EIGHT Firms to train ZICA graduates for three years after their licentiate final exams as opposed to the International Accounting Education Standards.
Speaking during the signing of the Memorandum of understanding between the Zambia Institute for Chartered and the eight firms on May 7th 2013, ZICA President Frederick Banda said the training will provide the practical aspect as opposed to the IES 5 that has left out the practical aspect during training for students.
“For some time now the training of accountants in Zambia has emphasized the theory part through examinations, leaving the practical part to individual students, who determine how they will fulfil this equally important component, our understanding from the employers is that this approach has not worked well because both students and employers have no obligations to cause the training to take place,” said Banda.
He said some graduates have not received adequate practical training with the attendant inadequacy in professional competence when they enter the labor market as a consequence of the training arrangement.
Banda said signing the MOU with the partner firms will provide practical training to ZICA graduates for a minimum of three years until they are signed off as competent and it will provide trainees a chance to acquire the minimum skills requirements prescribed when entering the profession.
And ZICA chief executive officer Hapenga Kabeta explained that the training means the trainee accountant or the professional graduate will basically be employed by the firm and shall work like any other employee in the firm and that the trainee accountant and the mentor will sign a practical training contract that will clearly stipulate the obligations of the parties to the contract.