NZICA, accounting. With. can take YOU. anywhere. A guide for tertiary students

Transcription

1 With NZICA, accounting can take YOU anywhere A guide for tertiary students

2 With NZICA, accounting can take YOU anywhere Pick an industry you d like to work in. Now pick a place you d like to live. There s one profession that can give you the challenges, opportunities and, most importantly, the life you want: accounting. Professionals in accounting and finance hold some of the best and most influential positions in New Zealand and throughout the world. They re earning great money, shaping businesses worldwide and redefining what it means to be an accountant. The key to this bright future is the best professional designation. As a Chartered Accountant, you ll be at the top of your game, and have support from NZICA to stay there. Associate Chartered Accountants and Accounting Technicians are also highly sought after and enjoy the support of an NZICA accreditation. So where do you see yourself? What do accountants do? If you think it s all about spreadsheets, think again. There s carbon accounting, forensic accounting, stockbroking and positions such as chief executive and chief financial officer, to name just a few. Accountants also business advisers, mentors, coaches, analysts and leaders. New roles and opportunities for accountants are appearing all the time. Where could I work? Because the circulation of money is the engine of business, every industry needs accountants. You can follow your passion into any field imaginable. What could I earn a year? ATs earn between $58,134 and $77,441 ACAs earn between $62,350 and $105,349 CAs earn between $60,976 and $135,223 * Source of average salary information is from 2011 NZICA/Randstad Remuneration Survey 1

3 Three paths to a bright future We offer three different designations within NZICA: CA, ACA and AT. Designations are like qualifications, but more. Each of these provide a different level of membership, and will equip you with the skills and support to achieve the career you want. You are able to upgrade your designation at any time in your career by completing additional requirements. Chartered Accountant (CA) This is our premier designation and the most sought after by employers of accounting professionals. Chartered Accountants currently complete a seven year qualifying programme, including four years of degree-level study, three years of practical experience and the Professional Competence Programme. Starting in January 2013 is the new joint Chartered Accountants Program. See pages 15 to 25 for more information Associate Chartered Accountant (ACA) Our mid-tier designation. Associate Chartered Accountants complete a degree, two years of practical experience and the Professional Competence Programme. Accounting Technician (AT) This is the swiftest designation to attain, yet is still highly valued by employers and offers many avenues for growth. Accounting Technicians complete two years of diploma or degree-level study, two years of practical experience and the Professional Competence Programme. 2

4 Which designation is right for you? Chartered Accountant Future jobs: CEO or CFO General Manager Partner/Auditor Tax Advisor Average salary: full member $135,223* provisional member** $60,976 Associate Chartered Accountant Future jobs: Financial Controller Finance Manager Management Accountant Tax Accountant Average salary: full member $105,349* provisional member** $62,350 Accounting Technician Future jobs: Assistant Accountant Financial Accountant Account Manager Average salary: full member $77,441* provisional member** $58,134 Extra perks: gain an internationally recognised qualification through the Global Accounting Alliance to be a partner in a chartered accounting firm or own your own chartered accountant firm, you must be a CA * Source of average salary information is from 2011 NZICA/Randstad Remuneration Survey **A provisional member has completed the academic requirements for a designation. 3

5 What do I need to study? At tertiary level, you will need to complete two to four years of study, including accounting and business topics specified by NZICA. This specific study will depend on the designation you are seeking and is covered in the following pages Current Chartered Accountants programme pages 15-18, 22, 24, 25 New joint Chartered Accountants program from 2013 pages 15, Associate Chartered Accountant pages Accounting Technician pages

