What is a Chartered Accountant?

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3 What is a Chartered Accountant? Chartered Accountancy The Premier Accountancy Qualification Chartered Accountants are members of Chartered Accountants Ireland, a body originally formed by Royal Charter in The Chartered Accountant brand and its international recognition derives from steadfast commitment to the highest standards of integrity, professionalism and education. Chartered Accountants Ireland is the largest accountancy body based in Ireland and is the leading voice for the accountancy profession in Ireland. Of its 18,000 members, over 2,000 work overseas. While men once represented the majority in the Institute, today women comprise over 50% of new students. Chartered Accountancy is a global profession with sister-institutes all over the world. The Irish Chartered Accountancy qualification is one of the few fully recognised in the U.S. In addition, Chartered Accountants dominate their profession in Australia, Canada and India. Chartered Accountants Ireland is also working with other Institutes to harmonise qualifications across the European Union. Chartered Accountancy provides the most dynamic and comprehensive programme of theoretical and practical training available. So it s no coincidence that Chartered Accountants are seen as the elite of the financial profession. Chartered Accountants Ireland is proud of its reputation for excellence and integrity in the delivery of the highest standards of professional services. Members play a vital role in the future direction of the Institute. Chartered Accountants can work anywhere in the world. 3

4 What is the Role of a Chartered Accountant? No other career offers such mobility with Chartered Accountants able to move freely and successfully across a diverse range of sectors and roles. There are two main career paths for the profession: 65% of Chartered Accountants make their career in finance, business and industry. 35% of Chartered Accountants work in practice (in accountancy firms), offering professional services to a range of business clients. Working in Business and Industry Chartered Accountants play a vital role in Irish and international business and industry. Today s Chartered Accountant typically works in a dynamic global environment in roles such as business analyst, management accountant, financial controller, corporate treasurer, tax advisor or internal auditor. They are involved at the highest level in virtually every sector from Healthcare to Technology, Finance to Manufacturing. Working in Practice Chartered Accountants in practice provide professional financial services to business. Auditing, financial analysis, risk management and advising on information systems and financial structures are the primary services provided by practising firms of Chartered Accountants. Today, Chartered Accountants are also called upon to advise on strategic issues such as corporate governance, corporate finance and financial control procedures as well as undertaking financial advisory, liquidation and restructuring tasks. They are also highly sought after to advise on the tax implications of clients current activities and future investment decisions. Many major accountancy firms operate thriving, high profile management consultancy and advisory divisions. Chartered Accountants in this field act as consultants on business strategy, process re-engineering, human resources and motivation project analysis, production and financial control. Working in Financial Services Irish Chartered Accountants also make rewarding careers in Financial Services. Chartered Accountants working in this arena advise on risk management, on raising finance, on the optimum use of assets and on the choice of specialised financial instruments. It is challenging work Chartered Accountants are constantly alert to new market forces and changing market trends but the monetary rewards reflect this responsibility. In 8 of the Top 10 Irish Financial Services companies, Chartered Accountants hold the position of Chief Executive or Finance Director. 4

5 Global Opportunities, Rewards & Prospects A Global Qualification Recognised and respected internationally, the Chartered Accountancy qualification means that Irish Chartered Accountants have true global mobility. Indeed, over 2,000 Irish Chartered Accountants work in more than 90 countries: the most popular being the UK, Australia, USA, Canada and the Caribbean. The qualification is an outstanding entry point into business in any part of the world. Chartered Accountants Ireland has Mutual Recognition Agreements (MRAs) with the Chartered Institutes in England and Wales, Scotland, Australia, New Zealand, South Africa, Canada and Hong Kong. Chartered Accountants Ireland is also the only Irish or UK body to have a MRA in place with the American Institute of Certified Public Accountants. In addition to this, Chartered Accountants Ireland is also the only Irish member institute of the Common Content programme which is working to harmonise accounting qualifications across Europe. Great Rewards, Strong Prospects Even in the current challenging economic climate, Chartered Accountancy remains a highly prized qualification that offers rewarding career opportunities. In recessionary times, the need for prudent financial management and business acumen is ever greater and the role of the chartered accountant is as valued as ever. In addition, they are uniquely positioned to move across sectors to optimise their career development and security. Chartered accountants are certainly not immune from present hardships and evidence suggests that salary levels have dropped in the past year. The going rate in Ireland for Chartered Accountants varies widely depending on location and nature of employment. Latest research suggests that newly qualified Chartered Accountants can command salaries in the range of 35,000-45,000 / 30,000 40,000. Chartered Accountants ability to establish themselves in diverse and strategically important roles make them an invaluable company asset. Students beginning their studies this year can reasonably expect to get their qualification as the world economy recovers and will be well placed to benefit from the upturn. 5

