ICAEW has made good progress on achieving its strategic themes, discussions on the Chartered Institute of Public Finance and Accountancy (CIPFA) partnership have progressed and student intake goals have been surpassed, according to ICAEW’s annual report for 2022.
The appeal of the ACA qualification is greater than ever, with student numbers up more than 8% on the previous highest intake. “We once again set a new record ACA student intake, of 11,962, marking a more than 8% increase on our previous global high in 2021 and further expanding our pipeline of future talent,” ICAEW Chief Executive Michael Izza says.
Meanwhile, overall ICAEW membership has continued to grow; at the end of 2022 ICAEW had 166,397 members around the world. Operational income for the year increased to £124.8m, with a strong net result after tax of £13.6m. “By all measures, it was a successful year for ICAEW,” states Izza.
He also says that positive discussions around closer working with CIPFA have continued apace. “By joining forces, we believe we can achieve greater reach – both nationally and internationally – and be better equipped to serve the public interest across all areas of economic activity, including the enterprise, public and third sectors,” he says.
These strong financial foundations continue to underpin ICAEW’s commitment to serve the public interest, not least within the volatile environment of recent years.
In what was the first full year of face-to-face interaction following the pandemic, 2022 was soon impacted by another global shock following Russia’s invasion of Ukraine, which caused ripple effects for economies worldwide. One of ICAEW’s biggest priorities for the year was supporting members to navigate the difficult circumstances caused by this crisis.
Izza says: “ICAEW members were once again on the frontline of helping businesses navigate difficult circumstances and helping economies to stabilise, and supported them to do that.
“We equipped members to understand and react to a rapidly changing situation, in particular regarding the sanctions against Russia and the wider economic crime environment. I am proud of our work with UK policymakers, contributing to economic crime legislation and emphasising the role of ICAEW Chartered Accountants in making such policy work.”
ICAEW President Julia Penny, meanwhile, welcomes progress on sustainability and diversity, two of the cornerstone’s of ICAEW’s strategy. The Institute’s new Sustainability Certificate, ACA syllabus and climate hub all help to ensure that students and members can get the education they need to help achieve the UN Sustainable Development Goals, she says.
Penny also highlights the progress made under the banner of strengthening the profession by attracting talent and building diversity: “I am only the fourth female president of ICAEW and have been honoured when young women say to me how much they value seeing a woman in this leadership position,” she says. Despite progress on equality and diversity, she recognises that there is still more to do.
Thank you to all volunteers
Volunteers continue to play a fundamental role in ICAEW’s success, and the Institute acknowledges their involvement and goodwill. “I’d like to say a huge thank you to all our volunteers, without whose goodwill ICAEW could not survive,” Penny says. “Their contributions help to shape our strategy and activity and ensure we continue to act in the interests of our members and the wider public.”
Watch the film on ICAEW’s Annual Report 2022 - a short two minute video where ICAEW Chief Executive Michael Izza describes how the past year unfolded.
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