Saturday, July 25, 2015

How to Become a Chartered Accountant ( CA )

How to Become a Chartered Accountant ( CA )
Becoming a Chartered Accountant (CA) is a challenging yet rewarding career decision. This designation demonstrates that you have mastery in accounting. As well, this profession can offer excellent job prospects on a global scale, desirable starting salaries, and job flexibility. As well, Chartered Accountants work in a wide range of industries, from the financial sector to private businesses to public service. The track to becoming a Chartered Accountant requires that you obtain a solid education and professional training, and that you pass qualifying examinations.

Choose a path. There are a number of different paths you can take under the heading of Chartered Accountancy. Some of these include Chartered Accountant (Audit), Chartered Certified Accountant, Chartered Management Accountant, Chartered Public and Finance Accountant. These vary depending on the training emphasis you have, size of organization you work for, whether you work in management, and so on. Ask yourself questions about the type of professional career you’d like. For example, what size firm would you like to work for? Do you want to have a private practice? Do you want to work for nonprofit organizations or for-profit businesses?

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

Get an undergraduate degree. Enroll in a four-year accredited university program. Aim for a degree in accounting, economics, or business. If you already have an undergraduate degree, it doesn't necessarily matter if your degree is not in one of these subject areas. You will, however, need to take extra classes to hone your skills in numeracy and other accounting-related subjects. Get good grades in your classes, especially in any math- or business-related classes. Alternately, some professional organizations will accept a 2-year accounting associate degree as a foundational education for an aspiring Chartered Accountant.

Take courses in subject areas pertaining to accounting. If you have an undergraduate degree in a subject area unrelated to accounting or business, enroll in classes on accounting or economics at a local college. Courses might include accounting, taxation, finance, auditing, and statistics

Enroll in a chartered accountant prep program. Some accountancy programs offer programs that prepare you to start a CA training program. These programs give you education in specific subject areas to build your numeracy skills and other areas

Enroll in a chartered accountant training program. In a CA training program, you will take classes to build your competencies in key subject areas, such as finance, taxation, financial accounting and law. These courses may be offered in person or online.
Some training programs, such as the program offered by Chartered Accountants Ireland, consist of courses that prepare you directly for the examinations. For example, in Ireland, you will register for the Chartered Accountant Proficiency 1 (CAP1) exam, which covers Finance, Management Accounting, Financial Accounting, Taxation, and Law for Accountants.The syllabus for the course describes the learning outcomes and weighting for the course's exam.
Some programs are offered for working professionals who already have jobs and who have experience in the financial sector. Check with your local organization to learn more about the options for working professionals

Apply for a professional experience placement. A core requirement of the Chartered Accountant is to gain three years of professional experience with an approved employer. These employers are usually accounting firms or financial firms that are registered with the CA professional association in your region.Search for placements in your region by checking with your CA professional association. Apply for placements in your industry of choice.
If you want to work for an organization that is not authorized, you may be able to register your manager as someone who is authorized to evaluate your performance and growth. Check with your CA professional association to see if this is an option

Work in a professional placement for 3 years. Once you have been hired in your placement, you will work in this organization for 3 years in order to gain experience in the company. Some placements rotate you through different divisions of the company so that you gain exposure to several different lines of business

Submit a report of your professional competencies. As you progress through your professional training, keep track of your achievements and competencies. At the end of your 3-year program, you will need to submit an evaluation of your competencies.
In some regions in Britain, this is called an Achievement Log. In Canada, it is known as the Record of CA Qualifying Experience (RQE).


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