4 How To Become A Chartered Accountant (Complete)

(doylc.com) How to Become a Chartered Accountant - Becoming a Chartered Accountant (CA) is a challenging but rewarding career decision. This designation shows that you have mastered bookkeeping. In addition, this profession offers excellent career prospects on a global level, attractive starting salaries and professional flexibility. In addition, accountants work in a variety of industries, from the financial sector to private companies and the public sector. The path to chartered accountant requires solid education and training and passing proficiency tests.

• Getting an education in chartered accountancy
  

Choose a path. Under the keyword Chartered Accountancy you have various options. Some of these are Chartered Accountant (Audit), Chartered Certified Accountant, Chartered Management Accountant, Chartered Public and Finance Accountant. These vary depending on the field of study, the size of the organization you work for, whether you are in management, etc.

Ask yourself questions about the kind of career you want. For example, what size of company would you like to work for? Would you like to have a private practice? Would you like to work for non-profit organizations or for-profit companies?

As you gain more training and experience, you'll get a better idea of ​​the aspects you like and don't like.

Get a bachelor's degree. Enroll in a four-year accredited university program. Pursue a degree in accounting, economics or business administration. If you already have a bachelor's degree, it doesn't matter if your degree isn't in one of these areas. However, you will need to take additional courses to improve your knowledge of arithmetic and other accounting subjects.

Get good grades in your courses, especially math or business-related courses.

Alternatively, some professional organizations accept a two-year accounting associate degree as the undergraduate course for a prospective accountant.

Take courses on accounting topics. If you have a bachelor's degree in a field unrelated to accounting or economics, enroll in a local accounting or economics college. Courses may include accounting, tax, finance, auditing and statistics.

Enroll in a Chartered Accountant Preparation Program. Some accounting programs offer programs that prepare you to start a CA training program. These programs provide you with training in specific subject areas to develop your numeracy skills and other areas.

Enroll in a chartered accountant training program. In a CA training program, you will expand your skills in important subject areas such as finance, taxes, financial accounting and law. These courses can be conducted in person or online.

Some training programs, such as that offered by Chartered Accountants Ireland, consist of courses that prepare you directly for the exams. For example, in Ireland you register for the Chartered Accountant Proficiency 1 (CAP1) exam, which covers finance, management accounting, financial accounting, tax and law for accountants. The syllabus for the course describes the learning outcomes and the weighting for the examination of the course.

Some programs are offered to professionals who already have a job and have experience in the financial sector. Contact your local organization to learn more about options for professionals.

• Gain work experience

Apply for an internship. A core requirement of the Chartered Accountant is three years of professional experience with an accredited employer. These employers are typically accounting or financial firms registered with the CA Trade Association in your area.

Find internships in your area by contacting your CA professional association.

Apply for internships in the industry of your choice.

If you want to work for an unauthorized organization, you may be able to register your manager as someone authorized to evaluate your performance and growth. Check with your professional body in CA to see if this is an option.

3 years work in an internship. After your internship, you will work in this organization for 3 years to gain experience in the company. With some internships, you pass through different departments of the company, so that you work in several different business areas.

Submit a report on your professional skills. Track your performance and skills throughout your professional education. At the end of your 3-year program you will be required to complete an assessment of your skills.

In some regions of the UK this is called an Achievement Log. In Canada it is known as the Record of CA Qualifying Experience (RQE).

Gain additional work experience. If you live in a country of which you are not a citizen, you may need to gain additional experience in that country to qualify as a chartered accountant. Some of your home country experience will likely count towards your qualifications, but gaining experience in a local context is useful and may be necessary.

• Taking the qualifying exams

Plan your exams. You will incrementally test some regions. When you complete a phase of your training, you will be tested and then move on to the next phase. There will also be final comprehensive exams, which are often three-day exam sessions.

For example, in Ireland you will take the Chartered Accountant Proficiency 1 (CAP1), Chartered Accountant Proficiency (CAP2) and the Final Admitting Examination (FAE). CAP1 includes Finance, Management Accounting, Financial Accounting, Taxation and Law for Accountants. CAP 2 covers Audit & Assurance, Strategic Finance & Management Accounting, Taxation and Financial Reporting. The FAE is a comprehensive final exam.

Study in time for the exam. Don't try to spur it on by going into your exam unprepared. Also, don't cram for the exam because you think you'll absorb and retain all the information the day before the exam. Create a study plan that allows for plenty of study and work time about a month after your exam date.

Find a study partner to help you study. This may be someone else who is also taking the exam, or it could be someone who is already a chartered accountant.

Many internships give you educational leave so you can take time off to study for your exams.

Take online practice tests. There are a number of Chartered Accountancy exam practice tests available online. Make sure the practice tests apply to your region and your exam, as tests vary from region to region.

Confirm the time and location of your exam. Make sure you know when to come for your exam. Be sure to check out the place where you will be tested. Plan your itinerary so that you can arrive early and settle in before the exam begins.

To sleep well. The night before your exam, make sure you get a good night's sleep. Get about 7-8 hours of sleep. Try to relax as much as possible. If you have trouble falling asleep, try listening to soothing music.

Eat a good breakfast. Fueling your body with a healthy breakfast can help you stay focused and focussed throughout the exam.

Pass the proficiency tests. Different countries and accounting organizations have different exam formats, but all require you to pass an exam to become a Chartered Accountant.

There are different minimum scores that you need to achieve; For example, you need to get at least 50% of your exams in Ireland to pass.

In Canada, for example, you'll take the Uniform Evaluation, a three-day national exam that tests your business simulation skills.

• Entry into the professional field

Become a member of a recognized accounting organization. There is probably a professional organization for accountants in your area. Once you have gained your work experience and passed your exams, you can become a member of this organization.

Comply with your organization's standards. Once certified, chartered accountants are monitored and overseen by their home institute and must comply with all rules and standards set by those organizations in order to retain their certification.

Apply for jobs. Polish your resume, including your new chartered accountant training and certification. Submit your resume and cover letter to accounting firms.

Alternatively, you can also be offered a permanent position in the company where you completed your internship.

Find a mentor. It can be helpful to find someone who can support you in building your career. This person can be a former manager or another contact you have made in this area. They can help you determine strategic career paths, network with other professionals, and provide you with career advice.

Connect in your area. Build your professional contacts in your field by networking with other accountants. Join LinkedIn and other social media sites to connect with professionals. Attend professional association networking events.