A Professional Accounting Certification Or A Degree In Accounting

Association of Chartered Certified Accountants (ACCA)

This is one of the oldest accountancy bodies, having been established in 1904. Headquartered in London, ACCA is the global body for professional accountants that offers a Chartered Certified Accountant qualification of the same name. Acquiring an ACCA qualification would make you one of the 154,000 members (and growing) of one of the largest and fastest-growing global accountancy bodies.

Career Options:
Includes chartered accountant, auditor, business analyst, financial analyst and financial consultant.

Entry Requirements:
You will need two A-Levels and three GCSEs (or their equivalents) in five different subjects, two of which must be Maths and English. If you don’t meet the entry requirements, you can undertake the Foundations in Accountancy. When you have completed the Diploma in Accounting and Business at the Foundation level, you can then transfer over to the ACCA qualification with an exemption for three papers.

Syllabus:
There are two levels of examinations: Fundamentals and Professional. The Fundamentals are divided into two modules, Knowledge and Skills, and consist of nine papers altogether. The Professional level consists of fi ve papers where students must take three Essential papers and choose two optional papers of a given list of four.

Duration:
Three to four years, if you pursue your ACCA qualification on a part-time basis while you work, like most ACCA aspirants do. The ACCA is flexible; you can choose your method of study and even when you would sit for exams. While part-time studies remain the most popular route, many institutions offer ACCA as a full-time certification course besides offering other options to complete the course via distance learning, through weekend or evening courses and through revision courses. As such, the length taken to study for the qualification differs based on your chosen method of studies.

Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) programme is a qualification for finance and investment professionals offered internationally by the American-based CFA Institute. Those keen on investment management and the financial analysis of stocks, bonds and their derivative assets would be particularly interested in this programme, which focuses on general finance, portfolio management and financial analysis. Completion of the programme will entitle the CFA holder to the title of “CFA charter” and become a “CFA charterholder”.

Career Options:
Professionals with CFA certification have the upper hand when applying for senior positions in the investment management, financial services and securities research industries. Certain financial advisor roles also require its candidates to be a CFA charterholder.

Entry Requirements:
A university degree is required for enrolment into a CFA programme. However, those with a minimum of four years’ experience in an investment decision-making process may also be considered.

Syllabus:
There are three levels of examinations: Levels I, II and III. Students must pass each level before progressing to the next. The Level I syllabus revolves around an introduction to financial reporting and analysis, asset valuation and portfolio management techniques. Level II encompasses asset valuation, quantitative methods, applications of the tools and inputs in asset valuation, financial reporting and analysis, and economics. The highest level, Level III, focuses on portfolio management and the management of equity, fixed income and derivative investments with the use of tools, inputs, strategies and asset valuation models.

Level I exams are held twice a year in June and December whereas Levels II and III are conducted only once annually in June.

Duration:
There is no limit to the number of times you can sit for the exams, so students can complete the CFA programme between two to five years. However, CFA aspirants typically take an average of four years to obtain a CFA certification. About six months of preparation is estimated for each level of exam.

Chartered Institute of Management Accountants (CIMA)

If you love both business and accounts, CIMA is for you. The Chartered Institute of Management Accountants (CIMA) is the world’s largest professional body of management accountants based in London that offers management accountancy courses to those who are keen to pursue a career in business.

Management accounting combines accounting, management and finance to serve as a foundation for leading a successful business.

Career Options:
Consultant, financial controller, management accountant, and investment banker.

Entry Requirements:
The CIMA Certificate in Business Accounting is needed for an entry into the Professional Chartered Management Accounting qualification programme. This programme is usually undertaken by school leavers and would give you a solid foundation in management accounting. The certificate can be a stand-alone qualification and also a stepping stone to the CIMA Professional Qualification.

If you hold an MBA or a Master’s in Accounting, you may be eligible for the master’s route in which students will sit for a three-hour exam in May or November each year to assess your knowledge of the syllabus covered in the management level of the CIMA Professional Qualification. Passing the exam will give you a CIMA Advanced Diploma in Management Accounting and subsequent exemptions from all certificate-, operational- and management-level exams for CIMA Professional Qualification.

Other qualifications that will entitle you for exam exemptions include a degree related to the CIMA syllabus, membership of Association of Accounting Technicians (AAT) or completion of a relevant qualification with another professional body.

Syllabus:
The syllabus is divided into three learning pillars: Enterprise, Performance and Financial. Each pillar consists of three progressive levels: Operational (completing this level will award you a CIMA Diploma in Management Accounting), Management (this level qualifies you for a CIMA Advanced Diploma in Management Accounting) and Strategic. Completion of all levels, comprising nine papers altogether and a Test of Professional Competence in Management Accounting, will lead to a Professional Chartered Management Accounting qualification.

Duration:
Two and a half years, if the course is done on a full-time basis. Weekend or evening classes are often available for those with full-time jobs as well, in which case you will take up to four years to obtain the qualification.

London Chamber of Commerce & Industry (LCCI)

The London Chamber of Commerce & Industry (LCCI) was set up to serve as a collective to influence public opinion and effect reforms. These days, however, LCCI’s mission is to meet the needs of businesses in London and worldwide by providing industries with the skills needed to develop the commercial environment. LCCI’s range of qualifications revolve around finance and quantitative, the English language, marketing and customer service, and business, administration and IT.

