Studying ICB Financial Accounting is a great way to build a career in finance. This course teaches you how to manage money, record transactions, and prepare financial reports. In this article, you’ll learn about the subjects covered, the exams, passing requirements, and what to do if you fail. You’ll also find out what the Portfolio of Evidence (PoE) is and why it’s important.
What Are The Main Topics Of Financial Accounting?
The ICB Financial Accounting Course includes different subjects to help you understand how to work with money in a business. These subjects teach you how to record transactions, prepare financial statements, and follow tax laws. Below is a table that explains the main subjects covered in this course:
| Subjects | Subject Description |
|---|---|
| Introduction to Business English | Teaches you how to communicate well at work. Covers writing skills, grammar, and business terms. |
| Bookkeeping to Trial Balance | Shows you how to record business transactions. Teaches how to balance books and check for mistakes. |
| Payroll and Monthly SARS Returns | Covers payroll processing and how to handle SARS tax returns. Includes employee tax and UIF deductions. |
| Computerised Bookkeeping | Teaches how to use accounting software to record financial transactions. |
| Business Literacy | Helps you understand how businesses operate. Covers basic finance, economics, and ethics. |
| Financial Statements | Teaches how to prepare reports like income statements and balance sheets. |
| Cost and Management Accounting | Helps businesses track and control costs to increase profits. |
| Income Tax Returns | Explains how to calculate and file tax returns for businesses and individuals. |
| Business Law and Accounting Control | Covers the rules businesses must follow to stay legal and avoid financial risks. |
| Corporate Strategy | Teaches how businesses grow and plan for the future. |
| Management Accounting Control Systems | Explains how companies monitor money and prevent fraud. |
| Financial Reporting and Regulatory Frameworks | Covers financial rules and reporting standards used in businesses. |
| Research Theory and Practice | A research project on a financial accounting topic. Helps you learn how to research and analyse financial information. |
These subjects help students understand and apply financial accounting. By the end of the course, you will have the skills to manage money, prepare reports, and keep financial records in order.
Is Financial Accounting Math?
Financial accounting uses basic maths, but it is not difficult. You will need to understand percentages, fractions, and simple calculations. Most of the work involves recording financial information and making sense of numbers, not complex maths like algebra or geometry.
Is Financial Accounting Course Hard?
Some students find accounting tricky, but it becomes easier with practice. If you stay organised and study regularly, you’ll do well. Here are some tips to help you succeed:
- Create a study plan: Make a schedule and follow it. Studying a little every day helps you remember more.
- Use real-life examples: Try applying what you learn to real businesses. This makes it easier to understand.
- Ask for help: If something is confusing, talk to your tutor or classmates.
- Practice calculations: The more you work with numbers, the more confident you will feel.
What Are The 5 Basic Accounting Principles?
Accounting follows five main rules that make sure financial records are accurate. These principles help businesses track their money correctly. You can find the five accounting principles below.
Revenue Recognition
Revenue is recorded when it is earned, not when payment is received. This helps businesses see their actual earnings.
Expense Matching
Expenses are recorded in the same period as the revenue they help earn. This shows the real cost of running a business.
Historical Cost
Assets are recorded at the price they were bought for, even if their value changes later. This keeps records consistent.
Full Disclosure
Businesses must give all important financial details. This helps investors and managers make good decisions.
Consistency
Companies must use the same accounting methods every year. This makes it easier to compare financial results over time.
What Are The 7 Functions Of Accounting?
Reporting financial information is a very important function of accounting. Accounting helps businesses manage money. Here are the six more main functions:
- Recording Transactions
- Classifying Financial Data
- Summarising Information
- Interpreting Financial Reports
- Communicating Financial Data
- Budgeting and Forecasting
- Tax Compliance
Recording Transactions
Every financial transaction must be written down. This helps businesses keep track of their money. You can use Microsoft Excel or Google sheets to record financial transactions for business.
Classifying Financial Data
Transactions are grouped into categories like sales, expenses, and assets. This makes financial records clear. You can use different documents or spreadsheets to classify various transactions.
