The Institute of Certified Bookkeepers (ICB) offers a range of Financial Accounting courses designed to equip students with essential bookkeeping and accounting skills. These courses are structured to accommodate various educational backgrounds, ensuring that many individuals have the opportunity to pursue a career in finance.
ICB Financial Accounting Courses Requirements and Subjects
ICB Financial Accounting courses are divided into different levels, each building upon the previous one. As you progress, you’ll delve deeper into more advanced accounting topics. Each level has specific entry requirements and subjects tailored to provide comprehensive knowledge and practical skills in financial accounting.
What are the requirements for ICB courses?
To enroll in ICB Financial Accounting courses, you need to meet certain educational requirements. These requirements ensure that you have the foundational knowledge necessary to succeed in your studies.
Entry Requirements:
- Junior Bookkeeper Course (National Certificate): Completed Grade 10.
- Certified Senior Bookkeeping (ICB Certificate): Successful completion of the Junior Bookkeeper Course.
- Technical Financial Accounting (National Diploma): Successful completion of the Certified Senior Bookkeeping course.
- Certified Financial Accounting (National Diploma): Successful completion of the Technical Financial Accounting course.
These step-by-step requirements allow you to build your knowledge gradually, starting from basic bookkeeping to advanced financial accounting.
Can I study ICB without Matric?
Yes, you can study ICB courses without a Matric certificate. The entry requirement for the initial course, the Junior Bookkeeper Course, is a completed Grade 10. This means you don’t need to have finished Matric to start your journey in financial accounting. This accessibility opens doors for many individuals eager to pursue a career in finance.
What are the minimum requirements for a financial accountant?
To become a qualified financial accountant through ICB, you need to complete a series of courses, each building on the previous one. The final qualification is the Certified Financial Accounting National Diploma. Achieving this diploma requires dedication and successful completion of all preceding courses.
Pathway to Certified Financial Accountant:
- Junior Bookkeeper Course (National Certificate): Start here with a Grade 10 certificate.
- Certified Senior Bookkeeping (ICB Certificate): Progress after completing the Junior Bookkeeper Course.
- Technical Financial Accounting (National Diploma): Advance further upon completing the Senior Bookkeeping course.
- Certified Financial Accounting (National Diploma): Achieve this final diploma after completing the Technical Financial Accounting course.
This structured pathway ensures you gain comprehensive knowledge and skills required for a financial accountant.
What subjects do I need to study financial accounting?
Each ICB Financial Accounting course comprises specific subjects designed to provide you with the necessary skills and knowledge. As you progress through each level, you’ll encounter new subjects that build upon what you’ve previously learned.
Course Breakdown:
- Junior Bookkeeper Course:
- Bookkeeping to Trial Balance
- Payroll and Monthly SARS Returns
- Computerised Bookkeeping
- Business Literacy
- Certified Senior Bookkeeping:
- Financial Statements
- Cost and Management Accounting
- Intermediate Level Computerised Bookkeeping
- Technical Financial Accounting:
- Income Tax Returns
- Business Law and Accounting Control
- Corporate Strategy
- Certified Financial Accounting:
- Financial Reporting and Regulatory Frameworks
- Research Theory and Practice
- Corporate Governance
These subjects are designed to equip you with practical and theoretical knowledge, preparing you for various roles in the financial sector.
Can I study accounting without maths?
Yes, you can study accounting without having studied mathematics extensively. While basic math skills are helpful, ICB courses are designed to teach you all the necessary calculations and accounting principles from the ground up. This approach ensures that even if you don’t have a strong math background, you can still grasp and excel in accounting concepts.
In summary, ICB Financial Accounting courses are accessible to individuals with various educational backgrounds, including those without a Matric certificate. With a structured learning pathway and a comprehensive curriculum, these courses provide a solid foundation for a successful career in financial accounting.
ICB Financial Accounting Courses at Skills Academy and Fees
Skills Academy provides comprehensive support for students pursuing ICB Financial Accounting courses. With flexible study options and dedicated assistance, learners can progress through various levels to achieve their career goals.
