6 DISPATCH

GRAPHIC NEWS

The top five easiest places to pay tax in the world are (in descending order) The Maldives, Qatar, Hong Kong/China, the United Arab Emirates and Singapore. Paying Taxes 2010: The Global Picture, by PwC with the World Bank, took number of payments, time to comply and total tax rate intoconsideration. Last on the list was Belarus.

PAYING TAX THE EASY WAY

TAX INDEX IRELAND 6 UK 16 AUSTRALIA 47 US 61 GERMANY 71 CHINA 125 UKRAINE 181 PAKISTAN 143

ACCOUNTING FRAUD RISES

Accounting fraud has risen considerably in the past four years, says the PwC Global Economic Crime Survey. It accounted for 24% of all reported economic crimes in 2005, compared with 38% in 2009. Accounting fraud was also the second most commonly experienced type of fraud last year. This was attributed to the tough financial climate. Asset misappropriation (67%) ranked first and bribery and corruption came third (27%). More than 3,000 respondents from 54countries tookpart.
67% 70% 62%

CHINA 2009 61%

2008 56%

38%

CE % FRAN0 09 44
2
27% 24%

8% 2008 2

MEXICO

2009 55% 2008 40%

27%

30%

24%

GREEN COMMITMENT UP

2009

2007

2005

2009

2007

2005

2009

2007

2005

AS MI SET SA PP RO PR IAT ION

Those in France, Mexico and China are significantly more committed to reducing their personal impact on climate change than last year, according to HSBCs Climate Confidence Monitor 2009. The monitor was conducted across 12 markets involving 12,000 people.

AC FR COU AU NT D ING

BR CO IBER RR Y UP AN TIO D N

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BUILDING FUTURES ONE SUCCESS AT A TIME

8 DISPATCH
01 NEWLY QUALIFIEDS INDEMAND
In the UK, accountants in business who qualify in 2010 can look forward to a demand for their talents, according to specialist recruiters Badenoch & Clark. Lynne Hardman, the companys executive director for accounting and finance, says, Commercially minded business partners continue to be in demand as the finance function plays an integral part in making informed business decisions. The need for newly qualified accountants with strong technical skills who demonstrate some of the desired competencies and skills for a business partner role is on the up. Hardman says cashflow management initiatives are creating new roles for accountants: With cost controls at the forefront of minds, entire teams are being set up solely to manage cash flow and newrevenue control roles. And year end accountants on an interim basis are in demand as employers bring in additional support to manage the process.

02 AUSTRALIAN JOBSEEKERS BACK IN THE DRIVING SEAT?

brief on their behalf: Whatever the reason, its inevitable that there will be an increase in the movement of candidates as they become aware of more attractiveoptions.

JOBS NEWS

Recruiters Hays Accountancy & Finance in Australia say increased vacancy activity shows that the beginning of a steady recovery in the jobs market is already taking place. Employers tell us they sense new optimism in the market, says Nigel Heap, managing director. They are thinking of long-term strategies to strengthen their business and this includes planning for recruitment during 2010. Heap also predicted a significant increase in the number of employed people feeling confident again about changing jobs, with more people proactively looking to advance their career with a promotion move, and others asking their consultant to keep a watching

03 SME CALL MAY HELPACCOUNTANTS

Accountants interested in advancing their professional development may be among the winners if the UK government responds positively to calls by the small business sector to provide greater support for training. According to accountancy recruiters Witan Jardine, the Federation of Private Business (FPB) claims that 21% of SMEs complain of a lack of local providers of vocational learning. The FPB has said that, as businesses start to re-hire in tandem with an economic recovery, better signposting is required to help SMEs access the skills and training necessary tocompete.

ISLAMIC FINANCE MAY BE KEY TO JOB CREATION

Demand for skills and experience in Islamic finance may be the source of new year careers, says one expert. Daud Vicary Abdullah, who in November 2009 was appointed as global leader of Deloitte Touche Tohmatsus Islamic finance industry group, says, The Islamic finance industry is rapidly expanding, presenting opportunities for companies in various businesses around the world. Demand for such skills has seen Deloittes member firms providing audit, tax and consulting services to Islamic financial institutions, as well as advice on sharia compliance issues.

