Do you need advice about the ACA qualification?

Hey,I'm starting with one of the big 4 this September. I am wondering if you can recommend any books that would be helpful to read preceding my start date? Thanks,Sam

Well done on the offer :smile:

If you enjoy reading for pleasure then read while you still have the chance. When you start your training contract and you're off at college, picking up another book after homework will be the last thing you'll want to do.

But seriously, all required training will be given when you start, they prefer you to come in relatively fresh so you learn things their way and they don't have to 're-teach' you. Relax and enjoy your summer :smile:

Reply 61

JB2242

Hi Louise,

I was looking for advice on what jobs the ACA opens you up to? I have recently qualified as a chartered accountant, realised that audit isn't for me and keen on looking at a new direction. Is there anywhere I can look to see what the qualification opens me up to apart from the usual ones that recruiters bombard you with like financial accountant/management accountant etc.

JB

Reply 62

spursfan323

Original post by krissy93

Hie Louise I just finished my high school and I intend to study Accounting and Finance(BA Honors Accounting and Finance) at Middlesex University at the Mauriritus branch. They say that after completing the degree you'll receive a number of exemptions from professional bodies like the Institute of Chartered Accountants in England and Wales (ICAEW). So I wanted to find out how long it will take me(as in years) after completing the degree to acquire the ACA qualification? Please help :smile:

I really can't see the point of doing a 3 year degree which gives fewer exemptions than either CFAB (1 year) or AAT (1-2 years).

Moreover, if you intend to stay in accountancy, why spend 3 yrs of your life doing a degree if you anyway can't become a chartered/certified accountant without doing a 3 year ICAEW/ACCA qualification?

So personally, I would advise against.

Reply 63

ICAEW Advisor Helen

OP

5

Original post by spursfan323

I really can't see the point of doing a 3 year degree which gives fewer exemptions than either CFAB (1 year) or AAT (1-2 years).

Moreover, if you intend to stay in accountancy, why spend 3 yrs of your life doing a degree if you anyway can't become a chartered/certified accountant without doing a 3 year ICAEW/ACCA qualification?

So personally, I would advise against.

Hi Krissy,

Thanks for getting in touch.

You are right in thinking that you would be eligible for credits for prior learning (exemptions) as a result of completing your degree with Middlesex University. The time it would take to complete your ACA after your degree would still be around the 3 year mark. It takes this length of time due to the technical work experience you need to accumulate (450 days) to be fully qualified as an ICAEW Chartered Accountant.

I hope this helps but if you have any more questions please let me know.

Good luck!

Adam

Reply 64

ICAEW Advisor Helen

OP

5

Original post by JB2242

Hi Louise,

I was looking for advice on what jobs the ACA opens you up to? I have recently qualified as a chartered accountant, realised that audit isn't for me and keen on looking at a new direction. Is there anywhere I can look to see what the qualification opens me up to apart from the usual ones that recruiters bombard you with like financial accountant/management accountant etc.

JB

Hi JB

Firstly congratulations on qualifying as an ICAEW Chartered Accountant!

The great thing about the ACA is that it never limits you to one career path and as a result of that we have a wide range of members working in various different job roles and sectors. The best place I would advise to look at current members would be on our profiles section of the careers website, which can be found here http://careers.icaew.com/university-students-graduates/careers-and-salary/career-profiles. Although you will find profiles of trainees and members working in practice there are others that show the variety and the career options available. In addition to this area of the website there are frequently featured profiles in Vital and Economia publications.

As well as looking at the profiles that we have on the website you might want to have a think about what it is you would like out of your career. As you will know from working in your audit role you will have seen a lot of different businesses in different sectors, which will have given you a good business grounding that companies across the board will find desirable. The key is selecting something you have a passion in to best showcase the skill sets you have acquired through your ACA training.

Good luck!

Adam

Reply 65

spursfan323

Original post by ICAEW Advisor Louise

Hi JB

Firstly congratulations on qualifying as an ICAEW Chartered Accountant!

