Understanding ACCA PER: A Comprehensive Guide
The ACCA (Association of Chartered Certified Accountants) Qualification is one of the most prestigious certifications for finance and accounting professionals worldwide. One of the essential components of this qualification is the Practical Experience Requirement (PER). This blog will delve into what PER is, how you can fulfill the PER requirement, securing an internship in India for PER, and the process of filing and getting approval for PER.
What is PER?
The Practical Experience Requirement (PER) is a crucial element of the ACCA Qualification. It ensures that ACCA members have not only the theoretical knowledge but also the practical skills and experience needed to excel in the accounting and finance profession. To achieve ACCA membership, you must complete three main components: exams, an ethics module, and PER.
PER involves completing 36 months (three years) of relevant work experience and achieving 9 out of 20 performance objectives. These performance objectives are aligned with the International Federation of Accountants (IFAC) guidelines and cover various aspects of professional accounting practice, ensuring that ACCA members are well-rounded and competent professionals.https://youtu.be/2VUBuFACeKc?si=DdK27QUgypSfpoY4
How to Fulfill the PER Requirement?
Fulfilling the PER requirement involves a few key steps:
Finding Relevant Work Experience: Your work experience must be relevant to accounting, finance, or audit roles. This experience can be gained 5 years before registering, during, or after passing your ACCA exams. You can work in any sector, including public practice, industry, commerce, or the public sector.
Recording Your Experience: You need to document your work experience in the ACCA MyExperience tool. This tool helps you track your progress and ensures you are meeting the required performance objectives.
Achieving Performance Objectives: There are 20 performance objectives divided into five areas:
Essentials: Professionalism and Ethics, Stakeholder Relationship Management, Strategy and Innovation, Governance, Risk and Control, Leadership and Management. https://meghabhansaliclasses.com/courses-2/
Technical: Corporate Reporting, Financial Management, Sustainable Management Accounting, Taxation, Audit and Assurance.
You need to achieve nine of these objectives, including all five from the Essentials category.
Working with a Practical Experience Supervisor (PES): Your work experience must be supervised by a qualified accountant who can verify your achievements. This supervisor, known as a Practical Experience Supervisor (PES), plays a crucial role in your PER process by validating your recorded experiences and performance objectives.
Securing an Internship in India for PER
Finding an internship that fulfills the PER requirements can be a strategic step in your ACCA journey. Here are some tips to secure an internship in India:
Research and Networking: Start by researching firms that are ACCA Approved Employers. These organizations are familiar with the ACCA qualification and often have structured programs to support trainees. Networking through professional events, ACCA forums, and LinkedIn can also help you connect with potential employers.
Leverage ACCA’s Resources: ACCA often provides resources and support for students looking for internships, including job boards, career fairs, and employer connections. Utilize these resources to find suitable opportunities.
Tailor Your Application: When applying for internships, tailor your resume and cover letter to highlight your commitment to ACCA and your relevant skills. Mention your knowledge of the PER requirement and your eagerness to achieve it.
Prepare for Interviews: Be ready to discuss your understanding of ACCA, PER, and how the internship aligns with your career goals. Demonstrating your enthusiasm and knowledge can set you apart from other candidates.
Filing and Getting Approval for PER
Once you have gained the relevant experience and achieved the required performance objectives, the next step is to file and get approval for your PER. Here’s how to do it:
Complete the My Experience Tool: Ensure all your work experience is accurately recorded in the My Experience tool. https://youtu.be/fP8tit6ggoE?si=JFYbHGHkFa-e8pkq Provide detailed descriptions of how you met each performance objective and how your role contributed to your learning and development.
Supervisor’s Review and Sign-off: Your Practical Experience Supervisor (PES) must review and sign off on your recorded experiences. This verification process is critical to ensure your experiences meet ACCA’s standards.
Submit for Review: Once your PES has signed off your experience, you can submit your PER record to ACCA for review. ACCA will assess your submission to ensure it meets the requirements.
Approval and Membership: If your PER submission is approved, you will have completed one of the final steps towards ACCA membership. Upon fulfilling all other requirements (exams and ethics module), you will be eligible to become an ACCA member.
Conclusion
The ACCA Practical Experience Requirement (PER) is a fundamental part of achieving ACCA membership, ensuring that candidates have both the theoretical knowledge and practical experience needed to succeed in the finance and accounting profession. By understanding what PER entails, strategically securing relevant internships, and accurately documenting and submitting your experience, you can successfully navigate the PER process and advance your career as a qualified ACCA professional. Remember, the journey requires dedication and perseverance, but the reward of ACCA membership is well worth the effort.
Feel free to reach out to us for any PER related guidance.
