Becoming a Chartered Accountant (CA) in Zimbabwe is a prestigious and rewarding career path that offers numerous opportunities for professional growth and development. There are two primary routes to becoming a Chartered Accountant in Zimbabwe: the Association of Chartered Certified Accountants (ACCA) route and the Institute of Chartered Accountants of Zimbabwe (ICAZ) route. Each route has specific qualifying undergraduate degrees, costs involved, training offices, training partners, number of years, exams to sit for, and benefits of being a CA.
Specific Qualifying Undergraduate Degrees.
To pursue the ACCA route to becoming a Chartered Accountant in Zimbabwe, individuals are required to have a relevant undergraduate degree in Accounting and finance, forensic accounting, Audit and risk managment etc. from a recognized institution Such as UZ and NUST etc. The ACCA qualification is open to individuals from diverse academic backgrounds, but having an accounting or finance degree can provide exemptions from certain ACCA exams.
Cost Involved.
A one-time fee that students must pay when registering with ACCA., exam fees, study materials, and tuition fees. These costs can vary based on the chosen tuition provider and study materials.
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Number of Years
The duration of the ACCA qualification can vary based on individual circumstances. Typically, it takes around three to four years to complete all the required exams and gain the necessary practical experience to become a fully qualified Chartered Accountant.
Exams to Sit For
ACCA students need to sit for a series of exams that cover areas such as accounting, taxation, audit, financial management, and business analysis. These exams are designed to test the knowledge and skills required for professional accountancy practice.
ICAZ Route
Specific Qualifying Undergraduate Degrees:
For individuals pursuing the ICAZ route to becoming a Chartered Accountant in Zimbabwe, a relevant undergraduate degree in accounting or finance is also required. The ICAZ qualification is highly regarded and requires candidates to have a strong foundation in accounting principles.
Costs Involved:
The cost involved in pursuing the ICAZ route includes registration fees, exam fees, study materials, and membership fees.
Training Offices and Partners
ICAZ students can undergo practical training at various approved training offices and partners. These include accounting firms, corporations, government entities, and other organizations that have been accredited by ICAZ to provide training to aspiring Chartered Accountants.
Number of Years:
The journey to becoming a Chartered Accountant through the ICAZ route typically takes around five years. This includes completing the required exams, gaining practical experience through training contracts, and meeting the professional competence requirements set by ICAZ.
ICAZ Exams Process
Certificate in Theory of Accounting (CTA)
The post-graduate Certificate in Theory of Accounting is issued by the Institute of Chartered Accountants of Zimbabwe (ICAZ) after completion of post-graduate CTA course offered by the Chartered Accountants Academy in collaboration with the University of the Witwatersrand (Wits). The CTA program covers the four accounting core courses of Financial Accounting, Taxation, Auditing and Management Accounting and Finance. For students to successfully complete the CTA program and receive the ICAZ post graduate certificate in theory of accounting they should pass all the above 4 modules in one sitting.
Initial Test of Competence (ITC)
The Initial Test of Competence (ITC) is the standard setting exam which is written after the completion of an accredited CTA programme and is an assessment of core technical competence. To be eligible to write this exam a candidate must hold a CTA that has been accredited by ICAZ. For any candidates who hold a CTA that is more than 5 years old they will have to redo the CTA program for them to be eligible to sit for the ICAZ ITC exams. There are two exam windows for the ITC exams in each calendar year i.e. January and June.
Assessment of Professional Competence (APC)
The assessment of professional competence is the final qualifying exam administered by ICAZ and is written by students who would have successfully completed their ITC exams and must also have obtained at least 20 months of work experience with an ICAZ accredited training office.
Training Contract
As part of the ICAZ qualification requirements trainee accountants should obtain work experience with an ICAZ accredited training office. On successful completion of this work based training program and accompanied with passing of APC exams, a ICAZ Qualification process.
In conclusion, both the ACCA route and ICAZ route offer aspiring accountants in Zimbabwe distinct pathways to achieving their goal of becoming Chartered Accountants. Each route has its own set of educational requirements, costs involved, training opportunities, duration of study, examination structure, and professional benefits. Ultimately, individuals interested in pursuing this esteemed profession should carefully consider their academic background, career aspirations, and personal preferences when choosing between these two routes.
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