Becoming a ACA Chartered Accountant
Accountancy is an excellent career path for those who have an aptitude for mathematics. Yet becoming an accountant is more than just numbers, this career can be fast-paced, fulfilling and can take you around the world. There are a number of pathways to becoming an accountant, some may choose to pursue a career in accountancy after completing a university degree however this is not the only route and many also choose to enrol in an accountancy diplomacy after leaving school. The final step for any training to be an accountant is to become chartered. This is a regulated process wherein students are required to pass a series of accredited exams alongside their practical training. There are a number of firms which you can choose to become chartered with, we can offer support for those who are participating in the two most prestigious, the ACA and ACCA exams.
What is the ACA?
In order to become a chartered accountant with the ICAEW (Institute of Chartered Accountants in England and Wales), you will first need to pass the ACA exam. The ICAEW has a legacy dating back to the 19th century and remains one of the primary accounting bodies in the UK today. The ACA is internationally recognised and is held in high regard in the business and finance sector. To be eligible for this qualification it is expected that candidates have experience working within the field, therefore students must possess at least 3 years of accountancy training to participate in the ACA. To become accredited, this practical experience is combined with passing a series of ACA specific modules. There are three levels within the ACA exam with ascending difficulty. Starting with Certificate Level, Professional Level and finally Advanced Level. A range of topics is covered in these modules within which core skills will are developed such as problem solving, technical competence and ethnics and professionalism. Each module requires students to pass an exam at the end, they vary in length and style depending on the module, Mayfair Consultants can assist you with each step, offering tailored help for each module and exam style.
The ACA modules are structured over three levels as follows:
Certificate Level – 6 Modules
- Management Information
- Business Technology and Finance
- Principles of Taxation
Professional Level – 6 Modules
- Financial Accounting and Reporting
- Audit and Assurance
- Business Planning
- Tax Compliance
- Business Strategy and Technology
- Financial Management
Advanced Level – 3 Modules
- Case Study
- Corporate Reporting
- Strategic Business Management
How to become ACA accredited?
There are 5 main routes that students chose to become an ACA chartered accountant, they vary from those who have just left school to those who have graduated with a degree in any discipline meaning there is sure to be a route for you! Below is a brief overview of the potential route you might take, you can find out more about this here.
- ICAEW CFAB: No academic entry requirements meaning it is suitable for those for school leavers and for those looking to change their careers.
- Apprenticeship: Government funded with no academic requirements.
- Fast Track: For those who are already AAT (Association of Accounting Technicians) qualified.
- Graduate: With a degree in any discipline, no requirement for finance-related A-levels or degree.
- Strategic Degree: Elements of the course can be incorporated into certain degree courses which means students are able to attain their degree alongside completing the ACA.
How can we help you?
Generally viewed as the most challenging accountancy qualification, the ACA requires student to complete 15 exam modules. Our experienced tutors can assist with exam preparation for each of the three levels, regardless of which route to chartered accountancy you are opted for. We offer preparation for the exam with particular focus on the ACA’s structure helping you to feel confident with the multiple-choice, multiple-response and multi-part multiple choice questions that make up the exam. Choosing which accountancy firm to become chartered is a pivotal moment for your career, at Mayfair Consultants we can help you to decide which firm is best for you and your individual career goals.
If you would like to arrange private lessons, ACA Tutors, ACA exam revision or have any questions about our accountancy tuition services, please call us on Tel: +44(0) 207 665 6606 or you can send us an email via our contact form.
ICAEW ACA Links:
The ICAEW website has lots of helpful information about the ACA exam including resources for preparation for it such as past papers and textbooks.
https://www.icaew.com/ Institute of Chartered Accountants in England and Wales official website
https://careers.icaew.com/how-to-become-a-chartered-accountant/aca-modules Extensive information about how to become a chartered accountant with the ICAEW, helpful information about the specific modules and assessments that are part of the ACA.
https://www.icaew.com/for-current-aca-students/exam-resources ACA past papers, learning materials and preparation materials.
https://ebookshop.icaew.com/ Online textbooks for ACA preparation.
Other Useful Links:
Useful breakdown of the ACA
https://bafa.ac.uk/ British Accounting and Finance Association
https://theprogressionplaybook.com/how-to-pass-the-icaew-aca-law-exam/ Helpful revision tips for passing the Chartered Accountant Exam.
https://www.ey.com/en_uk/careers/students/programmes/schools EY is one of the ‘big 4’ UK accounting companies, offer a number of routes to becoming fully accredited accountant.
https://www2.deloitte.com/uk/en/pages/careers/articles/graduate-opportunities.html Deloitte offer a number of accountancy pathways.
https://www.pwc.co.uk/careers.html PwC are one of the most well-known accountancy firms in the UK.
https://www.kpmgcareers.co.uk/ Another large accountancy firm with lots of career opportunities in the UK
https://www.cimaglobal.com/Members/Your-Career/ CIMA accountancy career prospects.
https://www.grantthornton.co.uk/careers/ Grant Thornton career opportunities.
https://www.accountancydaily.co/ Keep up to date with the latest accountancy and financial news.
https://www.ucas.com/careers-advice/employment/how-to-become-a/accountant Guide to becoming an accountant.
https://www.prospects.ac.uk/jobs-and-work-experience/job-sectors/accountancy-banking-and-finance/how-to-become-an-accountant Another valuable step-by-step guide to becoming an accountant.
https://bafa.ac.uk British Accounting and Finance Association