Practical experience is an integral component in the process of obtaining membership of the ACCA. Some new changes have been bought about by ACCA in the practical experience requirements in the new professional system as compared to the old STR. Perhaps this is an attempt by the ACCA to devise a monitoring mechanism for the practical experience requirements accommodating changes in the global work patterns and requirements. As far I can see, the emphasis on practical experience has neither been increased nor has decreased with the new system for documenting one's practical experience. It is only the mechanism that has changed – with the online verification of experience and the system of annual returns implement in place of the manual STR that was to be submitted only on completing the stipulated experience period.
Personally, I have believed that the practical training that one undergoes as a student and later perhaps as an affiliate add value to one's skills of application and enhance one's ability to relate to what is learned in the various subjects on the ACCA syllabus. Individuals choose to obtain their practical experience in differing environments. While many choose to work in audit some others confine themselves to non-audit activities.
Aspiring students often want to gain experience in large 'branded' organizations. A common desire among ACCA students, (including myself) is to work for one of the 'Big 4' in the initial stages of one's work life.
Undoubtedly working for one of the Big 4 audit firms is a matter of pride and if offered a role I am sure most of my fellow affiliates would take up the 'golden opportunity' just as I would.
However a concept that is perhaps gaining acceptance of late is to work for SMEs (Small and Medium sized Enterprises). I remember having read an article in the Student Accountant which highlighted how an SME can prove beneficial to an ACCA student for smaller the organization bigger is the role of an individual. In large organizations divisionalization and separation of duties often puts one in a position where an individual cannot gain a wider perspective and understanding of various tasks that as a qualified accountant one may be required to perform at a later stage in one's work life.
In a SME one may find that one is involved with almost all aspects of work that one can possibly associate oneself with in the particular context. Of course, working for a SME deprives one of being exposed to certain operations and practices that are typical of large multinationals. However it is certainly important to remember that breadth of experience is an important and integral add-on for a professional in today's economic environment which calls for multi-skilled individuals and where specialization is perhaps losing the importance it used to possess.
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