accounting theses

8/13/2019 Accounting Theses

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ake You Anywhere in the World

ernationally. In September, ICAI s Council agreed to adopt a more fiexibie approach for

Acco untants are Ireland s

s a journey towardsing a mem ber of Ireland s

ortant roles in o rganisations. A

Q index com panies, shows just

1 The CharteredAccountantDifferenceProspective students often ask whatthe difference between studyingChartered Accountancy and otheracco unting qualifications is. Theanswer is that no other professionalaccounting qualification providesstudents with the same support,structure and guidance throughoutthe training process. Everyprofessional accountancy bodyqualification in Ireland requirestrainees to have a min imum of 3years practical experience - we areunique in that we ensure our traineesare supported while they get theirexperience.Any organisation wishing to trainCAs must sign up to, and be assessedagainst, th e ICAI s tra inin gregulations. These regulations providean assurance that each trainee willreceive the necessary organisationalsupport to successfully complete theirCA training.Whether training in practice or in

weeks study leave per academic year.It ensures that course and exam feesare paid for by the trainingorganisation and that traineessuccess in examinations is reflectedin their salaries. Crucially, trainees areguaranteed the breadth of experiencenecessary to qualify as a CA. Diversityand progressive advancement are thehallmarks of a CA s train ingexperience.As part of the training c ontrac t, eachstudent is assigned a mentor (usuallya senior CA in the organisation). Thementor is responsible for ensuring allof the above supports are in place aswell as providing essential careerguidance, networking opportunitiesand role modelling. Research hasconsistently shown that mentoringrelationships greatly enh ance thecareer success of CharteredAccountants.In short, the Training Contract givesvital support to trainees throughouttheir studies and training.

2 Examination Success


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Professionprogramme is directly run by theICAI's Student Services Unit. Studentshave greater levels of contact bothwith their Institute and theirlecturers, both of whom work closelytogether to ensure the higheststandards of delivery.It is widely believed tha t otheraccounting qualifications can offermore exemptions from exams thanChartered Accountant studentsreceive. However, this can be a redherring The iCAI does not useattractive exemptions to lure

while th e CIMA pass rate was 45 %(39% on their first attempt). 4.CharteredAccountancy -A Global Qualif icatio3. What Does TrainingInvolve?As discussed earlier, becoming a CAinvolves a combination of academicand professional training. There are avariety of education courses on offer,each with different structures basedon local requirements. Most studentswill attend lectures for the equivalentof 2 weekends a month from October

A still from ICAI s recent ad camp aign that ran on TV and in cinemas in Irelandand Northern Ireland.

Students. Instead, we compare eachthird level syllabus against our own,and where they meet, we offerexemptions. Where they don't , wedon't This honest approach toexemptions places students at theappropriate level, and ensures thatthe vast majority of students passtheir exams on their first attempt.

81 of Irish CA studentspassed their final exams, 77of those passed at their firstattempt.An independent analysis of 2006 UKand Ireland professional accountingexaminations carried out by theProfessional Oversight Boarddemonstrates this point.

This comJDination of excellencein education and trainingprogrammes gives CA traineesthe edge over their peers, v ithmost trainees starting andfinishing their education andtraining within 3.5 years.

until May. Some venues h ave amixture of evening and weekendlectures, others operate purely onweekends, while the distance learningoption comprises 4-day weekendblocks once a month. What iscommon to all is the standard oflecturing. CA courses have the finestaccounting lecturers in Ireland, all ofwhom are committed to providing thebest possible education to ourstuden ts. The technical knowledgegained from the CA course will be thebedrock of your professional career.During the time with their trainingorganisation, trainees are taught howto apply the technical knowledgelearned in the classroomenvironment to real-life situations;broad-business skills are developed,and mentors instil the values andintegrity that are the foundation of aCA's reputatio n. Training can beeither in industry (banks, financialservices, manufacturing etc.), intraditional accountancy practices orin the public sector.Irrespective of the trainingenvironment though, all trainees can

Determining how well received yoacco untan cy qualification is on thglobal market is an importantinvestigation which should beundertaken by anybody considerincareer in accountancy.Many accountancy bodies operatinin Ireland make claims about theglobal nature of their qualificationsuggest links with larger internatioaccountancy bodies. The next t imeyou hear an accountancy body isglobal, or has 'links' with otherInstitutes - ask for details

