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OBJECTIVES OF PRESENTATION

OBJECTIVES OF PRESENTATION. Present a brief profile of Globaltraining ® Clarify the differences between academic vs professional qualifications Explain the importance of professional qualifications for a successful career in Greece and internationally Explain what is the ACCA qualification

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OBJECTIVES OF PRESENTATION

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  1. OBJECTIVES OF PRESENTATION • Present a brief profile of Globaltraining® • Clarify the differences between academic vs professional qualifications • Explain the importance of professional qualifications for a successful career in Greece and internationally • Explain what is the ACCA qualification • Analyse the prospects of the ACCA qualification in Greece • Present Globaltraining®’s ACCA full-time course • Explanation of PwC’s, Deloitte’s and Grant Thornton’s support of the program and “ACCA Employment Schemes”

  2. 1. A FEW WORDS ABOUT GLOBALTRAINING 1.1 General • Globaltraining® is a multinational professional training organization • Based in Greece and Cyprus • Operations in 7 European and Middle Eastern countries • One of the biggest professional training organizations in Europe • Specialists in professional qualifications eg - ACCA (Association of Chartered Certified Accountants) - C F A (Chartered Financial Analysts) - C M B (Certified Business Manager) - C I B (Chartered Institute of Bankers) - C I I (Chartered Institute of Insurance) - C I A (Certified Internal Auditors) - C I PR (Chartered Institute of Public Relations)

  3. 1.2 Globaltraining® in Cyprus and Greece • In Cyprus we have the biggest private university (awards Bachelor and Master degrees recognized by the state of Cyprus and worldwide) with more than 6,000 students (Intercollege) • In Greece Globaltraining® has been: (a) Selected by Athens Stock Exchange as the official IASs and CIA course provider (b) Selected by the biggest international accounting/auditing firms as their ACCA course provider (PwC, Deloitte, Grant Thornton, Ernst & Young, KPMG) (c) Selected by the Association of Greek Banks as the official CFA course provider for Greek bank employees (d) Selected by the biggest Greek and multinational companies as their trainer in IAS’s

  4. 2. ACADEMIC vs PROFESSIONAL QUALIFICATIONS 2.1 General Differences

  5. Academic Main Difference Professional Yes 1. Examsrequired? Yes Each University sets its own exams 2. Examining body/ exam papers Each professional body sets its own exams which are the same worldwide No 3. Experiencerequired? Yes ΔOATAΠ (ΔΙΚΑΤΣΑ) 4. Accrediting body/ law in Greece Προεδρικό Διάταγμα 165/2000, EU Directivesetc 2.2 Main Differences

  6. 3. THE IMPORTANCE OF PROFESSIONAL QUALIFICATIONS FOR A SUCCESSFUL CAREER 3.1 Professional Qualifications • In most advanced and emerging economies after the university, many graduates who want to pursue a career in the market, decide to gain a professional qualification • The professional qualifications are international certifications that you have been educated and trained as a top professional in your field

  7. Examples: - Chartered Accountant - Chartered Actuary - Chartered Architect - Chartered Banker - Chartered Engineer - Chartered Marketeer - Chartered Surveyor An increasing number of Master/PhD degree holders decide to gain a professional qualification as well, because with a professional qualification it is easier to find a job in the market and pursue a successful professional career

  8. 3.2 Trends in Professional Training Worldwide • During the last 20 years there is an unprecedented demand for professional qualifications in all advanced and emerging economies (USA, EU, Eastern Europe, Asia) • In most advanced and emerging economies holders of professional qualifications hold top executive positions in the most successful companies/firms (eg PricewaterhouseCoopers, Deloitte, Grant Thornton, Ernst & Young, KPMG, Merill Lynch, JP Morgan, Morgan Stanley, UBS, Citibank, Barclays, Goldman Sachs etc)

  9. 3.3 Leading Professional Bodies and Qualifications

  10. 3.4 Advantages of Professional Qualifications • Practical exams (same worldwide) • Practical knowledge (focus on application of knowledge & theories) • Knowledge linked with experience (to get the qualification you need both) • Worldwide prestigious qualifications (worldwide “seal” of approval/ recognition) • International mobility (international “passport”) • Excellent career prospects (can reach top executive positions such as director or partner) • Rewarding (salaries + fringe benefits)

  11. 3.5 Professional Qualifications in Greece • New concept in Greece • The main reason is because the concept of professional qualifications is Anglo-Saxon whereas Greece is a typical Franco-German country • Courses for professional qualifications have been introduced in Greece by Globaltraining® since 1996 • Examples:  1996 - ACCA  1998 - CFA  2000 - CIA  2002 - Dip IFR (Diploma in International Accounting Standards)  2005 - CIB  2006 - CIPR 2007 - CMB

