Professional qualifications (PQs) like the Chartered Financial Analyst (CFA), Association of Chartered Certified Accountants (ACCA), Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Project Management Professional (PMP), Chartered Institute of Management Accountants (CIMA), and many others have become more popular among executives and students since the latter half of the 20th century.
There are many factors supporting this change, including the practical knowledge offered by these programs, their global nature, and the ongoing revision of their curricula to meet the demands of businesses and each profession. But how do they differ from the conventional university studies, and what is their recognition and competitive advantage in such a difficult and shifting world?
A professional qualification is a designation earned in a specific industry (such as accounting, auditing, investments, management, law, engineering, public relations, marketing, banking, etc.). ). Upon successful completion of studies in a particular field and recognized work experience, such a qualification is granted by internationally recognized bodies/associations (Associations or Institutes) of nations like the United States of America, Great Britain, and others. For instance, numerous reputable international business consulting firms (Deloitte, PwC, EY, KPMG, and t. c. ) require either the CPA (Certified Public Accountant), ACCA (Association of Chartered Certified Accountants- UK), the ACA by the Institute of Chartered Accountants of England and Wales, or the CIA (Certified Internal Auditor) as a prerequisite for their associates or partners. In the U. S. A. high-ranking executives employed by major financial institutions or investment firms like American Express, Bank of America, Goldman Sachs, etc. are usually holders of the CFA (Chartered Financial Analysts, USA).
However, graduates and professionals looking for a job with genuine and significant career prospects now face a new global reality due to the internationalization of markets, the constantly shifting financial landscape, and the rapid expansion of the EU. Global labor markets and the needs of large multinational corporations are much more demanding now than they were in the 1980s and 1990s. Global trends in unemployment from 2007 to 2014 lend credence to the aforementioned claim.
Conversely, university degrees, such as the well-known Higher National Diplomas, Bachelors, Masters, and Doctorates of Philosophy or Business (HND, BA, BSc, MA, MSc, MBA, MPhil, PhD, DBA, and others), are conferred by academic institutions all over the world. Every university grants its own degrees, so it’s crucial for students to enroll in or enter a school with a good reputation in their chosen fields. Despite the fact that prior work experience is not required, universities administer exams and award degrees.
As previously mentioned, in the 1960s and 1970s, a university degree was sufficient to ensure a career and a stable job. Today, the reality is very different. The 21st century’s labor market is now very competitive and demanding. The needs of today’s large and multinational corporations are very different. They are seeking professionals who are prepared to take on leadership roles and have (a) practical experience after completing graduate studies that must be certified by internationally recognized professional associations (and (b) approved prior work experience. In many nations, the combination of international exams and highly relevant work experience has made all the difference.
The following are typically necessary in order to obtain a professional qualification: (a) successful completion of the global exams administered by the respective professional associations or online testing organizations (held in hundreds of countries worldwide and frequently through online testing); and (b) two to three years of prior work experience (depending on the qualification) in a relevant field. Professional associations directly award credentials, which are typically accepted internationally. Exams are independent and evaluated in the nation of the relevant association’s origin.
Successful completion of international exams and prior work experience are “givens” to those who hold professional designations. In Prague, a chartered (or certified) accountant is preferred by multinational corporations and consulting firms over someone with a master’s degree in accounting. They list their prior employment history and the curriculum for the relevant training facility.
The ACCA has gained international traction because, as of 1997, its curriculum was based on the International Accounting and Auditing Standards, which are a requirement for listed companies in many nations around the world. As a result, individuals can take the exams in over 170 countries. According to the EU, small and medium-sized businesses are anticipated to follow gradually, but the financial crisis may cause these plans to be delayed for a few years.
Additionally, the EU and other international jurisdictions recognize all British Professional Chambers / Bodies. It’s also important to note that the European Union’s “Mutual Recognition Directive” (89/48/EEC), which came into effect in 1991, recognizes the ACCA qualification, which is granted by a Member State of the European Union (Great Britain).
Many associations collaborate with local organizations to offer localized versions of their qualifications. According to the ACCA website, it is possible to take the exam component of a variety of ACCA qualifications while also meeting the exam requirements for the national accountancy body qualification because of ACCA’s partnerships with national accountancy bodies around the world. We call these joint exam schemes (JES).
Exemptions from some of their papers (courses) are available for many professional qualifications, including ACCA, CIMA, ACA, and others, based on prior academic degrees (such as a Masters degree, a bachelor’s degree, etc.). in an equivalent field of study. Exemptions are only formally granted by the association itself, so you must check with them directly.
