The Practical Experience Requirement (PER) is a crucial component of the ACCA (Association of Chartered Certified Accountants) qualification. It ensures that students gain the practical experience and skills necessary to become competent finance professionals.
Here is an overview of the basics, procedures, and importance of the PER in the ACCA qualification:
Basics
Objective:
The PER is designed to develop the technical and professional skills needed for a successful career in accounting and finance.
Duration:
ACCA students must complete 36 months (3 years) of relevant practical experience.
Performance Objectives: Students must achieve nine performance objectives: five essentials and four technical objectives. These objectives align with the skills and knowledge expected of a qualified ACCA member.
Procedures
Finding Relevant Experience:
Students must work in a relevant role within accounting, finance, or a related field.
The experience can be gained in various sectors, including public practice, corporate, financial services, and the public sector.
Completing Performance Objectives:
Essential Objectives: These include demonstrating professionalism, ethical behavior, communication, leadership, and stakeholder relationship management.
Technical Objectives: These vary depending on the student’s role and may include financial reporting, taxation, audit, assurance, financial management, and risk management.
Supervision and Mentorship:
Students must work under a Practical Experience Supervisor (PES), who is a qualified individual in the organization.
The supervisor verifies the completion of performance objectives and provides feedback and support.
Documenting Experience:
Students must record their experience and progress using the ACCA’s online tool, My Experience.
Regular updates and documentation help ensure that all requirements are met over the 36-month period.
Ethics and Professional Skills Module (EPSM):
Completing the EPSM is mandatory and enhances the development of professional skills, including ethics and professionalism.
Importance
Development of Practical Skills:
The PER provides hands-on experience, allowing students to apply theoretical knowledge in real-world situations.
It helps build a comprehensive set of skills, including technical, professional, and ethical competencies.
Ethical and Professional Growth:
The PER emphasizes ethical behaviour and professional standards, preparing students for the challenges of working in finance.
It instils a sense of integrity and responsibility essential for success in the profession.
Career Advancement:
Completing the PER is a significant step toward achieving ACCA membership, which enhances career opportunities and prospects.
The experience gained during the PER is invaluable for advancing into leadership and management roles.
Global Recognition:
The ACCA qualification, including the PER, is globally recognized, allowing students to work in various countries and industries.
It provides flexibility and opens international career opportunities.
Networking Opportunities:
Working with mentors and professionals helps students build a network of contacts that can be beneficial for career development and job opportunities.
In summary, the PER is an integral part of the ACCA qualification, ensuring that students acquire the necessary practical experience and skills to succeed as finance professionals. It combines technical training with ethical and professional development, preparing students for a rewarding career in accounting and finance.
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