The International Certificate in Financial English (ICFE) is an exam which shows whether candidates whose first language is not English have an adequate level of English to function efficiently, in terms of language ability, within the international finance community.

It has been developed in partnership of University of Cambridge ESOL with ACCA (the Association of Chartered Certified Accountants), which is the largest and fastest-growing international accountancy body.

Cambridge ICFE is suitable for students of finance and accounting and practising accountants and finance professionals who are:

			seeking 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

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.

ICFE is set at levels B2-C1 of the Common European Framework of Reference for Modern Languages (CEF). 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.

Exam content:

			Test of Reading- 1 hour 15 minutes There are six parts. These include extracts from finance and accounting textbooks and reference books, articles from finance and accounting journals, extracts from company reports and correspondence.
			Test of Writing - 1 hour 15 minutes 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
			Test of Listening - 40 minutes The paper contains four parts – recorded monologues or texts with interacting speakers. These include presentations, lectures, announcements, meetings, discussions, interviews, etc.
			Test of Speaking - 16 minutes Speaking tasks assess speaking skills in relation to the accounting and finance working environment and will be conducted by trained oral examiners.

The following list is an illustration of some of the areas featured in 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
			Budgetary processes
			Banking and Insurance

Results and certificates:

Each paper is weighted to a total of 50 marks. The total mark for the four ICFE papers is, therefore, 200, after weighting.

Results are reported as three passing grades: C1 Pass with Merit; C1 Pass and B2 Pass, and two failing grades: Narrow Fail and Fail.

A candidate’s overall ICFE grade is based on the total score gained by the candidate in all four papers. It is not necessary to achieve a particular level in all four components in order to pass the examination, as the final mark on which the grade is awarded is based on the aggregate score of all of the test components.

Statements of results are released approximately six weeks after the examination has been taken. All candidates receive a statement of results showing their performance on each of the four papers and an overall grade, and candidates who achieve passing grades will receive an official certificate awarded by University of Cambridge ESOL Examinations.

The ICFE exam is administered twice a year, in May and November.