How to Choose the Best Chartered Accounting Qualification in the UK
Professional accountancy bodies are the organisations responsible for accounting qualifications. That means they create curriculums, train students, and run exams, often in partnership with accounting services in London. In principle, any organisation can do this, so how do you know which qualifications are actually up to standard?
The organisation given power by the UK government to oversee accountancy is the Financial Reporting Council (FRC). The FRC serves as an independent regulator of accountants, and decides which qualifications make accountants able to perform audits. To legally call themselves a ‘chartered accountant’, a person must be a part of a professional body with a royal charter.
Who are the major accountancy bodies?
The FRC lists six of these, namely:
- Association of Chartered Certified Accountants (ACCA)
- Chartered Accountants Ireland (CAI)
- Chartered Institute of Management Accountants (CIMA)
- Chartered Institute of Public Finance and Accountancy (CIPFA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants of Scotland (ICAS)
These professional accountancy bodies each oversee their own accountant qualifications, which differ in the details but often conform to internationally recognised standards. Aside from passing the relevant exams, candidates must also have a certain amount of work experience to qualify as a chartered accountant.
Importantly, these professional bodies not only train accountants, but are also responsible for oversight of accountants, often working alongside management accounts services london. This means setting standards of work and ethical behaviour, as well as dealing with complaints about accountants. The professional bodies also do important work providing support, life-long training, and public advocacy for their accountants.
So what are the practical differences between these six organisations and their qualifications?
number of members
The FRC recognises all six of these accountancy bodies, but how do we know which ones offer the best qualification? Which qualifications are most wanted by employers? Which bodies offer the best support for the members? These are important questions, but the answers can be vague and complicated to find.
In the spirit of accounting and finance, perhaps it is best to let the market decide! And so, let’s have a look at how many accountants actually chose to study and work under these bodies. These membership numbers are taken from the FRC’s 2021 Accountancy Profession Report.
As we can see from the graph, ACCA has the most total members by a decent margin. However, this is for members all over the world. If we look at members in the UK and ROI, shown by the sections in yellow, ICAEW takes the lead. In addition, while CIMA falls far behind ACCA in global numbers, they come a close second for UK and ROI members.
These numbers suggest that the ACCA qualification is best for global recognition. This is a bit misleading though. The ACCA’s large global membership likely HAS more to do with the fact that ACCA trains accountants all over the world. Meanwhile, bodies like the CAI and ICAS focus more on training accountants within the UK.
Which UK accounting qualification is best?
The most important difference is which qualifications allow you to legally perform audits. For an account to be allowed to audit, they must have been trained by an organisation which the FRC lists as a Recognised Qualifying Body.
Accountants with only a CIMA or CIPFA qualification are not authorised to perform audits.
Without considering auditing, we can say that the ACCA, CIMA, and ICAEW qualifications take the lead. According to the membership numbers shown above, these qualifications are chosen by the most students and have the most professional accountants working under their name. Therefore, we can take a small leap and assume these are all seen as great qualifications by employers.
Best qualification for each business sector
But what if you want to go into a specific area in finance? All of these qualifications train accountants in a broad range of skills, but some do focus on specific areas, often supported by outsourced accounting services in London. CIMA focuses on management accounting, where accountants work with high level management to create business strategy. CIPFA focuses on public finance and so many members will end up working in the public sector.
To get a more clear idea of what each qualification is best for, let’s again look at some statistics from the FRC.
Which accounting qualifications are globally recognised?
Most accountancy bodies strive towards internationally recognised standards. The more they conform to international standards, the more the public can trust that they train competent and ethical accountants.
All six of the UK bodies we have been discussing boast their status as global organisations. But the best way to evaluate an accountancy body’s standards is to check which umbrella organisations they are a part of.
Another relevant umbrella is Chartered Accountants Worldwide (CAW), which brings together accountancy bodies from 13 countries. These include ISCA from Singapore and SAICA from South Africa.
