Chartered accountant
There's no denying a career in business is competitive. That's why ICAEW train chartered accountants to have the skills and work experience the business world demands. Becoming 'chartered' is your way into a successful and lucrative career full of global opportunities. Find out how to qualify with ICAEW.
Chartered accountants provide trustworthy information about financial records. This might involve them in financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes. Generally, they play a strategic role by providing professional advice, aiming to maximise profitability on behalf of their client or employer. They work in many different settings including public practice firms, industry and commerce, as well as in the not-for-profit and public sectors.
In public practice firms, chartered accountants provide professional services to fee-paying clients who might be private individuals or large commercial or public sector organisations. In commerce, industry and the not-for-profit and public sectors, they may work in treasury management, procurement, financial management or in reporting roles.
The role of a chartered accountant can cover many aspects of finance work, including:
In public practice, typical work activities include:
In commerce and industry, and the public and not-for-profit sectors, typical work activities involve:
There’s never been a better time to train as a chartered accountant (CA). The services of a CA are always in demand and employers all over the world understand that being ICAS trained means having the all-round business acumen that’s needed in today’s global business environment.
There's no denying a career in business is competitive. That's why ICAEW train chartered accountants to have the skills and work experience the business world demands. Becoming 'chartered' is your way into a successful and lucrative career full of global opportunities. Find out how to qualify with ICAEW.
Entry is open to graduates of all disciplines and, while a large number have business-related degrees, other subjects are strongly represented, including science, maths, languages, arts and social sciences. A Certificate in Finance, Accounting and Business (CFAB) may also be a useful step between a degree and a training contract.
Although entry to the profession without a degree or HND may be possible, accountancy is a highly competitive industry and graduates/diplomates have greater opportunity to enter. Graduates are generally preferred to diplomates by the large employers. However, some employers do train students to do the Association of Accounting Technicians (AAT) Accounting Qualification as an entry requirement for ICAS.
There are three separate professional institutes of chartered accountants in the UK (as well as a number of other bodies awarding other accountancy qualifications). The three are:
Entry regulations vary slightly between institutes. ICAS requires only a degree or the AAT Accounting Qualification while the ICAEW will accept three GCSEs and two A-levels or a 2:1 or first class honours degree (some employers will accept a 2:2). However, one of the most difficult parts of becoming a chartered accountant is securing a training contract with an employer approved by one of the institutes. Many firms will ask for a minimum of 260 UCAS points, although 300+ are frequently required, as well as a good degree and evidence of mathematical knowledge and ability. Numeracy skills are often tested as part of the selection process.
It is very helpful to have relevant pre-entry work experience, e.g. through vacation work, work placements or shadowing.
In addition to academic requirements, candidates will need to show evidence of the following:
Competition to enter the profession is tough and the selection process rigorous. It is best to start applying in the autumn term of your final year to ensure access to the widest range of opportunities as some employers have application deadlines at the end of October (although there will be vacancies available later in the year). Many firms attend recruitment fairs and hold presentations on campus. Take the opportunity to find out as much as possible about the job and training before applying, e.g. attend firms' short courses or open days.
For more information, see work experience and internships and search courses and research.
There’s never been a better time to train as a chartered accountant (CA). The services of a CA are always in demand and employers all over the world understand that being ICAS trained means having the all-round business acumen that’s needed in today’s global business environment.
Training to be a chartered accountant involves undertaking a training contract with an employer approved by one of the institutes. This typically lasts three years (up to five years for the vocational route) and combines initial professional development (IPD), 450 days of technical work experience, a structured ethics component and various stages of exams.
The structure of the exams and methods of training delivery vary slightly between the institutes. They may involve intensive blocks of time or shorter courses spread over a longer period. The qualifications cover a similar syllabus and there are a variety of exemptions for qualifications already held. For example, the Institute of Chartered Accountants in England and Wales (ICAEW) syllabus covers:
Preparing for chartered accountancy examinations is likely to be a demanding learning experience and candidates need to be very focused for the duration if they are to succeed.
The majority of chartered accountants train in firms of accountants (public practice). However, there are now also training contracts available in commerce, industry and the public sector. The exams are the same and only the practical experience differs.
Employers will also provide in-house training on technical and general skills to help staff perform well in their job. Chartered accountants must keep up to date with technical and business issues, so there is a strong emphasis on continuing professional development (CPD) after qualification.
All chartered accountancy qualifications have equal status and are equally recognised, and all lead to the designation 'chartered accountant'. Candidates who qualify through Institute of Chartered Accountants of Scotland (ICAS) or Chartered Accountants Ireland receive the designation CA (Chartered Accountant) while those who qualify with the ICAEW are designated ACA (Associate of the ICAEW).
There's no denying a career in business is competitive. That's why ICAEW train chartered accountants to have the skills and work experience the business world demands. Becoming 'chartered' is your way into a successful and lucrative career full of global opportunities. Find out how to qualify with ICAEW.
The majority of chartered accountants train in public practice and the first three years are devoted to achieving the CA or ACA qualification. During this time they build up experience and take on additional responsibilities, including supervising junior staff and liaising more directly with clients. In some cases, there may be the opportunity for a secondment to another area of the practice to broaden experience. Trainees normally remain with the same employer throughout the training contract.
The CA or ACA qualification provides a foundation for many different career routes, and opportunities for post-qualification progression are numerous and varied. Staying in public practice offers the opportunity for secondments or transfers to different areas of practice (e.g. tax, corporate finance or management consultancy) or, alternatively, a move to a different-sized firm. In the large international firms, overseas secondments are possible.
Progression is often structured, and an accountant may become a manager two years after qualification and a senior manager three years after that. Progress to partnership is competitive but is achievable between 8 and 15 years after qualification. In small firms, progression may be more rapid.
Around half of all qualified chartered accountants work outside public practice, in commerce, industry, financial services, banking and the public and not-for-profit sector. Typical roles at the newly qualified stage include internal auditor, financial accountant and business analyst. Career progression in this setting varies, depending on individual aspirations and abilities, but it is possible to progress to finance director of a major company within 10 to 15 years of qualification.
The qualification also opens doors to general business management careers or creates the opportunity to set up independently as a sole practitioner.
There’s never been a better time to train as a chartered accountant (CA). The services of a CA are always in demand and employers all over the world understand that being ICAS trained means having the all-round business acumen that’s needed in today’s global business environment.
As chartered accountants can opt to work in any sector and in all sizes of organisation there is no 'typical' employer. Although the majority of training opportunities for chartered accountants are in public practice, more and more training contracts are available in industry and there are opportunities for graduates to train with a firm of any size and sector, as long as it is authorised by one of the institutes.
This means that trainees can choose their preferred working environment. Larger firms (where the vacancies are concentrated) have offices in major cities and towns around the country. Smaller firms may be concentrated in a particular location or specialise in a particular type of client.
Employers include:
Some trainee vacancies may be available through recruitment agencies, but most employers recruit directly.
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