Most people would be forgiven for thinking that the term 'accountant' covers most of the accounting profession. In fact, there are many different specialities and a professional working in one is unlikely to know a great deal about another, other than what they learned at college.

Each speciality has its own distinct association/institute and examinations, for example, in the United Kingdom they are as follows:

Institute of Chartered Accountants in England and Wales (ICAEW)
The ICAEW is the key organisation for accountants that work in practice, i.e. production and submission of company accounts and performing company audits.

Association of Chartered Certified Accountants (ACCA)
Similar to the ICAEW, but cannot submit company accounts.

Chartered Institute of Management Accountants (CIMA)
The more business-focused side of the profession, focusing mainly on the production of financial information for management.

Association of Accounting Technicians (AAT)
Focus on the fundamentals of accounting, and can operate as a starting point for individuals wishing an entry to the profession.

The Chartered Institute of Taxation (CIOT)
Specialists in taxation only

Association of Corporate Treasurers(ACT)
Focus on corporate finance and treasury

There have been some efforts made to create mergers between some of these associations and institutes, however these have always been dropped for reasons of identity and a degree of disagreement as to who is 'the best'.

It is generally accepted that the more wide-reaching (i.e. less specialised) and higher profile organisations (i.e. CIMA, ACCA & ICAEW) offer a number of lucrative career paths to those who are prepared to give what it takes ot pass the exams.

Example such careers include consulting, directorships and management.

Learn more about this author, Piers Burgoyne.
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