Depending on the qualification, one must have worked for the amount of time required by the institution (typically two to three years). Work experience can be acquired in any qualification program before, after, or during the program; it is not required to be obtained in a specific industry as long as it is relevant.
Difference between academic and professional qualifications
Academic degrees are more research-oriented and concentrate on a specific area of study, in contrast to professional degree programs that offer training for a particular role. Academic degrees, as opposed to professional credentials, are frequently applicable to a variety of different careers.
What are professional qualifications?
Professional training is intended to prepare you for a particular profession. Some professional certifications require candidates to complete extensive training and pass challenging exams; they are the equivalent of pursuing a master’s degree or higher. Some employers might demand that applicants have a certain level of relevant work experience. Depending on the profession you choose, a professional degree program’s length can change.
While not all professions require professional qualifications, as your career progresses, the likelihood increases that it will be a preferred or even a requirement for a position. However, the time invested is typically worthwhile because professional certifications can help you quickly advance your career and your earning potential. Some occupations, like those of physicians and attorneys, require professional certification in order to hold the position legally.
Benefits of a professional qualification
The following are a few advantages that frequently come with professional qualifications:
Jobs that require professional qualifications
Here is a list of some positions that call for formal training:
A lawyer’s main responsibilities include assisting people and businesses with legal matters. Depending on their area of expertise, their specific responsibilities vary, but some of their main duties include drafting legal documents, participating in hearings or trials, interpreting laws, and informing clients of their rights. They frequently conduct legal code research and provide clients with legal advice based on their findings.
A CPA’s primary responsibilities include providing tax preparation and financial statement planning support to both individuals and organizations. During tax season, CPAs prepare tax forms, supervise audits, and analyze financial records. They may also ensure taxes are paid on time. CPAs may also conduct routine audits to verify the accuracy of financial records, expenditures, and investments.
These medical professionals, also known as family practice doctors, are general practitioners who are highly trained to treat patients of all ages. They are accountable for conducting thorough medical histories and interviews with patients, obtaining or performing diagnostic tests, identifying illnesses, treating wounds and illnesses, giving medications and immunizations, and conducting follow-up exams. They are typically also in charge of overseeing other health care providers, including nurses, physician assistants, medical assistants, and scribes.
Surgery is one of a surgeon’s primary responsibilities as a highly trained medical specialist. They may perform surgery for a variety of purposes, including healing the body after an injury or removing something that is posing a health risk to the patient, like a tumor. They could focus on a particular field, like pediatrics, neurology, reconstructive surgery, or oral surgery.
They collaborate with other medical professionals, such as anesthesiologists and nurses, to ensure the surgical procedures are successful. Some of their primary responsibilities include diagnosing and treating illnesses and injuries, advising patients about their best treatment options, and diagnosing and treating illnesses and injuries.
Anesthesiologists are highly skilled medical professionals whose primary responsibilities include sedated patients or the numbing of body parts to prevent pain during surgical procedures. Their tasks can vary depending on their area of expertise, but their main obligations include selecting the safest anesthesia medication type and dosage to use and closely watching patients prior to, during, and after anesthesia administration so that they can act quickly if an adverse reaction occurs.
Dermatologists are doctors with a primary focus on diagnosing and treating skin conditions like skin cancer and acne. Patients are counseled, their skin is examined, diagnoses are made, and when necessary, advice for treatment plans is provided.
Additionally, they might provide cosmetic procedures like laser hair removal, skin tightening treatments, microdermabrasion, and filler injections. To stay current on developments in dermatology, many dermatologists participate in professional organizations, carry out clinical or basic research, and attend conferences.
Difference Between Academic and Professional Qualification CV writing
FAQ
What is professional qualification vs academic qualification?
While a professional qualification is concerned with practical application, an academic qualification is more concerned with theoretical application. While a professional qualification gives you the training to work in a particular field, an academic qualification allows you to conduct research on a particular topic.
What is considered as professional qualification?
A thesis or capstone project is frequently needed to complete academic degree programs. Academic degrees can be applied to a wide range of potential careers, in contrast to professional degrees, which are intended to directly prepare students for a specific career.
What’s the difference between academic and educational qualifications?
Professional certifications are educational programs related to a particular field or career path. Some can be taken right after graduating from college, while others are designed for professionals with years of experience who want to advance their careers.
