The Chartered Accountant title is a source of pride and prestige and a lucrative title to hold. For as long as memory serves it has been a highly coveted title and seen as one of the most viable qualifications for those inclined towards accounting and business. For those interested in acquiring the Chartered Accountant Qualification in Zimbabwe there is a pathway that has a lot of guidance along the way.

Chartered Accountant

The chartered accountant is a designation that is recognised worldwide through various accounting organisations. Chartered accountants are trained through both study and work experience to handle various areas of accounting namely financial reporting, business analysis, financial management, audit and taxation accounting. Chartered accountants are qualified to act in these roles or offer advisory services in these roles. In Zimbabwe, there are two main organisations through which one can become a Chartered accountant in Zimbabwe, the domestic Institute of Chartered Accountants (ICAZ) and The Association of Chartered Certified Accountants (ACCA).

Why Chartered Accountant

Through a combination of rigorous academic testing and an intentional work experience programs Chartered Accountants are trained to perform above the average. Well sought after in finance departments of businesses even partially qualified accountants of either of these organisations are highly regarded. Chartered accountants abilities extend beyond simple functions of reporting and auditing to provide a professional with the ability to provide key insights in business analysis, performance management, taxation accounting and financial advisory.

ICAZ

This is Zimbabwe’s leading association of accountants. Those with existing accounting degrees will need to sit for the Certificate Theory In accounting (CTA) exam which is offered by NUST and Chartered Accountants in Zimbabwe among other organisations. Thereafter you must sit for the Initial test of Competency (ITC). These exams cover the theory part of the training. Candidates are required to fulfil a period of 20 months of work experience in an Authorised Training Office, these are organisations which have the specific training regiment to give candidates the required experience. Candidates can then sit for the Assessment Of Professional Competence (APC) exam and complete a post-graduate Diploma in Accounting Sciences from an approved South African university PLUS the Zimbabwe Taxation course offered by ICAZ directly.

If you hold an accounting degree older than 3 years you will be required to do a bridging course with ZCTA for 1 year.

ACCA

One of the world’s largest accounting organisations the ACCA also has a great support network in Zimbabwe. The design of the Chartered Accountant qualification differs from the ICAZ route but you will see more similarities than differences. The ACCA program has a requirement of 14 exams, 7 of which can be waived if you have an existing ACCA compatible Accounting degree. The ACCA route also requires 3 years practical experience working inside a Chartered firm or under the close supervision of a Chartered mentor. The ACCA route also offers Diploma and degree pathways by doing extra work outside the exams along the way. The practical experience and exams can be done concurrently.

Which is better?

Short answer, neither! That is to say, they both have their appeal. While you will appreciate that the ACCA is a large international organisation, ICAZ is the Zimbabwean chapter of a large international organisation. Do not let the international part fool you, all territories have their specific law and tax rules so if you desired a change of location you would have to resit law and/or tax exams for the qualification to charter in a new territory. There is very little to choose between the two qualifications though ICAZ may just edge it because of how closely it guards its work experience component.