Professional Qualifications: Part 1 – Accounting
It is often expected and advised that anyone who is interested in the accounting profession obtain professional qualification from a recognised accounting body. This shows a level of technical expertise, provides a level of career security and various monetary benefits due to the multitude of opportunities available to these individuals.
Many accounting and business designations exist but they often have different membership requirements and benefits and some countries may not allow non-resident designations to practice in their country. Many countries (including Jamaica) also use membership to the appropriate national accounting body, inter alia as a prerequisite for public practice. Three things need to be looked at when choosing a professional designation
- Time
- Cost/ Return on Investment
- International Recognition.
Generally, I think the best way to decide between designations is to determine where you see yourself in 5-15 years. So for example if you think that you want to be in the US at some point your option would be to do the US CPA. However, if you decide that you want to travel to a Caribbean country or go to Europe you would also have the option of doing ACCA.
Accounting Designations / Professional Qualifications
In Jamaica ACCA (Association of Chartered Certified Accountants) is arguably the go to professional qualification for Jamaican accountants; however holders of the CPA (Certified Public Accountant qualification) from the United States of America are still highly regarded by employers. Many other designations exist such as the Canadian CGA, CA and CMA but these credentials have been subsequently replaced and unified by a new designation called the Chartered Professional Accountant (CPA – Canada).
3 Designations accepted by the ICAJ
Association of Chartered Certified Accountants
Time
Certain courses offered at University of the West Indies, Mona (UWI) give exemptions from some ACCA examinations. Accounting students can get up to a maximum of 7 (up from 5) exemptions if they do Financial Management II (MGMT3048) in addition to already compulsory Financial Management I (MGMT2023). This means that assuming a UWI student doing 2 papers in each sitting (starting December 2014) could complete the exams in 18 months (see tables below)
| # of Exams taken every 6 months | Route Taken | Time Taken to Complete ACCA Exams (with UWI exemptions) | ||
|---|---|---|---|---|
| Papers | Month | Year | Time is takes | |
| 1 | F7 F9 P1 P2 P3 P4-P7 (Choose 2) | December June December June December June December | Year 1 Year 2 Year 2 Year 3 Year 3 Year 4 Year 4 | 36 Months (3 Years) |
| 2 | F7 & F9 P1,P2 P3 P4-P7 (Choose 2) | December June December June | Year 1 Year 2 Year 2 Year 3 | 18 Months (1.5 year) |
| 3 | F7 & F9 P1,P2 & P3 P4-P7 (Choose 2) | December June December | Year 1 Year 2 Year 2 | 12 Months (1 year) |
| Fee Type | Cost (£) – British Pounds |
| Registration Fee | 79 |
| Annual Membership Fee | 81 |
| 2 Fundamental Papers | 93*2 (87 if early) |
| 2 Exemptions | 87*2 |
| 5 Professional Papers | 108*5 (100 if early) |
| Total Approximate Cost | £1,008 – £1,060 |
* These figures are based off 2014 exam date and do not contain ICAJ and other fees. See ACCA website for up-to-date fees: http://www.accaglobal.com/gb/en/employer/getting-started/employers-dates.html
International Recognition
American Institute of Certified Public Accountants (CPA)
Certified Public Accountants are licenced at the state level which means that there are different requirements for different states.
Typically accountants that seek to be qualified as Chartered Accountants in Jamaica do the Uniform Certified Public Accountant Examination through a state that does not have the 150 credit hour requirement (UWI’s 3 year degree is less than 150 credit hours). Organisations such as CPA Tutors & Consultants prepare you for the examinations in as little as one year.
US states have recently been trending towards having the strict 150 credit hour requirement which basically means that you would have to do a master’s degree in order to qualify. The other option is going to the US and doing a master’s degree but then you would need to do the qualifying GMAT examination.