6 Becoming a Chartered Accountant 6 Every successful Chartered Accountant must have: gained the requisite amount of work experience as required by Chartered Accountants Ireland, usually as part of a Training Contract (or as specified under the terms of the Elevation Programme, see page 10) Passed professional examinations (CA Proficiency 1, CA Proficiency 2 and Final Admitting Exam. For full details, see page 16) Demonstrated competence in Information Technology. Your Starting Point - Routes to Membership The first thing to establish is which entry route you will be following: A. Graduate (business/non-business) B. Postgraduate C. Accounting Technicians D. Elevation Programme E. Other Routes A. The Graduate Route The majority of students that enrol with the Institute are university graduates. The normal period of experience under training contract for university graduates is 3.5 years. All degree holders from recognised 3rd level institutes are eligible to study Chartered Accountancy. The exemptions offered to graduates by the Institute are differentiated in the following way. I) Business Graduates Business graduates already have a broad academic foundation for further study in the technical subjects required for professional examinations. The range of exemptions offered from these examinations reflects the content and level of the degree obtained - lots of degrees gain an entire exemption from CA Proficiency 1. Business graduates are recommended to participate in the 5 day induction course run in September. The aim of the course is to equip students with the relevant practical skills and assist quick integration into the working environment. II) Non-business Graduates Many Chartered Accountants have qualified in non-business related disciplines such as law, computer science, engineering or arts. Chartered Accountants Ireland encourages this, recognising that their diverse backgrounds bring an invaluable mix of skills and knowledge to the profession. Last year, up to 15% of new entrants came from non-business faculties. The first examination for non-business graduates is CA Proficiency 1. The programme leading to this examination, and especially to the subject Financial Accounting, assumes some prior knowledge of this subject. We recommend therefore that students participate in the 2 day pre-induction course in basic accounting, in addition to the 5 day induction course mentioned above. B. Postgraduate Business Graduates Full-time, one year, postgraduate Masters in Accounting (or equivalent) for business graduates are offered at Dublin City University, University College Dublin, Dublin Institute of Technology, NUI Galway, Waterford Institute of Technology, Letterkenny Institute of Technology, NUI Maynooth, Athlone IT, Dundalk IT and at the University of Ulster at Jordanstown. Students who successfully meet the criteria on these programmes are exempt from the entirety of CA Proficiency 2 and begin their studies with Chartered Accountants Ireland having already completed much of their professional study and examination requirements.

7 Non-Business Graduates For non-business graduates, full-time one year recognised Diplomas in accounting are offered by Dublin City University, Dublin Institute of Technology and the University of Ulster at Jordanstown. Students who successfully meet the criteria on these programmes are exempt from the entirety of CA Proficiency 1. Details of these postgraduate courses can be obtained from the Department of Accounting / Finance at the respective bodies. The normal period of experience under training contract for such candidates is 3 years with a recognised training organisation. C. Accounting technician (Direct Entry) Route Chartered Accountants Ireland enjoys strong links with our partner body, Accounting Technicians Ireland. Those passing both years of the Accounting Technician exams are eligible to join CAP1, with possible exemptions from Financial Accounting, Tax & Law for Accountants. There is also a Direct Entry Route from school for those wishing to become Chartered Accountants in the shortest possible time. The period of experience under training contract for students through the Direct Entry route varies between 5 and 5.5 years depending on whether they complete the Accounting Technicians Ireland Foundation Course on a part-time or full-time basis. See Contacts Section (page 17) for further information. D. Elevation Route For more information on this route, see page 18. E. Other Entry Points Prospective students who do not fall into any of the above entry routes are typically: holders of other professional qualifications mature students holders of HETAC/NVQ or equivalent awards The procedure for such students is broadly similar to that for graduates. In most cases there is no automatic entitlement to exemptions. Students must obtain a formal letter from the Institute setting out the conditions under which it will permit entry into a training contract, e.g. exemptions and contract duration. 7