The great thing about the ACA is that it never limits you to one career path and as a result of that we have a wide range of members working in various different job roles and sectors. The best place I would advise to look at current members would be on our profiles section of the careers website, which can be found here http://careers.icaew.com/university-students-graduates/careers-and-salary/career-profiles. Although you will find profiles of trainees and members working in practice there are others that show the variety and the career options available. In addition to this area of the website there are frequently featured profiles in Vital and Economia publications.

As well as looking at the profiles that we have on the website you might want to have a think about what it is you would like out of your career. As you will know from working in your audit role you will have seen a lot of different businesses in different sectors, which will have given you a good business grounding that companies across the board will find desirable. The key is selecting something you have a passion in to best showcase the skill sets you have acquired through your ACA training.

Good luck!

Adam

Adam?? Does 'Louise' really exist, or have you undergone a sex-change?

Reply 66

ICAEW Advisor Helen

OP

5

Original post by spursfan323

Adam?? Does 'Louise' really exist, or have you undergone a sex-change?

Louise does exist she is just on leave at the moment so I am manning the questions. If I can help with anything give me a shout!

Adam

Reply 67

Enoxial

16

Original post by ICAEW Advisor Louise

Hi there

My name is Louise and I work in the Student Recruitment team for ICAEW - over the next few months I will be available to answer your questions about the ACA qualification and becoming an ICAEW Chartered Accountant.

I'll also be joining in some existing threads, and pointing you in the right direction about the skills and experience you might need to give you the edge when applying for ACA training agreements.

Feel free to ask me any questions.

Louise

Does passing the exams guarantee a training contract for an International Student in the UK?

Reply 68

ICAEW Advisor Helen

OP

5

Original post by Enoxial

Does passing the exams guarantee a training contract for an International Student in the UK?

Hi Enoxial

Passing the exams will not guarantee you a training contract. Each employer has their own recruitment process and entry requirements.

A good place to start looking at the different firms that you could potentially work at is available on our Training Vacancies webpage. Here you can see the types of firms offering training agreements and what their entry requirements are. trainingvacancies.icaew.com/jobboard/clients/clientlist.asp

We also have a lot of useful hints and tips on securing a training agreement on our website here careers.icaew.com/university-students-graduates/student-support

I hope this helps but if you have any more questions please let me know.

Adam

Reply 69

Amsugokji

Hi Louise

I am a qualified ACA (attained in 2001) from India settled in UK with 8+ years of experience which includes both UK as well India. I am planning to do ACA. I am entitled to exemptions in 12 papers and need to clear 3 papers in advanced level. Also I was told that if I have more than 2 yrs experience and meet all the learning outcomes I need to just take up the case study. Can I get the letter from the Indian company with who I worked for nearly 4 yrs or should I get the letter only from the company I worked for in UK? Also should I meet all the learning outcomes ? This is since I meet different outcomes with different employers I have worked with. How do I get the letter filled up in that case? Or do you advise me to appear for the 2 papers (Business change & Business reporting) on the safer side? I am a busy mother with 2 kids and the thought of taking up exams all over again scares me as I would not have the leisure of time to prepare well.

I am totally confused ...Can you pls help me?

Many thanks for your help in advance
regards
amsugokji

Original post by ICAEW Advisor Louise

Hi there

My name is Louise and I work in the Student Recruitment team for ICAEW - over the next few months I will be available to answer your questions about the ACA qualification and becoming an ICAEW Chartered Accountant.

I'll also be joining in some existing threads, and pointing you in the right direction about the skills and experience you might need to give you the edge when applying for ACA training agreements.

Feel free to ask me any questions.

Louise

Reply 70

anshirt

Hi Louise,

I would like to study for the ACA qualification however I am unsure on where to start. I graduated with a 2:1 in Biochemistry however my A-level grades were not so good. I see that most of the training vacancies asks for higher UCAS points. How will my lower A level grades affect in securing a training contract. Would it be better if I went back and redid my A-levels or if I register for the CFAB ?
Please advise.

Reply 71

alphiekaratay

Hi Louise/Adam,

I am an Accounting and Finance Management Graduate from the University of Essex. I graduated Summer 2012 and have been working for a Medium-Sized Accounting firm for a year.

I haven't had any training or thought about it until now and I would like to now get into doing my ACA training and becoming Chartered.

What do you suggest/advise on the best path to get into Chartered Accountancy?

