Certificate Practising Accountings and Institute of Chartered Accountants - Pros and Cons - Essay Example

Running Header: CPA & ICA Student’s Name: Instructor’s Name: Course Code: Date of Submission: Executive summary This report analyzes briefly various accounting institutions that forms a basis for students and other people whose has a vision and ambition of becoming a professional accountant. Such institutions include Certificate Practising Accountings (CPA) and Institute of Chartered Accountants (ICA). The report extensively analyses the benefits of joining these institutions especially for the students. Some of them include developing and growing professionally in accounting sector. They also provide students with appropriate resources necessary for them to develop their accounting knowledge and skills. The report finally recommends the accounting institution that a student can join in relation to developing the career and improving the knowledge and skills. Table of Contents Running Header: CPA & ICA 1 Executive summary 2 Table of Contents 3 Introduction 4 Benefits of ICA 4 Benefits of CPA 5 Recommendations 6 Conclusion 7 References 8 Introduction Certificate Practising Accountings (CPA) and Institute of Chartered Accountants (ICA) are two of the three major organizations for professional accounting in Australia with the other being Institute of Public Accountants as illustrated by Business Review Weekly (2003). Institute of Chartered Accountants in Australia is a professional body of accounting that represents Chartered Accountants within Australia; its website is (http://www.charteredaccountants.com.au/). It has more than 50,000 members as well as 12,000 students. CPA is the title that is used by CPA Australia accountancy association. CPA offers accounting and financial guidance to enable them thrive and survive in the competitive accounting sector or field professionally; its website is (http://www.cpaaustralia.com.au/cps/rde/xchg). This is through offering them various leadership guidance and programs towards a sustainable competitive edge. Benefits of ICA ICA encourages people of all types to join the organization due to its various benefits that one acquires. ICA has various training programs for accountants as well as forums and events for all people practising and undertaking accounting programs. Joining ICA is beneficial because it enables on to gain and expands his accounting knowledge. ICA guides students and other members who have joined it in fields of academic and professional jobs on how to become professional accountants. Students who have joined the organization are able to access a lot of information on accounting as well as gain extensive knowledge on how to improve accounting as a profession. One acquires a strong foundation towards becoming a successful and professional accountant as stated by The Institute of Chartered Accountants in Australia (2011). Some of the benefits of joining ICA include training events, support services, and products in accounting areas that are specialized. It also provides support in areas affecting accounting as a profession as well as guiding on all the aspects of managing and even starting accounting as a profession. Becoming a member of ICA enables one to get special offers on quality services and products from best suppliers as stated by The Institute of Chartered Accountants in Australia (2011). One is also able to access the online knowledge centre of the ICA institute with over 13,000 books and 80journals for accounting as well as supportive staff. One can as well be able to access the community and special interest groups of the institute groups after joining. ICA gives support and opportunities for the students through various information outlets as well as organized events. Benefits of CPA CPA has various programs that enable students gain excellent knowledge on accounting. It develops students’ leadership, strategic, decision making and accounting skills. CPA has programs designed to unlock ones business potential as well as offering someone possible professional advantage in the career life. It also enables students to gain greater professional as well as financial rewards in all business sectors ranging from banking to manufacturing. CPA is beneficial to students as it enables them to rise high in their accountants profession to a competitive edge as illustrated by CPA-Australia (2011). Students get equipped with skills that set them apart from the competition as well as enabling them become recognized by employers. The students are also able to experience and insight necessary towards career advancement. CPA enables students reach their professional goals towards a rewarding, successful careers. Students who join CPA are able to gain and hold the career advantages the employers look for when selecting and recruiting their employees. Recommendations It is recommendable for the students to Join ICA due to its enormous benefits it offers students and young accounts with adequate knowledge and resources that enables them develop high communication and technical skills as well as achieve dedicated efforts towards accomplishing high standard work. It also enables a person to become committed towards self development and improvement as well as becoming more ambitious towards achieving better results for clients within the accounting and financial sector. Students are also able to meet and interact with working community at ICA who gives them professional advice and guidance related to real working situation in the working environment. Students are potential entrepreneurs and managers who need to develop and lay a strong foundation of their careers. Therefore, it would be of great importance for them to join one of the discussed organizations that would give them a chance of growing and developing in their career. This would enable them gain excellent knowledge in accounting and leadership through various programs offered in these organizations. It would be of great importance if a student joins ICA as it has strong and necessary basis for any student who wants to develop professionally in the accounting and leadership sector. Students who join ICA acquire strong foundation towards strong and successive accounting and leadership foundation. Students with an aspiration of becoming a professional accountant have a chance of joining and becoming a member of ICA. This can be attributed to its adequate source of materials and resources as well as dedicated staff members who are always there to guide the students. Conclusion The two accounting organizations in Australia offers a good basis for the students who want to develop themselves and lay a good foundation of their accounting and leadership knowledge. Therefore, a student or any other person is always encouraged to join the institutions for his or her own benefit currently and even in future Certificate Practising Accountings (CPA) and Institute of Chartered Accountants (ICA) offers a good opportunity for accounting students and even those who aspires to become accountants. However, ICA provides a better chance of student development as compared to CPA. Therefore, i would recommend any student wanting to join those institutions join ICA. However, CPA also provides a good opportunity as well. References Business Review Weekly 2003, Business Review Weekly, BRW, Vol. 25, no. 8-11. CPA-Australia 2011, 2011, Where CPA Australia can take you, viewed 4 May 2011, from http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/become-where-cpa.html The Institute of Chartered Accountants in Australia 2011, What is a Chartered Accountant and what makes them different? Viewed 4 May 2011, from http://www.charteredaccountants.com.au/Chartered-Accountants/What-is-a-Chartered- Accountant/What-makes-a-Chartered-Accountant-different Read More