Hi Ama

I'm going down the IFA route, although I'm only just starting, and my husband is currently studying for the ATT as the gateway to CIOT. I don't think there is anyone else here studying for either, although I think Rob has ATT.

They certainly both seem good options for self study, although IFA have a limited number of exam centres (you have to sit the exams at one of the training providers. I'm on the Sussex coast and am going to have to go to London to do the exams).

Have you looked at IAB as an alternative to ICB?

Hi Ama,

my understanding was that there were strong links between the IAB and the IFA with many IAB qualified bookkeepers ending up as IFA accountants.

IAB qualifications are recognised for exemptions by other supervisory bodies such as the ACCA where ICB qualifications are not!

As for contents of the qualifications IAB and ICB are very similar but IAB also goes on to international financial reporting standards where the ICB qualification does not.

At the nuts and bolts bookkeeping level there is very if anything little between the qualifications.

Note that neither ICB nor IAB is widely recognised bu employers where AAT is the qualification of choice.

Nice move by im indoors going for ATT. Very sound qualification and as you say, first step to being a chartered tax bod which is right up there with ICAEW ACA status.

Hope that this helps,

Shaun.

Shaun, my husband has got various tax qualifications through other bodies such as the CII, which have given him what he needs as he has always been employed in banking. But he's feeling like he's got limited options where he is now and hopefully CIOT will change that. Unfortunately the only exemptions recognised are AAT, so he needs to sit the papers of the ATT first, although it's all stuff he's done before. But it will be handy as we could look at working together and extending the tax services offered through my business once he's finished and qualified.

What is it that you have and hope to be excempted for? IFA don't have a list of exemptions as such, they ask you to submit details of what you've got and decide from there whether to exempt you or not. It costs £40, but whether or not you are granted any exemptions, they will then deduct that from the cost when you apply to do the exams. It's very annoying that you can't just click or call them to find out straight away, though.

Hi Ama,

bit of a history lesson first on the IFA.

The IFA when formed in 1916 was called the Institute of Book-keepers. It went through various name changes until reaching the name Institute of financial accountants (IFA) in 1988.

Whilst the IFA is the oldest of the accounting bodies, note that it is not chartered. IFA's can call themselves accountants but they are not the equivalent of ACCA's, ACA's or CIMA's who are able to offer a wider range of services including Audit and insolvency work.

Then again, how many of us would ever become involved in restricted services such as Audit and Insolvency?

There are several membership levels of the IFA (in descending order) :

• Fellow (FFA)
• Associate (AFA)
• Financial Accounting Technician (AFT)
• Students studying towards an IFA accounting qualification can join the Institutes Student Register

To become a member you may go via :

• Taking the IFA exams
• Exemptions
• A combination of the two

There is not requirement to come from IAB or indeed any other body to the IFA although the IAB is one of the IFA's favoured routes due to strong historic links which stretch back beyond the talks held between the IFA, IAB and AAT back in 2006.

As a result the IFA grants exemptions from some of its technical modules for holders of certain IAB level 3 qualifications, namely :

IFA Module                                                       IAB Qualification

Financial Accounting                                  IAB Level 3 Diploma in Accounting
Fundamentals                                           and Advanced Book-keeping

Management Accounting                           IAB Level 3 Diploma in Cost and
Fundamentals                                           Management Accounting

Having the AAT qualification (as one would expect) will actually get you more exemptions than IAB.

From the IFA website :

Holders of relevant higher level qualifications from recognised professional accountancy bodies and education institutions may be eligible for exemption from some or all of the Institutes modules. As a general rule those with:

Level 4, AAT members, HNC Business & Finance graduates with the relevant pathway or experience may be eligible for IFA Financial Accounting Executive membership.

Level 5, graduates of recognised degree programmes in a relevant discipline or other accounting professional bodies may be entitled to enter as IFA Associates.

Certain recognised honours degrees and post graduate programmes may provide a pathway towards Fellow level.

Much of the above actually comes from the IAB website rather than the IFA website.

Hope that this answers some of your questions.

Shaun.

I spoke to CIMA a few months ago. This is what I remember, so don't take it as gospel! If you search on their website (and it's not the easiest to navigate) you will find the detail of their requirements regarding practical experience. You will see that what you've been doing will count but only towards a very small amount of it, from memory they separate it into 3 areas, basic, fundamental and higher, and bookkeeping comes under basic; about half the experience must be at the next level, fundamental, with some higher.

When I spoke to them, they were very helpful, so it's worth a call. But it struck me that in terms of what the qualification is preparing you for, the IFA and CIMA are very different. CIMA seemed to me to be more corporate, preparing you to work for larger compaines, whereas IFA is more based at the smaller company, so you might find that the best qualification for you is the one that most prepares you for the work you want to be doing, and that focussing on deciding what that is will help you to make your decision.

Hi All,

Spoke to someone at CIMA today regarding their practical experience requirement. They said my experience in business would come into account together with 9 months work I did as a trainee ACA many years ago, after uni. As you said Ruth, this work would be considered part of their basic requirement leaving their core and supplementary requirements to be covered. This is still feasible if I work closely with my existing accountant, who could "sign off" my work requirements.

However, I would have no guarantee that my work experience would be sufficient. With this in mind and the nature of the IFA and CIMA qulifications, I have come to the decision that I will be going down the IFA route. The IFA concentrates on the SME market in which I wish to work in.

Final questions for you Ruth; do you use the BPP study material that IFA recommend? Could you recommend any further books?

Again, thanks to everyone who has contributed to this thread.

Regards,
Amar