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

Who is ICFE for?

Cambridge ICFE is suitable for:

a) students of finance and accounting who are:

			actively seeking employment in a finance context, e.g. accounting firms, company
			departments, and government agencies
			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:

			seeking new employment in an international context
			seeking promotion within their own organisations
			learning English as part of a training programme
			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.

Who will recognise the exam?

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.

The test

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.

			spoken texts include: accounting and finance presentations, lectures, discussions and interviews
			written texts include: international accounting and auditing standards, corporate documentation, financial reports and sets of financial accounts
			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
			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:

			Financial Reporting
			Company Financial Strategy
			Risk Assessment and Analysis
			Banking
			Insurance
			Investment Banking
			Ethics and Professionalism
			Debt-Recovery and Credit Policy
			Accounting Software Packages
			Auditing
			Forensic Accounting
			Assets and Company Valuations
			Budgetary Processes
			Corporate Governance
			Cost and Management Accounting
			Bankruptcy
			Acquisitions and Mergers
			Environmental and Sustainability Issues

Dates, grading and results

ICFE is administered twice a year – in May and November.

Forthcoming dates are:

14 Nov 2009, Registration period 28 Sept - 2 Oct 2009

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.

Preparation

			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
			Teaching resources available from Cambridge ESOL.
			"Success with ICFE", Summertown Publishing, Nov 2008 "The International Certificate in Financial English Workbook", BBP Learning Media "City Essentials" - ICFE Study Guide, BBP Learning Media, 1 Dec 2008 * Delta Publishing should also publish a book soon * Cambridge University Press will publish online blended learning course leading to ICFE in February 2008
			Online resources and ICFE Sample Papers are available here
			List of books that can be used for financial English courses can be found here

Registration

The registration must be completed until the registration deadline – for dates click here.

In order to register please click here.

You can also pay using our WEB SHOP.Please note that the Entry Form and 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.