5 steps to becoming a Chartered Accountant (CA) in Zimbabwe (the ultimate guide)
Being a Chartered Accountant myself, i trained in Zimbabwe and then relocated to the United Kingdom when i qualified. I therefore have personal experience on what is required to successfully become a Chartered Accountant.
Here is a quick summary if you don't want to read the detail below;
I will start off with defining some key terms;
Articled clerk - is someone who is studying to be an accountant. They are put under the supervision of someone already in the profession, almost like an apprenticeship. You may hear a person say 'i am doing my Articles', which means they are an articled clerk under training. Trainees are obligated to sign a contract agree to the terms of being an articled clerk.
Accountant vs Auditor;
• Accountants are usually employees of the company for which they work, whereas, auditors are often hired from an outside firm to verify the accuracy of the accountant’s work. Although not always the case, an auditor generally has no financial connections to the company.
• The work done by accountants is done on a daily basis, whereas auditors usually perform quarterly or annual accounting work. Auditors are often brought into a company after a specific situation, such as suspected fraud.
• The work performed by accountants is governed by international accounting standards, but auditors’ work is regulated by auditing standards.
• Accountants are generally a requirement for a business; however, hiring an auditor is an option.
• Accountants create financial statements for the company at year-end. These statements create a picture of the financial stability of the company. An auditor will look over the financial statements and determine their accuracy.
• Because accountants work for a specific company, they generally have their own office or workspace. Auditors, on the other hand, often move around from company to company.
Chartered Accountant (CA) - is an accounting designation given to accounting professionals in many countries around the world. These individuals go through more training than an accountant and will be registered with a professional body. A CA designation typically proves the holder has the qualifications to file a business's tax return, audit financial statements and business practices, and offer advisory services to clients.
Accredited Training Office (ATO) - Is the firm or company that an articled clerk will complete their articles with.
Public Practice - includes any accounting work that a company performs on behalf of or for another company e.g.Tax, Compliance, Auditing and Business Growth and Consulting. Training with such a firm is referred to as Training in Public Practice (TIPP) and in most cases you will do auditing work. Whereas training with a company that is not in public practice is referred to as Training out of Public Practice (TOPP) and you do more accounting work.
Open Distance Learning (ODL) - A form of flexible learning where a student does not need to physically attend lectures at the university. Instead, applications, study material, results and general communications are sent via post and/or electronically. Exams are written at an exam center selected by the student and scripts are marked by the university. In some cases lectures can actually be arranged in the student's local area.
Institute of Chartered Accounts of Zimbabwe (ICAZ) - is a professional accountancy body in Zimbabwe. It is the sole organization in Zimbabwe with the right to award the Chartered Accountant designation.
Public Accountants and Auditors Board (PAAB) - regulatory bodies for the accountancy profession in Zimbabwe.
Here are the steps to becoming a CA in Zimbabwe;
1. Decide when you would like to start your Articles.
In Zimbabwe you can do your Articles after completing your A-levels or after completing your degree.
If you chose to start after your A-levels you will enroll for a Bachelor of Accounting Science (B compt) with University of South Africa through their Open Distance Learning program.
If you chose to start after your degree you can enroll for an Accounting degree at a university of your choice.
I started after my A-levels and in my opinion this was a good move because;
a). By the time someone else completes their degree (usually four years) you will have gained valuable working experience which is a bonus on your CV.
b). Since you will be getting paid, you start becoming financially independent sooner.
c). You tend to qualify a year sooner (all things equal) because you do not need to do a year of 'attachment' since you are already working in the field of your studies.
Then again going to university may be best for you because;
a). You may generally want that experience of going to university.
b). It may also give you some time to mature before being thrown into the professional world.
2. Determine if your academic results qualify
When i started my articles in 2009 a high school leaver only needed a minimum of 10 A-level points in any subjects. Nowadays it seems to have changed, with some ATO's requiring you to have higher points which includes Mathematics.
You will therefore need to find out from the ATO what the exact requirements are for A-level / degree.
3. Select the ATO
You will need to chose if you want to do your training in public practice or out of public practice. I did my training in public practice. I think this is the best because;
a). These type of firms are focused on training individuals and thus they tend to support you more, for example awarding you study leave days on top of your annual leave days.
b). Most of them are international firms which means you may have a good chance of being employed by such a firm outside of Zimbabwe. The top TIPP firms being Deloitte, Ernst & young, KPMG, PricewaterhouseCoopers (PWC) , Grant Thornton, BDO, Baker Tilly and PKF
c). They often recruit more than one individual at a time, meaning you do your studies and training along with others at the same level and this is very useful in terms of getting motivation and support from peers.
d). You get to work on all elements of the financial statements so by the end of your training you would have gained an overall understanding, whereas with TOPP you may be allocated to just doing debtors or creditors for example.
