’employer ready’ and offered the students 1-2-1 sessions at the end of the workshop to go through their CV’s. In addition to this, Jamie and Gemma also delivered mock interviews covering competency based questions, aiding the students through the process so they left feeling ready to meet a potential employer.
THE GRANDE FINALE – EMPLOYER Q&A PANEL
Given the increasing importance of school leavers to many employers, we think this is a valuable role we can play in engaging with the next generation of finance leaders.
We were delighted to invite some of our local employers, Julian Day, Director at Day Accountants, Robbie Moss, Assistant Manger at Deloitte UK, Becky Glover, Finance Manager at VNC Automotive, Stacey Lee, Divisional Head of Finance at Addenbrookes Hospital, Trina Nunn, Partner at Whiting & Partners Ltd, Sarah Richards, Practice Manager at Hardcastle Burton LLP and a surprise guest appearance from Vernon Anderson, 38th President of the AAT, to join Gareth John, Chief Executive Chairman of First Intuition Cambridge, on our Q&A panel.
It was great to see the students engage with the employers and asking insightful questions about careers in Accountancy & Finance, it was also interesting to hear what the employers had to say and sharing their experiences with the students. Some key things we picked up on during the Q&A were:
Not one of them went to University after leaving school.
In the last 3 or 4 years, most of the employers have recruited less grads and more A-level candidates.
Apprenticeship programmes are the best way to get into the workplace. You are learning all the time and they allow you to reflect on how to improve.
Accountants don’t need maths. Analytical skills such as you build studying history or geography are more important, as are people skills such as listening and communication. Attitude is also critical.
After the Q&A, the students got a chance to meet with the panel and ask any specific questions they had. We finished off the day with some feedback and here’s what some of the students had to say:
“The Accountancy Academy helped me get rid of any misunderstanding of what accountancy involves. My highlights from the academy is the case study on the first day, I found it very useful for showing me what to take notice of and the different strategies that can be used. I found the talk with the employers really useful because it showed me what different routes you can take in accountancy” – Elise Chin
“I have learnt the different sectors of accountancy, the key skills that are necessary for the different qualifications and it has opened my eyes to what accountancy involves. My highlight from the Accountancy Academy was having the opportunity to speak to potential employers and learn more about each firm. The Academy has changed my view on apprenticeships, I feel this is a better option for me than going to University” – Alice Carder
“I found the presentation workshop extremely useful and helped to develop my confidence. I have realised that there is a lot more to accountancy than just number work. I have found the managerial approach to accounting intriguing and would like to pursue this further” – Luke Schultz
To find out more about apprenticeships with First Intuition, please go to FI Apprenticeships
To search for opportunities in your area, we recommend checking the government’s apprenticeship site here
To find out more about what it’s like to study for the CIMA qualification, we met up with two of our former students, Amy and Graeme, who have now completed their studies and are reaping the benefits in their career.
Amy and Graeme, thanks so much for taking the time out of your busy work schedules to talk to us about your CIMA journey. Can we start by asking a bit about your background and how you came to be studying for accountancy?
(A) By the of 23, I’d dropped out of three different college course and was changing jobs frequently. I just couldn’t seem to fit into or enjoy any of the jobs I was doing. This was until I started in my first accounts position, as a credit controller for a company in my hometown of Braintree. At this point, I found my love of working with numbers and the career I have now stemmed from there. Studying accountancy had never really crossed my mind and I don’t think anyone who knows me, including former teachers, would ever imagine I would become an Accountant. Once I’d looked into it and started to study for my AAT level 2 and 3, I realised that this might be something I may actually be good at. I progressed into an Accounts Assistant role in Colchester, took on a much wider range of tasks and took on my AAT level 4 with FI Chelmsford.
(G) Similarly, I didn’t finish my sixth form studies, due to some personal issues and found myself working at a timbers merchant. It wasn’t really fulfilling me and wasn’t something I wanted to carry on with. I was, therefore, looking for a career move and wanted to find something that would give me long-term career prospects. Having discussed it with a number of people and analysing some of my strengths, I decided that accountancy could be the road to go down, so I looked at ways of approaching this. Initially, I enrolled on an online AAT course to try and get a sense of what was involved and whether I thought it would be something worth pursuing.
You both studied AAT, what made you decide to carry on studying and specifically for your CIMA qualification?
(A) I got through my AAT with first time passes in all my exams and after researching both ACCA and CIMA, I decided that CIMA was the right choice for me and my career path. Having to give up my weekends for lessons was a bit daunting at first but I quickly got used to it and it wasn’t half as bad as I imagined. I was promoted to Assistant Accountant and was learning more and more about management accounting. Studying CIMA did take a lot of commitment and I did have to sacrifice a lot of my free time to study but passing each exam made it all worth it and it filled me with a real buzz every time.
(G) Having studied for my AAT qualification, I had a good basic knowledge of accounting and was keen to take this further. I’d heard of CIMA through my dad, as he did his studies at the beginning of his career and qualified in CIMA, so I already had an awareness of the board. I didn’t consider myself to be a techy accountant and was pretty sure that I wanted to enter the world of industry rather than practice. For this reason, I felt it made the most sense for me to study CIMA, which is more geared towards business. My Finance Director and manager at the time, were also both CIMA qualified and encouraged me to choose this route rather than ACCA which one of my colleagues had started.
How did you find the course? What were the highs and lows for you?
(A) I was dreading the first-year case study as I imagined it would be incredibly difficult. However, we were given so much help, support, plenty of practice questions and tips for the exam that I felt confident when I sat the first exam. I continued to power through my studies and in my final year landed my dream job Persimmon Ltd; my first managerial role, a more senior position and one based purely on management accounts.
(G) I found the course quite challenging at times but also very interesting. It covers a broad range of topics from pure accounting to business approaches and leadership which means there is something for everybody. It really helps to broaden your horizons and become a well-rounded management accountant. There were plenty of moments along the way where I thought I wouldn’t be able to pass a certain module and would start to panic but the satisfaction of getting a successful result was always worth the hard work.
The structure of the course, with a case study at the end of each level, allows you to bring many of the components parts of your studies together and shows you how much you’ve learned along the way. This was tough but ultimately rewarding. Passing the case studies was always a highlight, as the tasks, and the approach for them was very different from the objective tests and brought a level of uncertainty. So much work went into bringing myself up to scratch with everything we’d covered before the exam and coupled with the extended wait for results, it was always a nervous time. It was always extremely satisfying to find out that I’d passed. P2 was probably the module that brought the biggest lows and I seriously wondered at points whether I’d be able to pass. Thankfully I achieved this and could then look forward to completing the rest of the course.
How do you feel studying CIMA has benefitted your career?
(A) I qualified in November after passing my final case study and getting my practical experience verified. It was such a surreal feeling finally getting those letters after my name. It made me realise that those six years of studying AAT and then CIMA had been worth it. Studying accountancy takes a lot of time and effort but I certainly wouldn’t have had the opportunities I’ve had in my career without studying and I’m excited about what the future might bring.
(G) Studying CIMA has helped in my role at work, giving me knowledge of different elements that I now come across on a day to day basis. It’s helped me to understand new concepts that I’ve been exposed to and offers some insight as to how they work or ways in which to approach them.
It has been beneficial in showing my dedication to my job and acts as a level of progress which has allowed me to move forward in my career, earning promotion and pay rises along the way. It’s definitely made me much more employable and if I was looking for a new position, many jobs ask for qualified accountants. CIMA is well recognised in the profession and brings with it a real recognition of my achievements. Above all, it has given me the confidence to feel that I can go on and achieve much more than I thought was possible when I first started this journey.
How did you find studying CIMA with First Intuition Chelmsford?
(A) I started my level 4 AAT with FI Chelmsford and soon realised that their teaching and resources were of a much higher standard than I’d experienced elsewhere. The level 2 and 3 courses I’d taken before weren’t very well organised and the teachers were changing constantly. It was nice joining FI to see that everything was structured, and all the information was readily available online and in your course notes in class. In fact, the online resources are one of my favourite things about studying with FI. You can watch pre-recorded lectures and do practice questions. I would sometimes listen to lectures on my way to work and then do practice questions in my lunch break. The tutors were always available via e-mail if I needed them and I could ask about questions I didn’t understand. They’d explain it to me on a one to one level. Everyone’s friendly at FI and the admin team were always helpful if I had any queries about the courses.
(G) Studying at First Intuition was always a pleasure. I had several tutors throughout my studies, all of whom were most welcoming, knowledgeable and helpful. Many times when I was having doubts or difficulties with certain things, the tutors were always available on e-mail and would reply promptly with help or some encouraging words.
For almost all of my exams, I went into the Chelmsford office for the taught classes and also signed up for the revision courses, which were normally a couple of class days which took place around a fortnight after the initial course. I found this a really good way of scheduling my revision so I could set a target to get enough done to feel comfortable heading into the exam. I’d then consolidate my knowledge and brush up on any areas that I wasn’t as confident about. Luckily this proved to be a successful formula for me, as I managed to pass all my exams the first time which was a great relief. By going into taught classes, I also found it beneficial to have the opportunity to discuss the course and syllabus with other students which was a big help at times. Knowing others had the same fears as me, meant we were able to help and push each other to complete the course.
We are offering 2 programmes depending on your current role and experience. Each of the 2 Leadership and Management programmes are accredited by the CMI. Upon successful completion of your apprenticeship, you will be awarded Foundation Chartered Manager status.
Both of the levels will incorporate modules chosen to around our key 4 pillars of management:
Principles of Leadership and Management
Managing Self
Managing People and Developing Relationships
Delivering Results
Diploma in Principles of Management and Leadership (Level 3) – Team Leader/Supervisor
Length: 14 Months
Modules include: Managing Self, Managing a Team to Achieve Results, Managing Budgets and Results
There will be regular submissions that are assessed and marked by your tutor coach. Your tutor coach will be available for support throughout the programme. All your technical content will be readily available online through the learning portal. The assessments will rely on you drawing on experience to bring each assignment to life.
You will put your skills to practice with our skills days at First Intuition centres, run by your tutor coach. These days will allow you great feedback to put your skills into practice.
Diploma in Management and Leadership (Level 5) – Departmental manager
Length: 22 Months
Modules include: Using reflective practices to inform personal development, managing stakeholder relationships, Create and deliver operational plans
This program will focus on the strategic elements of successful managers. Similar to the Principles of Management and Leadership this will also include regular submissions of assignments with the technical learning carried out online. Your qualified marker will be your tutor coach who will provide guidance along the way.
You will also benefit from our bespoke skills days that will fully compliment your technical learning.
Why FI?
A fantastic delivery team with experience at all levels within business
Expert tutor coaches that bring the courses to life
A specially created programme that combines online resources with skills programmes for a well-rounded approach
We love seeing our students succeed. Our Skills workshops will allow you to develop and hone key competencies most sought-after by employers. Get in touch with the team today and you will understand exactly what it means to study at First Intuition!
We believe an FI apprenticeship offers a real alternative to the standard routes of work or higher education by combining the best of both worlds – the chance to develop the skills and knowledge that are directly related to your chosen industry, whilst also earning a salary. Our skills days are absolutely key to this.
Why apprentices need skills days:
To be an effective team member, or to become an effective manager, you need a set of business tools proven to increase individual and team productivity. With the development of these skills, practicing them in a non-impact environment and learning the tools to use in the workplace, will increase confidence and therefore effectiveness.
Three types of Skills Day:
Core – these are essential skills which benefit the individual and the business at all levels of the organisation
Advanced – for those who are dealing with a range of stakeholders for the business and are progressing their career in the business
Professional – senior business leader skills who are experienced in the business world, operating at a high level in the workplace. They need to build leadership skills, behavioural impact and resilience.
Covered on Skills Days: The most desirable skills and competencies
Our skills days cover the areas that will make you shine in the workplace:
Effective communication
Working in teams and collaboration
Leading yourself and others
Problem solving, analysis and decision -making
Change management
Interacting with others and managing conflict
Business and commercial awareness
Leadership and managing people
How do they help you at work?
Well-rounded, highly-developed skills can be invaluable to business success. While these skills can at times be more difficult to develop than technical skills they are arguably equally if not more important in running a successful business. Recent studies have suggested these skills are actively sought after by employers when selecting candidates for employment or progression in their current roles.
What activities happen on a skills day?
Students are provided with access to a range of online resources with guidance on how to use them for the module you are undertaking. A face to face workshop will be arranged and on this day you students join a group of other professionals for an interactive day run by our Skills Coaches. Students are often asked to complete an activity or questionnaire in advance of the workshop or identify a work based situation or tasks which will fit the topics of the day. There are a number of activities across the day as well as receiving some course materials and some outcomes/ actions from the sessions. Following the workshop students continue to have access to the online resources and may be set activities to complete.
How do they help you become a better student?
The core, advanced and professional skills can help with finding, attracting and retaining clients as well as enhancing problem solving, team-working and communication in the business. These are all important for a successful business and if all members of the team are working better together, better able to manage their time, can effectively deal with change and have tools to deal with difficult situations they may face this enable the business to develop and grow.
Find out more about how an FI apprenticeship could enhance your careerhere.
• Do the work, do it well and own the results. It seems obvious, do the work and do it well is something we should all be doing anyway, but remember to own the results. Modesty is desirable, but too much won’t get you anywhere. Strike a happy balance, give credit where credit is due, but also accept credit where it is due. Don’t be afraid to ask for help. There is no shame in asking for help, just as long as you’re not asking the same question over and over! Asking for help shows you’re not too proud or shy to admit you don’t know everything. Asking questions ensures you do it right first time, rather than making a mistake due to a misjudged decision. Admit to and learn from your mistakes. Everyone makes mistakes. Elon Musk says “If things are not failing, you are not innovating”. Learn from your mistakes and try not to repeat them but do not try and cover them up; you’ll get found out! Be proactive. This is so important. Volunteer for tasks, take the pressure from others but not at the expense of your actual work. Going above and beyond is an early sign of potential leadership. It shows you are keen to learn, enthusiastic and a good team-player. It will also broaden your network.• Share ideas and ‘sell them’. If you have an idea, share it. Believe in your idea, and yourself (no-one will buy if you’re not genuine) and make sure people understand what impact your idea will have. Deal in fact and do not act emotionally. It’s harder to argue with facts. One person’s emotional reaction will be different to another’s. Appeal to logic and reason.• Respectfully challenge the status quo. If something can be done better, challenge it, but do so gently so as not to appear arrogant, or worse, insulting.• Pay attention to current leader’s techniques. If you work with bad leaders, learn from their mistakes and don’t repeat them. If you work with good leaders, take note of these techniques and try to apply them yourself.• Build your ‘brand’. If you do all of the above, your reputation will look after itself, and your reputation is what will get your foot in the door of a leadership position and when you get there, you’ll find you already have the followers.
You can find more articles on personal development here.
Things to consider when looking at a business’s position….
Liquidity
They often say that “cash is king” in business, and I have certainly always been as interested in the cash position of my businesses, as in the profit that they are generating. Businesses often fail because of poor cashflow rather than poor sales, especially if a large proportion of sales are on credit. If you haven’t received enough cash from these credit customers you may not be able to pay your rent, your staff or your suppliers, meaning that the business will become insolvent. This cashflow position of a business is often described as it’s liquidity and is an important aspect of studying AAT.
Cashflow forecasting
Drawing up regular cashflow forecasts is a common approach to monitoring liquidity in a business. These differ from profit forecast because we are only interested in when the cash movement, in or out of a business happens and not when transactions, such as sales and purchases occur. Cashflow forecasts can often be more complex and time consuming and will involve considering both cash receipts (from customers, asset disposals, interest received to name a few) and cash payments (to suppliers, staff, the taxman etc.)
Let’s think about how we can deal with the cash receipts from sales made by the business:
Cash versus credit sales
Most businesses will see a split of sales made between those for cash (immediately settled on the date of the transaction) and those on credit terms (settled at a later date). Cash sales are paid for in the same month as the sale, with no delay to the cashflow.
So, for example if total sales in January are £100,000 with 10% for cash and the rest on credit, there would be £100,000 x 10% = £10,000 cash sales (which would be received in January) with the remaining 90% of sales (to make up to 100%), or £90,000 on credit.
Payment pattern of credit sales
Credit sales often then add an extra dimension of complexity in that these customers may pay at different times. Some may pay quite quickly, and some may take far longer which will delay the cash receipt.
From above, if 30% of credit sales are paid in the same month as the sale is made, 50% in the following month and the remaining 20% two months after the sale we would end up receiving:
£90,000 x 30% = £27,000 in January (along with the £10,000 of cash sales)
£90,000 x 50% = £45,000 in February
£90,000 x 20% = £18,000 in March
It’s worth checking that £27,000 + £45,000 + £18,000 = £90,000 total credit sales.
Dealing with discounts
As a way of encouraging credit customers to pay their balances quickly (which improves the liquidity of the business) they may be offered early settlement discounts. Although this should result in cash being received faster it means that we won’t receive the full value of the sales made.
Let’s say that credit customers settling in the month of the sale receive a 2% settlement discount, it would mean that we actually only receive 98% of the value of the sales being paid for. So in January we would actually only receive £27,000 x 98% = £26,460. Note that we don’t need to put the discount allowed of £540 (£27,000 x 2%) anywhere in our cashflow forecast. It’s just not included in the cash receipt.
Dealing with irrecoverable (or bad) debts
One of the potential drawbacks of making credit sales is that we may never be paid what the customers owe us. In a similar way to discounts we just need to reduce the value of cash receipts to reflect any irrecoverable debts.
So let’s say we had been told that 30% of credit sales pay in the same month as the sale, 50% in the month following the sale and only 15% two months after the sale. 30% + 50% + 15% only comes to 95% implying that 5% of sales are irrecoverable. This means that we would end up receiving only £90,000 x 15% = £13,500 in March.
Why don’t you have a go at this example task? When you have finished you can see me talk through my solution at…..
The following sales are anticipated by Rosalyn’s business over the next 5 months:
Month 1
£200,000
Month 2
£220,000
Month 3
£240,000
Month 4
£260,000
Month 5
£280,000
20% of sales are made on cash terms with the remaining sales being made on credit. Of these credit sales 20% of customers will pay in the same month as the sale, 50% will pay in the following month and 25% will pay two months after the sale was made. All other credit sales are considered to be irrecoverable. The credit customers who pay in the same month as the sale will receive a 5% early settlement discount.
Requirement:
Prepare a cash budget for receipts in months 3, 4 and 5.
If you found this article about Cashflow Forecasts useful, you may be interested in reading our ‘Don’t let ratios catch you out‘ article which dives into liquidity ratios, and how these focus on the ability of the business to generate cashflow.
Apprenticeship Salaries
From an employer’s perspective there is the incentive of lower wages if you have an employee completing an apprenticeship. The minimum starting wage for apprentices is £4.15 per hour. Before you start to say you get what you pay for and go make yourself a cup of tea, remember this doesn’t mean you need to pay such a small amount. Wage rates are set by local market forces. In the finance industry apprentices are paid well in excess of that. Starting salaries of £10-£15k for a finance apprentice are common.
However there are savings. The government pay a cash reward of £1,000 for each apprentice employed when they are under 19 to help with support costs. In addition to this the government have launched generous incentives for those who recruit a new apprentice after 1 August 2010 and before 31 Jan 2021. (For more details of the costs of employing an apprentice in your organisation see The Apprenticeship website). This will help with the wage bill and don’t forget employers of young people and apprentices also pay less employers’ NIC.
Job role
An apprentice is expected to work towards a job related qualification and this means that a finance apprentice must have some finance element to their role. Many of my finance apprentices work in professional practices but about 40% are in industry. Their roles vary from vat returns, audit to working in the shared service centre of a PLC. My own business is a smaller organisation and my apprentice has a very diverse role from processing invoices and analysing information from a management accounts perspective. However, she divides her time between the accounting function and other business activities such as preparing brochures, helping with marketing campaigns or dealing with student queries.
We have other apprentices on our management and leadership programme who are team leaders and managers in a range of firms from school offices to industry. Our Digital programme may suit someone who, takes part in marketing and managing social media but also has other more general admin responsibilities.
Study leave
You will be expected to allow your apprentice time off to study and also to support them in learning relevant skills and behaviours to complete the apprenticeship. Our programme includes a series of business skills workshops to fast track those soft skills such as communication and teamwork. You get the benefit of a qualified accountant who has also been mentored to develop business awareness and commercial skills which are relevant to the workplace.
Young people are notoriously unreliable
In my experience young people are no more unreliable than any other group of individuals. However they are more impressionable. If you set a good example and provide clear guidelines your employee is likely to stick to them. It is no coincidence that employers who have good policies and support from their apprentices seem to have few problems.
Fresh Ideas
One of the big pluses in my team is the presence of a young person with a fresh perspective on life. In a training business like mine our customer base is often young people and our apprentice brings an element of diversity which is an asset to our business. Some days it’s refreshing to hear from someone who has a young person’senthusiasm and optimism about the future.
The best candidates go to University
This is absolutely not the case. A large proportion of our apprentices have outstanding GCSE’s and A levels. They are often really keen to get into the workplace and start their career. Perhaps were put off by the threat of student debts. In the current climate there are a large number of excellent candidates who have decided against university.
Putting something back
I have left this tired old phrase until last but it is still an important point. Many employers feel that aside from looking at the benefits an apprentice brings to the business they prefer to employ young people to contribute to the development of the next generation. Putting my parent’s head on now I have always been sceptical of this sort of statement. Isn’t it really a euphemism for “getting cheap labour”. However after spending more time around young people there is something really satisfying about watching them mature from a shy school leaver into an accomplished young person. It is almost as satisfying as watching your own teenager leave the nest – but a whole lot easier!
Overall I have found my experiences with young apprentices very satisfying. If you are thinking about recruiting from this group I can highly recommend it. To find out more about apprenticeships.
Jo Dyson is director of apprenticeships at FI Southampton and Reading. If you have any questions Jo would be happy to help. Contact jodyson@fi.co.uk.
Eligibility
One of the biggest misconceptions surrounding apprenticeships is that the scheme is only available to young people and school leavers. In fact, the scheme is available to people of all ages and can be taken by new and existing employees.
There are conditions an apprentice must meet before they can be considered for the scheme:
An apprentice needs to be in a relevant job role and able to complete the apprenticeship within the time available. More Info>>
An apprentice needs to be a citizen of a country within the EEA, or have the right to live and work in the UK and have been resident in the EEA for at least the previous 3 years.
An apprentice can’t currently be receiving any other government funding.
An apprentice should have significant development requirements across the knowledge, skills and behaviours in the relevant apprenticeship standard.
Key differences and similarities
Similarities
Both apprentices and exam only students work towards their chosen professional qualification. First Intuition students can choose from the following: AAT, CIMA, ACCA, ICAEW, ATT, CTA. For apprentices, these qualifications can be included in the following apprenticeship standards we offer:
Level 3 Assistant Accountant
Level 4 Professional Accounting/Taxation Technician
Level 7 Accounting/Taxation Professional
Differences
SKILLS AND BEHAVIOURS
Apprentices don’t only focus on technical knowledge. They also work on developing skills and behaviours set by the relevant apprenticeship standard.
END POINT ASSESSMENT
To achieve the apprenticeship the apprentice will need to complete an end point assessment to show they have learned and applied the full range of knowledge, skills and behaviours required by the apprenticeship standard.
On an apprenticeship, 20% of the apprentice’s normal working hours, capped at 30 hours per week (for funding purposes only) over the planned duration of the apprenticeship must be spent in training and development, such as professional qualification and impact skills programme study and technical training. This is 6 hours per week effectively although it can be used flexibly across the apprenticeship (e.g. front loaded) as long as the apprentice can show OTJ activity at least every 4 weeks.
Funding
Whereas exam only students are generally funded directly by employers, apprenticeships are government funded via the apprenticeship levy.
The funded costs include professional qualification courses, skills and behaviours training, skills coach support, End Point Assessment preparation and course materials.
Costs such as non-mandated exams fees and institute registration fees are not covered by the levy funding and must be paid by employers separately.
When we face a scary monster in life (an interview for a new role, speaking in public to a large audience or moving to a new city for instance) we have two deep-rooted, but very different, potential responses: ‘flight’ or ‘fight’.
Fight or flight
‘Flight’ means that we run away from the monster, whilst ‘fight’ means that we get right up in its face and take it on. Whichever response you choose your nervous system releases adrenaline to help you to perform at your best. If you choose ‘flight’ the adrenaline helps you run as fast as you can. If you choose ‘fight’ it gives you the courage and the strength to beat the monster.
