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HOW TO BECOME ACHARTERED ACCOUNTANTOPPORTUNITY, VARIETY AND SUCCESS FOR GRADUATES
BUSINESS WITH CONFIDENCE icaew.com/careers
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ICAEW tand or The Intitute o Chartered Accountant in Engandand Wae. Etabihed in 1880, we are a word eader o theaccountancy and inance proeion, upporting over 136,000 charteredaccountant. Our member wor at the highet eve o buine, acroa indutry ector around the word.
Our proeiona quaiication deiver eentia nowedge, i andtechnica epertie in accountancy, inance and buine. We enure our
member are at the oreront o their proeion by maintaining anddeveoping their i and nowedge. We reguate proeiona andethica tandard, and are indutry eader in the proviion o technicaaccounting inormation.
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CONTENTS
03 Why become a chartered
accountant?
05 A rewarding career
06 ACA proiles
08 Train or the ACA12 ACA modules
14 Entry requirements
16 Net steps
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I you dream about being abe to wor
anywhere in the word, chooe the
ACA quaifcation. Your career choicewi be ende.
DREAM
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Source: BoardE online inormation service January 2010 / ICAEW
membership database January 2010
Whether youre an accountant, engineer or urveyor,
being chartered mean you are recognied a being
at the top o your choen proeion. It how you have
indutry peciic i and eperience, not jut academic
and theoretica nowedge.
The ACA qualiication gives you the opportunity to learn while in
ull-time employment, combining technical work eperience, study
and eams. On completion, you can join ICAEW, be recognised as
a chartered accountant and use the letters ACA ater your name.
ACA ACTs Many ACA trainees can double their salary during their training
agreement. Salaries or newly qualiied ACAs compare avourably
with careers in law, general management and banking.
Recent independent surveys show that ACAs can commandhigher salaries throughout their careers when compared with
those holding other accountancy qualiications.
Many ICAEW members achieve partner or inancial director statusearly in their careers, paving the way or a greater variety o
opportunities, rewards and inluence as their career progresses.
I youre ooing or opportunity, variety, and a highyrewarding career a a buine eader chooe the ACAquaiication.
o TsE 100 company
board incude at eat
one ICAEW member
86%
W
HYBECO
MEACH
ARTERED
ACCOUNTANT?
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The i and eperience you gain
through the ACA quaifcation give youthe opportunity to reach the top o your
choen proeion.
ACHIEVE
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AREWA
RDINGC
AREER
A we a ome amazing career opportunitie, aarie
or trainee and quaiied ACA are etremey competitive.
Factors that can impact on your starting salary and career
progression include the size and type o organisation you work or,
the sector you work in and the location.
Typical graduate starting salary in accounting and proessional
services irms is 26,000.Source: The Graduate Market in 2010
Typical average salary or newly qualiied accountants (under
1 year eperience) is 36,000.Source: Accountancy Age Finance Salary Checker
CAREER PROGREssIONThe ICAEW Career Benchmarking Survey 2010 indicates the level o
salary you can achieve with the ACA qualiication at around 1015
years ater you qualiy around the time you reach your mid to
late thirties.
The average income o a qualiied ACA outside o practice is92,300 (79,100 salary + 13,200 bonus).
ACAs working in banking and capital markets are the highest
earners with an average income o 133,000 (97,800 salary +
35,200 bonus). Incomes in the insurance and entertainment/media sectors are
the net highest. The average income in insurance is 106,300
(85,800 salary + 20,500 bonus), and in entertainment/media
is 105,600 (90,000 salary + 15,600 bonus).
Average salaries or ACAs outside the UK are 107,700 and
average bonuses are 23,400.
Inormation on salaries among ACAs in many other sectors outside
o practice can be ound in the annual ICAEW Career Benchmarking
Surveyat icaew.com/cbs
Source: AccountancyOctober 2009 FTSE 100 FD Pay Survey and
AccountancyNovember 2009 FTSE 100 CEO Survey
o TsE 100 quaifed accountant
acting a a fnance director or CEO
have an ACA (our time the number
hoding any other inge quaifcation)
65%
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Beore beginning university I had aspirations to be a doctor but decided that
I enjoyed Economics more, so I chose that instead. I chose the ACA because
it is a well-recognised, prestigious qualiication which has a lot o history.
My current job title is Business Analyst in Market Risk at Barclays Commercial
bank. I like the variety o the job - there are always dierent projects were
required to investigate. Whether reviing or ACA eam or having to go to evening or weeend
cae it can be hard, but the earning potentia when quaiied i omething to ocu on.
