Chartered accountants hold more senior positions to accounting technicians in organisations and enjoy higher earning power and potential. As an accounting technician looking for serious upward mobility, a chartered accounting qualification is the perfect one to consider.
Here’s what you’d need to do if you’d like to pursue this option:
1. Upskill, upskill, upskill
As an accounting technician, your path to becoming a chartered accountant will always involve further studies. The qualification, in this case, is pivotal, and the training and studies are both challenging and extensive.
The traditional path to qualifying as a chartered accountant is to complete an undergraduate degree in Accounting followed by a postgraduate CTA at a SAICA-accredited university. This must be followed by two SAICA examinations (an ITC and an APC). As a qualified accounting technician, you may be eligible for exemptions from certain subjects. Always check with your education provider to find out what your options are in this regard.
2. Decide on how to fund your studies
Attaining the relevant qualification to become a chartered accountant can be costly. So be financially and psychologically prepared to pay for this education. Consider starting a savings account specifically for it.
Due to the high earning potential of qualified chartered accountants, this qualification truly can be an investment in your future. It’s also helpful to keep your eye out for scholarship or other funding opportunities that may be available to you. If you’re already working in the field of accounting, your employer may even be willing to sponsor some or all of your study costs.
3. Prepare thoroughly for the exams
The specialised Board examinations for qualifying chartered accountants are known to be challenging. They will require you to prepare properly and well in advance. This is not something you can cram for or take lightly, so be sure to allow yourself enough time to study and fully comprehend the topics before writing.
4. Gain the necessary work experience
Newly qualified chartered accountants need to complete their articles before climbing the corporate ladder, specialising, or starting their own businesses. Around three to four years of training in a corporate environment is standard before your salary skyrockets, so don’t expect instant wealth. Be prepared to put in the hours and learn all you can during these first few years.
Are you still not sure what your accounting path should look like?
With a chartered accountancy qualification, you could go into various jobs, industries, and lines of work, from financial management to high impact entrepreneurship.
Consider reading this blog post called: 6 People Who Turned Accounting into the Coolest Job Ever for some inspiration and motivation for your career in commercial finance.