CIPFA (Chartered Institute of Public Finance and Accountancy) - 12 modules. Awarding body is the CIPFA.
Summary
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2 modules
2 hour exam per module
Multiple choice and objective questions
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3 modules
2.5 hour exams per module
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3 modules
3 hour exam per module
The Tax and Law module content will vary based on your location
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4 modules (including a case study)
3 hour exams per module (apart from the strategic case study which is 3.5 hours)
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4 modules (including a case study)
3 hour exams per module (apart from the strategic case study which is 3.5 hours)
ALWAYS CHECK YOUR EARLY CAREERS POLICY AT YOUR FIRM OR COMPANY.
Along with the exams you will need to complete an end point assessment which comprises of the strategic case study exam and a project report. Full time apprentices will typically spend three and half years on-programme. Minimum off-the-job training requirement of at least 6 hours per week, as an average over the duration of the programme.
CIPFA Certificate
Management Accounting
Financial Accounting
CIPFA Diploma in Financial Management and Audit
Business Planning and Financial Management
Audit & Assurance
Developing Strategy and Data Analysis
CIPFA Diploma in Governance, Risk and Taxation
Governance and Risk Management
Tax and Law (UK and international options)
Business Reporting
CIPFA Diploma in Accountancy
Public Sector Financial Reporting
Strategic Case Study
Implementing Business Change
Strategic Public Financial Management
OR
CIPFA Diploma in Audit
Advanced Audit
Strategic Case Study
Strategic Public Financial Management
Public Sector Financial Reporting
Certificate in Management and Financial Accounting.
There are 2 modules and exams. Each is 2 hours. Once completed, you have achieved the Certificate in Management and Financial Accounting. Well done!!
Financial Accounting (FA).
The FA module provides an introduction to accounting theory, bookkeeping, control techniques and the preparation of content for the financial statements. Three types of organisation are considered: sole traders, limited companies, and clubs and societies. Students will be encouraged to consider their approach to recording transactions, control techniques and preparing financial statements in the context of ethical and professional behaviour.
Assessment: Online examination, two hours, multiple choice and objective questions
Management Accounting (MA).
The MA module provides an introduction to the principles of costing and budgeting, and their use in providing information to support management decision making. The nature of costs, cost behaviour and various costing techniques are explored. Students will learn key aspects of standard costing and variance analysis, and the use of costing information to evaluate performance. The importance of the budget setting process and the types and uses of budgets are also covered, together with the practical skills needed to prepare budgets and to estimate costs for inclusion in a budget. The relevance and use of technology are embedded throughout the module.
Assessment: Online examination, two hours, multiple choice and objective questions
Diploma in Financial Management and Audit.
There are 3 modules and exams. Each is 2.5 hours per exam. These are objective and scenario-based exams, apart from the DSDA which involves a pre-seen case study.
Audit and Assurance (AA).
The AA module provides an introduction to the duties of auditors and the frameworks in which they operate. Referring to and building on the knowledge gained in the ethics e-learning, it explores the application of ethical principles to audit work. It considers the key regulatory, ethical and professional arrangements and the contribution of audit to good governance.
Assessment: Online examination, two and a half hours, objective and scenario-based questions
Business Planning and Financial Management (BPFM).
The BPFM module explores the complex and inter-related environment in which an organisation operates and how to manage an organisation's finances within the context of that environment. Students will learn how to evaluate the alternative courses of actions available, from short-term financing of working capital to longer-term investments. Investment appraisal is explored and there is a focus on discounted cashflows techniques.
Recent developments such as blockchain, cryptocurrencies and artificial intelligence are introduced in this module before being discussed in more detail in the Diploma in Governance, Risk and Taxation.
Assessment: Online examination, two and a half hours, objective and scenario-based questions
Developing Strategy and Data Analysis (DSDA).
The DSDA module explores the ways organisations develop the strategies that drive their actions. Models are introduced to assess an organisation's existing strategic position, taking into account the external environment to identify opportunities and threats, and the internal environment in terms of resources and capabilities to assess its strengths and weaknesses. The impact stakeholders and stakeholder analysis have on strategic development is covered, as is the nature of stakeholder value – their business, economic, public and social value.