6 NZICA at the centre of accounting The New Zealand Institute of Chartered Accountants promotes the interests of over 33,000 accounting professionals in 90 countries throughout the world. We offer three levels of qualification. Whichever you choose, you can expect to be the preferred choice among employers and earn good money in a huge range of industries. CA ACA AT Chartered Accountant Associate Chartered Accountant Accounting Technician Global Accounting Alliance another strength of NZICA NZICA members benefit from our association with the Global Accounting Alliance. This body represents the interests of over 775,000 accounting professionals worldwide. The purpose of the GAA is to promote premium professional services, deliver global membership support, provide access to information and collaborate on issues affecting the industry. NZICA is one of nine founding members of the GAA. With the combined strength of NZICA and the GAA, there are great opportunities around the world for you. An NZICA qualification is recognised around the world. 5

7 Student Affiliate: your first step Take your first step now register at nzica.com/saregister PLUS join us on facebook.com/studentaffiliate Whatever your level of study, you can sign up to our Student Affiliate programme. It s the ideal way to learn more about becoming a CA, ACA or AT, or accounting in general. You ll be invited to exclusive events, have access to tips and tools on our website and be kept in the loop about exciting stuff happening on your campus. Join the rising stars of accounting now. It s easy, rewarding and free! Benefits of being an NZICA Student Affiliate By joining NZICA to bridge the gap from student to professional, not only will you be shaping your future, you will also be shaping the world you do business in. Register and you will get: Invitations to apply to attend high-profile events that will put you directly in touch with top employers such as Career Speed Dating Fun and interesting business-related challenges that will give you an insight into the profession and make your CV shine Job opportunities and mentoring programmes such as Executive Insight Webinars, membership clinics and drop in sessions with the NZICA Youth Team to keep your study on track Access to events find out firsthand from young executives what working life is like, such as NZICA Ignition The opportunity to apply for scholarships to support your tertiary studies Monthly updates to help you make the most of your student years and transition into a career in business Special rates for text books and publications Offers and savings from New Zealand s best brands and retailers 15% discount on NZICA courses that support your success 6

8 One CA s Journey When you re ready to see the world, make great money, be challenged and mix it with Hollywood, it s time to aim high and become a Chartered Accountant. As one CA can attest, it isn t too good to be true. Melanie Kirk tells her story. Having a plan goes a long way. For Melanie, the journey began at school. I knew pretty much straight away I wanted to be an accountant. While she didn t know what field she wanted to work in, she knew the qualification would take her there. With that goal in mind, she geared her study to becoming a CA. As soon as she became qualified, she moved to London and was quickly receiving interviews for great positions - positions she secured. Not only was CA a must on her CV, it gave her the skills to land an amazing job at dot com start-up. In such an environment, there s no such thing as a job description. But, Melanie s love of a challenge and her CA training saw her more than capable of seizing the opportunity. Next up, she delved into the world of media. This led her into the entertainment industry (and the parties) in Los Angeles. Now, Melanie is Vice-President Finance of FremantleMedia North America, the name behind the American Idol, America s Got Talent, Family Feud, The Price is Right and the X-Factor series. Unsurprisingly she s loving it. There are many aspects to being a CA that helped Melanie along the way: the ability to see the big picture while appreciating the business needs of all individuals, the discipline, the recognition and the training. Melanie believes she couldn t possibly be where she is today without being a CA. And she wouldn t have done it any other way. For more of Melanie s story go to nzica.com/journey 7

9 kirkmelanie CA Vice President Finance, FremantleMedia North America Accounting is the most transferable skill. Being a CA means you re recognised everywhere. It really opens doors. 8

10 One CA s Journey Rhys Faleafa is living proof that a CA can rewrite the rules of a business and accounting. He s now Chief Operating Officer of one of New Zealand s most iconic clothing labels. And not a suit in sight. While at Kaipara College, Rhys knew he wanted to do something special, he just didn t know what. So he kept his options open and followed his interests into years 12 and 13. It was his love of Wall Street movies that made him take up business studies and a soft spot for MacGyver that added science to the mix. Next, a conjoint degree in science and commerce. At this stage Rhys already had his sights on a higher goal: becoming a CA. It was through a consulting assignment that he met the crew from Huffer. Both parties were impressed and in true Rhys style, he seized the opportunity. He s since risen from Financial Accountant of Huffer Direct Limited to General Manager. He has taken this bold young brand to new successes and is paving the way for the future. It s a brilliant result for a bright young CA. For more of Rhys s story go to nzica.com/journey 9

