What Does a Chartered Accountant Do? The Full Breakdown
Everyone assumes Chartered Accountants (CAs) spend their days buried in books, papers, Excel sheets, and numbers. While these are essential aspects of the profession, the reality is far more dynamic. CAs have access to a vast range of accounting-related opportunities, whether they work independently or for corporate firms. The role extends beyond traditional accounting functions, encompassing areas such as taxation, auditing, financial management, and advisory services.
To become a CA, professionals undergo strict education and training. This gives them a strong base.
They can then pursue other certifications. These include the Association of Chartered Certified Accountants (ACCA), Chartered Public Accountant (CPA), or Chartered Financial Analyst (CFA) designations. If you’re considering this career, here’s what you need to know about becoming a CA and what the job truly entails.
What is a Chartered Accountant?
A Chartered Accountant (CA) is a financial expert recognized for their proficiency in accounting, auditing, taxation, and financial management. In South Africa, CAs belong to the South African Institute of Chartered Accountants (SAICA). This is a well-respected professional group worldwide. To use the designation CA(SA), individuals must meet rigorous education and training standards set by SAICA.
CAs play a vital role in maintaining financial integrity within organizations. They analyze and interpret financial data, ensuring compliance with regulations and providing strategic guidance to businesses. CAs play an important role in decision-making. This is true in corporate settings, audit firms, and the public sector.
How to Become a CA
The journey to becoming a Chartered Accountant requires dedication and a clear roadmap. Below is a step-by-step guide to achieving this qualification:
(SAICA ROADMAP FOTO)
1. Choose Your Education Path
After matriculation, it is important to decide which model of education suits you best:
- Full-time study: Complete your accounting degree at a university before starting your articles.
- Part-time study with full-time articles: Begin working at an audit firm while studying part-time. Medium-sized firms like BGR offer this option with a 5-year training contract.
If you’re unsure about where to do your articles, read our Medium-Sized vs. Big Audit Firm article for insights.
2. Select a SAICA-Accredited University
After reaching your decision, begin exploring universities that provide the educational format that fits your needs. It’s important to verify that the university holds SAICA accreditation. You can find a list of SAICA-accredited institutions here.
If you’re considering part-time studies, Boston City Campus, Eduvos, or Milpark are excellent choices. For full-time education, your options will depend on your location, as most public universities are accredited.
- For full-time study: Most public universities are accredited.
- For part-time study: Institutions like Boston City Campus, Eduvos, or Milpark offer flexible programs.
The full list of SAICA-accredited universities can be found here.
3. Secure a Training Contract
Your SAICA training contract is crucial for practical experience:
For those pursuing part-time studies, it’s essential to begin searching for audit firms during your matriculation year to secure a position for the subsequent year. If you are enrolled in full-time studies, it’s advisable to start your firm search in your third year, depending on the audit firm you wish to join. Larger audit firms tend to be more competitive for placements than those that are medium-sized.
- If studying part-time: Start applying for positions in your matric year to secure a firm for the following year.
- If studying full-time: Start looking for firms in your third year, keeping in mind that big audit firms are highly competitive.
4. Complete Your SAICA Training
Your training contract duration depends on your education model:
- 3 years if you studied full-time before starting articles.
- 5 years if you study part-time while completing full-time articles.
During your training, you will gain hands-on experience in auditing, taxation, and financial reporting.
For a detailed look at what to expect during your training contract, check out our SAICA Training Contract Guide.
5. Pass the SAICA Board Exams
To qualify as a CA, you must pass two board exams:
- ITC (Initial Test of Competence) – Taken after completing your degree.
- APC (Assessment of Professional Competence) – Taken after completing at least 20 months of your training contract.
6. Qualify as a Chartered Accountant
Once you’ve met SAICA’s work experience competencies and passed both board exams, you can register as a CA(SA) and officially begin your career.
A Day in the Life of a Chartered Accountant
Chartered Accountants are more than just number-crunchers; their daily tasks involve problem-solving, strategic thinking, and collaboration. A typical day for a CA starts with reviewing emails, catching up on client requests, and prioritizing tasks. Many begin their day with client meetings, either at their own office or at the client’s location, to discuss financial performance and address concerns.
CAs play a crucial role in analyzing financial risk, collaborating with senior analysts and auditors to evaluate the risks associated with new ventures or market trends. They ensure that financial records are accurate and error-free, which is essential for tax filings, bank loan applications, and business expansion decisions. Beyond their technical expertise, CAs work closely with employees from other departments, such as taxation and management teams, to optimize financial strategies and improve budgeting.
Additionally, many CAs involved in independent practice take on the responsibility of mentoring aspiring accountants and interns. By sharing their expertise, they help shape the next generation of finance professionals. While much of their work takes place during standard corporate hours, deadlines and client needs sometimes require flexibility.
Career Opportunities for a CA
A career as a Chartered Accountant offers unparalleled opportunities across various industries. Many CAs begin their journey in audit firms like BGR, where they gain extensive experience in auditing financial statements and ensuring compliance with accounting standards. Those who complete their training and obtain their Registered Auditor (RA) certification can continue specializing in external audit, providing assurance services to businesses.
Beyond auditing, CAs have the flexibility to transition into corporate finance roles, where they oversee budgeting, risk management, and financial planning for businesses. Many also move into financial consulting, offering advisory services on mergers, acquisitions, and investment strategies.
For those with an entrepreneurial mindset, the CA qualification provides the financial acumen needed to start and manage their own business successfully. CAs are also in high demand in the public sector, working for government institutions and regulatory bodies to ensure financial accountability.
Globally, the CA(SA) designation is highly regarded, opening doors to international career opportunities. South African CAs can pursue roles abroad in multinational corporations, investment banking, and global consulting firms, leveraging their expertise in international finance and taxation.
Additionally, specialization opportunities exist in areas such as forensic accounting, sustainability reporting, and technology-driven finance roles, including data analytics and financial automation.
With such a diverse range of career paths, CAs can shape their careers to align with their interests and long-term professional goals.
Final Thoughts
Becoming a Chartered Accountant is a rewarding career choice, particularly for those passionate about finance and problem-solving. With the right education, training, and determination, you can join the ranks of professionals shaping the economic landscape in South Africa and beyond. If you’re ready to start your journey, consider exploring SAICA training contracts at leading audit firms in the Western Cape to gain valuable experience and guidance.
For more information and guidance, head over to our BGR Student Blog, where you’ll find tips, resources, and firsthand insights from aspiring and current CAs.