Most accounting graduate schemes combine further study and-on-the job training leading to qualification as an accountant after three to five years.
The three key accounting qualifications on offer are the ACA (Associate Chartered Accountant), ACCA (Association of Chartered Certified Accountants), and CIMA (Chartered Institute of Management Accountants).
The ACA and ACCA qualifications will enable you to become a chartered accountant and work in most areas of accounting. The CIMA qualification is designed for those who would like to become management accountants, working within a business on the financial aspects of their operations.
There’s no "right" or "wrong" qualification to choose, but making a smart choice that suits you best from the options available to graduates can be key to long-term success.
Most accounting graduate employers will require all its graduate recruits to follow their preferred qualification route, though you may get some choice at larger organisations.
Here's a summary of the features of the three main accounting qualifications:
Chartered accountant
The Institute of Chartered Accountants in England and Wales (ICAEW)
Normally through a training agreement with an authorised employer
450 days of relevant work experience
Most ACA trainees enter into a training agreement with an employer who provides paid tuition, study leave and mentoring.
Chartered certified accountant
The Association of Chartered Certified Accountants (ACCA)
Training agreement or independently
Three years of relevant work experience
ACCA qualification isn’t tied into a training agreement, so you can move between employers while training.
Management accountants, who are employed within a business rather than at a specialised accountancy firm.
The Chartered Institute of Management Accountants (CIMA)
Training agreement or independently
Three years of relevant work experience
The CIMA qualification is targeted at students who are aiming to become management accountants.