11 rhys CA faleafa General Manager, Huffer You can get out amongst the business and you re not stuck behind a desk pushing a pencil. The sky really is the limit! 10

12 One ACA s Journey Sharon Phillips has a wealth of experience. But it wasn t until she became an Associate Chartered Accountant (ACA) that her career truly took off. Now she s reaping the benefits, so are her new employers. Sharon s journey is a little different to most, or back to front, as she describes it. She left school mid way through seventh form to start work in an accounting firm. She liked what she saw and decided to stay there. Her employers saw her talent and helped her from the front desk to a junior accounting position. After five years of hands-on experience in a Chartered Accounting firm and with two diplomas to her name, Sharon was a highly valued professional. But, ever the ambitious type, she wanted to go further. She noticed that NZICA qualified accountants were getting better positions, more opportunities and higher pay. And so, she commenced her training to become an ACA. One qualified, she started looking for a new rolesomething she could get her teeth into. Potential employers were impressed by her qualification, which perfectly complimented her considerable experience and she soon landed a job at Les Mills International. She d always liked the management accounting side of business and relished the opportunity to show her skills. Next, she took the role of a company accountant at Glassons, which she absolutely loves. The expertise she s gained as an ACA, as well as the ongoing training she receives from NZICA, has let Sharon follow her love of working with people and helping them understand accounting. It s also let her move into an industry she s passionate about. With Sharon s background, her people skills and her ultimate goal of stepping up to a CA, she s assured a very rewarding future. 11

13 sharon ACA phillips Accountant, Glassons Having my ACA designation provides more credibility to potential employers, backs up the last decade of experience and assists with making me more employable. 12

14 One AT s Journey As Ryan McLachlan quickly discovered, Accounting Technician is one seriously versatile, rewarding qualification. It can take you straight into a good job that pays well, as it did in Ryan s case. It can open the door to further study. It gives you a great work/life balance and lets you work pretty much anywhere. Then again, it could lead to a higher designation and further success. AT is the qualification for the future - any future. Like many accountants, Ryan discovered accounting at school, and it just clicked. He d initially wanted to be an estate agent, but he realised accounting would give him the best of everything: more consistent employment, higher salaries, variety, challenges and opportunities. With his career path chosen, his school papers were selected with accounting in mind. The next choice was the right qualification - it was AT all the way. Ryan liked the fact that you could become qualified and workready without having to go to university. So, after two year s study at Christchurch Polytechnic Institute of Technology, one year s practical experience and the Foundation programme from NZICA under his belt, Ryan was a qualified, motivated Accounting Technician. He now works at top accounting firm, KPMG. He already knew the breadth of experiences open to accountants. But once he started working, his daily opportunities were surprisingly varied - and challenging. In just over four years in the Business Advisory Division of KPMG, Ryan has a wealth of professional experience. He really enjoys being able to advise clients on the areas of business where they can capitalise. This is where Ryan would like to focus eventually, leading a team of people and really delivering expertise for his clients. That s what makes the AT qualification so versatile; he can pursue this path, he can study further, or he can move up to an ACA, possibly even a CA. Whatever he decides, the future s his. 13

15 mclachlan Ryan AT The qualification for the future - any future! 14

16 The Journey to CA If your sights are set on a future like no other, CA is the designation that will make it happen. As the premier qualification, it s the most challenging to attain, but the rewards are huge. In fact, the role of a CA goes far beyond the traditional image of an accountant. You ll be a business and financial consultant, making important decisions about your organisation and its direction. The ongoing training and support you ll receive will help you advance your career. We ll help you become knowledgeable, confident and respected. Here are the requirements for becoming a CA. For full details, please refer to the pathway to becoming a Chartered Accountant on pages 19 and 20. Academic study The academic requirements for becoming a Chartered Accountant must be completed at an NZICA-accredited tertiary institution. You ll need to complete: a bachelor s degree the required accounting and business topics You will also need to complete: practical experience and the Chartered Accountants Program or Professional Competence Programme You become a Chartered Accountant in two stages. Provisional Membership is gained after academic study is complete, then Full Membership is achieved when you complete your practical experience and the Chartered Accountants Program. The entire programme is six or seven years in length (depending on whether you undertake the current programme or the new Chartered Accountants Program). 15