- Educational Requirements: Obtaining 150 credit hours with a Baccalaureate Degree
- Experience: 1-3 years
- Mutual Recognition Agreements :
- Canadian Institute of Chartered Accountants (CICA)
- The Institute of Chartered Accountants in Australia (ICAA)
- CPA Australia
- The Institute of Chartered Accountants in Ireland (ICAI)
- The Instituto Mexicano De Contadores Publicos (IMCP)
- New Zealand Institute of Chartered Accountants
- Hong Kong Institute of Certified Public Accountants
- Exam Format: Computer-based, 4 Papers:
- Auditing and Attestation (4.0 hours)
- Financial Accounting and Reporting (4.0 hours)
- Regulation (3.0 hours)
- Business Environment and Concepts (3.0 hours)
See iPassTheCpaExam.com for more information on becoming a Certified Public Accountant.
Time
Maximum of 18 months (varies by state) to pass all four sections once the first section is passed
Cost
The exam is only offered in select countries namely USA, Japan, Brazil, United Arab Emirates, Lebanon and Kuwait therefore costs would include visa application costs, plane fare and possible hotel fares & accommodation.
Certified Professional Accountant – Canada
Canada has recently started the merger of three of its accounting bodies, namely: Canadian Institute of Chartered Accountants (CA), Certified General Accountants Association of Canada (CGA) and Certified Management Accountants of Canada (CMA), into a new designation, Chartered Professional Accountants. As this is a new designation not much information is available about it as they have not fully finalised the details of the merger.
See CpaCanada.ca for more information on becoming a Certified Professional Accountant.
Shane Miller
Latest posts by Shane Miller (see all)
- How I passed the CPA after 3 Years of studying - February 20, 2019
- Investing money in Jamaica - February 14, 2018
- Accumulating wealth, building from the ground up - January 15, 2018
Hi Shane
I just completed the revised accounting program at UWI (including Financial Management I & II). I am waiting on official transcripts to apply to ACCA for exemptions. However previous graduates mentioned that they were exempted for only 4 papers. It was my understanding that it was up to 7. Do you know if something recently changed? What must be done to be exempted for the maximum papers?
Thank you in advance.
My friends indicated that they had to continuously follow up with ACCA in order to get the exemptions. So I don’t think its a guarantee anymore but I think if you keep pressing them you may be able to get the exemptions.
Hello Mr. Miller I found your post very informative, however I have a few queries. I would like to pursue my career of becoming a Certified Chartered Accountant. I will be doing my second year of CAPE in September . I have already attained 9 CXC subjects and I have sit 5 Cape units ( including Accounting unit 1) already and will be sitting 4 units in September. After graduating from sixth form I would like to know if I qualify for any ACCA exemptions and I would also like to know if enrolling at the Richmond Academy is a viable option instead of going to uwi to pursue a bachelor’s. I don’t mind self studying and just sitting the exams but an in class experience is preferred by me.
Sorry for the extremely late response, my understanding is that CAPE is not sufficient for ACCA exccemptions however, it would be best to check the ACCA website for details. Additionally, doing ACCA instead of an accounting degree is cost effective and a good plan especially if you don’t plan to leave the Caribbean or if you plan to travel to the EU.
Is an accounting bachelors degree just as good as ACCA?
Generally ACCA is seen as better than a BSc and a MSc, as you are required to have certain levels of professional experience and the professional level exams are generally deemed to be more difficult or at least at the level of a masters programme.
If you only had money do do only one I would suggest ACCA as you will get a better long term return on the money invested in classes/exam costs.
Hi if I want to self study do you know the steps to take to register for the exams
For which exam? ACCA or CPA. For ACCA you would visit
https://www.accaglobal.com/acca-registration-intro.html
For CPA, check my other post:
https://shanemiller.com.jm/blog/accounting/cpa-in-jamaica-how-much-does-it-cost/
Hi shane, can I study for the CPA even though I have a Bsc. in accounting from UWI?
You should be able too, especially if you did two years of CAPE. However, if you didn’t do CAPE the only way to know would be to get evaluated by NASBA.
I only did 3 units of CAPE at the lower level.
Good Morning,
I am interested in pursuing CPA where do you think is the best facility to do it.
Hello Simone,
There are currently two places (to my knowledge) that offer assistance in preparing for the CPA that is B&B University/ CPA Tutors & Consultants and Global Accountancy, with B&B being the more experienced of the two. Persons I know that went to B&B/CPA Tutors generally speak highly of them.
Does b&b offer online courses so I wouldn’t have to go there physically?