04 ACCOUNTANTS FARE WELL IN THE GULF

Accounting and audit firms paid out higher salary rises (7.9%) during 2009 than employers in other sectors, such as construction, oil and gas, and construction, according to the annual report by jobs website GulfTalent.com. In terms of job categories, audit professionals enjoyed the largest increases, at 7.5%, which the site attributes to increased demand following the economic crisis. However, there are signs that employers are taking advantage of an improved bargaining position, with nearly a third of employers surveyed saying they were now recruiting at lower pay than existing, and some even implementing firm-wide pay cuts.

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BUILDING FUTURES ONE SUCCESS AT A TIME

10 DISPATCH
01 FOURTH UNIVERSITYNAMED

NEWS ROUNDUP

Singapores fourth publicly funded university has officially been named the Singapore University of Technology and Design (SU) and will be headed by Thomas Magnanti, the former dean of the engineering school at the Massachusetts Institute of Technology (MIT) in the US. MIT and Zhejiang University in China will be the new universitys two foreign partners. SU is expected to take its first intake of 500 students in 2011, andwill eventually grow toreach an annual intake of about 2,500students.

Malaysian Parliament at the end of last month for its first reading, signalling that the government aims to push ahead with the politically sensitive revenue-raising option. Prime minister Najib Razak has been quoted by Bernama as saying that if the bill is approved, the government will introduce GST very gently. Its not going to be an abrupt introduction, hesaid, pledging that it would not burden the poor or middle class, or lead to rampant inflation. Theproposed GST will replace the sales and services tax.

02 MALAYSIAN GST UNDER CONSIDERATION

A bill to introduce the goods and services tax (GST) was due to have been tabled in the

03 CLIMATE CHANGESHORTFALL

ACCA and the Global Reporting Initiative. The study, High-impact sectors: The challenge of reporting on climate change, says standards of voluntary corporate climate change disclosures can be improved, and that the climate change policy framework needs to be strengthened. ACCA research found that reporting practices were below that demanded by investors and otherusers of financial statements. Lord Turner, chair of the UKs Committee on Climate Change, calls for a clear legal framework for carbon reductions in a new ACCA report, Getting it. More at www.accaglobal.com/ pdfs/getting_it.pdf

Less than half of global companies have carbon emission accounting practices in place, or strategies for emission reduction, according to a joint report by

04 PwC IS A TOP EMPLOYER

PricewaterhouseCoopers (PwC) has been named one of worlds most attractive employers for business students, with a particularly strong ranking in China, in a survey by employer branding company Universum. PwC HR partner Dave McCann said it was good to see an independent external survey reinforce the positive results we have seen in our own peoplesurvey.

Growing market: Damascus Stock Exchange

Islamic banking grew in 2009, despite the stagnation in the global banking sector, according to a review by The Banker magazine. Assets held by Sharia-compliant banks and banking divisions rose by 28.6% in 2009 to $822bn. There was growth of 6.8% in assets held by mainstream banks in the year to July. The compound annual growth rate in Islamic finance rose to 27.86%. The Gulf states hold 42.9% of total Islamic banking assets, with Iran accounting for 35.6% of assets and Malaysia 10.5%. The UK accounts for nearly 2.5% of global Sharia-compliant assets. The fastest growth was in Syria, where the Islamic finance market expanded 500% in one year. The study predated the Dubaicrisis.

ISLAMIC BANKING GROWS

05 PUBLIC IFRS MOVE INCANADA

Public bodies in Canada with self-sustaining, commercial-type operations also known as government business enterprises (GBEs) are to adopt International Financial Reporting Standards (IFRS) from 2011. Other trading public bodies government business-type organisations (GBTOs) will choose whether to use IFRS or public sector standards, based on an assessment of which standards are most appropriate for users of theirfinancial statements. The move to IFRS

STUDENT ACCOUNTANT ISSUE 01/2010

The latest on the global economy www.accaglobal.com/economy

11

particularly affects publicly owned utilities.

