A chartered accountant is an accountant who can offer specialist guidance, expertise, and consulting in a variety of business areas and sectors.
The main difference between an accountant who is chartered and one who is not is that chartered accountants have completed an additional level of training and are a member of a professional accounting body such as Chartered Accountants Ireland.
What does a chartered accountant do?
Chartered accountants are highly valued professionals working across an array of business sectors. They provide advice and guidance to many businesses, individuals, and organisations on specific financial matters including:
- Corporate finance
- Financial management
- Financial advice
- Forensic accounting
What is the difference between an accountant and a chartered accountant?
Anyone with an accountancy qualification can call themselves an accountant, but to be classed as a chartered accountant an individual needs to have completed their Chartered Accountancy qualification. Chartered accountants have completed an additional level of training, are a member of a professional accounting body such as Chartered Accountants Ireland, and are subject to additional regulatory oversight and compliance requirements. Once qualified, a chartered accountant can become a member of either Chartered Accountants Ireland (CAI) or ACCA (Association of Chartered Certified Accountants).
Benefits of having a chartered accountancy qualification
Having a Chartered Accountancy qualification opens the doors to many improved career opportunities in every sector of business and finance, both in Ireland and internationally. There are many benefits to being chartered including:
Constant demand
Chartered accountants are in constant demand both at home and abroad, being recognised for their technical competence, professional standards, and reliability. They cannot be outsourced easily, and because of this Chartered Accountants will always be in demand across all business sectors to work on company finances etc.
Opens the door to a variety of careers
Qualifying as a Chartered Accountant opens the doors to a large number of career paths in a variety of sectors. From analysing a large corporation’s finances, advising charities on tax, shaping the way public sectors spend or helping to prosecute criminals the potentials are endless with a Chartered Accountancy qualification.
Job security
Companies will always need Chartered Accountants. According to a recent study, there has been a rising demand for workers with a background in finance and accountancy, with a reported and projected growth from 2018 to 2028. Although the demand is high, accountancy work is still incredibly competitive so securing a Chartered Accountancy qualification is key in individuals standing out against the crowd.
Higher earnings than regular accountants
Not only does the Chartered Accountancy qualification open the doors to multiple opportunities, but it can also give you a higher-than-average salary. The latest salary guide for a newly qualified Chartered Accountant in practice is ranging between €45,000 per annum for small and mid-sized practices, increasing for the Big 4 and larger firms.
Continued professional development
Chartered Accountants can continually improve their knowledge and expertise through courses and additional qualifications. This can often increase confidence in potential employers, making individuals more attractive and giving them the ability to advance their careers much quicker than those who do not have the additional qualifications.
What types of accounting specialisation can Chartered Accountants go into?
Many Chartered Accountants will specialise in one area so that they can provide a comprehensive service to the business for which they are working. There are many specialisations, with the most common being:
Corporate finance
Corporate accountants add value to many businesses through buying and selling. Roles are varied and range from advisors, who manage the process of raising capital, to reporting accountants and auditors who are responsible for ensuring that the accounts of the company are in good order.
Financial accounting
Financial accountants challenge and improve the way in which an organisation runs their operations. They monitor all incoming and outgoing cash for companies and businesses including revenue, expenses, assets, liabilities, and equity. Financial accountants prepare annual financial reports and ensure everything is in good order.
Forensic accounting
Forensic accountants help clients to resolve financial problems. They help to investigate financial transactions that may be suspicious, fraudulent, illegal, and unethical. Forensic accountants commonly work with criminal investigators to help gather evidence related to criminal activity.
Auditing
Accountants that work in auditing examine and verify information related to key areas of a business and report their findings to management. The information they gather is often used by senior management and shareholders to make informed decisions.
Tax accounting
Tax accountants prepare tax returns that are filed with local governments or agencies to ensure they are acting in a legal manner. A tax accountant can prepare things like income tax returns and payroll tax returns for companies with paid employees.
How to choose an accounting specialisation
It can be advantageous from a career perspective to consider a specialist qualification. Clients are looking for people who are specialists within their fields. Making a decision can be difficult, but we’ve put together some tips to help you understand how to choose your speciality.
What are you interested in?
When choosing an accounting speciality, make sure it’s in a field you enjoy. That way, you’ll be more comfortable learning and practising it.
What are your career goals?
Before choosing a speciality, consider what your end goal is and how specialising in this field will help you obtain that goal. It’s also useful to think about how this specialisation will develop down the line with industry trends too to understand if it is sustainable.
Are you the right fit?
When deciding on an accounting speciality, consider whether you are the right fit. Assess your strengths and weaknesses and understand whether or not this speciality fits them or whether you will struggle. Additionally, if you have been offered a role by a company it’s important to think about whether you fit in with their values too.
Consider additional costs and training
You may be able to walk into certain areas of specialisation once you’re chartered and learn on the job, but for niche areas consider if you need to obtain any additional training or qualifications and the cost implications of this.
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