Overview A CA (Chartered Accountant) is a professional accountant who has earned the CA title through training and practical experience obtained from the CICA (Canadian Institute of Chartered Accountants). The institute, which has over 66,000 members, conducts research into current business issues and sets accounting and auditing standards for all types of businesses. A CA is a complete professional in the field of Accountancy - informed in the subjects of Accountancy, Auditing, Business Management, Information Technology, Taxation, Corporate and Commercial Law, Financial Management, Economics and other linked subjects. Chartered Accountants serve business clients by preparing, reviewing and evaluating financial statements, consulting, preparing budgets and tax returns and analyzing financial information in order to help them with business strategies, auditing services, management, and maximizing production. Chartered Accountants are recognized as leaders of the Canadian business society. The intense programs of education and training have shaped each CA to become an evident leader with financial expertise to help any business grow and succeed in society. Becoming a CA The career path to become a Chartered Accountant involves lots of dedication, schooling, and ability to take on the intensive programs and examinations. There are several ways to obtain the CA status. The most common process people go through in becoming a CA start off with enrolling in university. After they obtain a university degree (one that includes the Institute's specified 51 credit-hour requirement), they acquire employment in an office designated to train CA students, for an arranged period of 30 months. Many CA firms that have been recognized by the institute, must assist the students in the development of the essential knowledge and professional understanding of five main areas: · generally accepted accounting principles and auditing standards · ethics and public responsibilities · computers and information technology · income and other taxes · law During their employment they must complete a one-week staff training program within the first 12 months of working in the designated training office. After they must successfully complete the School of Accountancy. It consists of two segments, a core-knowledge examination (CKE) and an end-of-School examination (ESE). The CKE must be successfully completed in order to attend the full-time segment of the School and an acceptable result on the CKE and the ESE must be achieved in order to attempt the UFE. Finally the national Uniform Final Examination (UFE), an extremely difficult examination. Passing the exam, together with completion of the CA program's arranged practical experience requirements, will certify them as a chartered accountant and allow them to practice public accounting and to perform professional services.
The non-profit professional organization, American Institute of Certified Public Accountants (AICPA), was founded in the United States of America. The organization was founded in 1887, to help ensure that the accounting profession would gain the same respect as the other prestigious occupations had received from the public. The accounting profession, similar to the medical, legal, and engineering professions, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing status [Uniform CPA Examination], and a commitment to serving the public interest” (AICPA, 2016). These five characteristics
Over one million people are employed as accountants, and most can be found in private business and industry. “Nearly 40 percent of all accountants are certified, and about 10 percent are self-employed’(Caruna, 1). In addition to openings resulting from growth, the need to replace accountants who retire or transfer to other occupations will produce thousands of job opening annually in this large occupation. The Occupational Outlook Handbook states that the expansion of accountants is related to: “increasingly complex taxation, growth in both the size and the number of business corporations required to release financial reports to stockholders, a more general use of accounting in the management of business, and outsourcing of a...
The American Institute of Certified Public Accountants (AICPA) was formed in1921. The organization, however, does have history dating back to 1887. The AICPA is the face of the CPA profession. Rule-making and standard-setting for the profession is handled by the AICPA. The organization also serves an advocate before interest groups and legislative bodies. Besides developing standards and grading the Uniform CPA Examination, the AICPA also enforces technical and ethical standards. Being a member of the AICPA has many advantages to advance a profession’s career.
In “Professional Knowledge and Skills Required for Accounting Majors Who Intend to Become Auditors: Perceptions of External Auditors” by Ali Uyar and Ali Haydar Gungormus, the authors reason that in order for universities and colleges offering accounting education to “survive” in this ever-changing, cutting-edge global market, they have to acknowledge the requirements of the “business world” and to meet such requirements by preparing graduates who have the knowledge as well as the skills necessary to perform their jobs well and to be successful (33). In a survey conducted by the authors regarding the importance of certain ...
This essay aims to describe the mechanisms that South African Chartered Accountants utilize to maintain professional status in South Africa. The topic in discussion will be explored partly by the use of the criteria of a profession, as defined by Stewart (1975) and the institutes which enable South African Chartered Accountants to meet them, mainly the South African Institute of Chartered Accountants (SAICA). The following criteria will be discussed: a formal education process, standards governing
In the case of a private accountant the end of climbing the professional pyramid is at becoming the chief financial officer (CFO). Within a company, this is the most prominent position for a person of an accounting background and field. Prior to becoming a CFO, the private accountant must tackle the positions of control such as assistant controller and controlee. At the achievement of becoming a CFO, the accountant would take on the same responsibilities it once held but to a higher level. It is expected to take control of the companies’ entirety of accounting functions. For a private accountant to reach the level of CFO is quite an accomplishment, but this position bestowed by a small, low-key company does not appear as well on paper as the accomplishment of a public accountant who made a name for themselves.
In particular the adoption of the International Accounting Standard has made the profession more challenging. Accounting is an extremely complex activity with substantial ethical implications which have changed over the last century. Accountants are increasingly becoming an important part of successful business teams. This is because they understand the language of money and a company's complex financial situation better than any other employees. The job outlook for Accountants and auditors seems promising for those still in college with a major in Finance or Accounting. According to the Bureau of Labor Statistics (2014), there is a projection of 13 percent growth for 2012 to 2022 for the employment of accountants and auditors. There are few issues that will hinder prospective acc...
Professional accountants require an ethical code as they hold positions of trust because of which people put their faith on them. The accountability to act in the public interest is the distinguished mark of this profession.
The accounting profession industry is changing rapidly, to maintain or develop the accounting profession, Malaysia may need to provide higher education and training for professional. In the future, there is a different of need requirements between the generations, for example, the generation “X”, which their age currently are between 30-45, they are building assets for their future and are keen to adopt new ideas. Besides, generation “Y” which their age are currently around 20-30, are a different breed (Nixon, n.d.). It is a faster moving generation compare to the previous generation. The younger professionals jump into larger roles so quickly, they must ensure that they are constantly learning on the job. Other than that, critical thinking and relationship-building as well as verbal and written communications skills are crucial to being a successful certified public accountant (CPA). Technical knowledge is a minimum requirement, the more diverse a candidate’s knowledge and expertise, the more valuable they become to an
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is seen as a body sovereign charged with the duty to develop and issue Sri Lankan Accounting Standards (SLAS) for financial statement preparers and users.
I learnt that in order to become a chief financial officer (CFO) , I would first have to get at least a 2:1 in my account and finance degree and while in my degree I would need to take a placement year in order to gain some experience in the accounting field. After graduating from my degree I will be doing ACCA exemption in order to qualify as a chartered accountant. After the ACCA exemptions I will need to get more experiences in the accounting and develop more skills in order to work my way up the ladder in order to become a CFO.
The career requirements vary from school to school. Although accounting education majorly requires an extreme concentration on Mathematics, business, economics, and finance (Nobes). Every profession has a set of standards that must be achieved educationally. Since I plan to shift and complete the program at Kennesaw State University, there are specific needs to enter the school. For instance, a letter of application with at least three references, a letter of good character from the home institution, and past academic transcripts from the previous institutions (Kennesaw State
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely