Becoming a chartered accountant takes extensive training, education and commitment – and only those who have completed the necessary qualifications can become recognised as chartered by an accountancy body.
Read on for our guide to becoming a chartered accountant, what qualifications you’ll need and finding the career path for you.
What is the Role of a Chartered Accountant?
Chartered accountants are financial experts in and business advisory services. They use their financial expertise to advise and report to managers in both the public and private sectors, helping businesses, government bodies and individuals across industries manage their finances effectively.
The Path to Becoming a Chartered Accountant
Education & Professional Qualifications
There are a number of educational paths you can take to become a chartered accountant. While holding a degree in economics, finance or business will help your career to progress, it’s not essential.
One of the most common paths to becoming a chartered accountant is through a finance graduate scheme . Often, the scheme will offer opportunities to gain an accountancy qualification as part of the programme.
For some people, attending university isn’t for them. If you’d prefer to leave school and go straight into work, apprenticeships are a great way to learn on the job . Alongside work, you will gain the necessary qualifications, progressing through your exams without incurring any debts. Organisations like Association of Accounting Technicians (AAT) provide a route to achieving chartered status with the main professional bodies. While AAT qualifications do not provide you with chartered status, they are a great stepping stone to achieving the qualification.
Work Experience
Getting the relevant qualifications is just the first step in becoming a chartered accountant. All professional accountancy bodies require that you gain valuable work experience alongside your studies. Securing a training contract with a recognised employer like MMG is your key to success.
Getting Your Membership
While many firms accept qualifications from any board, it’s worth looking into their preferred route if you have a career path in mind. Some of the most common professional bodies in Scotland and the UK are:
Institute of Chartered Accountants Scotland (ICAS)
To study with ICAS you don’t need to have a degree or any previous accountancy or finance experience. The route you take to an ICAS qualification can be:
- Graduate entry
- School leaver
- RGU graduate apprenticeship
- Entry via other memberships
Association of Chartered Certified Accountants (ACCA)
Before you start studying with ACCA, you should choose which level you can start studying at depending on what qualifications you already have. Like ICAS, the route to entry can be as a school leaver, graduate entry or while you’re at a later stage in your career.
Chartered Institute of Management Accountants (CIMA)
CIMA offers a more flexible route to becoming a chartered accountant. You don’t have to have a degree to progress with a professional qualification. The apprenticeship route offers a pathway through the qualification with progression from Level 4 (Professional Accounting / Tax Technician) to Level 7 (Professional Accountant) or straight to Level 7 if you qualify for exemptions, then on to membership.
CIMA also offers a Certificate in Business Accounting which is an entry-level accounting qualification for those with little or no accounting background.
Values of an MMG Chartered Accountant
Adapt to change and continually develop
Working across a variety of sectors and clients every day, accountancy is a varied role and it requires flexibility. This is also important in keeping up with emerging technologies and techniques. A keen interest in developing your skills and growing professionally is a must.
Do the Right Thing
Chartered accountants often handle sensitive data and are expected to act with integrity in their decision-making. At MMG, it’s our responsibility to ensure credibility in the information we produce. Our clients put their trust in us so ethical conduct is fundamental.
A positive can-do attitude
Becoming a chartered accountant is no easy feat. It takes time, energy and a lot of studying so being a self-starter with a positive attitude is key.
Deliver quality work on time
Understanding and communicating with clients about their needs is one of the most important skills of a chartered accountant. You will work closely with clients so being able to deliver quality work on time is key.
Be a reliable team player
At MMG, we believe in the power of teamwork. Chartered accounting often involves complex projects that require collaboration with colleagues across teams. Dependability from each team member is essential to meet deadlines and provide quality work for clients.
Career Options for Chartered Accountants
As a chartered accountant, there are a variety of career paths you can take. Some of these include:
- Audit and assurance
- Taxation
- Management accounting
- Corporate finance
- Consulting
- Risk management
- Business recovery and insolvency
Looking to Become a Chartered Accountant?
At MMG, we are dedicated to nurturing talent and fostering a collaborative environment. Join us to build your skills, make a difference and thrive in a team that supports your growth.