- The IFA has been part of a trailblazer group dedicated to improving accountancy education to deliver the skills required by employers.
- The Digital Accounting and Finance Degree Apprenticeship will better equip graduates with digital and technological knowledge.
- Study is being funded by the government in an effort to reduce student debt and attract a more diverse range of students.
“It not only includes traditional accounting theory units in financial reporting, financial management, assurance and tax, but relevant software training embedded within the degree,” says Jonathan Mills, Chair of the Accounting and Finance Manager Degree Apprenticeship (AFMDA) Trailblazer Group (of which the IFA is part) at the Institute for Apprenticeships and Technical Education.
Aspiring accountants will need to master digital skills that will help them work remotely once qualified. Pictured: Jonathan Mills, Chair of the Accounting and Finance Manager Degree Apprenticeship (AFMDA) Trailblazer Group at the Institute for Apprenticeships and Technical Education.
With automation in cloud-based apps replacing bookkeeping data entry, and AI increasingly used for research and reporting, accountancy, including tax and finance, is dependent on advanced digital skills, he says.
“HMRC is relentlessly rolling out Making Tax Digital,” he says. “VAT has been digitised and income tax is next in 2026/27 and then corporation tax will follow.”
Until now, adds Mills, no university degree course or professional accounting body syllabus has included the practical application of digital technology to the extent that is needed to keep up with the increasing use of labour-saving technology.
Employers are demanding “oven ready” graduates
For Mills, the development and recognition of the AFMDA standard, which universities across the country are using to create their accounting and finance degree apprenticeship courses now, has been a seven-year mission since he completed a Masters Degree in education leadership and management by critically evaluating the UK government’s policy for higher and degree apprenticeships.
“Accounting students needed deeper learning and a broader range of skills,” he says.
“The first thing I did, once IfATE accepted my proposal, was form the largest Trailblazer Group ever seen with members including accounting practices and associations, universities, hospitals, councils, Xero, Sage, IBM, Microsoft and more.”
Mills says extensive research showed that employers want A&F managers proficient in accounting systems, digital analysis, cyber security, systems compliance, reviewing and reconciling resource management, budgeting, cash flow management, management reporting, tax preparation, audit, contributing to strategy, financial information, business performance, sources of finance, credit control, managing risk, relationship management, and staff management.
In February 2023, the Secretary of State for Education signed off on the standard with the maximum funding per learner of up to £27000 to support their studies. “We’re setting out to create something debt free and therefore open to a more diverse range of students to foster inclusivity and social mobility,” says Mills.
Assessments include the choice of submitting work-based evidence of learning outcomes, as well as the spread of level 5 and 6 of the degree over a longer study period of three years instead of two years will also take the pressure off students who are often full time employees.
Graduates are awarded a bachelor’s degree upon successfully completing the programme as well as an apprenticeship certificate and access to associate membership of the IFA as a professional body.
Apprenticeship places will soon open up
IFA Education Manager Susan Divall says the Institute has been a keen supporter of the apprenticeship and part of the trailblazer group since its inception. “Since its approval by the Institute for Apprenticeships and Technical Education and the Department of Education, it is now being developed by some universities for delivery in 2025,” she says.
Susan Divall, IFA Education Manager
Mills was recently appointed as Programme Director at Aston University, where the AFMDA programme is now recruiting. The tactical implementation course sits between operational levels 4 (Professional Accounting Technician) and strategic level 7 (Accountancy Professional).
“We will have three intakes a year, in February, May and September,” he says.
Subjects covered will range from business and financial management to software certification in cyber and data security, business intelligence, iXBRL accounts production and digital personal tax.
“The course we have developed at Aston Business School, as part of an elite group of global business schools that hold the gold standard of ‘triple-crown’ accreditation from AACSB, AMBA and EQUIS, will equip graduates with theoretical, digital, and interpersonal skills and knowledge that are transferable in any sector,” he says.
Yu-Chun Pan, Associate Professor in Digital Transformation and Director of Experiential Learning at Northeastern University London, which will offer a AFMDA course, says digital proficiency, cybersecurity and sustainability are now essential for preparing graduates.
“Digital proficiency includes industry applications such as Sage, QuickBooks, or Xero, as well as advanced Excel, which is essential for efficient data management and analysis,” he says.
“Protecting sensitive financial information and ensuring compliance with cybersecurity regulations is another key area.”
Associate Professor Pan says graduates also need to be able to help organisations meet regulatory requirements, enhance their reputation, and contribute to long-term value creation in an increasingly sustainability-focused market.
“For this reason it is important to include environmental accounting, CSR and sustainable practices,” he says.
NU London will be offering free support for employers to recruit Accounting Finance Manager apprentices, with a focus on maximising diversity and breaking down barriers.
