‘People will always need accountants’

Accountancy still appears to be a profession attracting confident and demanding graduates. Despite pessimistic employment news in other sectors, according to an article in Accountancy Age magazine, today’s accountancy graduates have high expectations. The article by Rachel Fielding looks at a report from UCCA which says that graduates are looking for ‘aspirational and dynamic career paths’. They often seeing their professional financial training as the basis for a broader business career. Many are also prepared to look outside of traditional companies in order to find something challenging and with good career progression. The article includes an interview with Nadim Choudhury head of career services at London School of Business and Finance who comments, “The recession…has helped propel accountancy to the forefront of career choices. "We don't know if some of the investment banks will be around in the long term but people will always need accountants," Choudhury adds. Read the full article at http://www.accountancyage.com/aa/feature/2153953/-aayp-generation-ys-expectations

Financial red tape - getting better or worse?

In a recent research report, ‘The regulatory environment on UK business’ the Institute for Chartered Accountants in England and Wales reports that most businesses think that red tape is still a problem. The respondents, including senior finance professionals, said that they have seen little improvement in the regulatory environment with some thinking that things have got worse. According to the report, “employment legislation, employment tax and health and safety regulation are most likely to be cited as hindering the operation and development of their business.” Respondents were asked whether they were aware of the government’s ‘one in, one out’ policy to company and financial regulation. The majority weren’t aware of this and of those who did, few were confident of it helping the situation. Whether you are a chartered accountant or work elsewhere in the financial industry, see where you stand on the discussion on the ICAEW’s website http://www.icaew.com/home/about-icaew/what-we-do/~/media/Files/About-ICAEW/What-we-do/business-confidence-monitor/special-reports/the-impact-of-the-regulatory-environment-on-uk-business-icaew-research-report-january-2012-2-.ashx

Events for the actuarial profession

How would you define the sector where you work as a professional actuary? If it’s in the healthcare sector, risk or pensions industries, several national conferences are being held in the next few months to meet fellow professionals and experts. Take a look at the website of The Actuarial Profession which also represents member of the The Institute and Faculty of Actuaries – the chartered professional body for actuaries in the UK.
Six conferences are taking place this year along with a range of CPD events (continued professional development). The first event from 30th April to 2nd May is aimed at the Health and Care sector and takes place in Manchester. It includes a wide range of speakers with plenary sessions including ‘Reputation management’ and ‘Putting the patient first’. For more details on which of the range of this year’s events could give you an opportunity to meet your peers visit the website at http://www.actuaries.org.uk/events

Bristol takes new financial step

The new Bristol pound is soon to take to the streets and the pockets of Bristolians. Unlike other local currencies, this one, according to the article on the BBC West website, will have the backing of the council and a credit union. One Bristol pound will be worth £1 sterling.
The article explains that ‘People will open an account with the Bristol Credit Union…for every pound sterling they deposit, they will be credited one Bristol pound.’ The funds will also be guaranteed by the Financial Services Authority. As such the article explains that an account with Bristol pounds will have the same protection as any other deposit account. The standard government scheme guarantees up to £85,000 per person.’ The new local currency will be the first such scheme that can be used to pay local business taxes. For the full details including local reaction to the new currency see the article on http://www.bbc.co.uk/news/uk-england-bristol-16852326

Record year for fraud says KPMG

Vigilance is needed by financial managers and auditing professionals more than ever before after the publications of KPMG’s latest Fraud Barometer with record figures. According to an article on The Guardian website, “The firm's Fraud Barometer, which has been running for 25 years monitoring reported cams, recorded £2.5bn of fraud between July and December.”
The financial profession need to be aware of such details not only in their role of financial audit professionals but also in that financial institutions were the ‘largest victims of fraud’. Companies and pubic bodies have brought more fraud to light as they implement budget restrictions and austerity measures according to sources at KPMG. Yet these tough economic times have also given rise to more frauds being perpetrated. As Hitesh Patel, a forensic partner at KPMG, explains in the article: "2011 was an extraordinary year for fraudsters. The economic uncertainty has been the double-edged sword behind these numbers.” http://www.guardian.co.uk/business/2012/jan/30/fraud-managers-kpmg-barometer

Auto-enrolment outside the U.K.

With auto-enrolment due to be rolled out in the U.K. what can we learn from the many other countries who have already gone down this route to improve pension provision? In an article in Professional Pensions magazine, Michael Bow looks at how they operate the system in countries including Australia,the United States and Sweden.

In ‘Auto-enrolment 2.0: Lessons from abroad’ he finds two common elements that governments and pension professionals must ensure for the success of the scheme. Looking at the first one, ‘Funding and Contributions’, he considers the US schemes where legal statutes were employed to ensure regular increases. This is not currently part of the UK proposal. Under the second point of ‘Engagement’, Bow considers the effective communication scheme used in Sweden to ensure people understood their pensions. For more details, including the pensions experience in Australia, read the full article at http://www.professionalpensions.com/professional-pensions/news-analysis/2137752/auto-enrolment-lessons-abroad

How to choose a career in insurance.

Risk Management? Underwriting? Loss Adjusting? All are potential career paths in the insurance industry and the Chartered Insurance Institute’s bright and interactive ‘Discover Risk’ website is aimed at helping students, graduates and others navigate their choices. Its career advice includes personal case studies from all areas of the industry and definitions and tips for each specialist risk area. It defines the role of an underwriter, for example, as someone who assesses risks and decides whether or not to accept applications for insurance cover, and on what terms. The aim is to minimise exposure for their company and help it to make a profit.” The Chartered Insurance Institute is the world’s largest professional body for those working in insurance, risk and financial services. Its membership scheme offers access to exams and awards eventually up to Chartered status with the Discover Risk website helping you to make the first step. Discover the site at http://www.discoverrisk.co.uk/about-risk/career-paths.aspxChartererd
Insurance Institute