06 IFRIC REVISES DRAFTGUIDE

The International Financial Reporting Interpretations Committee (IFRIC) has revised its draft interpretation and guidance on extinguishing financial liabilities with equity instruments. IFRIC had previously proposed that equity instruments issued to extinguish a financial liability should be measured initially at the fair value of the equity instruments issued, or the fair value of the liability extinguished, whichever is more reliably determinable. But representations urged that there should not be an accounting choice regarding which measurement should be used. IFRIC has determined that the preferred measurement should be the fair value of the equity instruments issued.

DUBAI SHAKES UP FINANCIAL ROLES FACTS AND FIGURES

$40bn Debts owed by DubaiWorld $26bn Size of the debt restructuring $3bn Size of the largest single bank exposure the Emirates National Bank of Dubai

country report on Malaysia. The economy seems to be caught in a middleincome trap unable to remain competitive as a highvolume, low-cost producer, yet unable to move up the value chain and achieve rapid growth by breaking into fastgrowing markets for knowledge and innovation-based products and services, said the bank in a Reuters report.

09 HOT MONEY FLOODS UK

DUBAI SHAKES UP FINANCIAL ROLES

07 AUDITORS A YOUTUBEHIT

A PricewaterhouseCoopers video showing auditors in its Chinese practice dancing is the most viewed video on YouTube (see page 44 to view the clip), according to a review of audit firms presence on social networking sites. Top of the cringe list by a long way [an] excruciating and toe-curling song, is the verdict on a song that includes lyrics that praise Ernst & Young, says the review by the Conversation Group.

08 MALAYSIAN ECONOMY STUCK, SAYSBANK

Malaysia may fall short of its goal to become a high-income nation as itis no longer a lowcost producer and lacks the investment to compete in more advanced industries, the World Bank cautioned in its first

Omar bin Sulaiman has been replaced as the governor of the Dubai International Financial Centre. The announcement was made days before the extent of the crisis relating to Dubai World and other Dubai government investments became clear. The new governor, Ahmed Humaid Al Tayer, was UAE finance and industry minister from 199397. He is also chairman of the Emirates National Bank of Dubai and the Commercial Bank of Dubai. Dubais government made other changes in senior state personnel, including on the board of the Investment Corporation of Dubai the governments investment arm. The changes mean that Dubais ruler, Sheikh Mohammed bin Rashid al-Maktoum (above), and his son, Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, take a more involved and controlling role in the running of stateinvestments.

Hong Kong attracted a record HK$567.5bn in fund inflows in the months from October 2008 to November 2009 as Western investors looked to Asia in search of higher yields. This unprecedented flow of hotmoney pushed stock prices up by 57% and property prices up 30%, raising the risk of a bubble. Norman Chan, Hong Kong Monetary Authority chief executive, said surging capital inflows posed a dilemma forpolicymakers across Asia.

10 RAINY DAYS ARRIVE

The Chinese could be changing their cautious spending habits in the longer term, following a spree encouraged by the government which included tax cuts on new cars to sustain economic growth. While they traditionally tend to save 30% of their income, a survey by MasterCard has revealed that 41% of urban households and 59% of rural households are planning to increase their spending in the next 12 months. MasterCard Worldwides economic adviser for Asia Pacific, Middle East and Africa, Yurra Hedrick-Wong, said the findings were positive for a stronger outlook of domestic consumption in 2010.