ICB Courses
These courses are structured to guide learners from foundational knowledge to advanced expertise in financial accounting. Below is an overview of the available courses:
| Course Level | Qualification | Description |
|---|---|---|
| Junior Bookkeeper | National Certificate | Covers basic bookkeeping, payroll, and monthly SARS returns. |
| Certified Senior Bookkeeping | ICB Certificate | Focuses on financial statements, cost and management accounting. |
| Technical Financial Accounting | National Diploma | Introduces tax returns, business law, and accounting control systems. |
| Certified Financial Accounting | National Diploma | Provides advanced accounting skills, auditing, and financial management. |
These courses are available through Skills Academy, offering flexible study options to accommodate various learning preferences.
Which accounting course is best?
The “best” accounting course depends on your current qualifications and career objectives. If you’re starting fresh, the Junior Bookkeeper course provides a solid foundation.
For those aiming for advanced roles, progressing through to the Certified Financial Accounting course will offer comprehensive expertise. Assess your career goals to determine the most suitable starting point.
Is accounting a hard course?
Accounting involves working with numbers and understanding financial principles. While it requires attention to detail and analytical thinking, the ICB courses are designed to be accessible.
With dedication and the support provided by Skills Academy, students can grasp the concepts effectively. Remember, consistent practice and seeking help when needed make the learning process manageable.
ICB course fees
The fees for ICB courses can vary based on the institution and specific course level. As of 2023, the ICB annual student registration fee is R430.
For detailed information on course fees at Skills Academy, it’s recommended to contact our admissions office directly. We can provide the most current and comprehensive breakdown of costs, including tuition, study materials, and examination fees.
ICB Financial Accounting Modules and Duration
Each ICB Financial Accounting course comprises specific modules designed to build upon the knowledge from the previous level. Understanding these modules and their durations helps students plan their studies effectively.
ICB financial accounting modules
Below is an overview of the modules for each course level:
- Junior Bookkeeper: ICB National Certificate
- Bookkeeping to Trial Balance
- Payroll and Monthly SARS Returns
- Computerised Bookkeeping
- Business Literacy
- Certified Senior Bookkeeper: ICB Certificate
- Financial Statements
- Cost and Management Accounting
- Income Tax Returns
- Business Law and Accounting Control
- Technical Financial Accounting: ICB National Diploma
- Corporate Strategy
- Management Accounting Control Systems
- Financial Reporting and Regulatory Frameworks
- Research Theory and Practice
- Certified Financial Accounting: ICB National Diploma
- Corporate Strategy
- Management Accounting Control Systems
- Financial Reporting and Regulatory Frameworks
- Research Theory and Practice
How long is the ICB course?
The duration of each ICB course varies:
- Junior Bookkeeper: Approximately 16 months
- Certified Senior Bookkeeper: Approximately 24 months
- Technical Financial Accounting: Approximately 28 months
- Certified Financial Accounting: Approximately 36 months
These durations are estimates and can vary based on individual study pace and commitment.
How can I get an ICB certificate?
To obtain an ICB certificate:
- Enroll in an ICB-accredited course through a recognized institution like Skills Academy.
- Complete all required modules for your chosen course level.
- Pass the ICB examinations associated with each module.
- Ensure all administrative requirements and fees are settled.
Upon successful completion, the ICB will award you the corresponding certificate, recognizing your achievement and qualification in financial accounting.
Understanding ICB Financial Accounting
ICB Financial Accounting courses are designed to teach you how to manage financial records, understand tax returns, and grasp business law. These skills are essential for maintaining accurate financial information for businesses. The courses are structured to take you from basic bookkeeping to advanced accounting practices, ensuring a comprehensive understanding of the field.
What is ICB Financial Accounting?
ICB Financial Accounting involves learning how to record, interpret, and report financial data for businesses. This includes tasks like managing ledgers, preparing financial statements, and ensuring compliance with financial regulations. The goal is to provide accurate financial information that helps businesses make informed decisions.
Is ICB a Good Qualification?
Yes, an ICB qualification is highly regarded in the financial industry. It is recognized for its practical approach, ensuring that students are job-ready upon completion. Employers value ICB graduates for their hands-on skills and thorough understanding of accounting principles.
Is an ICB a Diploma?
ICB offers various levels of qualifications, including certificates and diplomas. As you progress through the courses, you can achieve higher certifications, culminating in diplomas such as the ICB National Diploma: Technical Financial Accounting and the ICB National Diploma: Certified Financial Accounting.
What NQF Level is ICB?
