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Chartered Accountants are Ireland’s leading business professionals working across a vast array of business activities and sectors. It's no coincidence that Chartered Accountants are seen as the elite of the financial profession - the top 10 professional accounting firms are Chartered firms. No surprise either that ICAI is the fastest growing student body in Ireland for trainee accountants (Irish Auditing and Accounting Supervisory Authority's Annual Report, June 2008).
The Institute of Chartered Accountants in Ireland (ICAI) is the largest and longest established accountancy body in Ireland and represents almost 23,000 Chartered Accountants and students. 2007 saw a record student intake for ICAI, with over 1,700 new students in 2007/8, surpassing last year’s figure by 10%, with equal numbers of men and women applying.
Working in Business & Industry
Chartered Accountants play a vital role in Irish and international business and industry, over 65% of Chartered Accountants now work in this sector. Today’s Chartered Accountant typically works in a dynamic global environment in roles as diverse as corporate leadership, management accountant, business analyst or sales management.
Working in Practice
Chartered Accountants in practice provide professional financial services to businesses. Auditing, taxation, accounting, financial analysis, risk management and advising on financial structures are just some of the wide ranging services provided by practicing firms of Chartered Accountants.
Working in Financial Services
Irish Chartered Accountants also make rewarding careers in Financial Services. Chartered Accountants working in this arena advise on risk management, on raising finance and on the optimum use of assets. It is challenging work – Chartered Accountants are constantly alert to new market forces and changing market trends – but the monetary rewards reflect this responsibility.
The International Qualification
Recognised and respected internationally, the ICAI qualification means that Irish Chartered Accountants have true global mobility. Indeed, over 2,000 Irish Chartered Accountants work in more than 90 countries: the most popular being the UK, Australia, USA, Canada and the Caribbean. The qualification is an outstanding entry point into business in any part of the world.
ICAI has Mutual Recognition Agreements (MRAs) with the Chartered Institutes in England and Wales, Scotland, Australia, New Zealand, South Africa, Canada and Zimbabwe. ICAI is the only Irish or UK body to have a MRA in place with the American Institute of Certified Public Accountants. ICAI is also the only Irish member institute of the Common Content programme which is working to harmonise accounting qualifications across Europe. ICAI is also the only one of the accountancy bodies involved in the discussions to form a Global Accounting Alliance. In short, the qualification is an outstanding entry point into business in any part of the world.
Your Training Contract
Chartered Accountancy is distinguished from other accountancy qualifications by its training model which requires students to enter a training contract under the supervision of a Chartered Accountant. ICAI believes that this unique approach of combined work and study, which differs from the exam-driven model of other qualifications, produces more highly skilled and dynamic professionals. It also leads to a more successful pass rate in final exams – in 2007, for whole part candidates at first attempt, 82% passed their Final Year Exam, a pass rate significantly higher than that of other accountancy qualifications.
Paths to Success
There are several routes to full membership of ICAI including:
- graduate level (the most popular route);
- post-graduate;
- and direct entry (school-leaver).
In the case of graduates, entry is not confined to business / commerce graduates: last year 15% of Chartered Accountant students came from non-business graduate backgrounds and ICAI welcomes the diverse experience that these students bring. Business graduates may avail of numerous exemptions from ICAI examinations with some degrees gaining an entire exemption from the first year (CAP1) examination.
Typically graduate trainees are required to fulfil a three-and-a-half year contract, but there are exceptions, such as graduates of master programmes, who can qualify in three years, while it may take those coming through the ranks from the Institute of Accounting Technicians (IATI) programme up to five years to complete the training to Chartered Accountant qualification. The majority of trainees are in medium to large size practices, however an increasing number also train in industry.
Your future is Chartered
Chartered Accountants play a pivotal role in the modern organisation and this is reflected in their career path – as a result of their training, Chartered Accountants enjoy a high level of career mobility, applying their broad skills to business challenges in every corporate sector. The possibilities are endless: from sole practitioner right up to Chief Executive. That’s why choosing to become a Chartered Accountant may be the smartest career move you’ll ever make.
Contact Us
For more information on becoming a Chartered Accountant, see our website www.icai.ie/careers or call (01) 637 7200.
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