For an accountancyqualification to be truly globaforeign institutes mustrecognise not only youreducation but also the traininyou undertook to becomequalified.CharteredAccountancy is the only Irishprofessional accountingquaiification that has thisrecognition worldwide.The truth is that with otheraccountancy bodies in Ireland, youqualification is global in the sameway that your university degree isglobal - well recognised, but not inan official capacity.The training you undertake beforequalification and the experience ygain post-qualification are necessato obtain auditing and practicingcertificates which entitle you to sigoff on audits and accounts. Withothese, the ability to operate in aforeign country is severely limited.Irish CAs have true global mobilitywith both their education, andcrucially, their training, recognisedinternationally. Unique MutualRecognition Agreements offer CAs outstanding entry point to businesin an y part of the w orld. An MRA an agreement between professionabodies which allows membership ttransfer from one jurisdiction toanother. These agreements have hecrafted in line with the most popu


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adventure will be

yer Nomination Scheme and

well as these ag reements,

& Wales.

over 700,000 CAs across

the world. This brings enormousbenefits to Irish CAs living in, orworking in, foreign countries.

5. Career Paths andRewardsNo other career offers the mobilitythat a CA qualification does. Today'sCAs takes on the role of a businessadvisor, who makes high-levelstrategic decisions, aimed at drivingbusiness, improving profit marginsand increasing market share for theirclients / emp loyers. Many CAs alsouse their expertise to form their ownbusinesses, becoming highlysuccessful entrepreneurs. Along withthe technical skills mentioned above,CAs generally have a solidfoundation in economics, marketingand management informationsystems.As well as dominating publicaccounting practices, CA are found at

the highest level in virtually everysector from healthcare to the musicindustry. Cu rrently 6 5% of Irish CAswork in Industry, while 35% are inPractice.The rewards that go with the CAqualificatio n a re significant. A 2007salary survey found the average salaryfor a newly qualified CA is betweene40K and e55K. And that's at the startof a career - the only way is up

ConclusionSo, if you are considering becomingan accountant. CharteredAccountancy provides you with theability to choose an exciting careerpath towards the industry of yourchoice, anywhere in the world.

Diannuid Breathnaoh is Student ServicesManager at the Institute of CharteredAccountants in Ireland.

ish Venture C apital

g and Dow Jone s Venture One,9 77 million in venture capital was

These late deals raised 19.07icant increase

In relation to the first and

decrease compared to 11.65 millionin Q2 2007."Reflecting the trends in Europe,Irish venture capital investment inQ3 2007 has come from later stageinvestments and service-focuseddeals. Late-stage deals made up over60% of Q3 investment. Factors thatcontributed to this substantialincrease in investment include thelengthening t ime from a company'sinitial venture capital funding to aM&A or IPO, requiring investors tofund operations for a longer period,"commented Sinead Munnelly,Transaction Advisory ServicesPartner at Ernst & Young in Dublin."Also, an increasingly supportiveexit environment for venture-backedcompanies encourages investors toprovide additional resources to highpotential late-stage com panies."The healthcare sector in Ireland alsoexperienced growth in the form of asingle 4 million deal in Q3 2007after there had been no deals eitherin Q2 2007 or Q3 2006. The IT

am oun t invested was 25.77 mill ionin Q3 2007, an increase from 15.80million in Q2 2007 and 9.20mill ion in Q3 2006.The most significant investment ofQ3 2007 was made by IntuneNetworks, a provider ofoptoelectronics solutions, whichcompleted a 14.77 million deal inAugust 2007. Intune Networks is aEibre optic Equipm ent & P hotonicscompany based in Dublin.Geographically, Ireland ranked tenthin the number of deals, ahead ofBelgium and behind Denmark, andeighth in terms of the amountraised, behind Norway and ahead ofDenmark.There were two exits in Q3 2007 andno exits in Q2 2007.

Larger Deals by European InvestorsThis was a 22% increase overamounts invested during the Q3 lastyear, despite there being 28 fewer


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