8 What Does Training Involve? 8 Student Services Unit Training for students is run through the Student Services Unit (SSU). The SSU provides professional courses for students preparing for the Chartered Accountant examinations. At present the SSU caters for in excess of 5,000 students and draws on a panel of 90 experienced lecturers across centres in Northern Ireland and Republic of Ireland. These centres offer a variety of course structures and delivery methods to offer the most flexible and modern educational experience. Required Work Experience The vast majority of those joining the Institute each year as students commit to a Training Contract with a Recognised Training Organisation. The purpose of the required period of work experience is to ensure that, prior to qualification, members have gained adequate experience and training in financial accounting and related areas. Training firms see those students training with them as a valuable resource and attach great importance to their development. (Please note that students must be over 17 years of age to enter into a Training Contract.) Training in Business or Training in Practice? A training contract may be pursued in three ways. Through: an accountancy practice business / industry Pre-contract registration For students following the traditional route under contract, be it in practice or in business, the firm undertakes to provide the student with appropriate training and experience and with an agreed financial package covering remuneration and educational costs. In return, the student commits to work with the firm for a fixed period and to pursue the relevant courses. The success of this supportive and structured system is shown in the pass rates at Final Admitting Examination (FAE). In 2008, for whole part candidates at first attempt, 80% passed their FAE, a pass rate significantly higher than that of other accountancy qualifications. Training in Business An increasingly popular option for the training contract is to pursue this via the Training in Business route. Many students find training in business an advantageous entry route, as ultimately 65% pursue a career in this field. 88% of these students gained either a pass or credit in the 2008 Final Admitting Examination. Although this training experience is different to that gained in practice, it is particularly beneficial to students planning to make their careers in industry, commerce and the public sector. All essential areas of study (as listed under Training in Practice) are also covered under this route. Participating firms rarely offer pure auditing or taxation experience, although students may have the opportunity to be seconded to a practising firm. Moreover, many firms have internal audit and tax departments and students are often introduced to specialised areas such as Treasury and Management Accounting. Training in Practice Most students currently pursue this route. Whether a student trains with a large or small practice, they are exposed to areas such as: Financial Accounting & Reporting Business Finance Taxation & Tax Planning Auditing, Internal Control & Corporate Governance Information Systems & Management

9 Pre-contract Registration and Elevation Programme There are situations where a student may not wish to enter into a training contract at the same time that they commence their studies. As a Pre-Contract student, you can complete the course and examinations up to and including CA Proficiency 2, outside a training contract. However, all Pre-Contract students must have entered into a training contract prior to presenting for the Final Admitting Examination. The Elevation Programme allows more experienced students the option to complete their studies in full before commencing their experience requirement. For more information see page 10. Recognition of Prior Work Experience For mature students who are commencing their studies, who may have relevant accounting experience prior to entry into the training contract, it is now possible to have such experience recognised, thereby reducing the duration of the training contract. The maximum reduction is 18 months and there are specific criteria that must be met by the student. Details on the Pre-Contract facility may be obtained from Caroline Bolster, Training Support Unit Manager, on or at caroline.bolster@charteredaccountants.ie. Mentoring Typically, a senior executive in the training firm (practice or business) acts as mentor and undertakes responsibility for the development of the student, offering invaluable insight and experience. Training Vacancies Each year Chartered Accountants Ireland makes available on its website a list of firms with vacancies for students. Those wishing to join these firms under training contract should consult the list and make contact with the firms concerned. Some firms do not include vacancies on the list and confine their recruitment activities to autumn presentations (sometimes known as milk-rounds ), at which they meet students at universities and other educational institutions. As the number of vacancies is limited, there is naturally a degree of competition for places. Students planning to join the profession should therefore make contact with training firms as early as possible. Training Vacancies is available at Chartered Accountants earn some of the best rewards in the market. 9

10 What Does Training Involve? The Training Package During the training contract most students are given substantial periods of study and examination leave (for which they are paid). The recommendations for leave for course participation and private study for those who enrolled in autumn 2009 are given below (applies to firstattempt candidates). While exact amounts of study leave may differ between organisations, all training firms are obliged to allow time off to sit the examination. Examination CA Proficiency 1 CA Proficiency 2 Final Admitting Examination Weeks 4 weeks 6 weeks 7 weeks Training in Practice The training firm, in general, pays study and tuition fees. While the Institute does not make proposals relating to starting payments, it does make recommendations as to the minimum annual increments for examination success. The Government also sets minimum rates of remuneration. Guidance relating to increment payments is published in the annual Training Package publication. Training in Business & Elevation Payment and conditions for students training in business and under the Elevation Programme (see page 10) reflects the norms in the firms concerned. In many cases, these have been adapted specifically to meet the requirements of Chartered Accountants Ireland s Training in Business Route and involve study leave and support above the level generally applicable to employees undertaking external study. 10