The big difference is that when you run away from the monster those butterflies quickly vanish whilst when you fight the butterflies stay with you to help you in the fight.
And those butterflies can help you to act with enormous impact, but you have to give them a chance!
Facing your fears
In my experience too many people fear the very feeling of fear. As soon as they feel the butterflies they immediately run away to avoid that uncomfortable feeling of nerves. But the problem with choosing the ‘flight’ response is that they spend their whole lives running away from any situation that scares them. This means that they never leave their comfort zones and in my opinion comfort zones are the most dangerous thing in your life. They are certainly very appealing, they are very seductive, they feel by definition ‘comfortable’…but if you stay in your comfort zone doing the same thing month after month, never doing anything that scares you, never putting yourself in situations where you feel uncertainty, you will never change.
And if you never change how can you possibly achieve what you are capable of.
People who never leave their comfort zones never grow or develop. And without growth and development you can’t possibly achieve true success.
Chasing butterflies
I learned a long time ago that accepting that feeling of butterflies was a necessary part of success in my career and my life. More recently I have moved beyond just accepting those butterflies to actually embracing them, and even to chasing them. I deliberately put myself in situations that scare me as often as I can, whether it is taking the plunge with opening a new business, entering a show-jumping competition, giving a motivational speech to a couple of hundred people, performing stand-up comedy in a dingy club in Glasgow, or competing in a rowing competition against members of Team GB. All situations where at some point I asked myself “what on earth do you think you are doing? This is nuts!”. And in each situation, it was at that precise moment that I knew for certain I had done the right thing.
I have learned to love feeling that rush of adrenaline through my body, my hands shaking, my breathing shallow, my mouth going dry, every hair on my body standing on end. I feel truly alive. I know I am well out of my comfort zone and that is forcing me to grow. I have even started to make major life and career decisions based on whether I get the butterflies or not…getting the butterflies tells me the opportunity is going to be exciting and it’s going to develop me as a person. If there aren’t any butterflies…well, where is the adventure in that?
There are a couple of simple tricks that I use to make sure that I react in the most positive way. And a lot of that is down to how I make my brain interpret the way my body feels….
I’m so excited, and I just can’t hide it
When you feel scared and nervous, it’s virtually the same physiological reaction as when you are excited…the same thing, the same anticipation, the same adrenaline. And you can fool your brain. When I get those nervous butterflies I just tell myself over and over “I am excited, I am so excited, I am sooooo excited!”. My brain then starts to interpret the nerves as excitement. It really pumps me up for what I doing. I actually do get really excited and that allows me to perform at my best.
Wonder Woman
As well as managing your mind it’s possible to manage your body. I am a big believer in Power Posing. I think that you can manage the way you perform with simple changes to your posture. Watch Amy Cuddy’s TED Talk “Your body language shapes who you are”
When I am about to do something scary I will often disappear for a few minutes before I start. I will be in a dark corner somewhere doing a 2-minute ‘Wonder Woman’ and telling myself how excited I feel. It makes a big difference to how I deal with the scary monster.
So don’t fear failure. And certainly don’t fear fear. The quality of your life will be hugely affected by your willingness to chase butterflies.
If you enjoyed this article, take a look at our article on turning stress into a positive force here
Time-series analysis involves looking at what has happened in the recent past to help predict what will happen in the near future. For further reading, please see our article Index Numbers – Predicting the future!.
A ‘time-series’ is a sequence of results over a period of time. Let’s say that the monthly sales made by a business over a period are:
Month
Sales (the time-series)
A time series will consist of distinct patterns and if we can identify these it makes it far easier to predict what might happen in the future. The two main patterns you need to understand are:
1. Seasonal variations
2. Trends
1
70
2
80
3
150
4
130
5
140
6
210
With time-series analysis we need to calculate both the seasonal variation and the trend.
Seasonal variation
A Seasonal Variation (SV) is a regularly repeating pattern over a fixed number of months. If you look at our time-series you might notice that sales rise consistently from month 1 to month 3, and then similarly from month 4 to month 6. There appears to be a SV repeating over a three month period, where sales get higher each month for three months. We could expect this pattern to repeat in the future, so sales are likely to rise from month 7 to month 9.
Trend
A Trend (T) is a long-term movement in a consistent direction. Trends can be hard to spot because of the confusing impact of the SV. The easiest way to spot the Trend is to look at the months that hold the same position in each set of three period patterns. For example, month 1 is the first month in the pattern, as is month 4. The sales in month 4 are higher than in month 1.
Identifying the trend
To identify the T, we need to smooth out the impact of the SV. We do this by calculating what are known as ‘three-period moving averages’. This involves averaging the sales for three months at a time and then ’moving’ down to the next three months.
Month
Sales (the time-series)
Three-period moving average
You can see that compared to the original time-series, the three-period moving average figures show a much more consistent increase; in fact it is increasing by 20 each month. We would expect this trend to continue in the future. (Notice that you can’t work out figures for the first or last month).
1
70
2
80
300/3 = 100
3
150
360/3 = 120
4
130
420/3 = 140
5
140
480/3 = 160
6
210
Identifying the seasonal variation
Now that we know the trend we can identify the specific impact of the SV. We do this by comparing the time-series to the trend, to see whether it is above or below what we would expect. In month 2, the time series of 80 is 20 below the trend giving a SV of -20. In month 3, 150 is 30 above the trend giving a SV of +30.
Month
Sales (the time-series)
Three-period moving average (the trend)
Seasonal variation
1
70
2
80
100
-20
3
150
120
+30
4
130
140
-10
5
140
160
-20
6
210
Predicting the future
We can now use our knowledge of T and SV to make a prediction of what sales will be in month 7.
Extrapolating T – We would expect T to continue to rise by 20 each month (remember it is a long-term movement in a consistent direction). This means that T in month 6 would rise to 180, and then in month 7 it will rise to 200. This doesn’t mean that we expect to sell 200 in month 7, as the seasonal variations mean that any given month will be above or below T.
Incorporating SV– Given our repeating three-period SV, month 7 will be the first month of a new pattern of three months. This means that month 7’s SV can be expected to be the same as month 1 (for which we have no figure) and month 4 where we have -10. This tells us that the result in month 7 can be expected to be 10 below trend.
Our prediction for month 7 will therefore be 200 – 10 = 190! Bear in mind that this is still ultimately an estimate and sales in month 7 are highly unlikely to be exactly 190.
Now try this time-series analysis question:
Sales from months 1 to 6 were 105, 140, 190, 135, 170 and 220 respectively. Assuming a three-period seasonal variation, identify the trend, the seasonal variations and then predict sales for months 7 and 8.
Once you have had a go, you can watch me work my answers:
It is possible that you might get a written question on time-series analysis, check out our blog on written questions.
For more news and exclusive tips from First Intuition, visit FI Hub.
If you have attempted a couple of sample assessments for AAT Bookkeeping Transactions (BTRN) and achieved competence, that is a great indication that you are ready for the real thing. In fact, you should delay no further, as Nike would say, ‘just do it!’. If you need any extra support simply get in touch or view our revision schedule for more information.
Here is a short quiz, picking out some of the technical areas, dealt with in each of the ten tasks, you will face in the assessment. Once you have had a go at it, you can watch me go through my answers below.
Health warning: This quiz does not cover every aspect of the BTRN assessment and the tasks here are not laid out in the same style for reasons of space. Make sure you have a go at the sample assessments on the AAT website, as these give a very good idea of what to expect.
Task 1
It is 30 June and a business has just received a cheque from a credit customer, A Ltd, for £1,900 in full settlement of their outstanding account balance.
Here is the account for A Ltd in the sales ledger of the business:
Date
Details
Amount £
Date
Details
Amount £
01 June
Bal b/d
4,500
5 June
Credit note 26
300
15 June
Sales invoice 245
2,300
13 June
Bank
4,200
21 June
Sales invoice 273
3,500
20 June
Credit note 32
400
.
Is the cheque for £1,900 an overpayment or an underpayment?
Which transaction does the discrepancy appear to relate to?
Task 2
A business has received two credit notes from suppliers for the last period; one from B Ltd for £100 (net) and one from C Ltd for £240 (gross).
What entry needs to be made in the purchase ledger account of B Ltd?
Account name
Amount £
Debit/Credit
.
Enter these two purchase credit notes into the purchases returns day book.
Date
Details
Credit Note number
Total £
VAT £
Net £
1 July
B Ltd
9983
1 July
C Ltd
C1726
.
Task 3
D Ltd purchases goods from another VAT registered supplier with a list price of £275 (excluding VAT). A trade discount of 10% is given with a further 2% discount if the invoice is paid within 14 days. D Ltd has a policy of not taking up any prompt payment discounts if offered. The VAT rate is 20%.
How much will D Ltd pay the supplier?
Task 4
A business has made a cash payment to E Ltd of £360 for cash purchases that included VAT, and a cheque payment for £350 to F Ltd.
Enter these transactions onto the credit side of the cash book and total each column.
Cash book – credit side
Details
Cash £
Bank £
VAT £
Purchases ledger
Cash purchases
Bal b/d
1,000
.
.
Total
.
Task 5
A business has set the Imprest level at £150 and at the start of July, the petty cash box was replenished to this level. During July, the business paid for two amounts out of petty cash; £45 (net) for repairs to a salesman’s car and £36 (gross) for stationery. When the petty cash box is replenished at the start of August, how much will need to be withdrawn from the bank?
Task 6
A customer, called G Ltd, has bought 10 units of a product that has a net list price of £50. The customer receives a 10% trade discount. Another customer, called H Ltd, has purchased goods worth a gross value of £720. The VAT rate is 20%.
How would these two sales invoices be entered into the sales day book?
Date
Details
Invoice number
Total £
VAT £
Net £
1 Aug
G Ltd
25646
1 Aug
H Ltd
25647
.
What will be the entries in the subsidiary ledger?
Account name
Amount £
Debit/Credit
.
.
What will be the entries in the main ledger?
Account name
Amount £
Debit/Credit
.
.
.
Task 7
The totals on the credit side of the cash book are shown below.
Details
Cash £
Bank £
VAT £
Trade payables
Cash purchases
Office expenses
Total
2,400
9,600
400
9,600
1,500
500
If the cash book is not part of the double entry bookkeeping system, what will be the double entry posted to the main ledger?
Task 8
Complete the ledger account shown below and identify what the balance brought down on 1st September would be?
Sales ledger control account
Date
Details
Amount £
Date
Details
Amount £
1 August
Bal b/d
43,290
18 August
Bank
28,546
15 August
Sales
32,476
.
Total
Total
.
Task 9
Which side of the trial balance will the following ledger account balances appear on?
Sales
Purchases
Motor vehicles
Motor expenses
Sales returns
Purchases returns
Discounts allowed
Discounts received
Task 10
If the total value of assets of a business is £65,000 and the total value of capital is £20,000, what is the total value of liabilities?
Now you have had a go at it you can watch Nick go through the answers here.
Hopefully that will help you successfully pass your Bookkeeping Transactions exam.
If you found this article useful, you may also find our ‘Jargon Buster: Bookkeeping‘ article helpful with your studies.
I would say emphatically “no” to that question. In addition to differing quality of tuition for your chosen PQ the level of service and support for your apprentices in developing the skills and behaviours as well as in preparing for the final assessment (EPA) vary widely between providers. Recently I have spoken to a number of employers who are disappointed with their initial choice of provider and have been looking to transfer their apprentices to FI. Here are some pointers to help you choose the right provider first time.
Think of this as a long term relationship. Many finance apprenticeships last 3 years so you will be working with this provider for quite some time. Can you work with this team over a prolonged period?
Ask yourself whether this provider is designing a programme to suit your business needs or just rolling out a generic programme. Not all businesses have the same needs and a programme should be tailored accordingly.
Has your provider given you a team of contacts so that you, and your apprentices, know where to go if you have questions. You are bound to have questions as the programme rolls out and a key factor to the success of your programme is how quickly these are dealt with. Make sure that you have a day to day contact as well as an escalation process for any problems and an agreed turnaround time.
Make sure that the onboarding process is adequate for your apprentices and line managers. Poor communication is a key cause in the breakdown of the programme.
Check the support offered to your apprentices – a good provider will offer a minimum of quarterly progress reviews and will offer support to keep apprentices on track and “back on track” policies for those who are struggling.
Finally be aware of a provider who tells you that you do not need to do anything to support the programme. There are complicated compliance rules surrounding apprenticeships and a reputable provider will be honest about these guiding you through the minefield.
For more news and exclusive tips please visit FI Hub.
As 2018 drew to a close the First Intuition team were asked to come up with their goals for 2019. I decided that I would come up with something that I would find really challenging, this was for two reasons;
Firstly, because Goals should be challenging, right? What is the point in setting something easy that doesn’t take any effort, where is the incentive to improve or do something really amazing?
Secondly because I knew my students would be seeing the goal that I set. They have all set massive goals that are incredibly difficult to achieve (becoming a qualified accountant takes huge amounts of hard work and dedication) so what kind of example would I be setting for them if I chose something trivially easy.
I thought long and hard about what goal I should set. I looked at what had happened over 2018; I had attempted the Royal Parks Half Marathon in October and got around the course in about 2 hours 20 minutes. Since then I had been very lazy and had over-indulged over the Christmas period. I was unfit and overweight (pushing 16 stone) and I made my mind up:
“In 2019 I will run a half marathon in less than two hours”
This was then posted on our social media outlets and there were many congratulations and good luck messages sent to me, but I knew that I hadn’t achieved anything yet! I hadn’t even begun. I had to think about how I would train:
How to train:
As I tell my students, you don’t pass a tax exam by reading a book about tax, you actually have to practice calculating tax again and again and again…. it is only by a process of repeatedly using the same techniques can you master the art!
I felt the same about my running challenge. If I wanted to beat my target, I couldn’t do it half-heartedly. I couldn’t do it by reading about running. I couldn’t do it by spending weeks coming up with a beautifully colour coded running plan. If I wanted to do this, I had to get my trainers on and start running as often as I could.
When to train:
The next challenge to consider was when was I going to fit my training in? I work during the week and quite often at the weekend and evenings. I have a family and don’t want to miss out on time with them. But again, I thought of my students, they work full time. They have social lives and families and yet they can find time to study and prepare for their exams, so I must be able to find time to do my training. Again, I thought how would it look to all of those students who I expect to make sacrifices to be successful if I am not prepared to do the same?
So I looked at what a “normal” day looks like for me:
6.30AM – Kids are awake and looking for breakfast (don’t want to miss that time with the kids)
7.00AM – Getting showered, shaved, dressed (can’t miss that)
7.30AM – Make sure kids are ready for school
8.00AM – Leave for work (have to drive to work for 30 minutes)
8.30AM – Arrive at work (can’t miss this)
5PM – Leave work (again have to drive)
5.30PM – See the kids, homework, games, bedtime stories etc (can’t miss this)
7.30PM – Kids should be in bed! So, time to eat with my wife (don’t want to miss this)
8.30PM – Relax with my wife (maybe some TV then off to bed)
Quite often I lose a chunk of the evening as I am working (or my wife is working)
So, when could I fit in training? I then though “how about before anyone else wakes up? What if I set my alarm for 5AM, then I can be running by 5.30AM and back in time for breakfast?”
It was decided – I set my alarm for 5AM!
The alarm went off and woke me up, the last thing I wanted to do was get up let alone go for a run! But I dragged myself out of bed, pulled on my kit and went downstairs. I opened the door to be met by a freezing wind and no daylight whatsoever. I switched on my head-torch and headed into the darkness just over half an hour later I got back to the house, utterly shattered but I had made the first step.
Now I know a lot of people say that the first step is always the most difficult and “it gets easier after a while” well that just isn’t the case with 5.30 AM running. Every morning was a challenge to get up and run. Facing the snow and rain and hail is not something that is ever easy at that time in the morning. But I did think about what my students do practising for an Audit exam, does it every get more enjoyable over time? Don’t they need to “dig deep” to get their studying done.? I am sure that getting an extra hour in bed would feel a lot better than one more set of questions to practice.
I kept a record of my runs on Strava (feel free to follow) I could see the miles adding up as the weeks went by. I could see the total amount of time that I had been running for:
– At the end of week one I had run for 2hr 21 mins and covered 12.5 miles
– Then 2hr 58 mins covering 17.6 miles in week 2
– By this Friday (22nd March) I had covered just under 300 miles and had been running for just over 46 hours!
That is a lot of running! I was struck by how much each weeks running had added up to, just imagine how much better you could perform in your exams if you could have 46 extra hours of study, just by waking up earlier to get half an hours extra study done before the rest of the world wakes up?
The First Half Marathon – Colchester 24th March
This weekend I made the first attempt at hitting my goal. I knew that it was possible, my training runs were at a decent pace. I had run the distance so knew I could complete the race. But could I put it all together on the day?
The simple answer was no! I arrived early (like I would for an exam). I felt good on the start line the minutes counted down to 9AM and we were away! The first couple of miles were slightly downhill and I felt good, I felt strong, I felt fast. I kept checking my time and it was quick I had over a minute in hand. I then hit the first hill and I attacked it, passing the slower runners who were labouring on the climb. By mile 3 I had nearly 2 minutes in hand and was still feeling good. Mile 4 and 5 were starting to feel hard, but mile 6 really hurt. I looked at my watch and my time was ok. I had lost some of the time I had in hand, but my time to complete 10KM was really good (the quickest I had run for 2 years I later found out).
Then everything went wrong, running was becoming more and more difficult, it was tough just to keep going, people kept passing me. Each runner that went past seemed to drag me back making me slower and slower. The sight of first Buzz Lightyear and then Batman running past me made me feel sick! A lady running in a full wedding dress overtook me with absolute ease and all the time I was running slower and slower. The time I had in hand slipped away and I was missing my target by more and more time. Eventually I collapsed over the line more than 10 minutes slower that I had hoped.
I was gutted! Really disappointed. I felt I had let myself down I had run so much better in training and I really felt I could have achieved my goal. But again, I thought of my students what would I say to them if they had failed an exam:
Where you well enough prepared? I wasn’t, I had trained but everything had to be perfect on the day (and it wasn’t) I was the student that got exactly the pass mark in a mock exam, it was possible on the day but could easily go against me (and it did)
What happened on the day? I got it all wrong I ran off too fast and it came back to bite me. I got to excited about my early speed and I couldn’t keep it up. I was the student who saw the first question in the exam knew I could nail it and spent too long on it, then didn’t have enough time to complete the rest of the exam. Poor race technique came back to get me!
The most importantly what are you going to do next????????
Next steps are so important. I always say “Failing doesn’t matter, what you do afterwards does”
So, what do I do next?
First, I have to keep training. I know my pace has improved over the first three months of this year and it will continue to improve the more I train.
Second, I have to improve my race technique, this means not going off to fast. I need to make sure I pace every mile correctly, don’t focus on running the first part fast because I know it will cost me. I can only do this with practice. I have to prepare by running at a consistent pace for long periods of time.
Yesterday was the time to feel sorry for myself, now I have to get on with it. I have the Royal Parks Half marathon in October. I will make that one in under two hours!
You can find out more about studying at Chelmsford, book a course or exam here
Students don’t need to worry about losing credit for any exams that they have already passed but they do need to make sure they plan their next few months of studies and exams to move from the current to the new syllabus as smoothly and painlessly as possible.
The highlights
Significant new syllabus material is being introduced across the CIMA Operational, Management and Strategic levels, particularly in the E papers.
November 2019 is the last opportunity to sit exams under the current syllabus.
Each of the Case Study exams under the new syllabus will assume full technical knowledge of that level’s Objective Test exams under the new syllabus.
Students who are currently part-way through a level should make plans to finish the level under the current syllabus.
The last available date to sit Objective Test exams under the current syllabus is 3 November 2019.
The last available sitting of the Case Study exams under the current syllabus is November 2019. Registration deadlines to sit the November 2019 Case Study exams are:
Operational Level – 22 October 2019
Management Level – 29 October 2019
Strategic Level – 5 November 2019
Students who are unable to finish their current level under the current syllabus should prioritise sitting the P and F papers before the change and leave the E papers and Case Study exam until after the change.
It’s going to be busy so it’s a good idea to book your exams early to avoid disappointment.
Changes
The last time CIMA had a syllabus change the focus was on the exam structure, particularly with the extension of computer-based objective test exams to all levels of the qualification and the introduction of synoptic case study exams.
The 2019 does not alter the existing structure of levels and exams but instead introduces a lot of new technical syllabus content not previously examined, particularly covering digital skills. The changes are aimed at future-proofing the qualification and future-proofing the profession.
CIMA’s rationale for the change
“In an increasingly digital world, rapid changes in technology are creating challenges for the business models of organisations. It is also making it difficult for business leaders and employees to create and preserve sustainable value.
It is imperative that finance professionals not only possess sound technical and financial skills but can also understand how digitalisation is fundamentally changing business models and apply this insight to influence, lead and craft strategies creating value and long-term sustainability.
The 2019 Professional Qualification continues to bridge the skills gap of newly qualified finance professionals worldwide, meeting the employability needs of both business and people. In designing the updated syllabus, we set out to enhance the relevance to employers, ensure the rigour of the related examinations and align the learning experience to the real world.”
CIMA Timings
Objective Test exams
The last sittings under the current syllabus of the Objective Test exams (E1, F1, P1, E2, F2, P2, E3, F3 and P3) will be held on 3rd November 2019. From 4th November 2019 these exams will only be available under the new syllabus. There will be no ‘parallel running’ of the exams.
Case Study exams
The last full sitting under the current syllabus of the Case Study exams (OCS, MCS and SCS) will be the November 2019 exams. There will be a ‘resit only’ sitting under the current syllabus in February 2020 but this will only be available to students who sat and failed in November 2019.
Any student who did not sit a Case Study exam under the current syllabus in November 2019 will have no option but to sit under the new syllabus from February 2020. Each of the Case Study exams under the new syllabus will assume full knowledge of the syllabus content of the Objective Test exams for that level under the new syllabus.
Detailed CIMA syllabus changes to Objective Test exams
Paper changes:
P1 – Minimal changes
F1 – Group Accounts moved to F2
E1 – New areas:
Technology in a Digital World
Data and Information in a Digital World
Shape and Structure of the Finance Function
P2 – Minimal changes
F2 – New areas:
Group Accounts (from F1)
Integrated Reporting
E2- Introduction to Strategy Management moved to E3
New area: Business Models and Value Creation
P3 -Financial Risks moved to F3
New area: Cyber Risks
F3 – New area:
Financial Risks (from P3)
E3 – New areas:
The Strategy Process (from E2)
Digital Strategy
Important – The Case Study exams under the new syllabus will assume full technical knowledge of that level’s Objective Test exams under the new syllabus.
Advice
Plan to finish your current level
For CIMA students who are currently part-way through a level the best approach is to make every effort to finish that level under the new syllabus. This means sitting their Case Study exam by November 2019 at the latest which would require passing each of the Objective Test exams at the level before the registration deadlines to sit the November 2019 Case Study exams which are:
Operational Level – 22 October 2019
Management Level – 29 October 2019
Strategic Level – 5 November 2019
It is advised that students plan to sit their final Objective Test exam at the level well in advance of these deadlines in case they fail at their first attempt and need to book a resit.
Prioritise the P and F papers
Students who will not be able to finish their current level by the syllabus change should plan to sit the P and F papers before the change as these papers tend to be changing the least.
Leaving the E paper at each level until after the change will ensure that students have the bulk of the assumed knowledge when they come to sit the Case Study exam under the new syllabus.
Book exams early!
It is likely that a large number of students will be sitting Objective Test and Case Study exams in the period immediately leading up to the syllabus change so it is a good idea to book exams as early as possible to ensure you get a place.
If you have any queries please contact us at First Intuition for advice.
For more personalised advice CIMA have launched a microsite with a useful Transition Planner that can be foundhere.
Here are our tips on how to pass your Professional Synoptic assessment successfully:
Answering the question
It might sound obvious, but make sure you are actually answering the question in the professional synoptic exam. Too often we see students losing marks because they aren’t giving the marker what they have asked for. For example, a common mistake we have come across is students writing about what a company should do to turn around the business’s performance to meet the budget. When in fact, the question asked them to assess the validity of the budget and the assumption behind it!
Some tips on how to avoid this mistake are:
Repeat the question in your answer: If you have been given a blank box to fill and have been asked for different things, repeating the question in your answer will make sure you include all parts of the question in your answer, it also makes it clearer for the marker to see.