The models used to generate and select strategic options are considered, and there is a focus on the role of innovation in strategy development, the ethical considerations in strategy evaluation and choice and the importance of digital strategies and the different forms of entrepreneurship. The module is particularly linked to the Implementing Business Change, Governance and Risk Management, Financial Management and Strategic Public Financial Management modules.
Assessment: Online examination, two and a half hours, pre-seen case study
Diploma in Governance, Risk and Taxation.
There are 3 modules and exams. Each is 3 hours per exam. Exams are online and involve objective questions and either the preparation of accounts, multiple choice and scenario-based questions, and/or computational scenarios.
Business Reporting (BR).
The BR module builds on the knowledge and skills learned in Financial Accounting, particularly around recording financial transactions and preparing limited company financial statements. There is a focus on the International Financial Reporting Standards (IFRS) regulatory framework and the application of the requirements of the (examinable) standards to the preparation of financial statements. Students will be required to explain how financial information has been determined and to demonstrate how accounting concepts are applied in line with the requirements of IFRSs. They will also be required to analyse and interpret the content of financial statements and use these to advise users and aid decision making. The role of integrated reporting (IR) is explored, as is green and sustainability accounting.
Assessment: Online examination, three hours, objective questions and preparation of single and consolidated accounts
Governance and Risk Management (GRM).
The GRM module covers the essential principles and practices involved in the effective governance of business and public sector organisations. This includes the key principles typically contained in governance codes and the requirements of ethical behaviour. There is a focus on risk management, including the role of internal control systems and internal audit, as well as an introduction to the counter fraud measures associated with good governance. Students will be introduced to the key considerations in, and the different options for, designing an organisation's structure and managing human resources effectively.
The module also covers the main features of performance management systems, the sources of information for them and the importance of balancing financial and non-financial performance measures as part of the effective strategic governance of organisations. The GRM module has links with all other modules of the PAQ, particularly to the Strategy Development, Audit and Assurance, Financial Management and the Implementing Business Change modules.
Assessment: Online examination, three hours, multiple choice, objective and scenario-based questions
Tax and Law (T&L).
UK students
The T&L module for UK students covers the policy-making structures, principles of law and the tax calculations that apply to many organisations operating in the private and public sector across the world. There is a focus on UK tax legislation and the administration and calculation of the main taxes that students encounter. Comparisons are drawn between the UK tax system and the approaches applied in a number of other countries. Students will also study the essential features of commercial and business law in relation to contracts, employment, companies, partnerships, financing and insolvency, and are encouraged to consider the specific arrangements in countries familiar to them. The module builds on the knowledge gained in Financial Accounting and the ethics e-learning. It also provides links to other modules including Governance and Risk Management and Strategic Public Financial Management.
International students
The module for international students introduces the underlying principles of legal and taxation systems, including the use of public private partnerships to deliver public services. Rather than focusing on a single country's legal or tax system, you will study key concepts and develop the ability to critically analyse different forms of legal and taxation systems. The module covers key international aspects of law and taxation, including the role of supranational bodies in setting policies and the importance of international cooperation in addressing corruption. Students will analyse the potential contribution of tax and law to the achievement of the UN's sustainable development goals including, but not limited to, action on climate change.
Assessment: Online examination, three hours, multiple choice, objective questions and computational scenario
Accounting pathway: Diploma in Public Financial Management, Reporting and Business Change.
There are 4 modules and exams. Each is 3 hours per exam apart from the strategic case study which is 3.5 hours. Exams are online and involve extended questions with a number of components or the preparation of financial accounts. The strategic case study revolves around a pre-seen case study.
Implementing Business Change (IBC).
The IBC module is designed to develop a strong understanding of the issues involved in delivering successful business change – an essential skill in the constantly changing public services. There is a focus on the practical aspects of delivering business change and implementing successful projects and programmes. The key role of commissioning, procurement and contract management and the tasks involved in managing projects and running programmes are explored.