11 Benefits and Services for Students Website The student section of Chartered Accountants Ireland s website ( students) contains useful details of the services and support available to students, such as information on exemptions, training vacancies and exams. Students have password-controlled access to the site and will receive text alerts in relation to timetable changes etc. Students will also have access to customised course material and reading lists. Student Societies Students are encouraged to join the student society that operates in their area. The societies run a programme of social events such as charity balls, casino evenings, table quizzes, soccer competitions and guest speaker evenings. Furthermore, through this network students can take part in post-exam reviews and liaise with the Institute on matters such as programme quality and training. The Chartered Accountants Student Societies Ireland is a network of the local student societies. It liaises closely with the Institute on various matters and represents Irish students at the Union of European Accountancy Students. 11

12 Benefits and Services for Students Continuous Professional Development (CPD) Courses Chartered Accountants Ireland provides a comprehensive programme of support and training to equip Chartered Accountants for working in a dynamic and challenging environment. During their training period all students are welcome to attend the CPD courses and conferences at greatly reduced rates. The full range of our courses may be viewed online at Library and Information Services Students are welcome to use our libraries in Dublin and Belfast. We have an extensive range of information and research resources including books, periodicals, cds and access to online databases. Our catalogue is available on the publications section at Subjects covered include Accounting, Corporate Governance, Finance, Taxation, Management, Marketing, Company Law and Information Systems. Exams CA Proficiency 1 CA Proficiency 2 Final Admitting Exam Course Locations Belfast, Cork, Dublin, Galway, Limerick, Waterford, Sligo. Athlone, Belfast, Cork, Dublin, Galway, Limerick, Sligo, Waterford. Belfast, Cork, Dublin, Galway, Limerick, Waterford. Accountancy Ireland Students receive complimentary copies of Accountancy Ireland, the Journal for Chartered Accountants in Ireland. As well as articles and news items of professional interest, the magazine contains a section devoted entirely to student affairs. Examination dates and changes in regulations and in syllabus are published in this section. The magazine also forms part of the required syllabus and examination questions may be set on topics discussed in the journal. See Advice from Chartered Accountants Ireland If there is doubt as to the interpretation of an Institute regulation (e.g. in relation to service under contract, study, stress or other personal issues) students or their firms are invited to contact the Education Department for informal guidance on a confidential, one-to-one basis. enews enews is the accounting and general business news bulletin produced by Chartered Accountants Ireland every Friday. It is circulated to all members and students alike and is an invaluable resource for developments within the profession. 12

13 Exemptions, Education and Training Exemptions For the range of exemptions offered to various degrees please see pages of this brochure or alternatively check the website at These exemptions are offered to the holders of degrees and awards granted by institutions in Ireland or Great Britain. Persons who have obtained their degree at the honours level specified in the leaflet, are entitled to exemptions on a subject for subject basis in CA Proficiency 1. Training Contract When going through the process of securing a training contract with a recognised training firm in Ireland, students must firstly complete an application for entry and exemptions for consideration. The Exemptions Application form can be obtained from the Chartered Accountants Ireland or at ie/students. Closing date for receipt of such applications is the 31st July On commencement of employment with the recognised training firm, students must complete in full the Student Registration Booklet. Recognised training firms are issued with this booklet directly. This booklet will contain both the training contract and the application to register the contract with Chartered Accountants Ireland. The closing date for receipt of all applications to register a student s training contract is November 7th Course Enrolment The course programmes are run by the SSU at the Institute. As well as registering a formal training contract with the Institute, students must ensure they enrol directly with Student Services regarding their course programme by September 1st The length of the contract will depend on how you enter the system: Route to Qualification Graduate Post Graduate (recognised) Accounting Technicians Direct from School Qualified Accounting Technician / mature / other Length of Contract 3.5 years 3 years 5 / 5.5 years 4 years 13

14 Outline of Examination Syllabus Courses for Chartered Accountants Ireland examinations commence in Autumn, with exams the following Summer. There are three levels of examination: CA Proficiency 1 (CAP1), CA Proficiency 2 (CAP2) and Final Admitting Examination (FAE). The revised FAE programme is being launched in Autumn 2009 (with initial exams in September 2010). The aim of the educational programme is to focus on the key competencies required of a modern, newly qualified Chartered Accountant and, crucially, to provide students with the transferable skills to perform in an ever-changing business environment. Students will be empowered to take responsibility for their own learning and to create an environment that encourages them to develop critical and analytical skills, and to apply their knowledge in unstructured situations. Examinations To qualify as a Chartered Accountant, students must pass the Final Admitting Examination (FAE) and most will have completed at least one other examination by the end of their training. Accounting in a Computer Environment Programme (ACE) In addition to successful completion of the Institute examinations, students are required to complete the IT programme and assessment called Accounting in a Computer Environment (ACE). The training method is self-study, using e-learning materials that contain all information required including specimen examination papers. ACE details are issued to all newly registered students in their Welcome Pack. Students entering training contracts must successfully pass the ACE programme prior to entry for the Final Admitting Examination. Starting point from a qualification without exemptions CA Proficiency 1 Financial Accounting Management Accounting Finance Law for Accountants and Taxation I CA Proficiency 2 Auditing & Assurance Strategic Finance & Management Accounting Financial Reporting Taxation II FAE (Revised) (Commencing Autumn 2009) FAE Core: Comprehensive Case Study paper FAE Core: Simulations Case Study paper FAE Elective: Students choose one subject from those offered: Advanced Auditing and Assurance Advanced Performance Management Advanced Taxation t t 14