TIP: if you are asked the following, Identify an opportunity to improve the procedures. Explain how the procedure should be changed and how the business could benefit.
Start each part of the answer with the following: An opportunity to improve procedures is… The procedure can be changed by… The business will benefit because…
This will make your response very clear to the marker just by repeating the parts of the question in your answer. This will also make sure you answer every part of the question, and answer exactly what is being asked of you. This is a great technique to gain a lot of marks in your assessment.
Time
Make sure you give yourself plenty of time to get through the assessment. Budgeting for example, is a 160 mark exam where you get 2 1/2 hours. The Professional Synoptic is a 3 hour assessment where there are only 100 marks available, so you need to work harder to get these marks.
Key subject areas
Some key areas to focus on to prevent you from running out of time and potentially losing marks are:
Make sure you are comfortable calculating ratios and explaining what they show. Our ‘Don’t let ratios catch you out!’ blog might be a useful read for this one.
Give yourself plenty of time on task 3, this is all about spotting weaknesses in the accounting systems. As long as your ideas are sensible and you can justify them, you will get the marks.
Make sure you are comfortable with relevant costs.
TIP: if a cost is a future cash cost, which may or may not need to be paid depending on the decision you are making, then you need to consider it. Whereas if a cost has to be paid no matter what decision you make, there is no need to take it into account.
Remember SWOT analysis.
TIP: strengths & weaknesses should be internal, whereas opportunities & threats should be external to the business. For example, a poor credit control procedure is an internal weakness, whereas, a falling exchange rate is external threat.
Hopefully these will help you pass your Professional synoptic exam first time.
Phil originally came to First Intuition as an AAT distance learning student. Throughout his studies he showed great potential of becoming an excellent tutor. During his studies Phil joined a student led AAT Facebook support group. There he would give so many students both technical and motivational help in their exam preparation.
“I could see from the help he provided to others in his own time, what a great tutor he would be. Someone who helps others for free, and was technically excellent had the perfect combination to be a fantastic tutor.” – Nick Craggs, AAT Distance Learning Director.
In August 2017, Phil Toomer joined the AAT Distance Learning team as their new AAT Distance Learning Tutor. Since joining he has gone from strength to strength and can turn his hand to anything. He has written technical blogs for students, taken ownership of the tax assignments. Phil has even coded assignments and developed the AAT online materials. Phil will do anything to help the students!
Why Phil has been shortlisted for tutor of the year
Phil knows every student personally and makes a conscious effort to wish all his students’ good luck for their exams. He even sets reminders to look for a student’s result, normally as excited to see the result as the student themselves!
“I don’t know anyone who lives and breathes helping students as much as Phil does. He is always logging in on his days off, to check on his students, or see how his students have done in their exams.”– Nick Craggs
His ability to motivate and pick students up when they have lost motivation is one of the reasons why he achieves great completion and progression rates. Phil is one of the few AAT Tutors in the country who have completed their studies via distance learning. Phil knows what it takes in terms of motivation and can relate to the students and fitting in their studies around work and family commitments. He sets his students personalised goals and targets to work towards to keep them on track.
What Phil’s students say about him
“I couldn’t have asked for a better tutor. Phil is excellent at explaining things and nothing is ever too much trouble for him. He always responds to me quickly and provides thorough, useful feedback regarding assignments and mocks.” – Lauren Shoosmith
“He is the perfect person to have by your side in the build up to an exam – he’s provided me recommendations on how to manage my time leading up to the exams and I have found these extremely helpful and have definitely contributed to the results I have got so far (91% and 94%). I have no hesitation in supporting Phil as AAT tutor of the year.” – Karl Johnston
“Phil is always available to answer my questions and does not mind if I have to ask several times. Phil’s explanations are so detailed and clear which he provides without me even having to ask. He will look at my assignments and take it upon himself to explain to me where I went wrong whilst providing the correct answer, an explanation of how to get to that answer and then an example alongside. There has not been a single question that I have asked him that he has not had an accurate and detailed answer to.” – Laura Puszkar
Phil is a vital part of the team
He has real passion and enthusiasm in helping his students get the life changing benefits of AAT. Phil deserves to win AAT Tutor of the year in our opinion.
#teamFI
Vicky’s career highlights with Naylor Wintersgill:
Started training as an AAT Apprentice at the age of 16
Became the firm’s first ICAEW trainee at the age of 19
Winner of ICAEW Young Accountant of the Year at the age of 24
Appointed Partner at the age of 25
Joined ICAEW National Council at the age of 27
Youngest and first female President of Bradford Society of Chartered Accountants aged 28
Took over the firm as Managing Partner at the age of 37
First Intuition Director, Gareth John, taught Vicky during her ICAEW studies and caught up with her recently to ask her about the keys to her incredible success story.
Vicky, what would you say are the key skills that have taken you to where you are today?
“In accountancy it’s important to have the right technical knowledge and an appropriate professional attitude, meaning that you have to be true to your word and deliver on time. I think that you also need to have strong communication skills. I really enjoy people’s company and have spent a lot of time building my personal network both within and beyond the profession. I would say that the secret of my success is the relationships that I have with a wide range of people; colleagues, clients, strategic partners in other professions. You’ve also got to have strong leadership skills and be prepared to take centre stage when you need to.”
What big lessons have you learned over you career?
“Firstly, if you want something to happen, make it happen! When I finished my AAT qualification, Naylor Wintersgill were not a registered ICAEW training office so in order for me to achieve my goal of becoming a Chartered Accountant, I had to ask the Managing Partner to become a registered office otherwise I would have to leave to go to a different accountancy firm. I was their first ever ICAEW trainee but I had to make it happen! I also found in those early days that Bradford lacked opportunities for me to network so I set up a Young Professionals networking group which became really successful, we used to get over 50 people attending our lunches every month.
Secondly, as your career develops you have to learn to let go of some things. You start to realise that you are not indispensable in every area of the business and you should focus your time on your strengths, in my case advising clients, networking and building relationships. As well as allowing you to do what you are good at, the people you work with will flourish making their own decisions, and often get better results than you would yourself.
Thirdly, you have to appreciate that not everyone is the same. Not everyone has the same drive and ambition so you have to be patient in understanding other people’s motivations. We offer lots of training and support to our team and have structured career progression plans. Having a happy team in the office is really important to me and can be a challenge now that we have 63 employees. There were only 16 people when I joined!”
What do you most like about your job?
“It’s a bit of a cliché but it’s the people I work with. Our key to success is our people and we have a great infrastructure in the business to make sure we work together as effectively as possible.”
Can you give any advice to aspiring young accountants?
“Don’t be afraid to put your head above the parapet. A lot of younger people won’t take on extra responsibilities so those that do really stand out. Volunteer to go networking, stay a little late to finish a job, look for extra services that you can offer clients. A little extra effort goes a long way!
If you are ever asked to do something and you are not sure about whether you have the ability, just have a go at it! You will learn as you go along.
Start networking and building a wider list of personal contacts. I always got out there and it has made a big difference to my career. Being involved in ICAEW committees, local societies, networking groups and even the Lord Mayor of Bradford’s appeal has been a fantastic experience and exposed me to discussions involving lots of very experienced individuals who I have been able to learn from.”
So what’s next for you?
“I am excited about the future of the business and what we can do for our clients and the opportunities we can provide for our team.
I have been working on our five-year strategy which I am going to be sharing with the team in the near future. As the largest independent firm of Chartered Accountants in Bradford city centre, we are going to continue building on solid foundations we have created in our home city. To support our continued growth and reach across the Yorkshire region, we are also just opening a second office in Leeds to complement our wider business strategy.
In the last 5 years we have grown our annual fees by an additional £1m and we are still growing, still delivering and still staying ahead of the curve. I wouldn’t want to do anything else, I’m enjoying it too much!”
Jenny is a Level 4 Professional Accounting Technician apprentice and works as a purchase ledger clerk in a manufacturing company, Products Limited.
Jenny arrives at work ready to start at 08:30. Her first task is to open the day’s post and sort through the invoices, credit notes and supplier statements she has received. She goes through all the supplier invoices she’s received and codes them to the appropriate cost centres and nominal codes ready for inputting to the accounting system. This was a big part of her role when she was a Level 3 apprentice and she is very comfortable with this process. She posts all the purchase invoices to the system.
There is no learning here. This is part of Jenny’s day to day job.
At 10:00 Jenny then starts to check through the supplier statements she’s received and reconciles them to the system. She comes across one which doesn’t reconcile and upon further inspection she notices that the supplier has included a payment twice. She hasn’t come across this before and discusses it with her manager. The manager suggests that Jenny calls the supplier to discuss this and how it should be sorted. Jenny hasn’t phoned suppliers before as this is usually undertaken by her manager so she discusses with her mentor how she should approach the phone call. Jenny then makes the phone call and sorts out the problem on the accounting system.
This develops Jenny’s knowledge of data analysis, financial accounting and skills for communication. This is 1 hour of learning that contributes to the 20% off the job training requirement.
Jenny has recently been attending a credit control course at First Intuition and has heard about a different way that the Products Limited could be credit-checking their potential customers. although this isn’t part of her day to day job she researches this new piece of software online and gets a quote together for using it. She emails this to her manager for her consideration.
This develops Jenny’s knowledge of credit control and works on her skills for proactivity and adding value. This is 30 minutes of learning that contributes to the 20% off the job training requirement.
– 12:30 – 13.30 Jenny breaks for lunch –
Jenny has her regular monthly meeting with her manager to discuss her progress and what’s coming up over the next month. They discuss a new task that Jenny will be working on – the fixed asset register. She has dealt with inputting the cost of fixed assets before but has not deal with any journals relating to this. Jenny’s manager explains Products Limited’s processes for fixed assets and lets her know that she will be leading and working with a Level 3 apprentice on this task for the first time.
Jenny is learning about her company’s systems and processes and is developing her knowledge on financial reporting. This is 30 minutes of learning that contributes to the 20% off the job training requirement.
Jenny starts the new fixed assets task. She is very comfortable with how to set up a spreadsheet so helps set up the Level 3 apprentice on this task and demonstrates to that apprentices how they should be working. Jenny then reviews the work that the Level 3 apprentice undertook and feeds back to the apprentice in areas where they have gone wrong. Once this is done, Jenny is given 20 minutes by her manager to write up and reflect on this task and how she could improve next time.
Jenny is working on her reflection and leadership skills and her financial reporting knowledge. This is 45 minutes of learning that contributes to the 20% off the job training requirement.
– 16:30 Jenny finishes work –
The total 20% OJT is 2 hours 45 minutes.
Management accounting is the best
Management accounting is a key aspect of your AAT studies and there are a number of specific topics that you will cover (including budgeting and forecasting, performance evaluation and variance analysis, and decision-making) but the area that I would like to talk about here is costing classification.
Costing
Costing is the process of identifying the cost per unit of production. If I am a manufacturer of cars (or cakes or chairs for that matter) it is incredibly useful to know how much each unit costs me to produce for a number of reasons, including:
Valuing units of inventory at the end of a period
Identifying where cost savings can be made
Perhaps most importantly, setting a profitable selling price
A typical starting point of this process is to start breaking down the costs of the business into a variety of sensible categories.
Classifying costs
There are a number of different ways that you can break down costs into different groups, or cost classifications
Classifying costs by function
When we classify costs by ‘function’ we are thinking about which location within the business they are incurred in.
Production costs are incurred in the factory where physical production occurs
Non-production costs are incurred elsewhere in the business, for example:
Administration costs are incurred as part of the administrative function
Selling costs relate to the process of stimulating demand and advertising products
Distribution costs are incurred in the process of delivering finished goods to customers
Finance costs would be those incurred as part of raising finance and paying interest
Classifying costs by behaviour
When we talk about the ‘behaviour’ of a cost we mean the way that the cost is affected by changes in the volume of production.
Fixed costs are unaffected by the volume of production so stay the same whether you make 5,000 units or 10,000 units.
Variable costs change in line with any changes in production volume so if you double production you double the cost.
One thing to note is that when we describe a cost as ‘fixed’ that doesn’t mean it will never change, just that it is not affected by changes in volume. For instance, your factory rent can go up each year but your landlord isn’t interested in how many cars you make.
Classifying costs by element
Material costs are the purchase of anything physical
Labour costs are when we pay for the time of a member of staff
Expenses relate to anything other than material and labour
Classifying costs by nature
This is often the hardest cost classification for students to get their heads around.
Direct costs can be ‘traced’ to a single unit of production. The total of all direct costs is the ‘prime’ cost.
Indirect costs cannot be traced to a single unit of production but are ‘shared’ over many units. Indirect costs are often called ‘overheads’.
You have to remember that our categories of cost overlap:
The purchase of wheels used in assembling cars can be thought of as:
Production costs as they are used in the factory
Variable costs as an increase in the number of cars made will mean more wheels being bought
Material costs as the wheels are a physical product
Direct costs as you could trace four wheels to a single car assembled
The monthly salary of a factory supervisor could be seen as:
Production costs as the supervisor works in the factory
Fixed as the monthly salary paid will be the same no matter how many cars are made
Labour costs as they relate to paying for someone’s time
Indirect as you cannot trace the monthly salary paid to a single car
The quarterly electricity bill for lighting the accounts department would be:
Non-production costs as the accountants don’t work in the factory
Fixed as the bill will have no link to the number of cars being assembled in the factory
An expense as it is not material or labour
Indirect as a bill for three months will be shared over all of the production in that quarter
Here are Denitsa’s tips on how to succeed in the AAT advanced synoptic exam.
My name is Denitsa and I have just successfully completed AAT Level 3 Advanced Diploma in Accounting with 97% Distinction. The Advanced Synoptic result is my biggest success as I have achieved 100%! Yes, this turns out to be possible, although I still find it difficult to believe!
MY MOTIVATION
I already work in accounting and have decided to study AAT to improve my knowledge, gain new skills and to improve and progress in the job I love. Plus I would also like to have a recognised qualification for my skills and experience.
I have prepared for each exam not just to pass, but I have always been aiming to achieve a high grade. I feel this is an indication that I have mastered the knowledge successfully and will be able to use it at work. After Level 3 Synoptic I have learned so much about ethics and have improved my Excel skills tremendously. Excel is a very powerful and time-saving tool and it is a must have skill for every accountant. Every accounting software allows you to import and export data in Excel. You can prepare management reports, budgets, graphs, check data and the Excel knowledge gained in this qualification will help you to achieve this.
The challenge for me was to find the time to study with work and two kids. However, my husband and my employer have been very supportive. Friday and Saturday evenings (going into late nights) worked best for me to study and I have even read on a plane to and from our summer holiday.
THE STUDY MATERIALS
For my preparation for the Advanced Synoptic I have only used the First Intuition textbooks self-studying and the study resources available on the AAT website.
The First Intuition textbooks in Advanced Bookkeeping, Final Accounts Preparation, Management Accounting Costing and Advanced Synoptic have given me the necessary knowledge to achieve this amazing result. The chapter I found most useful in the four textbooks for my preparation is the Task Bank. It gives you concise information on everything you need to know for each task and several practice tasks for each question in the order they appear in the exam. The detailed answers to all these questions have been very helpful for my preparation.
I have taken full advantage of the AAT study support as well. The green light tests in Ethics and Advanced Synoptic, the two practice assessments, the examiner report and the two Excel study support webinars have been all very useful for my preparation.
I did one practice assessment on AAT for Advanced Bookkeeping, Final Accounts Preparation and Costing as part of my revision.
THE PREPARATION FOR ADVANCED SYNOPTIC
I started with just reading the Ethics twice without trying to memorise the material. Then I did the green light test for Ethics on AAT and looked at the first part of the first practice assessment on AAT to gain an idea how the material will be examined. I left the detailed study for Ethics for just before the exam; there is a lot of theory that needs to be memorised. I wanted it to be fresh in my mind for the exam.
Then I moved to Excel in my Advanced Synoptic textbook and did all the exercises and the mock bank. At this point I have covered once all the new material for the Synoptic exam and moved to revision.
THE MANDATORY UNITS
For each of the mandatory units I did the Task Bank chapters in the textbooks and one practice assessment on the AAT website to check if I need to go back and revise further. I also read the revision notes and the assessment objectives for these units in my First Intuition Synoptic textbook. I studied the theory required for the writing tasks for each of these units. Then I highlighted it in my textbooks to come back to and revise the day before the exam. For some of the examined assessment objectives I had go back to my textbooks from the previous exams. Sometimes I felt more information will be required than what I had in the Synoptic textbook.
I did the mock bank for Synoptic in my textbook, the synoptic green light tests on AAT, watched all the e-learning videos and Excel tasks on AAT. The examiner report has also been very useful to read.
After the revision of the previous units I went back to Ethics to study in detail. I then read the practice questions and answers in my textbook. I also revised the material I have highlighted for the written questions and did the two practice assessments on the AAT website.
This order worked best for me. I always like to first just read the material and know what I need to cover and then go back to study everything in detail.
THE EXAM
I always book my exams when I know I will be ready. I have always allowed myself a break from studying between two exams as a reward for my hard work.
Learn and revise everything and expect the unexpected for the Advanced Synoptic. Read and reread the questions carefully and leave enough time to save and upload your spreadsheets.
Try to not stress. I couldn’t!
I wish everyone all the best in your studies and a very successful Advanced Synoptic exam.
One of the basic principles of double-entry bookkeeping is that for any given transaction, the total of debits being posted should always equal the total of credits being posted. For instance, if we have made a cash sale with a net value of £100 and VAT is 20% then the double entry should be:
DR Cash
£120
CR Sales
£100
CR VAT Control
£20
You can see that the debit side and the credit side have both posted a total of £120.
If every single double-entry that we post balances in this way, then it shouldn’t matter whether there are ten transactions in a period, or ten million. The total of the debit entries should always equal the total of the credit entries. This means that at the end of the period when we balance off each ledger account and draw up a trial balance, the debit column should always give the same total as the credit column. That’s why it’s called a trial balance.
However, in the heat of an exam. It’s quite common to find that your trial balance doesn’t balance. This consequently means that you have made an error along the way.
Here are some useful tips on what to do if you find that the two columns in your trial balance don’t give you the same figure:
Double-check your addition
It is very easy under the pressure of an exam to make silly mistakes when adding up a long list of numbers. This is why it’s worth double-checking (and even triple-checking) the accuracy of your addition. With a bit of luck, you might find that your two columns do actually balance. You just hadn’t added up one or the other correctly.
Once you are sure that you have indeed added up your two columns correctly, and they still don’t balance, we know there is an error somewhere and need to identify where it lies.
Recheck the logic of which items you have put on each side of the trial balance
A common source of error comes from placing an account balance on the wrong side of your trial balance, such as putting the sales figure on the debit side rather than the credit side.
Items to be particularly careful about are:
Sales returns and purchase returns
Discounts allowed and received
VAT control account (being careful to identify if it is a balance payable or a balance receivable)
If you need to swap any balances onto the opposite side of the TB then you will need to recalculate the totals of the two sides.
If that doesn’t do the trick, then here are some other techniques for working out where your error might be:
Work out the difference between the two columns in your trial balance
You may have completely forgotten to put the figure from one of your ledger accounts onto the trial balance at all. If this is the case then your debit and credit columns will differ by the figure from that account.
By working out the difference between your debit and credit totals, and then searching for that difference in the original question, you might just spot which account balance you missed out. By inserting it you might get the magic balance you are looking for.
Divide the difference between the two columns by 2
Despite step 2, you might still have an account balance on the wrong side of the TB (it’s really easy to do!). You can hopefully imagine that if you have put a £1,000 balance on the debit side when it should be on the credit side, it will actually throw your columns out by a total of £2,000, double the figure you put on the wrong side.
If you divide your difference by 2 and then search for that figure, you may spot which account balance you have put on the wrong side of the TB. Use your DEAD CLIC principles to verify which is the correct side.
Divide the difference between the two columns by 9
Sometimes when we are processing lots of figures we can get digits muddled up. We might take a figure of £3,260 from the question and insert it into the Trial Balance as £3,620. This sort of mistake is so common it even has a name; it’s called a transposition error. Transposition errors are actually quite easy to spot as they always create a difference that divides exactly by 9. From above, £3,620 – £3,260 is a difference of £360 which divides exactly by 9.
If your difference divides exactly by 9, it’s likely you have made a transposition error somewhere. Carefully check each number in your TB to ensure that you have entered each of them correctly. Figures such as £73,839 are more likely to contain transposition errors than figures such as £20,000.
Hopefully those tips and techniques will give you a higher chance of successfully balancing your Trial Balance in your exam (and in your dreams!).
As a part of First Intuition I am proud to belong to an organisation that employs over 175 people across our UK centres, two thirds of whom are women. Women are fully represented at board level and in the management and ownership of the businesses that make up First Intuition.
Our balanced workforce allows us to consider things from different perspectives, to be flexible in our approach to a work/life balance and to provide opportunities for all staff to develop in their chosen career.
When things are not in balance they become unstable. When organisations are looking to grow, to adapt and to respond to the challenges we all face in a dynamic environment, balance allows us to react with a firm basis on which to stretch and grow.
By being in balance, we are not dominated by a single perspective or point of view but rather a shared vision as to an organisation, where people thrive irrespective of their gender rather than in spite of it.
For International Women’s Day 2019, First Intuition has decided to raise money for Young Women’s Trust. We support their belief in an apprenticeship system that offers young women the best opportunities and makes the most of their talents. Young Women’s Trust have an ongoing campaign for apprenticeships that work for women, with focus on skills and development as a route to employment.
So please join us in celebrating International Women’s Day on 8th March 2019 and if you are able to, please donate
Ginny Bradwell
Managing Director
ACCOUNTANCY TUTOR VACANCY
No previous teaching experience is necessary, but a suitable candidate must hold a recognised accountancy qualification in either:
AAT
ACCA
CIMA
ICAEW
ICAS
If you would be interested in finding out more about this exciting opportunity then please contact Ben Bullman (benbullman@fi.co.uk) or Alex Griffiths (alexgriffiths@fi.co.uk).
To book your computer based exam, you will need to go to https://readingfi.accessplanit.com and book online, if you already have an account. You will need to pay the exam fee by card at the point of booking.
Please remember to bring your original ID to the exam. A photograph will not be accepted.
Exam prices
Please make sure you only have one exam and one admin/facilities fee in your basket, you cannot book two exams at the same time.
AAT Level 2, 3 and 4 exams (Q2022) = £115 (For our First Intuition AAT apprentices please call the office on 0118 950 4173)
AAT Level 2 The Business Environment exam= £120
Exams prices from September
AAT Level 2 and 3 exams= £117
AAT Level 2 The Business Environment exam= £122
AAT Level 4 exams= £120
CIMA CGMA BA1, BA2, BA3, BA4 = £117.00
CIMA CGMA F1, E1, P1 = £144.00
CIMA CGMA Operational case study = £248.00
CIMA CGMA F2, E2, P2 = £171.00
CIMA CGMA Managerial Case Study = £256.00
CIMA CGMA F3, E3, P3 = £241.00
CIMA CGMA Strategic case study = £363.00
ACCA BT, FA, MA = £129
ACCA LAW = £146
ICAEW = £120
AAT Remote exams
For AAT remote exams please contact reading@fi.co.uk to book this exam.
Level 2 and 3= £130
AAT Level 2 The Business Environment exam=£135
Level 4 = £133
The below exams are currently not available for remote invigilation:
Level 3 = Management Accounting Techniques, End Point Assessment- Knowledge Assessment
Postponing your exam – If you require to postpone your exam there is a £15.00 admin fee required and at least 7 working days notice must be given. A maximum of 2 deferrals will be permitted. Under no circumstances a refund of the examination or associated administration fees will be given.
If you need to cancel or amend your booking please contact the Reading office on 0118 950 4173 or email reading@fi.co.uk
Bad Habit #1: Studying Without a Plan
Planning is really important when you come to studying and learning. The problem is that studying without a plan is unfocused and you are likely to waste time. It’s always best to create a study plan first that outlines the specific activities you are planning on doing.
Bad Habit #2: Memorising your notes or the study text
Do you revise by reading your notes to yourself again and again? Research has shown that this is a really inefficient way to learn. Instead, imagine you were a lecturer at FI and lecture to an imaginary class about the main topics, without using your notes.
If you can explain a concept out loud, in complete sentences, it is likely that you will learn it and that you will understand it. If you can’t explain it out loud, then go back to your notes and review what was confusing you and try again (you might even start to enjoy lecturing!).
Bad Habit #3: Studying late at night
It’s remarkable how many students think the best time to study is around 10/11pm (once Champions League highlights have finished) for an extended period of a couple of hours.
