How to Become a Chartered Accountant in UK in 2024

The UK is known as the world financial center. It's a place where international students come to study subjects like Accounting and Finance in vibrant and diverse communities. The most promising part is that this field has so many exciting career opportunities! Have you ever considered following the path to becoming an accountant? Imagine working as a financial consultant or even having your own private equity firm! In this blog, we'll explore everything on the path to becoming a chartered accountant in the UK. Let's dive in and discover the incredible possibilities together!

Why Study CA From UK?

Studying a chartered accountant course in UK is no piece of cake. It is very important to choose a country/university that offers you all the knowledge you require. Here are some of the few reasons why you should definitely consider studying CA from UK, and these reasons will tell you how to become a chartered accountant in UK.

The UK offers incredible professional accreditation for those seeking to become chartered accountants. This accreditation is recognized and respected globally, opening doors to exciting career opportunities worldwide. Thanks to the short course duration, Compared to other countries, studying in the UK allows you to complete your graduate degree one year earlier. 

Studying and working alongside this feature attracts students on how to become a chartered accountant in UK. Out of all the important factors to consider, including the top reasons why you need to work while studying overseas and pursuing your degree in the UK creates a priceless work placement opportunity. It helps you develop essential skills and allows you and potential employers to understand each other truly. One of the main reasons why students choose on how to become a chartered accountant in UK is because of the incredible job placements available. These placements allow you to work in real-world settings and gain practical experience that brings your education to life.

Application Process For CA From UK

Follow the application process given by the University of Birmingham for applying to one of the universities on how to become a chartered accountant in UK. Usually, the application is the same for all UK universities, but it is best always to check out the official websites of these universities to make sure you know the right processes for that specific university. Here are the three main steps to studying CA:

1. Find your course

Use the university's "degree finder" tool on its official website to locate the CA courses you want to apply for.

2. Check entry requirements

Make sure you meet the necessary criteria, typically having a good honors degree and demonstrating English language proficiency.

3. Complete the online application

Fill out the application form found on the course webpage and submit all required documents. You must provide academic certificates and transcripts, a personal statement, proof of English language proficiency, two letters of recommendation, and two references.

Post-submission of your application, the admissions team reviews your application, and the pending status will be reflected on your application. Once a decision is made, you will receive a notification on your portal. You will either receive a conditional letter, an unconditional letter, or, unfortunately, a refusal. Keep in mind to visit the official websites of other universities you're interested in for their specific application processes.

Roles on a Path To Become An Accountant In UK

Once you become a certified CA from UK, your specific tasks will depend on your specialization and the industry you work in. But don't worry; we will give you an idea of what your daily tasks might look like in simple terms:

1. Budget management and performing financial audits

You will be responsible for handling and managing budgets, ensuring that money is allocated wisely and effectively, along reviewing financial records to ensure accuracy and compliance with regulations.

2. Providing Financial advice and working with clients

You will provide guidance and recommendations to clients, individuals, and companies on financial matters, helping them make smart decisions. You will collaborate closely with clients, understanding their needs and finding ways to support them financially.

3. Risk analysis, Tax planning advice

You'll assess potential risks and uncertainties affecting financial outcomes and provide strategies to mitigate them. You will assist clients in planning their taxes, ensuring they comply with tax laws while optimising their financial situation.

4. Maintaining accounting records and billing information

You will keep track of financial records, ensuring they're up-to-date and accurate. You'll also prepare billing information for clients.

5. Advising clients on financial improvement: 

You will identify areas where clients can improve their financial performance and provide recommendations for improvement.

6. Collaboration with auditors

You will work alongside both external and internal auditors to ensure financial transparency and accuracy.

7. Prepare reports, recommendations and financial statements

After conducting audits, you will prepare detailed reports and recommendations based on your findings. You will be responsible for creating annual financial statements, as well as monthly and yearly financial reports.

8. Negotiation of contracts with suppliers 

You will negotiate with suppliers to secure favourable terms and ensure financial efficiency. As a chartered accountant, you can make a real difference in organisations and people's lives. 

Skills On How To Become a Chartered Accountant in UK

If you are wondering how to become a chartered accountant in UK; the set of skills that you require are as follows:

1. Interest and awareness in business: Show curiosity and knowledge about business matters.
2. Motivation and commitment: Be dedicated and determined in order to balance your work and studies responsibilities.
3. Communication and social skills: Possess strong interpersonal abilities to interact effectively with others.
4. Organisation and time management: Be dedicated and determined in order to balance your work and studies responsibilities.
5. Methodical approach: Be systematic and thorough in your work approach.
6. IT skills: Be proficient in using tech side hustles that can allow you to have a good understanding of computer systems. 
7. Strong analytical and problem-solving skills: Demonstrate the ability to analyse complex information and solve problems effectively.
8. Arithmetic ability: Have a strong grasp of arithmetic principles and numerical calculations.
9. Leadership and teamwork skills: Show leadership qualities and the ability to work well in a team.
10. Motivation and initiative: Be self-driven and proactive in taking the initiative.

