Prior to the mid-nineteenth century, the role of accountants was restricted to that of bookkeepers. Accountants merely kept purchase and sales records of businesses. However, the fast changes in the economic landscape created a demand for more technically-proficient accountants. Today’s accountants are required to take on the increasing complexity of accounting transactions.

ICAEW was thus formed to ensure Accountants were held to high proficiency and ethical standards. It primes students for the business world through a series of extensive tests and rigorous on-the-job training. For aspiring Chartered Accountants, ICAEW is the go-to platform to attain the prestigious ICAEW Chartered Accountant qualification, or the ACA qualification, and have your doors to privileged ACA membership opened.

Opening Doors of Opportunities

One individual who can attest to this is Felix Chong. Felix is already a member of the Association of Chartered Certified Accountants (ACCA), as well as an Associate Member of The Institute of Singapore Chartered Accountants (ISCA). As a steadfast individual, he chose not to stop there and instead made the decision to undertake the ICAEW ACA qualification. These qualifications are mutually exclusive and possess their own unique characteristics, and thus should not be confused with one another.

Felix explains that the ICAEW ACA opens the door to an exclusive network of valued ACA members. More than 84 per cent of FTSE 100 companies have at least one ACA member on their board. This speaks of the ACA as a highly recognised qualification, and highlights ACA members’ ability to lead in large organisations.

Felix Chong
ACA (Associate Chartered Accountant) student, ICAEW

Member of the ACCA
(Association of Chartered Certified Accountants)
Associate Member of the ISCA
(Institute of Singapore Chartered Accountants)
Diploma in Accountancy, Ngee Ann Polytechnic

Choosing ICAEW

A solid foundation and strong global influence form the bedrock of ICAEW. Felix comments, “Looking through empirical evidence that still stands today, the founding fathers of the ‘Big Four’ accountancy firms were ICAEW presidents – Arthur Cooper, William Deloitte, Sir William Peat, and Edwin Waterhouse. This is testament to ICAEW’s deep roots in the history of Accounting.

“Being part of a well-established network is imperative, as knowing the right people plays a significant role in your career success. The ICAEW network has put me in a good position to go further in the global accounting and finance world. Even as a student, I could already feel the intangible impact of the amazing people I have had the honour to interact with.”

An Extensive Framework

While the qualification appeals to many and allows students to embark on a career in accounting immediately, Felix cautions that the path to completing the ACA training is by no means an easy feat. Students are required to be employed in one of ICAEW’s 3,300 partners worldwide over a span of three to five years. At the same time, they are required to sit for a total of 15 challenging papers. Felix tells us that the programme effectively emphasises the delivery of the three ‘E’s – Education, Experience, and Ethics.

ACA trainees gain in-depth knowledge across a broad range a topics from management information and law to taxation. They also further develop their critical decision-making skills by applying their knowledge based on ethics and professional scepticism. The programme trains students to identify ethical dilemmas and understand implications, ensuring trainees gain first-rate professional and ethical training.

“There is no doubt to the rigour of the ACA training. However, you get to learn from some of the most impressive business people and your efforts will bear fruit when you are able to compete on a global scale. The training certainly hones your technical skills and primes you well for the ever-changing economy,” Felix explains.

Working towards His Goals

At present, Felix has completed the three-year work experience component of the ACA programme with Grant Thornton, one of the world’s leading business advisors. In spite of his freshness in the market, he has already received multiple opportunities to explore (including an overseas opportunity with an MNC), and looks forward to receiving countless others down the road.

When asked about his short-term plans, Felix shares his aim to attain a managerial position in five years and establish his status as Partner in 10. He tells us that the passion to learn is key in moving forward. “Aspiring accountants must understand that the road ahead is a long learning process. One has to understand the importance of improving yourself and not simply rest on your laurels,” he says.

Apart from finding the determination to successfully complete the ICAEW ACA programme, students must also learn to be fiercely independent. He shares, “Students have to be pro-active and source for resources to help them learn not only about theory, but about the fast-changing business environment.

“It is also important not to be afraid of failure, because failure is inevitable in life. This is why doing what you love to do is key. Understand that making your way to the top takes time – but first you have to do your best, keep fighting and be committed to your goals. A smooth sea never made a skilled sailor.”