ICAEW Foundation Building Futures bursary programme

In recent years we have grown our geographical reach and created our Building Futures programme. This programme provides bursaries to a growing number of talented and ambitious students undertaking new professional accountancy qualifications in countries such as Ghana, Malawi, Lesotho, Cambodia, Sri Lanka and Zimbabwe.

Our work during 2023 summarised:

Ghana

Khadijah Iddris was previously featured in our foundation video above in 2018 and has received support from the ICAEW Foundation throughout her PhD studies in finance, her ultimate ambition being that of becoming a lecturer in the subject. We are proud to report that Khadijah was awarded her PhD during the year, gaining top marks when presenting her viva. Her thesis was titled ‘Foreign Bank Presence, Financial Development, Inclusive Growth and Foreign Direct Investment in Africa’.

Cambodia (KICPAA)

The first ever Cambodian professional accountancy qualification (ATQ), due to launch in 2020, was delayed predominantly due to the impact of Covid 19. Nearly all students have been heavily impacted over the past three years as not only were they unable to get the usual part-time jobs to fund their studies but in addition, all universities/colleges remained closed throughout 2020 and only reopened at the beginning of 2023.

£25,500 was approved in 2020 to support forty students over 2 years studying the new ATQ. This finally launched and the first instalment of £12,750 was paid in January 2023 with the second instalment due to be paid in the first quarter of 2024.

Zimbabwe (ICAZ)

In 2010 ICAEW signed a reciprocal membership agreement (RMA) with ICAZ which was renewed in 2012 and again in 2023.

During 2022, trustees approved a total of £8,306 to support 5 students through the second and third years of their accountancy qualifications. The bursary scheme gives students who are facing economic hardship an opportunity to obtain relevant degrees and train to become Chartered Accountants, delivering against the Sustainable Development Goals (SDGs) by allowing social mobility and gender balance.

All five students successfully passed and completed their Year 2 exams and have commenced Year 3.

During the year, trustees approved £825 per student, total cost £4,125 to fund for the fourth and final year university costs. This will be paid early in 2024.

Sri Lanka (CASL)

ICAEW has worked with CA Sri Lanka (CASL) for more than 20 years and signed the first recognition agreement with them in 2010 which set out an expedited route to membership for appropriately qualified members of both bodies. This was renewed in 2014, 2018 and again in 2023.

During 2022, Trustees approved £34,360 during the year to support 20 students for two years on the Joint Student Scheme. Providing good graduates in economic hardship an opportunity to become ICAEW Members, thus providing them with international employment opportunities, provide an important milestone in the ICAEW-CASL partnership and raise ICAEW’s and the ICAEW Foundation’s profile in Sri Lanka. This scheme commenced slightly later than anticipated at the start of 2023. Due to the success of this scheme, trustees approved an additional 20 bursaries during the year to commence in 2024 at a total cost of £35,000.

Since launching the Joint Student Scheme, ICAEW has delivered several workshops, both face-to-face and virtually to promote the scheme to students; approximately 105 students have joined to date, including 10 from a previous bursary funded by ICAEW Foundation. These students are currently pursuing ICAEW Advanced Level exams and are expecting to qualify as ICAEW members in 2024.

ICAEW have also received high levels of support from the big four and key firms in Sri Lanka who are keen to help ICAEW and CASL to promote this route to their existing and future trainees.