Firstly, research shows our brains cannot focus in the middle of the night. Secondly staying up late will impact on stamina the next day and you are more likely to fall ill. Research shows that it is best to study in smaller chunks and (ideally) early in the morning.
Bad Habit #4: Focusing on note-taking rather than understanding
Concentrate more on understanding what is being said in a lecture as it is being said, as opposed to switching into note taking mode. Ask questions if you need to – all tutors are there to help.
When taking notes, try to write the concepts in your own words as it will help you understand the ideas when you reflect on them in the future.
First Intuition has helped thousands of students pass their exams. Find out what makes us different.
What’s changing?
The 2019 syllabus from CIMA is more evolution than revolution. After the huge change to assessment models in 2015, the 2019 update sees a greater focus on aligning the core syllabus to the knowledge and skills needed to operate in the modern business environment, with a focus on data, technology and digitalisation.
As a rule, the biggest changes will be seen in the Enterprise Pillar. For example, E1 sees 60% of the syllabus now focused on the role of technology, handling data in a digital world and understanding how advances in this area impact the shape and structure of the finance function.
A summary of the key changes can be found here for those that would like to delve into the changes to each paper.
When will it change?
The key dates to remember are:
3rd November – the last day that you will be able to sit an OT exam under the current syllabus
4th November – the first day you will be able to sit an OT exam under the 2019 syllabus (you will be able to schedule 2019 exams from the 1st August)
November 2019 Case study sitting – the last case study exam under the 2015 syllabus for first attempts (those who attempt the November case study and are not successful will be able to resit under the 2015 syllabus in February 2020).
February 2020 Case study sitting – the first case study sitting under the CIMA 2019 syllabus
What should I do?
Whilst the prospect of changing syllabus mid-way through your studies can be daunting there is no need to worry – you have plenty of time to plan your transition.
Our advice to CIMA students is to try and finish the level you are currently studying under the current syllabus. This will allow you to start on the 2019 syllabus at a clean edge.
If finishing the level you are currently working on isn’t possible, then we recommend completing papers which will see (relatively) less change under the new syllabus. We are recommending students prioritise completing F1 and P1 at Operational level and P2 at Management level prior to the new syllabus being examined in November. Leaving the papers which have significant updates will put you in a better position to sit and pass the updated case study exams next year.
Next steps
Now is a great time to revisit your study plan for 2019 and sense check it against the advice that we have provided above.
We have plenty of course options, both in centre and online, to support your study plans and a team of expert tutors who are on hand to help you every step of the way. So, if you find yourself a little unsure what to do next or how the new syllabus will effect you, then get in touch – we would love to hear from you!
Finally, keep an eye out on our website and social channels as we will continue to publish advice and help over the coming weeks!
1) The future will be driven by a digital agenda
A common theme through all the sessions was the profound impact that data, technology and digitalisation will continue to have on finance functions and those working within them.
Whether that is the automation of data-entry or repetitive tasks, managing and drawing insight from large volumes of real-time data or creating business models for services and propositions that have never been seen before it is safe to say that the industry will need to be agile and responsive.
It was also noted that ignorance is no defence when it comes to new technologies. As Jason Windsor, CFO Aviva, outlined “[finance professionals] need to understand technology, not just manage spend but think about the functionality it offers, what value this adds and how that value can be measured”.
2) Accountants must seek to develop transferable skills and life-long learning is a requirement not an option
When discussing the impact that these changes will have on individuals, the conversation focused on the skills required to be successful in the modern workplace.
It is important that accountants focus on developing transferable skills such as analytical and critical thinking, change and project management and leadership.
This will not be at the expense of technical expertise but there was an acknowledge that technical expertise alone was no longer enough. Finance professionals must be able to advise, influence and make an impact across a business. Noel Taego, Executive VP AICPA, summarised this well by explaining that finance professionals must move from “navigator to co-pilot”
All speakers were quick to point out that the pace of change we are working within is unprecedented and therefore it is essential that everyone makes regular, and meaningful, investment in their own development.
3) The CIMA syllabus is evolving
The CIMA 2019 syllabus will put data and digital skills at the heart of the new competency framework. This is most notable in the Enterprise pillar which will see a real shift in focus to address the role of digitalisation and how it will impact business practices and models.
Whilst we will not see any radical overhaul of examination formats, we will syllabus changes throughout the qualification to bridge the skills gap between professional qualifications and the needs of employers.
We expect the new syllabus to be tested from November 2019 meaning that we have plenty of time to plan.
Our view
Whilst there was nothing ground breaking in what was being said, a 2017 World Economic Forum report placed accountancy clerks as number 2 and auditors at number 7 of the jobs most likely to be disrupted by new technology, it was pleasing to hear a strong message around skills and lifelong learning.
From an educational perspective this fits very well with the introduction of the new apprenticeship standards in England since 2017 with their focus on skills and behaviours. The ability to actually perform a task (e.g. drive a car) rather than have knowledge of a task (i.e. pass the driving theory test).
Whilst on the subject of skills, it is potentially an opportunity missed that the new syllabus didn’t introduce open books (or access to other digital devices) in the exam. In a world where everyone has knowledge at their fingertips, the ability to memorise information is seen as one of the skills that is less relevant to future work – we are testing skills of memory when we should be testing skills of collaboration and communication
What wasn’t covered, and is potentially the elephant in the room, is the impact on professional qualifications and institutes themselves of digital developments. To base a curriculum around technology that develops at an outstanding pace means that the concept of updating a syllabus every 4-5 years may become a thing of the past.
These are the challenges that CIMA themselves, and other traditional institutes around the world need to seek to resolve as the needs of our finance community change.
We caught up with James to talk about his ACCA journey, how he feels about becoming a Global Prize Winner and what he plans to do in the future.
James, tell us a bit about your background and how you came to be studying accountancy.
After graduating from Uni with an Economics degree, I took a job in a pub. I realised after several months that I wasn’t using the skills and knowledge I’d gained and wanted to feel more challenged. An opportunity in insolvency came up and this felt more like a natural fit for me. In my new role, I studied an insolvency qualification but was always conscious that in order for my career to progress, I needed to study accountancy. Having put it off for a while, I took the plunge and signed up to study for my ACCA qualification.
So why did you specifically choose to study ACCA?
For me, I felt this would be the most valuable qualification. It’s transferrable across a number of industries and is recognised all over the world. I already had an established career in insolvency, so having elements of the course that were related to law and building financial models, would also be beneficial in progressing my career.
Tell us about your experience of studying and do you have any tips you can share?
I have a young family and a busy job in London, so I decided to take things slowly and very much at my own pace. I flexed between studying on weekdays and at the weekend. It all depended on when the modules were running and how they fitted in with the rest of my life. I liked studying with FI in Chelmsford. In comparison to other providers, the classes are much smaller and there’s a very relaxed atmosphere.
In terms of tips, my advice for studying is to find what works for you. You need to be realistic about what you can do and accept that it’s a long journey and a big commitment. Personally, I found studying little and often worked best. I often used my commute into London to work on practice questions, which was ideal preparation for exams.
So, how does it feel to be named as a Global Prize Winner?
It came as a total shock to me and it really has taken a while to sink in. As more and more people congratulate me, for having the highest average in the world across the strategic papers, it is starting to feel a little more real and something I’m really proud of.
Finally, what does the future have in store for you?
I’m planning to take a break from studying for a while, but I haven’t ruled out taking on another insolvency qualification in the future. For now, I’m going to focus on progressing my career and I’m looking forward to taking some time off from studying and preparing for exams.
To find out more about our ACCA courses click here
Visit the ACCA’s website to find out more about the qualification.
The below webinar takes you through the whole life cycle of entering and reversing Accruals and Prepayments. You will see how to enter accruals and prepayments, how to calculate the charge for the year. Then finally, you will be able to see how to reverse accruals and prepayments in the following year. The webinar has been recorded so you can pause and recap should you so need to.
This is a crucial skill for all accountants, and is a key part of the advanced bookkeeping units at level 3.
After you have watched the webinar on accruals and prepayments there is a question which you can attempt to test your learning. Remember these are just tools to match the expense or income to the year that it relates to.
You can check your answers with the debrief below, and hopefully will have the correct answers. However, the debrief will take you through the questions step by step.
Also if you are looking for extra help, we also have a blog on accruals and prepayments which you might find useful here.
The principles used for expense are also used to match income to the relevant accounting periods, for example income received in advance. Or this could be accrued interest.
Finally remember at this level this is one of the hardest subjects. So if you do not grasp it first time, please don’t despair. Practice does make perfect.
With index numbers we choose a point in time as a ‘base’ point which is where we start our calculations from and give this base point a starting index value of 100. We then show subsequent results as index values which can be easily compared back to this 100. So if the index value rises to 110 we can see that the increase has been 10%.
Calculating index numbers from results
If we want to work out index numbers we use the following formula:
(New result / Result in base period) x 100
This can be used to calculate index numbers for changes in volumes, prices, costs or anything else that we might be interested in. Let’s consider the quantity of jam doughnuts that I ate.
If we set the first week as the ‘base’ week we would give the quantity of 1,295 jam doughnuts an index value of 100. This is our starting point and will make it easy to identify the change in the next couple of weeks as percentages.
In week 2 the quantity was 1,358 which has increased from the first week, meaning that the index value would rise above 100. Using the formula the index value will now be 1,358/1,295 x 100 = 104.9. This clearly shows that since the base period of the first week there has been an increase in quantity of 4.9%.
In week 3 the quantity was higher again so the index will have climbed even higher. The index would now be 1,412/1,295 x 100 = 109.0 showing that there has been a 9% increase since the base period of the first week.
Using index numbers to forecast results
One of the principal uses of index numbers is to improve the quality of budgets and forecasts. If we want to forecast a result and we know the index for the future period we can use:
Forecast result = result in the base period x (New index value / 100)
If I knew that in week 4 the quantity index for my jam doughnut habit was going to climb further to 112.4, I could work out that this meant that I was going to eat 1,295 x 112.4/100 = 1,456 jam doughnuts in week 4.
In the explanations above we have been using a quantity index. Another common index that we might look at is a price index, such as RPI (the Retail Price Index which measures average changes in prices for products that are sold in the UK). This shows us the effect of inflation over time, as this can be expected to increase prices.
As prices are expected to rise over time it can mean that comparing revenues or costs at different points in time is a bit meaningless. The price of a jam doughnut today will be far higher than the price of one ten years ago due to the effect of inflation. We therefore need to make adjustments to some of the figures to make them comparable.
Let’s say we have the following information:
Month
Price index
Labour cost
July
145.6
£10,000
August
151.2
£10,240
You can see that the labour cost has risen from July to August but this is not a big surprise as the price index has increased, meaning that staff will have demanded higher wages. You can’t really compare the labour costs in July and August as they stand; we need to adjust one or other figure to account for the impact of the changing price index.
We have two ways to do this:
Inflate the July figure to ‘August prices’ to compare to the August figure
Deflate the August figure to ‘July prices’ to compare to the July figure
Inflating earlier cash flows
To inflate cash flows we need to increase them to account for likely rises in prices caused by inflation. We do this using the following formula:
To inflate: cash flow x (Index in later period / Index in earlier period)
Applying this to the information in the table we could inflate the July labour cost to ‘August prices’ to add the effect of the increase in the price index. This gives £10,000 x 151.2/145.6 = £10,385.
Deflating later cash flows
To deflate cash flows we need to decrease them using a slightly different formula:
To deflate: cash flow x (Index in earlier period / Index in later period)
Using the same figures as we did for ‘inflating’ cash flows we can deflate the August labour cost to ‘July prices’ to remove the effect of the increase in the price index. This gives £10,240 x 145.6/151.2 = £9,861.
Whether we compare the figures in ‘August prices’ (July £10,385 and August £10,240) or in ‘July prices’ (July £10,000 and August £9,861) you can see that once we account for the change in the price index the labour cost has actually fallen!
Here’s one for you to try.
Calculate each of the material costs in the table below in Year 3 prices:
Year
Price index
Material cost
1
124.6
£57,500
2
131.5
£63,100
3
139.2
£65,700
4
145.7
£67,300
5
151.8
£72,900
Once you’ve had a go, watch me work my solution below:
You may also be interested in our related blog on time series analysis, another way to predict the future.
A variance is simply a difference. If Usain Bolt challenged me to a 100 metres race there would be a large variance in our finish times; with all of his recent media commitments his training has slumped quite badly since the last Olympics!
For the purposes of this article I am going to focus on the direct material cost variances using the following example:
Budget – 1,000 units using 5,000 kg of material at a total material cost of £50,000.
Actual – 1,100 units using 5,390 kg of material at a total material cost of £59,290.
Deriving standard information
Standards are the targets we expect to meet for each unit produced. They are therefore derived from budgeted information we were given:
The standard usage of material = 5,000 kg/1,000 units = 5 kg per unit.
Then standard price of materials = £50,000/5,000 kg = £10 per kg.
Finally the standard cost of materials = £50,000/1,000 units = £50 per unit (or 5 kg per unit x £10/kg)
These standard figures are what we ‘expect’.
Calculating the total variance
This is the difference between the cost in the flexed budget and the actual cost incurred. Notice that we compare the actual result to the flexed budget rather than the original budget to make sure that we are comparing ‘like with like’ in terms of volume. It is hardly surprising that we spent more than the original budget of £50,000 as we produced more than the 1,000 units that we were budgeting.
There are different ways to calculate variances but the approach I have always found easiest to use is to learn proformas (or templates) that we can insert figures into. The proforma for the total direct material cost variance (with figures inserted) is:
Total direct material cost variance
Based on actual production in units
– Should cost (1,100 units x £50/unit)
£55,000
– Did cost
£59,290
Variance (£)
£4,290 (adverse)
This is adverse as we have clearly spent more than expected even when the increase in volume is accounted for. This will reduce the profit that the business makes.
Breaking down the total variance
We can dig a bit deeper into the reasons that we spent more than expected. This could be down to two main factors; the price we paid for each kg of material purchased, and the quantity of kg’s used for each unit produced. These are the material price and material usage variances.
Material price variance
Based on actual purchases in kg
– Should cost (5,390 kg x £10/kg)
£53,900
– Did cost
£59,290
Variance (£)
£5,390 (adverse)
The price variance is adverse as we spent more than the £10/kg that we expected. This will reduce profit.
Material usage variance
Based on actual production in units
– Should use (1,100 units x 5kg/unit)
5,500 kg
– Did use
5,390 kg
Variance (kg)
110 kg (favourable)
Valued at the standard cost per kg
£10
Variance (£)
£1,100 (favourable)
The usage variance is favourable as we used less than the 5 kg/unit that we expected. This will improve profit.
You can check that if you combine the material price and material usage variances, you get the total direct material cost variance. £5,390 (A) plus £1,100 (F) does indeed give £4,290 (A).
Interpretion
As well as calculating them it is important that you understand what may have caused a particular variance to arise. For instance, in our example here:
The adverse material price variance means that we spent more per kg than expected which could have been caused by a market shortage of the material resulting in an increased price.
The favourable material usage variance means that we used less material than expected which could have been caused by reduced levels of wastage in the production process.
Links
It is particularly exciting if we can think of a single reason why these may have arisen. For instance in this example, perhaps the business made a decision to purchase higher quality materials than in the past. Higher quality materials will tend to be more expensive (hence the adverse price variance) but hopefully requires a reduced quantity in production (hence the favourable usage variance).
Now, here’s one for you to attempt dealing with labour.
Budget – 2,000 units using 6,000 labour hours at a total cost of £48,000.
Actual – 1,800 units using 5,760 labour hours at a total cost of £43,200.
Firstly calculate the standard information for labour
Then calculate the total direct labour cost variance
Finally calculate the labour rate and labour efficiency variances
Suggest some reasons why the variances calculated may have arisen
Once you have had a go, watch me working through my solutions below:
You may also be interested in our blog on the written type questions here.
We also have another video you might find useful here.
In early July 2016, the AAT launched their bookkeeping membership. This removed the requirement for students to complete AAT level 4, before they can gain any form of membership of AAT. Students can now become an AAT Bookkeeper.
With the new bookkeeping membership, a student who has completed their Level 3 Certificate in Bookkeeping and Level 3 Diploma in Accounting, can apply for membership of AAT as a bookkeeper. Bookkeeping membership gains you professional recognition, and allows you to put the letters AATQB after your name. You will gain access to a wide range of bookkeeping resources, and access to a bookkeeping community. There is no work experience requirement for bookkeeping membership.
Money Laundering
Since the money laundering act of 2007, bookkeeping has been a regulated industry. Effectively, this means that as a bookkeeper, you must have someone who regulates you. This is someone who you can contact should you need to report any suspicions you may have of a client benefiting financially from breaking the law.
Previously AAT would only regulate you if you were level four qualified, and had six months of experience. HMRC regulated anyone who couldn’t get regulation from AAT. HMRC would take your money, ensure that you are “legal” but offer very little in terms of support. This meant that anyone wanting to be regulated by the AAT, but who just wanted to offer a traditional bookkeeping service, i.e. to go no further than trial balance, had to study limited company accounts and tax, even if they had no intention of offering these services.
AAT’s licencing rules have been changed to allow you to apply for a practice licence as a bookkeeping member of AAT; so you can set up your own bookkeeping practice. This enables students to start their bookkeeping practice much sooner in their studies than previously.
Services you can offer
AAT bookkeepers cannot offer every service though. You can offer the following services as a bookkeeper:
Bookkeeping
Financial Accounts for sole traders and partnerships
Computerised accounting systems
VAT returns
You cannot offer any other service, for example, self-assessment tax returns. With the bookkeeping membership, you do not need any experience. However, to apply for a practice licence, where the AAT would regulate you for money laundering, you must have work experience in the service you wish to offer. Your experience needs to be checked by someone senior to you, who knows your work. Your tutor cannot verify your experience.
You also need somebody whom would be willing to act as professional referee. You must have known them professionally for 6 months, and they cannot be a family member.
Exemptions
If you have another qualification, you can apply to gain AAT bookkeeping membership from any of:
ICB Level 3 Certificate in Bookkeeping and Accounts
IAB level 3 Diploma in Bookkeeping
IAB Level 3 Certificate in Accounting
The AAT bookkeeping membership allows people to start their bookkeeping practice whilst continuing with their studies in order to allow them to offer extra services. You can open a bookkeeping practice without having to study certain subjects, for example subjects you not interested in studying or in offering as a service. AAT Bookkeepers will receive full support of the AAT as a membership body.
In a set of financial statements there are many items that will need to be accurately valued. These range from non-current assets such as machinery and motor vehicles to liabilities such as accruals.
A particularly important item that we need to value is the current asset of inventory, or ‘stock’ as some people like to call it. This is a figure that we need to get right since inventory is included on both the profit & loss account and the balance sheet so an error would affect both net profit and net assets.
One important aspect of valuing inventory is keeping track of the movement of units of stock.
Inventory valuation methods
There are three different ways to view the movements of inventory into and out of our store room. These are:
First in, first out (or FIFO)
Last in, first out (or LIFO)
Average cost (AVCO).
In your AAT studies you need to be able to calculate values using all three of these methods.
A little scenario
Let’s say we have a very simple business buying and selling apples. We have had a rather quiet month with the following three transactions:
1 January – bought (or purchased) one apple for 50p
5 January – bought a second apple for 60p
10 January – sold (or issued) one apple at a price of 90p
The two figures we are interested in working out are:
The “cost of the issue” – which would allow us to work out the profit on the sale made on 10 January
The “value of the remaining inventory” at the end of the period – since we bought two apples and sold one there must be one apple that is left in the store room at the end of January.
Let’s look at how each of these two figures work under each of the three inventory valuation methods.
FIFO
A lot of businesses will sell their oldest units of inventory first. More particularly for items that may spoil (or perish) as they get older. Things such as food and drink. Under FIFO, the “first in” (the oldest unit) is the “first out”, meaning that we would assume that on 10 January we were selling the apple bought on 1 January, the one that cost 50p.
Since the “cost of the issue” is 50p we have made a profit on the sale of 90p – 50p = 40p and the “value of the remaining inventory” is 60p, being the apple bought on 5 January.
LIFO
Under LIFO, the “last in” (the newest unit) is the “first out”, meaning that we would assume we were selling the apple bought on 5 January, the one that cost 60p.
Since the “cost of the issue” is now 60p we have made a profit on the sale of 90p – 60p = 30p and the “value of the remaining inventory” is 50p, being the apple bought on 1 January.
AVCO
What if when we make the sale on 10 December we can’t remember which of the two apples in the store room is which. Under AVCO we take the average cost of the inventory held at the time of the sale. This is the average of the two apples bought giving (50p + 60p)/2 = 55p average cost per apple. We assume that both of the two apples in the store room have this average cost.
Since the “cost of the issue” is now 55p we have made a profit on the sale of 90p – 55p = 35p and the “value of the remaining inventory” is 55p.
Have a go yourself
Here is a slightly more complex example for you to consider:
A business buys and sells bananas, and has had the following three transactions:
1 January – bought 20 bananas for 20p each
5 January – bought 30 bananas for 30p each
10 January – sold 40 bananas
Work out the “cost of the issue” and the “value of remaining inventory” under each of the three inventory valuation methods.
Click below to see me work through my figures using FIFO.
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A business needs to account for a bad debt as soon as it knows it has gone bad, so it is not overstating its trade receivables. This article explains how we do this. We also have a supporting article on cashflow forecasts, which you are welcome to read.
The double entry for a bad debt will be:
Debit bad debt expense account
Credit trade receivables
We debit the bad debt expense account, we don’t debit sales to remove the sale. The sale was still made but we need to show the expense of not getting paid. We then credit trade receivables to remove the asset of someone owing us money. Remember under DEADCLIC, an asset is a debit, and so to remove it we enter a credit.
If the business was VAT registered we may have already paid HMRC VAT which wasn’t received from our customers. Therefore, we are out of pocket. We can get this back from HMRC, this is known as Bad debt relief. You will note in the double entry above we haven’t touched the VAT account. You can only get bad debt relief after the invoice is more than 6 months overdue. So if you normally give your customers 3 months credit, you can’t obtain bad debt relief until the invoice is 9 months old.
Accountants have to abide by the concept of prudence, and should only show trade receivables which they think they will receive. This is ok if you know which customer’s debts have gone bad. However, if you have lots of customers, past history will tell you that some will almost definitely go bad, but you just don’t know which ones. In this situation you enter a provision for an amount which you think will go bad, so your accounts only show an amount which you are likely to receive from your customers.
The double entry here will be:
Debit bad debt provision expense P+L
Credit bad debit provision B/S
The credit of the provision will offset the debit of the receivables to come to a more realistic figure which is likely to be received from the customers.
Once you have entered a provision one year, the amount which you think will go bad is very unlikely to be the same the following year. This could be because the amount you have outstanding from your customers has gone up, therefore you expect more debts to go bad, or you have implemented a new credit control procedure so less debts are going bad.
Say for example we had previously introduced a bad debt provision of £500. This year the debtors are now £100,000, and we expect 0.6% of these to go bad, based on previous experience. So we need a bad debt provision of £600, £100,000 x 0.6%. However, there is already a provision of £500, so we just need to increase this by £100. We do not need to enter the whole £600, we are just adjusting the earlier provision.
The double entry would be:
Debit bad debt provision expense P+L £100
Credit Bad provision £100 B/S
If however, we had calculated that the provision should have been £400, we would have to reduce our provision. To reduce a provision, which is a credit, we enter a debit. The other side would be a credit, which would go to the bad debt provision expense account. You will note we are crediting an expense account. This is acts a negative expense and will increase profit for the period.
The double entry will be:
Debit Bad debt provision B/S £100
Credit Bad debt expense account P+L £100
Remember, once a provision has been created you will only ever post the movement from one year’s provision to the next.
If you have a specific bad debt, i.e. you know who the debt is, and how much it is, you would deduct this before calculating the provision.
So taking our example above, if we had receivables of £100,000, but you knew that £5,000 owing from a certain customer had gone bad, you would deduct this, and base the 0.6% on £95,000, which would mean you need a provision of £570.
Why don’t you have a go at the following example?
Green Apple Ltd has trade receivables of £80,000 at the end of 20X6, and has decided to introduce a bad debt provision of 5%.
At the end of 20X7, the trade receivables figure has risen to £120,000, however, within that is an amount owing from Blue Grape PLC, of £5,000 which needs to be written off as they have gone into liquidation. During the year, Green Apple Ltd recruited a new credit controller, and it is felt that the bad debt provision should be based on 3%.