Would doing CFAB be beneficial?

Thanks

Alphie

Reply 72

TheCorporateLook

Original post by ICAEW Advisor Louise

Hello Louise,
Well am 26 years old and would like to become a chartered accountant and going to university in September this year to study accounting and finance with university of south wales(previously known as Glamorgan Uni) but my current circumstances are that I have got overseas qualifications from Pakistan which is called Higher Secondary School certificate(English,Physics,Math ematics & Comp sci at Grade B) and is equivalent to the UK A-levels but I will have to do one year access program(Equivalent to 2 UK A-levels) before starting the 4 year A&F degree which includes one year of work experience so it will be a 5 year program altogather.

And also I am going to do CFAB as I have read your previous posts and info. on ICAEW web site that this qualifications is a stepping stone towards the ultimate goal of becoming a Chartered Accountant and shows the commitment and motivation to the employers.

At the moment am unemployed and looking for some part time work before I go to University this Year and have been doing housekeeping jobs for the last couple of years but I have kept myself in touch with Education by doing different certificates online in food safety etc.

So I need to know that in the light of my above explained situation would I be able to gain an ACA training contracttaking into account my academic background from overseas,my age now and after finishing the degree (would be 31) and a 4 year degree from UK university in Accounting and Finance with one year of work experience.

If I should proceed with my degree in accounting and finance or should I just forget about accountancy at 26 years old.
Really need your expert advice on this and sorry for the long post.Any input will be highly appreciated.

Thankyou

Hi there

Thanks for your query. This is a tough one, but it has nothing to do with age! There are no age restrictions for ACA training with an ICAEW Authorised Training Employer. I would recommend that you make the most of your time at university, get relevant work experience if you can, and attend employability skills sessions and your careers service which offers lots of valuable advice.

You will need to consider where you are able to train once you have completed your degree, and assuming that you have the entry requirements that ICAEW authorised training employers are looking for. If you are an overseas student (you don't state specifically), you would not have the right to work in the UK, and with your right to work only 1-2 years after you graduate, this does not cover a three year training agreement. Having said that, if the rules change by the time you finish your degree - my advice would be different!

Also there are difficulties with training for the ACA in Pakistan unfortunately, which ICAEW is trying to resolve. You may be able to train where there are ACA vacancies in industry, but not in audit, but again this may be resolved by the time you finish your degree.

Good luck Louise

Thank you for your kind help and really appreciate your guidance and I couldn't reply earlier as I have been away from the computer for a while so sorry about that.

Well I have Indefinite leave to remain in the UK which means that I am a Permanent resident and there is NO time limit on my stay or the type of work I can undertake so I am free from all Immigration restrictions which makes life a bit easy :smile:

Having said that here are my circumstances I have a Higher secondary school certificate (HSSC) from Pakistan with overall 63%(Overall Grade B) which includes Mathematics, English, Physics and Computer Science and next year I will be starting a 4 years degree in Accounting and Finance which includes 1 year of Access course as HSSC from Pakistan is not equivalent to the UK A-Levels so I have to take this access course(Equivalent to Two UK A-levels and has been told this by the University) first as a bridging course to supplement HSSC so in order to become eligible for the full time degree in ACC. & Finance.

I Intend to do CFAB as well while doing my degree to show employers my enthusiasm and commitment to the field and to show that I am capable enough to complete a Training program if offered one.

So my question is after completing this degree would I be considered for an ACA Training contract in the light of qualifications I will have at the end of degree? ( HSSC from Pakistan + 1 year Access hopefully with distinction which is equal to two UK A-levels + 3 Years of First class honors degree in ACC. and Finance. + CFAB ) where do I stand?

I have read here on this forum and on several others that there is NO point of doing a degree in accounting & finance as BIG 4 don't specifically need A & F Graduates and anybody with any degree is eligible to apply for a training contract as a degree in A&F only gives few exemptions and the whole ACA program with Big 4 training contract teaches everything so exemptions are sort of useless so what is your opinion on this?

Any input will be highly appreciated.

