Becoming a chartered accountant in Australia, if you are interested, means that you may be wondering what steps to take. Chartered accountants are financial specialists who specialize in accounting, auditing, taxation, business law and management. They can function in various sectors and industries giving advice and services to individuals as well as businesses and organizations.
In this blog post we will outline the main steps you need to follow to study chartered accountancy in Australia and become a member of Institute of Chartered Accountants Australia (ICAA) or CPA Australia which are the two leading professional bodies for accountants in the country.
Step 1: Obtain a bachelor degree majoring in Accountancy or related field
To become a chartered accountant, start by completing a Bachelor’s degree from an accredited university with accounting (or similar) major. You should choose an accredited university that offers a degree that meets the entry requirements for the chartered accountant program. The ICAA or CPA Australia websites have lists of accredited universities.
During your course work you will cover core accounting topics such as financial accounting and reporting, audit and assurance, business law & economics, management accounting, taxation, IT & accounting systems& processes while developing critical thinking skills; analytical skills; communication skills; ethical skills which are necessary for every accountant.
Step 2: Apply for provisional membership with ICAA or CPA Australia
Once you graduate from your Bachelor’s degree program, you can apply for provisional membership with either ICAA or CPA Australia. This enables one to enroll into the chartered accountant program which is both academic as well as practical postgraduate qualification. To apply for provisional membership you fill out an online application form accompanied by your formal transcripts or certificates.
Step 3: Participate in the Chartered Accountant Program
The aim of this program is to provide advanced knowledge and skills regarding accounting that would equip individuals to address challenges associated with their careers. It is structured in two parts, which are Graduate Diploma of Chartered Accounting (GradDipCA) and Mentored Practical Experience (MPE).
The GradDipCA is a coursework phase comprising of nine subjects. These include seven core subjects and two electives. Core areas cover financial reporting, audit and assurance, management accounting and applied finance, taxation, ethics and governance, business strategy and leadership. The electives offer choices such as forensic accounting data analytics insolvency and restructuring financial planning & superannuation.
The MPE is an experience depending on the practical side that demands at least three years of relevance with insightful chartered accountant mentorship. It purposes to help you apply theoretical knowledge into real world settings thereby developing your professional competency; judgmental skills as well as you will need to complete an online portfolio that shows how you have achieved the required competences.
Step 4: Apply for full membership with ICAA or CPA Australia
On completion of the GradDipCA and MPE, you can then apply for full membership with either ICAA or CPA Australia whereupon you will be conferred with the CA (Chartered Accountant) or CPA (Certified Practicing Accountant) designation, which are internationally recognized and respected credentials signifying your expertise and professionalism. As a result, you can also be eligible to various other services like networking platforms, professional development programs, technical support & advice among others through this process.
Step 5: Seek Jobs as an Accountant
After becoming a Chartered Accountant, there exists different job opportunities in diverse sectors and industries that need your skills and knowledge. You could either go into auditing, work as a tax advisor, financial analyst or business consultant and even manage some accounting tasks such as management accounting, forensic accounting or might specialize into areas such as insolvency practice accountant, superannuation specialist etc. This could also involve further specialization or certification in data analytics; sustainability reporting; or risk management.
Costs and Financial Considerations
The decision to become a chartered accountant in Australia must factor in costs from training to full qualification stages. The monetary commitment includes tuition fees for education programs plus membership fees payable to professional bodies. For universities’ fees differ depending on location whereas it is important to budget for additional expenses related to textbooks, materials apart from any supplementary resources required.
Presently GradDipCA cost $11 250 but do not include its annual subscription fee of $660 (2020). Similarly, CPA Program amounts up to $9 900 in total aside from the annual subscription fee at the rate of $660 (2020).
It is also worth noting that living expenses have to be considered by potential candidates along with possible examination charges tagged on practical experience attainment. A detailed budgeting plan should be worked out while accessing possible scholarships and other aids provided by the institution may help one maneuver through these considerations easily.
Therefore, people are advised to watch out for changes in fees and plan ahead to avoid financial stumbling blocks while undertaking the chartered accountancy program.
Professional Memberships: ICAA or CPA Australia
When aspiring Chartered Accountants in Australia are choosing their professional memberships it is a decision point where they need to make a wise choice. Two of the major considerations include CPA Australia and Institute of Chartered Accountants in Australia (ICAA). These two bodies avail internationally recognized qualifications as well as provide avenues for career development, networking among others.
ICAA focuses on developing technical excellence, ethical conduct and strategic thinking capabilities within accountants. In contrast, CPA Australia is more holistic encompassing both business acumen and technical skills. Each organization has its own unique set of benefits, networking opportunities, ongoing professional development services etc., which can be used as references for making an informed selection.
Exploring the benefits like networking opportunities and continuing professional development offered by each body will help one choose wisely. As a result, selecting the body aligns your ambitions with a supportive community that propels you forward into a successful profession of chartered accounting.
FAQs
1. How long does it take to become a chartered accountant in Australia?
Normally five years are required comprising three years undergraduate study, one year post graduate study then another three years practical work experience.
2. How much does it cost to study chartered accountancy in Australia?
The cost of this program can vary, and the exact fees are usually provided at the time of enrolment.
3. What are the benefits of studying chartered accountancy in Australia?
Australia studies give students global degrees, help them to improve their knowledge, enable them access the best networks in the accounting sector and get information for continuing professional development.
4. What difficulties are faced by people who want to study a course in chartered accountancy?
These include; meeting very high academic demands, striking a balance between studying and personal obligations, keeping pace with industry trends and upholding professional ethics.
5. How do I prepare myself for chartered accountancy education in Australia?
You must research entry requirements, select an accredited university, create a timetable and budget; talk to experts or professionals in relevant fields and join appropriate organizations that offer networking platforms and trainings.