11 September 2006 
 
The Institute of Chartered Accountants announced today a new Practical Experience program which makes on-the-job mentoring a key element of becoming a Chartered Accountant.  
 
The structured three-year Practical Experience program is undertaken in conjunction with two years formal study in the Chartered Accountants Program, after which graduates are awarded the Graduate Diploma of Chartered Accounting.  
 
“Mentoring has been found to have a positive effect on career growth and staff retention in the workplace. Working with a mentor in real situations helps candidates build confidence and use their knowledge and skills to solve problems, and make informed decisions,” said Sheena Frenkel, General Manager Chartered Accountants Program and Admissions, Institute of Chartered Accountants in Australia.  
 
This new approach to Practical Experience is being launched to meet the International Federation of Accountants recently released standard that requires a structured, competency-based approach to developing the practical knowledge, skills and values of a professional accountant.  
 
Candidates starting the Chartered Accountants Program from October this year, will track the attainment of key workplace competencies using an activity logbook, which they will review quarterly with their mentor. All resources, including the logbook, have been designed so that they can be easily integrated within an organisation’s existing staff performance system.  
 
The Institute completed a three-month pilot of the new program with 24 candidates and mentors in March this year to ensure the framework was user-friendly, flexible and clearly delivered additional benefits to candidates, enhanced mentors’ skills and added value to the profession.  
 
Chartered Accountants Program candidate Kylie Arizabaleta, is an Accountant at Nexia Court & Co and was mentored as part of the pilot program.  
 
“Being involved in the mentoring pilot gave me the platform to have structured one-on-one time with a Chartered Accountant who provided me with support and insights into the profession. I also found recording my weekly activity really helped me realise how I am progressing as an accounting professional,” said Arizabaleta.  
 
Research suggests that while training alone improves productivity, when coupled with the support of a mentor and the on-the-job transfer of learning, it can achieve three times as much.  
 
“Professional education and work experience work hand in glove to develop a skilled accountant and the new framework further differentiates the rigour and relevance of the Chartered Accountants Program. The holistic development of competencies in the Chartered Accountants Program and the concurrent three-years of practical experience fulfils employer and public expectations that Chartered Accountants can be relied on to provide accurate, complete and independent information and advice,” said Frenkel.