Different Accounting Exams

Different Accounting Exams There Are So Many Ways To Use Your Accounting Degree ChaptersACA Associated Chartered AccountantICAEW Chartered Accountant QualificationCPA Certified Public AccountantCFA Certified Financial AnalystCMA Certified Management AccountantCFE Certified Fraud ExaminerIf you’re already studying accounting at university, or are considered studying accounting at a bachelor’s or master’s level, then it’s always worth spending some time thinking about where your accounting degree could take you.Understandably, some may think that an accounting degree will only help you if you want to become an accountant after university, but the fact is that accounting degrees, and subsequent qualifications, can really bolster your career prospects across a wide range of roles within the accounting, business, and finance world.Below are some of the most common qualifications that someone with a degree in accounting may pursue.Passing accounting exams may help you to travel internationally in your career. (Image Source: CC0 1.0, stokpic, Pixabay)Deloitte;K PMG; andErnst and Young.Even outside of the Big 4, there are many mid-tier professional services firms, as well as local accounting firms, and even companies within an industry that encourage their graduates to study for the ACA.This is because having the ACA after your name means that you’ve had to undertake the rigorous examination, study, as well as relevant work experience in order to achieve membership to the ICAEW.Individuals that hold an ACA work in a number of different fields, as diverse as tax, accounting, auditing, and corporate finance. Therefore, you certainly won’t be limiting your career options if you did decide to pursue the ACA.ICAEW Chartered Accountant QualificationThe ICAEW has been around for a very long time, having been founded in 1880. As a result, there are over 150,000 members of the ICAEW worldwide today, which helps to further emphasise how internationally regarded the ACA qualification is.However, it usually takes many years to fully complete the re quirements of the ACA, so it’s worth ensuring that you’ll have sufficient time to study for the exams and ensuring that you’ll be able to balance your working life, social life, and your ACA studies.The ExamsTo meet the examination requirements of the ACA, you’ll have to pass 15 exams in total, which are split across three different levels:The certificate level exams;The professional level exams; andThe advanced level exams.The certificate and professional levels contain six separate exams at each level, while the advanced level comprises  three different exams.For an indication of the types of topics you’ll cover during the exams, it’s worth knowing what each exam covers.The certificate level exams are as follows:Accounting;Assurance;Business, Technology and Finance;Law;Management Information; andPrinciples of Taxation.The professional level exams are as follows:Audit and Assurance;Business Planning;Business Strategy and Technology;Financial Accounting and Reporting;Fin ancial Management; andTax Compliance.Finally, the advanced level exams are as follows:Case Study;Corporate Reporting; andStrategic Business Management.Other Membership RequirementsIn addition to the examination requirements, to become ACA qualified you must also meet a number of other criteria, including having sufficient relevant professional work experience. For further details on what the ICAEW’s membership requirements are, please consult the ICAEW’s website.Successfully completing accounting exams could boost your future earning potential. (Image Source: CC0 1.0, kalhh, Pixabay)Scotland; andEngland.CFA Certified Financial AnalystIf you would like to work within the realm of finance, but don’t really envisage yourself taking a more traditional accountancy role, then it may be worth considering whether a career in investment management is right for you.Roles in investment management are varied, and you could end up working for a range of organisations, including investment banks, asset managers, or even private equity firms. Some may find work as a research analyst, while others work as portfolio managers or risk managers, or perhaps even take on a different role entirely.If you think the CFA could be the right qualification for you, then the best advice is to be prepared before undertaking the qualification.The CFA is broken down into three different levels â€" Level I, Level II, and Level III. To give an idea of pass rates, the June 2018 exam sitting saw:A 43% pass rate for Level I;A 45% pass rate for Level II; andA 56% pass rate for Level III.The CFA has a reputation for being difficult to pass, although that’s not to say you can’t successfully complete the CFA provided you have the commitment, dedication, and the academic aptitude for the materials.Having the CFA can really boost your career prospects in the investment management industry, and may also improve your future earning potential, so it’s certainly worth researching.Further informa tion on the CFA qualification can be found on the CFA Institute’s website.Most accounting exams take a lot of time to prepare for. (Image Source: CC0 1.0, StockSnap, Pixabay)CMA Certified Management AccountantIf you were considering management accounting as a career path, then you may prefer to undertake a more specialised qualification, rather than follow an ACA, ACCA, or CPA programme of study.If so, then a CMA qualification may be right for you.Alike the CPA, the CMA is predominantly a US-based qualification, as the CIMA, a different qualification, tends to be more common in the UK.However, if you foresee yourself working in the US in the future, then the CMA may be the way to go. The CMA is issued by the US-based Institute of Management Accountants, known as the IMA for short.In terms of the exams that you need to pass to gain the CMA qualification, the CMA exam comprises two different parts:Part One (which concerns itself with “financial reporting, planning, performance, an d control”); andPart Two (which concerns itself with financial decision making).It’s estimated that students should take 12 to 18 months to pass both parts of the exam, but you have up to three years to complete both parts if you need more time.When it comes to future career opportunities, the CMA can help management accountants get ahead in a wide variety of roles. For example, a CMA may work as a financial controller, treasurer, cost accountant, and perhaps as a chief financial officer.CFE Certified Fraud ExaminerOne specialised area that accounting graduates may consider entering is that of fraud examination.A certified fraud examiner is specifically trained to detect, and if possible, prevent, fraud in companies and businesses. They do this through a variety of techniques and skills, including being able to review a company’s financial and accounting records to see whether instances of fraud can be detected.A certified fraud examiner can work in a variety of industries, al though the most common include banking and the wider financial services, government, and the accounting industry.Discover Your Future CareerIf you want to study accounting at university, or you’re currently studying an accounting degree course, then it’s reassuring to know that there are plenty of job opportunities out there for you, both within and outside of the accounting sector.If you know that you’d like to have a career in accounting, finance, or business, but don’t know where to start, looking through the above qualifications may give you an idea of the direction in which you’d like to take your career.Generally speaking, however, to be successful in these kinds of industries, it’s worthwhile having solid numerical skills, communication skills, and analytical skills.If you feel like you need to improve on any of the above areas â€" for example, if you feel that your general knowledge of business could be better, or you’d like to improve your mathematics knowledg e â€" then you can also reach out to a tutor at Superprof for help.Superprof has an array of tutors across subjects such as maths, accounting, and business, so it’s a case of finding a tutor that specialises in the field you’d like help with. This search is made easier by the fact that you can enter your postcode to find local tutors in your area and also find tutors that are happy to provide remote tuition.