The increasing importance of organisational collaborations as an approach to deliver strategy is also considered and students will develop an understanding of the integral aspects of people management in change programmes and process improvement, particularly how to employ emotional intelligence skills to ensure change is effective and sustained. This module is closely linked to the Developing Strategy and Data Analysis and Business Planning and Financial Management modules and will help prepare students for the Strategic Public Financial Management module.
Assessment: Online examination, three hours, extended response questions with a number of components
Strategic Case Study (SCS).
The SCS module focuses on refreshing and consolidating the skills and knowledge gained from the previous modules, and on using these skills and knowledge to address strategic financial management problems effectively. No new syllabus content is introduced in the module. The assessment requires the integration and application of knowledge from different modules in order to address a series of practical issues and to communicate information clearly and effectively to recipients, often to senior stakeholders. The emphasis is on evaluating and responding to practical issues and determining relevant management or financial management strategies and policies in the context of professional and ethical standards.
Assessment: Online examination, three and a half hours, pre-seen case study
Strategic Public Financial Management (SPFM).
Focussing on the strategic financial management issues facing those who work in, manage and lead finance functions across the public services, this module covers the specific sources of finance available to public service organisations and the complexities of the environment in which public financial management work is undertaken. Issues involved in public service financial strategy development, financial planning and budgeting are identified and analysed, including climate change and sustainability. Collaborative working, business partnering, business case preparation and evaluation and governance considerations are also explored.
The module concludes by focusing on the issues associated with evaluating performance of public services. The principles introduced in earlier modules, especially Management Accounting, Financial Management, Strategy Development, Governance and Risk Management and Implementing Business Change, are developed and applied from the perspective of public service organisations and specific not-for-profit models are introduced.
Assessment: Online examination, three hours, extended response questions with a number of components
Public Sector Financial Reporting (PSFR).
UK students
This module focuses on the knowledge and skills required for financial reporting responsibilities within the UK public and charity sectors. It explores the main elements of the financial framework in which public and charity sector organisations in the UK operate, as well as the form and content of financial statements and the requirements for preparing consolidated financial statements. Financial statements are analysed.
There is a focus on the preparation of financial statements for organisations in the different sectors: local government, central government, the health service and the charity sector. Students will be required to demonstrate knowledge of International Financial Reporting Standards (IFRSs) and of the relevant sectoral regulations. PSFR builds on the knowledge and skills developed in the Financial Accounting and Business Reporting modules, particularly on recording financial transactions, applying IFRSs and preparing financial statements.
International students
The PSFR module for international students explores the technical knowledge and skills required to perform financial reporting responsibilities within the public sector. It offers an overview of the public sector and introduces the International Public Sector Accounting Standards (IPSAS) regulatory framework. There is a focus on the skills needed to prepare cash basis financial statements under IPSAS. Acknowledging the benefits of transitioning from cash basis to accruals accounts, there is also a focus on the skills that public sector accountants will need to advocate for the use of accruals accounting in their place of work.
It revisits some of the key technical financial reporting knowledge developed in earlier modules and explores the importance of ethical principles in relation to the preparation of financial statements and providing financial information and advice to users. Content on the preparation of financial statements focuses on single-entity organisations, and covers cash basis statements.
Assessment: Online examination, three hours, objective questions and preparation of financial accounts.
Audit pathway: Diploma in Public Financial Management, Reporting and Advanced Audit.
There are 4 modules and exams. Each is 3 hours per exam apart from the strategic case study which is 3.5 hours. Exams are online and involve extended questions with a number of components or the preparation of financial accounts. The strategic case study revolves around a pre-seen case study.
Advanced Audit (AA).
