3 Types of Chartered Accountant & 10 Skill an ICAEW ACA Needs

Chartered Accountants are bright, ethical, and devoted professionals who are part of a trusted global community. An ICAEW Chartered Accountant can assist businesses in recovering from financial difficulties and navigating insolvency.

The ICAEW (Institute of Chartered Accountancy in England and Wales) is world-renowned finance, accounting, and business certification. It is available to everyone and may be completed by self-study or with the help of a tutor. The six tests can be done in any sequence and use computer-based assessment at local testing centres.

3 Accounting Qualifications

The ACA, ACCA, and CIMA are three essential professional certifications that provide pathways into the fascinating world of accounting. Each is worldwide recognised, takes three to five years to complete, and you can take it alongside your graduation career.

#1 Associate Chartered Accountant (ACA)

The ICAEW has 140,000 members and students from 160 countries. It is a highly sought after position.

To begin your ICAEW ACA certification, you must first sign a training agreement with an authorised company. You will then have five years to finish the degree while gaining 450 days of relevant job experience. The ICAEW ACA qualification has three levels: Certificate, Professional and Advanced.

Each level has a specific requirement that you need to fulfil and are as follows:

1.A. First Year: Certificate Level

The Accounting and Assurance examinations are the first ones you take out of the ICAEW modules. It begins the second week after you enrol, and you will spend two weeks before taking tests. You will study Tax and Law as a home study module around a month later. After another month, you will begin studying Management Information and Business and Finance as a home study.

It is essential to pass three of the six tests on the first try. You can also carry over any unused credits to your second year. This timeline assures you will have finished the certificate level of the ICAEW ACA course by mid-December.

1.B. Second Year: Professional Level

The second year of study begins the following spring. You will have modules on Financial Accounting and Reporting and Audit and Assurance. The third module, Tax and Compliance, is in July, followed by tests a few weeks later.

The revision time for your three exams begins in mid-August, and you will have three weeks of courses before your tests in September. You have about a week until Business Planning Tax, Business Strategy, and Financial Management classes begin, which you will take in December. After passing these examinations, you will be holding a partial qualification for accounting certification.

1.C. Third Year: Advanced Level

The Chartered Accountant course resumes in June or August in preparation for the final teaching period of the ICAEW ACA. Modules include Corporate Reporting, Strategic Business Management, and the Case Study. The tests for the three modules are in November. You will be qualified if you have finished these examinations.

#2 Associate Chartered Certified Accountant (ACCA)

In 170 countries, the Association of Chartered Certified Accountants (ACCA) has 586,000 members and students. ACCA is one of the world’s largest and fastest-growing accounting qualification suppliers. You can pursue this Chartered Accountant certificate as part of a training agreement or on your own, and you have up to 10 years to complete your tests.

#3 Chartered Institute of Management Accountant (CIMA)

The Chartered Institute of Management Accountants (CIMA) is a professional organisation located in the United Kingdom that focuses on company accounting. Their 203,000 members and students in 173 countries receive training and certificates in management accounting and associated areas. There is no time restriction for this accounting training and certification. You only need to pass your examinations and have three years of job experience.


10 Accounting Skills You Need as a Chartered Accountant

A Chartered Accountant is in charge of delivering financial management services and advice to their clients or organisations. Here are ten essential qualities for being a successful accountant.

#1 Ingenuity

Accounting has been a vital corporate tool since its inception. Ingenuity is required because, as the corporate world develops, so do the accounting standards.

#2 Discernment

Understanding the sector in which you will be working goes hand in hand with the requirement for innovation. Understanding information fast is critical, and you may get comfortable in no time by asking well-thought-out questions.

#3 Communication Skills

A Chartered Accountant must communicate complex information in the simplest way feasible. Whether you are an outside firm hired by a company or members of an inside accounts team, you will almost certainly need to collaborate with colleagues.

#4 Industry Awareness

Commercial awareness is understanding where and how your company fits in the market. A Chartered Accountant should know how economic, social, and political trends can influence the business and how it may go forward.

#5 Eagerness

Enthusiasm is contagious. As with any job, it is critical to contribute good energy to a team and sincerely believe in what you aim to do. It also shows that a Chartered Accountant is eager to master their trade.

#6 Ambition

Initiative and ambition demonstrate that you can work independently and think for yourself. As a result, you will be given increased responsibilities as a reliable Chartered Accountant.

#7 Reputation

Most of the time, decisions are motivated by one factor: trust. The same is true when it comes to advancing your career. Credibility is a currency that you may exchange in business. Creating a trustworthy brand also establishes the groundwork for a prosperous future.

#8 Resilient Nature

Resilience is the capacity to remain calm and confident in your abilities. Being a Chartered Accountant is not always an easy road to take. Working to tight deadlines, juggling various clients’ requirements, and being optimistic in the face of adversity is a talent that will serve you well throughout your career.

#9 Reliability/Dependability

Flexibility is one of the most tempting qualities of being a Chartered Accountant. However, it is equally critical to lay a strong foundation early in your career. Ensure that you strike the proper balance.

#10 Global Vita

Having or being willing to have foreign job experience will add another string to your bow. Many commercial firms focus on the next stage of their organisational growth, which often links to international commerce.

The ICAEW provides a Chartered Accountant course and certification, demonstrating a thorough grasp of finance, accounting, and business. Businesses throughout the world value Chartered Accountant training. As a result of this notoriety, many of its members hold significant positions globally. If you have any questions or like additional information, please visit their website.


Show More