The ICAEW ACA is the chartered accountancy qualification awarded by the Institute of Chartered Accountants in England and Wales. It comprises 15 modules across three levels, plus 450 days of practical work experience and an ethics learning programme, completed under an ICAEW Authorised Training Employer agreement of three to five years. ACA is the dominant qualification in UK audit and the Big Four.
What is the ACA?
ACA stands for Associate Chartered Accountant. The qualification leads to membership of ICAEW and the right to use the letters ACA after your name. After ten years of continuous membership in good standing you can become a Fellow (FCA). ACA is one of the most highly regarded chartered accountancy qualifications in the world, particularly strong in audit, listed company finance, and corporate advisory.
Structure of the ACA
The ACA has three exam levels and an integrated work experience requirement.
| Level | Modules | Format |
|---|---|---|
| Certificate Level | Accounting, Assurance, Business Technology and Finance, Law, Management Information, Principles of Tax | Computer-based, multiple choice and short answer |
| Professional Level | Audit and Assurance, Financial Accounting and Reporting, Tax Compliance, Business Strategy and Technology, Financial Management, Business Planning (taxation, banking or insurance) | Computer-based, scenario-based long answers |
| Advanced Level | Corporate Reporting, Strategic Business Management, Case Study | Open book, scenario-based, integrated |
The Advanced Level Case Study is widely regarded as the toughest paper in UK accountancy, integrating financial reporting, tax, audit, business strategy and ethics into a single multi-hour exam.
Practical work experience and the training agreement
To qualify as ACA you must complete a training agreement with an ICAEW Authorised Training Employer. The agreement covers:
- Three to five years of qualifying employment
- 450 days of relevant technical work experience
- The ICAEW Ethics Learning Programme
- Sign-off by an Authorised Training Principal at your employer
ICAEW has thousands of authorised employers in audit firms (including all Big Four and most mid-tier), industry, the public sector and not-for-profits. You can search the ICAEW directory to find authorised employers in your area.
Cost of the ACA
For training-contract students, employers almost always pay all ICAEW fees, exam costs, tuition and study materials. You also receive a salary throughout. This is by far the most common route.
If you self-fund, expect to pay several thousand pounds in ICAEW registration, annual subscription, exam entry and tuition costs across the qualification, with tuition typically £400 to £900 per Professional Level paper and £700 to £1,500 per Advanced Level module if studied with a major UK tuition provider.
Entry routes
You can start the ACA from one of several backgrounds:
- School leavers: via a Level 7 Accountancy or Taxation Professional Apprenticeship combined with the ACA
- Graduates: via a graduate training scheme at an audit firm or industry employer; relevant degrees attract Certificate Level exemptions
- AAT-qualified: via the AAT-ACA Fast Track route, which exempts you from most Certificate Level papers
- Other professional accountants: ACCA, CIMA, CIPFA and overseas chartered bodies can convert via ICAEW's reciprocity arrangements
Exemptions
ICAEW grants Certificate Level exemptions on a module-by-module basis for relevant degrees and prior professional study. You can search the ICAEW credit-for-prior-learning database for module-level guidance. Note that exemption fees apply.
Career outcomes
ACA qualifiers typically progress through:
- Audit and assurance: senior, manager, senior manager, director, partner
- Tax: tax senior, tax manager, tax partner
- Industry: financial accountant, financial controller, finance director, CFO
- Specialist roles: corporate finance, M&A, transaction services, restructuring, forensic
- Public sector: senior finance roles in central government, local authorities and NHS
Newly qualified ACAs in the Big Four typically earn £55,000 to £75,000 in London (varies by firm and intake year), with significantly higher earnings as managers, senior managers and partners.
It is increasingly possible to train ACA in industry, with many large companies (including FTSE-listed groups) now ICAEW-authorised. This route gives you broader commercial exposure but typically less variety than audit. Both routes lead to the same chartered status.
Practising certificate
To offer accounting services to the public for a fee in the UK as an ICAEW member, you need a Practising Certificate. This requires completion of the ACA, a period of post-qualification experience, and ongoing CPD and professional indemnity insurance. Additional regulatory licences are needed if you intend to perform statutory audit, insolvency, probate or investment business.
Key Takeaways
- ACA is the chartered qualification awarded by ICAEW, dominant in UK audit and large practice
- It comprises 15 modules across Certificate, Professional and Advanced levels
- You must complete a training agreement (3 to 5 years) with an ICAEW Authorised Training Employer
- Most students are employer-funded with a salary throughout
- To run your own UK practice as an ACA you need an ICAEW Practising Certificate
Frequently asked questions
How long does the ACA take?
Typically three to five years, governed by the length of your training agreement. The minimum is three years if you progress through exams quickly.
Can you do the ACA without a training contract?
Generally no. You need a training agreement with an ICAEW Authorised Training Employer to be admitted as a member. There are limited routes for those with overseas qualifications or specific transfer arrangements.
Is the ACA harder than ACCA?
Per paper, ACA exams are generally regarded as more demanding, particularly the Advanced Level Case Study. ACCA Strategic Professional papers are also challenging. The bigger difference is the route, not the exams.
What does FCA stand for?
Fellow Chartered Accountant. ICAEW members can apply for FCA after ten years of continuous good-standing membership.
Do you need a degree to do the ACA?
No. ICAEW accepts school leavers via the Level 7 apprenticeship route, AAT-qualified students via Fast Track, and other entrants who meet the training agreement requirements.