Inside Careers Guide to Chartered Accountancy

WHAT IS CHARTERED ACCOUNTANCY?
While technical knowledge is vital, it’s also
about being able to understand key business
challenges: solving problems, finding answers,
analysing information and interpreting facts and
figures to make business recommendations.
You’ll need to be able to communicate your
expertise to colleagues, managers and clients in
an easy to understand way.
What’s the difference
between an accountant and a
‘chartered’ accountant?
Anyone can call themselves an
accountant, but a chartered accountant
is a highly-qualified professional
(someone who has studied for at least
three years and passed rigorous exams)
and a member of a professional body
with a royal charter, such as ICAEW.
They will be able to have the letters ACA
after their name and are also bound
by a Code of Ethics. Whether you’re an
accountant, engineer or surveyor, being
‘chartered’ means you’re at the top of
your profession.
Types of accountancy
There are two main types of accountancy –
financial and management accountancy.
MANAGEMENT ACCOUNTANTS
Management accountants provide financial
information internally within an organisation.
This could be, for example, data given to
management to aid in decision making. As
a management accountant, you might get
While technical knowledge is
vital, it’s also about being able
to understand key business
challenges: solving problems,
finding answers, analysing
information and interpreting
facts and figures to make
business recommendations.
involved in performing budget analysis, financial
planning and forecasting. In management
accountancy, the emphasis is on forward
planning and the achievement of financial goals.
FINANCIAL ACCOUNTANTS
Financial accountants provide information
for the use of people external to a company,
such as shareholders, investors and creditors.
Financial accountants focus more on the
summarising of a company’s current position,
reporting on a company’s profitability,
liquidity, solvency and stability. Unlike
management accounting, financial accounting
is required by law.
Many graduates entering the accountancy
profession will do so through financial
accountancy, working in professional services
or public practice. You could choose a career in
any of the following specialisms:
• Audit and assurance
• Business advisory
• Business recovery and insolvency
• Corporate finance and risk management
• Forensic accounting
• Taxation. •
Accountancy | www.insidecareers.co.uk/acc
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