join a league of its own be a cpa · 2010-11-01 · advice and management education accountancy. 7...

Ms. Tera Mak / Ms. Shelby Tai

Manager

Student Education & Training

Hong Kong Institute of Certified Public Accountants

Join a league of its own –

Be a CPA

2

Agenda

Q & A

Benefits of QP & QP Affiliate Club

Route to CPA & Structure of QP

Introduction of HKICPA

Accountancy career prospects

3

Introduction on HKICPAAccountancy career prospects

Ms. Tera Mak

Manager

Student Education & Training

Hong Kong Institute of Certified Public Accountants

4 4

Why Accountancy?

˙Reputable professional qualification

˙Good job prospect

˙Good financial rewards

˙Broad exposure

˙Challenging

˙Versatile

˙Job security (no matter in good or bad economy)

5

Who can Join the Accountancy Profession?

Good

Accountant

Good communication skills

(oral and written)

Hard working

(long working hours

for fresh graduates)

Sociable

(need to communicate with

different people)

Inquisitive

Honest and

confident

Interest in business and

economic development

Sensitive to

numbers

Analytical

6

Scope of Accountancy Profession

Professional

Accountants

Audit

Taxation

Insolvency

Management

Consultancy

Information

ManagementLegal

Assistance

Company

Secretarial

Services

Financial

Advice and

Management

Education

Accountancy

7

Daily Work of a CPA

Planning and briefing

Supervising and training

Liaising with clients

Providing range of services

Examples:

• Finalize accounts

• Issue auditors’ report

• Prepare & review tax computation

• Provide corporate secretarial service

• Provide business advice

8

Occupational Sectors for CPAs

CPA firms

Commercial companies

Government

Education

9

Career Path in CPA Firms

Staff (Yr. 1-2)

Senior Accountant (Yr. 3-5)

Manager (Yr. 6-8)

Partner (Yr. 12+)

Senior Manager (Yr. 9-11)

10

Career Path in Commercial Companies

Finance Director / CFO

Financial Controller

Accounting Manager

Senior Accountant

Accountant

Assistant Accountant

11

Audit

CommissionTreasury

Inland Revenue

Department

Accounting Officer

Auditor /Examiner

Assistant Assessor /

Tax Inspector

Career Path in the Government

12Source: Salary Survey 09/10, Michael Page International

Role Salary (HK$'000/yr)

Accounting & Finance

Chief financial officer 1.7 - 3 million+

Financial controller 900 - 1.2 million

Finance manager 700 - 900

Financial analyst 300 - 500

Accountant (Pre-qualified/qualified) 300 - 400

Treasury

Treasury director 1.2 - 1.8 million+

Treasury manager 750 - 1.2 million

Taxation

Tax director 1.2 - 1.8 million+

Tax manager 750 - 1.2 million

Internal audit

Internal audit director 1.2 - 2 million+

Senior internal audit manager 900 - 1.3 million

Audit manager 600 - 900

Salary Trend in 2009/10

13

Introduction on HKICPAIntroduction of HKICPA

14

The ONLY statutory licensing body of

professional accountants in Hong Kong.

香港唯一法定專業會計師註冊組織

15

Registration of

accountants, issue

of Practising

Certificates

Setting Codes of

Ethics and

Standards of

Accounting and

Auditing

Regulating the

professional

conduct and

standards of

members

Organising

professional

examinations and

related counselling

courses

Providing

Continuing

Education and

other services to

members

Promoting the

Accountancy

profession

HKICPA Scope of Work

16

Members' Growth Rate

Aug 2010

30,610

566

17

CPA (Practising)

(3,769) 12.3%

(26,841) 87.7%

CPA

(Statistics as at Aug 2010)

18

Introduction on HKICPARoute to CPA

19

Qualification Programme

HKIAAT+

Professional Bridging

Examination

4 Entry Routes to Join the QP

^PRC and overseas university graduates will be assessed on a case-by-case basis.

CICPA members (Exempted from Three Modules)

Conversion Programme

Sub-Degree HoldersNon-Accounting Degree Holders

Recognised Accounting

Degree Holders^

20

Qualification Programme (QP) Members of recognised

accountancy bodies

5 types of agreements

PC Exam

+ 3-year practical experience in accounting (1/1/05 – AE/AS)

CPA (HKICPA member)

+ auditing experience

CPA (Practising)

CPA Admission Requirements

21

Introduction on HKICPAStructure of QP

22

QP

QP Components

23

Qualification Programme (QP)

Module A

Financial

Reporting

Module B

Corporate

Financing

Module C

Business

Assurance

Module D

Taxation

Open-book Exam

Module Workshops (study materials provided)

Open-book Exam

Final Examination

24

Why Workshops?

• Develop research, problem solving and communication skills

• Provide the practice and the hands on experience

• Learn from the fellow students and Workshop Facilitators

• Provide feedback on learning and development

25

Why Open-book Examination?

• Assimilate working environment

• Emphasise application instead of memorising

26

Practical Experience Requirement

• Requirements for supervision under an Authorized Employer

/ Authorized Supervisor

• Length of service and working days requirement

• Basic and principal practical experience components

• Generic competencies

27

Introduction on HKICPA

Ms. Shelby Tai

Manager

Student Education & Training

Hong Kong Institute of Certified Public Accountants

Benefits of QP

28

Internationally Recognised

• Get both designations of CPA / CA

• Exempted from three papers of the PRC CPA Uniform Examination

• Recognised by ICA in Australia, Canada, England & Wales, Ireland,

New Zealand, Scotland, Zimbabwe and South Africa.

