If you are comfortable working with numbers and have excellent analytical skills, being a chartered accountant could be a great fit for you. There are a number of ways to become a chartered accountant, and many students make the decision to work while they study in order to obtain job experience and financial support. If you want to know how to become a chartered accountant, you should learn about the several routes that lead to that designation. What is a chartered accountant, what are the professional qualifications needed for the job, and how can one become one? We break it all down here.
What is a Chartered Accountant?
Chartered accountants are professionals who have completed industry-recognized accounting qualifications through organizations such as the Institute of Chartered Accountants. The title “chartered accountant” is protected, meaning only those who have completed the necessary qualifications and become members of a recognized body can use it. Key skills needed to become a chartered accountant include:
- Commercial awareness
- Strong numerical skills
- Organizational & time management skills
- IT proficiency
What Does A Chartered Accountant Do?
Chartered accountants audit accounts, provide financial advice, and ensure accurate financial records. Their responsibilities include:
- Managing financial systems & planning budget
- Negotiating finance for organization
- Reviewing company systems and analyzing risk
- Conducting internal and external audits
- Investigating financial crimes
- Advising on business improvements
- Providing advice on mergers and acquisitions
Chartered accountants can specialize in areas such as tax, forensic accounting, and corporate finance, working in various environments like commercial companies, government, and financial advisories.
How to Become a Chartered Accountant
Becoming a chartered accountant involves extensive training, work experience, and examinations. Here are the steps to guide you through the process:
1. Decide If You Would Like to Study for an Undergraduate Degree
While a bachelor’s degree is not essential to becoming a chartered accountant, it can be beneficial. Degrees in economics, accounting, or finance provide a strong foundation and may give you an advantage when applying for competitive training positions. Joint study programs allow you to begin chartered accountancy studies alongside your degree. Relevant A-levels include mathematics and economics.
2. Gain Relevant Work Experience
Gaining practical experience is crucial. Internships, work placements, or part-time positions in accounting can provide insight into the profession and make you a more competitive candidate for chartered accountancy programs. Entry-level roles, such as accounting administrator positions, help develop valuable skills and knowledge.
3. Study the Required Accounting Qualifications
To become a chartered accountant, you must complete a professional qualification offered by a recognized body. The main providers are:
- Institute of Chartered Accountants in England and Wales (ICAEW): Offers the ACA qualification, requiring 450 days of practical work experience, 15 exam modules, and ethical and professional development.
- Chartered Accountants Ireland: Covers the Republic of Ireland and Northern Ireland, with a program broken into three modules, each completed in one year.
- Institute of Chartered Accountants of Scotland (ICAS): Their syllabus includes a test of competence, professional skills, and expertise, along with 450 days of practical work experience.
These programs must be completed while working for an authorized training employer.
4. Choose Which Area of Accounting to Specialize In
After obtaining your chartered accountancy qualification, consider specializing in a specific field. Common areas include:
- Tax
- Business recovery and insolvency
- Forensic accounting
- Corporate finance
- Audit & insurance
Specializing helps you become an expert in your chosen field and progress your career.
5. Search for a job
Chartered accountants can work in both the public and private sectors, in various industries. You might find a preference for a particular company size or industry as you gain experience. Potential work environments include:
- Accountancy practices providing financial advice
- Financial departments of private companies
- Local authorities and central government
- Charitable organizations
- High street and investment banks
There are numerous career paths and opportunities for professional development as a chartered accountant.
Key Takeaways
- Becoming a chartered accountant requires extensive training, work experience, and examinations.
- A bachelor’s degree in economics, accounting, or finance can be beneficial but is not essential.
- Relevant work experience is crucial for gaining practical skills and knowledge.
- Professional qualifications from recognized bodies like ICAEW, Chartered Accountants Ireland, or ICAS are required.
- Specializing in a particular area of accounting can enhance your career prospects.
By following these steps and dedicating yourself to continuous learning and professional development, you can achieve a successful career as a chartered accountant.