15 EXEMPTION LIST CA Proficiency 1 Paper 1 Paper 2 Paper 3 Paper 4 CA Proficiency 1: Criteria (if any) for exemption outlined. University/ College Degree Finance Management Accounting Financial Accounting Taxation (ROI) Taxation (NI) Law For Accountants All exemptions in CA Proficiency 1 are offered on the understanding that the students gaining them have taken the relevant options in their degree programmes and have passed these subjects without compensation and, where relevant, gained the specific grade in their examinations therein their college programmes. Details of agreed criteria may be obtained from 1 Dublin City B.A. Accounting & Finance (ROI) (ROI) Minimum 2ii Honours, provided students have a clear pass in the University relevant options. BBS (Law Specialism) (ROI) Minimum 2ii Honours, provided they have a clear pass in the Law Module specified in the 4th year. 2 National University of Ireland, Galway B. Comm (ROI) (ROI) Minimum 2ii Honours provided clear passes on first attempt in the agreed options. 3 National University B. A. (Finance) Minimum 2ii Honours or better and meet the agreed criteria between the of Ireland, Maynooth Institute and the University. B.A Finance & Accounting (NI) (ROI) 4 Queen s University B.Sc. Accounting (NI) (NI) Minimum 2ii Honours or better and meet the agreed criteria between the Belfast (Single Honours) Institute and the University. LL.B. Law and Accounting (NI) (NI) Minimum 2ii Honours or better provided same modules/options as B.Sc. (Joint Honours) (Accounting) have been taken and meet the agreed criteria between the Institute and the University. B.Sc. Economics & (NI) (NI) Minimum 2ii Honours or better provided same modules/options as B.Sc. Accounting (Joint Honours) (Accounting) have been taken and meet the agreed criteria between the Institute and the University. B.Sc. Language & (NI) (NI) Minimum 2ii Honours or better provided same modules/options as B.Sc. Accounting (Joint Honours) (Accounting) have been taken and meet the agreed criteria between the Institute and the University. B.Sc. Accounting & (NI) (NI) Information Systems 5 University of Ulster B.Sc. (Hons) Accounting (NI) (NI) Minimum 2ii Honours, without compensation, and meet the agreed criteria at Jordanstown between the Institute and the University. University of Ulster B.A. Business Studies (NI) (NI) Minimum 2ii Honours or better without compensation, and meet the agreed at Magee College (Accounting Specialism) criteria between the Institute and the University. 6 University College B.Sc. Accounting (ROI) (ROI) Minimum 2ii Honours provided clear passes in the relevant college options. Cork B. Comm. (ROI) Minimum 2ii Honours provided a clear pass in the relevant college options. B.Sc. Finance (ROI) Minimum 2ii Honours provided a clear pass in the relevant college options. MBS Management Information & Must meet the criteria agreed between the University and the Institute. Corporate Finance Managerial Accounting Systems HDip in Accounting & (ROI) Must meet the criteria agreed between the University and the Institute. Corporate Finance Students are strongly advised to check Exemption details at as updates may have occurred since the publication of this document 15

