Being an accountant is a fulfilling and a highly in-demand job but taking this career path requires effort and dedication. People who want to take this profession may need to excel in their field of study to make the employment process easier for them. This is not actually a requirement but having awards and honours in school can give you an edge during difficult examinations. Before formally starting on accountancy, one must first decide what accounting body he wants to specialize on. Basically, there are three main accounting bodies namely the Institute of Chartered Accountants (ICAEW) in Wales and England, the Chartered Association of Certified Accountants (ACCA), and the Chartered Institute of Management Accountants (CIMA).

The study process, trainings, and possible opportunities will be dependent on the accounting body chosen by the aspiring accountant. For example, the ACCAs and ICAEW have the authority of signing audited accounts so these bodies are the best for those who want to directly go into practice. CIMA, on the other hand, is not authorized to sign off audited accountants so the ones who choose this accounting body are those who want to specialise in commerce or who may want to have jobs as finance directors.

For a brief overview of the three main accounting bodies, the ICAEW is the oldest and most popular body in the field of accounting. Those who are generally planning to build their own firms are the ones who study on these exams. Accountants who have passed on this body’s exams may have the FCA or ACA profession label after their names. Most of the members of the ICAEW, however, have ACAs because this is a qualification that is most widely recognised as the accounting standard all around the world. In order to gain an ACA qualification, one must take a training contract for about 3 to 5 years and also pass the advanced and professional state of the examinations.

The ACCA, on the other hand, holds the second place as the most known accounting body. The study program of this company is closely similar to the ICAEW exam except that it involves a mixture of both experience and written tests. The exams on ACCA also require aspiring accountants to pass 14 of their exams, 9 of which can be exempted if the person has gained honours on their degree. Training is also a necessity on this accounting body as it requires its students to take a minimum of three years relevant experience on the field and passing of the Professional ethics module.

The last accounting body is CIMA, which is more centred on people who want to specialise in the field of commerce. The motto of CIMA is that they can help their would-be members to use their finance skills to aid future successes of companies rather than focus on past performances. Hence, this body’s viewpoint is that their accountants are more of bookkeepers who focus on managing the financial performance of organizations. The modules of CIMA are concentrated on financial management, business management, and management accounting.

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Category: Finances
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