Submitted by: Submitted by arifindu
Views: 643
Words: 3735
Pages: 15
Category: Business and Industry
Date Submitted: 07/06/2011 10:00 PM
What is Profession
A profession is a vocation founded upon specialized educational training, the purpose of which is to supply disinterested counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain.
Professions include:
Accountants
Actuaries
Advocates
Architects
Dentists
Engineers
Financial analysts
Lawyers
Pharmacists
Physicians
Professors
Formation of a profession
A profession arises when any trade or occupation transforms itself through "the development of formal qualifications based upon education, apprenticeship, and examinations, the emergence of regulatory bodies with powers to admit and discipline members, and some degree of monopoly rights.
Regulation
Professions are typically regulated by statute, with the responsibilities of enforcement delegated to respective professional bodies, whose function is to define, promote, oversee, support and regulate the affairs of its members. These bodies are responsible for the licensure of professionals, and may additionally set examinations of competence and enforce adherence to an ethical code of practice. However, they all require that the individual hold at least a first professional degree before licensure. There may be several such bodies for one profession in a single country, an example being the accountancy bodies (ACCA, ICAEW, ICAI, ICAS, CIPFA, AAPA, CIMA, IFA, CPA) of the United Kingdom, all of which have been given a Royal Charter although not necessarily considered to hold equivalent-level qualifications.
Typically, individuals are required by law to be qualified by a local professional body before they are permitted to practice in that profession. However, in some countries, individuals may not be required by law to be qualified by such a professional body in order to practice, as is the case for accountancy in the United Kingdom (except for auditing and insolvency work which legally require...