0 Members and 1 Guest are viewing this topic.

*

Offline promise

  • *****
  • 139
  • Deskmate is cool ,,, !
  • City: Harare
  • Current Education: University
Why becoming a Chartered Accountant
« on: March 22, 2016, 08:46:16 AM »
Accounting
The degree of a chartered accountant is one of the most prestigious degrees in the world. It is not easy to become a chartered accountant considering the difficult courses and examinations that he is supposed to undergo. In fact a chartered accountant is considered to be a cut above the other accountants as he has completed a rigorous two years post graduate program along with the work experience at the same time while pursuing his studies. The chartered accountant is the most in demand finance professional in the world today. Some of the benefits that a chartered accountant enjoys are:

 a) A chartered accountant is one of the most sought after professional in the finance industry. There is a great dearth of young accounting professionals in the financial domain. It would provide you with leverage as the qualification of a chartered accountant is the highest and the toughest qualifications to have. Being a chartered accountant can provide you with a whole lot of opportunities.

 b) A chartered accountant would always have more opportunities to work overseas as the degree is recognized by a large of number of nations. One can get a head start against the other accountants as he can work in any of the member countries like- Canada, US, UK, Hong Kong, New Zealand and many more.
 c) According to a recent survey the global competition for the accountants is increasing with every passing day. The degree of a chartered accountant would also always hold one in good stead.

d) The financial expertise as well as the business knowledge can make the CA a business leader in his country.

e) The in depth experience as well as the rigorous training that a CA undergoes can help him in entering the higher echelons of management. Some of the CEOs of the world's biggest companies are all chartered accountants. There are many other benefits that can be accrued to a chartered accountant. Being a globally recognized qualification, a chartered professional is the perfectly suited qualification on a global scale. The training that he undergoes prepares him to face any situation howsoever complex and difficult it might be as far as the finances of an organization are concerned. Some of the key areas that a CA works on are checking the veracity of the company's financial reports, bookkeeping, advising on tax and many other responsibilities.


Chartered accountants offer financial advice, audit accounts and provide trustworthy information about financial records. This might involve financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes.

Generally, they play a strategic role by providing professional advice, aiming to maximise profitability on behalf of their client or employer.

They work in many different settings including public practice firms and industry and commerce, as well as in the not-for-profit and public sectors.

In public practice firms, chartered accountants provide professional services to fee-paying clients who might be private individuals or large commercial or public sector organisations.

In commerce, industry and the not-for-profit and public sectors, they may work in treasury management, procurement, financial management or in reporting roles.
Responsibilities

The role of a chartered accountant covers many aspects of finance work, including:

    continuous management of financial systems and budgets;
    undertaking financial audits (an independent check of an organisation's financial position);
    providing financial advice.

In public practice, tasks carried out by a chartered accountant include:

    liaising with clients (individuals or businesses) and providing financial information and advice;
    reviewing the company's systems and analysing risk;
    performing tests to check financial information and systems;
    advising clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers;
    maintaining accounting records and preparing accounts and management information for small businesses (accountancy);
    advising clients on business transactions, such as mergers and acquisitions (corporate finance);
    counselling clients on areas of business improvement, or dealing with insolvency;
    detecting and preventing fraud (forensic accounting);
    managing junior colleagues.

In commerce and industry and the public and not-for-profit sectors, work involves:

    liaising with internal and external auditors and dealing with any financial irregularities as they arise;
    producing reports and recommendations following internal audits or public-sector audits;
    preparing financial statements, including monthly and annual accounts;
    arranging financial management reports, including financial planning and forecasting;
    advising on tax and treasury issues;
    negotiating terms with suppliers.

Salary

    Starting salaries for accountants vary depending on the location, sector, size and type of firm. Graduates entering the career can expect to earn salaries of up to £25,000. Those without a degree will earn less than this.
    Once fully qualified, accountants can earn £26,000 to £50,000+. According to a 2014 salary survey by Stott and May, the average earning potential of chartered accountants with two years of experience is £47,900 plus bonus.
    The average annual salary in business is £90,800.

Careers in banking and capital markets tend to attract the highest salaries.

Salary packages may include benefits such as bonuses, profit-sharing schemes, medical insurance, pensions and car allowances.

Chartered accountants have to undertake a training contract, (usually three to five years), in order to qualify. It is therefore important to consider the package of training, leave and pay offered by employers, as studying while working can be demanding. One of the main challenges for trainees is managing professional study commitments with the day-to-day job.

Income data from ICAEW. Figures are intended as a guide only.
Working hours

Working hours vary depending on the role and the organisation, but are not typically 9am to 5pm. Working extra hours in the evening and at weekends is quite common in order to meet deadlines, particularly in larger firms. Trainees can usually have time off in lieu of any overtime worked.

Flexible working arrangements are possible (usually after qualification). There is also the opportunity to work independently by setting up as a sole practitioner.
What to expect

    Jobs are available in most areas throughout the UK, but are more commonly found in cities and larger towns, where higher salaries are typically earned. Post-qualification opportunities exist overseas. There are also training opportunities overseas with the Institute of Chartered Accountants in England and Wales (ICAEW) - Careers.
    Due to the high profile, accurate and responsible nature of the work, the dress code is usually formal.
    Support and advice for women entering accountancy is offered by Women in Banking and Finance, which aims to empower individuals to reach their full potential.
    Travel within a working day is frequent in audit work, which is carried out mainly at client premises. Absence from home overnight and occasional overseas travel is possible.
    Working in other areas, such as tax, or in smaller firms, tends to be more office-based with less travel.

Related case studies

    Bradley Williams

    Trainee management accountant

Qualifications

Entry is open to graduates of all disciplines and, while a large number have business-related degrees, other subjects are strongly represented, including:

    arts;
    languages;
    maths;
    science;
    social sciences.

A Certificate in Finance, Accounting and Business (CFAB) may also be a useful step between a degree and a training contract.

Although entry to the profession without a degree or HND may be possible, accountancy is a highly competitive industry and graduates will have the competitive edge over other candidates. Candidates with a degree are generally preferred to those with an HND by the large employers.

Some employers train students to do the Association of Accounting Technicians (AAT) Accounting Qualification, which does not require a degree and can lead on to training for chartered status.
i thought success was about passing school but i now see that its your mindset

 


Deskmate 3.0 © 2016, Deskmate by Tremmly.com