AeBusiness Analyst
Barclays, UK
I decided upon the ACA qualiication as its the most prestigious and
acknowledged accountancy qualiication in Cyprus. Qualiying as an
ACA oers diverse employment opportunities, both in the accountancy
proession and beyond. Towards the end o my second year at university
I applied or a summer internship in KPMG Cyprus, to get a real-lie view
o a career in accountancy. I beieve that obtaining a proeiona quaiication uch a the ACA,
provide a combination o trong technica bacground and i in deaing with compe
ituation, both being pre-requiite or a repectabe career in accountancy, either woring
in practice or indutry.
PhedraSenior Audit Advisor
KPMG Ltd, Cyprus
I knew that I was interested in the public sector, and that obtaining a
job where I elt like I was making a real dierence was important to me.I applied to the National Audit Oice (NAO), attracted by the opportunity
o working or the organisation which holds the government to account, and
whose work leads to direct improvements in the delivery o public services.
To obtain the prestigious ACA quali ication at the same time was a bonus.
A epected or uch a highy-regarded quaiication, the training wa intene and demanding,
yet incrediby vauabe, providing a ound ooting or a career in the pubic or private ector.
JennyAudit Principle
National Audit Oice (NAO), UK
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ACAPROFILES
rom an eary tage, I identiied the ACA a the premier accounting
quaiication, the one recognied by the majority o empoyer a the
bet o the bet. With that in mind, there was no doubt as to what I would
pursue as I elt that the unique structure o the ACA would allow me to
develop both proessionally and personally at a aster pace than i I had
pursued another qualiication.
The part I enjoy most about my job is the sense o accomplishment at the end o the day, particularly
ater a gruelling year end. I work in an environment where success is rewarded and this keeps
me motivated.
TeoAssistant Accountant
Boustead Holdings Berhad, Malaysia
I work in the Eecutive Advisory team covering all aspects o US and UK
personal taation. No day o mine is typical! I can be doing a Us ta return
one day, and meeting a cient in their Mayair town houe another.
Plus working with very demanding clients, means that you never really know
what is coming when you pick up the phone!
I completed the Business Accounting and Finance degree (lying start programme at Newcastle
University in conjunction with PwC and ICAEW). The combination o academic study and work
placements was eactly what I was looking or and the opportunity to qualiy as a charteredaccountant earlier than by any other route sealed the deal.
AmandaTa Manager
PricewaterhouseCoopers LLP (PwC), UK
A any ma boy what they woud ie to do when they grow up, and
maybe quite a ew might ay run a ootba cub. I eel very ortunateto have the job I have and without question, overcoming the hurdles and
barriers all chartered accountants ace to become members o the proession
has stood me in good stead.
O course this job is eciting, its almost always un, and sometimes you just dont want to go home.
Despite the pressures, I ind it both proessionally rewarding and personally satisying. My tip or
an interesting career is to secure sound, robust and recognised business skills. There is no doubt
chartered accountancy its that bill.
RobertCEO
Everton FC, UK
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STEPS TO THE ACA
1
QUAlIY AND APPlY OR ICAEW MEMBERsHIP
On completion o your ACA training you are eligible to apply or membership o ICAEW and use the
designatory letters ACA ater your name.
2
COMPlETE THE OUR ElEMENTs O ACA TRAINING
15 ACA modules
450 days o technical work eperience
Initial proessional development
Structured training in ethics
Once in your training agreement, your employer will ask you to register online asan ACA student.
Your training agreement details your commitment to studying or the ACA
and the support your employer provides throughout your training. It covers
the required period o approved training which is usually three to ive years.
Credit or prior learning, also known as eemptions, is available or some ACA modules.
I you have studied a related subject at university, you may be eligible to apply or credit/
eemptions or up to eight modules.
APPlY OR CREDIT
3
4
REGIsTER As A sTUDENT
5
sIGN A TRAINING AGREEMENT
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TRAINFORTH
EACA
The ACA i a proeiona quaiication, combining tudy
and eam with on-the-job technica wor eperience.
Thi mean you get to put theory into practice, and earn a
competitive aary a you progre through your training.
1 sIGN A TRAINING AGREEMENTTo train or the ACA qualiication you need to complete a training
agreement with one o our 2,500 authorised training employers.
