Introduction:
ACCA is one of the most updated and unique qualifications in accounting that not only consists of a comprehensive curriculum and modern learning techniques, and has some additional requirements that enable aspirants to develop professional skills. These requirements include ethical and professional modules, integration of international accounting standards and regulatory framework, Continuous professional development, modern technical skills, and the most essential Practical Experience Requirement (PER). PER is the mandatory requirement aspirants need to fulfill; this requirement can not be overlooked, and students are advised not to be ignorant about it. To understand what PER in ACCA is, how to fulfill it, and how it contributes to professional advancements, read the blog ahead.
What is PER in ACCA?
PER stands for Practical Experience Requirement; it is one of the most essential requirements to complete the ACCA qualification in the UK. PER in ACCA is like the second stage of the qualification; the qualification doesn’t focus on academic grounds only rather puts great pressure on gaining work experience alongside. It is mandatory, therefore, without completing PER in this qualification, you can not become a fully qualified member of ACCA. PER requires you to gain at least 36 months of work experience with an ACCA-acknowledged employer and in a role similar to your qualification. This work experience should be recorded properly and signed by a senior ACCA member, then, along with an application, it should be submitted to the ACCA Global. All this experience can be gained along with your studies; this will help you to implement your academic learnings into the professional world and also speed up the process of availing ACCA membership.
Why is PER in ACCA Important?
PER in ACCA holds great value to the aspirants; there are several academic and professional reasons for it. The major reason why students are so cautious about practical work experience is the ACCA membership. To become a full ACCA member, it is vital to complete the work experience and submit it; therefore, students are quite desperate about it. Other than that, PER enables you to build real skills by applying bookish theories in real-world financial scenarios; these skills add value to your professional profile and increase your worth ifn the job market. This attracts more employers as they value individuals who do not have academic success but also supervised and structured experience, as well as practical skills.
Requirements of PER in ACCA:
- Complete 3 years or 36 months of relevant work experience with a reliable employer; this experience could be gained during the qualification or after exams.
- During this practical work experience, make sure you achieve a total of 9 performance objectives, out of which 5 are essential and 4 are technical.
- Make sure you record every experience and professional milestone as evidence to be submitted to ACCA Global.
- Regularly review your performance with the practical experience supervisor to keep track of your achievements.
Professional Roles For PER in ACCA:
While fulfilling the requirements of PER, make sure you are gaining experience in the relevant field. ACCA is a flexible qualification that allows aspirants to work under several professional titles and roles; therefore, while gaining this experience, candidates are allowed to work in numerous roles, but only the experience in roles related to the qualification is considered. Here is the list of roles aspirants can gain experience to fulfill the requirement of PER in ACCA.
- Tax consultant,
- Auditor,
- Financial analyst,
- Financial reporter,
- Budgeting and forecasting,
- Accountant, etc.
Performance Objectives For PER in ACCA:
As mentioned before, to fulfill this requirement, aspirants are supposed to complete 9 performance objectives (5 essentials and 4 technical). These performance objectives are divided into two categories, ‘ESSENTIAL’ and ‘TECHNICAL. Below is the breakdown of both of these categories.
Essential Performance Objectives For PER:
- Stakeholder communication,
- Governance, Risk, and Control,
- Teamwork and Collaboration,
- Ethics and Professionalism,
- Systems and processes.
Technical Performance Objectives For PER in ACCA:
In this, you can choose objectives that align with your professional role and interests; there are ten in total, amongst which you have to choose any four.
- Audit and Assurance,
- Taxation,
- Management accounting,
- Financial reporting,
- Financial management, etc.
How To Track My Performance:
It is essential to keep track of your performance while gaining PER. This helps you tailor your performance according to the requirements of the qualification and enables you to understand your current standing. ACCA Global provides an online system named ‘MyExperience Tool’ on their website where you can insert your job details, record and track your work experience, submit performance objectives for approval, etc.
Why is PER in ACCA Important For Aspirants in the UK?
The major reason is employability, as employers look for ACCA professionals who have completed their PER and have all the expertise or skills required. Especially if you aim to work in audit or financial services in the UK, which are more regulated, you need to complete your work experience first. Apart from that, the career opportunities automatically enhance once you become a fully qualified ACCA member, as it opens the door to many international work opportunities as well.
Conclusion:
PER in ACCA is quite important if you want to accelerate your professional journey and avail career benefits. Aspirants of ACCA are advised to concentrate on completing the PER requirements alongside their studies so that they can accelerate their journey by speeding up the membership process.
Frequently Asked Questions (FAQs)
Q1: Who is a workplace mentor while completing PER in ACCA? And what are his responsibilities?
Ans: Your workplace mentor should be an ACCA member who will assess your work and ensure you follow performance objectives. He will also verify your experience before you submit it to ACCA Global.
Q2: When is the best time to start working on the practical experience requirement?
Ans: It is ideal to start your work experience along with your studies; do not wait to complete your academic requirements first. Rather, start your work experience along with your ACCA journey as a part-time student. This will enable you to apply your theoretical learning in practical scenarios and help you thrive in both aspects.
