TAKE THE NEXT STEP AND BECOME AN ICAEW CHARTERED ACCOUNTANT...

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1 TAKE THE NEXT STEP AND BECOME AN ICAEW CHARTERED ACCOUNTANT with the AAT-ACA Fast Track and enjoy a highly rewarding career in accountancy, finance and business Business With Confidence icaew.com/aat

2 PROGRESS If you re looking to advance your career, become an ICAEW Chartered Accountant. 2

3 03 Why become an ICAEW Chartered Accountant? CONTENTS 05 The ACA qualification 07 AAT-ACA Fast Track Credit for prior learning Credit for prior work experience 08 From AAT to ACA 10 My journey from AAT to ACA 12 FAQs 13 Take the next step ICAEW stands for The Institute of Chartered Accountants in England and Wales. As a professional membership organisation we promote, support and regulate over 138,000 ICAEW Chartered Accountants around the world. We are committed to helping talented individuals develop the knowledge, skills and experience they need to perform at the highest level in accountancy, finance and business. We design and deliver qualifications, development programmes, professional networks and support resources. We create exceptional opportunities for talented individuals, and help them progress by supporting their professional development throughout their careers. 01

4 Dream If you dream about being able to work anywhere in the world, become an ICAEW Chartered Accountant. 02

5 Today, organisations of every size around the world depend on the skill and expertise of ICAEW Chartered Accountants. They are respected for their understanding of complex financial information, and trusted for their strategic business advice. Becoming chartered after you have completed the Association of Accounting Technicians qualification (AAT) will mean you are recognised as a highly qualified professional. It will show that you have the knowledge, skills and experience to perform to the highest level. To become an ICAEW Chartered Accountant after the AAT you will need to train for, and complete the ACA qualification, and be accepted as an ICAEW member. Designed in partnership with AAT, the AAT-ACA Fast Track is a progression route that allows you to build on the fundamental knowledge you gain through the AAT. It requires commitment and hard work, but we will support you throughout your training to help you qualify as an ICAEW Chartered Accountant. The facts Many ACA students can double their salary during their training. Salaries for newly qualified ICAEW Chartered Accountants are on a par with careers in law and banking. Independent surveys show that ICAEW Chartered Accountants usually command higher salaries throughout their careers compared with other accountancy qualifications. Many ICAEW Chartered Accountants become partners or financial directors early in their careers, leading to a greater variety of opportunities, rewards and influence as their careers progress. 90% of the top 100 Best Global Brands 2011 employ at least one ICAEW Chartered Accountant WHY BECOME An icaew CHARTERED ACCOUNTANT? source: ICAEW member data at January 2012, Interbrand Best Global Brands October

6 ACHIEVE The knowledge, skills and experience you gain through ACA training ensures you ll have a highly rewarding career. 04

7 The AAT-ACA Fast Track is designed for AAT students or members who want to continue onto the ACA qualification. KNOWLEDGE SKILLS Professional development Ethics and professional scepticism 3 5 years practical work experience 15 accountancy, finance and business modules EXPERIENCE ICAEW CHARTERED ACCOUNTANT THE ACA QUALIFICATION The ACA is a world leading professional qualification. It has integrated components which give you an in-depth understanding across accountancy, finance and business. The AAT-ACA Fast Track builds on the fundamental knowledge gained through the AAT, and gives you the opportunity to qualify as an ICAEW Chartered Accountant in as little as two years. HOW DOES THE ACA QUALIFICATION WORK? Training for the ACA qualification gives you the knowledge, skills and experience you need to become an ICAEW Chartered Accountant. Its integrated components are completed as part of a training agreement with one of our 2,850+ authorised training employers. The training agreement is separate to your employment contract and will ensure you receive the highest quality and standard of training possible. ACA training is done on the job, so you get the opportunity to learn while in full-time employment. But you don t have to wait until you have a training agreement to start you can continue onto the ACA while you re waiting for your employer to become authorised or while you look for a job with an authorised training employer. Professional Development ICAEW Chartered Accountants are known for their professionalism and expertise. Professional development prepares you to successfully handle a variety of different situations that you will face throughout your career. This includes adding value, communication, consideration, decision making, problem solving, team working and technical competence. Ethics and Professional Scepticism Ethics is more than just knowing the rules. It s about identifying ethical dilemmas, understanding the implications and behaving appropriately. We integrate ethics throughout the ACA qualification to develop your ethical capabilities so you ll always know how to make ethical decisions and justify them. 05

