Institute of Chartered Accountants in England and Wales
The ICAEW is the largest professional accountancy body in Europe having been established by Royal Charter on 11 May 1880. The charter incorporated the five English accountancy bodies established between 1870 and 1877.
The broad range of experience gained as a Trainee Chartered Accountant provides a valuable insight into the operations of many types of business. ACA Trainees receive hands-on work experience, regular client contact and exposure across their employer's organisation.
Around 50% of ACA qualified professionals work in Public Practice - specialist firms that offer professional services to business and public sector clients. You could end up as a Senior Partner, Management Consultant or Tax Specialist. Another route for qualified ACAs is that of Commerce and Industry. Opportunities in these sectors are equally diverse. You could eventually find yourself in the role of Internal Auditor, Financial Analyst, Systems Accountant or Financial Director of a leading Bank or Retailer.
Professional Qualification
The ICAEW's qualification is globally recognised as a prestigious business qualification. Qualified members of the Institute are entitled to the description Chartered Accountant and to the letters ACA or FCA, depending on experience and length of membership.
While the majority of ACA Trainees (approx 80%) are graduates, they come from all subjects. It is not essential to hold an Accounting or finance-related degree. Although an A level in Maths is not essential, employers will look for evidence of a strong academic record. You must have gained either A or B grades in GCSE Maths and English. In addition, employers will look for commitment, self-motivation, team work and excellent communication and problem solving skills. You should consider how best to illustrate these qualities in your job application.
Candidates who have passed BTEC, HNC, HND or even the AAT qualification can also enter training contracts. For AAT qualified candidates, there is ACA fast track scheme that can take you from A levels to ACA qualification in just four years.
ACA students must complete a 3-5 year training contract during which they will combine work experience with study for the ICAEW's professional exams. As all employers need to be authorised to train, the size of firm you choose to train with does not matter. The standard of training will be the same across the board. In larger firms, students can be placed in specific business areas whereas a smaller firm would give you greater general practice experience. The exams cover Accounting, Audit & Assurance, Business Finance, Business Management, Financial Reporting and Taxation.
Most organisations offer vacancies in the summer following the publication of exam results. Some companies also take on Trainees in the New Year period. The best time to apply is the first term of your final undergraduate year. Please apply directly to employers and not via the ICAEW, ICAS or ICAI bodies.
Contact details
ICAEW - Institute of Chartered Accountants in England and Wales
Chartered Accountants Hall
Moorgate Place
London EC2P 2BJ
Telephone: 01908 248 040
Fax: 01908 248 006
Email: studentssupport@icaew.co.uk
Web: www.icaew.co.uk