Practical Experience Requirement (PER) for ACCA Qualification in Zimbabwe

WHAT IS PRACTICAL EXPERIENCE REQUIREMENT IN ACCA  IN ZIMBABWE?

The qualification of ACCA (Association of Chartered Certified Accountants) requires practical experience along with academic exams. To succeed in acquiring ACCA qualification students are obliged to gain practical experience as well as academic clarity. This practice enables ACCA graduates to apply their theoretical strategies in the professional world making them capable of starting their career in Accounting and Finance. Zimbabwean students should have a clear picture of practical experience (PER) for ACCA qualification, in order to succeed and acquire membership of ACCA. 

KEY INSIGHTS INTO THE PRACTICAL EXPERIENCE (PER) FOR ACCA STUDENTS IN ZIMBABWE:

OVERVIEW:

The process of practical experience (PER) for ACCA includes the completion of a specified amount of work experience in a relative field. This work experience of the students of ACCA must be recorded and signed off by a senior ACCA member, mentor, or equivalent. In the given work experience the students are required to display their proficient skills both technical and ethical in the areas of finance, accounting, and business management. The aspirants of ACCA need to apply their academic knowledge in real-world or practical situations. This practice enables them to go directly into a career in accounting and finance.

DURATION FOR PRACTICAL EXPERIENCE (PER) FOR ACCA:

Students are required to have related work experience of about 3 years, however, this duration doesn’t have to be continuous which means the students can switch workplaces, jobs, or placements during this period. Students may head up their work experience at any point after completion of their first ACCA exam which is APPLIED KNOWLEDGE, they are advised to complete their practical experience (PER) before completing their ACCA qualification in Zimbabwe.

TYPES OF ROLES AND RELEVANT PRACTICAL EXPERIENCE (PER) FOR ACCA:

The work experience must be related to the skills and knowledge gained in ACCA qualification, the roles included in this experience should be from areas like accounting, financial management, auditing, taxation and business management, etc. Zimbabwean students can gain experience by working in internal audit departments, accounting firms, tax consulting, financial analysis, and other accounting and finance roles in both public and private sectors. Students can also gain work experience through non-traditional accounting roles if they meet the skills and competencies framework of ACCA.

KEY COMPETENCIES REQUIRED IN PRACTICAL EXPERIENCE (PER) FOR ACCA:

• Students should have technical skills for performing tasks such as preparing financial statements, interpreting financial data, budgeting, and applying accounting standards.
• Aspirants should demonstrate ethical and professional skills, they should have a good understanding of ethical principles of accounting, good professional conduct, and integrity. 
• Business and leadership skills are also important, helping in tasks like team collaboration, business planning, communication skills, and efficient decision-making.
• If working in auditing, the student must demonstrate good audit skills by understanding audit methodologies, risk assessment, and compliance procedures.

RECORDING AND REPORTING THE PRACTICAL EXPERIENCE (PER) FOR ACCA:

Students can track their PER by completing an online record through the website or app of ACCA. While inserting the information the students should describe each and every experience and task very clearly with evidence of the relevant skills and competencies displayed. The work experience must be signed off by the mentor, ACCA member, or someone equivalent. ACCA global may ask for confirmation regarding the validation of your work experience and if it meets the required criteria of ACCA. Hence, it is crucial to keep track of every achievement and task.

BENEFITS OF COMPLETING PRACTICAL EXPERIENCE (PER) FOR ACCA: 

First and foremost it is crucial to complete practical experience (PER) for ACCA to become a fully qualified ACCA member. After completing (PER) an individual becomes eligible to apply for ACCA membership and is acknowledged as a Chartered Certified Accountant. There are various benefits of becoming a fully qualified ACCA member such as higher earning prospects, better jobs, increased professional integrity, etc. By completing (PER) in a well-structured professional environment Zimbabwean students can build better professional networks which might help them in their career development.

CONCLUSION:

It is essential for Zimbabwean students to complete practical experience (PER) for ACCA to become a fully qualified ACCA member or accountant. This practical experience not only enables students to have a successful career in accounting but also helps them follow the strict accounting standards of ACCA enabling them to put their academic knowledge in the practical world. Students can work in accounting, auditing, finance, or business management sectors to complete the required work experience. However, students are allowed to switch jobs, workplaces, and roles during the period. Students can use digital resources and mentorships to navigate the obstacles and meet the requirements of PER. 

FREQUENTLY ASKED QUESTIONS REGARDING PRACTICAL EXPERIENCE (PER) FOR ACCA:

Q1: what type of work experience is included in the PER? 

Any work experience that is related to auditing, finance, tax, accounting, or business management is eligible. The examples of roles included are: budget manager, tax consultant, financial analyst, auditor, etc. 

Q2: How long does it take to complete PER?

The duration required to complete practical experience (PER) for ACCA is 3 years (36 months). Students can complete this period at any time after their first ACCA exam (applied knowledge exam). The duration doesn’t have to be continuous, students may switch jobs, roles, etc.

Q3: Can I start PER before completing my ACCA exams?

Yes, you don’t have to wait until completing your ACCA qualification. Rather, students are advised to start their PER after completing their first ACCA exams (Applied knowledge exams) and continue studies alongside.

Q4: Why is PER required? What are the consequences of not completing it?

It is essential to complete PER to become a full ACCA member. Without completing PER you can. Not become a full ACCA member or chartered certified Accountant. Hence, in addition to clearing ACCA exams practical experience is essential as well.