PATH TO BECOMING AN ACCOUNTANT
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.
The three most common accounting designations pursued by persons in Cayman are ACCA, CPA Canada, and U.S. CPA. The ACCA prerequisites are: school leaver with minimum of three GCSEs and two A levels. The ACCA qualification can be attained while working full time and students can achieve a Diploma, or Bachelor's along the way. CPA Canada requires an undergraduate or master's degree with specific subjects covered, or a degree and completion of the CPA PREP modules. The requirements to attain a U.S. CPA varies by state board, but 150 semester hours must be completed at the University level and all four parts of the CPA exams must be passed with 75% or higher. Practical experience is also required for U.S. CPA and is between 1 to 2 years depending on the state board.
Where do I begin?
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.
Study in Cayman
IMPT Training | ACCA approved learning centre
Becker Review (US CPA) | UCCI
Scholarships & Internships