Chartered Accountant Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a chartered accountant. Feel free to use our chartered accountant job description template to produce your own. We also provide you with information about the salary you can earn as a chartered accountant.
Who is a Chartered Accountant?
Chartered accountants are accountants who have had additional training and passed a skills exam in addition to their accounting qualifications. A chartered accountant is a qualified person who can be a member of a home institute. A group of accounting institutions spread throughout the English-speaking world, such as Canada, the United States, Australia, Great Britain, New Zealand, and South Africa, is called a home institute.
The term “chartered”, which is a form of the title, was first used by Queen Victoria when she granted royal charters to the profession more than 150 years ago. To be chartered as an accountant, one must complete the rigorous training. The title chartered accountant is a worldwide standard of professional conduct and expertise in accounting.
To become a chartered accountant, all additional training must be completed with a registered training organization. The candidate must continue to work and study while also being mentored by an experienced chartered accountant. This training and study expands the range of roles available and exposes candidates and their businesses to many industries.
Chartered accountants must maintain high standards of professionalism and ethics after being admitted to their home institute. They need to keep abreast of global developments in finance and commerce, as well as any tax or legislative changes made by different governments. The home institute will supervise continuing professional development to maintain competence.
The role of chartered accountants has expanded with the expansion of international trade. Their professional activities include all aspects of financial accounting, investment management, and financial accounting. Chartered accountants who have international experience are highly sought after by businesses that operate worldwide to varying degrees. Chartered accountants are trusted by investors, managers, tax authorities, and other stakeholders for financial information that can be used to inform and strategize.
Increasing public pressure on organizations to be good corporate citizens has led chartered accountants to be placed in trust positions in senior management and board posts. Chartered accountants understand investors’ and stakeholders demands for transparency and more honesty in disclosure reporting and have the skills and training necessary to provide that assurance. Chartered accountants can analyze and guide organizations in an international environment.
If he works full-time, a chartered accountant will typically work between 35-40 hours per week. Although most of the work is done during daylight hours, it may be necessary for some individuals to work weekends or evenings to meet deadlines. Part-time work is possible for chartered accountants. Some even do job sharing and work remotely. While most people in this fieldwork are in offices, some may travel to clients to perform audits.
Chartered Accountant Job Description
Below are the chartered accountant job description examples you can use to develop your resume or write a chartered accountant job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a chartered accountant include the following:
- Managing budgets
- Undertaking financial audits
- Providing financial advice
- Collaborating with clients, individuals, or businesses
- Analyzing risk
- Advising on tax planning
- Maintaining accounting records and preparing accounts information
- Managing junior colleagues
- Liaising with auditors (internal and external).
- Preparing financial statements, monthly and annual accounts
- Negotiating terms and conditions with suppliers
- Maintaining proper accounting records
- Liaising with vendors, business partners, auditors, and clients
- Ensuring compliance with all state authorities
- Providing expert financial advice and services for clients
- Investigating and correcting financial discrepancies
- Preparing annual reports, budgets, and strategies
- Assisting clients in financial transactions, mergers, and acquisitions
- Assisting clients regarding tax/payment related queries, such as training agreements and reciprocity agreements
- Analyzing financial systems and procedures of the company
- Forecasting and preparation of budgets
- Preventing and suggesting ways to stop fraudulent activities
- Negotiating monetary terms and conditions with vendors
- Assisting with tax planning
- Assisting the accounting team in their duties.
- Implementing accounting processes and systems.
- Reconciling income statements.
- Preparing financial reports monthly.
- Controlling the master data in the general register.
- Reviewing and releasing online banking payments
- Assuring compliance with the state revenue service
- Offering ongoing accounting and reporting support.
- Taking control of the entire financial process
- Preparing an expense budget report
- Managing your financial system and budget
- Negotiating terms with suppliers
Qualifications
Graduates of all disciplines are eligible to apply, as training agreements offer opportunities for graduates from many backgrounds. Although it is possible to enter the profession without a degree, or HND, graduates will be more competitive than other applicants. Employers prefer candidates with a degree to those with an HND.
The Certificate in Finance, Accounting, and Business is a step between a degree and a contract. Employers may also train students to earn the Association of Accounting Technicians (AAT), accounting qualification. This does not require a degree but could lead to chartered status training.
Each chartered accountant qualification leads to the title ‘chartered accountant’. They all have equal status and attract equal recognition. Candidates who are qualified through ICAS or Chartered Accountants Ireland will be given the designation CA (chartered accountant). Those who are certified with ICAEW will be designated ACA (associate member of the ICAEW).
Finding a contract with an approved employer to train you as a chartered accountant can be one of the most challenging parts of your journey. As part of the selection process, you will need to have good math skills and knowledge.
Training contracts last for 3 to 5 years. It is important to review the training package offered by your employer before you sign. It can be difficult to manage professional studies while working.
The selection process can be rigorous and competitive. To ensure you have the best chance of being considered for the most opportunities, it is best to apply in the autumn term. Keep an eye out for larger companies presenting on campus at the recruitment fairs.
Essential Skills
- Excellent work ethics
It is a noble profession to be a chartered accountant. This is why it is important to understand. This is a job many people envy, but very few people can pursue it.