UK students
The AA module for UK students covers the knowledge and higher-level skills that are needed to perform the responsibilities of a registered auditor in terms of the UK Companies Act 2006. It also covers the knowledge and higher-level skills that are needed to perform the responsibilities of a registered local auditor in terms of the Local Audit and Accountability Act 2014. The module outcomes are based on the requirements of International Standards on Auditing (UK) and relevant UK legislation. There is a focus on understanding the main ethical and professional conduct requirements that are relevant to the audit of financial statements. As auditing has application throughout organisations, this module is linked to all other parts of the qualification.
It builds directly on the Audit and Assurance module, while the corporate governance content links into the Governance and Risk Management module. As external auditing involves an appraisal of financial accounting statements, there are also links with the Financial Accounting and Business Reporting modules.
International students
The module for international students focuses on the necessary knowledge and higher level skills to perform an audit in accordance with the International Organization of Supreme Audit Institutions (INTOSAI) and International Federation of Accountants (IFAC) auditing standards. As auditing has application throughout organisations, this module is linked to all other parts of the qualification. The content builds directly on the Audit and Assurance module, while the corporate governance content links into the Governance and Risk Management module. In addition, as external auditing involves an appraisal of financial accounting statements, this module builds on the content covered in Financial Accounting and Business Reporting.
Assessment: Online examination, three hours, extended response questions with a number of components.
Strategic Case Study (SCS).
The SCS module focuses on refreshing and consolidating the skills and knowledge gained from the previous modules, and on using these skills and knowledge to address strategic financial management problems effectively. No new syllabus content is introduced in the module. The assessment requires the integration and application of knowledge from different modules in order to address a series of practical issues and to communicate information clearly and effectively to recipients, often to senior stakeholders. The emphasis is on evaluating and responding to practical issues and determining relevant management or financial management strategies and policies in the context of professional and ethical standards.
Assessment: Online examination, three and a half hours, pre-seen case study
Strategic Public Financial Management (SPFM).
Focussing on the strategic financial management issues facing those who work in, manage and lead finance functions across the public services, this module covers the specific sources of finance available to public service organisations and the complexities of the environment in which public financial management work is undertaken. Issues involved in public service financial strategy development, financial planning and budgeting are identified and analysed, including climate change and sustainability. Collaborative working, business partnering, business case preparation and evaluation and governance considerations are also explored.
The module concludes by focusing on the issues associated with evaluating performance of public services. The principles introduced in earlier modules, especially Management Accounting, Financial Management, Strategy Development, Governance and Risk Management and Implementing Business Change, are developed and applied from the perspective of public service organisations and specific not-for-profit models are introduced.
Assessment: Online examination, three hours, extended response questions with a number of components
Public Sector Financial Reporting (PSFR).
UK students
For UK students this module focuses on the knowledge and skills required for financial reporting responsibilities within the UK public and charity sectors. It explores the main elements of the financial framework in which public and charity sector organisations in the UK operate, as well as the form and content of financial statements and the requirements for preparing consolidated financial statements. Financial statements are analysed.
There is a focus on the preparation of financial statements for organisations in the different sectors: local government, central government, the health service and the charity sector. Students will be required to demonstrate knowledge of International Financial Reporting Standards (IFRSs) and of the relevant sectoral regulations. PSFR builds on the knowledge and skills developed in the Financial Accounting and Business Reporting modules, particularly on recording financial transactions, applying IFRSs and preparing financial statements.
International students
The PSFR module for international students explores the technical knowledge and skills required to perform financial reporting responsibilities within the public sector. It offers an overview of the public sector and introduces the International Public Sector Accounting Standards (IPSAS) regulatory framework. There is a focus on the skills needed to prepare cash basis financial statements under IPSAS. Acknowledging the benefits of transitioning from cash basis to accruals accounts, there is also a focus on the skills that public sector accountants will need to advocate for the use of accruals accounting in their place of work.
It revisits some of the key technical financial reporting knowledge developed in earlier modules and explores the importance of ethical principles in relation to the preparation of financial statements and providing financial information and advice to users. Content on the preparation of financial statements focuses on single-entity organisations, and covers cash basis statements.
Assessment: Online examination, three hours, objective questions and preparation of financial accounts
This information and more can be found on the CIPFA website.