ICAEW Webinar: Importance of Data Analysis, Program Certification for Accounting Students in UMN

Institute of Chartered Accountants in England and Wales (ICAEW) (dok. UMN).

TANGERANG – Multimedia Nusantara University (UMN), in cooperation with Institute of Chartered Accountants in England and Wales (ICAEW) held webinar through Zoom entitled “How Data Analytics Shape Future Opportunities for Accountants?” on August 27, 2021. The webinar discussed the importance of data analysis for accounting profession and introduced the ICAEN program, which can be followed by Accounting Students of UMN.

The webinar was opened with info session by Dames Hamarani as a representative of ICAEW Indonesia to introduce the ICAEW qualification program to accounting students and lecturers of UMN and other participants.

Established since 1880, no ICAEW can be considered as one of the oldest and the world’s most influential accounting profession organizations. The world’s celebrities in finance and accounting like Frederick Whinney, William Welch Deloitte, and Lord Plender Deloitte have once led ICAEN. Thanks to its high achievement, ICAEW is deemed to have premium qualities.

“ICAEW qualification is the benchmarks of qualify professional finance. It is proven by a survey showing that 96 of 100 world’s biggest brands in the world employ ICAEW Chartered accountants in their companies,” said Dames.

Dames also stated that according to education framework UK, ICAEW qualification is equal to a master degree. However, it is not an academic degree, but a professional degree which can be used behind your names.

Maintaining the ICAEW qualification needs some 4 years. In 4 years, participating student will get guidance, modul tests, and work programs in companies approved by ICAEW.

ICAEW has specially designed “Certificate in Finance, Accounting, and Business (ICAEW CFAB)” programs for students of IMN, which will allow the students to get its certificate while studying. CFAB can be obtained by taking a number of module tests.

“Students of UMN can gradate with not only an undergraduate (S1) degree but also CFAB certificate, which will distinguish them from graduates of undergraduate program (S1) in accounting of other Insitutions,” said Dames.

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Presentation Session Given by Kirstin Gillon in ICAEW Webinar (dok. UMN).

Also attending the webinar were Kirstin Gillong, the main speakers in this Webinar, who is also the research leader in the Faculty of Technology of ICAEW. Dillon discussed what an accountant can do with data, and what it means for the works and skills needed by accountants in the future.

Gillian said that accounting has actually become a very innovative profession. What accountants have been doing over the years has changed radically. Accountants were often very keen innovators and early adopters of technologies such as calculators, spreadsheets, computers, cell phones, and other types of technology like the ones we see today.

“It’s important to keep getting back to the essence of what accounting is and what we want to achieve. We should use a technology just because it’s fashionable or because we suddenly think we need to do something different. The important thing is how we can make a difference and how we can add more value to our clients, businesses or customers,” said Gillian.

The existence of a pandemic gives more emphasis on digital and data. We are seeing more digital transformation realizing the importance of online and digital platforms for businesses of all sizes and all sectors.

“This means that you get more data, you suddenly have all data like where your customers are, what they bought, and how often they reorder.”

This provides many new opportunities to leverage that data and to make decisions. The most successful businesses during a pandemic are those who can use that data to avoid negative predictions. When looking at cash flow, we need to understand what happened last week or yesterday, and we have to be much more dynamic. By doing this, you will be able to make much more effective predictions.

“When we talk about data analysis, we think as if it came down from the sky and is present somewhere out there and suddenly we have to start learning about data analysis. But, that’s what accountants do today, it’s all about data. Obviously, now we need to switch from analog to digital, “accountancy is a data profession,” said Gillian.

Many of us get scared at the sight of big and bulky data. With all this data, what to do? How can using this data solve our own problems?

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Though this is a very different way of thinking, Gillian suggested not starting with the data, but starting with what is being done. Often people are overwhelmed with data and don’t know what to do with it.

Gillian said that many are asking, should an accountant learn to code with this digital era?

“Kaizen is a language that pops up a lot. A lot of big companies train their employees to do coding, and Python is generally the language they use,” said Gillian.

The accounting profession is very close to data science. Sorting data by coding is very useful because it will make the works easier. Today, there are tons of resources to learn coding for free.

Closing the presentation, Gillian suggested staying at the core of what an accountant does.

“Types of data is subject to change and can evolve but the core goals will continue to be at the core of what we do as a profession,” advises Gillian.

New sources of data and more sophisticated analysis technologies will provide accountants with many opportunities to do their jobs better, especially for working with non-financial data and for providing more value to businesses and their clients.

ICAEW invites friends from Multimedia Nusantara University to take part in the ICAEW Trial Exam which will be held on September 10, at 15:00 – 16:30 local time. For those who are interested, please register yourself at the following link: https://bit.ly/TrialExamUMN21

ICAEW also provides the opportunity to get ICAEW sponsorship in the form of ICAEW e-Learning Materials, BPP ECR, and one-time exemption from the Accounting module exam fee.

*by Levina Chrestella Theodora | UMN News Service

Studying in Jakarta for the study programs of Informatics | Information System | Computer Engineering | Electrical Engineering | Engineering Physics | Accounting | Management | Strategic Communication | Journalism | Visual Communication Design | Movies and Animation | Architecture | D3 Hospitality | International Program, di Universitas Multimedia Nusantara. www.umn.ac.id