8 3 5 YEARS PRACTICAL WORK EXPERIENCE Practical work experience, or on-the-job training, is done as part of a training agreement with one of our 2,850+ authorised training employers around the world. You need to complete 450 days, which normally takes between 3 5 years. The knowledge, skills and experience you gain as part of your training agreement are invaluable, giving you the opportunity to put what you re learning into practice all while earning a competitive salary. 15 Accountancy, finance and business modules For ICAEW Chartered Accountants to be able to provide helpful and accurate financial advice, they need to have in-depth knowledge across accountancy, finance and business. This gives you a competitive advantage no matter where your career takes you. Our modules cover a range of subjects from business and finance to strategy, law and taxation. There are 15 modules across three levels which are assessed by exams. Case Study ADVANCED LEVEL Corporate Reporting Strategic Business Management PROFESSIONAL LEVEL Business Planning: Taxation Audit and Assurance Business Strategy Financial Accounting and Reporting Financial Management Tax Compliance CERTIFICATE LEVEL Accounting Assurance Business and Finance Law Management Information Principles of Taxation 06

9 The AAT-ACA Fast Track offers the opportunity to progress in your career and become an ICAEW Chartered Accountant in as little as two years. It is designed for talented individuals who want to achieve a professional qualification while earning a competitive salary. The AAT-ACA Fast Track recognises the knowledge, skills and experience you have already gained through the AAT. You can count some of the AAT learning and assessment areas, as well as up to 12 months of practical work experience towards the ACA qualification. Credit for prior learning Credit for prior learning, also known as exemptions, is available for some of the Certificate Level modules of the ACA. The modules you will be eligible to apply for credit towards will depend on the successful completion of the AAT Level 4 Diploma in Accounting. Once completed you will be eligible to apply for credit towards the following ACA modules: ACCOUNTING BUSINESS AND FINANCE MANAGEMENT INFORMATION AAT-ACA FAST TRACK The AAT Level 4 Diploma in Accounting gives you the opportunity to specialise in a number of areas. Depending on the specialist learning and assessment areas you choose to complete, you may be eligible to apply for credit towards an additional two ACA modules. ASSURANCE If you successfully complete the External Auditing option as part of the AAT Level 4 Diploma in Accounting, you will be eligible to apply for credit towards the Assurance module of the ACA qualification. PRINCIPLES OF TAXATION If you successfully complete both the Preparing Personal Taxation Computations and Preparing Business Taxation Computations options as part of the AAT Level 4 Diploma in Accounting, you will be eligible to apply for credit towards the Principles of Taxation module of the ACA qualification. For more information about credit for prior leaning and to find out how to apply visit icaew.com/cpl CREDIT FOR PRIOR WORK EXPERIENCE Credit for prior work experience is also available towards the 450 days practical work experience you are required to complete as part of your ACA training. In order to be eligible to apply for credit for prior work experience, you must be working for an ICAEW authorised training employer. If you meet this criteria, we are able to recognise up to 12 months of the practical work experience you have gained while working towards your AAT Level 4 Diploma in Accounting. Make sure you register with ICAEW as soon as possible after completing the AAT Level 3 Diploma in Accounting, to ensure you can apply for credit towards the maximum amount of work experience. 07