A good work ethic is key to a professional career. Know your profession’s work ethics and follow them. Your work ethics are essential to any chartered accountant who is interested in hiring you to provide the services that you offer. It should reflect in your personality and must be easily noticed. You should be able to project a positive image on society.
- Self-motivation
Success in any field is associated with motivation, including accounting. It is the one thing that will keep you going and help you to maintain a steady career path. Motivation is what pushes you towards the top.
You need to be motivated as a chartered accountant to solve problems and advise any company. This is something you should be excited about and feel like you are at the top of your game.
You will feel motivated to excel in your job as a chartered accountant and you will be able to reach the top of your career quickly.
It’s not that you won’t face challenges, but it is important to keep your mind open for them.
- Integrity
You are directly involved with financial matters so you need to be cautious about your conduct.
Transparency and the ability to perform your job without raising questions about financial integrity should be your hallmark. If you want to be trusted by others who might need or desire your services, integrity is a must.
Integrity is not an option. You must have it or work towards it if you want to succeed in your job. It is important to realize that building trust and credibility will help you reach potential clients or employers looking for your services.
Bad reputations in monetary matters can hinder your career progression.
- Business acumen
Business acumen is a must, as long as your job involves financial affairs. A chartered accountant job demands that you put in the effort to improve your business skills. It is not enough to have good accounting knowledge. You also need to have sufficient knowledge about how businesses work to be a great chartered accountant.
- IT skills
Chartered accountants need to have a good understanding of the digital world. The IT industry is only going to get better. Anyone who wants to improve their career should be prepared to take advantage of the endless opportunities in the digital sector.
IT skills are essential. It can have a huge impact on your career as a chartered accountant. You can improve your value and capabilities in your field by learning to use software programs made available by developers. You will need to be familiar with statistical packages and spreadsheets as an accountant.
- Organizational skills
As an administrator or manager, organizational skills are essential for your job. It will assist you in your pursuit of greater responsibilities in the future. You will be a more successful employee if you can organize yourself and carry out the tasks you are assigned to. Organizing your job will save you time, stress, and reduce the chance of making mistakes. You will be more effective at your job if you are organized.
You know that you can’t be a great organizer if your ability to think strategically and plan ahead is not something you have.
If you don’t take the time to organize your thoughts and find better ways to do what is best for you, you will do yourself a lot of harm in your career.
- Time management
Chartered accountants must be able to manage their time well. Because every moment of their careers counts and should be used to their benefit and that of anyone else who may need them. You are not expected to be a good accountant and do your job with laxity or procrastination.
Time management is a battle against procrastination. Procrastination can be a sign that you are lazy or irresponsible and have a bad work ethic. You must be able to do the job and complete the tasks by the deadline.
Procrastinating on your job puts pressure on you and makes it impossible to achieve the targets you have been given.
- Communication
Communication is an essential part of your job, even though you might not realize it. It’s a great way to boost your resume and your career.
The first is communication through oral means. This is because it is the most commonly used form of communication. This is a crucial quality that every person should possess, even chartered accountants.
Next is written communication. It is important to communicate by written means, especially in business settings. As a chartered accountant, it is important to be able to communicate in writing.
How to Become a Chartered Accountant
- Complete an undergraduate degree
An undergraduate degree is the first step in becoming a chartered accountant. This should include a focus on accounting or business administration. This will help you establish financial knowledge and provide the credentials necessary for most chartered accounting programs. To be eligible to take the exams and attend most programs, you must have an undergraduate degree.
- Industry experience
A lot of state exams and training programs for accountants require that you have worked in the field at least 20 hours per week before you can apply. Once your undergraduate degree is completed, you can apply for work as a financial advisor or help a local accountant. This will give you valuable experience that you can use in your future career. It also qualifies you to take training programs or exams. To find out the requirements for specific programs and exams, contact training programs or local certification boards.
- Register for a chartered accountant program
Employers typically require that you have at least an undergraduate degree and three years of experience as a chartered accountant to be able to apply for chartered accounting. You can apply for chartered accounting courses at many universities, as well as private courses offered by certain employers or post-secondary training institutions.
You might consider enrolling in a program to learn about the day-to-day duties of chartered accountants and prepare for your exam. The average program takes less than one year, depending on which program you choose and what your personal goals are.
- Take the exam
After you have completed your training program, you will be able to take the exam and earn your chartered accountant credential. The exam may be administered by either a university or a government board depending on the area you are interested in. You can legally work as an accountant if you pass the exam with a passing score. After obtaining your CPA certification you are eligible to work in the accounting industry as a certified accountant.
- Continue to learn and improve your skills.
You may have the opportunity to improve your skills as an accountant and learn new techniques. To remain competitive in the job market and to stay in demand, it is important to constantly improve your skills. To learn more about your profession and industry standards, you can take additional courses, work in other industries, and network with professionals.
Where to Work
- Public sector
This includes international accounting organizations or smaller accounting firms known as small and middle practices (SMPs), all offer a range of accounting and business services to clients.
- Commerce and industry
This includes major commercial companies such as those in manufacturing, retail, and telecoms
- Public sector
This includes local and central government, education institutions, charities, and non-profit organizations. The public sector has historically not been a major recruiter for chartered accountants, but there have been more opportunities in recent years.
Chartered Accountant Salary Scale
The average salary for Chartered Accountants in the United States of America is $101,272.