16 Paper 1 Paper 2 Paper 3 Paper 4 CA Proficiency 1: Criteria (if any) for exemption outlined. No. University/ College Degree Finance Management Accounting Financial Accounting Taxation (ROI) Taxation (NI) Law For Accountants All exemptions in CA Proficiency 1 are offered on the understanding that the students gaining them have taken the relevant options in their degree programmes and have passed these subjects without compensation and, where relevant, gained the specific grade in their examinations therein their college programmes. Details of agreed criteria may be obtained from 7 University College B. Comm (Accounting mode) (ROI) (ROI) Minimum 2ii Honours, provided students have a clear pass in the relevant options. Dublin B. Comm (All other modes) Minimum 2ii Honours - exemptions will be considered on a subject by subject basis at CA Proficiency 1, provided same options in Accounting mode are covered. Bachelor of Business & (ROI) Minimum 2ii Honours Legal Studies 8 University of Dundee Bachelor of Accountancy (NI) (NI) Minimum 2ii Honours and meet the agreed criteria between the Institute and BACC. (Hons) the University in the relevant options. 9 University of B.A. Law & Accounting (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between the Limerick Institute and the University. Bachelor of Business Studies (ROI) Minimum 2ii Honours, without compensation and meet the agreed criteria between the Institute and the University in the relevant options. 10 Dublin Business B.A. Accounting & Finance (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between the School (Accounting Stream) (HETAC) Institute and the University in the relevant options. 11 National College B.A. Accounting & Human (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between the of Ireland Resource Management Institute and the University in the relevant options. (Accounting Stream) B.A (Hons) Accounting (ROI) (ROI) 12 Accounting Accounting Technician (ROI) (ROI) Minimum overall pass 50% in relevant options. Technicians Ireland 13 Institute of Public BBS (Accounting Stream) Minimum 2ii honours or better and meet the agreed criteria in the relevant options Administration between the Institute and the University 14 Athlone Institute of B.A. Accounting (ROI) (ROI) Minimum 2ii Honours, without compensation, and meet the agreed criteria Technology between the Institute and the University. 15 Cork Institute Bachelor of Business Studies (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between of Technology (Accounting) the Institute and the University in the relevant options. 16 Students are strongly advised to check Exemption details at as updates may have occurred since the publication of this document

17 Paper 1 Paper 2 Paper 3 Paper 4 CA Proficiency 1: Criteria (if any) for exemption outlined. No. University/ College Degree Finance Management Accounting Financial Accounting Taxation (ROI) Taxation (NI) Law For Accountants All exemptions in CA Proficiency 1 are offered on the understanding that the students gaining them have taken the relevant options in their degree programmes and have passed these subjects without compensation and, where relevant, gained the specific grade in their examinations therein their college programmes. Details of agreed criteria may be obtained from 16 Dublin Institute B.Sc. Accounting & Finance (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between of Technology the Institute and the University in the relevant options. (D.I.T. Aungier St.) (D.I.T. B.Sc. Business & (ROI) Minimum 2ii Honours or better and meet the agreed criteria between Mountjoy Square) Management the Institute and the University in the relevant options. 17 Dundalk Institute of B.A. Accounting & Finance (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between Technology, Dundalk the Institute and the University in the relevant options. 18 GMIT Galway Bachelor of Business (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute Studies (Accounting) and the University in the relevant options. 19 GMIT Mayo B.A. Accounting & Finance (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute (Accounting/Financial and the University in the relevant options. Management) 20 Institute of Bachelor of Business Minimum 2.ii honours and meet the agreed criteria between the Institute Technology, Studies (Honours) (ROI) and the College in relevant options. Blanchardstown (Accounting/Financial 21 Institute of B.A. Accounting (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute Technology, Carlow and the University in the relevant options. 22 Institute of BBS (Finance Option) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute Technology, Sligo and the University in the relevant options. 23 Institute of Bachelor of Business (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute Technology, Tallaght Studies (Accounting) and the University in the relevant options. (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute Technology, Tralee Studies (Accounting) and the University in the relevant options. 24 Institute of Bachelor of Business 25 Letterkenny Institute BBS (Accounting) (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute of Technology, and the University in the relevant options. 26 Limerick Institute BBS (Accounting/Finance) (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute of Technology, Stream and the University in the relevant options. BBS (Law & Tax) (ROI) (ROI) 27 Waterford Institute Bachelor of Business (ROI) (ROI) Minimum 2ii Honours and meet the agreed criteria between the Institute of Technology Studies (Accounting) and the University in the relevant options. B.A. Accounting (ROI) (ROI) Minimum 2ii Honours or better and meet the agreed criteria between the Institute and the University in the relevant options. Details of agreed criteria may be obtained from college staff 17

