ICAJ & UWI SIGN CO-OPERATION AGREEMENT

The Institute of Chartered Accountants of Jamaica (ICAJ) and the University of the West Indies (Mona Campus) has formally entered into a Co-operation Agreement that establishes a framework for collaboration aimed at enhancing and maintaining the standard and appropriateness of the UWI MSc. Accounting Programme.

The Co-operation Agreement is in recognition of the need to broaden the scope of tertiary education. The ICAJ and UWI have, therefore, committed to plan, review and monitor the MSc. Accounting programme to ensure that it meets the appropriate international accounting education standards for persons entering the accountancy profession.

In signing the Agreement, the ICAJ has committed to: a) Continue to recognise the MSc. degree as a route of entry to membership in the Institute, provided that the degree meets the appropriate standards set by the International Federation of Accountants (IFAC) Standard on Education, known as IES 4, or any successor standard. A focus of IFAC's education requirements is the need for member bodies to critically examine the process of educating and training the new generation of professional Accountants who will be required to deal with a changing business environment in the 21st century. As a member of IFAC, the ICAJ is committed to complying with the standards and guidelines established by IFAC.

b) Endeavour to provide Guest Lecturers when requested by the UWI and use its best efforts to encourage its members to provide practical training for participants in the MSc. (Accounting) programme.

c) Collaborate with the UWI, to the extent possible, in the exchange of academic and research materials and information on Jamaica and the Accountancy profession.

d) Conduct training workshops jointly with the UWI from time to time in pursuance of the respective mandates.

According to ICAJ President, Mr Linroy Marshall, one of the strengths of the MSc. programme is that it prepares Jamaicans to work in Jamaica and within the Caribbean, which is critical in light of the liberalisation of trade in services that will result from the Caribbean Single Market and Economy (CSME).

Genesis of the MSc. Accounting Degree Programme The ICAJ's involvement in the MSc. Accounting Degree programme began in the 1970's when its proposal for a second Degree programme in Accounting was put forward and accepted by the University of the West Indies (Mona). This resulted in the introduction of the MSc. Accounting Degree Programme in 1975, after corroboration with the ACCA, to ensure that it met internationally recognised standards.

The introduction of the MSc. Accounting programme was a special achievement in the history of the ICAJ, as it opened up an alternative to the work/study qualification for future accountants in training. To be admitted to the M.Sc. programme, an applicant must have passed the Bachelors' degree with an upper second-class honours. Some applicants with a lower second class honours degree may be accepted, if they have strong skills or a background in other areas, e.g. work experience, IT qualification. On completion of the programme, graduates attain the educational requirements necessary to qualify for membership of the Institute. Additional requirements relating to practical experience must also be satisfied, before graduates are eligible for membership of the Institute.

University Bursaries The ICAJ, in an effort to encourage the pursuit of studies in accountancy at the tertiary level, provides financial assistance to Jamaican nationals interested in becoming Chartered Accountants through annual University Bursaries.

The four University Bursaries, awarded by the ICAJ annually to students who maintain at least a B+ average, are tenable at the University of the West Indies (BSc. Accounting) and the University of Technology (BBA). Each bursary is available for two years.



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