Practical Experience Requirement (PER) is a key component of the ACCA Qualification and demonstrates you have the relevant skills and experience in a real working environment. You’ll need to complete 36 months in a relevant accountancy/ finance role and show you have the right mix of skills by achieving nine performance objectives (five Essentials and four Technical). You can choose performance objectives that easily align with the actual work you’re doing.
You’ll also need to find an IFAC qualified accountant to be your supervisor. The supervisor helps you plan your progress, signs off the PER you record and decides when you’ve met your performance objectives. The 36 months doesn’t need to be completed all at once, or all in the same role/job. Many types of work can count as PER. Even work you did before becoming an ACCA affiliate.
Relevant PER work experience can include:
- Roles in any organisation or sector
- Part time work
- Partially relevant roles, where only some of your time is spent on accounting or finance work
- Internships and volunteering.
If you already have a relevant job, this should provide you with the range of experiences that let you shine and enable you to start achieving your PER. The PER in the Association of Chartered Certified Accountants (ACCA) qualification program is a crucial component that distinguishes ACCA from other similar qualifications. Not only does it offer flexibility in terms of when it can be obtained, but it also provides candidates with the opportunity to earn a regular salary, leading to substantial savings over time.
The PER in ACCA allows candidates to gain practical experience before, during, or after completing their ACCA exams. This flexibility enables individuals to tailor their professional development to their own pace and circumstances, accommodating various career paths and personal commitments. Unlike some other qualifications that require practical experience only after passing exams, ACCA’s approach empowers candidates to integrate theoretical learning with real-world practice from the outset of their journey.
Furthermore, ACCA’s PER offers a distinct advantage in terms of financial compensation. Unlike some qualifications that offer only stipends or allowances during practical training periods, ACCA candidates have the opportunity to earn a regular salary while gaining practical experience. This not only provides financial stability but also allows candidates to contribute to their personal finances and career development simultaneously.
WHY IS THE PER IMPORTANT?
In order to perform effectively as an ACCA qualified accountant, you need to develop your skills in the workplace as well as passing the exams. The PER helps you to:
- apply in practice the knowledge and techniques you are gaining through your studies towards the ACCA exams
- observe and be involved in real- life work situations that help you to develop professional skills, attitudes and behaviours
- develop your judgment, encouraging you to reflect on the quality of your work and how you may improve your performance in the future.
Employers expect ACCA members to show high levels of knowledge and ability in the workplace, and behave ethically. PER enables you to confirm the quality of your workplace performance.
To illustrate the financial advantage of ACCA’s PER compared to other qualifications, let’s consider a scenario where an ACCA candidate earns an average salary during their practical training period, while a candidate pursuing a similar qualification receives only a stipend.
Assuming:
The ACCA candidate earns an average monthly salary of ₹50,000 during their practical training period.
The candidate pursuing the other qualification receives an average monthly stipend of ₹10,000 during the same period.
Both candidates undergo a practical training period of three years.
- Calculation for ACCA Candidate:
Average Monthly Salary: ₹50,000
Average Annual Salary: ₹50,000 * 12 = ₹6,00,000
Total Salary for Three Years: ₹6,00,000 * 3 = ₹18,00,000
- Calculation for Candidate with Other Qualification:
Average Monthly Stipend: ₹10,000
Average Annual Stipend: ₹10,000 * 12 = ₹1,20,000
Total Stipend for Three Years: ₹1,20,000 * 3 = ₹3,60,000
- Difference in Average Total Earnings:
₹18,00,000 (ACCA Candidate) – ₹3,60,000 (Candidate with Other Qualification) = ₹14,40,000
By earning a regular salary instead of a stipend, the ACCA candidate saves an average significant amount of ₹14,40,000 over the course of three years. This substantial saving not only provides financial security but also offers greater flexibility in managing expenses and planning for the future.
In addition to financial advantages, ACCA’s PER offers candidates the opportunity to gain practical experience in diverse sectors and industries, enhancing their professional versatility and marketability. Moreover, the practical training obtained through ACCA’s PER is recognized and valued by employers worldwide, opening doors to a wide range of career opportunities and advancement prospects.
The Practical Experience Requirement in ACCA not only offers flexibility in timing but also provides candidates with the opportunity to earn a regular salary, leading to significant financial savings compared to other similar qualifications. With its emphasis on practical experience, professional development, and global recognition, ACCA continues to stand out as a premier choice for individuals aspiring to pursue a successful career in accounting and finance.