Summarising Information
Financial data is turned into reports that help businesses understand their money. This can help you improve your typing skills. This is because you will most likely need to summarize financial information frequently. and presentation skills. Because you may have to present the information you summarized to your manager.
Interpreting Financial Reports
Accountants study financial statements to find problems and suggest improvements. Improving your attention to detail might make it easier for you to interpret financial information. You can improve your attention to detail simply by reading a book.
Communicating Financial Data
Businesses share financial reports with managers, investors, and government offices. You can improve your presentation skills. You can use apps like Canva or Microsoft PowerPoint to create visuals when presenting financial reports.
Budgeting and Forecasting
Accounting helps businesses plan future income and expenses. You can create a budget using Google Docs.
Tax Compliance
Businesses must follow tax laws and submit SARS returns on time.
What Is The ICB Pass Mark?
You need 60% overall to pass your ICB Exams. ICB exams are not difficult to pass if you have a positive outlook and are highly motivated. Here is a breakdown of exactly what is required to pass an ICB Financial Accounting Exam:
- At least 50% overall, including coursework.
- At least 60% in the final exam.
- A complete PoE (Portfolio of Evidence).
What Happens If You Fail An ICB Exam?
If you fail, you still have options:
- Apply for a re-mark: If you think there was a mistake, you can ask for your exam to be checked again.
- Rewrite the exam: You can register to take the exam again in the next session.
- Improve coursework: Work on your assignments and PoE to get better marks.
- Seek extra help: Join a study group or get help from a tutor.
How Long Are ICB Exams?
Most ICB exams last between 2 to 3 hours. They include multiple-choice questions, written answers, and financial calculations. Some exams also have practical tasks to test your skills.
What Is The PoE – (Portfolio Of Evidence)?
The Portfolio of Evidence (PoE) is a collection of coursework assignments that count towards your final mark. It must be submitted before the final exam. Here is what must be included in your portfolio:
- Knowledge Questions: Short written answers on accounting topics.
- Practical Assignments: Tasks where you apply what you’ve learned, like preparing financial statements.
- Case Studies: Business scenarios where you analyse and solve financial problems.
- Final Integrated Summative Assessment (FISA): A big assignment that covers everything from the course.
The PoE is important for passing the course. If you do well in your assignments, it will help boost your final grade.
The ICB Financial Accounting Course is a great way to start a career in finance. With the right study methods, passing the course is possible. If you follow the course structure, complete your PoE, and prepare well for exams, you will have a strong foundation for working in financial accounting.
ICB Financial Accounting NQF Level
The ICB Financial Accounting qualifications are officially recognised and registered on the National Qualifications Framework (NQF) in South Africa. Each course has an NQF level, which shows how advanced it is. These levels range from NQF Level 3 to NQF Level 6, meaning you can start with the basics and work your way up.
Junior Bookkeeper Course: ICB National Certificate
The Junior Bookkeeper Course is a great starting point for anyone interested in finance. It is an NQF Level 3 qualification that teaches the basics of bookkeeping, how to record transactions, and how to manage financial records. This course is perfect if you want to work as a bookkeeper or accounts clerk.
Certified Senior Bookkeeping: ICB Certificate
The Certified Senior Bookkeeping Course is the next step up and is NQF Level 4. It covers payroll, business law, and financial statements. This course prepares you for higher bookkeeping roles and gives you the skills to manage finances in a business.
ICB Technical Financial Accounting
The ICB Technical Financial Accounting Course is at NQF Level 5 and is a step closer to becoming a fully qualified accountant. You will learn about cost accounting, tax returns, and financial reporting. This course is a good choice if you want to work as an accounting technician or tax consultant.
Certified Financial Accounting: ICB National Diploma
The Certified Financial Accounting Course is the highest ICB qualification at NQF Level 6. It covers corporate strategy, advanced financial reporting, and business regulations. Completing this diploma can lead to senior accounting jobs or even allow you to open your own accounting business.
Is An ICB A Diploma?
Yes! The ICB offers a diploma qualification once you complete the NQF Level 6 programme. The Certified Financial Accounting Course is a nationally recognised diploma in South Africa. With this qualification, you can apply for jobs in accounting, finance, and business management.
