There are generally two parts on your way to becoming a chartered accountant. The first is to pass the prescribed set of exams. Every Institute or Association has its prescribed set of papers or courses to pass.
Let’s take for example ACCA from the UK. It takes 13 examination papers to complete in order to qualify as a chartered accountant. You could register as a student with a minimum of a high school certificate and work on your studies or get exemptions from some papers if you have higher qualifications like first and second university degrees. If you compare this to CPA from America, you only sit the exams for four papers which you must pass all at a go. CPA USA requires a post-graduate qualification in order to register as a student. Institute of Chartered Accountants of India has 20 papers to complete.
Examinations are the key component of the qualification. After clearing the examination stage, you are not yet a full member of the body. You are an affiliate after your exams.
The second requirement is the Practical Experience Requirement (PER). After passing all your examinations, you need at least 36 months of supervision by a chartered accountant. This senior shall record all your experiences and satisfy the institute that you have achieved the practical experience required to be a chartered accountant.
When this is done, and approved, then you shall be awarded a membership certificate that admits you to membership. You are now a full chartered accountant after receiving this recognition.
There is a third element: a fellow. For most institutes, you must be on the membership register for at least 5 years and record all your CPDs (Continuous Professional Development) in order to become a fellow. Fellowship status is automatically achieved, and you shall receive a certificate recognizing your status from member to fellow. The fellow status is the highest standard to be achieved by chartered accountants in their field of work.
Now let’s look at my journey. I passed my ACCA exams 19 years ago in December 2003. I became a member in May 2004 because I was already working while studying – I cut down the 36 months’ requirement in order to become a member. I became a fellow after 5 years of continuous membership and recording my CPDs.
