Last Updated on December 13, 2022 by Omoyeni Adeniyi
Ever wondered what a chartered accountant is? A chartered accountant (CA) is a professional accountant who has been trained to understand the legal, ethical, and technical issues that arise in accounting. They can also handle financial reporting and assurance services. If you’re interested in becoming one, there are many ways to do so—but first, it’s important to know what exactly a chartered accountant does. In this guide, we explore the details of Chartered Accountant Qualification, chartered accountant salary, chartered accountant exam, acca qualification and what does a chartered accountant do.
It’s no secret that getting a chartered accountant qualification can open up a ton of doors for you. Not only will you be able to work in a variety of sectors and industries, but you’ll make more money than your peers who didn’t bother getting this certification. Read on to know more about Chartered Accountant Qualification, chartered accountant salary, chartered accountant exam, acca qualification and what does a chartered accountant do.
But why should you care about the chartered accountant qualification? Because it’s not just about making more money—it’s about being able to do good in the world! As an accountant with this certification, you’ll have access to opportunities that could help people from all walks of life. You can work with businesses or nonprofits; there are no limits on where your skills might take you!
Chartered Accountant Qualification
We begin with Chartered Accountant Qualification, then chartered accountant salary, chartered accountant exam, acca qualification and what does a chartered accountant do.
How to become a chartered accountant
Chartered accountants use their financial expertise to advise and report to managers in organisations across the public and private sector.
According to the Institute of Chartered Accountants in England and Wales, the professional membership organisation for chartered accountants and students, chartered accountants “enable businesses, organisations, individuals and communities to achieve their financial and strategic goals.”
What’s the difference between an accountant and a chartered accountant?
All accountants undertake similar roles, managing and reporting on an organisation’s finance. All need training and it’s possible to qualify as an accountant while working in a business. Accountants who are regulated by the professional bodies for accountants are known as chartered accountants.
According to the Financial Reporting Council, the six chartered accountancy bodies are:
- Association of Chartered Certified Accountants (ACCA)
- Chartered Accountants Ireland (CAI)
- Chartered Institute of Management Accountants (CIMA)
- Chartered Institute of Public Finance and Accountancy (CIPFA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants of Scotland (ICAS)
To qualify as chartered and retain that status, they must:
- Pass a series of demanding accredited exams in financial management, auditing, business strategy and taxation, after a minimum of three years training
- Get relevant work experience across a wide range of clients and industries approved by their professional body
- Undertake professional development training every year to keep their skills and knowledge up to date
- Adhere to professional standards including holding professional indemnity insurance and have regular reviews of their work
- Comply with a Code of Ethics and the principles of Integrity, Objectivity, Professional competence and due care, Confidentiality and Professional Behaviour.
What can I expect from a career as a chartered accountant?
Chartered accountants (CAs) work in every type of organisation – either as employees or through an accountancy practice or specialist firm.
Their role is to advise, examine financial reports or accounts (known as auditing) and provide information about financial records. For profit-making businesses their aim is to help deliver maximum profit. In not-for-profit organisations and public bodies their focus will be on minimising costs.
While some chartered accountants look after every aspect of accountancy and financial reporting for a business, others specialise, for instance in taxation, insolvency or auditing. In corporate finance, CAs work on mergers and acquisitions, management buy-outs and buy-ins and on capital reconstruction when a company is in financial distress.
Forensic accounting is an investigative role, working with legal professionals and even the police. You could work on cases of corporate and personal fraud, money laundering and embezzlement, as well as business disputes and financial and regulatory investigations.
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chartered accountant salary
Now we consider chartered accountant salary, chartered accountant exam, acca qualification and what does a chartered accountant do.
What do you make as a Chartered Accountant?
If you’re looking for a job as a Chartered Accountant, we’ve got some good news: the average monthly salary of $9,093 is not too far off from what you can expect to make. In fact, it’s pretty close to what we see in real-time on ZipRecruiter across the country: $9,076 per month.
But that number doesn’t tell the whole story—there are some huge variations depending on where you live and how long you’ve been in the job market. That’s why we wanted to dig into what kind of pay ranges are out there for Chartered Accountants across the country.
We found that the average pay range for a Chartered Accountant varies greatly (by as much as $8,292), which suggests there may be many opportunities for advancement and increased pay based on skill level and location or years of experience.
chartered accountant exam
More details coming up on chartered accountant exam, acca qualification and what does a chartered accountant do.
ICAI (Institute of Chartered Accountants India) is a professional accounting body that issues certifications about who is eligible to be a professional auditor in India. It’s one of the most respected accountancy bodies in the world.
The ICAI conducts an annual exam called ICWAI, which is open to anyone who meets the qualification requirements. The exam tests your knowledge of accounting principles, financial management, taxation and auditing. If you pass this exam, you can become a Chartered Accountant (CA), which means you have the skills to work as an auditor or consultant for companies.
The Institute of Chartered Accountants of India (ICAI) is a professional body accounting body of India, and it’s responsible for certifying who is eligible to be a professional auditor in India.
ICAI conducts a yearly exam called the ICWAI (Institute of Chartered Accountants India Exam), which is the primary examination for candidates looking to become chartered accountants.
The ICWAI is conducted in both English and Hindi, and it consists of two parts: a multiple-choice section and an essay section.
The ACCA Qualification is a globally recognised professional qualification for accountants. It’s an important step in achieving your career goals, and can help you develop the skills needed to succeed in the accounting world.
To achieve the ACCA Qualification, students have to:
- complete a maximum of 13 exams, depending on prior experience and qualifications.
- complete an Ethics and Professional Skills module.
- evidence three years of practical work experience within a relevant role
The ACCA Qualification is a set of exams that help you demonstrate your understanding of the accounting and finance principles you need to succeed as an accountant.
There are 13 exams in total and they can be taken in any order. You must take all 13 exams within a four-year period, but it’s up to you which order you take them in.
You can choose whether or not to complete the Ethics and Professional Skills module, depending on whether or not your employer requires it. You’ll need evidence of three years’ practical work experience within a relevant role before you can sit for the final two exams—and those last two exams are your final chance at earning your qualification!
what does a chartered accountant do
Chartered accountants are fully qualified accountants that take on a broad and important role. In a nutshell, they analyse and provide information about financial records, with focus areas including financial reporting, taxation, corporate finance, business recovery, and insolvency.
Chartered accountants help people who are looking to start businesses or grow ones they already have. They also advise companies on their finances and assist them with restructuring their businesses in order to be more profitable. Chartered accountants can help businesses understand how they’re performing financially so they can make decisions based on factual information instead of guesswork or speculation.
Chartered accountants are also experts in the tax system. They can help companies understand their tax obligations and how to minimize them through legal means such as tax planning or by introducing new methods for calculating taxes owed based on profits made during a given period of time (i.e., quarterly filings). They also specialize in collecting data from clients’ financial records so that it can be analyzed using sophisticated computer programs or software applications designed specifically for this purpose.