Are you good with numbers, handling money and problem solving? If so, accountancy may be the career for you.
As complicated as accounting may seem to others, we believe it is one of the most interesting and gratifying jobs out there. Getting to know the ins and outs of different businesses and helping them to succeed financially is incredibly rewarding.
How Can I Become a Chartered Accountant?
1. Get The Qualifications
Most accountants are required to have AAT qualification, but to become a chartered accountant, you’ll need the ACCA, ACA or CIMA qualifications.
Whilst a university degree is strongly desirable when searching for a role, it isn’t essential. The degree can usually be in anything, so don’t feel disheartened if you took a subject that appears to be unrelated to accounting.
Similarly, contrary to common belief, you don’t actually need an A Level in maths or any A Levels at all to become an accountant. Complex maths is rarely required in the job and a calculator will become your best friend.
Association of Accounting Technicians (AAT)
If A Levels aren’t for you, you should consider starting the Association of Accounting Technicians (AAT) to get a head start in your journey to professional accounting.
This can be done either part time, or full time as an apprenticeship, in which you’ll gain the qualification, experience and a wage.
Association of Chartered Certified Accountants (ACCA)
Following this, you can progress onto the Association of Chartered Certified Accountants (ACCA) qualification. This consists of three components: exams, an Ethics and Professional Skills module and the necessary practical experience.
The cost of training may be partially or fully covered by your employer, however, this isn’t always the case and you should expect to pay subscription fees of £79 and £105, exam fees from £103 to £307 per exam and £60 for the Ethics and Professional Skills Module.
The ICAEW Chartered Account (ACA)
Alternatively, you could advance onto the ICAEW Chartered Account (ACA). This course is considered to be more difficult than the AACCA, but the earning potential is high, with average wages of £108,000.
The course consists of four elements: practical experience, exam modules, professional development and ethics and professional scepticism.
The cost of training is usually covered by your employer, however, this may not always be the case and independent students must cover their own costs.
This includes the annual fee of £165+VAT, tuition and exam fees which can be from £70 to £260 per exam. Modules will also cost between £70 and £100.
Chartered Institute of Management Accountants (CIMA)
With a Chartered Institute of Management Accountants (CIMA) qualification, you will become both an Associate Chartered Management Accountant (ACMA) and a Chartered Global Management Accountant (CGMA) designation holder.
These reflect in-depth financial knowledge, broad strategic acumen and constantly evolving competencies. Essentially, it is an invaluable globally recognised ticket for your career journey.
It consists of three stages: enterprise, performance and financial, covering nine subjects in total.
In order to qualify, you must either have relevant qualifications such as the AAT or you will be required to start at entry level with the CIMA Certificate in Business Accounting.
The cost of studying the CIMA qualification includes a registration fee of £77, including your first year’s subscription (followed by annual subscriptions) as well as individual study costs, which depends on whether you study online, at home or with a tuition provider.
2. Decide on your Accounting Specialism
There are two main areas of accounting: management and financial. Within these areas are more specific specialist categories such as audit, corporate recovery and insolvency and tax.
Management accounting provides information to those within a company and is not required by law and only covers specific matters.
Financial accounting provides information to those outside of it, such as shareholders and covers an entire organisation.
3. Find a Job or Apprenticeship
Whilst qualifications are important, experience in the working accounting world is incredibly valuable. You can find work in any field for public/private sectors and work for large businesses or small and medium-sized enterprises (SMEs). This can help you to determine the type of work environment you prefer to work in for the future.
Apprenticeships can provide the same practical skills and fast-tracks you to achieving your chartered status.
At Ryans, we are always happy to help aspiring accountants. Whilst we may not always be recruiting, we’d be happy to help you on your journey into the industry and may be able to provide some helpful tips for you to get started. For any more information, get in touch with us through our online contact form, and we’ll do our best to provide you with some advice.