UK Chartered Accountants Explained

In the UK, behind a Chartered Accountants name is either ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant)

The Fellowship is intended to designate those who have achieved a higher level of professional experience. This is usually after ten years of membership and who, at the date of application, have complied with the Institute of Chartered Accountants in England & Wales (ICAEW) on continuing professional development (CPD) in the preceding three years and have no outstanding disciplinary charges against them!

There is more than one Chartered Accountancy organisation in the UK. The main, and most commonly referred to isICAEW. This leading role however may be disputed by the Association of Chartered Certified Accountants (ACCA).

In addition, there is also the Chartered Institute of Management Accountants (CIMA). 

The Institutes’ above admit members, who become Chartered Accountants, only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 450 days of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain maintain appropriate continuing professional development.

If you are looking for a UK accountant it is important to take these qualifications into consideration and find the best accountant with the most relevant experience for your needs.

How to Choose a UK Accountant

There are many accountants in the UK and picking the right one for your needs can be difficult. The first thing to consider is what services you need. Do you need a specialist accountant e.g an auditor, VAT specialist, or a general accountant? If you have a specific requirement, pick an accountant who is a specialist in that area. For example, you may be an overseas company looking to setup in the UK? It would be wise to select a firm of international accountants, in the UK, who provide a broad range of services to foreign clients in a global market. Although general UK accountants may have some knowledge in these areas it’s unlikely that they will have enough to deal with the specifics.

If, however, you need an accountant to take care of all aspects of your business accounts or personal finances the general accountant will be more appropriate.

There are many places to look for UK accountants. You can start with a simple search in Google or you can use the websites of professional bodies such as the ICAEW and ACCA. Both of these websites will allow you to check their members to make sure they have the qualifications they say they do, so even if you do not go directly to these sites it is probably worth visiting them.