What are the bad debt transactions at the end of 20X6 and at the end of 20X7?
Double entry, the fundamental language of accountancy, has to involve balance; the total of the debits being posted must equal the total of the credits being posted. And if every single double entry posted in a period balances, then no matter how many transactions are processed the total of the debits in the general ledger should always equal the total of the credits. This is exactly what is shown in the Trial Balance. It is literally a ‘trial’ to see if the debits and the credits ‘balance’. If you are still struggling to get your trial balance to balance, visit our post, Help! My Trial Balance doesn’t balance!
How do you make entries in a trial balance?
Entering account balances into a trial balance is essentially a test of basic double entry principles. I use the common DEAD CLIC mnemonic to remind myself which side of the trial balance the different types of ledger accounts will go on.
DEAD stands for:
Debits can be
Expenses, such as rent or salaries
Assets, such as cash or trade receivables
Drawings, when a sole trader takes money out of the business
CLIC stands for:
Credits can be
Liabilities, such as a bank loan or trade payables
Income, such as sales or interest received
Capital, when a sole trader puts money into the business
Let’s say that we have the following ledger account balances in the general ledger at the end of a period: cash £9,000, capital £5,000, purchases £3,500, sales £4,500 and bank loan £3,000. The trial balance will look like this:
Ledger account
Debit£
Credit£
Cash (an asset so part of DEAD)
9,000
Capital (Capital so part of CLIC)
5,000
Purchases (an expense so part of DEAD)
3,500
Sales (income so part of CLIC)
4,500
Bank loan (a liability so part of CLIC)
3,000
12,500
12,500
And you can see that this trial balance does indeed balance.
You should be able to follow these same basic rules no matter how many ledger account balances you are dealing with.
What ledger account balances should I be careful with?
Let’s consider some account balances that students often have problems with:
Returns
Returns can be thought of as the opposite of the transaction that they relate to.
Sales are a form of income so go on the credit side of the trial balance. ‘Sales returns’ will reduce the income generated from sales (as some of the customers sent the goods back) so go on the debit side.
Purchases are an expense which would go on the debit side of the trial balance. ‘Purchases returns’ will reduce the expense so go on the credit side.
Discounts
‘Discounts allowed’ to customers reduce the actual income received and will reduce the profit of the business. They are therefore an expense of the business so would go on the debit side of the trial balance.
‘Discounts received’ from suppliers will reduce the expense suffered for purchases and will increase the profit of the business. This reduction to an expense would therefore go on the credit side of the trial balance.
VAT
The balance on the VAT control account can potentially be on the debit or the credit side of the trial balance depending upon whether output VAT is greater than input VAT or vice versa.
‘VAT owed to HMRC’ (a net payment position) is a liability which would be on the credit side of the trial balance.
‘VAT owed from HMRC’ (a net reclaim position) is an asset (similar to trade receivables) so should be on the debit side.
Sundry income
Although sales made to customers are normally the main form of income that a business will generate there may also be income from other sources. Whether it is ‘rent received’, ‘interest received’, ‘commission received’ or ‘birthday money received’ (hint, hint!) it is income for the business and therefore goes in the credit column of the trial balance.
Now, here’s one for you to try
Draw up a trial balance for the following ledger account balances; sales £12,000, purchases £5,000, rent £2,000, salaries £1,000, cash £1,500, machinery £3,500, sales returns £500, purchases returns £400, discounts received £200, discounts allowed £300, capital £1,000, rent received £150, VAT owed to HMRC £1,500, sales ledger control account £3,000, purchases ledger control account £1,200, bank loan £350.
Once you have had a go, watch me work through my solutions below:
If we know what the relationship between sales revenue, cost and profit is we can use this information to help us to deduce missing information. The two different relationships you need to know about are margins and mark-ups, these are key in an incomplete records question.
Margin
A ‘margin’ is the percentage of sales revenue that profit represents. I think of it as ‘margin on sales’ as you would multiply the percentage margin by the sales revenue.
o Using margin to identify cost
If sales are £100 and your margin on sales is 10%, then you must have made a profit of £100 x 10% = £10. We can use this information to deduce that our costs must be the sales revenue less the profit which is £90! Alternatively, you can think of it this way: if profit is 10% of sales then costs must be 90% of sales and £100 x 90% = £90 cost.
o Using margin to identify sales
If you know that your margin on sales is 30% then your costs will be 70% of sales. If you know that your costs are £140 (and that this is 70% of sales) then you can deduce that sales must be £140/70% (or £140/0.7) giving £200!
Mark-up
A ‘mark-up’ is the percentage of cost that profit represents. I think of it as ‘mark-up on cost’ as you would multiply the percentage mark-up by the cost.
o Using mark-up to identify sales
If cost is £500 and the mark-up is 10% then the profit will be £50. Sales must be the cost plus the profit which is £550! Another way to look at this is that since we add the mark-up of 10% to the cost, the sales will be 110% of the cost and £500 x 110% (or £500 x 1.1) is £550.
o Using mark-up to identify cost
With a mark-up of 20% you know that sales will be 120% of (or 1.2 times) cost. If sales were £360 then we can deduce that cost must have been £360/1.2 = £300!
Using control accounts in an incomplete records question
If we know some of figures that would sit in a control account we can often establish a missing figure using a ‘balancing figure’ approach.
For this type of question having a good grasp of double entry bookkeeping is useful, you may find this blog useful.
Sales ledger control account (SLCA)
If we know that the opening balance on the SLCA is £100 owed to the business, that cash receipts from credit customers in the period were £500 and that the closing balance on the SLCA was £120 then we can deduce the value of credit sales made by balancing off the ledger account:
Sales ledger control account (SLCA)
£
£
Opening balance (known)
100
Receipts (known)
500
Credit sales (BF)
520
Closing balance (known)
120
620
620
.
So we can deduce that the incomplete record, credit sales, must have been £520.
Purchase ledger control account
If we know that the opening balance on the PLCA is £250 owed by the business, that cash payments to credit suppliers were £700 and that the closing balance on the PLCA was £280 then we can deduce that the value of credit purchases must be:
Purchases ledger control account (PLCA)
£
£
Payments (known)
700
Opening balance (known)
Credit purchases (BF)
250
730
.
Closing balance (known)
280
980
980
.
Credit purchases must be £730.
Using cost of sales with incomplete records question
Cost of sales (COS) consists of three key elements. It is calculated by adding opening inventory (1) to purchases (2) and then deducting closing inventory (3). If we know what the COS figure is, and we also know two of the elements that make up COS, we should be able to deduce the third.
Let’s say that COS is £5,000, and that we know that opening inventory (1) was £1,000 and that purchases (2) were £5,200, but we don’t know the value of closing inventory (3). Taking opening inventory plus purchases would give £1,000 + £5,200 = £6,200 so to get back to COS of £5,000 we must be deducting closing inventory of £1,200!
Here’s an incomplete records question for you to try. Once you have finished your answer you can watch me work through my solution below.
At 1 January a business has inventory of £10,000 and trade payables of £40,000. During the year the business made sales of £400,000 and achieved a profit margin of 25%. They paid credit suppliers a total of £290,000 and at the end of the year trade payables were £65,000. On 31 December, a fire in the warehouse destroyed all units of inventory. Can you help Sherlock Holmes to identify the value of the inventory destroyed?
So, if you have an asset which you have held for a number of years, there will be two things attached to that asset; an original cost, and some accumulated depreciation. When the asset is sold, both of these need to be removed.
The original purchase of the asset would have been to debit the asset account and credit the bank (assuming it was paid in cash), or credit the purchase ledger control account if it was paid on credit. Either way, we have debited the asset cost account. If the asset has gone, we need to get rid of this asset. So to remove an asset, which is a debit, we need to enter a credit. If the asset was bought for £10,000, we would credit the cost account with £10,000 to remove all trace of the cost of this asset.
Now in accountancy, the number one rule is that there must be an equal and opposite debit and credit for every transaction. So here we have a credit to the cost account, so we need a debit, “because they are the rules”. So just put the debit to the disposals account, don’t overly worry why, you do it, so everything balances. Now that is the cost dealt with, and our disposals account would look like this (the narrative in the account is the name of where the other side of the transaction is, so you can trace the transactions through the ledger):
Disposals account
£10,000
Asset cost account
.
.
.
.
.
Step two
The next step is the accumulated depreciation. Accumulated depreciation is a provision we have entered into account accounts to offset the cost of the asset, to reflect the fall in value of the asset as it is used over time. The cost was a debit, so to reduce the value off this we need to enter a credit. We don’t enter a credit to the cost account, but we enter a credit to a provision known as the accumulated depreciation account. The net figure of both the cost and accumulated depreciation account is known as the net book value, or NBV.
Just like with the cost we need to remove all trace of the asset including the accumulated depreciation. The accumulated depreciation will be a credit, so to reduce it, we need to enter a debit. The balancing credit goes to the disposals account. So if the asset had accumulated depreciation of £3,000, we would debit the accumulated depreciation account with £3,000 and credit the disposals account with £3,000.
So now our disposals account would look like this:
Disposals account
£10,000
Asset cost account
Accumulated dep’n
£3,000
.
.
.
.
.
Step three
Unless we are scrapping the asset, we will receive something for the asset. This could be either money or it could be a part exchange allowance towards a new asset we are buying.
The most straight forward transaction is where we receive money for the asset we are selling. The double entry is to debit the bank (as we are increasing the amount of money in the bank account), and then the other transaction must be a credit in the disposals account, as everything has to balance.
However, if you are trading in the old asset against the cost of the cost of a new asset, you will only actually pay the difference between the values of the two. So we are in effect, receiving part of the new asset for the old asset.
Instead of receiving money, we receive part of a new asset, so we debit the asset account with the value of the part of the new asset we are receiving as the part exchange allowance. We then credit the disposals account, as again, everything has to balance.
So, if in our example, we receive a part exchange allowance of £5,000 against a new piece of machinery, we would debit the new machinery cost account with £5,000 and then credit the disposals account with £5,000.
So our disposals account would look like this:
Disposals account
£10,000
Asset cost account
Accumulated dep’n
£3,000
Asset cost account (Part ex)
£5,000
.
.
.
.
Step four
The next step is to balance it off. We can see that the debit side is greater than that credit side. This means we have made a loss on disposal, as we need to credit the disposals account to balance it off. This means the other side of the balancing figure is a debit, remember a debit would increase an expense. If the balancing figure in the disposals account had been a debit that would mean the other side must have been a credit, which would reduce an expense. We can check this manually, if the cost was £10,000, and the provision for depreciation was £3,000, the NBV would have been £7,000. However, we only received £5,000, so we have made a £2,000 loss on disposal, as we have received less than the asset was held for.
The balanced off disposals account would look like this:
Disposals account
£10,000
Asset cost account
Accumulated dep’n
£3,000
Asset cost account (Part ex)
£5,000
Loss on disposal
£2,000
£10,000
£10,000
.
Question
Why don’t you have a go at the following example? Remember if you use the disposal account, the loss or profit on disposal should just “pop” out.
An asset which originally cost £20,000, had been depreciated at £2,000 per year, for three years was sold for £15,000.
You can see me work out the answer below:
Accruals
The accruals concept is also called the ‘matching concept’. This is because it involves making sure that you ‘match’ transactions to the period that they relate to. For example, if I make a sale in December but don’t actually get paid until January, I will account for the revenue when the sale was actually made…in December. When I get paid for the sale is irrelevant to when I recognise the income.
Applying the accruals concept to expenses
When working out the expenses figure to be recognised in the profit and loss account. The key thing is to ensure that you are recognising the correct number of months of expense. In a three-month accounting period we need to recognise 3 months of expense. In a twelve-month accounting period we need to recognise 12 months of expense.
Setting up an accrual
Let’s say a business started on the 1st January 2015 and has a year-end of 31st December. The first accounting period is therefore 12 months long. Let’s say that during this year the business received three £300 telephone bills, each covering a 3-month period (so £100 per month). By 31st December 2015 they would have recognised 3 x £300 = £900 of telephone expense (this would be a debit in the telephone expense account). This is only 9 months of expense so we are not ‘matching’ enough expense to the 12 month accounting period. We are short by 3 months! The way we recognise the extra expense that is required is with an accrual. An accrual is a liability you owe to someone but haven’t actually been invoiced for yet. Learn more about Accruals and Prepayments.
The reason this often happens is that bills for many utilities are received ‘in arrears’ ie after the end of the period they relate to. Let’s say that the final £300 telephone bill of the year (covering October to December) is actually received in January 2016. Even though the bill is received in the following year we need to ‘match’ this cost to the period that it relates to which is the year ended 31st December 2015 as this is when the telephone was being used.
To set up the accrual the double entry is:
Debit – telephone expense £300, being added to the £900 already recognised
Credit – accrual £300, which is the liability owed to the telephone company
This means that the telephone expense for the year ended 31st December 2015 is now £900 + £300 = £1,200 which is a full and correct 12 months of expense.
Dealing with the accrual in the next accounting period
As the accrual account is a balance sheet item (it is a liability) it will be carried down at the start of the following period as a credit balance in the accruals ledger account. Since the invoice that we accrued for is now going to be actually received we need to ‘reverse’ the accrual back out of the accounts. We do this by posting exactly the reverse double entry used to set it up:
Debit – accrual £300 to get rid of it, as we will now receive and pay the bill
Credit – telephone expense £300, as the bill being paid actually relates to the prior year not this one. We are therefore cancelling the debit entry that would be posted to the telephone expense account for the bill being paid.
Why don’t you have a go at this example? When you have finished you can see me talk through my solution in the online video.
Following on from the explanations above the business receives the following telephone bills in the year ended 31st December 2016:
January – £300 for the period October to December 2015
April – £600 for the period January to March 2016
July – £600 for the period April to June 2016
October – £600 for the period July to September 2016
They then receive a £600 telephone bill for the period October to December 2016 in January 2017.
Show the telephone expense and accrual ledger accounts for the year ended 31st December 2016.
We have another blog on accruals which you might find useful here.
I am going to concentrate here on the expense accounts and ignore income. Once you understand what happens in the expense accounts, you can then move onto the income accounts where the entries will be on the opposite side. But for now, I want to work on the expense side of things.
What is an Expense
If you think of DEAD CLIC, the debit accounts are represented by “DEAD”. The credit accounts are represented by “CLIC”
“E” is for Expense so this is a debit account.
The expenses are recorded in this account when we pay the money out of the business bank account. We will Credit the bank (money going out) and Debit the expense (to record the expense)
Simple right….. every time we pay an expense out of the bank we record the expense
Why do we need Accruals and Prepayments?
We need them because there is one other thing to know about expense accounts. We only want to show exactly 12 months expense before transferring that expense to the profit and loss account. So, if our yearly accounts are January to December, the only expense we need to record is the expense that relates to January to December.
The bank payments will come in during the year and we will record these in the expense accounts, but the bank payments may include payments for expenses outside of our 12 months accounting period.
We may pay a bill in February that relates to Nov/Dec/Jan…… Now Jan is OK as we want to include this in our accounts for this year. However, November and December are for the previous accounting period, so we don’t want to include these, but we still must record the full bank payment.
We may pay a bill in Nov that relates to Dec/Jan/Feb…… December is OK as we want to include this in our accounts for this year. However, January and February are for the next accounting period, so we don’t want to include these, but we still must record the full bank payment.
The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months.
Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded.
If we record 14 months of expense during the year, prepayments will adjust this to 12 months. This will be done by removing 2 of the months with a prepayment
If we only record 10 months of expense during the year, accruals will adjust this to 12 months. We will do this by adding 2 months to the expense account.
Prepayments
So, if one of the bank payments is at the end of the year and includes a payment for two months of the following year, we need to adjust the expense account by placing those two months into a prepayment account.
We do this by Crediting the expense account and Debiting the prepayment account.
The full bank payment is recorded on the Debit side of the expense account. Then the 2 months prepayment is entered on the Credit side of the expense account to reduce the expense.
Then the following year we will record the 2 months prepayment straight away in the expense account. We do this by Debiting the Expense account and Crediting the Prepayment account.
Can you see what we have done here? We have recorded the full bank payment in the expense account, taken the 2 months that we don’t want and placed them in the prepayment account, then the following year we have taken those 2 months out of the prepayment account and placed them in the expense account.
I think of the prepayment account as a kind of holding account for the months that I don’t need in this accounting period…… it holds them until the next accounting period starts and then places them in the expense account in the correct accounting period.
Accruals
If we record 10 months in this year’s expense account; we are 2 months short of the full 12 months needed. So, we need to add 2 months to the expense account.
We do this through the Accrual account.Then we receive a bill next year and part of that bill will include the 2 months of this year. We can only record that expense next year when we pay it. But 2 months belong to this year.
We need to take the value of those 2 months and place them in the expense account. The other side of this transaction is recorded in the accrual account.
We do this by Debiting the expense account and Crediting the Accrual account.
So, the accrual is recorded on the debit side of the expense account, just like the bank payments.
Then the following year we empty the accrual account by doing the opposite. We Debit the accrual account and Credit the expense account. So, the expense account now has 2 months entered on the Credit side. What this now does is when the bill is paid (which includes 2 months of the previous year). It is recorded on the debit side of the expense account, the 2 months accrual on the credit side offsets the full bank payment as 2 months was already recorded in the previous accounting period.
Can you see what we have done here? We have generated an accrual of 2 months and recorded it on the debit side of the expense account, so we are recording 2 months expense ahead of the bank payment. Then the following year we record this on the Credit side of the expense account to reduce the full bank payment by the 2 months we have already recorded.
I think of the Accrual account as an advanced holding account…. We record the months in advance of the bank payment. Then the following year it will reduce the full bank payment by the months we have already recorded.
1) We wanted to reflect the full range of locations, programmes and services we offer
Our business is constantly evolving and changing and we need to be sure that we are sharing this with our students and clients. As David Malthouse, our Chelmsford MD, explains:
“FI began in 2007 with a massive focus on students and offering a real alternative in student support and service through relationships and expertise. This still exists today but our business has moved on. We now have multiple centres across the UK, we are delivering apprenticeship programmes from every centre and our service is now as focused on employers and what we can do for them as it is for students. Our website is a critical element of demonstrating this development”
2) We wanted to review the content we produce and how we share it
We are lucky to have so many passionate experts throughout our business and we wanted to ensure we could share this expertise. Shelly Tweed, Marketing Executive, led on creating the new content hierarchy used on the site:
“The new site allows us to use it now as the focal point for a lot of our customer insight and to point our customers to for useful advice and articles. With so much changing in our industry at the moment being able to keep our customers up to date and informed is a critical part of us being trusted advisors.”
3) We wanted to ensure the site reflected our values and culture
We believe that one of the key things that sets FI apart is how we support our students, clients and each other. Lizzie Rozario, Marketing Executive, helped ensure the site bought this to life:
“We wanted our digital tone of voice to be consistent with how we talk to our students and clients every day. We wanted the knowledge and passion to come shining through and the fact that whilst we take what we do very seriously and want to share in the success of our customers we also want to ensure we have fun as well!”
4) We always aim to continually improve what we do
When we looked at our old website we saw lots of room for improvement in how the site functioned and wanted to address these things as soon as possible. Paul Evans, MD of Fourth Estate Creative, outlines some of the key improvements:
“The old website gave us a solid foundation to work from but we saw the opportunity to make some key improvements to usability. We worked collaboratively with the FI team to improve how intuitive the site is, how it performs across different devices and how easy it is to use the online store. The FI team are absolutely devoted to getting to best user experience and it is always a pleasure to build a site for a company that cares so deeply about its users.”
With every unit you will receive 3 live interactive lectures:
Introduction – This live session is where we will get you up and running, go through the study plan, put the unit into context, give you tips on where to focus, explain how to use all the resources available to you and get your initial learning started.
Study Surgery – This live session will take place midway through the unit where we will conduct a progress check. This will be a live interactive classroom session including Q&A. We will also take you through key terms, recaps and a question demonstration.
Masterclass – The last live session for the unit is aimed to kick start your revision, it will be delivered with access to the ‘revision pack’ which includes an additional mock assessment and other study resources.
What’s included:
3 live sessions per unit
Award winning e-learning materials full suite of dedicated lectures available 24/7
Full tutor contact details for study support including evenings and weekends
Complete study pack with lots of practice material
Detailed study timetable for each unit
Enhanced mock pack including marked mocks
Progress assignments
Additional resources
Revision tools including mind maps
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Please click on the links below for whole level bookings:
All Q2022 exams will need to be booked through the Exam Booking System.
Full details on how to set accounts up and make a booking can be found in ourQ2022 Exam Booking Guide. WE STRONGLY ADVISE READING THIS GUIDE IN FULL BEFORE BOOKING YOUR FIRST EXAM. (Note 11 August 2025: the exam booking guide is being updated in light of the new shopping basket features. You can still book exams but if you experience any issues with your booking while this is being updated please contact essex@fi.co.uk or call 01245 209 900)
Payment must be made at the point of booking for all students.
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If you do not study with First Intuition, you will need to contact our customer service team on 01223 360405 so we can set up an account for you. Once you have an account you can book using this link firstintuition.accessplanit.com and follow these instructions Cambridge – How to book CBE’s.
How long has your firm been training graduates for the ACA qualification?
We have been recruiting graduates to train for the ACA qualification at Barnes Roffe LLP going back to the early 1960s.
Why did you start recruiting and training graduates in this way?
I believe that as a fairly small-sized practice in those days, it was seen as a good way to help the firm grow its own future talent for progression within the firm to assist with the firm’s organic growth and this continues to be the case today as we have grown to be a medium-sized practice in the Top 40 UK firms.
How has your recruitment process adapted to recruiting graduates?
We still maintain some advertising in the main graduate recruitment publications (paper and online), however, due to our size and position in the Top 40 UK Accountancy Firms league tables, we attract a substantial amount of graduate applications directly from internet searches. For a number of years now all of our graduate applications are made to us via our website.
How has your business reacted to having more younger professionals in the workplace?
As the firm has been recruiting graduates for many years, there has always been a young dynamic culture in our offices, which has encouraged enthusiasm and creative thinking.
What support does FI provide to you that allows you to continue to deliver your programme?
We have been with FI for over five years now and have been delighted with both the quality of their learning courses and materials and their personal contact and support. FI has provided a consistently excellent service to assist us in monitoring and managing our graduates. We work with their key points of contact who are always available to provide us support and guidance we require from time to time. We currently have over 50 graduates across the firm with FI. I would have no hesitation in recommending FI to any firm for their graduate training.
FI tailors every client programme to suit your needs. Get in touch with us at clientsupport@fi.co.uk to find out how FI could help you take your trainees to the next level.
AMY CARTER, KIRK NEWSHOLME
What benefits do you see with this group of talent?
We have been running a school leaver programme now for many years. Taking on Apprentices at this level offers a multitude of benefits to both the individual and to us as a firm. Joining a firm of our size as a school leaver has huge advantages in terms of entering the profession with a blank canvas, enabling the individual to learn the ropes from an early age and to digest the firm’s culture wholeheartedly. Trainees gain the best possible knowledge of our clients and systems right from the start which can put them in a powerful position within the firm as they progress through their career with us. As a firm, we get the benefit of somebody who is constantly hungry to learn new and relevant content and can start to put this into practice with a fresh approach as they begin to integrate with our systems and clients.
What are the benefits of your recruitment process?
Our recruitment process for school leavers means we engage with this age group on a regular basis and have relationships with many high schools within the region where we regularly attend careers events. This gives us the advantage of seeking out those individuals who really have a passion to work in this sector. We’re able to offer work experience initially which could lead on to an opportunity at the time of them leaving school. As opportunities for Apprenticeships have grown across the Professional Services industry there is now an abundance of careers events opening up opportunities for potential candidates to get in front of firms like ours to secure themselves a position when vacancies arise.
What are the benefits of your firm to school leavers?
At Kirk Newsholme we really believe our firm to be of the best size and position to be able to offer school leavers an enjoyable and challenging environment, whilst being fully supported in a nurturing environment. Our trainees experience day to day involvement with team members at all levels and are actively encouraged to get involved with the team culture here where company values are recognised and celebrated. First Intuition have proven themselves to be the perfect fit for us to partner with to offer our trainees the highest quality support and training. The administration team and teaching team all go the extra mile to ensure our Apprenticeships are rolled out in the most effective way. They offer and deliver a wide range of courses which can be tailored to suit each individual. We very much enjoy and value our working relationship with the team at FI.
