Chartered certified accountant : Training

Within the Association of Chartered Certified Accountants (ACCA)  qualification there is a strong focus on professional values, ethics and governance. There is an increasing focus on professionalism and ethics in accounting.

Training involves passing all 14 ACCA exams (bar any exemptions), completing at least three years of relevant practice financial experience and completing the online and interactive ethics module.

The exams are broken down into two levels, Fundamentals and Professional. Fundamentals provide those with a non-accounting background a good grounding in the basics. If you have done a relevant degree you may qualify for exemptions from some of the exam papers at the Fundamental level. Once the Fundamentals are completed, the Professional level will build upon the knowledge already gained and provide the advanced skills, techniques and values. No exemptions are given at the Professional level. Specialist skills from certain areas of accountancy can be gained. Two of the five papers taken at Professional level are options and cover topics such as financial management, performance management, taxation and audit and assurance.

While studying the ACCA qualification there two qualifications you can receive on the way to completion, a Diploma in Accounting and Business and an Advanced Diploma in Accounting and Business.

The practical experience required for ACCA membership may be gained prior to, during or after completion of the examinations. Some members may already have the necessary experience when they register with ACCA; others could study full time for the professional examinations and gain the necessary training later.

To become an ACCA-qualified accountant the relevant work experience undertaken needs to be recognised and the Practical Experience Requirement (PER) needs to be completed. A total of 13 performance objectives need to be met, overseen, agreed and signed off by a workplace mentor or employer. Trainee accountants may change their employer during this period. The practical experience requirements ensure that members gain both a range and depth of experience and can adapt to working in any financial role. The progress must be recorded using the trainee development matrix (TDM). Many choose to train with one of 8,500 worldwide ACCA approved employers, but experience can be gained within any type or size of business.

The length of time it takes to qualify as an ACCA member depends on the individual, although the average is four to five years. There is a 10 years time limit for the completion of the ACCA Qualification in which to complete all 14 exams. There is no time limit on when the relevant training is received to complete the professional ethics module and apply for membership. It is recommended that the relevant training is completed while studying for the qualification.

Employers may offer financial assistance and study leave periods. Trainees may fund themselves, but this can be expensive. ACCA approved employers have approved training schemes and provide support and finance for training. Some other employers are graduate partners, whose graduate schemes are actively promoted by ACCA.

There are a variety of methods of study to suit all needs. There are opportunities to study from home or through approved providers.