Accountancy has become an international profession alongside global finance and business. Developments such as International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) are establishing globally-recognised frameworks for financial reporting, providing professional accountants with the opportunity to pursue international career opportunities. It is therefore essential for individuals who wish to succeed in the global business arena to possess first-rate English language skills in order to be able to communicate effectively with accounting and finance professionals within the international business community. The ICFE certificate, which has been developed by Cambridge ESOL in partnership with ACCA (the Association of Chartered Certified Accountants), the largest and fastest-growing global accountancy body, proves that it’s holder is able to do that.
Who is ICFE for?
Who will recognise the exam?
The test
Dates, grading and results
Registration
Cambridge ICFE is suitable for:
a) students of finance and accounting who are:
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actively seeking employment in a finance context, e.g. accounting firms, company |
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departments, and government agencies |
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intending to study finance or accounting where the course includes significant English language content, either in their own country or abroad |
b) practising accountants and finance professionals who are:
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seeking new employment in an international context |
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seeking promotion within their own organisations |
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learning English as part of a training programme |
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seeking certification to demonstrate their English-language proficiency in a finance or accounting context |
Cambridge ICFE can be used as a valuable recruitment tool to help employers with the selection process and training of their people. Employers can be confident that any employee who has passed the Cambridge ICFE exam will be capable of working in an international finance context as they will possess high levels of English language and an understanding of the kind of language used in a demanding, fast-moving profession.
The certificates awarded by Cambridge ESOL 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.
ICFE is set at levels B2 and C1 of the Common European Framework for Languages (CEFR) and assesses language skills in the context of finance and accounting. Students who decide to take this exam are expected to be familiar with some finance and accountancy concepts and terminology.
ICFE has four papers: test of Reading, Writing, Listening and Speaking.
Test of Reading – 1h 15 min
Test of Writing – 1h 15 min
Test of Listening – 40 min
Test of Speaking – 16 min
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.
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spoken texts include: accounting and finance presentations, lectures, discussions and interviews |
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written texts include: international accounting and auditing standards, corporate documentation, financial reports and sets of financial accounts |
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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 |
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the Speaking tasks assess speaking skills in relation to the accounting and finance working environment and will be conducted by trained oral examiners |
Topics covered:
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Financial Reporting |
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Company Financial Strategy |
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Risk Assessment and Analysis |
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Banking |
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Insurance |
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Investment Banking |
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Ethics and Professionalism |
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Debt-Recovery and Credit Policy |
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Accounting Software Packages |
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Auditing |
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Forensic Accounting |
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Assets and Company Valuations |
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Budgetary Processes |
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Corporate Governance |
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Cost and Management Accounting |
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Bankruptcy |
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Acquisitions and Mergers |
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Environmental and Sustainability Issues |
ICFE is administered twice a year – in May and November.
Forthcoming dates are:
Registration period:
Registration period:
Test results are normally reported within 6 weeks of the test date.
Depending on their performance candidates who pass the exam receive either a B2 or C1 certificate.
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it is expected that preparation courses for ICFE will be offered by language schools and possibly English departments of Faculties of Economy in many countries |
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teaching resources available from Cambridge ESOL. |
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two preparation coursebooks are planned to be published this year – more information will be posted soon |
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Online resources and ICFE Sample Papers are available here |
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List of books that can be used for financial English courses can be found here |
The registration must be completed until the registration deadline – for dates click here.
To register candidates need to fill in an Entry Form and make a full payment at Raiffeisen bank.
The Entry Form and a copy of the proof of payment must reach the British Council by the registration deadline.
The exam fee is 1000,00 kn.
For more information on ICFE please visit www.financialenglish.org or contact us at the British Council.
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