17 Practical experience You will be required to complete three years of practical experience. This can be gained by working in any sector of accounting either in New Zealand or overseas. Chartered Accountants Program or Professional Competence Programme Once you ve finished studying you can complete the Chartered Accountants Program or the Professional Competence Programme. This is done at the same time as your practical experience. 16

18 Become a Chartered Accountant 4 Years 1 Academic Study A recognised programme, comprising: Four years of degree-level study or 480 points Completion of a bachelor s degree Coverage of the required accounting and business topics NZICA will recognise NZQA-accredited bachelor s degrees completed at NZ universities, polytechnics and institutes of technology towards the above requirements; however, the required accounting and business topics must be completed at an NZICA-accredited tertiary institution. You can apply to NZICA for recognition of overseas study and/or professional qualifications. Apply for Provisional Membership + Year General Practical Experience One year of relevant accounting experience, signed off by an NZICA member or recognised equivalent This can be completed before, after or during study 17

19 Current programme to 2015 CA Total of 7 years Submit your Certificate of General Practical Experience + 1 Year + Year = Specified Practical Experience (1st year) In an Approved Training Organisation (ATO) Under the oversight of, and certified by, an NZICA registered mentor Commences only after the completion of the academic requirements and general practical experience Foundations Programme Self-study Ethics workshop Written examination Apply for confirmation of eligibility to enrol in PAS / PCE 1 7 Specified Practical Experience (2nd year) In an Approved Training Organisation (ATO) Under the oversight of, and certified by an NZICA registered mentor Professional Accounting School (PAS) Self-study Six workshops Professional Competence Examination (PCE) Case study based exam Apply to the College of Chartered Accountants for full membership Chartered Accountant 18

20 Become a Chartered Accountant 3 Years 3 Academic Study A recognised programme, comprising: Completion of a bachelor s degree Coverage of the required accounting and business topics At an NZICA accredited tertiary institution NZICA will recognise bachelor s degrees completed at NZ universities, polytechnics and institutes of technology towards the above requirements; however, the required accounting and business topics must be completed at an NZICA-accredited tertiary institution. You can apply to NZICA for recognition of overseas study. Apply for Provisional Membership + Years* Practical Experience You will be required to complete three years of practical experience. This can be gained by working in any sector of accounting either in New Zealand or overseas. 19

21 New joint program begins January 2013 CA Total of 6 years Chartered Accountants Program Four technical modules Financial Accounting and Reporting Audit and Assurance Management Accounting and Applied Finance New Zealand Taxation Each module consists of online learning over 12 weeks Capstone modules Online learning over 14 weeks Three face-to-face workshops Apply to the College of Chartered Accountants for full membership = 6 Chartered Accountant * Practical experience requirements will be reviewed with full consultation later in

22 The new joint Chartered Accountants Program We are delighted to be launching a new joint Chartered Accountants Program with the Institute of Chartered Accountants in Australia (ICAA) from January The decision to deliver a joint Program stems from our shared vision, to create a world class Program that is rigorous, of high quality, internationally recognised, and which effectively engages with current and future members. About the new joint Chartered Accountants Program The new joint Chartered Accountants Program involves three year of study that all aspiring Chartered Accountants will complete, on both sides of the Tasman, to gain the sought after Chartered Accountant designation. The Program consists of four technical modules and the Capstone module which focuses on developing professional skills. The four technical modules are: Taxation (TAX) Audit and Assurance (AAA) Financial Accounting and Reporting (FIN) Management Accounting and Applied Finance (MAAF) Capstone Capstone does what it says - it is the final piece in the puzzle. In the Capstone module students will use the knowledge they ve gained in the technical modules and test their strategic and critical thinking using real business case studies. Students are also challenged to develop their professional skills in leadership, problem solving and critical thinking The Chartered Accountants Program uses a blended learning approach. It involves a mixture of face to face and online learning that is modern, flexible and allows students to learn in their own time. 21