18 CHARTERED ACCOUNTANTS 18 In June 2009, Chartered Accountants Ireland launched the Chartered Accountants Elevation Programme, a new entry route for the Chartered Accountancy qualification, aimed at experienced professionals. Up to now there was a widely held view that the window to become a Chartered Accountant was limited to recent graduates who had studied accountancy at third level, and for many ambitious and able graduates who did not commence their accountancy studies immediately after third level, it was a ship that had sailed. However, the Elevation Route changes all that. It will appeal to thousands of graduates that have built up some experience in the world of business and want to take their careers to the next level. This exciting new initiative is aimed at attracting experienced graduates who would find the traditional Chartered Accountancy route under a training contract unviable at their stage in life. Why is Chartered Accountants Ireland offering this new path to membership? Chartered Accountants Ireland recognises that the education and training needs of a newly qualified graduate are very different from those who are in the workplace for a number of years. Typically the latter group has more responsibilities in their work and personal lives; and as such a greater level of flexibility is required. While the Elevation Programme is undoubtedly a significant development for Chartered Accountants Ireland and marks a departure from our existing programmes, the essential tenets of the Chartered qualification will remain. As a student on the Elevation Programme you will sit the same exams as other students and will have to meet the same experience requirements that pertain for others. The Elevation Programme delivers the same quality as the traditional Chartered Accountancy route; however greater recognition of exemptions and prior experience, modular education and greater flexibility in how practical experience is gained will make Chartered Accountancy the obvious choice for those seeking a professional qualification. At a Glance Entry Criteria: The Elevation Programme is aimed at graduates (including graduates from our sister body Accounting Technicians Ireland). To be eligible to enrol through this route you will evidence at least four years work experience prior to beginning your Chartered Accountancy studies. You will not be required to enter into a training contract. However when you wish to have experience recognised, you will need to identify a mentor in your workplace who will verify your experience. Flexibility: The new route will allow you to sit two subjects at a time, up to and including Chartered Accountants Proficiency 2. Experience requirements. The new route will require you to obtain the same quantum of relevant experience that applies to all those pursuing Chartered Accountancy studies i.e. 3 years for post graduates; 31/2 years for graduates and 4 years for Accounting Technicians. As an Elevation Programme student, it is now possible to sit all exams prior to gaining your relevant experience for membership. However you are strongly advised to acquire relevant accounting experience prior to sitting the Final Admitting Examination.

19 It will be possible to claim credit for prior relevant experience on a 2 for 1 basis with a maximum reduction in training period of 18 months on the basis of three years relevant (and verified) experience. Chartered Accountants Ireland now recognise exemptions for 10 years from graduation date. New time limit Upon entering the Elevation Programme you will have a period of 8 years from date of registration to complete your studies and to gain the requisite recognised experience to enable you to apply to become a member of Chartered Accountants Ireland. Recognised Experience Chartered Accountants play a vital role in Irish and international business and industry. When called upon to advise on strategic issues, academic or theoretical knowledge is rarely sufficient. Therefore all Chartered Accountants gain practical experience before being admitted as a member. The key difference between the Elevation Programme and other routes to becoming a Chartered Accountant is the manner in which experience is gained, as there is no training contract in place. The Elevation programme facilitates: Choosing the right environment in which to get experience Moving between employers as interests / needs change Taking breaks during your studies / experience Completing all exams before gaining recognised experience During the period of recognised experience, you must demonstrate: The acquisition of competencies in Financial Accounting The adoption of professional values, An awareness of the practicalities of your business environment. In addition you must demonstrate the development of your personal and interpersonal skills, with an in-depth level of experience taken from a cluster of areas which include Finance, Taxation, Auditing, Organisational and Strategic Business Management and Information Technology. The amount of experience required is dependent on educational background: Recognised Masters in Accounting: 3 years Undergraduate degree: 3.5 years Accounting Technicians Ireland qualification: 4 years Mentoring In order to have your experience recorded it must be signed off by a mentor on a six monthly basis. Ideally, as a Chartered Accountancy student, you will be mentored by a Chartered Accountant. However, a mentor can be any accountant who is recognised by the International Federation of Accountants (most main accountancy bodies are recognised). At the admission to membership stage, a final sign off on all experience must be made by an Irish Chartered Accountant. You are best placed to select your own mentor, but in instances where a suitable mentor cannot be found, students should approach Chartered Accountants Ireland to discuss their options. Tell me more! For more information, visit 19