12

LEARNING CENTRE

THE 15 MOST COMMON COVER LETTER MISTAKES: HOW TO AVOID THEM

JAMES INNES, AUTHOR OF THE CV BOOK, THE INTERVIEW BOOK AND BRILLIANT COVER LETTERS AND FOUNDER OF THE CV CENTRE (WWW.INEEDACV.CO.UK), DESCRIBES WHAT YOU SHOULD AND SHOULD NOT WRITE IN A COVER LETTER YOUR OPENING PARAGRAPH IS VITAL IN CAPTURING THE READERS ATTENTION. IT WILL NORMALLY BE THE FIRST AND SOMETIMES ONLY PARAGRAPH THEY READ.
While writing Brilliant Cover Letters, I conducted a comprehensive analysis of over 1,000 cover letters to derive a Top 15 most common cover letter writing mistakes. Here they are for you, along with a few tips on how to avoid them. 1 Failing to write to the right person The best person to whom to address your cover letter is clearly the person who is going to be making the decision as to whether or not to interview you. Too many letters are simply addressed to the HR Manager and start, Dear Sir/Madam. You want to try to get right through to the decision maker. 2 Not including your own full contact details I would recommend that you start all your letters with a professional-looking letterhead. It is vital that the reader can spot, at a glance, not only your name but also precisely how to get in contact with you. 3 Inappropriate email addresses Avoid using fun or jokey email addresses. You might have taken time to put together a brilliant cover letter, but if your email address isnt professional, then it may well harm your chances. 5 Not saying what job youre looking for At the beginning of your letter, you should always clearly state the position you are applying for along with any reference number(s) quoted in the job advert. 6 Failing to make your case While it would definitely be a mistake to arrogantly oversell yourself, it is also a mistake to undersell yourself. Dont be afraid to blow your own trumpet and show a little self-confidence in what it is that you have to offer a prospective employer. Its a tight job market out there. You need to compete effectively if youre to stand any chance of achieving your career goals. 7 Repeating what is written in your CV Too many people fall into the trap of repeating too much of what their CV already says. While you should definitely highlight certain key aspects of your CV in your cover letter, you should avoid simply copying and pasting. Theyve got a copy of your CV. Your cover letter should complement it not repeat it.

4 Losing the readers interest with your opening words The primary goal of your opening paragraph is to explain to the reader why it is that you are writing to them. Your opening paragraph is vital in capturing the readers attention. It will normally be the first and sometimes only paragraph they read. If you fail to start building your case immediately you risk losing the readers interest right from the very start.

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LEARNING CENTRE

COVER LETTER DO DOs

SHORT LENGTH PROFESSIONAL LETTERHEAD SPELL-CHECK STATE THE JOB/POSITION SIGNATURE

9 Talking about money before youve even got your foot in the door Unless youve specifically been asked to do so, never bring up the question of money in an initial cover letter. It can be a mistake because it sends a clear message to the reader that you are more focused on your own needs than you are on theirs. 10 Giving the reader I-strain The word I is often over-used in cover letters. Unlike a CV, a cover letter should, of course, be written in the first person. However, if you start every sentence with I then it can make for pretty tedious reading. It might not be easy to cut down on your use of I but you should definitely make an effort to do so. 11 Lack of coherent structure Like all the best stories, the best letters have a strong and clearly defined beginning, middle and end. Its important to make sure your letter is structured in a logical fashion. Capture their attention, make an impact, maintain their interest and finish with a strong closing paragraph.

13 Spelling, grammar and typos It might seem hard to believe that people actually do send out letters with errors in them. But, believe me, it happens all the time and if you can make sure that your letters are totally error-free then you will immediately be at an advantage. 14 Spamming everyone with the same letter In just the same way that your CV should ideally be tailored for each application, so should your cover letter. In fact, it is even more important to tailor your letter. It stands to reason that every job and every organisation is different and every letter and every cover letter should, therefore, also be subtly different. 15 Not signing the letter While you wont be able to physically sign a letter sent by email, you should always sign letters sent by post or by fax. By taking the time to sign the letter before sending it, youre giving out one further signal to the reader that you have taken the time to write to them personally and havent just sent out the same letter to hundreds of people.

COVER LETTER DONT DONTs

SAME LETTER, DIFFERENT JOBS FUN OR JOKE EMAIL ADDRESS LACK OF STRUCTURE ASK ABOUT SALARY GENERIC HR CONTACT

IT IS IMPORTANT TO TAILOR YOUR LETTER. IT STANDS TO REASON THAT EVERY JOB AND EVERY ORGANISATION IS DIFFERENT AND EVERY LETTER AND EVERY COVER LETTER SHOULD, THEREFORE, ALSO BE SUBTLY DIFFERENT.

