The evolving face of ethics in finance
The evolving face of ethics in finance: a new module for ACCA PQs The world of business and finance is constantly changing, and perhaps no area more so in recent […]
The evolving face of ethics in finance: a new module for ACCA PQs
The world of business and finance is constantly changing, and perhaps no area more so in recent years than ethics. As the ways we can do business – and the types of business out there to interact with on a global scale – continue to evolve, so do the values we uphold, and the actions we take in respect of those values.
Understanding and acting on agreed values and ethics are essential skills for finance professionals, and ACCA in particular would like to ensure all students – irrespective of which qualification they are studying for, and to which level they wish to take their career – understand what it means to work and act professionally and ethically in the workplace.
The importance of professional ethics
Finance professionals play an integral part in upholding the industry’s (and their accounting body’s) reputation. As public scrutiny of various dealings becomes more commonplace with ease of access of documents on the internet, Finance professionals need to be going one step further to show how their actions are above board, to maintain the trust of their communities. Many organisations now publish their values and ethical rules publicly so their staff can be visibly held to account if they are seen to be breaking the rules.
Upholding strong ethics also makes sound business sense. An ethical outlook can enable long-term business growth, as sustainability comes from executing a long-term vision which takes into account all stakeholders, while companies which recognise the importance of business ethics will need to spend less protecting themselves from internal and external behavioural risks, especially when supported by sound governance systems and independent research.
Every major professional qualification provider teaches ethics to some extent, though ACCA’s recent developments are indicative of a holistic approach to ethical development: via the exam syllabus, the Practical Experience Requirement and the Professional Ethics Module – all of which are required in order to obtain an ACCA Qualification.
ACCA’s new ethics module
ACCA has now formally unveiled its new and more detailed Ethics and Professional Skills Module, which will be officially launched on 31 October 2017. The aim is to prepare students for the skills being assessed as part of the new Strategic Professional exams, particularly the Strategic Business Leader case study, which is being introduced in September 2018.
The module has been redesigned to ensure finance professionals are better equipped with the professional skills needed by employers and help them meet the challenges of the 21st century’s disruptive economy, while ACCA also believes the revamp ensures ethics keeps its place at the heart of their qualification.
The Ethics and Professional Skills module is an online module that focuses on developing the complete range of professional skills employers have told us they need. Read more about the module here.
Foundation-level qualification students will also have to complete an ethics module: the Foundations in Professionalism module, which is also a requirement if you are eligible and wish to complete the Diploma in Accounting and Business.
Speak to us if you would like to know more!