Who is required to complete the Practical Experience Program? 
 
From 1 October, Practical Experience, the work-based component of the Chartered Accountants Program, will have more structure.  
 
New employees wishing to become Chartered Accountants will be required to track their three years of qualifying experience against a set of workplace competencies set out in an activity log book.  
 
The improvements have come about to meet the new accounting education requirements set out by the International Federation of Accountants (IFAC) and in response to requests from mentors and candidates for clearer guidelines around what to cover during this three-year qualifying period. 
 
Running parallel to the Chartered Accountants Program, Practical Experience helps candidates apply the concepts and theories they learn to every day work situations. 
 
The benefits of the new Practical Experience approach include:

• Tools and resources to help employers support candidates’ work-based development 
  
• Employees who are better able to apply their technical knowledge learned in the Chartered Accountants Program to everyday work situations 
  
• Employees more able to add value quickly to clients and business 
  
• Consistency and clarity on the technical and non-technical competencies that need to be developed during the three-year qualifying period. 
  
• World’s best practice in graduates, meeting International Federation of Accountants standards.