The training agreement is between you and your employer, anddetails the support you will receive while you train or the ACA
qualiication. It is likely to cover:
start o training agreement training can start at any time but
oten begins in September or January
length a training agreement can last between three and ive years
the requirement or at least 450 days o technical work eperience
the number o eam attempts your employer will support
timescales or your ongoing review and structured learning
your allowance or study leave and how the eams will it aroundyour work
your mutual commitment or the length o the training agreement mentor support we require your employer to have a qualiied
person responsible or training who is oten likely to be your
mentor.
2 REGIsTER As A sTUDENTYou will need to register as a student with ICAEW when you start
your training agreement. Your employer will direct you to the ICAEW
student website to register your details. You can join the student
community, register or your eam sittings and access a variety o
supporting inormation to help with your studies.
You can also register as an independent student outside o a trainingagreement and sit all the eams ecept the Case Study. However, to
ully qualiy as an ACA chartered accountant, you will need to
complete all elements o ACA training by securing a training
agreement with an authorised training employer.
3 APPlY OR CREDITCredit or prior learning, or eemptions, is not restricted to
accounting graduates. We consider applications rom any graduate
who has covered the syllabus or a particular paper as part o your
degree studies, or other proessional accountancy qualiication.
You can ind comprehensive inormation about credits in our online
directory at icaew.com/cpl
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The ACA quaifcation i chaenging.
That why quaifed ACA chartered
accountant are away in demand.
OCUs
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4 COMPlETE THE OUR ElEMENTs OACA TRAINING
ACA MODULES
There are 15 modules with eams, in two stages, covering a range
o topics rom business and inance to law and business strategy.
TECHNICAL WORK ExPERIENCE
You need to record 450 days o relevant on-the-job technical work
eperience during your period o approved training, which will takebetween three to ive years.
I you are gaining proessional work eperience within a irm o
registered auditors, you may also be able to record time towards the
UK audit qualiication while you are training.
STRUCTURED TRAINING IN ETHICS
Ethics is an essential part o being a chartered accountant.
You will ollow a structured programme to ensure you apply
ethics throughout your training. Your ethical development will
cover conidentiality, integrity, objectivity and independence.
INITIAL PROFESSIONAL DEVELOPMENTThis helps you develop proessionally by measuring your eperience
in ive key areas that deine a chartered accountant:
ethics and proessionalism
personal eectiveness
technical and unctional epertise
business awareness
proessional judgement.
5 QUAlIY AND APPlY OR ICAEW
MEMBERsHIPOnce you complete your ACA training, you can become a
member o ICAEW and use the letters ACA ater your name and
be recognised as a chartered accountant.
As an ICAEW member you will have access to a variety o groups
and networks, world-class library, resources and events to maintain
and enhance your proessional development throughout your career.
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PROEssIONAl sTAGEKNOWLEDGE MODULES
PROEssIONAl sTAGEAPPLICATION MODULES
ADVANCED sTAGE
ACCOUNTING maintainingfinancialrecords
adjustmentstoaccountingrecords
and inancial statements
preparingfinancialstatements
AssURANCE
concept,processandneedforassurance
internalcontrols
gatheringevidenceonan
assurance engagement
professionalethics
BUsINEss AND INANCE
businessobjectivesandfunctions
businessandorganisational
structures
theroleoffinanceandthe
accountancy proession
governance,sustainability,
corporate responsibility and ethics
theexternalenvironment
lAW
impactofcivilandcriminallawon
business and proessional services
companyandinsolvencylaw
impactoflawintheprofessional
contet
MANAGEMENT INORMATION
costingandpricing
budgetingandforecasting
performancemanagement
managementdecision-making
PRINCIPlEs O TAxATION
theobjectivesandtypesoftax
ethicsandadministration
incometaxandnationalinsurance
contributions
capitalgainstaxandcorporation
ta on chargeable gains
corporatetaxVAT
AUDIT AND AssURANCE legal,ethicalandcurrentissues
acceptingandmanaging
engagements
planningassuranceengagements
concludingandreportingon
assurance engagements
BUsINEss sTRATEGY
strategicanalysis
strategicchoice
implementationandmonitoringof
strategy
INANCIAl ACCOUNTING accountingandreportingconcepts
preparationofsinglecompany
inancial statements
preparationofconsolidated
inancial statements
INANCIAl MANAGEMENT
financialoptions
managingfinancialrisk
investmentdecisionsandvaluation
