An accounting designation can take you anywhere in the world. Every business needs an accountant - audit firms, banks, hotels, entertainment companies, technology companies, schools, government, non-profit organisations. With an accounting designation you can work right here in Cayman, where there are many opportunities in both international financial services and the wider business community, or work in any industry anywhere in the world.
Accounting can be divided into six main areas: financial accounting, management accounting, auditing, tax accounting, fund accounting, and forensic accounting. In the Cayman Islands, accountants serve three main financial services industries which are inter-linked: banking, funds, and insurance.
Funds provide fees and deposits to banks and offer investments for insurance. Banks conduct the transactions for funds and insurance companies, and provide administration and custody services for funds. Insurance provides investments in funds, as well as fees and deposits to banks.
The public practice accountants - or auditors - ensure all transactions are being carried out to the highest quality and ethical standards, and the appropriate accounting principles are followed.
No matter what stage you are at in the process, we will be with you every step of the way.
Start by thinking about which designation you would like to pursue, and research schools. Create an education plan outlining what courses you will take in secondary school to assist with your tertiary education. Consider if you want to stay in the Cayman Islands or study abroad. Research and apply for scholarships and grants. Some scholarships require that you already be accepted into a University or study programme so be sure to plan accordingly.
The two most common designations Cayman Students pursue are the American CPA and the ACCA.
The average time to qualification for the US CPA is 2 to 3 years and the average time for ACCA is 3 to 4 years, but this will depend on the level of education achieved. Learn more about these qualifications by visiting American Institute of Chartered Accountants and Association of Chartered Certified Accountants.
CIIPA has partnered with GIM to expand its educational offerings for students preparing to sit the US CPA exams. GIM will deliver a Becker Review Intensive Program to US CPA students in the Cayman Islands.
Becker is a global leader for CPA Exam Review and continuing professional education in the accounting profession. They offer various courses and programs for those preparing to sit the US CPA exam.
Via CIIPA, members can sign up for the program at a discounted rate and will receive live online classes, which include the comprehensive Becker CPA Exam Review learning platform and materials.
Those who are not CIIPA members can sign up for a free CIIPA student membership if currently enrolled in a recognised course of accounting study and are of good character.
Starting January 2024, the CPA Exam has changed. It introduces a new “discipline” section, including 3 options of which students must choose 1 discipline:
Find out what discipline is right for you by taking Becker’s Disciplines Quiz here.
Candidates must also test within the three required Core sections:
There’s a plan in place for candidates who have already started but haven’t finished the current exam by December 2023.
If a candidate has passed AUD, FAR, or REG prior to December 2024, they won’t need to retake the corresponding new Core section of AUD, FAR, or REG. They’ll keep the credit for these core sections for the remaining credit period from when they passed each part.
Business Environment and Concepts (BEC) was replaced in 2024 by the new, more advanced Discipline sections. Those who passed BEC in 2023 won’t need to take any of the new Discipline sections. However, those who haven’t passed BEC in 2023 will have to choose one of the three discipline sections.
If a candidate loses credit for any of these sections, they’ll have to take the corresponding Core section or one of the three Discipline sections in the new exam.
To begin the ACCA Qualification, students need 3 General Certificate of Secondary Education (GCSEs) and 2 Advanced level qualifications (A Levels) in five separate subjects including maths and English (or their equivalent).
Find out more about the ACCA qualification including the minimum entry requirements here.
Don’t want to go the traditional academic route of going to college/university. ACCA has a path for you. You can pursue the Foundations in Accountancy pathway which offers Diplomas, equivalent to the GCSE level and above, that build on each other from level to level. These diplomas are attractive to employers and can help you start working in accounting earlier e.g. as an accounting clerk/junior accountant. You can build your way up to becoming a Certified Accounting Technician (CAT) and even a qualified accountant via the ACCA Qualification stream noted above.
Consider whether your prior learnings will exempt you from some of the Foundations in Accountancy or ACCA Qualification exams by visiting ACCA’s Exemption Calculator page here.
It’s never too late to change direction. The accounting industry is always looking for more accountants. It doesn’t matter if you’re in another industry or have taken some time away from the workforce. There’s a program to meet you where you are and get you on the path to becoming an accountant.
Have further questions on the pathways to accounting? Reach out to Marilyn.layne@ciipa.ky.
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