The Cyprus accountants’ association (Selk) and the University of Cyprus’ Department of Accounting and Finance (AFN) have signed a Memorandum of Understanding (MoU).

The move aims to forge closer ties between academic education and the local job market.

According to a joint statement, the “MoU lays the groundwork for enhanced collaboration aimed at the ongoing professional development of accounting and finance professionals”.

The agreement also focuses on applying research findings to real-world scenarios, “strengthening the competitiveness of the Cypriot economy, and fostering a dynamic and sustainable business environment”.

Speaking at the signing ceremony, Selk director general Kyriacos Iordanou said that “the signing of this memorandum of understanding with the University of Cyprus heralds a new era for Cyprus’ accounting and finance sector”.

“Selk remains committed to continuously investing in knowledge, specialised training, and supporting academic research,” Iordanou further stated.

“Our collaboration with the University of Cyprus, a prestigious academic institution, creates opportunities for further development and the strengthening of the profession, while also benefiting the country’s economic and business community,” he added.

Finally, the announcement mentioned that the MoU includes initiatives that “bridge academia and industry, encouraging the practical application of knowledge, continuous professional training, and participation in collaborative research projects of mutual interest”.