How To Become A Chartered Accountant In England And Wales
Is this what you want for your career? If so, you're certainly not alone. It's one of the fastest growing career paths today. In the United Kingdom, anyone can call themselves an accountant, even if they don't have any training. In order to call oneself a chartered accountant, then you must belong to the ICAS, ICAI, or the ICAEW. Here is the information you need to become a this type of professional, under the direction of the Institute of Chartered Accountants in England and Whales.
#1 You Must Have 3240 Hours of Relative Work Experience
The ICAEW provides a reference list of places where you may find employment that will complete this requirement. It usually takes approximately three to five years to complete this training or about 450 days. Some universities are also acceptable, providing they have the appropriate training program available.
#2 You Must Pass 15 Exams, Complete 14 Papers, and 1 Case Study
Through the ICAEW, you will complete the above listed tasks over the course of your training. These exams, papers, and additional requirements are set forth and administered by the ICAEW and you must show satisfactory progress. These tests are certainly not easy and you will spend many days studying and completing exercises to continue on.
#3 You Must Be Admitted to the ICAEW
Once you have met the above requirements, you may apply to be admitted to the ICAEW. This means that you are an Associate Chartered Accountant. After ten years, you may apply for designation as a Fellowship Chartered Accountant. There are professional continuing development requirements that must be completed in the three years before you apply and there should be no active disciplinary action.
Is This the Right Profession for You?
While the typical image of a solitary man sitting with a calculator and a pencil is often what first comes to mind , there is much more involved. In the UK, these professionals o0io oare responsible for everything from taxes to investments to payroll. Depending on which area you wish to specialise in, you may find that you are best suited to large firms or perhaps you want to run your own small firm. There is really an unlimited list of possible career paths.
The best way to determine if this is the right choice for you is to speak with someone who is chartered and ask lots of questions. See if the answers are what you expected. A little research will certainly help you when it comes to this important decision.
Questions and Answers
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