8 Lack of call to action The key to ending your letter is to make sure you do so in a positive, upbeat manner. You cant exactly demand a response from them but you need to do everything in your power to encourage one.

12 Length As a general rule, most cover letters dont and shouldnt exceed one A4 page in length. Never lose sight of the fact that your cover letter is not intended to take the place of your CV; its meant to act as an introduction.

STUDENT ACCOUNTANT ISSUE 01/2010

17

TALKING TECHNOLOGY UPGRADE OR NOT UPGRADE?

TRADITIONAL SOFTWARE DEVELOPMENT COMPANIES WANT TO SELL AS MANY COPIES AS POSSIBLE OF THE LATEST AND GREATEST VERSIONS OF THEIR SYSTEMS. BUT DECIDING WHETHER THIS IS IN YOUR BEST INTERESTS OR NOT CAN BE A TRICKY JUDGMENT CALL FOR INDIVIDUAL CONSUMERS AND ORGANISATIONS
Apple spent 1.37% of its revenue on advertising during the last financial year thats US $501m. Microsoft spent a more sizeable 2.4% of its revenue thats US $1.4bn. All of which funds a slew of advertisements designed to persuade potential purchasers and end-users, among other things, that if they do not have Microsoft Windows 7 or Apple Snow Leopard on their personal computer, civilisation will grind to a halt and the world as we know it will come to an end. Clearly, this is not going to happen. But knowing this doesnt make deciding whether to go with the most up-to-date version of an operating system (or a software application) an easier judgment call whether you are about to buy a new computer from a retail outlet, contemplating an upgrade to your existing machine, or considering the future of hundreds (or thousands) of desktops and laptops in a corporate environment because if you want to make the right decision for you or your business, you will need to take a lot of factors into account. Cost and features are usually the most significant. This could mean deciding whether to buy a new PC with the latest operating system or opt for a slightly less up-to-date machine loaded with the previous version; the latter generally costs less than the former, until the point when only systems pre-loaded with the latest release are available for purchase. New versions of software tend to require more processing power and more memory than their predecessors, and this can become the deciding factor. However, with some types of software application, having the latest version is absolutely essential even if it also necessitates other changes. For example, the software that accountants and businesses use to help them meet statutory reporting requirements are frequently and repeatedly updated, because they must change to reflect frequent and repeated updates to things such as tax codes. So businesses tend to take a different (and more pragmatic) perspective on software upgrades than individual consumers: acknowledging that some of them are an absolute necessity, while others are potentially more trouble than they are worth. According to the research

THE SOFTWARE THAT ACCOUNTANTS AND BUSINESSES USE TO HELP THEM MEET STATUTORY REPORTING REQUIREMENTS ARE FREQUENTLY AND REPEATEDLY UPDATED, BECAUSE THEY MUST CHANGE TO REFLECT FREQUENT AND REPEATED UPDATES.

company Gartner, migrating to Windows 7 from Windows XP in a corporate environment could cost, on average, a whopping US $1,930 per seat, taking into account the cost and time to talk to vendors, test existing applications on the new operating system, and upgrade or replace any non-compliant software or inadequate hardware. So you will understand why many organisations are in no rush to upgrade their operating systems software and why the cloud computing delivery model (which relieves software users of the burden of repeated software upgrades) is becoming increasingly popular.

18

LEARNING CENTRE

BP PAKISTAN BECAME AN ACCA PLATINUM LEVEL EMPLOYER IN 2008, JOINING THE SCHEME IN ORDER TO ADD VALUE TO THE ORGANISATION AS A WHOLE. TEN ACCA STUDENTS ARE CURRENTLY EMPLOYED BY THE COMPANY, ALONG WITH TWO AFFILIATES AND TWO ACCA MEMBERS.