23 Transitioning to the new joint Chartered Accountants Program Where do you fit? Current Programme New Joint Chartered Accountants Program Scenario Satisfied the requirements of 4 years of academic study and completed Foundations in 2011 or earlier. Satisfied the requirements of 4 years of academic study and has completed General Practical Experience (GPE), still to do Foundations. Satisfied the requirements of 4 years of academic study by the end of Can complete either the current Foundations and Professional Accounting School (PAS)/PCE programme or the new Chartered Accountants Program. Start work * 4 Satisfied the requirements of 3 years of academic study by the end of Satisfied the requirements of 4 years of academic study by the end of Can complete either the current Foundations and Professional Accounting School (PAS)/PCE programme or the new Chartered Accountants Program Satisfied the requirements of 3 years of academic study by the end of 2012 onwards * Please note that this information is subject to consultation and regulation and therefore may change. *2015 is the last year that PAS will be offered For information specific to you Completing current Chartered Accountants Programme pathway pages 15 to 18, 22, 24 to 25 Completing new joint Chartered Accountants Program pathway pages 15, 19, 20 to 25 Associate Chartered Accountants pathway pages 27 to 30 Accounting Technician pathway pages 31 to 34 22

24 I am in my first or second year of study 1. Three years of degree level study including the required accounting and business topics (for a three year academic programme) The required topics are Financial Accounting Management Accounting Auditing & Assurance Taxation Business Finance/Treasury Please refer to your tertiary s academic schedule for details of the courses offered that have been approved to meet the required topics this can be found on 2. Join NZICA as a Provisional Chartered Accountant 3. From 2013 complete the new Chartered Accountants Program 4. Complete the practical experience requirements 5. Apply to the College of Chartered Accountants for full NZICA Membership Accounting Information Systems New Zealand Commercial Law Organisational Management Economics Statistics 23

25 I am in my third year of tertiary study If you are in your third year of tertiary study in 2012 and you are studying to become a Chartered Accountant you need to: 1. Complete three years of degree level study including the required accounting and business topics (for a three year academic programme) as follows: The required topics are Financial Accounting Management Accounting Auditing & Assurance Taxation Business Finance/Treasury Accounting Information Systems Please refer to your tertiary s academic schedule for the courses offered that are approved to meet the required topics. This can be found on academicschedules Join NZICA as a Provisional Chartered Accountant 3. From 2013 complete the new Chartered Accountants Program 4. Complete the practical experience requirements 5. Apply to the College of Chartered Accountants for full NZICA Membership New Zealand Commercial Law Organisational Management Economics Statistics 24

26 I am in my fourth year of tertiary study If you are in your fourth year of tertiary study in 2012 and you are studying to become a Chartered Accountant you need to meet the current CA academic requirements by the end of 2012 this includes: 1. Four years of degree level study (480 points), including a bachelor s degree and completion of the current NZICA required topics The required topics are: Advanced Financial Accounting Advanced Management Accounting Advanced Auditing & Assurance Advanced Taxation Advanced Business Finance/Treasury Accounting Information Systems Please refer to your tertiary s academic schedule for details of the courses offered that have been approved to meet the required topics. This can be found on 2. Join NZICA as a Provisional Chartered Accountant 3. Complete the practical experience requirements 4. Complete the current Professional Competence Programme of Foundations and PAS/PCE by the end of Apply to the College of Chartered Accountants for Full NZICA Membership New Zealand Commercial Law Organisational Management Economics Statistics 25