Thank you

(edited 10 years ago)

Reply 73

economist2

19

Original post by ICAEW Advisor Louise

Hi there

My name is Louise and I work in the Student Recruitment team for ICAEW - over the next few months I will be available to answer your questions about the ACA qualification and becoming an ICAEW Chartered Accountant.

I'll also be joining in some existing threads, and pointing you in the right direction about the skills and experience you might need to give you the edge when applying for ACA training agreements.

Feel free to ask me any questions.

Louise

If I finish my undergrad. from Australia in economics, can I train under ICAEW?What is the highest annual salary during training?And is it possible to study ACA with just A-levels?

Reply 74

AussieAccountant

Hi Louise,

If someone has completed all five Institute of Chartered Accountants Australia subjects in Australia, but not yet got their three year work experience, would you recommend that they become a fully qualified CA before trying to get a job in business in London, or is 2.5 years at a Big 4 and all of the Graduate Diploma of Chartered Accountants subjects sufficient without the full three years work experience?

They would be considering jobs like Forensic Accountant with Met.Police, or Internal Auditor at an IB, or just an interesting job in Commerce in the City.

Further, would having studied the CA program in Australia be considered a significant disadvantage compared to "local" candidates? If so, could this be overcome with some kind of bridging course?

Thank you for your time,

Cheers.

Reply 75

hsv

16

Just to confirm CFAB and ACA only goes into Tax briefly. If you want a career in tax or want to learn tax in more depth, ATT and CTA are the way to go?

Reply 76

jjfox48

Hi Louise,

I am applying to various accountancy firms for an internship for various sectors; with my main interest being in advisory/deals (depending on what the firm calls it). I have applied to Tax and Audit in some places as their advisory sectors either do not offer internships or closed before I had a chance to apply. If I am offered a internship and then graduate scheme in Tax, I will still apply for grad schemes in advisory, but these are much more competitive and I am less likely to get on.

My questions is: is it possible to work and complete my ACA in the Tax sector of a firm, then if I don't like it enough to stay, to then transfer within the firm to the Advisory sector?

I have done a lot of research and realise that most people would transfer from Audit after 3 years if they wanted to pursue a new career path, but have found nothing on Tax-to-Advisory.

I think that I will find Tax much more interesting than audit, but I've heard there are less transferable skills than audit, and it is less/unlikely I would be able to transfer to advisory after working in Tax. I think I would be a bit disheartened to work in Audit for 3 years, knowing from the very beginning I will most likely transfer away ASAP.

Obviously my ideal solution is to get onto a Advisory grad scheme, but if that fails, Tax or Audit, with Tax being the preference if there is a likelihood of getting into Advisory.

Thanks a lot,

James

Reply 77

Shah_C

Will i get credit prior learning if i study accounting at university of westminster?
Ive checked the website but the institution does not come up on the website however on the ACCA website it foes when searching exemptions

Reply 78

ICAEW Advisor Helen

OP

5

Original post by Shah_C

Will i get credit prior learning if i study accounting at university of westminster?
Ive checked the website but the institution does not come up on the website however on the ACCA website it foes when searching exemptions

Hi Shah_C, sorry for the delay in the reply to your query. I am afraid that the University of Westminster hasn't yet applied to be accredited as a Partner in Learning yet, so unfortunately available credits aren’t listed on our CPL directory. If you are studying an Accounting degree, the likelihood is that you will be eligible to apply for credits for some of the modules. This will mean that if you have finished your degree now and are wanting to apply soon, you will have to apply for them yourself at this stage, here is link to the page on our website that explains more about making an application http://ow.ly/t8Fxm.

However, you may want to try and encourage your University to make an application themselves. If you wanted to message me the details of your Accounting programme leader, then we can make contact with them and encourage them to make an application - which will make it much more straightforward for you to make an application in the future.

I hope this has helped.

Jackie

Reply 79

MudassarrQJ

Hi Louise,

I have got an offer to study the ACA (CFAB first) with EY starting this September.

I have a few queries:

1. How would you compare the exams with A-levels? Are they harder/easier? Are they totally different?

2. What is the value of an ACA without a degree?

3. Once I get my ACA, can I move to banking or other financial institutions or am I restricted to professional services/accountancy?

Thanks a lot Louise!

Do you need advice about the ACA qualification?

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