  12. 3.6 Why a Professional Qualification and not a Masters Degree? • Holders of professional qualifications do not have the “saturation/ over supply” problem faced by most academic degree holders in Greece • Most Greek companies not only employ individuals having professional qualifications but also encourage existing employees to pursue a professional qualification and cover the related training costs • The demand for holders of professional qualifications is very strong and is expected to become stronger as Greek economy becomes more internationalised • Very attractive salaries • Excellent prospects for top career

  13. 4. ACCA 4.1 What is ACCA? • Association of Chartered Certified Accountants (UK) • The biggest and fastest growing professional body of qualified accountants in the world • The concept of a “qualified accountant” in the Anglo-Saxon world is not the same as the concept of the “accountant = bookkeeper” that existed in Greece for 180 years! • In the Anglo-Saxon world the “qualified accountants” are amongst the highest paid professionals

  14. 4.2 Recent Market Survey in UK • The profession of “qualified accountants” is on average the most highly paid profession (highest than doctors, lawyers, bankers) • More than 40% of the members of Board of Directors of companies listed on the London Stock Exchange are “qualified accountants” • The accounting profession attracts top university graduates from different backgrounds eg accounting, business, economics, law, IT, engineering, mathematics

  15. 4.3 The Prestigious ACCA Qualification • ACCA is one of the most prestigious professional qualifications in the world • Not only in accounting … ACCA is a professional qualification in accounting, auditing, finance, taxation, management • ACCA is the most flexible and versatile qualification: ACCAs can work in any type of company or public organisation in any sector of the economy • Awarded by the ACCA after (a) external exams (b) 3 years approved experience • Internationally recognised (EU Directive and Greek Presidential Decree) • Based on International Accounting Standards (IASs) and International Standards in Auditing (ISAs) • ACCA examinations & qualification is offered in more than 140 countries around the world

  16. 4.4 Flexible Examination and Training System Exams  14 papers Knowledge, 2 hours exam, Compulsory 2 hour exam per paper Skills, Essentials and Options 3 hours  no dissertation  no maximum number of attempts  exemptions are available for holders of “relevant” academic degrees Experience  3 years experience can be done in any type of company (employment) or governmental sector  not necessarily within the accounting/auditing profession eg banks, companies, multinationals  can be gained before, during or after the ACCA exams Level of knowledge of the English language:  no need for advanced knowledge  knowledge of English will build up during the course  candidates not penalised in the exams for poor English

  17. 4.5 The “Revolution” in the Greek Business Environment • In 2005 there will be a “revolution” in the Greek business environment! • Reason is the introduction of IASs which are based on Anglo-Saxon accounting , whereas the existing system in Greece during the last 180 years was based on Franco-German accounting • Dramatic effects on:  financial reporting environment  skills and qualifications required by Greek managers and directors  accounting – auditing – consulting profession  role and status of the “qualified accountant”  corporate governance (the way in which businesses are directed and controlled)

  18. 4.6 ACCA and the New Greek Business Environment • The new business environment in Greece requires professionals with expert knowledge in International Accounting Standard (IASs) and International Standards in Auditing (ISAs) • ACCA is the professional qualification that proves expert knowledge of IASs and ISAs • ACCA Papers F3 + F7 + P2  Makes you an expert in IASs • ACCA Papers F8+ P7  Makes you an expert in ISAs

  19. 4.7 ACCA Examinations • 14 papers – divided in 2 parts (Fundamentals and Professional) • Same exam papers worldwide • Exams in June + December each year • In Greece there are exam centers in Athens and Thessaloniki • Exams set, supervised, examined and marked by ACCA itself • Qualification awarded by ACCA directly • Some university degrees in “relevant” areas may be awarded exemptions from the 14 papers • No need to have a degree in accounting, business or finance to do ACCA • If you pass first 9 papers, with a small thesis (5,000 words) you can get BSc in Applied Accounting from Oxford Brookes University – UK (“best new University” in the UK)

  20. 4.8 ACCA Examination Papers FUNDAMENTALS: KNOWLEDGE MODULE F1 Accountant in Business (AB)F2 Management Accounting (MA)F3 Financial Accounting (FA)SKILLS MODULEF4 Corporate and Business Law (CL)F5 Performance Management (PM)F6 Taxation (TX)F7 Financial Reporting (FR)F8 Audit and Assurance (AA)F9 Financial Management (FM)

