Guide to ICAEW
Below is a brief outline of the Institute of Chartered Accountancy in England and Wales (ICAEW), one of the five major accountancy qualifications, including a web address where you can obtain more detailed information and submit questions.
There are many accounting qualifications to consider - some just give you a grasp of the basics while others are more advanced and take in management issues as well as the more technical accountancy training. Different qualifications have different entry requirements, exemptions, study methods, fees and timeframes.
ICAEW
The ICAEW has 117,000 members, working in public practice, commerce and industry, banking and finance and the public services. There are several ways to undertake training for the ICAEW qualification.
Most students take a university degree but it is also possible to enter for students who have completed A levels, the AAT, UK accountancy or other professional qualifications or those who have met overseas educational requirements. A level joiners and graduates must have a good academic record, but need not have studied subjects/courses in a relevant discipline.
To qualify as a Chartered Accountant students must complete practical work experience in a training organisation authorised by the ICAEW and pass the 'New ACA Examinations'.
The minimum length of a training contract is three years. For A level entrants it is more likely to be a four or five year contract. Because they are working while learning students will be earning throughout their training contract.
Training contracts can be undertaken in public practice (firms of accountants), industry and commerce or in some public services organisations: the qualification is the same. Students of the ICAEW must pass two stages of exams. The Professional Stage has six exams, and two subjects assessed by tuition providers or training offices. The Advanced State involves a Test of Advanced Technical Competence and an Advanced Case Study.
For up-to-date information, visit www.icaew.co.uk.