Is ICB A Good Qualification?
Yes, ICB qualifications are well-respected and open many career opportunities. The ICB is internationally recognised. Here is why you should study ICB Course today:
- Teaches Practical Skills: These courses focus on real-world accounting tasks so you can apply what you learn in the workplace.
- Recognised Across South Africa: ICB is accredited by SAQA and QCTO, making it a trusted qualification for employers.
- Flexible Study Options: You can study these courses through distance learning, which means you can study while working or managing other responsibilities.
- Open More Study Opportunities: After completing an ICB qualification, you can study further or use it as a stepping stone towards a degree.
Is ICB Recognised In South Africa?
Yes! ICB qualifications are officially recognised by the South African Qualifications Authority (SAQA) and the Quality Council for Trades & Occupations (QCTO). Many companies in bookkeeping, finance, and accounting accept these qualifications when hiring new employees.
Is ICB Saica Accredited?
ICB is not accredited by SAICA (South African Institute of Chartered Accountants). However, Skills Academy’s ICB courses are fully accredited by SAQA and QCTO. These qualifications still offer great job opportunities and help you build a strong career in finance.
Can I Study ICB Without Matric?
Yes! You don’t need Matric to study ICB courses. If you haven’t finished school, you can still apply for ICB bookkeeping courses. The Junior Bookkeeping course only requires a grade 10 qualification.
ICB Financial Accounting Course Requirements
Each ICB Financial Accounting course has different entry requirements. As I said earlier you need a grade 10 qualification to study the Junior Bookkeeping ICB Course. Here are more requirements to study ICB Financial Accounting with us:
- Junior Bookkeeper Course: ICB National Certificate: If you want to complete a Certified Senior Bookkeeping Course: ICB National Certificate then you must have this qualification.
- Certified Senior Bookkeeping Course: ICB Certificate: If you plan to complete your Technical Financial Accounting: ICB National Diploma then you must complete this qualification.
- Technical Financial Accounting: ICB National Diploma: If you plan to study a Certified Financial Accounting: ICB National Diploma then this qualification is a must.
- English Language Skills: You need to read, write, and understand English, as all study materials and exams are in English.
- Basic Maths Knowledge: Some basic numeracy skills are required, but the course focuses more on understanding financial concepts.
- A Computer with Internet Access: Some ICB courses require you to use accounting software, so you need basic computer skills.
- Commitment to Studying: Distance learning means you must be self-motivated and able to manage your own study time.
Can I Study Directly With ICB?
No, ICB does not offer direct enrolment. You need to sign up through an ICB-accredited college, like Skills Academy. This ensures you get study support, access to tutors, and proper exam preparation.
What Does Skills Academy Include In The Course Fees?
The delivery fee for your study material if you choose to have it couriered to you and an online student portal where you can chat with friends or course experts will be included in your study fees. Studying with Skills Academy comes with many benefits. Here they are listed below:
- All Study Materials Provided: You get textbooks, study guides, and online resources to help you succeed.
- Dedicated Tutor Support: If you need help, tutors are available to guide you through the coursework and answer your questions.
- Flexible Payment Options: You can choose affordable payment plans to suit your budget.
- Study From Anywhere: Distance learning means you can study at home, at work, or wherever it’s convenient for you.
What Skills Are Required For An Accountant?
Accountants need a mix of technical and personal skills. These skills help them manage money, analyse financial reports, and work with different businesses.
Attention to Detail
Accounting involves checking numbers and financial reports for mistakes. A good accountant must spot errors quickly to keep financial records accurate.
Problem-Solving
Financial problems happen often. A skilled accountant must find solutions, whether it’s fixing a tax issue or suggesting ways to cut costs for a business.
Time Management
Deadlines in finance are very strict. Accountants must plan their time well to complete tasks like payroll, tax submissions, and financial reporting on time.
Communication
Not everyone understands financial terms. A good accountant can explain money matters clearly to business owners, managers, and clients.
What Kind Of Person Makes A Good Accountant?