10 YEAR 1 AAT LEVEL 3 DIPLOMA IN ACCOUNTING By completing each of the mandatory learning and assessment areas for the AAT Level 3 Diploma in Accounting, you will have begun to develop fundamental knowledge that will count towards the ACA qualification. Working or studying FULL TIME TOWARDS your AAT? To benefit from the AAT-ACA Fast Track, you should make sure your employer is an ICAEW authorised training employer. If your employer isn t authorised by ICAEW, you need to speak to them as soon as possible about becoming authorised. The process is free and straightforward to complete, if you would like to find out more visit icaew.com/employers If you re not yet working, you should begin to start looking for organisations that offer ACA training agreements. ICAEW has 2,850+ authorised training employers, across all industry sectors around the world. You can find out more about ACA training opportunities and how to apply by visiting the Training Vacancies area of our website at icaew.com/careers YEAR 2 AAT LEVEL 4 DIPLOMA IN ACCOUNTING If your employer has agreed to support you through the AAT-ACA Fast Track and is an ICAEW authorised training employer, you should register as an ACA student with ICAEW when you start the AAT Level 4 Diploma in Accounting. By doing this, you will be able to begin keeping a record of your practical work experience. The experience you gain at this stage can then count towards the 450 days of practical work experience needed for the ACA qualification. There are four compulsory learning and assessment areas of the AAT Level 4 Diploma in Accounting. By successfully completing these, you will be eligible to apply for credit for prior learning towards the following ACA modules: Accounting Business and Finance Management Information As part of the AAT Level 4 Diploma in Accounting, you must also complete two optional learning and assessment areas. The credit you will be eligible to apply for will depend on the areas you choose to complete. Assurance you will need to have successfully completed External Auditing to be eligible to apply for credit towards this ACA module. Principles of Taxation you will need to have successfully completed both Preparing Personal and Business Taxation Computations to be eligible to apply for credit towards this ACA module. AAT FULL MEMBERSHIP AAT full membership offers you a professional status that reflects the knowledge you have gained through the AAT. Employers will recognise the letters MAAT after your name and know they are dealing with a credible, up-to-date professional. The AAT offers a reduced full membership subscription rate to ICAEW students. Find out more about subscription and full membership of the AAT at aat.org.uk/members 08

11 YEAR 3 ACA PROFESSIONAL LEVEL Once you have completed the AAT qualification and become a member of the AAT, you can start training to become an ICAEW Chartered Accountant. If you haven t already, you will need to secure an ACA training agreement with an ICAEW authorised training employer, or enter into one with your existing employer. You will then be able to apply for the relevant credit for prior learning towards the ACA modules. If you have already been working for an ICAEW authorised training employer, you can also apply for up to 12 months credit for prior work experience. This will count towards the 450 days practical work experience you need to gain to successfully complete the ACA qualification. Once you have entered into a training agreement and have received credit towards the relevant ACA modules, you will be ready to continue your journey to becoming an ICAEW Chartered Accountant. You will need to complete any outstanding Certificate Level modules that you haven t received credit towards in addition to the six Professional Level modules. YEAR 4 ACA ADVANCED LEVEL In your final year of ACA training, as well as completing your practical work experience, you will complete the three Advanced Level modules. The Corporate Reporting and Strategic Business Management modules will assess your understanding and strategic decision making at a senior level. The Case Study will assess all the skills, knowledge and experience gained throughout the AAT-ACA Fast Track so far. It gives you the opportunity to demonstrate your ability to solve problems, to identify ethical implications and provide effective solutions. Once you have successfully completed the ACA qualification, you will be eligible to apply for ICAEW membership. You ll then be able to call yourself an ICAEW Chartered Accountant and use the internationally recognised letters ACA after your name. From AAT to ACA 64% of the top 25 Global Most Sustainable Companies employ ICAEW Chartered Accountants Source: ICAEW member data at January 2012, BrandFinance Banking

