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LISA NELSON The year belongs to Generative AI ChatGPT launched in November 2022 and with developments and other models emerging almost daily, Generative AI has become the most talked about technology of 2023. The speed of its adoption and scale are impressive, with some estimates suggesting the market to already be worth around $45bn, growing to $1.3tn over the next 10 years. But what of its uses and implications if you’re studying and working as a finance professional? As I mentioned in an article late last year, it’s an excellent resource for students. Capable of explaining complex topics in different ways, answering technical queries and showing how answers can be improved. Just be careful not to break any plagiarism rules! The professional bodies have been busy writing articles about how it can help in the workplace, for example by reducing repetitive tasks, improving forecasting and assisting in the production of more insightful reports. But they have also been keen to point out their concerns, of which there are many – breaches of copywriting and GDPR, hallucination (errors), bias and the use of deep fakes. However, in terms of the impact on exams, little has been said. This year will continue to be dominated by Generative AI as organisations bring it into everyday use and better understand its impact and subsequent implications. My top tips for 2024 are to improve your skills in Generative AI, become an expert if possible, and apply a healthy level of scepticism – and watch out for deep fakes! Lisa Nelson is Dir ector of Learnin g at Kaplan
CIMA OT pass rates are in
It’s been a year since CIMA posted its last set of OT pass rates, and a new set covering the beginning of November 2022 to 30 November 2023 are now out. P2 has the dubious distinction of still being the OT with the lowest pass rate – just 44%, followed by F2 on 51%, and P1 on 54%. However, if you look at the pass rates a year ago P2 was 43% and P1 52%, so both are marginally up this year. If only all the papers had the E pillar pass rates! E1 was 84%, E2 81% and E3 74% this time around. Perhaps surprisingly, the P3
pass rate rose one percentage point year-on-year to 59%. Stephen Flatman (pictured),
Vice President Examinations – Management Accounting, told PQ magazine: “I would like to congratulate all the candidates who passed their objective test exams this time around. For those who missed out, have a look at the exam resources on CGMA study hub to support your studies.” CIMA OT PASS RATES: E1 84%; E2 81%; E3 74%; F! 80%; F2 51%; F3 56%; P1 54%; P2 44%; P3 59% The pass rates cover the 2019 Professional Qualification objective test sittings between 1 November 2022 and 30 November 2023. This data is updated annually.
CIPFA will be ‘bold’!
CIPFA has promised that it will be bold and say what it thinks in its new two-year business plan. It said it will speak truth to power and continue to shape the debate on public services and public finance. It has promised to help develop students, members and the global public finance community by providing lifelong learning skills, expertise and knowledge. To do this it wants to modernise what it offers, so it can leverage
new and emerging technologies. The institute says it will implement qualification portability and dual membership with its partner institute, the ICAEW. As part of the proposals, CIPFA will also launch new qualifications in local government audit, anticorruption and risk management and performance audit. CIPFA’s CPD offering will be refreshed and a new platform is being built for this.
An awards night you don’t want to miss The award season has arrived. The Golden Globes have come and gone, and the Academy Awards take place in 10 March. Then it is the ones that really matter – the PQ magazine awards 2024! There is still time to get your name on the shortlist – you have until 8 March to get your nominations in. It will be our 21st awards
ceremony and with 23 ‘PQs’ up for grabs on the night we really are giving you the chance to shine.
You can download the nomination form from the website at www.pqmagazine.com. Just click on ‘PQ Awards’ button on the home page and the form is there. You then have up to 500 words to make your case. Once you have everything together send it to awards@ pqmagazine.com or post it to the Editor, PQ magazine, PO Box 75983, London E11 9GS.
In brief Around the world in 80 days! The now-famous CASSL ball is happening on 24 February at ICAEW HQ in Moorgate Place, London. The ball will include a live band, a Britain’s Got Talent Finalist magician, casino tables, photobooths, a three-course meal, champagne, wine, talks from the presidents of the LSCA and vice presidents of ICAEW, and many more honourable guests and partners! All chartered accountancy 4
students are welcome from all firms and bodies, not only ICAEW students. Attendees are being encouraged to come in traditional dress or black tie. Tickets are going like hot cakes, but you can still sign up at http:// tinyurl.com/mtk6tzvt. Oh, and PQ magazine will be there too. Looking ahead in 2024 Chartered accountants now more than ever have a vital role to play in helping society and economy achieve net zero, says
outgoing ICAEW CEO Michael Izza in his new year message to PQ magazine readers. Izza will be retiring in March after 18 years at the helm. He has no doubts the ICAEW will flourish under new boss Alan Vallance. Meanwhile, ACCA CEO Helen Brand said the publication of the first two global sustainability reporting standards was a historic step forward, but stresses it is just the beginning of the story. We also have the views of AAT’s Sarah Beale, CIPFA’s Robert
Whitman and CIMA’s Andrew Harding on what lies ahead for us all in 2024. See page 16 AAT announces new member of exec team AAT has appointed Jonathan Gorvin to its executive team. He took up the role of Executive Director of Strategy and Compliance on 15 January. Gorvin said: “I am delighted to be joining AAT at such a pivotal time.” PQ Magazine February 2024
