What is Cambridge ICFE?
Cambridge ICFE is an exam which tests candidates’ ability to understand written and spoken English in a number of realistic contexts that accountancy professionals are likely to encounter in their daily working lives. The exam consists of four papers – Reading, Writing, Listening and Speaking which are designed to provide a comprehensive approach to developing financial English skills. It has been developed in partnership with ACCA (the Association of Chartered Certified Accountants), which is the largest and fastest-growing global accountancy body.
Who is the exam for?
Cambridge ICFE is an ideal qualification for anyone thinking of, or already pursuing a career in accountancy or finance. It is also suitable for qualified accountants and finance professionals who wish to validate their financial English language skills and provide proof of their linguistic skills and expertise.
Cambridge ICFE is also intended to help employers in the international finance arena with the hiring and training of personnel, and to assist finance faculties and course providers with selection, placement and graduation of students.
Why take Cambridge ICFE?
Studying for Cambridge ICFE will help finance and accounting professionals to improve their English language skills and use them in a wide range of accounting and financial contexts. Because the exam is based on realistic texts, topics and tasks that are found in the daily working life of those employed in an accounting and finance role, successful candidates will find that they are better able to function in practical situations, such as meetings and discussions of a financial nature where they have to express opinions clearly. They will also be able to better understand texts of various types, including financial statements, journal articles, letters, reports and proposals.
What level is the exam?
ICFE is set at levels B2-C1 of the Common European Framework of Reference for Modern Languages (CEF). These levels are commonly referred to as upper-intermediate (B2) to lower advanced (C1). Success at C1 level may be used as proof of the level of language necessary to work at a managerial or professional level or to follow a course of academic study at university level. This covers the levels of the Cambridge First Certificate in English and the Certificate in Advanced English, and corresponds to bands 5.5-7.0 of IELTS (International English Language Testing System).
What is the Common European Framework?
Developed by the Council of Europe, the Common European Framework (CEF) of Reference for Languages provides a basis for the mutual recognition of language qualifications. It facilitates a clear definition of teaching and learning objectives and methods, and provides the necessary tools for the assessment of proficiency. Taking an exam like Cambridge ICFE which is linked to the CEF will give successful candidates a qualification which will be recognised and understood in countries both within and outside Europe.
What does the exam involve?
Cambridge ICFE has four papers: Test of Reading, Test of Writing, Test of Listening and Test of Speaking. The exam assesses candidates' ability to understand spoken and written English in a number of realistic contexts of the kind accounting and finance practitioners are likely to encounter in their daily working lives; spoken texts including accounting and finance presentations, lectures, discussions and interviews, and written texts such as international accounting and auditing standards, corporate documentation, financial reports and sets of financial accounts. The Writing tasks are based on the kinds of skills needed in the accounting and finance working environment, e.g. the ability to write letters, reports and proposals in an accounting and finance context, while the Speaking tasks assess speaking skills in relation to the accounting and finance working environment and will be conducted by trained oral examiners.
Which topic areas of finance and accounting appear in Cambridge ICFE question papers?
The examination texts and topics are set in the context of finance and accountancy. The following list is an illustration of some of the areas featured in Cambridge ICFE:
- Financial Reporting
- Company financial strategy
- Risk assessment and analysis
- Investment Banking
- Ethical standards within Accounting
- Accounting standards
- Debt recovery
- Accounting software packages and IT
- Auditing
- Assets and company valuations
- Budgetary processes
- Economic factors/conditions/forecasts in certain markets/sectors
- Forensic Accounting
- Banking and Insurance
How can Cambridge ICFE test financial English without testing financial knowledge?
Cambridge ICFE tests English in a financial and accounting context, so, although background knowledge of this area of English language will impact to some degree on test performance, the exam is not a test of finance or accounting. Cambridge ICFE assesses candidates’ ability to understand spoken and written English in realistic, professional contexts that they are likely to encounter in their daily working lives.
How long is the exam?
The exam consists of four papers: Reading Writing, Listening and Speaking. The duration of papers is as follows:
Test of Reading: 1 hour 15 mins
Test of Writing: 1 hour 15 mins
Test of Listening: 40 minutes (approximately)
Test of Speaking: 16 minutes (approximately)
How can I register for Cambridge ICFE?
The first administration of the Cambridge ICFE exam will take place in May 2007. Candidates who wish to register should contact an authorised centre.
How are the papers scheduled?
The Test of Reading, Test of Writing and Test of Listening papers are likely to be scheduled on the same day. The Test of Speaking will be offered over a longer period with exact dates decided locally by the authorised centre.
Where can I take Cambridge ICFE?
The Cambridge ICFE exam will be taken at authorised Cambridge ESOL examination centres. It is intended that the first administrations of Cambridge ICFE will take place in 2007 in selected countries where there is most demand. The exam will be available on a number of occasions per year.
Can I obtain ICFE sample papers?
Sample papers can be downloaded from the Learning Material page.
In what form are the results?
All candidates receive a statement of results indicating an overall estimate of their ability based on their performance on each of the four papers, thus ensuring that the different elements of the skills tested are contributing equally to the candidates’ competence. The statement of results includes a graphical profile indicating areas of comparative strength and/or weakness in the four language skills. Successful candidates also receive a certificate.
How are results reported?
Results are reported as three passing grades: C1 Pass with Merit; C1 Pass and B2 Pass, and two failing grades: Narrow Fail and Fail.
Who will recognise the exam?
The certificates awarded to Cambridge ESOL candidates are recognised by thousands of educational organisations and employers throughout the world as reliable evidence of the level of English the learner has achieved. Cambridge ESOL and ACCA are working towards obtaining recognition for ICFE from professional accountancy bodies, educational organisations, private sector employers and governmental institutions.
What support will be provided?
Cambridge ICFE will be enhanced by an extensive range of supporting services for test takers, test users and teachers such as websites, handbooks, past papers and teaching resources. Universities, colleges and schools will offer courses to help learners prepare for the exams.
Is there any training available for teachers?
At present there is no specialised training provided for teachers to prepare candidates for ICFE. We will, however, be including advice on ICFE candidate preparation in the British Council China website.
What is the availability of courses/study materials?
The first administration of the Cambridge ICFE exam will took place in May 2007. It is likely that courses will be provided by institutions locally as the exam becomes more established and that publishers will develop ICFE course materials for students.
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