But the leading global organisation pushing for excellent, international standards is the International Federation of Accountants (IFAC), often working in collaboration with a tax advisor in London. IFAC represents 180 professional accountancy bodies across 135 countries. That totals more than 3 million accountants worldwide!
Membership to IFAC requires high standards of training and work, and is an indicator of a top-tier accountancy body.
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Chartered Accounting Qualifications in the UK: Frequently Asked Questions
What is the best accounting qualification in the UK?
The best accounting qualification in the UK depends on your career goals. ACCA is the most globally recognised and is widely accepted by employers across multiple sectors. ICAEW’s ACA qualification is the most prestigious for practice-based and audit roles in the UK, with the highest number of UK-based members. CIMA is the strongest choice for management accounting and corporate finance roles. For public sector careers, CIPFA is the specialist route. There is no single best qualification — the right one depends on where you want to work.
What is the difference between ACCA and ICAEW qualifications?
ACCA and ICAEW are both globally respected chartered accounting qualifications regulated by the Financial Reporting Council. The ACCA qualification is broader in international reach and is studied by more accountants worldwide, making it the stronger choice for those seeking global mobility. The ICAEW ACA qualification has the largest membership base within the UK specifically and is particularly valued for practice, audit, and advisory roles at major UK firms. Both allow members to perform statutory audits, which CIMA and CIPFA do not.
What qualifications do you need to become a chartered accountant in the UK?
To become a chartered accountant in the UK, you must complete the qualification programme of a professional body that holds a royal charter and is recognised by the Financial Reporting Council. The six recognised bodies are ACCA, ICAEW, ICAS, CAI, CIMA, and CIPFA. Each requires candidates to pass a series of professional exams and complete a minimum period of relevant work experience typically three years before being admitted as a full member. Only members of these bodies are legally permitted to use the title “chartered accountant.”
What is the difference between CIMA and ACCA?
CIMA and ACCA are both leading UK accounting qualifications but serve different career paths. CIMA focuses on management accounting equipping accountants to work within businesses advising senior management on strategy, performance, and commercial decisions. ACCA is a broader qualification covering financial reporting, audit, tax, and advisory, suited to both practice and industry roles. CIMA members cannot perform statutory audits. ACCA members can. If your goal is to work inside a business in a finance leadership role, CIMA is typically the stronger fit.
Which UK accounting qualification is best for working in practice?
For working in an accounting practice — particularly one that carries out statutory audits ICAEW, ACCA, ICAS, and CAI are the most relevant qualifications, as all four permit audit work. ICAEW’s ACA qualification is the most commonly held among partners and senior accountants at the Big Four and top 50 UK firms. ACCA is also widely held across mid-tier and smaller practices. CIMA and CIPFA qualified accountants generally do not work in external practice environments, as neither qualification confers the right to sign statutory audit reports.
Is the ACCA qualification recognised internationally?
Yes. ACCA is the most internationally recognised of the UK chartered accounting qualifications, with members in over 180 countries. Its large global membership makes it particularly well suited for accountants who plan to work across borders or in multinational organisations. All six major UK accountancy bodies are members of the International Federation of Accountants, which sets global standards for professional accountancy training and ethics. However, for roles specifically within UK and Irish firms or public markets, ICAEW and ICAS carry strong regional prestige alongside their international standing.
Which accounting qualification is best for working in industry and commerce?
CIMA is the strongest accounting qualification for working in industry and commerce. It is specifically designed to train accountants to work within businesses rather than in external practice, with a curriculum focused on management accounting, business strategy, risk management, and performance analysis. A higher proportion of CIMA members work in industry and commerce than any other UK accountancy body. ACCA and ICAEW are also well regarded in industry roles, but CIMA’s curriculum is uniquely aligned with the needs of finance professionals working inside organisations at a strategic level.
Not Sure Which Chartered Accounting Qualification to Choose?
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