Overview

 

The exam is set at levels B2 and C1 of the Common European Framework for Languages (CEFR) and assesses language skills in the context of finance and accounting. B2 is equivalent to the Cambridge First Certificate in English (FCE), and C1 is equivalent to the Certificate in Advanced English (CAE). Exams at the C1 level may be used as proof of language necessary to work in an international context or to follow a course of study related to finance at university level.

The aims of ICFE

• to assess candidates’ ability to operate in English in an international finance environment
• to allow candidates to demonstrate to employers their ability to communicate in English with clients
• to allow candidates to demonstrate to educational and training institutions their ability to follow a course of study in finance and accounting where significant portion of the instruction is in English
• to have positive and beneficial impact on the content and delivery of English language training courses for finance and accounting professionals
• to provide an examination to do this which is fair to all candidates and which is delivered to international standards
• to allow test users to compare candidates’ results with other qualifications with are linked to the CEFR.

The content of Cambridge ICFE

The exam consists of four papers, comprehensively covering the four communication skills: reading, writing, listening and speaking.

Each test is based on realistic texts, tasks and topics similar to those finance professionals would expect to encounter in their daily working lives.

The following list illustrates some of the topic areas covered with Cambridge ICFE:

• Financial Reporting
• Company Financial Strategy
• Risk Assessment and Analysis
• Banking
• Insurance
• Investment Banking
• Ethics and Professionalism
• Debt-Recovery and Credit Policy
• Accounting Software Packages
• Auditing
• Forensic Accounting
• Assets and Company Valuations
• Budgetary Processes
• Corporate Governance
• Cost and Management Accounting
• Bankruptcy
• Acquisitions and Mergers
• Environmental and Sustainability Issues

Passing Cambridge ICFE

To pass Cambridge ICFE, candidates need to achieve a level of English of at least B2 on the Council of Europe’s Common European Framework of Reference for Languages (CEFR).

Candidates are expected to be familiar with some finance and accountancy concepts and terminology.