OVERVIEW
What is a Chartered Accountant?
Chartered accountants are professional accountants who are qualified to take on several specific activities within the spectrum of accountancy. The typical tasks of a chartered accountant include auditing financial statements, filing corporate tax returns, and providing financial advising. To operate as a chartered accountant in the U.S., you need specific credentials that prove you’re qualified to file a business's tax return, audit financial statements and business practices, and offer advisory services to clients, among other accounting activities.
RESPONSIBILITIES
What Does a Chartered Accountant Do?
Chartered accountants are highly educated professionals whose many job functions vary depending on the area of accountancy they practice in. There are four main areas in which chartered accountants work:
- Taxation: Tax accounting deals with the preparations of tax returns and tax payments by individuals, businesses, corporations, and other entities. This subsector of accounting focuses on income or revenue, qualifying deductions, donations, and any investment gains or losses.
- Financial accounting and reporting: Financial accounting and reporting (FAR) monitors all education and general funds, designated funds, auxiliary funds, restricted funds, and agency funds. Accountants who work in FAR are responsible for maintaining a high level of understanding of the rules and regulations and providing technical assistance to businesses and organizations.
- Applied finance: Applied finance is the practical application of financial knowledge and methods. Chartered accountants in this subsector work for businesses and other organizations to form profitable financial models and recommendations.
- Management accounting: In management accounting, also known as “managerial accounting,” chartered accountants act as consultants by using the financial data of a company or organization to inform smart decision-making and to assist in the management and performance of their control functions.
Accountants can work in any of these four major areas of accountancy, and they might even oversee a corporation or business’s entire accountancy needs, depending on their level of experience.
Chartered Accountant vs. CPA
To work as a chartered accountant, you must attain a specific professional accreditation of “chartered status.” CAs have gained the same education as a regular accountant and typically have the same professional experience within the U.S. but need to obtain specific qualifications to do accounting work outside of the U.S. and hold the “chartered accountant” title. There are several associations acting as governing and accrediting bodies for these professionals, including the American Association of Chartered Accountants, the Canadian Institute of Chartered Accountants, and Chartered Accountants in England and Wales.
Where Does a Chartered Accountant Work?
Chartered accountants are globally recognized professionals. They often work for multinational companies and corporations in every industry. As a chartered accountant, you can work in a range of public, private, and nonprofit sectors.
EDUCATION & BEST DEGREES
How to Become a Chartered Accountant
Becoming a chartered accountant requires students to complete education and certification requirements as well as gain work experience. The steps to becoming a chartered accountant are as follows:
- Earn a bachelor’s degree in accounting: The first step is obtaining a bachelor’s degree in accounting, finance or a closely related field. Once you have this credential, you can pursue the process of earning licensure and job experience through internships.
- Apply for and complete an internship: Internships are an important part of your accounting education and often turn into paid, full-time jobs upon completion, especially in large corporations.
- Apply for a chartered accounting training program: If you’re opting to work as a certified chartered accountant, you’ll need more advanced education than the average CPA. After completing your training program, you can take an examination and earn your chartered accountant credential.
- Gain work experience: Typically, foreign employers require chartered accountants to have about three years of work experience.
- Build a global network: If you’re interested in working as a chartered accountant outside of the U.S., it’s smart to start building a professional network while completing your education requirements. Research companies abroad that interest you, monitor the positions they’re hiring for, and follow them on LinkedIn to keep abreast of company updates. In some cases, it may even be appropriate to connect with relevant professionals within these companies.
- Consider obtaining a master’s degree in accounting: While you need only a bachelor’s degree to have a career as a chartered accountant, obtaining a master’s degree will deepen your accountancy knowledge and allow you access to more jobs and competitive salaries. About 72% of chartered accountants hold a bachelor’s degree, and 17% hold a master’s degree.
Best Degrees for a Chartered Accountants
Business
Accounting – B.S. Business Administration
Have a knack for numbers or fine-tuning finances?...
Have a knack for numbers or fine-tuning finances?
- Time: 62% of graduates finish within 24 months
- Tuition: $3,755 per 6-month term
- Courses: 41 courses in this program
Skills for your résumé you will learn in this program include:
- Accounting
- Finance
- Financial Statements
- Communication
- Detail Oriented
- Research
Take your first step toward CPA certification and learn how to use GAAP, ledgers, and journals.
Business
Finance – B.S.
This online finance program is career-focused so you will gain relevant...
This online finance program is career-focused so you will gain relevant industry skills.
- Time: 62% of graduates finish similar programs within 24 months
- Tuition: $3,575 per 6-month term
- Courses: 41 courses in this program
Some careers and jobs this business degree will prepare you for:
- Management
- Accounting
- Finance
- Spreadsheets
- Financial Analysis
- Problem Solving
The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.
Business
Accounting – M.S.
Become better qualified to pursue a greater variety of public and private...
Become better qualified to pursue a greater variety of public and private accounting positions:
- Time: 62% of grads finish within 19 months.
- Tuition: $4,755 per 6-month term.
- Courses: 10 total courses in this program
Skills for your résumé that this program will prepare you for:
- Accounting
- Auditing
- Tax Planning
- Financial Management
- Online Communication
- Research
This MAcc program is designed to prepare you for the CPA exam and also the CMA or CIA exams.
How Much Does a Chartered Accountant Make?
$102,245
Salary.com reports that CAs earn a base annual salary ranging from $91,078 to $115,424 with an average chartered accountant salary of $102,245. General accountants earn a median salary of $77,250 per year, according to the U.S. Bureau of Labor Statistics (BLS), so you have a significant opportunity to earn more by pursuing a chartered accountant career.
What Is the Projected Job Growth?
7%
Recent data from the BLS projects employment of accountants and auditors will grow by 7% from 2020 to 2030 (about as fast as the average for all occupations). This equates to roughly 135,000 job openings for accountants each year, on average, over the decade. While this data doesn’t refer specifically to chartered accountant jobs, it’s a positive outlook for the accounting career in general.
SKILLS
What Skills Does a Chartered Accountant Need?
In practice, chartered accountants share many similarities with certified public accountants, but CAs tend to have deeper training in taxation and global regulations. That said, chartered accountants need an expert-level command of the principles and functions of accounting. Chartered accountants must:
- Possess general business interest and awareness
- Be self-motivated and committed
- Have great communication and interpersonal skills
- Possess organizational and time management skills
- Have a methodical approach
- Be proficient in IT
- Have strong analytical and problem-solving skills
- Be good with numbers
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No need to wait for spring or fall semester. It's back-to-school time at WGU year-round. Get started by talking to an Enrollment Counselor today, and you'll be on your way to realizing your dream of a bachelor's or master's degree—sooner than you might think!
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