EXAMINATION CONTENT

Reading (1 hour 15 minutes)

There are six parts. These include extracts from finance and accounting textbooks and reference books, articles from finance and accounting journals, extracts from company reports and correspondence.

Writing (1 hour 15 minutes)

The Writing tasks are based on the kinds of skills needed in the accounting and finance working environment, e.g. the ability to write letters, reports and proposals in an accounting and finance context

Listening (40 minutes)

The paper contains four parts – recorded monologues or texts with interacting speakers. These include presentations, lectures, announcements, meetings, discussions, interviews, etc.

Speaking (16 minutes)

Speaking tasks assess speaking skills in relation to the accounting and finance working environment and will be conducted by trained oral examiners.

The following list is an illustration of some of the areas featured in ICFE:

Financial Reporting
Company financial strategy
Risk assessment and analysis
Investment Banking
Ethical standards within Accounting
Accounting standards
Debt recovery
Accounting software packages and IT
Auditing
Budgetary processes
Banking and Insurance

How is ICFE assessed?

Each paper is weighted to a total of 50 marks. The total mark for the four ICFE papers is, therefore, 200, after weighting.

A candidate’s overall ICFE grade is based on the total score gained by the candidate in all four papers. It is not necessary to achieve a particular level in all four components in order to pass the examination, as the final mark on which the grade is awarded is based on the aggregate score of all of the test components.

Results are reported in three passing grades: C1 Pass with Merit, C1 Pass, B2 Pass,

and two failing grades: Narrow Fail and Fail

Candidates who achieve passing grades will receive an internationally recognized certificate issued by University of Cambridge ESOL Examinations.

ICFE is set at levels B2-C1 of the Common European Framework of Reference for Modern Languages (CEF). Success at C1 level may be used as proof of the level of language necessary to work at a managerial or professional level or to follow a course of academic study at university level.

Preparation materials

Textbooks for exam preparation

• MARKET LEADER - ACCOUNTING AND FINANCE  (Pearson Longman)
• ABSOLUTE FINANCIAL ENGLISH (Delta Publishing)

The ICFE exam is administered twice a year, in May and November.

Click here for more information about registration.

For more information about ICFE and useful resources visit its official website.