Note: Some TIPP firms are no longer taking school leavers, so again make sure you give them a call to find out.
Here is a link to the list of Accredited Training Office's in Zimbabwe along with the contact details;
List of Accredited Training Offices (ATO) in Zimbabwe.
4. Find out the application process
My recommendation is to start looking into applying after receipt of your Form 6 mid year exam results and/or predictions (if you want to start after your A-levels) or when its time to apply for attachments (if you want to start after your degree). The sooner the better because some of the ATOs may only recruit once a year.
You can get information by calling the Human Resources department, physically visiting them or even arranging for someone from the office to make a presentation at your school/university.
It would be fantastic if you can actually get the contact details of someone who recently started the same journey, as they can give you more up to date information and their own experience.
Bonus tip - If you manage to get a place for attachment you are more likely to get a place once you have completed your degree.
5. Prepare yourself physically and mentally
You will need to be disciplined in order to balance studying and working at the same time, especially since you may sometimes need to work overtime.
Even after completing your degree, you will have a minimum of three more years of study.
Bonus tip - Find out which firms /companies pay for your studies i.e. there are some firms that pay for the post graduate exams. Just keep in mind that you may need to stay with that firm for a certain number of years after completing those exams,as a form of compensation.
In order to complete your articles / training contract, your ATO will make you aware of the number of hours you need to complete under Financial Accounting, Financial Management, Taxation, Auditing and Information Technology.
For example if you are a school lever you may sign a five your contract which will allow you to meet the required 6000 hours.
These hours will be tracked bi- annually by completing excel spreadsheets called 'Training Records'. These are reviewed by a Chartered Accountant at your training office and once you are done they are sent to ICAZ for the final approval.
Once you have completed your studies and worked the required hours you then apply to the ICAZ and PAAB to become a member.
Only when you have done this will you officially be called a Chartered Accountant and you can use the designation CA(Z) after your name.
There you have it guys, the comprehensive guide to becoming a Chartered Accountant in Zimbabwe. Currently the job market for Chartered Accountants is growing both in Zimbabwe and world wide, so go ahead and give it a try.
Here is a quick summary if you don't want to read the detail below;
Articled clerk - is someone who is studying to be an accountant. They are put under the supervision of someone already in the profession, almost like an apprenticeship. You may hear a person say 'i am doing my Articles', which means they are an articled clerk under training. Trainees are obligated to sign a contract agree to the terms of being an articled clerk.
Accountant vs Auditor;
• Accountants are usually employees of the company for which they work, whereas, auditors are often hired from an outside firm to verify the accuracy of the accountant’s work. Although not always the case, an auditor generally has no financial connections to the company.
• The work done by accountants is done on a daily basis, whereas auditors usually perform quarterly or annual accounting work. Auditors are often brought into a company after a specific situation, such as suspected fraud.
• The work performed by accountants is governed by international accounting standards, but auditors’ work is regulated by auditing standards.
• Accountants are generally a requirement for a business; however, hiring an auditor is an option.
• Accountants create financial statements for the company at year-end. These statements create a picture of the financial stability of the company. An auditor will look over the financial statements and determine their accuracy.
• Because accountants work for a specific company, they generally have their own office or workspace. Auditors, on the other hand, often move around from company to company.
Chartered Accountant (CA) - is an accounting designation given to accounting professionals in many countries around the world. These individuals go through more training than an accountant and will be registered with a professional body. A CA designation typically proves the holder has the qualifications to file a business's tax return, audit financial statements and business practices, and offer advisory services to clients.
Accredited Training Office (ATO) - Is the firm or company that an articled clerk will complete their articles with.
Public Practice - includes any accounting work that a company performs on behalf of or for another company e.g.Tax, Compliance, Auditing and Business Growth and Consulting. Training with such a firm is referred to as Training in Public Practice (TIPP) and in most cases you will do auditing work. Whereas training with a company that is not in public practice is referred to as Training out of Public Practice (TOPP) and you do more accounting work.
Open Distance Learning (ODL) - A form of flexible learning where a student does not need to physically attend lectures at the university. Instead, applications, study material, results and general communications are sent via post and/or electronically. Exams are written at an exam center selected by the student and scripts are marked by the university. In some cases lectures can actually be arranged in the student's local area.