12 After completing my A-levels in Psychology, Human Biology and Chemistry, I chose to go on and study with the Association of Accounting Technicians (AAT) instead of going to university. I was lucky enough to find a place on the Rickard Keen LLP AAT-ACA Fast Track programme which meant that on successful completion of the AAT, I could progress onto ICAEW s professional ACA qualification. I now work in the accounts and audit department for Rickard Keen LLP, which gives me essential hands-on experience in this particular area of chartered accountancy. While it can be challenging at times, I enjoy it, particularly getting involved with some of the firm s largest client audits. I don t regret not going to university! Although I might have enjoyed the experience of moving away from home and living the university lifestyle, when I hear my friends comparing their student debt, I m glad I didn t go! Hayley Audit and Accounts Senior Rickard Keen LLP The percentage of ICAEW Chartered Accountants on the FTSE 100 board was a huge attraction for me when looking into potential professional qualifications. Once I d decided to study for the ACA qualification I chose the AAT-ACA Fast Track route because instead of incurring student debt, I was able to earn and save my money. This in return has enabled me to take some fantastic holidays! I am now an Audit Principal for the National Audit Office, which plays an important part in helping to ensure that the government is held accountable to Parliament for the way it uses public money. A typical day doesn t exist and I can be anywhere from the office in London, to visiting clients in other parts of the country or even Europe. My work is heavily client focused and as a result I have the pleasure of spending significant amounts of time out at my clients, understanding the risks facing the organisation, and their processes and controls. Training to be an ICAEW Chartered Accountant via the AAT-ACA Fast Track has been challenging, particularly when balancing work commitments and study. However it s worth it and I even feel at a slight advantage now to my peers who did go to university, as I have four years experience working for the National Audit Office. Thomas Audit Principal National Audit Office 10

13 I wanted to be an ICAEW Chartered Accountant from an early age but I wasn t sure what area I wanted to work in. The AAT-ACA Fast Track route gave me the opportunity to experience a number of different areas including tax, audit and general accounting. Managing my studies and a full-time job took dedication and motivation but it s all paid off. I now work within the private client department, carrying out tax consulting services for clients such as Crystal Palace Football Club and Cath Kidston. The ACA qualification has given me the opportunity to work in a number of different areas and to communicate with clients of varying levels and importance. Clients recognise and respect the ACA qualification; it gives substance, presence and authority to your work. This in turn has provided me with the foundations from which I can build a successful career, whether this is in business, financial services, the public sector or practice (which I am currently working in). I don t regret not going to university because I was still able to socialise with my friends in-between working and studying for my exams. I also had the added bonus of being able to afford to do so! I am now ahead in my career for my age with no debt, as my employer paid for my training costs. Abigail Client Manager Creaseys LLP The arrival of my son was a turning point for me. I had spent several years as an actor and film-maker, and although I had been moderately successful, these were inherently unstable careers and there were no guarantees for the future. I decided it was time to bring my family some financial stability. MY JOURNEY FROM AAT TO ACA I was seeking a professional career, but as I had left college to pursue my acting ambitions I wasn t eligible for a graduate scheme. Then I discovered the AAT-ACA route to accountancy. The ACA is one of the most highly regarded qualifications both in the UK and internationally, and the AAT pathway gave me a direct route to the career I wanted. I joined KPMG on the AAT-ACA Fast Track and have worked on a variety of clients in a number of functions including audit, transaction services and corporate finance, and even won an award as a part-qualified accountant from PQ Magazine! Going back to school after 10 years was both challenging and rewarding. I qualified with the AAT after two years and immediately began to fast track to the ACA. This was another big challenge with a steep learning curve, but it is also hugely rewarding. Although I was older than many of my peers who entered the profession straight from university, I feel my additional experiences have given me confidence with colleagues and clients, and have been extremely valuable in building relationships, which are key to success in practice. The AAT-ACA Fast Track offered a unique opportunity for me to achieve the professional status and financial security that I needed for myself and my family. Mark Audit Assistant KPMG 11

