Entrepreneurship-a greener pasture for young people

Younger people naturally have a longer lifespan to spare, they have enough time to nature and pursue they passion, goals, and ambitions. The path of entrepreneurship is a “greener” one, it is quite contrary to looking for someone to employ you, and it grants you full control of your career. Through entrepreneurship young people can determine their own success.

Although it is quite tricky for young people to get their foot in their ideal career paths, the widened out financial aid of Small and Medium-sized Enterprises (SME) allows them to action their business ideas.

The global drive for economic recovery has placed a huge focus on supporting SMEs as a vehicle for job creation, economic stability and wealth creation. With globalisation creating internationally dispersed supply chains that benefit from easier and more cost effective logistics, and equally easier and more cost effective communications, ensuring that SMEs make the most of these opportunities is a promising area for policymakers to pursue.

The ACCA Global Forum for SMEs has been considering issues within SMEs for some time, in February 2014, the forum cited supply chain finance as one of the most promising tools for financing small businesses around the world, and noted the potential for further innovation in the sector.

According to SME’s, the main reasons for business failure are often cash flow related. Businesses of different magnitudes all need financial stability to operate sustainably.

Why now?

There has been a significant rise in the funding marketplace, the platform where willing lenders meet willing borrowers to close funding has been significantly active. This is a great opportunity for young people to commence and build their own empires, even in economically critical times.

Notification to Students: Ethics and Professional Skills Module

Dear ACCA Students,

Please note that effective October 31, 2017, ACCA’s current Professional Ethics Module will change to Ethics and Professional Skills Module.

Understanding the new module

The new module will have key significant features that will be different from the current module. Please note the following features of the new module:

  • The duration of the new module will be 20 hours
  • The new module will cost £60
  • You should finish the module before starting the Strategic Professional exams
  • You can start when you are studying any Applied Skills exam
  • You are awarded a certificate upon completion

If you prefer to sit for the current Ethics Module

The duration is about three hours and is taken online. There are no costs associated with the current Module.  It may be taken by any student who has completed F1 to F3.

ACCA encourages you to do so now, don’t procrastinate! Take time off and get the module out of the way! You will be happy that you did. Good luck in your completion of the module and best wishes in your ACCA journey.

For any enquiries on the above, please contact The Education Team  by e-mailing: educationsa@accaglobal.com

 

The gift of quality education in South Africa- ACCA’s active role

June 16 1976, between 3 000 to 10 000 students mobilised by the South African Students Movement’s Action Committee took to the streets of Soweto protesting against the then presiding government’s directives. The main event that triggered this protest was the introduction of the Bantu Education Act in 1953 where the language of Afrikaans was made the primary medium of instruction in schools, this language barrier on its own made it difficult for black scholars to receive and make use of quality education.

Despite the dissatisfaction of The Bantu Education Act, it made it possible for more children residing in Soweto to be in schools. However, the quality of Black Education in comparison to White Education was very inferior. The government spent an average of R644 per white student while spending an average of only R42 on each black student.

Furthermore, the University Education Act 45 of 1959 made it unlawful for black students to attend “white” universities, this racial segregation also meant a lower standard of education offered in the “black” universities. Quality higher education for a long time was not attainable to the majority of South Africans.

In the interim of all this racial segregation, the Accredited Certified Chattered Accountants (ACCA) launched its first branch outside the UK right here in South Africa. In 1920 a total of 2 800 students took their Exams with the ACCA. In 1996, ACCA launched a new syllabus, based on international accounting standards, this launch was at an ideal period for the South African populaces as the restrictive Bantu Education Act had just been diminished in 1994.

The ACCA has been striving to provide quality education that is attainable to people of all races, maximising opportunities for all its students. With regards to this, the ACCA offers to its South African students a BSc (Hons) in Applied Accounting at the Oxford Brookes University, a first in the market and now the largest undergraduate accounting programme in the world.

The past barriers to quality university education for black students have been lifted, in contribution to quality university education, our ground-breaking partnership with the University of London makes us the first accountancy body to join forces with a university to enable students to gain a Master’s degree and a professional accountancy qualification at the same time, ensuring first grade education.