Institute of Chartered Accounts of Zimbabwe (ICAZ) - is a professional accountancy body in Zimbabwe. It is the sole organization in Zimbabwe with the right to award the Chartered Accountant designation.
Public Accountants and Auditors Board (PAAB) - regulatory bodies for the accountancy profession in Zimbabwe.
Here are the steps to becoming a CA in Zimbabwe;
In Zimbabwe you can do your Articles after completing your A-levels or after completing your degree.
If you chose to start after your A-levels you will enroll for a Bachelor of Accounting Science (B compt) with University of South Africa through their Open Distance Learning program.
If you chose to start after your degree you can enroll for an Accounting degree at a university of your choice.
I started after my A-levels and in my opinion this was a good move because;
a). By the time someone else completes their degree (usually four years) you will have gained valuable working experience which is a bonus on your CV.
b). Since you will be getting paid, you start becoming financially independent sooner.
c). You tend to qualify a year sooner (all things equal) because you do not need to do a year of 'attachment' since you are already working in the field of your studies.
Then again going to university may be best for you because;
a). You may generally want that experience of going to university.
b). It may also give you some time to mature before being thrown into the professional world.
2. Determine if your academic results qualify
When i started my articles in 2009 a high school leaver only needed a minimum of 10 A-level points in any subjects. Nowadays it seems to have changed, with some ATO's requiring you to have higher points which includes Mathematics.
You will therefore need to find out from the ATO what the exact requirements are for A-level / degree.
3. Select the ATO
You will need to chose if you want to do your training in public practice or out of public practice. I did my training in public practice. I think this is the best because;
a). These type of firms are focused on training individuals and thus they tend to support you more, for example awarding you study leave days on top of your annual leave days.
b). Most of them are international firms which means you may have a good chance of being employed by such a firm outside of Zimbabwe. The top TIPP firms being Deloitte, Ernst & young, KPMG, PricewaterhouseCoopers (PWC) , Grant Thornton, BDO, Baker Tilly and PKF
c). They often recruit more than one individual at a time, meaning you do your studies and training along with others at the same level and this is very useful in terms of getting motivation and support from peers.
d). You get to work on all elements of the financial statements so by the end of your training you would have gained an overall understanding, whereas with TOPP you may be allocated to just doing debtors or creditors for example.
Note: Some TIPP firms are no longer taking school leavers, so again make sure you give them a call to find out.
Here is a link to the list of Accredited Training Office's in Zimbabwe along with the contact details;
List of Accredited Training Offices (ATO) in Zimbabwe.
4. Find out the application process
My recommendation is to start looking into applying after receipt of your Form 6 mid year exam results and/or predictions (if you want to start after your A-levels) or when its time to apply for attachments (if you want to start after your degree). The sooner the better because some of the ATOs may only recruit once a year.
You can get information by calling the Human Resources department, physically visiting them or even arranging for someone from the office to make a presentation at your school/university.
It would be fantastic if you can actually get the contact details of someone who recently started the same journey, as they can give you more up to date information and their own experience.
Bonus tip - If you manage to get a place for attachment you are more likely to get a place once you have completed your degree.
5. Prepare yourself physically and mentally
You will need to be disciplined in order to balance studying and working at the same time, especially since you may sometimes need to work overtime.
Even after completing your degree, you will have a minimum of three more years of study.
Bonus tip - Find out which firms /companies pay for your studies i.e. there are some firms that pay for the post graduate exams. Just keep in mind that you may need to stay with that firm for a certain number of years after completing those exams,as a form of compensation.
In order to complete your articles / training contract, your ATO will make you aware of the number of hours you need to complete under Financial Accounting, Financial Management, Taxation, Auditing and Information Technology.
For example if you are a school lever you may sign a five your contract which will allow you to meet the required 6000 hours.
These hours will be tracked bi- annually by completing excel spreadsheets called 'Training Records'. These are reviewed by a Chartered Accountant at your training office and once you are done they are sent to ICAZ for the final approval.
Once you have completed your studies and worked the required hours you then apply to the ICAZ and PAAB to become a member.
Only when you have done this will you officially be called a Chartered Accountant and you can use the designation CA(Z) after your name.
There you have it guys, the comprehensive guide to becoming a Chartered Accountant in Zimbabwe. Currently the job market for Chartered Accountants is growing both in Zimbabwe and world wide, so go ahead and give it a try.
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