The HKICPA’s new Qualification Programme (QP) will open new pathways to the profession and ensure that CPAs are future-ready according to Jonathan Ng, the Institute’s executive director.
The Institute launched its first QP in 1999 and an enhanced version in 2010 and Ng says the HKICPA has adopted a holistic approach to developing the third-generation QP, which is tentatively scheduled for launch in June 2019. Ng describes the changes as a response to rapidly changing local and international regulations and standards, market needs and employer requirements. “As Hong Kong’s only statutory licensing body for certified public accountants, the HKICPA is responsible for equipping future accountants with internationally recognised qualifications so that they are ready for future challenges.”
Among the main features of the new QP is its set of competencies needed by future CPAs. Developed through careful benchmarking of similar programmes by world-class CPA associations these competencies also cater to the characteristics of Hong Kong’s financial sector, including the requirements of practising and commercial sectors and an active IPO market.
“In addition, we had carried out several rounds of consultations with all stakeholders as well as HKICPA Council discussions to come up with the clearly outlined new CPA competence blueprint, featuring an exhaustive list of competencies and skills,” adds Ng.
The new QP features three successive levels: the associate level, the professional level and the capstone level. The associate level, with 10 modules provides wider access to the profession to non-accounting degree holders.
They can select the courses in this level to make up any shortfall in accounting and business knowledge before advancing to the professional level, which is where accounting degree holders start their studies.
The main features of the professional level have been formulated in response to the financial sector’s need for fresh talent with sharpened professional judgment, in addition to technical know-how.
“Meanwhile, business ethics is further emphasised in the new QP. The scope of recognised practical work experience has also been expanded to reflect the diversified specialisations of today’s accounting profession,” says Ng.
Finally, the capstone workshop and case study exam require students to utilise a full integration of their all-round multiple perspectives and skill sets for problem-solving.
“Students are required to participate in a three-day workshop. As they generally have one and two years of work experience, the workshop aims to develop higher-order enabling skills which they will need in the future.
For example in one scenario, they are expected to develop measures to prevent an organisation from unwittingly committing malpractice,” says Ng.
In the final written exam, students are required to present a well-developed problem-solving report. In order to become a CPA, students need to demonstrate that they have learned the requisite skills from the workshop and by aceing the exam, which are aligned with the appraisal of top-tier CPA firms.
Apart from international recognition, another benefit is that QP graduates will receive exemption from four papers in the PRC CPA Uniform Examination, under the Closer Economic Partnership Arrangement.
Ng is confident the new QP will be the top choice for those aspiring to become CPAs recognised both locally and internationally.