The ACCA has doubled the number of exam sessions ran, now students can choose from four exam sessions per year. From being the first accountancy body to admit women to membership in 1909 to doubling the number of exam sessions we run in 2016, ACCA is proud to be pioneers of quality education that sees no gender or race. Happy Youth Month!

click here to learn more on the history of ACCA

 

The importance of Data Governance

Data describes the facts and figures that a company processes, it only becomes valuable information after it has been processed to add relevance. Data governance is the overall management of information available, it provides context for using the correct data, defines policies and standards for the proper use of data, and ensures that data management is aligned to the strategy of the entity concerned. It is important to develop a policy that specifies who is accountable for the various portions of data within a business and how accurate it is. A set standard and procedure must be followed, so as to ensure ongoing compliance with governance regulations.

Previously, data was managed solely by technologists. However, business intelligence is fast advancing, key decision makers are now required to have sufficient and accurate business data to make logical and profitable decisions. The interpretation of business assets, liabilities and equity is key information to a prolific business. A Data Governance programme is designed to shape the corporate philosophy of data acquisition, management and archiving. Business advances now require both business and IT components of the business to syndicate in order to define data elements. New data-orientated business functions and roles will emerge, and this should present accountants with a good opportunity, as they are well placed to fulfill some of these functions and roles.

Read more  http://bit.ly/2q9WO9e

 

Chris Watchorn, top achiever march 2017

ACCA_StudentProfiles.ChrisWatchorn.blogCongratulations to Chris for his top achievement in the P5 March exam. We sat with Chris to find a little more on what keeps Chris motivated:

What do you believe being an ACCA member will do for your career?

Becoming a member of a World renowned board has opened numerous exciting doors on a career basis.  Previously under qualified for senior position roles in finance and financial accounting, through the experience gained, commitment demonstrated and theoretical knowledge acquired in obtaining my membership status, such roles are no longer unobtainable.  Companies’ understanding of the value of the ACCA accreditation have since been portrayed in increased interest and consideration.  With a Board behind me and more bargaining power, I now have the opportunity to find a job that is best sculpted to my desires and dreams and not visa-versa.

How do you find the time to study effectively while working full time

I am certain that this is the biggest challenge faced by working ACCA students.  Time management and being strict with time allocated to work and studying is of utmost importance.  I found the only way this was manageable was to set goals and targets at the beginning of every week and ensuring that by the end of the said week, all had been fulfilled.  This meant many late Sunday nights trying to ensure the week’s study sections had been covered as well as completing all work demands. Its not easy but nothing worth it ever is. Draft your study schedule on booking your exam, incorporate your weekly work demands and do your best to keep to it, no matter what life throws at you.

How do you stay motivated?

The commitment required to work and study at the same time is extreme and there will be moments when everything seems too much.  With personal demands, deadlines pilling up at work and an upcoming exam, the pressure will build. But do not be dispirited, focus on the good around you. Your wife/partner’s sacrifices to see you succeed, your inner determination to overcome all adversity and belief in yourself and your future.  Find your motivation and bring it to life. For me, it was my little family, my wonderful wife and beautiful son. Find yours and strive to never give up the great that surrounds you to achieve your goals for them and yourself

What words of encouragement do you have for other students?

 

Never give up. Find your source of strength, be Thankful for what you have been provided with and shoot for the stars.

Kirsten Ronaasen kicks F7’s butt!

ACCA_StudentProfiles_KRonaasen.blogWell done to Kirsten who achieved a top score in the recent exams. What drives Kirsten? Read below to find out what motivates Kirsten:

What do you believe being an ACCA member will do for your career?

ACCA is a globally recognised and respected qualification and I believe that along with assuring future employers of our abilities, it will open doors to many opportunities, whether in SA or abroad.

How do you find the time to study effectively while working full time?

I find it challenging to leave work at work. It is something I constantly have to improve on so that I can focus on my studies and my family, whose time is also sacrificed to reach my goals.

I try to manage my time as effectively as possible, giving my utmost to every task. Sometimes I simply run out of “day” and have to prioritise on what is really important.

How do you stay motivated?

As I still have many exams to go, perhaps I should answer that at the end!

Although I keep the end target in sight, I focus on each exam as its own goal and each one passed as its own success. Celebrate the successes and don’t get bogged down by the failures.

Words of encouragement:  

A quote from Dr. Seuss:

“You have brains in your head. You have feet in your shoes.

You can steer yourself in any direction you choose.

You’re on your own. And you know what you know.

And YOU are the one who’ll decide where to go.”