I'm currently running my own book-keeping business and so far it's going very well. I'm sticking to basic book-keeping jobs and small clients at the moment, but I'm considering signing up for the ACCA so I can offer accountancy and taxation services to my clients.
I don't have any other qualifications and figure I might as well get one. Has anyone completed the ACCA, is it very hard?
Hi Sundance, there are a few issues you have to consider –
The cost – the courses can be very expensive approx £1,000 per exam (BPP / FTC Block and Revision course), and there are around 14 papers to take. Home study is an option which is considerably cheaper.
Time – you state you have no previous qualifications. Therefore you will be starting from scratch and will need to complete all the exams to qualify. You can take a max of 4 exams per sitting. Assuming you pass each one first time (this is difficult), you’re looking at around two years (four years is more realistic) to complete.
To qualify as an ACCA you need 3 years relevant, practical experience. This can’t be self-employment experience either. You would need to get this signed off by a qualified accountant.
Most importantly, as an ACCA you can only offer audit, accountancy and tax services to clients if you hold an up to date practicing certificate. You need a further 2-3 years post qualification experience to get this. Without a certificate you are barred from offering anything other than basic book-keeping services (anything up to trial balance).
Becoming a Chartered Certified Accountant is a long process. If you really want to do it, go for it! However, bear the above points in mind first.
As you know, qualifications are not vital, and it seems you are doing a pretty good job at the moment. Quality and cost of service is the most important thing to a client. Stick to services for which you are qualified to do. Even if you qualify as an ACCA, will you have the practical knowledge to offer these services to a client?
An alternative to the ACCA is the AAT. It’s a more junior qualification, but you might find it suites you better.
Accountsguy wrote: Hi Sundance, there are a few issues you have to consider –
The cost – the courses can be very expensive approx £1,000 per exam (BPP / FTC Block and Revision course), and there are around 14 papers to take. Home study is an option which is considerably cheaper.
Time – you state you have no previous qualifications. Therefore you will be starting from scratch and will need to complete all the exams to qualify. You can take a max of 4 exams per sitting. Assuming you pass each one first time (this is difficult), you’re looking at around two years (four years is more realistic) to complete.
To qualify as an ACCA you need 3 years relevant, practical experience. This can’t be self-employment experience either. You would need to get this signed off by a qualified accountant.
Most importantly, as an ACCA you can only offer audit, accountancy and tax services to clients if you hold an up to date practicing certificate. You need a further 2-3 years post qualification experience to get this. Without a certificate you are barred from offering anything other than basic book-keeping services (anything up to trial balance).
Becoming a Chartered Certified Accountant is a long process. If you really want to do it, go for it! However, bear the above points in mind first.
As you know, qualifications are not vital, and it seems you are doing a pretty good job at the moment. Quality and cost of service is the most important thing to a client. Stick to services for which you are qualified to do. Even if you qualify as an ACCA, will you have the practical knowledge to offer these services to a client?
An alternative to the ACCA is the AAT. It’s a more junior qualification, but you might find it suites you better.
Best wishes whatever you decide.
Guy
Thanks Guy, I wasn't aware of the need for practical experience (which I only have through self-employment - therefore no good ) and also the need for a practicing certificate. Think I will leave the ACCA for the mo, and will investigate the AAT.
) and also the need for a practicing certificate. Think I will leave the ACCA for the mo, and will investigate the AAT.
