Accountancy professionals
The title of a chartered certified accountant is given to a person who has trained and qualified with ACCA (the Association of Chartered Certified Accountants) and is a paid-up member of the association. This both gives them the title and differentiates them from other accountants who aren’t qualified or have qualified with a different body.
That’s the simple and straightforward answer to the question, but what does it really mean to be a chartered certified accountant? What training have they had? Are the qualifications equivalent to those from other accountancy bodies? What can a certified chartered accountant do?
What is the Association of Chartered Certified Accountants?
In 1904 eight accountants founded the London Association of Accountants which would later become the ACCA. In 1905 they began publishing their members journal and introduced their first examinations.
In 1909 they became the first professional accountancy organisation to welcome women members. By 1913 they were already starting their international journey with a branch in South Africa and landed in Asia in the mid-30s.
They continued their growth and development, training thousands of students around the world, who could adopt the title of Certified Accountant once all their training and experience requirements had been met. The work of the organisation gained increased recognition with the granting of a Royal Charter in 1974.
It was at this point that members were able to add the “chartered” into their professional titles alongside the existing “certified”. Using the two words together allows members of the body to differentiate themselves from members of the ICAEW (The Institute of Chartered Accountants in England and Wales).
This other organisation had been granted its charter in 1893 and its members were already using the designation of Chartered Accountant.
The association now has over 230,000 qualified members around the world, and more than half a million students.
How do you become a chartered certified accountant?
In the UK the term accountant is not regulated, meaning that anyone could set themselves up as one. However, the terms Chartered and Certified are protected and mean that the person has acquired at least the minimum accountant’s qualifications and is a member of their professional body.
For an ACCA member, the qualifications require a mix of study, passing exams (up to 13 depending on any exemptions) and at least three years of professional experience.
There is also an obligatory Ethics and Professional Skills module to ensure all members practice the highest standards of professional accountancy. To maintain their membership they must undertake continuing professional development which has to be recorded and submitted annually.
The ACCA exams are recognized globally, meaning that a qualified member can look for work anywhere in the world.
ACCA members with additional experience may become Fellows of the Association, allowing them to use the designation FCCA after their names.
What do chartered certified accountants do?
Once qualified, what kind of work might a Chartered Certified Accountant do? There are many career paths open to them. You can find qualified accountants working in the private sector both in accountancy firms and in corporate finance.
They may be employed in the public sector, where they are responsible for ensuring that financial management is effective and efficient to make the best use of public money.
The kind of work experience gained while training may shape an accountant’s career path. Often a trainee accountant will continue to work for the same employer after qualifying, but possibilities exist in many forms.
Some people will choose a particular area in which to develop their expertise. This might be advisory and consultancy, using their insight to provide expert advice and supporting client companies to improve, innovate and grow.
An accountant may choose the audit and assurance route, evaluating systems and controls, gathering evidence and carrying out financial audits. They may want to specialise in digital solutions, making thee most of the capabilities, practices and strategies offered by emerging technology.
An accountant may concentrate on financial and business reporting. They will prepare and communicate financial statements and other business reports to support understanding and decision making. Or they may branch out into risk management or become a taxation specialist.
Whether public or private sector or what specialist area they are working in, a chartered certified accountant can be relied on to work professionally and with integrity. ACCA has a professional code of conduct and members are obliged to comply with their rules and regulations, follow their ethics and prepare work that meets specific standards.
The regulatory board exists to ensure that ACCA members always act in a true and fair manner while carrying out their professional duties, and to take action in the instance of any breach.