  21. PROFESSIONAL: ESSENTIALS MODULEP1 Professional Accountant (PA)P2 Corporate Reporting (CR)P3 Business Analysis (BA)OPTIONS MODULE (select ANY 2 Papers) P4 Advanced Financial Management (AFM)P5 Advanced Performance Management (APM)P6 Advanced Taxation (ATX)P7 Advanced Audit and Assurance (AAA)

  22. 5. ACCA IN GREECE 5.1 Some Facts and Figures • Globaltraining® offers in Greece systematic and organised training and courses for the ACCA qualification • Currently there are only 170 ACCAs working Greece • There are 550 ACCA candidates being trained by Globaltraining® in Greece • 60% of ACCA candidates are “sponsored” (their fees are being paid by their employers) • Candidates ages: range from young university graduates of 23 – 24 years to Finance directors of 50+ years!! • Candidates’ backgrounds: wide diversity of backgrounds eg accounting/ business, management, law, information technology, mathematics, engineering • Candidates’ qualifications: 60% have Bachelors, 30% have Masters, 10% have PhDs

  23. 5.2 Demand for ACCA Holders • The demand in Greece and internationally is very strong and is expected to become stronger • Many companies sponsor their employees to pursue ACCA • Currently the supply of ACCA holders cannot satisfy the demand • Excellent career prospects • Companies hire not only ACCA holders but also “ACCA candidates” (individuals who are studying for ACCA)

  24. 5.3 Examples of Companies that Sponsor the ACCA Studies of their Employees

  25. 5.4 Important Breakthrough:ACCA to Cooperate with SOEL • ACCA and the Greek Soma Orkoton Elgkton Logiston (SOEL) have signed a Memorandum of Understanding (MOU) to share information on education and regulation, and promote understanding and cooperation between ACCA and SOEL. • SOEL exams have been reviewed by the ACCA and SOEL members who want to gain the ACCA qualification are awarded exemptions from 5 ACCA exam papers - by sitting and passing the remaining 9 papers, SOEL members will be able to get the ACCA qualification

  26. 5.5 Latest DevelopmentGlobaltraining® has been awarded by ACCA the “Premier-Plus Status” • ACCA monitors the exam results of all colleges, universities and institutions offering ACCA courses around the world and ranks them in 3 different levels • The highest rank is the “Premier-Plus status” – only 18 institutions in the world (outside the UK) have this recognition • Globaltraining® has satisfied all criteria (exam results, facilities, administration, lecturer’s team) and has been ranked as a “ Premier –Plus ACCA Tuition Provider” • This makes Globaltraining the ONLY training organization/College/University in the BALKANS with the “ACCA Premier-Plus” quality seal.

  27. 6. ACCA FULL TIME COURSE 6.1 General • Closing date for enrolling on the course: 31 July 2007 • On enrolment candidates should submit: (a) Translated university degree + transcripts (b) Copy of passport/translated identity card (c) 1 photo (d) cheque STG£62 payableto the “ACCA” • Courses start: 17 September 2006 • First exam sitting: December 2006 • PwC, Deloitte and Grant Thornton Employment Scheme: On completion of Globaltraining® ’s ACCA Full Time Course, PwC, Deloitte and Grant Thornton will employ 80-90 graduates of the course + refund them 100% of the fees paid

  28. 6.2 Exemptions • Candidates with relevant degrees can be exempted from some ACCA papers e.g. Οικονομικό Πανεπιστήμιο Αθηνών (Accounting & Finance) = 4 papers (Business Administration) =1-3 papers  Πανεπιστήμιο Πειραιά (Banking & Finance) = 1-2 papers  Deree (Accounting & Finance) =3- 4 papers  Μακεδονίας (Αccounting & Finance) = 3-4 papers  Aριστοτέλειο (Economics, Business Administration) = 1-3 papers  TEI Λογιστικής = 4 papers

  29. 6.3 Details of the Full-Time Course • Provides a “fast track option” for completion of the ACCA exams, as compared to the part-time course because students can take 3 – 4 (instead of 1 – 2) ACCA courses per semester • Suitable for those who are not in full-time employment and would like to complete their ACCA exams as soon as possible • Candidates with relevant degrees can complete the course in 18 months: December 2007 (3 papers) June 2008 (4 papers) December 2008 (4 papers) • Candidates with irrelevant degrees can complete in 24 months December 2007 (3 papers) June 2008 (4 papers) December 2008 (4 papers) December 2008 (remaining papers) • Teaching hours per paper: from 64 to 84 hours per paper