INANCIAl REPORTING
currentissuesinthereporting
ramework
formulationofaccountingand
reporting policies
preparationandpresentationof
etracts rom inancial statements
analysisandinterpretationof
inancial inormation
TAxATION applicationoftheprinciplesof
ta to businesses: (companies;
partnerships and sole traders)
applicationoftheprinciplesoftax
to individuals
TECHNICAl INTEGRATION
BUsINEss CHANGE
demonstratingknowledge,
planning skills and ability to give
advice
analysingandinterpretinginternal
and eternal inancial and non-
inancial inormation covering:taation and law; business
strategy; business analysis; inancial
management; perormance
management and costing; inancial
and corporate reporting and
accounting; audit and assurance
ethics
TECHNICAl INTEGRATION BUsINEss REPORTING amulti-disciplinaryapproach,
covering: inancial and corporate
reporting and accounting; auditand assurance; taation; law;
ethics
applyingtechnicalknowledgeand
proessional judgement to business
scenarios
compliancebasedscenarios
commercial,practicaladvice
CAsE sTUDY requiresdemonstrationof
knowledge, skills and practical
application rom multiple areas othe syllabus
testsprofessionalskillsinthe
contet o a speciic business issue
demandsabilitytoanalysefinancial
and non-inancial inormation
requiresdemonstrationof
proessional and ethical judgement
developmentofconclusionsand
recommendations required
relatestohowstudentswillbe
epected to work
Integrated ethics
Credit or prior learning
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ACAMODULES
THE ACA MODUlEs CONTENTThe Proeiona stage has both knowledge and applicationmodules.
The knowledge modules introduce the core concepts oaccountancy.
The application modules demonstrate how to build on and usethe knowledge you gain during technical work eperience.
Credit or prior learning is available or all si o the knowledge
modules and the Business Strategy and Financial Management
application modules.The Advanced stage consists o two technical modules anda Case Study.
The modules require you to adopt a multi-disciplinary approachand prove that you can use judgement as well as technical skills in
your day-to-day role.
The Case Study tests your proessional skills in the contet o aspeciic business issue and challenges you on multiple areas o
the syllabus.
Ethics, technical work eperience and initial proessional
development are integrated throughout both stages. This supports
your business decision making and puts your learning into contet.The eperience and epertie you gain through ACA training
can be ued a around the word.
For more inormation go to icaew.com/careers
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Arts 15.5%
Business & Management 31.7%
Languages 2.1%
Maths 11.8%
Science 10.6%
Other3.6%
Law 2.6%
Accounting andAccounting & Finance 18.5%
Engineering 3.6%
You dont need a bacground in accountancy or a
buine-reated ubject at univerity to tudy or the ACA,
or even have math a one o your A-eve or equivaent
choo-eaving quaiication.
It does help to be competent with numbers and conident in your
ability to analyse, discuss, argue and present a business case key
skills that you will have picked up during university.
There are some required and recommended entry requirements or
the ACA qualiication.
You will need at least two A2 levels and three GCSE passes, ortheir equivalents. Suitable grades at International Baccalaureate
or equivalent school-leaving qualiications are also welcomed.
To gain a place with most authorised training employers, you are
likely to need a minimum UCAS tari score o 280 or above
(or international equivalents), covering both AS and A2 levels
(many employers will not accept qualiications in General Studies
when calculating scores).
For university graduates, you will generally need to achieve good
grades in your irst degree. Many employers will epect a First
or 2:1, some employers will consider your application i you have
a 2:2.
International students: you can ind inormation on your equivalentqualiications at www.naric.org.uk or rom your local British
Council oice. The UCAS website www.ucas.ac.uk oers advice
to help calculate tari scores, and you can also ind advice on the
International Baccalaureate website www.ibo.org
I you have completed the ICAEW Certiicate in Finance, Accountingand Business you are also eligible to apply or a training agreement.
You dont have to be an accountinggraduate to become an ACA
chartered accountant. Our 2009
ACA students came rom the above
degrees.
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ENTRY
REQUIREM
ENTS
CERTIICATE IN INANCE, ACCOUNTINGAND BUsINEss (CAB)CFAB covers the same subjects as the Proessional Stage knowledge
modules that orm part o the ACA. It provides an essential
understanding o the undamentals o inance, accounting and
business.
Anyone can study or CFAB regardless o degree course or
eperience you dont need any ormal academic qualiications or
grades to register.
