The different routes into Accountancy

Mon, 26 Mar 2018

The different routes into Accountancy
The different routes into Accountancy

Hello again all

 

BUT - surely - you must need a degree, before you can train to be an Accountant.........?

 

We get asked this question so many times here at MPES, I thought it may be useful to pop down all of the different routes you could potentially pursue, should you wish to take one of the accountancy qualifications.


OK - lets look at Chartered Accountancy (ICAEW a.k.a. ACA) first....


There are a few routes into Chartered Accountancy, here on the Island, as follows:

1. Complete the CFAB qualification (baby ACA)

There is no academic pre-requisite for the CFAB qualification.  This is open to all.  You do not need to work for an ICAEW recognised employer either.  CFAB can be completed in 12 months.

https://www.icaew.com/en/learning-and-development/icaew-cfab/about-icaew-cfab

Once you have your CFAB qualification, you could then approach an ICAEW recognised employer for a training contract / position and should you be successful, complete the remainder of your ICAEW qualification.


2. Register to become a CFAB apprentice

The IOM Government runs an apprenticeship scheme for CFAB.  To get into this scheme, you need at least 5 GCSE's (grades A to C).  Again, you do not have to work for an ICAEW recognised employer to be eligible for this scheme.  Any firm is eligible.  The apprenticeship can be completed in 2 years and the IOM Government helps with the apprentice's training costs.
 

3. Complete your GCSEs and A Levels and go and work for an ICAEW recognised employer as a "bright starter"

The ICAEW recognised employers generally look for at least 5 GCSEs (grades A* to C, with at least B grades in English and Maths*) and 2 or 3 A Levels (grades A to C*).  *This requirement varies from firm to firm.
The training contracts the recognised employers offer their "bright starters" tend to last for 4 years.
Lots of "bright starters" may have undertaken some form of intership with a recognised firm in their school holidays.
The training costs are borne by the employer.



4. Go to university, obtain a degree and then gain a training contract with an ICAEW recognised employer as a graduate

The ICAEW recognised employers generally look for candidates with a 2:1 (or better) degree.
The training contracts the recognised employers offer their graduates tend to last for 3 years.
The training costs are borne by the employer.

https://careers.icaew.com/en/why-a-career-in-chartered-accountancy/why-become-an-icaew-chartered-accountant
 

Now lets look at Certified Accountancy (ACCA).
 

Again, there are a few routes into ACCA:
 

1. Complete the Foundations in Accountancy (FiA) or CAT qualification (baby ACCA)

There is no academic pre-requisite for the Foundations In Accountancy / CAT qualification.  This is open to all.  FiA/CAT can be completed in 18 months.

http://www.accaglobal.com/gb/en/employer/our-qualifications/fia.html

Unlike Chartered Accountancy, you do not need to work for an ACCA accredited employer to complete any of the ACCA qualifications.  You can work for any type of firm, but you do need to work in an accounting role to ensure that you meet your work experience requirements.  Training costs can either be borne by the individual or the employer.  The IOM Government also offers vocational training assistance (subject to certain criteria). 

Once you have your FiA / CAT you can then transfer over into the full ACCA qualification.

2. Register to become an FiA/CAT apprentice

The IOM Government runs an apprenticeship scheme for FiA/CAT.  To get into this scheme you need at least 5 GCSE's (grades A to C).  Any firm can register for this scheme.  The apprenticeship tends to last for 2 years and the IOM Government will help with the cost of the training. 

3. Complete your GCSEs and A Levels and go and work for a firm as a trainee Certified Accountant

Employers generally look for 5 GCSEs (grades A* to C*) and 2 or 3 A Levels (grades A to C*).  *Again, this varies from firm to firm. 
To go directly into the ACCA qualification you need at least 5 GCSEs (grades A* to C) and 2 A Levels (grades A to C).
Training costs can be borne by the individual or the firm.  Vocational training assitance, may be available from the IOM Government (subject to certain criteria).
It takes 3 to 4 years to train to be an ACCA accountant (as you need 36 months practical experience too).

4. Go to university, gain a degree and then get a job as trainee with a firm

Employers tend to look for graduates with a reasonable degree.
Training costs tend to be borne by the firm.  
It takes 3 to 4 years to be an ACCA accountant (as you need 36 months practical experience too).

http://www.accaglobal.com/ca/en/qualifications/glance/acca/overview.html  

 

As well as being able to pass all of the exams, Accountants posess the following skills too:

  • Are able to interpret figures and information (financial and non-financial)
  • Have strong communication and problem solving skills
  • Have robust time management skills and are highly organised
  • Are extremely accurate, logical, analytical, IT literate
  • Have a very high attention to detail

It is worth noting that whatever route you choose to go into the Accountancy profession and complete the qualifications will mean a lot of hard work and sacrifice.  None of the exams are particularly easy and will require significant investment of your time.

Best of luck!

Until next time.....

Sarah.

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