I’m not sure, you’d have to contact them directly to ask.
hello Shane, I’m interested in starting the ACCA course September as it has always been my dream to become an Certified Chartered Accountant. I’ve 9 CXC subjects Maths and English included as well as eight units of CAPE.However, I’m in Manchester and I’m having a challenge finding a class in this vicinity. I would like to know how can I sign up for the programme and also since finding a class is a challenge for me I would have no problem doing an online class or self studying. What i would like you to do forme is to provide me with some information as to how I can sign up for the programme and also help me to locate some study materials. Thanks in advance.
Hi Shane,
Does starting the ACCA at the foundation level, straight from 5th form and completing the qualification gives equal paying salary as completing a degree in Accounting?
Thank you.
Hello Kandy,
It’s hard to say, however someone who completed the ACCA and is chartered will generally command more pay than someone who only has a Bsc with the same amount of experience.
Hello Shane
Very informative post.
I am currently completing my second year with the Accounting program at UWI. At what point in my program do you suggest I commence the ACCA program? Do you suggest I wait until I have completed my Bachelors or start now?
Also do you suggest studying on my own for the ACCA or attending a centre?
Many thanks
Good morning Michel,
Its best to start ACCA when you have finished so that you can get the maximum amount of exemptions.
It really depends on your learning style, what I can tell you is that for some of the harder papers (Professional papers) persons have told me that its good to have additional guidance.
If you’re not sure, perhaps you could try a class out for maybe your first two papers and see if it helps you to succeed.
– All the best
Hi Shane Miller, i have a Bsc in Business Education from Mico University College but i am interested in getting a CPA. What are requirements in getting A CPA?
Hello Cristina, please see my comment to Renate on my CPA In Jamaica: How much does it cost? post, you need to have done at least 24 credit hours in accounting to do the exam.
Hello, I am I interedted in doing ACCA. I have 6 cxc,1 in both math and language…4 CAPE, Teaching diploma and a guidance counsellor degree. Want a change.what do I need to do to be qualified to be an ACCA accountant
Good afternoon Venisha,
You would need to meet the minimum requirements in order to register and start doing the exams, thankfully the ACCA’s website is very clear and even has a page that outlines the minimum requirements to start. Generally you would need 6 units of CAPE, you mentioned that you had 4 CAPE, is this four units or four subjects (which would be 8 units)? If it is the latter then based on the site I linked you to, you would qualify.
– All the best.
I minored in accounting at the UWI. Is it possible for me to attain a CPA even though accounting was not the full focus of my degree?
Good afternoon Neicy,
I’m not quite sure, but I will try and find out if anyone has gotten though with a similar case.
Thank you
Ms Tomkins, I spoke to Duane (CPA Tutor) he said you seem but be ok but you should call him just to make sure (Duane 977-3570).
All the best.
hey shane I would like to persue a career in accounting but I only have 3 cxc subjects, can you help me because I have no clue on the the first step to take.
Hey Tiffany
The first step you need to do is to decide which countries you want your qualification to be recognised in:
1. US/Canada: CPA, you need a BSc. with a concentration in accounting, meaning you would need to do either two more CSEC subjects (assuming you have maths and English), then apply to UTECH, do a BSc. in accounting then do the CPA exam
2. Commonwealth (i.e. Most of the Caribbean, parts of Africa etc.) UK, and most of EU, (basically any country that uses IFRS standards): same as above, have 5 subjects then apply to UTECH or do CAPE subjects and apply to UWI or apply to start ACCA (with 3 CAPE subjects & 5 CSEC subjects)
3. Or start ACCA at foundations level (7 papers (then you have to start ACCA and do 14 additional papers) now (has no entry requirements)
I think that it is important that you have Mathematics and English Language regardless of what you are doing so if you plan to do, so if you don’t have those you should aim for that first. Additionally, the key thing here is really deciding if you want to start ACCA at the foundation level, as you wouldn’t have as much flexibility as someone who did something more general (e.g. CAPE subjects).
Flexibility here means that when you have other things such as CAPE you can use it to either start ACCA at a higher level, have more choices for university (you can now apply to UWI) and you’ve also increased your pay potential.