The passion that every member of our teams shows day-to-day in the support they offer students has built our reputation in a way that we could only have dreamt in those early days. The recognition that we have achieved has reinforced our belief that the way we are doing things is right for those students. We have won the Large Provider of the Year award at the 2018 AAT Awards, which adds to the UK Accountancy College of the Year awards that we won in 2010, 2012, 2014 and 2016. But better than those high-profile awards is the feedback that we regularly get from the students that we work with.
Gareth John recently received an email from one of our students who wanted to express her gratitude for the support that her First Intuition AAT tutor offered her….
Hi there, my name is Monika.
I am one your distance learning students. I would like to feedback on my tutor – Nick Craggs. As you most probably know Nick is a fabulous tutor who offers great support. I have had a very difficult time not just with my personal life but with my studies as well. There has been a lot of things going on.
I tried two other providers – they made me give up on my studies. But not with you – First Intuition and Nick. He is the most supportive, helpful and friendly tutor you could ever have, who always knows what to say and how to say it to keep you going. I wanted to give up many times, but Nick always came with a solution for my problems, always said or did something to keep me going. He never let me give up or ever let me down. He is credit to your company and I could never thank him enough for keeping me going. I am grateful to get him as my tutor. He is also a very knowledgeable and kind person. Thank you Nick and FI for being there for me every step of the way. Many Thanks
Regards,
Monika
Thank you Monika
We just want to say a massive thank you to Monika for taking the time to email such kind words about her tutor support at First Intuition. It certainly does mean a lot, both as an organisation and as individuals. We love to hear this sort of feedback of our support. It’s the reason that we all love what we do so much.
“I love working with Nick (and the rest of the AAT Distance Learning team). His passion for helping students and for improving what we do is a source of inspiration to me every time I spend time with him. I am glad the support makes a difference to our students as well.”
-Gareth John, Director, First Intuition.
If you are looking for a new provider who prides itself in the support it offers, please get in touch. We have a blog on what it feels like to move to First Intuition.
Never thought I’d end up in the teaching profession!
I hated school and left with less than a handful of O levels. I avoided A levels and university like the plague – finally ending up at catering college and then working in hotels and pubs, which I loved. After a few years, I then decided I should get a “proper” job. I found a spot in the office of an abattoir… Office work of course – not anything else! It is one of the funniest places I’ve worked at and I guess the guys needed a sense of humour to do what they did. Here I learnt manual bookkeeping using a system you guys won’t have heard of called Kalamazoo.
I then sent myself to college to learn to type and do shorthand (which I never quite mastered – I could write it but not read it back). I then moved onto an electronics manufacturing company, learning all things office, bookkeeping and payroll (lessons from the inland revenue for that). My specialism was credit control, but that was probably because I was an outrageous flirt and, at that time, most of the finance directors who controlled the purse strings were male!
We had to introduce a computerised system, which was highly entertaining as those computer things were alien beings in our world… The final project I was involved with was to implement a system of total traceability for contracts, which was then audited by the MOD. I then moved on to work as a group accounts controller for a plc property company. The best thing we did was to design and implement a property management system for all the leases. This was back in the day where off the shelf packages did not exist for this industry. Crazy job, crazy hours. 13/14 hours a day!
I then decided to do some studying. The choice: psychology (a love of mine) or accountancy.I chose accountancy with a view to going into psychology later. Then oops – I fell pregnant. I sat my first two exams Management Account and financial accounts when I was very fat – I was 40 weeks pregnant and hoping to not give birth in the exam hall! I completed first level of exams with by then two children and then took a break, as I was not sure what I wanted to do. I tried a few things; swimming, teaching qualifications and other bits and pieces. Again, I fell pregnant with my third child and decided to jump back into the accounting world (there seems to be a correlation with accounting and pregnancy!) and completed the qualifications.
In the year of my finals, I set up a practice with my friends (mostly sole traders but a few larger Ltd companies). As I am a glutton for punishment, I sat the CTA exams as well. After all that, my thinking was accountancy practice was not for me. I started teaching part time and continued studying in other areas of interest and qualified as a hypnotherapist and coach.
That’s sort of pretty much my work journey!
Special interests – Mental Health
Amanda teaches Tax, Ethics, Accounting and Assurance as well as many other subjects across AAT, CIMA, ICAEW and ACCA.
What led you to study Accountancy? Share your thoughts on our Twitter @first_intuition
Many of us think that we don’t have a great memory and we find here at First Intuition, that we’re often asked by our students how they can remember all the information they need to pass their exams.
First, is it really true that our memories have got worse? The reality is that, these days, we don’t need to remember things in the way we used to. We often outsource information, that in the past we would’ve written down, to our devices. A good example of this is phone numbers, we now generally store these in our mobile phones, whereas in the past, we’d jot them down in a notebook or learn them off by heart.
We also use the internet to look up information that we may have committed to memory in the past, relying on search engines to recall what we’re trying to remember. For all of us and particularly our students the difficulty, when it comes to exams, is that we’re asking our brains to recall information in a way that we’re not used to.
So what techniques are out there to help us plant the things we need to know, firmly in our brains, so that when we need it, we can tap into it and use it for exam success.
Put in on repeat
One of the most powerful ways of remembering information or how to do something, is to repeat it over and over again. As a word of caution, reading a piece of text several times may not be enough to ingrain it into your memory. Practice, on the other hand, stimulates the brain, as repeated experiences are sent along a new pathway and reinforce the learning process. A relevant example of this could be calculating tax. Reading about how to do this, is far less likely to stick in your mind than actually working a number of these through. Learning like this can be compared to navigating our way through a jungle.
Even with instructions, the first time we attempt this, we won’t see the pitfalls; the low hanging branches, uneven ground and lurking predators. Every time, we make a new attempt, we learn from what we didn’t get right previously. Eventually, after we’ve tried several times, we can see and avoid the dangers before we get to them.
The Medium of song
This may sound strange but there’s actually a method based on using our senses and it’s called Mnemonics. Music in particular can be a powerful way to trigger our memories, but we can also use our other senses too. Setting the knowledge we need for exams to music, may sound a little uncomfortable to some people but check out the ‘Accountancy song’ on YouTube for a little inspiration.
The Accounting Song
If you’re not keen to make up a song that will help you remember a particular accounting strategy, then you could try an abbreviation to trigger your memory. For example, S.M.A.R.T is often used to summarise how we set objectives (Specific, Measurable, Agreed, Realistic, Timing). We can use made up words as well as normal ones such as P.O.P.I.C which is often used to remember the fundamental principles of ethics:
Professional competence and due care
Objectivity
Professional Behaviour
Integrity
Confidentiality
The only downside to this is that we may end up remembering the letters of the abbreviation and not what they stand for.
These are some of the tried and tested ways that us mere mortals can help to remember information, but have you ever wondered competitors tackle their challenges in professional memory competitions. They use a variety of techniques but here are some of the most commonly used that give you the ability to remember huge swathes of information.
Linking Images
By creating images in our mind that links information in a sequence, it becomes much easier to remember. The key here is to make the images as powerful and detailed as possible, so that they really stick in your mind.
For example, imagine we are trying to remember these five words:
Telephone
Carrot
Crow
Carpet
Biscuit
We need to link these five random words in the most vivid way we can imagine. Here’s how this might work:
Telephone – imagine a mobile phone and picture it in multi-colours in a fluffy fluorescent case
Carrot – now think about huge carrot fingers trying to dial the number on our bright and fluffy phone.
Crow – Our carrot is now the nose of a giant scarecrow, who is being swamped by thousands or large, noisy black crows. Imagine the noise they are making and the frenzied activity.
Carpet – The crows have now landed and are forming a huge carpet. Their beaks, feet and glossy feathers are poking out from this black, moving carpet.
Biscuit – Our carpet has now become a large round jammy dodger. Think about the circular shape, the red jammy centre and how we’re going to avoid stepping on this part and getting sticky feet.
The list could go on, if we can continue to link images in this way, if we forget one though, it’s then very difficult to pick up the thread.
Pegging Images
An alternative method is to come up with a series of pegs, usually taking the form of letters or numbers. These need to be set up in advance and use a rhyme or phonic connection. For example
One = Bun
Two = Shoe
Three = Tree
Four = Door
Five = Hive
Six = Sticks
Seven = Heaven
Eight = Gate
Nine = Wine
If we then take these pegs and then assign them to a numbered list we need to remember. It helps to exaggerate the connections, so that it comes easily back to mind. If we were to take UK Law and Directors duties, this is how pegging could work:
One – Duty to act within powers Imagine a giant bun in the oven and we’ve turned the heat up too high. It’s burnt, as we’ve exceeded our power.
Two – Duty to promote the success of the company You’ve had your eye on a pair of very expensive designer shoes for a while now. You get a promotion due to the success of your company and head straight to the shops to buy them.
Three – Duty to exercise independent judgment A small child is swinging on a tree swing and is refusing to be pushed, wanting to do it all themselves and exercising independent judgment.
Four – Duty to exercise reasonable care, skill and diligence You’ve just washed the floor and it’s still slippery. Unfortunately, despite trying to be careful, you start to fall and grab hold of the nearest door to steady yourself.
Five – Duty to avoid conflicts of interest Imagine a hive full of bees, they are fighting and using their tails as swords. They are in conflict.
Six – Duty not to accept benefits from third parties An old lady is carrying a bundle of sticks, they are falling all over the place, as she has too many. You offer help but she won’t accept benefits from others.
Seven – Duty to declare interest in proposed transaction or arrangement Someone has proposed to you with a huge engagement ring. They’ve definitely declared their interest in you and you’re in heaven.
When using pegging, it’s important to only use a set of pegs for one set of information, as otherwise it can become confusing. Other pegs include linking letters of the alphabet, so that they sound like the letter. For example:
A= Ale
B = Bee
C = Sea
Some people also find that linking numbers to shapes can also work for them and imagine number 1 as a candlestick and number 2 as a swan. The trick here is work out what you see, so that the link is a strong metal images, that resonates with you.
The Journey Method
In order to use this method, we need to think about a journey or place we know really well. This could be a route home or even your house itself. Then we imagine ourselves moving from one part of this journey or place and along the way create markers by placing information we need to remember at key points. It’s best to get the route very clearly in your head first and specify key landmarks. So, for example, if your journey is the layout of your house and how you move from the front door to the furthest room in your house, you need to plan the route you’ll take in advance. If we were trying to remember that we need to buy bread, cheese, milk, bananas, tinned tomatoes and dried herbs from the shops on the way home from work, here’s how we might use the layout of our house to remember.
Arriving at the front door, it’s been replaced with a huge slice of freshly cooked bread with a thick seedy crust. The delicious aroma is wafting towards us.
In the hallway, the floor is a big piece of yellow cheese with huge crater like holes and an overwhelming smell of cheese.
Opening the door to the lounge, milk floods out and creates a cool white pool around our feet. Take time to splash around in the milky pool in the lounge.
Heading to the dining room, our table has been replaced by a huge, ripe, bright, yellow banana that fills the room and is surrounded by the usual dining table chairs
The next room is the kitchen and we turn on the tap and tomatoes come rushing out, filling the sink with bright red plum tomatoes.
Finally, in the utility room, we turn on the light and instead of the bulb lighting up, it starts to rain dried herbs and the room is filled with the smell of rosemary, basil and thyme.
As you can see using this method, it’s also key to make the links you make as vivid as possible, so that they spring easily to mind. Adding references to other senses such as touch and smell, also help to plant the memory firmly in your head.
With all of these methods, it really comes down to individual choice and it’s worth taking time to work out which one or ones are best for you. It could be that a combination of methods, or different options is the way to go, depending on what you’re trying to remember.
Good luck with experimenting with the different options and of course, do feel free to share any methods that really work for you.
Starting a new course or maintaining progression with your studies can take a toll on your mental health for a variety of reasons. We know some of our students are trying to balance a busy work schedule whilst studying, others have commitments at home and some people may feel disheartened when exams don’t go so well. The accountancy journey can be challenging too and it’s inevitable that some people will feel daunted by the road ahead.
So whatever stage you’re at in your studies, we hope these tips will help you to keep on top of life as an accountancy student:
Find the right course for you
When starting a new course, give some serious consideration to how you want to study. Do you want to study part-time or full-time? Be realistic and work out how you best fit your studies into the rest of your life. Many of our courses now offer online as well as classroom options and you can study using a blend of the two. This might give you greater flexibility to fit studying into the rest of your life but also think about how you like to learn. Do you prefer the interaction of classroom environment or do you prefer to study alone and under your own steam? Finding an option that works best for your learning approach and lifestyle is a good way to minimise stress later in your studies.
Make sure the centre is right for you
If you’re starting with us for the first time or changing to a different day or time, then make sure that it’s going to work for you. By this, we mean the really practical things; like can you get to lectures on time, will you be able park or is there a bus/train that can get you there on time? Stressing about being late or the cost of travel won’t help you get off to a good start and may mean you’re less likely to stick to your new course.
Advance preparation
There’s nothing worse than starting a new course or new module and having doubts. Our team of tutors and customer service executives are always happy to offer advice and can answer most of the questions you may have. You should also look at key dates such as assessments and exams and make sure they don’t clash with anything else you have going on at work or the rest of your life. Finally, think about when you’ll take breaks from studying, as this is really important. It can be useful to plan mini-rewards when you finish a module or exam, and this could be a simple as having a well-deserved PJ day.
Be as social as you want to be
Social interaction is good for your mental health but when you’re starting a new course, meeting new people can be a little intimidating. It’s important that you go at your own pace and join in, as you feel comfortable. Having a network of fellow students can really help when you’re finding studies hard-going, so it’s good to have at least a couple of people you can turn to, if you need to talk. If you’re studying online, this can feel a little lonely for some people but there are plenty of F.I and industry events you can attend to meet your fellow students. Look out for our e-mails with the details of these.
Organise your support
If you’re receiving treatment for a mental health problem, speak with your GP about starting a new course.
Speak to your Tutor about your needs – including how medication is likely to affect your studies. Reasonable adjustments can be made to accommodate the needs of students with mental health problems. Find out what options are available and how to access support should you have difficulties with your studies or become unwell.
Make a money plan
Work out your expected monthly costs: accommodation, tuition fees, food, groceries, clothes and leisure activities. Budget for things like gym membership, club or society fees and socialising. Social and leisure activities will support your mental health, so ensure you set funds aside for these.
Be aware that even part-time and online studies are time consuming, and you don’t want to feel constantly under pressure to meet deadlines. When planning work and study, leave yourself time to relax and socialise.
As a student, you should be entitled to various benefits. You might need to speak to a few organisations to find out about different allowances. Citizens Advice is a good place to start. Also visit themoneycharity.org.uk who produce a useful Student Money manual.
Students can also claim discounts – often this includes at retail outlets and for leisure activities. Your university or Students’ Union will tell you about this.
Manage your time
Planning your studies will reduce stress and help you feel in control. Use an online calendar or app to schedule course work, study time, work and leisure time – being sure to maintain a balance of work and downtime.
Work back from deadlines and set achievable daily goals. It’s tempting to leave things till the last minute (most people do!) but this isn’t good for mental wellbeing. Pace yourself!
Stick to a structure and routine as far as possible. Structure can help on days when you feel less motivated.
When studying or revising, try the Pomodoro technique: 25 minutes of focused activity followed by a short break of three to five minutes. Once you’ve completed four such cycles, take a longer break of 15-30 minutes, then start again. Look for online resources and apps based on Pomodoro and other time- management techniques.
Be aware of times you might feel less well and will have greater difficulties with your studies. Speak with your tutor or mental health advisor about this, especially if you’ll need help with planning.
Plan for exams
Plan your revision timetable as you’ve planned everything else. Build in time to revise at times of the day when you know you’re at your best. Remember to allow yourself time to relax. Ensure friends and family know that you have exams approaching so they give you the space and support you need.
Maintain a sense of control by finding out all you can about exams in advance. Know how you will be examined, look at past papers and speak with your tutor for advice about preparation and what to expect on the day.
Look after yourself!
Three things will greatly help your mood and resilience; sleep, healthy eating and regular exercise. Sleep is undervalued for its effect on mental wellbeing. Some people find that evenings are the time of day they feel most alert and motivated. If this applies to you, schedule your time so you can be productive but still unwind before bed. If you have difficulty sleeping, avoid caffeine and nicotine and find a relaxation technique that works for you. Some people use soothing scents such as lavender, others listen to calming music, meditate or use apps that can aid sleep.
It’s easy to enjoy a balanced diet on a student budget. It needn’t even take much time! Pasta dishes are cheap and easy, and even the old favourite beans on toast can be healthy. It’s a good idea to start your day with breakfast and have plenty of fruit, seeds and nuts (assuming you aren’t allergic!) around for snacking whilst studying. There are many resources available about healthy eating for students. Have a look at www.studentminds.org.uk
Sitting for long periods increases risks of health conditions and can make you feel lethargic. Regular activity supports mental health and can aid concentration. Build regular bouts of activity into your day. This could be as simple as getting outside for a walk or doing a few stretches. Find an activity you enjoy and are motivated to do – such as yoga, swimming, running or team sports.
Importantly; don’t do too much! Remember the mantra “do one thing and do it slowly”. Plan what you can, be flexible when you need to be, and make sure you prioritise time to relax every day.
Plan for when you are unwell
Be aware of how you are when you are well, how you are when you are unwell and what can trigger periods of illness or low mood. Write these down and share them with your tutor, mentor or mental health advisor if you feel able to.
Have a plan – for yourself and those that support you – as to actions that can be taken when your mental health is poor. Keep a list of phone numbers – your GP, helplines, student advice lines, friends and family – in a prominent place for when you need them. It can help to brief a mentor, or a few other people that you trust, so that they know what to do should you need help in a hurry.
Remember that should you contemplate suicide or self-harm, these are medical emergencies and you should go to A&E. Again, it can help to brief a few key people, so they can help in an emergency.
Should you become unwell and feel unable to continue with your studies, speak with your tutor or your Skill’s coach (if you are on an apprenticeship scheme).
Somewhere to Turn – SECE MIND’s mental health signposting service: 01702 601123, 01245 345083 or email ies@seandcessexmind.org.uk
For more news and exclusive tips from First Intuition, visit FI Hub.
I finally got around to watching The Martian (God bless Netflix) the other day. For the unfamiliar, the story focuses on Matt Damon’s character, Mark Watney, an astronaut biologist who (spoiler alert) gets left for dead on the Red Planet. Lucky(ish) for him he is not dead and immediately embarks upon a quest to make contact with Earth and hopefully stay alive until the crew can turn around and rescue him. Of course, this isn’t a film review blog so all I will say, quickly, is that it’s excellent! The reason I’m writing about this film therefore is because it’s largely about problem solving.
Now, I’m going to assume that becoming stranded on an inhospitable planet, with no humans within hundreds of thousands of miles, limited water and food, and only a flimsy shelter is something we’re unlikely to have to deal with but, as you will see below, there are plenty of basic problem solving lessons we can learn from this film. If Mark Watney can’t solve all the problems Mars throws at him, he’s going to die. So, what problem solving skills does he apply to avoid this fate?
Have a clear goal
In the film, I guess his main goal is to get home. It’s important to have a goal everyone is agreed on and understands. It may be that the goal changes, for example, by reaching one goal you create another or by investigating the problem further you arrive at a new problem which requires a new goal. At each step, make sure to communicate any changes and agree on whatever the goal is at the time. If you don’t have a goal, your various team members might end up labouring under slightly different pretences, achieving answers to problems that didn’t exist or coming up with solutions that don’t solve the issue at hand.
Ask for help
One of the first things Mark does is try to make contact with Earth. He understands that he cannot do this alone. If you have a problem, you should surround yourself with experts. You don’t know everything and other people are likely to bring a new perspective to the approach that you hadn’t considered. Don’t make your team too big, however, or you run into issues such as social loafing. A team of 5 or 6 is generally accepted as an ideal number.
Deal with facts
Watney follows the scientific method which states that you devise measurable tests, observe the results and draw conclusions. By doing this you remove emotion from the equation which can help you make the best decision. It’s quite possible to allow your own feelings or bias to cloud your judgement. Dealing with facts should help you avoid some of those mistakes.
Be positive
We’ve all heard the famous maxim “If you believe, you can achieve” and it’s not a bad outlook. However, I mean ‘be positive’ so you can inspire others. Enthusiasm, being genuine and being happy are leadership skills that will encourage others to share in your vision. Watney remains doggedly optimistic throughout his whole ordeal and his positivity is infectious.
Have a plan
Being organised is vital to ensure no aspect gets overlooked. Make a plan before you start, decide what needs to be done, the best order in which to do it and who is the best person for the job. Consider time and cost implications and allocation of resource.
Understand the whole process
A flow chart can be a great tool to enable you to gain an understanding of the complexity surrounding your project. It will enable you to know who is involved and what they do, what effect that work has to the next stage, and so on. A complete view will allow you to make sure nothing is overlooked and that the right people are involved at the right time. Learning from their experience and gaining their input could be vital to your project’s success.
Break it down
Finally, I refer to the quote at the top of the article. One huge problem can be overpowering, it makes it hard to know where to start and it can be damaging to morale. Instead, break it down into more manageable chunks, bitesize pieces if you will, and take it one step at a time. In Watney’s words:
“You solve one problem, then another and so on…”
I was chatting to one of my AAT level 2 students recently and asked them how they were getting on with their studies.
“Great” they replied “I’m really enjoying the things I’ve learned over the last four months. And it’s helping me so much at work.”
“That’s excellent to hear” I continued “And how do you find the study material?”
“It’s really easy to follow and understand. And I love all the questions and mocks we are given to practice.”
“Awesome. I’m really pleased you find it all so useful. How many of the real assessments have you passed so far?”
“Assessments? Oh I haven’t sat any of the real assessments yet.”
I was lost for words.
I am finding this situation increasingly common. Students who dedicate hours a week to their studies, month in month out, students who learn the syllabus content and practice dozens of questions BUT WHO NEVER GET AROUND TO SITTING A REAL ASSESSMENT!
As far as I am concerned all that precious time spent studying and practicing is totally wasted if you never get around to sitting any assessments. It’s only by sitting assessments that you can possibly pass those assessments and it’s only by passing the assessments that you will eventually gain your qualification; a qualification that can change your life dramatically. And it all starts with sitting your first assessment.
I thought I would consider some of the reasons I hear for why students put off sitting that first assessment:
“I might fail.”
I believe that the “fear of failure” is probably the biggest thing that prevents a lot of people from achieving what they truly want in their lives. Rather than giving something a go and perhaps falling short, a lot of people would prefer not to try something in the first place. But by avoiding the chance of failure I think they take an even bigger risk, the risk of ending up with a life that doesn’t fulfil them.
There is nothing important in my life that didn’t require me to risk, and often to actually experience, failure. My qualification, my career, my business, my wife, my family, my home. All required me to put myself in a position where I could fail but it’s only by risking failure that I was able to pursue success.
Failure can be an extremely positive thing. Failure is how you learn what you need to do to succeed, failure is the only way you will find out what you need to improve. Failure helps to focus your mind on what really matters to you and failure will help your eventual success taste all the sweeter!
And failure is rarely as bad as you think it’s going to be. If you do sit an assessment and fail it might cost you some money and a few weeks to do a resit but that’s got to be better than spending a year of your life studying for an exam you never sit.
I think that the only real failure in life is to not have a go in the first place.
“I haven’t sat an exam in a long time.”
I can understand that when people have a break after school or college…perhaps a year, perhaps a decade…the prospect of sitting an exam again can be quite scary. They probably have dim memories of the stress and pressure they had doing exams as children.
But you have to remember that these exams are very different to exams you did back at school.
At school, we generally sat exams because we HAD to. There often wasn’t a lot of choice.
Now you are sitting AAT exams because you WANT to. You are sitting these exams because of the incredible career options that the qualification will give you and the impact that will have on the lifestyle you can lead. Refusing to sit your first exam is stopping you making that vision into a reality.
Feeling a bit of stress and pressure is not a bad thing as it’s what will give you the incentive to do some work to prepare, but if you are feeling so much stress that you can’t bring yourself to sit the real thing you need to focus on how achieving the qualification can change your life.
Stress is after all something we do to ourselves.
“I’m not ready to sit the exam.”
Nobody ever feels 100% ready to sit an exam. Everyone will feel that there is at least one part of the syllabus that they feel weak with. This can lead them to believe that they will ‘flunk’ the whole thing.