14 FAQs Can I fast track to the ACA qualification whichever AAT entry route I follow? Yes. Although you don t need any formal qualifications to study for the AAT, having GCSEs, A-levels or a degree may enable you to start at a more advanced level of the AAT. As the Level 2 Certificate in Accounting units are all mandatory, starting at this foundation level still counts towards the Fast Track programme. Do I need to complete the AAT accounting qualification in full to fast track to the ACA qualification? Yes, completion of the Level 4 Diploma in Accounting is fundamental to the programme. However, you can follow the AAT-ACA Fast Track programme, plan your study and track your work experience during your AAT study as long as your employer is an ICAEW authorised training employer and you have their support to do so. I am studying for the AAT qualification at college. Can I still do the AAT-ACA Fast Track? Yes, but you will need to secure a training agreement with an authorised employer before you start the ACA part of the programme. I have a different question, where can I find more FAQs? We have more information about the AAT-ACA Fast Track on our website icaew.com/aat which includes a dedicated AAT-ACA FAQ section. 12

15 Next steps 1 Complete the AAT Diploma in Accounting By successfully completing the Level 4 Diploma in Accounting you will be eligible to progress onto the ACA qualification to become an ICAEW Chartered Accountant. Depending on the learning and assessment areas you complete during the Level 4 Diploma in Accounting you will be eligible for credit towards some of the ACA modules. 2 Find an authorised training employer (ATE) If you are not already working you will need to secure a training agreement with any one of our 2,850+ authorised training employers around the world. If you re looking for an employer to train with visit the Training Vacancies section of our website at icaew.com/careers If you are working but your employer is not authorised by ICAEW to train ACA students, you will need to speak to them about becoming authorised. The process is free and straightforward to complete. If you would like to find out more information visit icaew.com/employers TAKE THE NEXT STEP WHAT EMPLOYERS ARE LOOKING FOR Employers look for the best candidates to recruit, so they will consider your academic abilities, willingness to learn, commitment and motivation. They ll also look for soft skills such as team working, oral and written communication, problem-solving and commercial awareness. To put yourself in the strongest position, make sure your CV is up to date and includes everything a potential employer will be looking for. Include relevant work experience, as well as examples from school activities or voluntary work anywhere you have demonstrated any of the above skills. It all counts! 3 Register as an ACA student To start your ACA training agreement you ll need to register as an ACA student on icaew.com, and become part of our global student community. 4 Complete your training for the ACA qualification Professional development Ethics and professional scepticism 3 5 years practical work experience Remaining 15 accountancy, finance and business modules 5 Become an ICAEW Chartered Accountant Once you have successfully completed the ACA qualification, you will be invited to become an ICAEW member. Once accepted you ll be recognised as an ICAEW Chartered Accountant and can use the letters ACA after your name. 13

16 TO FIND OUT MORE Visit icaew.com/aat for information about the AAT-ACA Fast Track, careers advice, tips on applications, AAT-ACA training opportunities and work experience placements. Register for our e-newsletter AAT2ACA to start receiving updates and information. Join our Facebook fan page facebook.com/icaewstartingpoint The Association of Accounting Technicians (AAT) offers a range of courses and vocational qualifications for those wishing to work in finance and accounting. ICAEW works in partnership with the AAT to enable individuals to study for the ACA qualification after completing the AAT. ICAEW is a professional membership organisation, supporting over 138,000 chartered accountants around the world. Through our technical knowledge, skills and expertise, we provide insight and leadership to the global accountancy and finance profession. Our members provide financial knowledge and guidance based on the highest professional, technical and ethical standards. We develop and support individuals, organisations and communities to help them achieve long-term, sustainable economic value. Because of us, people can do business with confidence. ICAEW Chartered Accountants Hall Moorgate Place London EC2R 6EA UK T +44 (0) F +44 (0) E careers@icaew.com icaew.com/aat facebook.com/icaewstartingpoint ICAEW 2012 LPDPLN /12