Certified Practising Accountants and Institute of Chartered Accountants - Essay Example

A Report on Certified Practising Accountings (CPA) and Institute of Chartered Accountants (ICA) Author’s Name: Professor’s Name: Course Details: Institutional Affiliation: Date of Submission: Table of Contents 0 Executive summary 2 Investigation Report 2 Career development 2 Student membership 3 Practical experiences 4 Lifelong benefits and support 4 Employment and job the market 4 Academic subject exemption 5 Fields of expertise 5 Recommendation 6 Conclusion 6 Reference List 7 Executive summary The accounting profession is essential in the development of aspiring student accountants. Students joining different accounting bodies gain valuable and indispensable components for development in their professionalism. The Certified Practicing Accountants and The Institute of Chartered Accountants are significant professional organizations helping students advance to higher levels of accounting career. The institutions are avenues for students who advance in accounting career by providing fundamental and practical background in accounting through all the stages. Career development is developed through the institutions. The Certified Practicing Accountants and The Institute of Chartered Accountants have some differences and variation in terms of policies and career support strategies. There are differences that may make the member form a basis before joining one of the preferred professional bodies as a student member. These variations then provide the basis in deciding on the professional body to join. Investigation Report Certified Practicing Accountings (CPA) and Institute of Chartered Accountants (ICA) Career development The Institute Of Chartered Practicing Accountants (2011) has considerable background that provide highly qualified and practicing accountants then having rewarding career. This is because of the reason of having a pool of fully-fledged chartered accountants. It is an industry leader and advocate of the accounting profession. The institute has proactive participation in thought leadership initiatives thus contributing to policy development and legislative changes. This may affect the careers of potential students in the accounting profession and the already developed accountants. The institute also collaborates with other international accounting issues related to the career development of the students. Student membership Joining the institute of practicing accountants has the benefit of an individual gaining international recognition. The members have the international recognition of their designations, reciprocal benefits, and international career opportunities. This builds future professionalism and recognition of the student members who later advance to be internationally recognized accountants. The student practice through the internationally recognized members at the Institute of Chartered Accountants compared to the Certified Practicing Accountings (2011). Chartered Accountant has completed the most thorough educational training programs on offer besides having a vast background in terms of experience. The Institute of Chartered Accountants (2011) has well developed communication and technical skills that would be beneficial to student accountant in grounding skills of the profession. This is ideal for students to join because it has vast knowledge worldwide and nationally. It has the dedication to complete the work to a high standard and commitment to self-improvement. There is also the development ambition and drive to delivering the best for clients or customers and achieving the set goals. This provides the ideals for motivation to student members. Practical experiences The Institute of Chartered Accounting qualification equips chartered accountants with the desired blend of learned principles and practical application from the pool of its internationally recognized members. On completion, chartered accountants are already at an advantage against other accounting qualifications like the Certified Practicing Accounting. The Institute of Chartered Accountants has low practical background compared to the Institute of Chartered Accountants. Lifelong benefits and support In addition, the Institute of Chartered Accountants (2011) provides continuous, lifelong support to its members at different stages of career building thus ideal for any student to join when developing and advancing a career. The Institute of Chartered Accountants has training events, products, and support services in particular accounting areas and changes that may affect the profession. This will then help in steady career development that is critical to students. The students, however, gain access to professional accounting resources online through web-based knowledge center manned by professional staff. Employment and job the market The Institute of Chartered Accountants has a vast grounding of student at their training levels both in practice and course work. The student member on completion of the mandatory coursework is fully-fledged accountant. Upon completion of the educational and practical experience as a student member, they can be chartered accountants. The chartered accountant program of Institute of Chartered Accountants is part of the global accounting alliance. Chartered accountants are flexible in whatever industry they chose to work in. This is because the prior training experiences a student exposes its student members to vast areas and situations of work. The Certified Practicing Accountings (2011), on the other side, only deals with the completion of the designed accounting curricular program. It does not have much interest on the practical experience of the student. This is because of the much-perceived interest in the completion of designed curriculum and final examination. The marketability of the graduates of Certified Practicing Accounting may be in jeopardy and may consequently discourage continuing junior student membership. Academic subject exemption The charterer accountant programs are recognized with reputable accreditation. Higher educational programs accredit the Institute of Chartered Accountant worldwide and institutions thereof provide chances of exemptions. Institute of Chartered Accountant provides the subject of exemptions for future studies for students who prefer to advance to higher levels. This is made possible by the chartered accounting program of Institute of Chartered Accountants (2011). This component chartered accountant program is ideally developed in the policies of Certified Practicing Accountings program. In this regard, it is essential for accountant student to have membership on of Institute of Chartered Accountants. Fields of expertise Certified Practicing Accountings program has the continuing professional development program which keeps up to date information on the field of business and finance. This then limits the scope of practice to only business and finance unlike the Institute of Chartered Accountants programs that its professionals work in many sectors ranging from business to industrial and property management. All the members of the Certified Practicing Accountings have a sole professional obligation to their employers, themselves, and the community in planning and participation, in the continuing education program, which is tailored to meet their own needs. Recommendation The aspiring student accountants should utilize the Institute of Chartered Accountants membership for the possibility of securing job market and advancement in further studies because of the vast practical experience. Accounting profession needs to integrate well-developed practical exposure to student members for them to grasp the expertise content in the field. The course curricular and structured should be market and consumer driven to meet its objective of professional accounting. Continuous reforms on accounting program course should be in place, so that skills gained and delivered are streamlined to demands and tasks involved in the profession. Conclusion The certified practicing accountants and the institute of chartered accountants are significant accounting organizations that help students progress from any level of accounting careers. Professional accounting is indispensable to world commerce. The accounting bodies and professions enhance the development of high standards in the profession. The institutions are avenues to students who advance in the accounting career as they provide essential background in accounting through all the stages. Career development is possible through these accounting institutions. Reference List Certified Practicing Accounting Australia, 2011. Retrieved on May 6, 2011 from . Web The Institute of Chartered Accountants of Australia, 2011. Retrieved on May 6, 2011 from . Web Read More