You have to remember that to pass an assessment you don’t need to score 100%. Far from it. As long as you are competent with the basics you can achieve success even if you find some of the fiddlier parts of the paper tricky.
The AAT provide sample assessments that give a good feel for what you can expect in the real thing. First Intuition and other training providers also produce mock assessments which help to test whether you are ready. If you are passing those mock and sample assessments you should take confidence that you are ready for the real thing and sit it without further delay.
“I need to do more study.”
This is related to the previous reason, with the student feeling that they are not ready to sit the exam and need to do more study. The danger with this is that the longer your studies drag on for the more likely you are to start forgetting more than you are learning.
I think that an ideal length of time from starting a new subject to sitting the exam would be 8 to 12 weeks. Much longer than 3 months and I really think you start going backwards.
So, in conclusion, don’t let your fears dictate the direction of your life.
Don’t delay, book your assessment today!
The starting point for ratios is, of course, technical knowledge , which will mean you can calculate any ratio’s asked for accurately, make an assessment on what a good result is and work out what this means should it increase or decrease, year on year. This however, is probably the easiest aspect of ratio questions. Explaining or applying these ratios correctly is where we find that our students struggle the most, at all levels of exams. It’s common to develop tunnel vision. Looking at ratios purely through the eyes of an accountancy student and not from a wider perspective is where problems start to arise. When tackling these questions, you need to use your business acumen skills and draw on what you know as an employee, member of society or whichever perspective you asked to consider the company from in the exam question.
If you’re asked to assess the profitability of a company in a more open-ended question, using ratios will definitely enhance your analysis. However, take the time to step back and ask yourself a few questions before frantically committing every ratio you know to paper. These questions might include:
Is the company profitable?
Has it made more profit than last year?
Have we got any information in the question that will help us make comparisons? (e.g. previous years, reference to other companies or industry standards)
If so, is the company more or less profitable than the comparison information?
Are there any indications in the question as to why this might have happened?
Can you speculate, sensibly on why sales have increased? For example, as a result of a marketing campaign.
What is driving the difference between gross profit margin and net profit margin?
We know that the above is related to the expenses within the company but is there enough information in the question to help us make conclusions?
If you ask yourself these types of questions, it can help you to identify the relevant sections of the accounts to discuss and relevant ratios to calculate. Note the key word here; relevant. The person marking your exam paper is not looking for you to show that you know every ratio you’ve been taught. They’re looking for you to use the ones that are relevant to the question. You’ll often be provided with some ratios and this is a good starting point in determining what comparators to calculate.
Equally, it’s important to consider the terminology you use. As Tutors, we can often read between the lines to decipher what a student means but at the same time we may be cautious to award marks as it’s not clear that they’ve fully understood the concepts. As an example, if we look at the current ratio, which looks at the relationship between current assets and liabilities, students will often write that the ratio has improved, as the current assets have increased. Now to demonstrate your accounting understanding, explain what makes up the current assets balance and what specifically has increased. Some students will explain this as the company being better equipped to pay their bills, but the ratio actually looks at the ability to cover liabilities. It doesn’t specifically cover your ability to pay future invoices.
To summarise, ratios should not be scary. We analyse businesses all the time, whether watching the news, reading articles at work or working through exam questions. Ratios are a key tool to enhance your analysis but don’t forget that you need to draw conclusions and include context in your answer. This is the way to successfully tackle ratios in exams rather than giving the person marking the paper, a list of every ratio you know.
PHILIP SMITH, ACCOUNTS MANAGER, CLIENT ACCOUNTING DEPARTMENT, BIDWELLS
Can you explain what appeals to you about taking on apprentices?
I like taking on apprentices because the candidates already have an interest in business and finance and have a willingness to learn. Often the GCSE’s and A Levels they have studied direct them down this path.
What do your apprentices add to your business?
I find that the apprentices on my team bring a keenness to learn to the business. Working with them gives me an opportunity, and a reason, to step back and ask why we do certain things in a certain way and to question if there is a better way.
How do you see your apprentices progress during their apprenticeship?
As the apprentices’ progress through their course, their knowledge increases and what they have learned can be translated into the work place. This means that the level of work they can be exposed to increases which is good for me as well as them.
How do you find the support that First Intuition provides?
From an employer’s point of view, I value the support that both myself and my apprentices receive from First Intuition. It is relevant, informative and timely. If there are any issues, these are addressed swiftly and I also like the fact that successful progress by my staff is highlighted just as quickly.
Are there any aspects of the service we deliver that you particularly value?
I appreciate the progress reports that I receive from First Intuition, which include tutors’ comments on my trainees’ attendance, understanding and progression. From the detail in the comments you really feel that the tutors have taken a keen interest in each individual student.
Do your students enjoy the time they spend on courses at First Intuition?
Yes, my team members do enjoy their study time with First Intuition. They have said, on numerous occasions, how well the study mirrors the work that they do in the office, and how professional and organised the classroom courses are.
Does this mean that we can ask you to recommend us to other employers?
Yes, I would recommend First Intuition to other employers, primarily because of the support received by not only my apprentices, but also by myself, in understanding my team’s progression. Ultimately the things I like the most about First Intuition are their professional but relaxed approach, the informative progress meetings and reports I get, and the enjoyment they bring to the courses studied by my apprentices.
STEFAN PAYNE, CHIEF FINANCIAL OFFICER, TITAN AIRWAYS
You send your staff to classroom courses at First Intuition. How do they find the experience?
The feedback that I get from my team members about their studies at First Intuition is always excellent. The brilliant tutors are what makes First Intuition an excellent place to study, which is backed up with first class exam success rates. I regularly hear from my studiers that the tutors at First Intuition are first rate, just as they were when I was studying As an employer, the support I receive from First Intuition is fantastic. The tutors provide me as training manager with excellent feedback on how my students are getting on. The tutors at First Intuition are always willing to go that extra mile if a student needs that little extra help too.
So, would you recommend First Intuition to other employers?
I would most definitely recommend First Intuition to other employers because they have a proven track record of success. Students get the most from their time in the classroom, giving them the best chance of exam success.
It sounds like you value your relationship with First Intuition?
I love working with First Intuition because of the people there. They are top class professionals at what they do, and they do it extremely well, the results speak for themselves. As a bonus, they are all top-quality people and always a pleasure to deal with.
STACEY LEE, DIVISIONAL HEAD OF FINANCE, ADDENBROOKES TEACHING HOSPITAL
Is there anything that you think makes First Intuition different to other training providers?
In my opinion First Intuition are unique because of their commitment to the personal touch. Every single tutor knows your name, background, and your strengths and weaknesses, and due to the smaller classes, they have the time to spend with each and every individual student.
Now that you are an employer how do you find the support delivered by First Intuition?
As an employer I find that First Intuition provide a level of support that is over and above my expectation of an accountancy tuition provider. First Intuition offer study packages tailored to the needs of my organisation and nothing is too much hassle or effort for them. First Intuition understand the needs of both students and of their employer and cater for both, never losing the personal touch.
What do you most value about working with First Intuition?
I love First Intuition because they truly care about each student’s qualifications and their future career and prospects. They are there for my students every step of the journey! First Intuition offer personal sessions with my team members, taking their time to ensure our students are fully informed to make the right decision about their training programmes and qualifications.
Would you recommend First Intuition to other employers?
I would indeed recommend First Intuition to other employers because they will make managing a training programme for your employees seamless, easy and stress free. We couldn’t be happier with the service they provide.
CHARLOTTE TONG, SENIOR MANAGER, GOODMAN JONES LLP
What prompted you to look for a new provider?
We initially found First Intuition when looking for a provider to run an introductory book-keeping course for our ACA trainees.
Did you know about FI before you started looking for a new provider?
We had heard of you, however we didn’t realise just how close First Intuition were located to our own office; right around the corner!
Why did you select FI as your chosen provider?
First Intuition created a bespoke course for us, and our experience was so positive that this resulted in all our trainees moving across to First Intuition. The transition for us was seamless, and now 4 years on we can’t imagine our new students going anywhere else!
Have you been happy with your experience with FI so far?
Our trainees enjoy going to class at First Intuition for both the ACA and AAT qualifications; we can attribute this to the smaller class sizes, the caring and knowledgeable tutors, and quality of the teaching and learning environment. What do you think makes First Intuition different?
The staff really do put the effort in to get to know the students and to give them the best chance of succeeding in their examinations. The specific individual feedback we receive on our trainees after each course really helps us better manage their training and development.
PETER MINCHELL, STAFF PARTNER, CLARKSON HYDE LLP
Why did you choose to work with First Intuition?
We made the decision to switch to FI a number of years ago based on our perception that the college provided a more personal service to our students with good quality tutors and reporting to us on our students’ progress.
What do your students like about coming to First Intuition?
Our students enjoy the quality of the teaching, the surroundings and the approachability and helpfulness of the tutors.
Throughout your studies (which may sometimes last over 3 – 4 years), it can be useful to consider using a range of study methods to create an overall plan that works around you. The following are our top 4 tips for how to go about personalising your studies:
1. Online course for exams on demand
Over the last few years, the major accounting qualifications have all moved to having more exams on demand (exams that can be sat at anytime rather than during a specific sitting). Exams on demand can be fantastic – they allow for flexibility over where and when an exam can be sat.
By using FI online courses, which can be started on demand and provide you instant access to your study materials, you can make the most of this flexibility and study when it suits you rather than have to wait. Take a look at the courses we have available for you right now.
2. Make the most of the working week with Online Live evening courses
Throughout the course of your studies you may find times when you have competing work and study commitments.. During these times, Online Live courses offer a way of “being in class but without the commute”. They provide all the structure and motivation of a classroom course but without the need to commute to a study centre – saving you valuable time that you can use elsewhere.
3. Mix and match for papers that have a tuition and revision course
For a number of the qualifications we support, you’ll find papers that have a tuition course and a revision course to help you to prepare for you exam. One great way to increase your choice and flexibility is to use different study methods for each course.
For example, many of our students like to complete the tuition element using an Online or Online Live course (allowing them to learn the core syllabus knowledge at a time, place and pace that suits them) before attending a in centre classroom revision course where they have complete focus and the immediate feedback they need. If this is something that appeals to you, take a look at the courses we have available in the coming months. If you can’t find what you’re looking for, get in touch with our Online team: online@fi.co.uk and they can hep find a solution for you.
4. Studying multiple papers – use different ways to study to maximise choice
Many students will opt to study multiple papers towards a single exam sitting. This is a great way to manage progression through the qualification, but it can make it difficult to fit your study into a busy schedule. Looking at using different study methods is a really good way to maximise choice of dates and study times.
For example, you may study one paper via an FI classroom course at the weekend and another using FI Online Live during the evenings. Have a look at what we’ve got on offer for you right now.
Visit the FI Hub for more exclusive tips and updates from First Intuition.
CHLOE BOURNE AND FRANCESCA RUBIE, PROFESSIONAL TRAINING TEAM, HW FISHER AND COMPANY
What benefits do you see with this group of talent?
The number of school leavers not wishing to attend university has grown significantly in recent years, resulting in a vast talent pool of students of a certain age looking to gain a professional qualification. By developing a school leaver programme, we have expanded our workforce and created excellent opportunities for this growing talent pool. In the past we would only recruit graduates to study for AAT and ACA but, by implementing the school leaver programme, we are now able to differentiate clearly between the role and responsibilities of an office based AAT student and an ACA trainee. Upon qualifying as an AAT, most of our students have been/will be offered the opportunity to study towards another qualification such as ACA which enables us to keep the students in the business for an additional three years. Those continuing with the firm are a tremendous support to the other trainees in their intake and are often given more responsibility earlier owing to their previous experience. We have found our school leavers to be very dedicated, professional and committed to both working and studying to obtain their qualifications.
Did you have to change your recruitment processes, and if so what surprised you most in the changes needed?
The recruitment process was modified slightly following the implementation of the school leaver programme. The process involves two stages; the first being a group interview session and the second being a one-to-one interview with two managers from the relevant departments. Every year we attend University Careers Fairs to promote our ACA Graduate scheme; however additionally in the last year, we have also visited schools to promote our school leaver programme and build a rapport with the schools and students.
How has your business reacted to younger professionals being part of the team?
The firm has fully embraced and integrated younger professionals into the workforce. Our apprentices have impressed our managers with their positive attitude, good work ethic and willingness to learn which has induced a positive reaction within the business and highlighted what they can bring to the firm.
How have FI helped in delivering your programme?
FI have helped tremendously in delivering our programme mainly through their continuous support and guidance surrounding the rules and regulations for apprenticeships. They induct all of our students from the outset which clearly outlines the firm’s and training provider’s expectations throughout the programme. In addition, they have designed various workshop days which develop the soft skills of our students. Lastly, they provide constant support to the students with their e-portfolios and hold individual quarterly meetings to ensure the students are on track with their development.
There is a well-known saying ‘Fail to prepare…..prepare to fail’ and this really hits home with me as I think preparation is key to passing your AAT exams. Our courses are specifically designed to keep testing you throughout your studies – with access to course notes, question banks, video lectures, assignments, task banks and mocks – to help build up your confidence in answering different types of questions:
Learn the material using the course notes alongside the video lectures
Work through questions from the question bank at the end of each chapter
Complete an online assignment after every few chapters (3 – 6 per unit depending on length of unit)
Work through the task bank which is set up to help focus your revision.
Complete mock assessments
The task bank is made up of harder questions designed to really test your knowledge and if you get stuck in any areas, that’s the area you need to focus your revision on.
You have 3 mocks to complete in total – 2 from the book and 1 online that you get feedback on from your tutor.
As you can see, this will continuously assess you throughout your studies – after each chapter with the question bank, every 2 or 3 chapters with the assignments, after completing the course notes with the task bank and then the mocks right at the very end.
Throughout the course you watch the online video lectures, alongside your notes, where a tutor talks you through each chapter and highlights key areas for you to focus on.
You also have access to a dedicated tutor by telephone and email who can help if you have any questions.
We are finding that students who utilise all the resources and help available to them, who complete all the assignments and mocks available to them, are more likely to pass their exams than students who don’t submit any work. We have done some research on our level 4 results, and of the students who submitted the tutor marked mock, 89% went on to pass the exam. However, of those students who didn’t submit a mock, the pass rate fell to 47%. There is a clear link between submitting mocks, and passing the exam, so why take chances?
AAT is not an easy qualification to achieve so you must be prepared to put the work in. There will be some units that you find easier than others, but some units you may struggle with.
The structure with First Intuition will really help you to be ready for your exams if you are prepared to utilise everything available. If you are achieving high marks in your mocks, you should be going into your exams full of confidence.
So, instead of preparing to fail, why not do what we do here at First Intuition and prepare to pass.
Education is changing, and the way that students find and absorb knowledge is very different to a decade or two ago.
Students are increasingly ‘multi-modal’, using a variety of different media to learn from; traditional textbooks and notes are still found useful, but often supported with online lectures, interactive assessments and even games
Students don’t want to be delayed waiting for a tutor to answer their question, and like the instant response that online forums can provide
Students expect their resources to be engaging and interactive, allowing them hands-on experience of applying the techniques they are learning
Tom Atkins lives in West Yorkshire and recently completed his AAT level 3 at a college in Batley. Tom’s experiences seem to be increasingly typical of the ‘multi-modal’ support that students turn to, especially on-line:
For my level 3 I studied with a local college on a kind of apprenticeship scheme paid for by work. I was given Kaplan books and my tutor was supposed the visit me every 4 weeks but did not always attend. When I had a query, the tutor told me to watch the free YouTube videos by Gareth John! I feel my real tutor for AAT level 3 was Gareth.
When First Intuition Director Gareth John found out that Tom had been so impressed with his experience that he had signed up to study for his level 4 with First Intuition’s Distance Learning team, he emailed Tom to welcome him to #teamfi. He asked Tom about those YouTube videos he had found so valuable at level 3:
Those little bits on YouTube made things much easier for me with level 3 and are the reason I looked at First Intuition for level 4. I have since recommended them to other people studying as I found them incredibly useful.
The whole team at First Intuition wishes Tom the very best of luck as he works towards completing his AAT qualification.
Here are just a few of the insights shared at the event:
Line managers continue to be the biggest factor affecting engagement
Accountancy firms continue to face challenges in establishing engagement with the skills and behaviours elements of the apprenticeship; particularly where an existing professional qualification programme has been converted to an apprenticeship. Employers agreed that such resistance is transitory in nature and a natural consequence of implementing such a fundamental change. Line managers in particular are a critical group and their support in encouraging apprentices to recognise and evidence new learning is fundamental to the success of any programme.
Those training apprentices in industry faced less of a challenge in this area. Employers who have embedded the skills and behaviours within their performance management and appraisal structures have seen enhanced engagement of apprentices and line managers.
The importance of careful ‘gateway’ planning
The purpose of the ‘gateway’ review in agreeing that an apprentice is ready to proceed onto the End Point Assessment is not yet widely understood by employers, who will be looking to training providers to help plan the gateway review process effectively and provide detailed guidance. The timing of the gateway point impacts on the proportion of 20% off the job training required within the apprenticeship; therefore associated impacts must be carefully considered when planning out a programme.
Changes to the Level 4 funding band
The reduction of the Level 4 Professional Accounting / Tax Technician funding band from £9000 to £8000 is expected to take effect from Spring 2019 – employers with Level 4 January intakes are encouraged to sign up apprentices on these programmes as early as possible in the new year. Both employers and training providers recognise that there is a conflict between the reduction of funding caps and the drive from Ofsted to increase quality.
Employers are seeking simplification of the sign up process
The need for evidence of prior learning, eligibility checks and a commitment from both the employer and the learner to the apprenticeship requirements has resulted in protracted sign up processes which were not previously required under professional qualification only routes.
Employers who ‘front-load’ much of this evidence gathering at the recruitment stage have found that the administrative burden is eased somewhat and duplication in obtaining this information for the training provider can be avoided.
Particular frustration was expressed around the inconsistency of the requirement for evidence of functional skills attainment in English and Maths where students already hold a degree which is well above GCSE level, which can undermine engagement from apprentices on higher level programmes.
What does the future hold?
Future evolution of the accountancy standards is expected to recognise the growing need for technology and innovative skills for future accounting professionals. The introduction of ‘T-Level’ standards from 2021 could present another change in the approach to accountancy training. A consultation process is taking place with employers over the coming weeks on the implementation of these standards, immediately focussing on Education and Childcare, Construction and Digital standards with further consultations expected for accountancy T-Levels.
Martin Taylor, Chairman at First Intuition, said of the event: “Great to see so many of the FI client community at our breakfast event this week. The huge topic of accountancy apprenticeships cannot be covered off in 90 minutes but the sense that ‘everyone was in it together’ and that the Co-Chair of the Trailblazer group was able to hear from a wider group of employers was welcomed by everyone. I am looking forward to hosting more of these events in 2019”.
Do you agree with the points raised by the group, or do you have a different view? What topics would you like to see us covering at future insight events? We’d love to hear from you – get in touch.
As a former life guard and the current captain of Cambridge United Ladies football team she is typical of the range of interests, talent and drive that modern apprentices are displaying. After taking GCSE’s and A-levels Becca decided that University wasn’t the best choice for her but that the AAT qualification was the natural training route into a career in accountancy, so she applied for a job as a Finance Apprentice. This is a decision she has never regretted.
Becca now works as an accounts junior for Streets Chartered Accountants, a medium-sized accounting practice. She has already completed AAT levels 2 and 3 and is well on the way to finishing level 4. Her apprenticeship has allowed her to get involved in a wide-range of work, including accounts preparation, VAT returns, corporation tax and audit. This range of work has allowed her to put into practice what she has been studying as part of her AAT Level 4 qualification.
Crystal Haygreen, one of Becca’s tutors at First Intuition, spotted the potential that Becca had from their first class together.
‘Becca stood out to me from the first day of the business skills workshops. She was keen and worked really hard. Within just a single day she had prepared a fantastic presentation and delivered it to me with great confidence. She maintained her enthusiasm and drive throughout the course, putting in extra time and effort to progress through her qualification. Her attitude was always hugely positive. She didn’t see any of her studies as a chore and when the units became more challenging she stepped up her game to make sure she continued to deliver great work.”
Becca’s training manager, Linda Lord, highlights that Becca is not only a good student, but also a great employee. “Becca is a pleasure to employ. She has an excellent work ethic, always willing to assist her colleagues and her clients. She regularly goes out to clients premises to help them with their accounting processes.”
Becca is also a great team player and is always willing to help out in tasks outside of her own role. This was shown by her help during a recent office relocation. Becca’s organisational skills and methodical approach to working was very much appreciated when organising and assisting in the move.
Becca’s sporting ability has also been noted as she is the secret weapon on the Streets football team where her male colleagues struggle to keep up with her. Becca is also instrumental in organising other sporting and networking events for her colleagues at Streets.
Mark Farrar, Chief Executive of the AAT, was lucky enough to sit next to Becca at the Awards Dinner and could understand why she had received such recognition.
“Becca is a very capable individual who is clear about what she wants to achieve and the next steps she intends to take in order to turn that ambition into reality. I have no doubt her confidence and articulate manner will stand her in good stead for the future. She is a great example of how an apprenticeship can enable individuals and organisations to achieve their potential.”
Gareth John, a Director at First Intuition, asked Becca a few questions about the incredible start she has made to her accountant career.
Why did you decide not to go to University? University really didn’t appeal to me. I didn’t see the point in racking up debt unnecessarily and I was keen to start earning pennies right away, but at the same time I didn’t want to go into a ‘dead-end’ job.
What first attracted you to a career in accountancy?
Truthfully, I fell into it. I have always loved playing sport and worked part time as a coach and a lifeguard while studying for my A levels but didn’t feel it was the right career path for me to take. I was keen to try something different – in an office environment – and I was lucky enough to get the first job I applied for as a finance apprentice for a property investment company. From day one I knew I’d made the right decision.
Why did you decide to follow an apprenticeship programme?
It was a way of improving my skills to further my career.
What benefits do you get out of studying as an apprentice?
As cheesy as it sounds – I’m earning whilst I’m learning! Studying as an apprentice means I can attend college on day release and am also allowed the time off to sit my exams. As well as my AAT qualifications I have gained a business diploma through studying the apprenticeship programme at First Intuition.
What’s it like studying with First Intuition?
The support network at First Intuition is amazing. The class sizes are small allowing the tutor plenty of time with each student and I always look forward to attending my classes. I have found a new thirst for knowledge which went missing for a while during my A levels! I’ve met lots of other students who are studying the same qualification but come from different workplace environments, and being with them helps my understanding of the syllabus.
How are your course tutors?
The course tutors are fab! They are really approachable and willing to help – always happy to explain things in greater detail. I’ve been known to email them at weekends panicking about exams and received a reassuring response!
And do you find the course material useful?
The course material is great; it’s regularly updated and easy to follow. It’s also broken down in to ‘bite size’ revision chunks!
Do you have any advice for other students about how to ensure that they succeed in their studies?
Be super-organised and plan your time. It’s easy to go off track but if you can stick to a schedule you’ll be sure to cover all topics particularly through revision periods in the lead up to exams. The more work you put in, the better the outcome!
Although studying to better my career prospects takes priority, I do believe that down time is also important. By sticking to my study plan it ensures I have time to play football and socialise with my friends.
Looking back, are you happy with the way you have started your finance career?
If anything, I wish I had discovered AAT earlier. It’s difficult to know what you are going to enjoy as a career until you try it, but if I’d known at 16 what I know now I would’ve started my AAT sooner.
So you would recommend an apprenticeship as a route for other students?
Definitely!
How has studying AAT impacted on your life so far?
AAT isn’t just the qualification, I have also gained many professional skills and a great deal of business knowledge through meeting peers from different industries. Being able to implement the skills from my AAT studies directly in my day-to-day role in the work place has allowed me to appreciate first-hand how relevant the qualification is.
Do you have plans for after you finish AAT level 4?
I plan to go on to study for the ACCA qualification starting this Summer.
So, Jodie, tell us a little bit about you and what you were doing before you started studying at First Intuition?
I’m from Colchester; I’ve lived here nearly all my life. I have a degree in Film Studies but found it difficult to gain a job in the industry. After my degree I went travelling for 7 months and when I got home I needed to get a job as soon as possible, so applied for retail work. A year later I realised that working in retail was supposed to be a short-term thing and I needed to figure out what I wanted to do. I wanted an administrative role with the prospect of creating and gaining a career. I now work for Milbank Concrete Products Limited as an Assistant Accountant in their accounts department and they provided me with an apprentice scheme to study AAT at F.I.