CICPA(China)

29

• Accounting (會計)

• Auditing (審計)

• Financial Cost Management (財務成本管理)

CEPA Agreement – Extension of MEPE

• HKICPA members exempted from THREE Papers

of the PRC CPA Uniform Examination

Exempted

• Corporate Strategies & Risk Management

(公司戰略與風險管理)

To be signed

30

Shortest route to qualify

as CPA (Practising), with

full exemptions* from

Hong Kong PC

Examinations

*All QP students registered on or after 1 January

2008 and hold a non-Hong Kong accountancy degree

will need to sit and pass the Aptitude Test on Hong

Kong Law for Practicing Certificate issuance purpose.

31

• HKSAR Government’s

Continuing Education Fund

reimbursement up to $10,000

32

Advanced Standing in Master Programmes

• Credit transfer

• Subject exemptions

33

Introduction on HKICPAQP Affiliate Club

34

QP Affiliate Club

To develop closer ties between the Institute and students

QP Affiliate Club regularly organises students activities, such as…

Employers

Accounting

ProfessionalsYou

35

QP Case Analysis Competition

Seminar E-newsletter

Career Forum

QP Affiliate Club Activities

36

Who can join the QP Affiliate Club?

All Accounting and Business undergraduate and post-

graduate tertiary students.

No membership fee is required!

JOIN NOW!

www.hkicpa.org.hk/en/become-a-hkicpa/

other-services/qp-affiliate-club/

37

Enquiries

For further information, please contact our Student

Education & Training Department at:

Hotline: (852) 2287 7228

Email: etd@hkicpa.org.hk

Website: www.hkicpa.org.hk

38

Q&A Session

39

Mutual Examination Paper Exemption with CIMA

(1/7/06-30/6/11) (Regardless when they became CIMA members)

Conditions for CIMA members to join

HKICPA

1. Hold a recognised university degree

2. Passed CIMA Professional Qualification Programme

3. Completed and passed QP workshop Module A or C, and examinations of both modules

4. Passed QP final examination

5. Passed Institute’s aptitude tests on HK law and taxation

6. Obtained 3 years’ practical experience under an Institute-authorised employer or supervisor

7. Be a CIMA member in good standing

8. Meet Institute’s standard membership requirements

• Sit and pass Paper 3 (Management

Accounting – Risk and Control

Strategy) of CIMA

• Pass TOPCIMA (Test of

Professional Competence in

Management Accounting) of the

CIMA Professional Qualification

Pogramme

• Meet 3 years’ practical experience

under as management accountant

recognised by CIMA

• Meet CIMA standard membership

application requirements

Conditions for HKICPA members to join

CIMA

40

Agreement for Recognition Arrangements with ACCA

(1/7/10 – 30/6/15) (For students registered after 15 August 2004)

Conditions for ACCA members to join

HKICPA

1. Hold a recognised university degree

2. Passed 14-paper ACCA professionalexamination in HK or U.K.

3. Completed and passed workshop ofone of the QP modules

4. Passed QP final examination

5. Passed Institute’s aptitude tests on HKlaw and taxation or ACCA HK variantlaw and tax papers

6. Obtained 3 years’ practical experienceunder an Institute-authorised employeror supervisor

7. Meet Institute’s standard membershiprequirements

8. Have qualified in HK or the UK

• Hold a recognised university degree

• Pass QP

• Meet 3 years’ practical experience

under an Institute-authorised

employer or supervisor

• Meet ACCA standard membership

application requirements

Conditions for HKICPA members to join

ACCA

41

Mutual Recognition Agreement with CPA Australia

(1/7/2010 – 30/6/2015)

Conditions for CPA Australia members to

join HKICPA

1. Hold a recognised Australian degree

2. Pass CPA Australia CPA Programme in

Australia or Hong Kong

• All compulsory core & mandatory

segments of:

• Financial Reporting and

Disclosure/Financial Reporting;

• Financial Risk Management; and

• Assurance Services and

Auditing/Advanced Audit & Assurance

3. Complete workshops of Module A

(Financial Reporting) of QP

4. Pass Institute’s Aptitude test or

CPA Australia's courses in Hong Kong Law

and Tax

5. Meet Institute’s practical experience

requirements by having at least 3 years of

practical experience under an Authorized

Employer/Supervisor

• Hold a recognised university degree

• Pass QP in Hong Kong

• Meet Institute’s Practical experience

requirements

Conditions for HKICPA members to

join CPA Australia

42

Mutual Examination Paper Exemption with AIA

(1/6/08 – 31/5/13)

Conditions for AIA members to join

HKICPA

1. Hold a recognised university degree

2. Pass the 16-paper AIA Qualifying

Examination in Hong Kong or the U.K

3. Complete and pass the workshops of

Module A (Financial Reporting), Module B

(Financial Management), Module C

(Auditing and Information Management)

and Module D (Taxation) of the Institute’s

QP

4. Pass the module examination of Module B

(Financial Management) of the QP

5. Pass QP final examination

6. Pass Institute’s aptitude tests on Hong

Kong law and taxation

7. Meet Institute’s practical experience

requirements

8. Be an AIA member in good standing and

were registered as a student of AIA

9. Meet Institute’s standard membership

requirements

1. Pass QP

2. Meet AIA standard membership

application requirements

Conditions for HKICPA members to

join AIA

43

Passing Rate

workshop examination overall

95

96

44

54

51

58

Module A

Module C

Final Examination (June 2010 intake) 61

Module B

Module D

2009 Dec intake

2010 Jun intake

workshop examination overall

96

97

56

55

63

62