A basic guide to accounting qualifications

In the UK, anyone can technically call themselves an accountant – whether they’ve got a professional accounting qualification or not. However, you’ll only have those all-important letters after your name if you’re a type of chartered accountant.

Unlike doctors or solicitors, there are various official bodies where you can train in accountancy. Because of that, there are multiple accountant qualifications (and therefore several acronyms that prove you’re fully qualified).

We’ll run through the following accounting certifications and explain how to become an accountant in the UK:

• ACA (Associate Chartered Accountant)
• CA (Chartered Accountant)
• ACCA (Associate Chartered Certified Accountant)
• CGMA (Chartered Global Management Accountant)

Four key accountancy qualifications provide routes into the wonderful world of accounting: ACA, CA, ACCA and CGMA. All of them are globally recognised. Typically, it takes three to five years to complete a professional accounting qualification. Want to work rather than study? You’ll usually undertake one while working in a grad job.

If your head’s in a spin with acronyms, don’t worry. We’ve got you. Let us make your life easier by highlighting the differences between accounting certifications, helping you decide which one to take to become a qualified accountant.

The ACA (Associate Chartered Accountant) is the professional accounting qualification awarded by the Institute of Chartered Accountants in England & Wales (ICAEW). It’s regarded as a premier business diploma.

If you train to gain an ACA qualification, you’ll be in good company. The ICAEW has a global network of over 172,200 members working in 150 countries.

To start your ACA qualification, you must enter into a training agreement with an authorised employer. Typically, your training agreement will last between three and five years. It needs to be long enough to take on 450 days of relevant work experience while you study.

If you were to gain an ACA qualification in three years, it might look like this:

The first exams you sit will be six Certificate Level exams in different modules:

• Accounting
• Assurance
• Business, Technology and Finance
• Management Information
• Principles of Taxation
• Law

The early modules will teach you the basics of accountancy, finance and business that you’ll need to use throughout your career.

ACA’s Certificate Level exams are computer-based and mostly multiple-choice. Each exam will take one and a half hours to complete, and you can sit any exam at any time of the year. You’ll receive the results the following day, so you’ll soon know how well you’ve done.

The following six exams are Professional Level:

• Audit and Assurance
• Business Planning
• Business Strategy and Technology
• Financial Accounting and Reporting
• Financial Management
• Tax Compliance

The Professional Level exams will build on the fundamentals you’ve learned in your first year, assessing your understanding and how you’d apply your technical knowledge to different scenarios.

ACA’s Professional Level exams take between two and a half to three hours to complete. You can only take them in one of four sittings each year. When it comes to results, you’ll receive them around five weeks after each exam.

The Advanced Level is the final step to becoming qualified. It involves exams in three modules:

• Case Study
• Corporate Reporting
• Strategic Business Management

You’ll need to take ACA’s Advanced Level exams in July or November at an exam centre or via remote invigilation. You’ll find out if you’ve passed after around five weeks.

If you pass your Advanced Level exams, you’ll be a fully qualified Associate Chartered Accountant. Congrats! You can then pursue a career with any accountancy firm, including those in audit accounting. You could also join a private or public sector organisation or start your own practice.

A CA certification is the official qualification for a Chartered Accountant (CA). In the UK, The Institute of Chartered Accountants of Scotland (ICAS) awards the CA.

ICAS is the world’s oldest professional body of accountants and now has over 24,000 members and students.

There are several routes to becoming an ICAS Chartered Accountant including:

You’ll earn while you learn. You’ll need to secure a training agreement with an ICAS-authorised employer and will complete your CA accountancy qualification in approximately three years.

You don’t need a degree to be a CA. As a school-leaver, you’ll bypass uni and go straight into paid training.

The Scottish government funds a five-year graduate apprenticeship programme where you’ll gain a degree from Aberdeen’s Robert Gordon University (RGU) while studying for your CA qualification.

Whichever route you take, the CA qualification will provide you with a high level of training in accountancy and business. You'll gain the acumen, entrepreneurial skills and commercial awareness you’ll need to succeed – and impress accountant employers.

The ACCA certification is a globally respected accountancy qualification offered by the Association of Chartered Certified Accountants (ACCA).

The association boasts over 252,000 members (and 526,000 future members) in 180 countries. It’s a fast-growing accountancy body that you can be part of with an ACCA certificate.

You can take on the ACCA qualification as part of a training agreement or independently at your own pace (you’ve got ten years to pass all your exams). To become ACCA-certified, you’ll also need to gain three years of relevant work experience.

Once you become a Chartered Certified Accountant with ACCA, you can work with accountancy firms or private or public sector organisations. You can also start an accountancy practice.

The CGMA Professional Qualification is the accounting certification offered by the Chartered Institute of Management Accountants (CIMA), a UK-based professional body focused on accountancy for businesses.

CIMA is the world’s largest professional body of management accountants. So if management accounting is the type of accounting you’d like to specialise in, it’s a great organisation to get involved with.

You can train towards your CGMA qualification independently or through a training agreement with your employer. There’s no time limit on the training period. You just need to pass your exams and rack up three years of work experience.

As a Chartered Global Management Accountant, you’re more likely to work at a business rather than a specialised accountancy firm.

Whichever professional accounting qualification you choose, qualified accountants are in high demand.

Whether you train and study for an ACA, CA, ACCA or CGMA, an accountancy certification will get your career off to a great start.