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Legally, anyone can call themselves an 'accountant'. But before any one can become a 'Chartered Accountant' and use the designatory letters ACA or FCA, members of the Chartered Institute of Accontants in England & Wales must undertake a period of at least three years training with an organisation that is authorised by the Institute
pass tough examinations embracing financial management, auditing, business strategy, taxation and IT.
This training and experience also ensures that Chartered Accountants develop communication skills, business awareness and professional judgement.
Institute members are expected to maintain high standards of ethical and professional conduct.
The two major fields that Chartered Accountants generally work in are Public Practice and Working within an accountancy practice, providing clients with accountancy and tax services, business advice and management consultancy. Such practices vary in size from the sole practitioner in the high street up to large multinationals with offices in many countries. There are currently over 30,000 instute members working in practice.
Those in business are employed within an organisation using their financial management knowledge and expertise to control the management of the business and help it develop. Currently over 68,000 Institute members work in business. As well as those occupying roles such as Finance Director within many of the Top 100 listed companies, many of these members work for organisations with less than 250 employees.
So as stated accountants fall into different catagories sch as management accountants, certified accountants and chartered accountants.
The latter is rightly or wrongly classed as the most prestigious type of accountant and any accountant claiming to be a chartered accountant will be a member of Chartered Institute of Accountants in England and Wales.
The Institute of Chartered Accountants in England & Wales was incorporated by Royal Charter in May 1880 following the coming together of six local societies of accountants in London, Liverpool, Manchester and Sheffield. The Institute received a Supplemental Charter in 1948. As a Chartered body, the Institute operates primarily in the public interest
The Institute is the UK?s premier accountancy body, and the largest in Europe, with over 124,000 members working in business and public practice in 142 different countries. Over 15,000 members live and work outside the UK. The Institute also has some 9,000 students.
The Institute's qualification is recognised around the world as a prestigious professional business qualification. Members of the Institute are entitled to the description Chartered Accountant and to the designatory letters ACA or FCA.
The Institute undertakes or facilitates a wide range of professional activities including education and training of students, continuing professional development for members, maintenance of professional and ethical standards, cutting-edge work on technical accounting issues, and provision of advice and services to members.
The Institute is the largest member of the Consultative Committee of Accountancy Bodies (CCAB), a grouping of the UK's six professional accountancy bodies, and has a significant representational role with Government, the European Commission and influential world-wide bodies.
Institute strategy and policies are determined by a Council and committees of volunteers. The Institute is managed on a day-to-day basis by the Chief Executive and three Executive Directors. It has around 480 staff working in two principal locations (London and Milton Keynes), with local staff working in the regions.
Our recommendation is that you always check an advisers qualifications before engaging their services.
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