  30. 6.4 Internship • Internship is a part-time experience –based opportunity during the duration of the ACCA full time course, whereby participants will receive supervised practical training from the supporters of the course PwC, Deloitte and Grant Thornton • During the during of the ACCA full time course, there will be an internship period 4-6 weeks per annum, where participants will be “placed” in PwC, Deloitte and Grant Thornton’s work environment in order to acquire related professional experience

  31. 6.5 Course Fees • Depends on whether: (a) one has a relevant or an irrelevant degree, and (b) the number of exemptions awarded by the ACCA • Total course fees based on 2007 prices: • There is also an exam fee payable to ACCA of approx. STG£55 per paper • Those eligible for the PwC, Deloitte and Grant Thornton Employment Scheme: upon completion of the course they will be employed by PwC and will have 100% of their course fees refunded in accordance with PwC’s, Deloitte’s and Grant Thorton’s rules and conditions

  32. PricewaterhouseCoopers in Greece June 2007 Marios Psaltis (Assurance Partner, PwC)

  33. PricewaterhouseCoopers in Greece

  34. Current Market Environment • Increased pressure to companies for more transparent Corporate reporting and improved corporate governance. • Increased pressure to audit firms to improve quality of audit services. • More regulatory supervision in relation to financial reporting, internal control procedures and management accountability. • All the above increase the demand by companies, audit firms and regulators to recruit highly competent and properly qualified individuals.

  35. Company Presentation. Global Training ACCA Full Time Course June 2007 - Athens Michael Karavas Partner

  36. Deloitte in Greece… Deloitte Greece is a member of Deloitte Touche Tohmatsu (DTT), one of the world’s largest professional services firms, with approximately 135,000 people in 140 countries, and annual turnover of USD 20 bn.Deloitte in Greece operates through two companies: “Deloitte Hadjipavlou Sofianos & Cambanis S.A.” for Audit services and “Deloitte Business Solutions S.A.” for Financial advisory, Tax and Consulting services. Having followed a 30 year period of successful and dynamic activity in the Greek market, Deloitte has experienced the largest growth among the other international firms by offering services to large public, private, commercial, and industrial companies in every major sector of the Greek economy. With offices in Athens and Thessaloniki and more than 300 people, Deloitte today enjoys one of the highest positions in the Greek market with a blue chip portfolio of clients. For more information, please visit our website at www.deloitte.gr.

  37. Highlights of Deloitte Greece • 320highly experienced professionals • 30years of top quality service No. of People per service Line: Audit 220 Enterprise RiskServices20 Financial Advisory 20 Consulting 50 Tax 15 • Financial Services • Aviation & Transport Services • Energy & Resources • Consumer Business • Other Main Industry Sectors:

  38. Thessaloniki Athens Highlights of Deloitte Greece Our Offices Location No of People • Athens 300 • Thessaloniki 20

  39. Our Clients Indicative clients per Industry Sector that Deloitte has served or serves on a recurring basis include: • Aviation & Transport Services Athens International Airport, Olympic Airlines, Capital Ship Management Corp., Euroseas Ltd., Aegean Airlines, Quintana Maritime Limited, Top Tanker Management Inc., Stealth Maritime Corporation S.A., Aegean Marine Petroleum S.A. • Financial Services Citibank, Commercial Bank of Greece, EFG Eurobank Ergasias, First Business Bank, Geniki Bank, Merrill Lynch, National Bank of Greece, Piraeus Bank, Post Office Savings Bank, ATE BANK, Athens Stock Exchange • Consumer Business AB Vassilopoulos, Bristol-Myers Squibb Company, Carrefour, Friesland, L’Oreal, Papadopoulos, Delta Milk Industry S.A.Procter & Gamble, Eureka Hellas, Dodoni, Japan Tobacco International • Energy & Resources Athens Water & Sewage Co. (EYDAP), Hellenic Petroleum, Motor Oil, Public Power Corporation (DEH), S & B Industrial Minerals S.A. • Other Aspis Pronia, Capital Market Committee, AGET Heracles, Lafarge Club Hotel Loutraki, Cosmote, Dow Chemicals, Fiat Hellas, Greek Organization of Football Prognostics (OPAP), Hellenic Telecommunications Company (OTE), Hyatt Regency Hotels, Interamerican,Lamda Development, Microsoft, Mitsubishi, Municipality of Athens, Social Security Institute, Vodafone