These must-have employability skills for students will contribute as steps to become a chartered accountant, allowing you to excel in your career and make a positive impact in the financial world.

Qualifications to Become a Chartered Accountant in the UK

To become a chartered accountant in the UK, you must meet certain qualifications. There are different paths you can take to train yourself. Here are four well-regarded qualifications offered by UK-based associations that you can consider pursuing.

1. ACCA 

This qualification is a popular path to becoming a chartered accountant in the UK. The course focuses on developing practical knowledge, skills, and strategic understanding and planning. On average, ACCA trainees earn a salary of €19,300 per year.

2. CIMA 

Candidates who pursue this qualification gain valuable skills in professionalism, leadership, and business acumen, in addition to their knowledge of accountancy. There are four different paths available: certification, operational, management, and strategic. On average, CIMA-qualified accountants earn a salary of €63,000 per year. 

3. ICAEW 

This degree holds great value because it is completed as part of an apprenticeship contract that includes approximately 3 to 5 years of professional training. It consists of three levels to complete: Certification, Professional, and Advanced levels in finance, accounting, and business. On average, professionals with ICAEW qualifications earn an annual salary of €134,000.

4. ICAS

To become ICAS qualified, you must complete three levels of exams: Test of Competence, Test of Professional Skills, and Test of Professional Expertise. Additionally, you must accumulate 450 days of relevant work experience. ICAS chartered accountants have an earning potential ranging between €44,000 and €66,000. 

Top Chartered Accountant Courses in UK

So, if you're considering pursuing a career in CA, you might be wondering what kind of education you need to get started. Well, fear not! There are tons of great degree options out there that can give you a solid foundation for success in this field.

Bachelor Chartered Accountant Courses in UK

There are a number of undergraduate courses you can do in order to become a chartered accountant in the UK. One of the basic and standard options is getting a bachelor's degree in accounting, finance, B.com, or business management. Post completion of such courses, one can prepare for further professional training via accounting bodies such as ICAEW, ACCA, or CMA. The students are expected to pass a couple of examinations with a required score in order to become a CA from UK.

Master Chartered Accountant Courses in UK

Like undergraduate degrees, the students can also pursue a masters in the UK. The curriculums will train students and help them gain expertise in several aspects like financial management, accounting, investment banking, international finance, etc. Students can opt for degrees like an MBA in Business Management, an MBA in Financial Modeling, an MBA in Investment Banking, MBA in International Finance.

How to Become a Chartered Accountant in UK?

Once you understand the path to becoming an accountant in UK, let's explore the steps to become a chartered accountant:

Step 1: Begin Your Training

You can start your training by enrolling in an apprenticeship program right after finishing school or college or after completing your first degree or business qualification.

Step 2: Pursue an Accredited Degree

You also have the option to study an accredited degree in subjects like Accounting or Finance. These degrees are supported by the Institute of Chartered Accountants in England and Wales (ICAEW). They provide you with the necessary knowledge and skills and may exempt you from some professional exams.

Step 3: Gain Work Experience for 3 Years

To become a CA from UK, it's important to gain at least three years of practical experience while simultaneously preparing for professional exams.

Average Salary of a CA From UK

Higher salaries are often offered in careers like banking, capital markets and CA in UK, especially by larger employers. International students studying to become a CA in UK can earn salary packages, which include bonuses, pensions, health-sharing plans, several alliances and even profit-sharing plans. According to ICAEW, here are some of the estimates a CA in UK can enjoy at various levels in their career. Not to forget, these packages are also based on several factors like company size, location, etc.

Top Universities for Chartered Accountants UK

Several prestigious universities provide programs in Accountancy, Finance, and Business to help you become a chartered accountant in UK. Here are ten universities along with their QS World Rankings 2022 and the estimated fees for one year:

We hope this blog has helped you map out how to become a Chartered Accountant in UK is a good choice or not and determine whether pursuing a career as a chartered accountant in the UK is a favorable decision for you. After all, it is one of the most employable degrees in the UK. With dedication, hard work, and a passion for numbers and finance, we're confident that you will excel in this field no matter what! All the best!