Career Options:
Depending on your range of field of study, your options can range from financial accounting, cost accounting, marketing, book-keeping, public relations, business administration or contact centre associates. The choices are vast, given the many options that an industry has to offer.

Entry Requirements:
As an LCCI qualification is equivalent to a diploma, the entry requirement for an LCCI programme is SPM or O-Level.

Syllabus:
Three categories of LCCI diploma qualifications are available: diplomas, group diplomas and specialised diplomas. Diplomas cover a wide range of vocationally related and general subjects, ideal for students who want to develop their knowledge and understanding of varied subjects.

Group diplomas allow a greater focus on vocationally related subjects, such as accounting or marketing. Students who have not yet decided on an area of specialisation can choose this option to learn a wide range of knowledge and skills within a main function of business, e.g., a student could combine management , accounting, cost accounting and financial accounting, or public relations, marketing and advertising within the marketing function.

Last but not least are the specialised diplomas for students focusing on a speciality within a business function. Specialised diplomas place emphasis on professional accomplishments and progression. There are four categories of specialised diplomas: accounting and finance, managerial accounting, cost accounting and business management and accounting.

Duration:
Three to 24 months, depending on your choice of diploma qualification. You can expect to take two years to obtain a diploma, three months for group diplomas and six months for a specialised diploma.

Certified Accounting Technician (CAT)

The Certified Accounting Technician (CAT) qualification is offered by the Association of Chartered Certified Accountants (ACCA). It is a stand-alone finance and accounting qualification but many often use it as a foundation or introduction to accounting before they pursue the ACCA Professional Scheme to become a Chartered Certified Accountant.

Career Options:
CAT graduates will be able to work at a technician level in the commerce and finance industry.

Entry Requirements:
No previous academic qualification is needed to study for the CAT, so students may begin their course after completing SPM or O-Level.

Syllabus:
There are three levels in the programme: Introductory, Intermediate and Advanced with six exams to undertake and two specialist exams. Students will also need to undergo a practical experience and learn a Foundation in Professionalism. Certain previous practical experience entitles for exemption for four out of the six exams. Students can proceed onto the ACCA qualification upon completing the course, by which they will already have one year’s working experience and four essentials needed from the three year’s work experience and 13 performance objectives required for the ACCA.

Duration:
A year if studied full-time or two years on a part-time basis. Just like the ACCA, you may study in a flexible way and determine how many exams (maximum four papers in a sitting) you would like to take each time around. You may also choose to defer the exams until the next session when you are better prepared.

Bachelor of Accountancy

Also known as Bachelor of Accounting, this degree is often the only undergraduate degree recognised for practice as a professional accountant.

Career Options:
Accountant, actuary, appraiser, auditor, credit manager, controller, cost accountant, economist, financial analyst, financial planner, insurance adjuster, investment banker, research analyst, tax accountant, and treasurer.

Entry Requirements:
As with most undergraduate degrees, the entry requirement for a degree in accountancy is a diploma, A-Levels, STPM or equivalent.

Syllabus:
Core subjects revolve around management accounting, financial accounting, auditing and taxation. Students also will discover business mathematics and management theories as well as undertake coursework in economics and business law. The syllabus for a degree in accounting is very specialised as it gears students towards professional practice.

Duration:
Four years on a full-time basis.

What’s Your Route?

If you are a high-school leaver and would like to kick-start your venture into the world of accounting and finance, there are three options: LCCI, CAT, or CIMA if you are particularly interested in management accounting.

Those with A-Levels or an equivalent pre-university qualification can take the Bachelor of Accountancy route. If a certification is what you are looking for, you can start the Knowledge module of the ACCA’s Fundamental Level. This will lead you to the next step of the ACCA, which is the Fundamental Level’s Skill module and, subsequently, the Professional Level, which would earn you the title of a Chartered Accountant.

Accountancy degree holders can proceed for the ACCA Professional Level after being exempted for the Fundamental level. Some students choose to undertake their degree after completing the Fundamental Level’s Skill module, before proceeding to the ACCA Professional Level. In a nutshell, all qualifications lead to being a Chartered Accountant.

A Degree or a Professional Qualification?

The career options for both degree and professional certificate holders are similar except that professional certificate holders have the advantage of being able to set up their own auditing firm. Professional certificate qualification, which is bestowed by Chartered Accountants institutes, can be said to be an attractive route in the accounting profession, given that it is a professional certifi cation and that bachelor’s degree holders also pursue this qualification upon completing their degree.

Graduates with qualifications from Chartered Accountants institutes such as ACCA, CFA, CIMA and LCCI are the preferred choice of employers as these graduates reduce the cost of training by having undergone a flexible and well-structured training path. These professional certificate graduates have also gained specialist knowledge in finance and accounting, obtaining valuable skills in organisationalmanagement and strategy, which boost their career prospects and employability. With this, the probability of these professional certificate graduates of moving up the organisation’s hierarchy is high, due to their expertise, well-trained background and industry-ready minds.

While the career options are similar, it is not true that Chartered Accountants can only pursue a career in auditing and taxation. Just like degree holders, Chartered Accountants can also venture into banking, auditing, risk management, and corporate law.