Key Points:
1. Ensure you have Maths and English in CSEC (CXC)
2. Do ACCA at foundation level if you don’t plan to do any further education (aside from ACCA)
3. Do +2 CSEC and + CAPE to have greater opportunities (i.e. University, starting ACCA at regular entry point)
I’s acca recognized in us/canada
In Canada yes, in that you may need to do few other courses or steps to become licensed (Canadian Tax and Law). However, ACCA is not widely accepted in USA. In addition, you can’t practice with ACCA in the US nor are there any paths to becoming licensed by doing that exam.
Hi I’m wondering if I should attend Uwi for my degree in accounting or should I just go ahead and do the ACCA exams? I need some advice. Thanks
Good morning Shanice,
That is a very good question. What I have found is that in the accounting industry, having ACCA/CPA is highly respected above all other qualifications. Therefore for almost any accounting job above entry level (in countries were ACCA is recognised e.g. Jamaica, UK), regardless of if you have a Bsc. (first degree) you should be able to secure a good job – granted if you have the requisite experience.
However, the main issue with only having ACCA is that most other designations (professional qualifications – e.g. CFA – Chartered Financial Analyst, CIA – Certified Internal Auditor) require that you have a Bsc. in order for you to attain them. This might pose an issue in the future if you want to specialise in a particular area.
There are some schools that allow you to do a Bsc. while doing the ACCA. Also note that some countries such as the USA don’t widely recognise the ACCA (generally ACCA is recognised in most EU, UK and commonwealth countries e.g. Caribbean)
hello good day i would love to start a career in accounting, but all i have a this moment is a high school leaving certificate. i would appreciate if you could at least advice me on my route to a successful career. i have been thinking about enrolling at the RICHMOND ACADEMY OR THE GLOBAL ACCOUNTANCY INSTITUTE please refer me the most suitable one thank you. if not please help me by telling me where to begin.
Good afternoon Ramona,
Honestly since I’m not pursuing the ACCA qualification I don’t have any in-depth experience with both of them as it relates that that qualification. However, I will contact my collegues and try to get back to you before next week Wednesday.
– All the best.
Good afternoon Ramona,
Honestly since I’m not pursuing the ACCA qualification I don’t have any in-depth experience with both of them as it relates that that qualification. However, I will contact my colleges and try to get back to you before next week Wednesday.
– All the best.
I would like to purse my accounting qualification and had planed on doing so with global accountancy college, having obtained a high school diploma. How should i begin?
Hey, Shan. Ok, you would start at the foundations level, after which you would be exempted from the first 3 papers in the ACCA exam so you would have 11 papers left.
See, this ACCA link
& Global Accountancy link
I would like to know If I decide to pursue a BSC degree at UWI having attained papers f7 to F8, Would i get any exemptions?
Hopeton,Doing a UWI degree definitely does not exempt you from any of the professional papers (that is P1 to P7) as ACCA does not give exemptions in professional stage [Quote: “we do not award any exemptions at the Professional level”].
However, a UWI degree and the course Financial Management II should give exemptions in F7&F9 (it doesn’t seem to be consistent, however, as some people only got exemptions in F1 to F4); seeing as how you did up to F8 you would only benefit from getting exemptions in F9.
Therefore, doing a UWI degree simply for exemptions may not be an economical way to go, especially since you seem to be advanced in your ACCA studies.
Very informative Mr. Miller. Thanks for sharing.
Thank you very much. I’m working on a post for managing stocks on the Jamaica Stock Exchange in Excel next, so hopefully by tomorrow I will have that out.
I would like to pursue my accounting qualification,having already attained a business degree. Whr/how should i begin.
Hello Danelle,
Well firstly you should decide on which qualification that you want and which countries you need it to be recognised in.
The most popular ones (as shown above) are ACCA and CPA with ACCA being more popular.
To answer your question for ACCA your would need to register with a accounting school, see ICAJalthough it is possible to do it on your own .
For CPA you would need to get your transcripts evaluated first.
But Shane i thought it was confirmed that you can study on your own for the ACCA, didnt know you have to go through school as well
Hey Diva, yes you can study on your own with both ACCA and CPA. Going through a school is not necessary or required.