27 So where do you see yourself? 26 26

28 The Journey to ACA With the support and professional reputation of NZICA behind you, the opportunities available to an ACA are wide and rewarding, both in New Zealand and overseas. Associate Chartered Accountants are often recruited as financial and business analysts or advisors in middle management roles. In the field of public practice, ACAs work for Chartered Accountants. Like Chartered Accountants, ACAs are constantly adding value to their business, far beyond the job description. You become an ACA in two stages. Provisional Membership is gained after academic study is complete, then Full Membership is achieved when you complete your practical experience and the Professional Competence Programme. The entire programme is five years in length. Academic study The academic programme for becoming an Associate Chartered Accountant must be completed at an NZICA-accredited tertiary institution. This programme requires: completion of a bachelor s degree completion of the required accounting and business topics You will also need to complete: practical experience the Professional Competence Programme 27

29 Practical experience You will be required to complete two years of practical experience. This can be gained by working in any sector of accounting either in New Zealand or overseas. Professional Competence Programme Professional members must complete the Professional Competence Programme. This is done at the same time as your practical experience. Foundations Consists of: self-study a one-day assessed workshop an exam 28

30 Become an Associate Chartered Accountant 3 Years 1 Academic Study General Practical Experience Completion of a bachelor s degree Coverage of the required accounting and business topics NZICA will recognise NZQA-accredited bachelor s degrees completed at NZ universities, polytechnics and institutes of technology towards the above requirements; however, the required accounting and business topics must be completed at an NZICAaccredited tertiary institution. You can apply to NZICA for recognition of overseas study. Apply for Provisional Membership + Year* One year of relevant accounting experience, signed off by an NZICA member or recognised equivalent This can be completed before, during or after study 29

31 ACA Total of 5 years Submit your Certificate of General Practical Experience so you can enrol in Foundations + 1 Year* = 5 Specified Practical Experience In an Approved Training Organisation (ATO) Under the oversight of, and certified by, an NZICA-registered mentor Commences only after the completion of the academic requirements and general practical experience Foundations Programme Self-study Ethics workshop Written examination Apply to the College of Associate Chartered Accountants for full membership Associate Chartered Accountant * Practical experience requirements will be reviewed with full consultation later in

32 The Journey to AT The designation of Accounting Technician offers you the best of both worlds. You ll be an integral part of your business team and you ll achieve your accounting designation in a shorter time frame. The AT designation carries the credibility of NZICA, which is invaluable when seeking employment and gives you a broader range of industries to choose from, both in New Zealand and overseas. On a working level, Accounting Technicians are indispensable to their clients and employers, providing the information that informs key business decisions. Like Chartered Accountants, ATs are constantly adding value to their business in roles that vary from financial accountant, business analyst and beyond. Academic study The academic programme for becoming an Accounting Technician must be completed at an NZQA-recognised and accredited provider. This programme requires: two years of diploma (New Zealand Diploma in Business or equivalent) or degree-level study with specific topic coverage You will also be required to complete: practical experience the Professional Competence Programme You become an AT in two stages. Provisional Membership is gained after academic study is complete, then Full Membership is achieved when you complete your practical experience and the Professional Competence Programme. The entire Programme is four years in length. 31

33 Practical Experience You will be required to complete two years of practical experience. This can be gained by working in any sector of accounting either in New Zealand or overseas. Professional Competence Programme Provisional members must complete the Professional Competence Programme. This is done at the same time as your practical experience. Foundations Consists of: self-study a one-day assessed workshop an exam If you wish to progress to ACA or CA contact customer@nzica.com 32

34 Become an Accounting Technician + 1 Year* 2 Years General Practical Experience Academic Study Two years of recognised tertiary study, comprising either: The New Zealand Diploma in Business (with specified topic coverage), or equivalent Degree-level study* with specific topic coverage *You can apply to NZICA for recognition of overseas study. Apply for Provisional Membership One year of relevant accounting experience, signed off by an NZICA member or recognised equivalent This can be completed before, during or after study 33