20 Further Education/ Qualifications 20 While qualifying as a Chartered Accountant will be foremost in your mind, Chartered Accountants Ireland also offers a range of postqualification programmes. These take a practical rather than a traditional strictly academic approach to the subject, tying the learning in the classroom back to the everyday experience of a Chartered Accountant. Diploma in International Financial Reporting Standards The course was first offered in 2004 with over 400 people having so far completed it, employing International experts in the field. The course covers all the standards including those issued in January 2008 in respect of goodwill, fair value of the noncontrolling interest and step acquisitions. On completion, participants should be able to: Understand and explain the structure of the international professional and conceptual framework of accounting Apply relevant International Financial Reporting Standards to key elements of financial reports Prepare group financial statements (excluding group cash flow statements including subsidiaries, associates and joint ventures Executive Leadership Programme The Executive Leadership Programme with INSEAD is an intensive programme designed to assist high potential individuals. It will expand strategic thinking focusing upon personal leadership and development goals and how to effectively achieve these. The programme includes a 5 Day residential in Fontainebleau on the INSEAD Europe Campus. INSEAD are one of the world s leading business schools and they have tailored this programme to the specific requirements of Chartered Accountants Ireland members. Diploma in Managing People This programme will take you through challenges encountered by those in management positions and will give you the tools to deal effectively and confidently with these. The course uses small groups and offers high tutor support, giving the flexibility required to benefit both new and long standing managers. Some of the core skills developed include: How to recruit the right staff with the set of skills required How to set goals, conduct effective appraisals and keep your team focused on the end result Understand the personalities within your team and how the approach you take can maximise results and increase motivation Retain your best staff, how to reward, develop and recognise their achievements Diploma in Forensic Accounting Forensic Accounting is one of the fastest growing fields of accounting work worldwide. Developed by Chartered Accountants Ireland, the new Diploma in Forensic Accounting is designed to provide participants with the core skills and knowledge required to undertake forensic accounting assignments. The first programme was launched in July 2008 and booked out within two weeks and plans are in place to offer this course on a regular basis to meet the strong demand. Certificate in Directors Duties The latest offering is the Certificate in Directors Duties and Responsibilities, developed by Chartered Accountants Ireland. The course runs over 5 evenings and will take participants through the key areas of concern and relevance to Directors as Board members. The course will involve a range of subject matter experts from a wide range of relevant fields including; ODCE, Irish Stock Exchange, Insolvency Practitioners and Solicitors.

21 Chartered Tax Consultant Be a business consultant with market leading tax skills. What is a Chartered Tax Consultant? In May 2009, Ireland s premier accountancy body, Chartered Accountants Ireland launched a new professional tax qualification, Chartered Tax Consultant. This professional qualification builds upon the competency focused new Chartered Accountant syllabus. Chartered Tax Consultant is a post qualification programme for Chartered Accountants who want to develop skills as a tax consultant and gain a professional qualification in taxation. Who is it for? The Chartered Tax Consultant qualification will be available to Chartered Accountants only. The accreditation can only be used in conjunction with the Chartered Accountant accreditation. Qualification as a Chartered Tax Consultant will guarantee an elite calibre of business consultant with market leading tax skills. What is involved? The Chartered Tax Consultant programme will be taught in three stages. The first stage will be taught through the FAE Tax Elective course of the Chartered Accountancy examination programme. The next two stages will be taught in one year following the successful completion of the Chartered Accountancy exams and FAE Tax Elective exam. The first stage will be available to students sitting the FAE Tax Elective exam in 2010 with the next two intensive stages commencing in The fact that you can build on achieving another professional qualification while studying for your Chartered Accountancy finals means that the Chartered Tax Consultant programme will make the best possible use of your time and focus. Why is it different? The programme is designed by Chartered Accountants for Chartered Accountants. The course will rigorously teach the skills of tax planning through interactive and practical learning, grounded in tax law and real life tax planning issues. A team of leading tax experts will devise and teach the course using cutting edge learning facilities. Exams will be open book to ensure that the core competency and commercial problem solving skills are achieved by the successful candidate. Why Chartered Tax Consultant? The Chartered Accountancy brand is instantly recognised as the elite of the financial profession. This brand quality is derived from the Institute s steadfast commitment to the highest standards of integrity, professionalism and education. All of these standards and more will be committed to making the Chartered Tax Consultant qualification worthy of the name Chartered. The Chartered Tax Consultant qualification will be the standard employers will look for as it offers a guarantee that the candidate has practice experience and the skill set to deal with tax issues in a commercial and solution focused manner. Want to hear more? Your first objective will be to successfully complete your Chartered Accountancy exams. Information and updates to the Chartered Tax Consultant programme will be available on the Chartered Accountants Ireland website and the national press. Keep your mind on successfully completing your Chartered Accountancy exams and we will help keep your sights set on becoming a Chartered Tax Consultant. 21

22 Contacts Exemptions, Course Enrolment, Training Contracts Student Services Tel: (01) Training in business and practice/ Training vacancies/ pre-contract registration Caroline Bolster Tel: (01) Accounting Technicians Ireland Naomi McGrath Tel: (01) For general enquiries or to request further information please 22

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