BP is one of the worlds largest petroleum and petrochemicals groups and, for over 30 years, has been operating in the Sindh province of Pakistan as BP Pakistan Exploration and Production Inc. BP Pakistan, along with its joint venture partners, currently produces the equivalent of 45,000 barrels a day of oil, selling crude oil to local refineries and natural gas to the local energy supplier Sui Southern Gas Co Ltd. BP Pakistan became an ACCA Platinum Level Employer in 2008, joining the scheme in order to add value to the organisation as a whole. Ten ACCA students

are currently employed by the company, along with two affiliates and two ACCA members. Students are encouraged and supported throughout their ACCA studies they take part in a programme of comprehensive training and mentoring which encourages them to ask questions and to develop their own opinions. In addition, students fees are paid when they qualify, and they are given exam leave. And support doesnt stop there. ACCA affiliates work with their managers to set annual objectives, which are monitored by annual appraisals, and, on gaining ACCA membership, BP pays annual membership fees and offers wide-ranging CPD opportunities, which, together with a range of challenging assignments, ensures professional development is encouraged.

ACCA AT BP PAKISTAN EXPLORATION AND PRODUCTION INC

SHARIQ IQBAL SIDDIQQUI ACCA member Working for BP has enabled me to fulfil my ambition to learn more, and I have progressed professionally. When I joined BP , I had already gained experience of audit, supply chain management, and finance, especially as I had worked as a finance manager in a refinery which gave me experience of the accounting requirements of an upstream business. Working in this role, I did not find the accounting difficult, but it was a challenge for me to gain the technical business knowledge required in order to produce the required reports and to fill any gaps. Shariqs six-years experience in payables, treasury, and accounting have proved to be excellent preparation for his responsibilities at BP as an accounting supervisor. These include supervising the payment process for vendors invoices, employeerelated cheque requests, trainee engineers payments and all employees expenses. Shariq also liaises with human resources on medical care benefits. He also presents a

STUDENT ACCOUNTANT ISSUE 01/2010

Visit the BP Global Careers website www.bp.com/careers

19

HAVING THE ACCA LETTERS AFTER MY NAME WILL GIVE ME THE OPPORTUNITY TO WORK FOR ANY ORGANISATION IN ANY PART OF THE WORLD. I AM ALSO BETTER EQUIPPED TO DEAL WITH THE BUSINESS AND FINANCE ISSUES WHICH ARISE IN MY DAY TO DAY WORK. SHENILA HAKIM

report on outstanding payments for monthly management review, and ensures that his team leader is promptly updated on any issues that might arise. Shariq is currently looking after a couple of automation projects to enhance the teams performance. SHENILA HAKIM SHALLWANI ACCA affiliate Shenila Hakim Shallwani has been working as a revenue accountant in the Finance Department of BP since November 2007. Shenila credits ACCA for her career progression: In BP , having a qualification is given significant importance; staff are motivated to acquire a professional qualification, and new appointments to the finance team are made on the basis of the applicants professional accountancy qualification. Shenila works in gas accounting, part of the revenue section of BPs Finance department. Finance plays a vital role in supporting the exploration business, from reporting the figures to approving financial expenditure. Business depends on revenue, as its not worth producing something that cannot be sold, she comments. Shenila prepares a variety of invoices for the local Sui Southern Gas Co Ltd, and for concession partners. She also responds to queries from the local regulatory body (the

Director General of Petroleum Concession), on royalties, pricing and other issues. Also as part of her role, Shenila is responsible for preparing the final monthly gas production numbers, variance analyses, reconciliation statements, and generating the figures used to calculate the draft price of gas for the following six months. Shenila entered BP after having trained in audit at Deloitte, and also has experience of working in audit within the banking, finance and FMCG sectors. When I started working for BP , it was a challenge to gain the technical knowledge I needed in order to understand the business, such as the science behind gas production and measurement, and international pricing issues. I have learned a lot as a BP employee and have gained four Employee Recognition Awards. I am confident about my future with the organisation, although there are more stairs to climb and there is a lot more to learn, she adds. Shenila hopes one day to be at the top of the finance profession and recommends ACCA for people wanting a renowned professional accountancy qualification. She says: Having the ACCA letters after my name will give me the opportunity to work for any organisation in any part of the world. I am also better equipped to deal with the business and finance issues which arise in my day to day work, and to work effectively under pressure.

