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maltatoday WEDNESDAY 1 NOVEMBER 2017 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way ICAEW eyes growth in Malta The Institute of Chartered Accountants in England and Wales (ICAEW) is a world leading professional membership organisation that promotes, develops, and supports over 147,000 chartered accountants worldwide. Formed in 1880 and with offi ces in key global fi - nancial hubs including Brussels, Dubai, London, Hong Kong and Shanghai, ICAEW is today regarded as one of the most prestigious professional bodies in the world. Looking at Malta's economic achievements over the past decade, ICAEW has been showing increased interest not only in Maltese students, but also in international ones based on the island. In fact, they have been investing very heavily into Malta over the past five years, by working closely with the Malta Institute of Accountants (MIA), local colleges and the university to raise their profile locally. There is no doubt that Malta's economy is going from strength to strength and it shows no sign of slowing down. With financial services, pharmaceuticals, aviation, tourism, iGaming and real estate registering high growth margins, Malta's GDP is expected to grow by 4.2% by the end of 2017. With an exponential growth of this amount and type, one of the highest in the Eurozone, it is imperative that Malta continues to be able to supply the industry with the highest level of trained professionals with the right skills. In order to remain an important business hub, and to cement itself as a leading centre for financial services, a steady stream of highly qualified accountants is required to steer the country in the right direction. In an interview held in conjunction with the ICAEW ACA graduation ceremony in Malta, President, Nick Parker echoed this sentiment: "ICAEW was approached by the big international accountancy firms five years ago to offer ACA training because they recognised that their businesses needed the best financial skills from their new trainees. This new generation of young business professionals will help to strengthen Malta's growth and attractiveness as a financial centre." "We would be delighted to see Malta become a hub for international training and we are already working with our local tuition providers to help grow the programme" – stated the ICAEW President. 2017 has already marked another important milestone for ICAEW's growth in Malta with its second graduation ceremony held on October 2nd, which was attended by over 100 guests celebrating the success of 19 graduates with the prestigious and internationally recognised Associate of Chartered Accountants (ACA) qualification. Malta surely doesn't lack role models, with some sterling examples of top ACA qualified professionals who pride themselves on being ICAEW members in Malta; these include APS Chairman Frederick Mifsud Bonnici, the former High Commissioner of Malta in the UK Joe Zammit Tabona and EY partner Chris Naudi, amongst others. Another speaker at this ceremony was the president of the Malta Institute of Accountants (MIA), William Spiteri Bailey who addressed the audience poignantly about the scope of the work that accountants undertake, as well as the versatility that is required to be an honest and successful one. As professional bodies, ICAEW and MIA enjoy a successful professional relationship that is based on core areas of collaboration such as education, training and technical support - a relationship that is expected to thrive as Malta's economy grows and requirements for the highest level of accountancy skills continue to increase. Speaking on behalf of Finance Malta, the leading public-private initiative set up to promote Malta as an International Financial Centre, Chairman Kenneth Farrugia reiterated the importance of keeping up with demand, and the challenges of the evolving industry. Whilst it is important to encourage more young people from Malta to take up accounting as a profession to meet the ever-increasing demand for especially skilled professionals, ICAEW also places an important emphasis on continuous and lifelong learning. They believe that education and training should be ongoing, not only to ensure that their members are up to date when it comes to technology and industry developments, but also to ensure that their members are known for their high standards of ethics and integrity. In an industry where honesty and professionalism are integral to the work undertaken, having ongoing training on ethics is something that is essential to keep up standards in the profession. Looking to the future, there is no doubt that the need for qualified accountants is only going to increase and, with support from leading associations such as ICAEW, it is an exciting time for both individuals already working in the Finance sector, as well as those who are deciding what career path to take. With Nick Parker commenting that ICAEW are considering Malta as a central hub for regional education and training, there has never been a better opportunity to consider becoming an accountant. Find out more about a career as an ICAEW Chartered Accountant at icaew.com/careers Recognising Malta as hub for international training As the Institute of Chartered Accountants in England and Wales (ICAEW) eyes expansion in Malta, MaltaToday spoke to the Institute's president, NICK PARKER, on Malta's growth as a fi nancial centre and how important ACA training and skills could turn out to be Could you talk us through the key reasons why ICAEW's ACA skills are in demand in the growing financial centre of Malta? Malta is a growing financial centre and in order to attract new business to Malta, the business community needs to ensure it has the right financial skills to support and service this new business. ICAEW Chartered Accountants demonstrate the skills and ability which result from not only a rigorous financial training but the essential soft skills required in all aspects of today's business activities. While Malta grows as a financial centre, firms have been recognising the value of the ACA and the professional skills it provides as a way to develop their talent and business success. Could you explain why this is happening? ICAEW was approached by the big international accountancy firms five years ago to offer the ACA training, because they realised that their businesses needed the best financial skills from their new trainees to grow and they identified a skills gap in this area. Since we started the ACA programme in Malta in 2012, we have seen over 30 new members qualify. This new generation of young business professionals will help to strengthen Malta's growth and attractiveness as a financial centre. What added value do ICAEW members give to financial communities? The ACA training, which results in ICAEW membership, ensures that our members have all completed a comprehensive financial and ethical training. ICAEW plays an important role advising governments and is the only professional accountancy body which attends G20 meetings and the annual meeting in Davos. Our members are in the most senior positions in financial communities worldwide. In Malta we have seen our members as Chairman of Banks (Frederick Mifsud Bonnici at the Bank of Valletta), successful leaders in business (Louis Farrugia, Chairman of Farsons) and in senior positions in government (Joseph Zammit Tabone, Chairman of Malta Stock Exchange and High Commissioner to the UK). When compared to the students obtaining their accountancy qualification (& warrant) through the University of Malta and ACCA, the numbers are still much bigger than those obtained here; we wonder if you have plans to address this situation in the coming years. ICAEW has been investing very heavily into Malta over the past 5 years, by working closely with local colleges and the university to raise our profile. ICAEW also sponsors the Junior Young Enterprise Start Up programme at the University of Malta. Having entered the professional education market at a later stage than the ACCA and with the established University of Malta programme we do have a way to go, but our young new ICAEW members are the best ambassadors. They are very supportive and will be working with us to raise awareness of the ACA and ICAEW moving forward. Malta is seen as a growing finance centre, especially in the south of Europe and the Mediterranean region. The island is an expat magnet (Malta is ranked 7th globally, for 2017). Would ICAEW consider using Malta as a centre for regional education? Absolutely, we would be delighted to see Malta become a hub for international training and we already work with our local tuition providers to help support the programme's growth. Would you see a closer cooperation with the Malta Institute of Accountants (MIA) and will ICAEW help make this idea a reality anytime soon? As professional bodies, ICAEW and MIA already enjoy a very positive and successful relationship. We are very grateful for their collaboration especially as this means our students can take advantage of studying Maltese tax and law. We work closely to support the profession more widely in a number of areas including CPD and technical support as well important areas such as governance and reputation. ICAEW's strategy focuses on building stronger econ- omies and we think our relationship with MIA will go from strength to strength.