Accounting is a demanding field that requires discipline, hard work, and a commitment to lifelong professional development. For those who have completed or are planning to pursue the ICAEW ACA or the ICAEW CFAB, learn more about ICAEW BFP and how it helps to advance your career prospects.
What is the ICAEW BFP, and how do I obtain it?
The ICAEW Business and Finance Professional (BFP) is an internationally recognised professional designation, which reflects both a solid understanding of business operations as well as expertise in technical knowledge, business skills, and ethics. To qualify, you must fulfil 3 key requirements: to have attained the ICAEW Certificate in Finance, Accounting and Business (CFAB) certification, to have at least 12 months’ work experience in a business or finance role with proper validation of essential business skills, and to have completed ICAEW’s Ethics Learning Programme.
The ICAEW CFAB has no minimum entry requirements, making it the first step in obtaining the ICAEW BFP designation. This essential accounting certification covers 6 modules comprising Accounting, Assurance, Business, Technology and Finance, Law, Management Information, and Principles of Taxation. This ensures that students have practical insights and knowledge in business, finance, and accounting; and equipped with job-essential skills that will help boost your CV to potential employers.
ICAEW’s Ethics Learning Programme equips students with the skills to identify ethical dilemmas and understand their implications to conduct both themselves and business in an ethical manner. Students will be required to complete 6 modules which comprise ICAEW’s Code of Ethics, fundamental ethics principles, threats and safeguards to these principles, conflicts of interest, as well as considerations for professional accountants in both business and practice.
If you are currently enrolled in accounting certifications such as the ICAEW ACA and CFAB, you can register to receive BFP designation for free, which provides access to the Ethics Learning Programme and allows you to send over your 12 months’ work experience for swift approval of the BFP designation. Once all 3 requirements have been completed, ICAEW will assess and confirm your BFP status, allowing you to reap its benefits for your career.
How does the ICAEW BFP improve my career prospects?
Individuals who have successfully attained the ICAEW BFP are allowed to utilise the designatory letters BFPin your title. These letters are a mark of professional quality, and demonstrate your commitment to development, and boosts your employability with up to date skills in business and finance. It is a great stepping stone towards becoming an ICAEW ACA and shows that you meet the ethical and technical standards of a membership organisation.
ICAEW BFP holders also have access to an annual subscription, which provides a suite of resources to support your career and professional learning. They include business and finance refreshers which encompass topics in business, finance, and accounting which were covered as part of ICAEW CFAB content; as well as extensive Microsoft Excel training and resources such as online training modules, a personalised training plan, model spreadsheets, and video tutorials.
ICAEW also offers one-to-one helplines that offer free and confidential help for technical advisory and ethics, along with support from ICAEW’s library research team. BFP holders can tap into management and personal development resources, which are online and interactive to facilitate your professional development. Youwill also receive regular newsletters with the latest business, finance, and accountancy news to keep you up to date on global developments and affairs.
ICAEW South East Asia provides internationally recognised accounting certifications to help you hone your skills and future-proof your career as an accounting, business or finance professional. Get in touch today to find out more.