A good accountant is honest, reliable, and detail-oriented. They enjoy working with numbers and solving financial problems. They are also organised and can handle pressure, especially during busy financial periods.
Can I Be An Accountant With A Diploma In Accounting?
If you have an ICB Financial Accounting Diploma, you can work in accounting. This diploma teaches you how to manage finances, prepare reports, and handle tax documents. While some jobs need a degree, many businesses hire accounting clerks with diplomas because they have practical skills.
ICB Financial Accounting Jobs
An ICB qualification gives you the skills to work in different areas of finance. Here are some jobs you can apply for:
- Bookkeeper: You will record transactions, keep financial records, and balance accounts for businesses.
- Payroll Administrator: This job involves managing employee salaries, tax deductions, and UIF payments.
- Accounting Technician: You will help accountants by preparing tax returns, checking financial reports, and ensuring businesses follow tax laws.
- Financial Administrator: In this role, you will create budgets, process invoices, and help businesses keep track of their money.
Study Further With The ICB
Once you finish an ICB qualification, you can continue your studies to improve your skills. There are ICB courses in Business Management and Office Administration that help you grow in your career.
ICB Business Management
Studying Business Management gives you the knowledge to run a company, manage finances, and oversee daily operations. If you want to start your own business or become a manager, these courses are a great choice.
- Small Business Financial Management Course
- Higher Certificate in Business Management Office Administration Course
- Business Management Financial Accounting Diploma
ICB Office Administration
These courses focus on organising office tasks, handling company records, and making business operations run smoothly. If you like working in an office environment, these courses can lead to administrative and management roles.
- Junior Office Administration: ICB National Certificate
- Office Administration: ICB Higher Certificate
- Office Administration: Certified Office Manager ICB Diploma
Your Options After ICB
Finishing an ICB qualification gives you many career choices. You can start working, study further, or even run your own business.
Get a Job in Finance
Many companies need accountants, bookkeepers, and financial administrators. With an ICB qualification, you can apply for entry-level finance jobs and grow from there.
Start Your Own Business
If you want to work for yourself, you can start a bookkeeping or payroll business. Many small businesses need help managing their finances, so this can be a great way to earn money.
Continue Studying
After completing an ICB Diploma, you can study further at universities or private colleges. Some institutions allow you to use your ICB credits towards a degree in business or accounting.
Specialise in a Specific Field
If you want to become an expert in one area, you can study more courses in tax, auditing, or financial management. This can help you earn more and qualify for better jobs.
Frequently Asked Questions
Both ICB and CIMA offer accounting qualifications, but they focus on different areas. ICB is a South African qualification that teaches practical bookkeeping and accounting skills. CIMA (Chartered Institute of Management Accountants) is an international qualification that focuses more on financial strategy and management accounting.
ICB courses range from NQF Level 3 to NQF Level 6. The NQF Level is the rank of courses on the National Qualifications Framework (NQF). The Certified Financial Accounting Diploma is the highest level at NQF Level 6, which is a recognised diploma qualification.
Financial accounting has different areas that help businesses manage their money properly. These are the four main types:
- Financial Reporting: Involves preparing financial statements to show a business’s income, expenses, and profits.
- Tax Accounting: Focuses on calculating and submitting tax returns for individuals and companies.
- Cost Accounting: Helps businesses track expenses and reduce costs to improve profits.
- Auditing: Examines a company’s financial records to ensure everything is accurate and follows legal standards.
The lowest level of accountant is usually a bookkeeper or accounting assistant. These roles focus on recording transactions, organising financial documents, and assisting accountants. Over time, you can gain experience and move into higher accounting roles.
Both accounting and finance have challenges, but they focus on different skills. Accounting is about keeping financial records and preparing reports, while finance focuses on investments, business growth, and planning for the future. Some people find accounting harder because it requires accuracy and attention to detail, while others think finance is more challenging because it involves analysing markets and business trends.
An ICB Financial Accounting qualification gives you great career opportunities. Whether you want to work in finance, start your own business, or continue studying, these courses give you the skills to succeed. Take the next step today!
Author: Jodie Jacobs