  40. Our People ”…..that’s what differentiates Deloitte from all the other big firms. Deloitte people are genuine, hard-working and professional – yet extremely personable and friendly.” Basic Areas of studies: • Economics • Accounting • Business Administration • Finance • Mathematics • Information Technology International Experience: • Participationin global DΤΤ seminars and training events worldwide. • Professional Experience gained from working with international clients. • Opportunities for International assignments and transfers to Deloitte offices worldwide. Professional Qualification: • Greece: ΙΕSΟΕLprofessional qualification (Institute of Certified Public Accountants of Greece). • Global:CPA, ACCA, ACA, CIA, CISA, CIMA

  41. Our Mission Statement To be the Standard of Excellence. Our mission is realized through being highly respected by our broad community of stakeholders, and being: • The first choice of the world's most coveted talent ... drawn by our eminence, culture, and diversity • The first choice of the most sought-after clients ... attracted by the breadth and depth of our world-class service in each market segment

  42. Learning & Development at Deloitte • At Deloitte we aim tohelp our clients and our people excel, and therefore we link the Firm’s future to the growth of its people by supporting their continuous learning and development. Therefore all members of Deloitte take on a Professional Qualification and also participate in a range of global, regional as well as locally organised training programs throughout their careers with us. • Furthermore the significance that Deloitte places on the training and development of its Professional Staff is apparent from the long and outstanding record of Deloitte employees’ accomplishments in all Professional Qualifications schemes. • Deloitte is granted the “Approved Employer status” by the ACCA, in all streams: • Trainee Development Stream • Practicing Certificate Stream • Professional Development Stream (Continuing Professional Development) • Deloitte is also authorized to train Chartered Accountants by the Institute of Chartered Accountants of England & Wales (ICAEW).

  43. Rules & Conditions of Deloitte for the Full Time ACCA students • Deloitte will every year offer employment opportunities to a number of ACCA graduates who fulfill the recruitment criteria of the company. • ACCA graduates will be reimbursed for the total amount of the tuition fees they have submitted to Global Training for 1st time passes, after a 4 year employment period with Deloitte. • During the ACCA course, full time participants will be given the opportunity to do an Internship with Deloitte.

  44. Deloitte. Learning Curriculum • MILESTONE PROGRAM 1 When joining Deloitte, all newly recruited AERS trainees participate in our two-weeks Orientation program in Athens and then attend our 10-days Milestone Program 1 on the island of Crete. Deloitte trainees from Europe, Middle East and Africa attend this training program providing to our new professionals the opportunity to meet and network with colleagues throughout this region. • LOCAL LEARNING PLAN To ensure that our staff constantly gains the required knowledge and becomes more qualified, Deloitte yearly organises a range of locally held training sessions that aim to keep professionals constantly updated with all new developments.

  45. Deloitte. Learning Curriculum • MILESTONE PROGRAM 2 & MANAGEMENT & LEADERSHIP EXCELLENCE PROGRAMS Deloitte regionally runs training programs for professionals who have reached Milestones in their careers, in order to help them understand the performance expectations linked to their new role and to develop the competencies required to be effective in it. The Milestone Program 2, and the Management Excellence and Leadership Excellence programs address the learning needs of newly appointed Senior Auditors, AERS Managers and Senior Managers respectively, and are held regionally providing once again Deloitte professionals the opportunity to come together and network with colleagues throughout the EMEA region. • e-learning Extensive mandatory e-learning modules are provided at all levels. • MANAGER & PARTNER DEVELOPMENT Alliance with Columbia University and IMD for Senior Staff and Partners.

  46. ACCA Fast Track Course – PwC Greece • We will interview everybody that has completed the ACCA full time course and wishes to apply for employment with PwC. We will recruit the candidates that fulfill the PwC’s recruitment criteria. • Currently we recruit about 80 people in our Assurance Department annually. • Given the fact that the ACCA qualification is considered a plus, you will have a high chance of being offered a position at PwC. • The ACCA graduates that will accept an offer from PwC will be refunded 100% for the tuition fees paid over a four year period. • During the fast track ACCA course, full time participants will be given the opportunity to receive practical experience (in terms of Internship) with PwC • Upon commencing employment with PwC, the newly selected employees will need to follow 2-3 weeks induction training course to familiarize themselves with the audit methodology and principles of PwC

  47. Training Policy of PwC Greece PwC follows a structured training policy for all new joiners. Indicatevely the training programme includes the following: • Professional qualification (SOEL or ACCA) • IFRS e-learning and Advanced Update Courses • US GAAP e-learning • Audit Methodology • Training on Soft skills (eg coaching, leadership, presentation etc).

  48. pwc

  49. Παρουσίαση της Grant Thornton A.E. Ομιλητής: Βασίλης Μονογυιός Senior manager

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