But why accountancy and what inspired you to keep going with your studies?
I have a friend who currently studies with F.I. she is doing an ACCA course and explained the kind of work she does and the potential career she could gain from her studies. I have always liked the idea working with numbers as there can only be a right or wrong answer, a piece of art one person may see as worthless, but another sees as priceless, whereas 2 + 2 = 4 in all countries. I originally looked into self-funding my AAT course, but my friend advised me that a lot of companies are happy to either fund the course themselves or use the government apprenticeship scheme, so I was lucky enough to find a company that would do that for me.
How did you find your studies and were there any highlights for you?
I’m still studying now, so I’m sure there will be many more aspects I enjoy but a highlight for me has been the Indirect Tax module and the Management Accounting Cost module because for me this best relates to my current work role and I can see the relation between study and work. I think the tutors at F.I have really made a difference to my study they are so friendly and approachable and some of them are actively working within accountancy, relating the theory back to real life work examples. I also think that the online support from staff has been brilliant, along with the different programmes and online lessons which have made a massive impact on my revision and exam results.
Was there anything you found particularly hard or any challenges you had to overcome?
I have found it hard getting back into the discipline of studying and revising at home. It’s been a long time since I was a student but with the course dates set out for you and the two-week period provided for the revision and taking the actual exam, I’ve found that has helped channel my time keeping. I have found the skills days enjoyable but a lot of the skills covered, I have already had experience in. I understand that F.I. have to cater to everyone on the course , either through college, university or work, so it was still good to go over them again.
I also have dyslexia with spelling and reading, F.I. have been incredible at supplying the support and help I need to overcome some of the difficulties that arise with dyslexia.
Have you got any advice for anyone thinking of starting accountancy studies?
F.I. is a brilliant facility, with amazing staff and system support. My advice would be to follow the tutor’s advice and recommended timescale. I think this has been the key to my success so far, I have passed all of my exams due to the preparation I have made. Also, don’t be afraid if you’re not quite sure what aspect of accountancy you would like to have a career in, F.I. accommodate for this and give you an understanding of various job roles you could potentially apply for.
It is really important to follow the tutor’s advice, when they recommend doing some revision, do it. If they say you need to put in some extra time, make the time. Otherwise things can easily become over whelming. It is essential to your success that you take on board the advice given and manage your time well at college, work and home. If you do this, I think you will find the course just as enjoyable and achievable as I have…. take control of your education and your future career in accountancy!
So, what does the future have in store for you?
I’m looking to stay in Management Accounting as this is will allow me to work for many different companies. My plan is to finish Level 3 AAT, then complete Level 4 AAT, which will give me a qualification in accountancy. Once I have this, I will then have the option to take my ACCA and skip the first three modules, because I have obtained AAT Level 3 and 4.
At First Intuition, we not only offer our students the chance to study to become a fully qualified Accountant, we also offer many people the opportunity to learn whilst they are working. Many of our students already work in industry and some receive help from their employees whilst other fund their own courses. Those that have their employers backing may get time off from work, as well as getting their course paid for and whilst sometimes this is an informal arrangement, there is now a more structured way of doing this and it’s called an apprenticeship. As an apprentice, you get ‘on the job’ training, as well as formal study which accounts for at least 20% of your time.
Moore Stephens’ in-house training and support for employees combined with First Intuition’s high-quality accountancy tuition won ‘Best Training Provider’ as a joint award. We were thrilled to have received the award and believe it was all down to working closely with Moore Stephens and taking steps to align the tuition experience with the work environment.
We asked Elizabeth Stacey, Learning and Development Manager at Moore Stephens, what she thought was the key to the successful partnership.
How does FI work with Moore Stephens on their apprenticeship programmes and how satisfied are you with this process?
First Intuition have worked closely with us to introduce our apprenticeship programme. They share insight and knowledge about the apprenticeship funding rules and best practice, which has enabled us to introduce our programme successfully, with clear communications and great engagement from the business and our apprentices.
How happy are your students on this programme?
Our apprentices are really happy with the support and training they receive – demonstrated by the joint win by Moore Stephens and First Intuition in the 2018 School Leaver Awards for ‘Best Training Provider’. The award was a result of feedback and voting by the apprentices themselves which confirms the programme is making a positive impact.
At First Intuition, the apprentices have a dedicated skills coach and they meet regularly to review progress. The coach is available to answer any queries and offer support on any aspect of the apprenticeship along the way. Our students are always excited to attend college as they feel it is a relaxed and inclusive environment where they can really learn and challenge themselves to achieve their goals.
How happy is Moore Stephens with the service?
It’s so helpful to have dedicated points of contact for our apprenticeship programmes. This enables us to build great relationships with our key contacts at First Intuition and they are able to really get to know us as a firm and tailor their service to us accordingly which is great!
Phil, can you explain what appeals to you about taking on apprentices?
I like taking on apprentices because the candidates already have an interest in business and finance and have a willingness to learn. Often the GCSE’s and A Levels they have studied direct them down this path.
What do your apprentices add to your business?
I find that the apprentices on my team bring a keenness to learn to the business. Working with them gives me an opportunity, and a reason, to step back and ask why we do certain things in a certain way and to question if there is a better way.
How do you see your apprentices progress during their apprenticeship?
As the apprentices’ progress through their course, their knowledge increases and what they have learned can be translated into the work place.This means that the level of work they can be exposed to increases which is good for me as well as them.
That all sounds very positive. If I can now turn to you George, what do you feel that you are getting out of your apprenticeship?
The best part of doing my apprenticeship is the support received not only in the classroom but also in the workplace. This enables me to constantly progress my knowledge.
That’s great to hear. What led you to doing your qualification as an apprentice?
I knew that training as an apprentice would give me the opportunity to learn while gaining valuable work experience. The main benefit of working as an apprentice is that I am able to use the skills learnt in the classroom immediately in the workplace.
We hear that a lot! You attend our classroom courses for your AAT studies, what do you like about studying in a classroom?
The best thing about the classroom courses is their relaxed and interactive nature. This means that any issues or problems that arise with my understanding can be dealt with quickly.
How do you find the tutor team at First Intuition?
My tutors at First Intuition are always supportive, extremely knowledgeable and available to answer any questions.
Are there any other aspects of your time at First Intuition that you like?
I like the way the studies at First Intuition are structured and the way it is presented by the tutors. It is a huge improvement on the learning environment I experienced studying Level 2 at another college.
Finally, George, what plans do you have for the next few years?
In the short term, I am concentrating on completing my AAT qualification and my employment requirements at Bidwells. Looking further into the future I expect to progress my studies in accountancy by studying for a further qualification.
That sounds like an excellent plan, George. Your AAT studies will give you a great platform to move onto whichever of the chartered accountancy qualifications you think will best suit your career ambitions.
And back to you Phil, do you plan to continue bringing apprentices into the business?
Yes, I do expect that we will continue to recruit apprentices primarily because of their enthusiasm. The support and learning they receive while undertaking their study courses, mirrors the support and exposure they get in the work place, for everyone’s benefit.
How do you find the support that First Intuition provides?
From an employer’s point of view, I value the support that both myself and my apprentices receive from First Intuition. It is relevant, informative and timely. If there are any issues, these are addressed swiftly and I also like the fact that successful progress by my staff is highlighted just as quickly.
Are there any aspects of the service delivered by First Intuition that you particularly value?
I appreciate the progress reports that I receive from First Intuition, which include tutors’ comments on my trainees’ attendance, understanding and progression. From the detail in the comments you really feel that the tutors have taken a keen interest in each individual student.
Does this mean that we can ask you to recommend us to other employers?
Yes, I would recommend First Intuition to other employers, primarily because of the support received by not only my apprentices, but also by myself, in understanding my team’s progression.
In a nutshell, what do you like about working with First Intuition?
Ultimately the things I like the most about First Intuition are their professional but relaxed approach, the informative progress meetings and reports I get, and the enjoyment they bring to the courses studied by my apprentices.
That’s great to hear Phil. We are really glad that our hard work is appreciated!
The main reasons given for employers reliance on graduates are:
Increased maturity and life skills
Recruiting relevant degree experience
Graduates have made more considered decisions on their career choice
Developed strong problem solving skills
But with many employers now increasing the volume of school leavers at the expense of graduate roles that they are recruiting there must be a reason for this:
The university “value add” is not always demonstrable
Graduates expect a higher level of work from the outset which firms cannot always accommodate
Higher salary costs and expectations associated with graduates
There are some commonly held views about the advantages for employers to recruit school leavers:
1. Quick to learn
2. Enthusiastic
3. Loyal
4. You can “imprint your brand” on them
5. Reduced training and recruitment costs
6. You can watch their development
7. They can adapt to your future business needs
However not every employer is moving to school leaver roles, so there must be concerns around school leaver recruitment in these business and professional environments:
1. Demand more line manager time
2. At an earlier stage of development in maturity and life skills than traditional graduate recruits
3. Less developed complex problem solving skills, compared to graduates
4. Less to go on at interview
Read some case studies of employers that took on this challenge:
Lisa now works for Titan Airways, a charter airline, based at Stansted airport. She loves the variety of her role and that it’s within the travel industry, as this is a real passion of hers. She’ll often trawl through Skyscanner for inspiration and finds herself heading off to some weird and wonderful destinations for her holidays. We caught up with Lisa to find out how she’s getting on in her role and life post studying. So, Lisa, how did you get started in accountancy?
Working in accountancy wasn’t exactly planned for me. I’d taken a six-week temporary job with Titan after leaving college and within a few weeks was offered a permanent role. I’ve never looked back since and have been with the company for over ten years now. I started out as an Accounts Clerk and have been involved in so many different aspects of finance, which is great experience. After three years in the role, I started AAT at F.I. Cambridge and completed my level three and four. As I work in industry, I felt that the best qualification for me, going forward, was CIMA as it suited what I was doing professionally.
How did you find your studies and were there any highlights for you?
I moved to F.I. Chelmsford to study CIMA and had just completed my Operational level when the computer exams were introduced. I was really pleased with the studies at F.I. and the flexibility of online exams. I always really benefitted from the revision days at the end of every module, they were always a great recap and way to ask extra questions on anything I was unsure about. I enjoyed the variety CIMA offered and found the E papers most interesting. I’m fascinated by people and motivation, so for me these papers were the ones I enjoyed studying the most.
Was there anything you found particularly hard or any challenges you had to overcome?
In my experience, the hardest part was failing an exam. After studying so hard, it’s really disappointing if you don’t get the result you’re after. The computer-based exams meant I could resit within a fortnight and when I got the email to say I’d qualified, it proved it was worth all the effort.
Have you got any advice for anyone thinking of starting accountancy studies?
Balancing work, home life and studying takes real dedication and means making some sacrifices. My advice would be to stick with it and try your hardest; it will be worth it in the end. After five years of studying, alongside work, I’ve now taken a break. Although I have to admit, I do miss it slightly. I would really recommend F.I. to others, the support and class material they offer is excellent. The tutors are really approachable and care about your results. I am now seeing my colleagues studying AAT with F.I. Chelmsford and they’re flying through their exams.
So, what does the future have in store for you?
I always hate answering these types of questions, but I’d say for now, I’m really happy in my current role and the development that’s possible within it. I’m not ruling out any future studies, as I don’t think you can ever learn too much. Although maybe next time, I’ll study something just for fun.
What is your job title and which company do you work for?
I’m an Assistant Accountant at De Soutter Medical LTD – a medical company that develops and manufactures medical power tools.
Which exam did you take in September?
Strategic Business Reporting (SBR)
What was your approach to studying?
Reading through every part of the notes, writing out any particularly difficult sections in my own words, answering every question in my question bank (and going back to ones that I did not score well on at a later date) and always completing a mock exam to be marked by the tutor. I was given invaluable advice regarding my SBR mock – that it is not enough to do your calculations correctly if you haven’t explained why you have done them!
What was the most important factor that lead to you becoming an ACCA Prize Winner?
Hard work and dedication. There is no shortcut!
Did you have support from your employer?
Yes, I had financial support and a great deal of moral support, particularly from my manager, Clare.
What made you choose FI?
The quality of the course materials is a major factor. I have purchased materials from other learning providers in the past and have found that they include so much information that it is impossible to retain it all and their example questions are not as well explained. Additionally, every tutor that I have had has been extremely knowledgeable and helpful – answering questions clearly and thoroughly. The free coffee also helps!
If you had one piece of advice for future students that are aiming to be prize winner, or just pass their exams, what would it be?
Question practice is essential. It Is not enough to just learn the course notes.
The team at FI are very proud of Rachel’s success and wish her the best with her future and career!
If you want the best chance of passing your next ACCA exam, book a course with First Intuition.
I was asked to sit on a panel considering the future of vocational education and the evolving learning landscape, joining Mark Dawe, CEO of the Association of Employment and Learning Providers, Mark Mckenna, MD of Mindful Education, Rachael Johnstone, Section Head of Business & Professional courses at South Devon College and Adrian Fantham, CFO at Babington Group.
I was eager to hear the thoughts of such a diverse group of education professionals.
Steven Drew, Head of Markets and Products at the AAT, was our compere and asked some very challenging questions, which I give some of my thoughts on below.
How are apprenticeships shaping the educational landscape?
I feel quite strongly that the new apprenticeship standards are far more fit-for-purpose than the old frameworks. In the past many employers saw apprenticeships as little more than a way to reduce the cost of training new staff, whereas nowadays there has been a real mindset shift to viewing an apprenticeship programme as a valuable way of developing important non-technical skills in those individuals who may well go on to lead the organisation later in their career.
When I trained and qualified as an accountant twenty-odd years ago, the main priority of students, employers, and even the examining bodies, was technical competence. The syllabus knowledge required to pass various tough exams was paramount and there was only token attention paid to anything more ‘woolly’ (perhaps half a day a year at a country house finding out whether you had a red, blue or green personality).
When I look back at my own career it is clear to me that my position today hasn’t been particularly influenced by my ability to perform a bank rec or to consolidate a set of group accounts. Far more important have been the soft skills such as communication, teamworking, critical thinking, problem solving, decision making, negotiation and leadership.
In fact, I am coming to hate the term ‘soft skills’. It’s like ‘soft drink’ or ‘soft launch’. Like they aren’t the real, important skills. It seems so dismissive of these skills that I strongly believe dictate the direction and distance of a career.
I had to learn these skills for myself through a lot of trial and error, and I learned them very late in my career. To see some of our young apprentices being exposed to these ideas and techniques at the start of their careers, and in such a structured, reflective way is absolutely fantastic.
I think that university graduates these days have a real job on their hands to compete with some of the ambitious, highly skilled apprentices that are now emerging from some of the level 3 and 4 programmes.
One additional thought that many of the panel shared was that the word ‘apprentice’ carried a lot of baggage, and that the perception in the minds of many employers and parents is that an apprenticeship is a last resort for those who were not very academic at school. This couldn’t be further from the truth in the modern accountancy and finance sector. I know from my own experience at First Intuition how many extremely capable school leavers we see starting their careers through the apprenticeship route, making a deliberate choice to avoid the cost and debt of a university degree, preferring to get on-the-job work experience and practical qualifications.
What will vocational qualifications look like in 10-15 years time?
This was a long time horizon for Steven to ask us about. With the pace of change that we are seeing it is likely that the technologies that will be common-place a decade from now don’t even exist today, so it’s hard to paint a realistic picture of what education and training might look like.
In content terms, I would expect that there will be an even greater emphasis on soft skills (there’s that dreaded term again!). Perhaps it will flip the current model and we might see several weeks a year of leadership training with only a handful of days of technical training.
Digital skills will clearly be integral to virtually all qualifications, with the typical studier being already very familiar with these from their previous education.
Looking beyond content, I would like vocational qualifications to be bigger; bigger in terms of volumes of studiers, bigger in terms of credibility with employers, bigger in terms of the way schools encourage their brighter pupils to consider this route into the workplace. I think that this country has a charming, but rather out-dated, preoccupation with academic qualifications over technical ones. The fact that around 70% of youngsters say that they are planning to go to university whilst only 30% of job roles are forecast to require a degree helps explain why three-quarters of graduates are not expected to earn enough to repay their student debt.
In contrast I have seen school leavers come through the apprenticeship pathway, gaining two globally-recognised accountancy qualifications (AAT and then ACCA or ICAEW), managing their own teams at work and even owning their first house, all at an age when graduates are still in their 12 months at work.
A case study of one such apprentice who has used her apprenticeship programme to ‘turbo-charge’ her prospects can be found here.
How do the learning styles of Generation Z students differ from more mature learners?
Generation Z (those born from the mid-1990’s to the mid-2000’s) tend to be digital natives and this has affected their approach to learning in a few important ways:
They expect learning to be more personalised in terms of pace, difficulty and the media it is delivered through. Adaptive software based on Artificial Intelligence that uses data on student progress to tailor follow-on content is becoming more commonplace.
They are ‘multi-modal’ and like to experience a variety of learning channels, switching rapidly between platforms that give them access to wider and deeper sources of knowledge than ever before, both in the classroom and increasingly at home.
They are visual and hands-on so videos and practical exercises tend to engage them more than traditional lecturing styles. The lines between education and entertainment are being blurred; I found one of my children learning Latin Vocabulary from a hip-hop style video recently.
They expect instant resolution of issues and questions, making responsiveness a critical ingredient in successful delivery and happy students.
How is technology changing the role of the tutor?
I think a lot of tutors have already accepted that many of their students are far better with technology than they are (my default reaction to any problem with my tablet or smart phone is to hand it to my 9-year old daughter to sort out). The good news is that much of the material being absorbed hasn’t changed dramatically, but tutors need to focus more on ‘process’ and less on ‘content’.
Technology gives studiers access to huge amounts of information, arguably too much. Information overload can lead to situations when students turn up for class already well-versed in the subject matter to be studied, but seemingly unable to apply it. They lack the critical thinking ability so necessary to a successful professional career.
Tutors are no longer the ‘source of knowledge’ for their classes, but are increasingly more someone who can help their students to make sense of this data, to focus on what is important, to question how valid it is, and to apply it to real-world situations. I increasingly see the tutor as a tour-guide who signposts how the students use all that knowledge that is at their finger-tips.
I increasingly see the tutor as a tour-guide, signposting their learners to the most valuable content from that sea of information that is at their fingertips and helping them apply critical thought in making the best use of that content.
As you can see there was a lot of ground covered in an hour, and it’s safe to say that the future isn’t going to be dull.
AAT
The AAT is the UK’s leading Accountancy body offering entry level qualifications. The AAT is open to all, regardless of age or experience there is a place that anyone can start their accountancy studies with the AAT.
We have created a short video that outlines all the key information you need to know about the structure of the AAT modules, exams and awards.
Our AAT level checker will give you guidance on the right level of the AAT Accounting Qualification to start at. Once completed one of our experienced tutors will mark your tasks and send you some feedback as well as guidance on which level would be best to start your AAT studies.
ACCA has a worldwide reputation for excellence and their rigorous qualifications are recognised and respected across the globe. When you join the ACCA, you become part of a diverse body of more than 240,000 members and 541,000 students in 179 countries.
We have created a short video that outlines all the key information you need to know about the structure of the ACCA modules, exams and awards.
CIMA is a market leading business qualification recognised around the world. FI offer a range of courses, online and classroom, all supported by high quality materials, experienced tutors and friendly service teams.
We have created a short video that outlines all the key information you need to know about the structure of the CIMA modules, exams and awards.
ICAEW is a world leading professional membership organisation that promotes, develops and supports chartered accountants and students worldwide. ICAEW offers qualifications that cover a range of specialist areas across accountancy, finance and business, which will help you develop and enhance your career.
We have created a short video that outlines all the key information you need to know about the structure of the ICAEW modules, exams and awards.
CIMA (Chartered Institute of Management Accountants) is the awarding body, and CGMA (Chartered Global Management Accountant) is the name of the qualification, as well as the designation you will earn on completion of your qualification. There are various routes to obtain your CGMA qualification and we can help guide you as to the best one for you.
Understanding the Forgetting Curve
In this podcast episode, our hosts David and Ben are joined by Javed Bobat and Andy Buncall. 
Deciding on a career path can be difficult. How do you know if you’d be good at a role or enjoy it if you haven’t experienced it? Nothing can replace the valuable insight you can gain through work experience or at an event like our 
Accountancy is an industry that has changed a great deal in recent years. The advent of technology means that a broader range of skills are now important. Being numerical and not afraid of figures is helpful. However, students who take subjects requiring research and analysis can also become excellent modern-day accountants.
becoming an accountant is a potential career path for you, let’s look at what you could do next.
Summer School has encouraged me to do accountancy, as a result I now like the idea of partaking in university at the same time as a job (apprenticeship) which I didn’t know I could do.’
We are delighted that our Accountancy Summer School will be taking place in 2024. If you would like to register your interest, please contact stweed@fi.co.uk
“I highly recommend First Intuition in Reading as a training provider. They took time to understand our requirements 
Alistair Higson, Financial Controller at British Airways, a long-term client of FI Ltd commented:
On the face of it, Danny Sutton seemed like an unlikely future accountant. Danny, from Braintree in Essex, left school at 17 after deciding that he wasn’t enjoying his A ‘levels. He was generally deemed a joker and made online headlines in a 
By his own admission, Noah Davis did not fare well at school and left as soon as the opportunity arose. He originally completed a 3-year diploma in vehicle accident repair and began working as a self-employed vehicle repairer. In 2013, he changed direction and began working for a bespoke cabinet maker in Essex. At this time, Noah realised that both the roles he’d undertaken after school included working with numbers. Working out paint ratios and cabinet dimensions were parts of the roles that felt natural to him and as he reflected, it dawned on him that he’s always had a flair for numbers. This talent had just not had the opportunity to shine whilst he was at school.
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Exercise
Speaking on behalf of First Intuition Manchester, Andy Booth, Managing Director, said:
“We were extremely impressed with the quality of the presentations as were all our ‘dragons’. We really put the learners through their paces, with some tough questions. This is difficult enough for experienced businesspeople but even more so for our attendees, especially as they’d been well and truly put on the spot and handled it so well.” 
“The academy was lovely and extremely helpful and gave me good insight for what employers are looking for in applicants.”
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Firstly I would stress that you do not need to be brilliant at maths to be an accountant. These days computers and software packages do most of the ‘number crunching’. This means you just need to be able to add up and multiply on a calculator.
Apprenticeships are an excellent way to start at all levels. Recent changes to the rules for apprenticeships have meant that larger numbers of both school leavers and graduates are studying under apprenticeship programmes. Apprenticeships help trainees to develop a wider range of important career skills in addition to the technical knowledge to be an accountant.
Andy Booth, iCount partner, said:
Every year we host our Accountancy Summer School which is designed to help young people decide if a career in accountancy is suited to them.
In the early days of the COVID-19 pandemic, we realised that many of our students were in the unfortunate position of being ready to sit an assessment but not being able to physically do so due to lockdown restrictions. In order to help maintain and consolidate knowledge, we launched a programme of free revision sessions. To begin with, this was aimed at our own FI students but with so many external students in the same position, we extended our offer to anyone studying AAT. These sessions have continued and cover every level of AAT. We are currently running eight sessions per week with modules being rotated on a regular basis. Each session lasts between 45 mins and an hour and covers an exam question in detail. Recordings of a selection of sessions are available on our 
“The distance learning tutors are amazing and so supportive, nothing is ever too much trouble. They always respond really quickly to queries so you always have someone to turn to if you are struggling. You also have the pre-recorded lectures so you don’t need to worry if you can’t make a class. This makes First Intuition so brilliant, you have the course materials available to you in so many ways. Including printed course notes, pre-recorded lectures that you can access anytime, and live classes.”
“We were absolutely overjoyed to just be shortlisted, but to come away winning the award for Online College of Year is just amazing. Moreover, for FI to be selected as the top online college out of all the providers and accountancy qualifications, is mind-blowing!
The teams quickly got to know each other and produced some interesting towers. Ian measured the winner but the main benefit of this exercise was that everyone got to know one another and felt more comfortable being in a team with people they’d only just met.
A head for figures
How First Intuition can help
Ian Thoroughgood is an experienced Accountancy Tutor, who has worked in both practice and the education sector. Ian recently presented a workshop on Presentation Skills to a group of First Intuition and ICAEW students.
The teams quickly got to know each other and produced some interesting towers. Ben timed the winner but the main benefit of this exercise was that everyone got to know one another and felt more comfortable being in a team with people they’d only just met.
A HEAD FOR FIGURES
We were delighted to invite some of our local employers, Julian Day, Director at 