ICB qualifications are aligned with the National Qualifications Framework (NQF) in South Africa. The levels range from NQF Level 3 to NQF Level 6, depending on the specific course. For example, the ICB National Certificate in Bookkeeping is at NQF Level 3, while the ICB National Diploma: Certified Financial Accounting is at NQF Level 6.
Is ICB SAICA Accredited?
No, ICB qualifications are not accredited by the South African Institute of Chartered Accountants (SAICA). However, they are recognized by other professional bodies and are highly respected in the industry for their practical focus and comprehensive curriculum.
What is the ICB Pass Mark?
To pass an ICB exam, you need to achieve a minimum of 60% overall. This overall mark is a combination of your Portfolio of Evidence (PoE), which counts for 30%, and your final exam, which counts for 70%. It’s essential to perform well in both components to meet the passing criteria.
What Happens if You Fail an ICB Exam?
If you don’t pass an ICB exam, you have options to improve your results:
- Rewrite the Exam: You can register to retake the exam at the next available opportunity.
- Review Your PoE: Ensure all assignments and tests in your Portfolio of Evidence are complete and up to standard, as they contribute to your final mark.
It’s important to identify areas where you struggled and seek additional support or resources to enhance your understanding before attempting the exam again.
Can I Be an Accountant with a Diploma in Accounting?
Yes, obtaining an ICB National Diploma in Accounting qualifies you to work in various accounting roles. With this diploma, you can pursue positions such as:
- Financial Accountant: Managing financial records and preparing reports.
- Tax Technician: Handling tax-related matters and ensuring compliance.
- Accounting Officer: Overseeing financial operations and ensuring accuracy.
These roles involve responsibilities like managing budgets, analyzing financial data, and ensuring that financial practices align with regulations.
Frequently Asked Questions
The National Qualifications Framework (NQF) in South Africa categorizes educational levels to standardize learning achievements. An NQF Level 6 qualification in Financial Accounting corresponds to a National Diploma.
This level signifies advanced knowledge and skills in financial accounting, preparing individuals for professional roles in the field. The ICB’s Certified Financial Accounting course culminates in an NQF Level 6 qualification.
Both the Institute of Certified Bookkeepers (ICB) and the Chartered Institute of Management Accountants (CIMA) offer accounting qualifications, but they differ in focus and structure:
- ICB:
- Focus: Provides foundational to advanced bookkeeping and accounting skills.
- Qualifications: Offers certificates and diplomas up to NQF Level 6.
- Study Path: Designed for individuals seeking practical accounting skills applicable in various industries.
- CIMA:
- Focus: Specializes in management accounting, emphasizing strategic financial management.
- Qualifications: Offers professional qualifications leading to the Chartered Global Management Accountant (CGMA) designation.
- Study Path: Geared towards individuals aiming for roles in management accounting and business leadership.
In summary, while both institutions offer accounting qualifications, ICB focuses on a broad range of accounting skills suitable for various roles, whereas CIMA centers on management accounting and strategic financial management.
ICB stands for the Institute of Certified Bookkeepers. Established in 1931, the ICB is a professional body that offers accredited bookkeeping, accounting, business management, and office administration courses in Southern Africa. Their qualifications are recognized both nationally and internationally, providing learners with valuable skills for the workforce.
While a career in accounting offers numerous benefits, it’s important to consider potential challenges:
- Long Working Hours: Accountants, especially during tax season or financial year-end, may experience extended working hours to meet deadlines.
- Continuous Learning: The financial industry is dynamic, requiring accountants to stay updated with new laws, regulations, and technologies, necessitating ongoing education.
- High Responsibility: Handling financial data means that errors can have significant consequences, placing a high level of responsibility on accountants.
- Repetitive Tasks: Some accounting roles involve routine tasks, which might become monotonous over time.
Understanding these aspects can help individuals make informed decisions about pursuing a career in accounting.
Finance and accounting are closely related fields but differ in scope and focus:
- Accounting:
- Focus: Recording, classifying, and summarizing financial transactions to provide accurate financial statements.
- Activities: Bookkeeping, preparing balance sheets, income statements, and ensuring compliance with financial regulations.
- Finance:
- Focus: Managing and planning the allocation of assets and liabilities over time under conditions of certainty and uncertainty.
- Activities: Investment analysis, budgeting, financial planning, and managing capital structures.
In essence, accounting provides a snapshot of an organization’s financial health through detailed records, while finance uses this information to make strategic decisions about future financial activities.
Author; Marcelle de Klerk
