Thursday, February 27, 2020

Qualifications to become an accountant in the UK Case Study

Qualifications to become an accountant in the UK - Case Study Example The accounting sector has revolutionised from what it was some decades ago. With the introduction of the internet and the popularisation of e-commerce, there is a need to incorporate some versatility in this profession. Gone are the days when accounting was thought to be something that involved numbers only. These days, accountants are required to be more analytical than technical. (British Expats, 2007)The Institute of Chartered Accountants in England & Wales (ICAEW) is the largest accountancy body in Europe. It is seen as a body that yields financial qualifications of a reputable level. The ICAEW has about one hundred and twenty seven thousand members where twenty [percent of these members happen work and live ion regions falling outside the United Kingdom. This qualification is really relevant because it equips individuals with the ability to work in diverse areas of business. (ACCA, 2008)In order to enrol for an ICAEW qualification, a student needs to be above eighteen years of a ge. On top of this, they are required to have passes in GCSE and A-level. For the latter case, they should have two of those passes but for the former, they are required to have passes in 3 subjects. This must include English and mathematics. However, there may be exceptions for this, if a student has enrolled for AAT-ACA. This is a fast track course that facilitates students who plan on enrolling for ICAEW qualifications. Sometimes some international students may not have some of the above named requirements but if they have completed bachelor degrees then they may be allowed to join. Besides this, the main exemptions that exist for these particular qualifications are those students who have passed CIMA exams, ACCA finalists. This is something that has to be confirmed from the ICAEW centre. Also, candidates who have passed some of the exams in the professional stage of the qualifications may obtain credits for this. For the points required to enter this accounting qualification; ca ndidates must have a minimum of two hundred and twenty tariff points in UCAS or in general, they can have eighteen points. Besides this, for those entering using the avenue of degrees, the requirement is that candidates should have a first degree. Exams are normally conducted in two stages. The first is called the professional stage. In this stage, individuals are required to do twelve exams. These exams are normally conducted through computers and on average most of them last for one and a half hours. Candidates are expected to do application based modules. Examples of subjects covered in this area of study include; taxation, financial reporting, business management, business finance, audit assurance and accounting. These are subjects that are normally based on company law,. These are supposed to be six in number and normally take up about two and a half hours on average. The second stage of the exams is called the advanced stage. In this latter case, candidates are required to do two exams and are also expected to do one case study. Some of the topics to be taken in this stage include;

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