To improve status, to prevent criticism of low standards, and to achieve a high level of professionalism, accountants in Britain formed professional bodies, one of which is the Institute of Chartered Accountants in England and Wales or ICAEW. This organization was established by a Royal Charter in 1880. The ICAEW is a group of accountants and finance professionals in England and Whales who have high competence in the profession they are in. As of today, its number of members has reached approximately 140,000, in which around 15,000 of the members work and live outside the region.
The ICAEW has seven faculties under it. The members belonging to these faculties show expertise in the sector or faculty they belong.
The faculties are the following:
To become a member, the applicant must pass certain requirements and series of tests. It is required to complete a training of 450 days and pass examinations. The examination is divided in two parts: professional stage and advanced stage. The exam tackles financial management, business strategy, auditing, information technology, and taxation. A work experience of three to five years is also required.
The ICAEW has two categories to designate the levels of competence and professional maturity. It is automatically awarded to members who have been part of the organization for ten years. The potential awardee must have also complied with the ICAEW’s requirements in the past three years and must not have any disciplinary issues under his name.