QAISRA JABEEN ACCA student Qaisra Jabeen, a maths and physics graduate, works in BPs Oil Accounting division. Qaisra joined the company in 2002 as an intern before moving to the Gas Measurement division. She now works in Oil Accounting where she undertakes a wide variety of tasks, such as weekly crude oil price calculations, and recording the oil deliveries made to refineries. She also records monthly sales to refineries, and looks after the payment of royalties to the Pakistan Government, providing further details to the director general of Petroleum Concession. Qaisra started her ACCA studies in August 2005 she hopes to qualify in June 2010, and studies at a local tuition provider, using flexitime leave provided by BP: This gives me a set structure for my study assignments, comments Qaisra. Having these deadlines helps me enormously as it forces me to work hard months before I have to take my exams. Qaisra is also very happy to be working for an ACCA Approved Employer: ACCA offered me solid career progression, she comments, and working for an ACCA Approved Employer offers many advantages, especially the chance to work alongside colleagues who are already ACCA affiliates or members.

20

LEARNING CENTRE
company Tamrock, then taken over again by the present owner, Sandvik. As company management changed, so did Claras job: First, my job title changed from company accountant to senior accountant, and then I was promoted to contract accountant, overseeing the financial affairs of a contract running at the Mindolo mine in Kitwe, she explains. Then the accounting function was reorganised again and so I and overseeing external audits. My role has evolved with this new post, she says, as I am now in overall charge of the financial activities of the company, whereas before I was responsible for one specificarea. Despite continuous career progression, Clara still decided to study for her ACCA Qualification. She registered in August 1989, and hopes to finish this year SMC Zambia has been supporting Clara with financial assistance and study leave. I aim to become a member as soon as possible after finishing my exams, she says. ACCA is a globally recognised professional body and employers have confidence in the performance of employees who are ACCA qualified. My ACCA studies definitely contributed towardsmy promotion. Clara is determined to become an ACCA member, despite starting her studies late in her career: Although I am already 44 I am still pursuing my dream of becoming ACCA qualified, even it means studying until after I retire! My advice to students is to keep going its not easy to study and work full-time, and this has been a challenge for me. However, ACCA membership brings great benefits it will raise my profile in the profession, and having those letters after my name will bring great prestige.

ACCA IS A GLOBALLY RECOGNISED PROFESSIONAL BODY AND EMPLOYERS HAVE CONFIDENCE IN THE PERFORMANCE OF EMPLOYEES WHO ARE ACCA QUALIFIED. MY ACCA STUDIES DEFINITELY CONTRIBUTED TOWARDS MY PROMOTION.
Age is just a number and should not deter anyone from pursuing their dream, says ACCA Qualification student Clara Yamba who, at 44, is older than many of those studying for ACCA. Clara has risen steadily through the accountancy profession, and is currently a financial accountant for SMC Zambia Ltd, part of the multinational Sandvik Mining and Construction Group inKitwe,Zambia. Clara entered finance in 1988 after gaining a diploma in accountancy from the Evelyn Hone College in Lusaka. I was first an audit assistant with Coopers & Lybrand (as it was then) in Ndola, rising through the ranks until I became a senior audit supervisor, explains Clara. I then joined Mutende Mining as a company accountant, reporting to the chief accountant. Five years later, Mutende Mining was taken over by Finnish moved to head office and became the accounts payable manager in charge of both foreign and local payables, with the role of systems accountant later added to my brief. In 2008, I was promoted to my current role of financialaccountant. SMC Zambia is the largest supplier of underground equipment and after-sales service contracts to the countrys copper mining industry. As financial accountant, Claras role includes the reconciliation of all subsystems, posting all monthly manual journals, preparing monthly reporting schedules,

STUDENT IN ZAMBIA CLARA YAMBA

ACCA MEMBERSHIP BRINGS GREAT BENEFITS IT WILL RAISE MY PROFILE IN THE PROFESSION, AND HAVING THOSE LETTERS AFTER MY NAME WILL BRING GREAT PRESTIGE.