HOW IT WORKS
CFAB is made up o si modules:
Accounting
Assurance
Business and Finance
Law
Management Inormation
Principles o Taation.
CFAB modules are subject to credit or prior learning - go to
icaew.com/cpl or details. CFAB can be completed in 12 monthsor less, and the modules can be taken in any order. It is ideal to
consider alongside your degree studies, during an internship,
summer break or a gap year. Because it covers the irst si modules
o the ACA, it gives an introduction to what the ACA qualiication is
really like.
LEARNING OPTIONS
CFAB has a leible learning structure. You can learn at your own
pace through sel study or classroom-based tuition at approved
locations throughout the world.
All assessments are completed online and last 1.5 hours. You decide
when you are ready to take them so you can it CFAB around your
eisting commitments.
To register or ind out more about CFAB, visit icaew.com/careers
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CHOOsING AN EMPlOYEROrganisations o any size and in any business
sector can train ACA students.
Public practice is the traditional route to the
ACA and becoming a chartered accountant.
It oers an insight into the workings o a wide
range o client organisations. There are many
training options rom small local practices,
medium-sized accountancy irms to the Big Four
(PricewaterhouseCoopers, Ernst & Young, KPMG
and Deloitte).
Many commercial businesses oer the ACA
qualiication, so i you want to train in business
rather than practice you can.
I youd preer to work in the not-or-proit or
public sector the National Audit Oice, several
healthcare trusts, city councils, local authorities,
universities and government departments oer
ACA training.
WHAT EMPlOYERs lOOk ORYou should epect to undergo a rigorousrecruitment process its all part o ensuring ACAs
meet the highest standards.
Employers will consider your academic abilities,
willingness to learn, commitment and motivation.
They will also look or evidence o soter
skills such as team working, oral and written
communication, problem-solving and commercial
awareness.
You may already have some eperience o
these through your eisting work eperience,
or through non-academic or voluntary work.As well as a CV, its worth preparing eamples
or interviews and applications showing how your
skills and eperience match employers needs.
Internationay recognied and repected,the ACA quaifcation aow you to wor
with any ind o organiation you chooe.
ExPlORE
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NExT
STEPS
Is THE ACA QUAlIICATION RIGHTOR YOU? Decide what kind o employer suits your career plans sector or
type o organisation, location and size.
Check that you meet the entry requirements as every employerwill dier slightly. Each employer has their own recruitment and
application process so theres no standard application pack.
Start to apply or training opportunities. Use the Training Vacancieswebsite or printed guide throughout the year to ind out about
ACA training opportunities, internships and summer placements.
Go to icaew.com/careers
TO IND OUT MOREVisit icaew.com/careers or advice on your CV, tips on applications,
up-to-date training opportunities, and more about current ACA
trainees and their eperiences.
Use your university careers service and visit careers airs on campusto ind out more about the graduate opportunities available.
I you have the time and want to see what some o the ACA eamswill be like, you can complete the CFAB qualiication during a
placement year or during summer break. I you are studying
a related degree, you may be eligible or credits or some o theCFAB modules.
Register or our monthly, term-time e-newsletter [email protected] to start receiving updates and job alerts.
Join our Facebook an page icaew careers
WE CAN HElP YOU TO IND ATRAINING AGREEMENTYoull ind more inormation on ACA training opportunities,
internships and work eperience placements and how to
apply to your chosen employers at icaew.com/careers
The training vacancies section lists many o the ACA training
agreements available worldwide. Training Vacancies is also
published in January, April and September. Email the studentrecruitment team at [email protected] to receive a printed
guide, or visit the website to ind current opportunities.
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ICAEW is a proessional membership organisation, supporting over 136,000
chartered accountants around the world. Through our technical knowledge,
skills and epertise, we provide insight and leadership to the global accountancy
and fnance proession.
Our members provide fnancial knowledge and guidance based on the highestproessional, technical and ethical standards. We develop and support individuals,
organisations and communities to help them achieve long-term, sustainable
economic value.
Becaue o u, peope can do buine with confdence.
T +44 (0)1908 248 250
+44 (0)1908 248 260
ICAEW
Chartered Accountants Hall
Moorgate Place London
EC2R 6EA UK
FIND OUT MORE...Contact the student recruitment team on +44 (0)1908 248 040
or email us at [email protected]
ICAEW training programmes are available in:
Bangladesh
China
Cyprus
Greece
Malaysia
MauritiusMiddle East
Pakistan
Romania
Russia
Singapore
UK
2011