You are probably aware of the renowned title and the demanding requirements to become a Chartered Accountant (CA(SA)) in South Africa. Completing the SAICA training is a crucial step in this process and one of the most important ones. We’ll look more closely at the duration, contents, and preparation of the SAICA course in this blog post.
What is SAICA Training?
SAICA, or the South African Institute of Chartered Accountants, is the professional body that governs the qualifications and standards for accountants in South Africa. The SAICA training process, also known as the training contract, is a structured program that combines practical work experience with academic learning. This training is crucial for anyone who wants to become a CA(SA).
Duration of SAICA Training
The duration of SAICA training is typically three years. However, there are a few important factors that can influence the timeline:
- Completion of the CA(SA) Requirements: To be eligible for the training contract, you must first complete your academic studies. This usually includes obtaining a BCom Accounting degree (or its equivalent) from a SAICA-accredited university. Once you’ve finished your degree, you can begin your training contract.
- Postgraduate Studies (PGDip or CTA): After completing your undergraduate degree, you’ll need to complete a postgraduate diploma (often referred to as the Certificate in the Theory of Accounting or CTA). This is typically done in one year and must be completed before you can start your practical training.
- Practical Training: The heart of the SAICA training contract is the three years of practical training. During this time, you’ll work at a SAICA-approved training office (which could be an audit firm, accounting firm, or other relevant institution) under the supervision of experienced professionals. You’ll gain hands-on experience in various aspects of accounting, auditing, taxation, and more.
- Board Exams: Throughout your training period, you’ll be required to pass two important exams: the Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC). The ITC is taken after completing your postgraduate diploma, while the APC is taken after completing your three years of practical training. These exams assess your technical and professional knowledge, and passing them is a crucial step in becoming a CA(SA).
Flexibility in Training
While the standard SAICA training period is three years, the exact timeline can vary depending on several factors:
- Part-time Study or Extended Programs: Some individuals might choose to extend their training period due to personal circumstances or if they need to repeat certain exams. In these cases, the total duration may exceed three years.
- Special Circumstances: If you are unable to complete your training on time due to illness or other unavoidable circumstances, SAICA may provide flexibility to extend your training period.
Is There a Way to Fast-Track the Process?
While the SAICA training process is generally a three-year commitment, some people may be able to fast-track their path to becoming a CA(SA) by:
- Accelerated Programs: Some universities offer accelerated postgraduate programs, which might help you get through your studies faster.
- Exemptions for Previous Experience: In rare cases, individuals with significant prior work experience in accounting or related fields might be eligible for exemptions or a shorter training contract. However, this is not the norm and will be evaluated on a case-by-case basis.
What Happens After Completing SAICA Training?
Once you’ve successfully completed your three years of training and passed the ITC and APC exams, you’re officially eligible to become a Chartered Accountant (CA(SA)). You can then apply for membership with SAICA, at which point you’ll be able to start practicing as a CA(SA).
Key Takeaways:
- SAICA training typically lasts three years, with some variations based on individual circumstances.
- Completion of academic qualifications (such as a BCom and postgraduate diploma) is required before starting your practical training.
- Two major exams (ITC and APC) must be passed during the training period.
- The training is usually done under the supervision of a SAICA-approved training office.