I am a new member of this forum, and have read all the good advice about various topics. I would like some advice to clarify my options.
I have around 9 years experience of bookkeeping on Sage - up to P & L, and have studied theory in the past. I know my way around accounts but there are lots of gaps in my knowledge - never really done VAT or payroll for example - my background is as a Business Manager rather than full time dedicated and qualified bookkeeper.
I am wanting to formalise my learning with recognised qualifications. I would like to offer both self-employed bookkeeping and accounts advice to small businesses and also keep my options open for contract / employed work as well.
I have absorbed the various qualification body websites, the excellent posts on this forum, and also researched some of the training providers, and would welcome some final advice.
1). The ICB / IAB route seems to be advised for those wanting self-employment - should I do the AAT however to keep options open and be more employable if needs be? Does the AAT full accounting qualification cover everything the ICB / IAB courses do? I premume it must, but any advice welcome.
If it does, and to maximise employablilty, does it not make sense to go down the AAT route?
2). The AAT seems to be a more in-depth and therefore longer qualtfication. Is it viable therefore to study for this, but perhaps also sit the ICB exams along the way as well, without doing a formal ICB course? I could start confidently practising on a self employed basis sooner this way? And complete the formal AAT as I progress.
you seem to be on top of the bulk of the information so I'll just try and fill in the gaps rather than repeat things that you will have already encountered.
There is nothing at all to prevent you from having multiple allegiences as far as supervisory bodies go.
For a long while I was ACCA and ICB. This is quite common combination for ACCA people who want the MLR cover and cheaper PII provided by ICB membership.
AAT would be the same.
One thing to watch however is that the more draconian rules take precedence so for example, my ICB membership allowed me to do far more than that of the ACCA but the maximum services that I was allowed to offer would have that permitted by the ACCA (Bookkeeping to trial balance, Payroll and VAT),
With most bodies you will need to spend some time working in a supervised capacity in order to get the letters after your name so if you go down the AAT route it's pretty lucky that it makes you more employable as you will need either a year in practice or for your self employed work to be signed off by a suitably qualified accountant.
ICB and IAB do not need practical experience before setting up self employed and using their letter after your name but experience gained from self employment does not count towards your practical experience for other bodies.
Another one for you to consider would be the ATT which really would compliment membership of ICB or IAB.
Also, don't immediately discount CAT in favour of AAT. As your looking at the self employed route with a backup plan you may find the CAT qualification more suitable to you not least because of all of the bodies the only one where you absolutely have to have a training provider is AAT. All the others you can just buy the books, and arrange to sit the exams directly.
If there are any other specifics that we can help with please don't hesitate to ask.
Good luck with your studies.
All the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shaun, I started studying AAT a few months back and so far have passed the first paper. I am studying the second paper just now. My goal is to be self employed. I am starting to realise that gaining the work experience for MAAT and then for a practise certificate is not going to be easy. I am also considering joining ICB and taken the exams along with the AAT as I go along. I am thinking that, this way, I could get a practise certificate and set up on my own more quickly. Am I right in thinking that the self employed experience could then be used towards gaining MAAT and the AAT practise certificate? Any advice really appreciated as I'm thinking I might have chosen the wrong course.
I work full time at the moment in a non accounting position and will start my own business in addition to my full time job to start with.
If your goal is self employment then ICB / IAB may have been your best option. However, AAT does keep more doors open. James may be able to advise on any exemptions that might be applicable if you decided to convert to ICB.
there are minor variances between the expectations of the various supervisory bodies but the general rule on experience is that only experience that is obtained whilst working in a supervised role under suitably qualified professional can count towards membership of the professional body.
In general terms that means that the person that you are working for is a fully qualified member of one of the CCAB organisations (or CIMA now!) such as ACCA, ICAEW, ICAS, ICAI, MAAT, etc. (that is not an exhaustive list).
I know that I had a problem in that I got a position with an accountancy practice but had to withdraw from the role as the person running the business was only qualified by experience.
Besides accountnacy practices and consultancy firms though also note that with some organisations experience in linked businesses such as in certain area's of banking can count towards required experience. Again, this varies from body to body and rules applicable today may not be applicable tomorrow.
Where one is working in a self employed capacity your work can count towards membership only where such is signed off by a suitably qualified professional working in a supervisory capacity.
Some bookkeepers set up arrangements where they work very closely with a local accountancy practice where they do work that the accountants cannot be bothered with and pass work to the accountants that is too large or complex for them to handle. This sort of symbiotic relationship can work very well or go horribly wrong as we've seen a few times on this site where the accountants convince more lucrative clients to ditch the bookkeeper and come directly to them.
All in all it's a horribly complicated minefield. I've suggested on here before that it would be a great idea if one or two of our qualified members had post qualification apprenticeships to give newbies a helping hand. It's certainly something that I would be looking at doing for people as at the moment many people pass all of the exams and then hit a brick wall with their career.... I would charge of course and run it as a training workshop but all in all I think that it could be something quite lucrative for both sides.
Also worth noting before I end is that your membership of AAT will restrict the services that you are allowed to offer until fully qualified. My ACCA student membership means that I can only offer bookkeeping to trial balance, VAT and Payroll which is far less than the service that I could offer under ICB membership.
Then again, when fully qualified MAAT you are to all intent and purpose an Accountant whereas with ICB/IAB you are a bookkeeper.... Not that there is a great deal of difference in many cases!
Good luck with the AAT Elizabeth. It's an excellent qualification but like all of them just a shame that you have to jump through burning hoops to get the experience.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
If you have completed AAT you could get partial exemptions into ICB, you might need to do one extra paper.
Shaun your list of CCAB included MAAT, I assume that's an error? You can get a list of CCAB bodies here:http://www.ccab.org.uk/, as Shaun mentioned, CIMA is pulling out shortly so not sure how that affects AAT's experience requirements.
Unless you specifically wanted the ICB's qualifications perhaps your best bet would be to continue with AAT and then apply for exemptions with ICB (although it can be more flexible to do ICB qualifications and join ICB, and continue with your AAT in the background)
Oops. I just gave the AAT a promotion! Cheers for the correction James.
However, in the context I wrote it it's actually correct in that an AAT qualified accountant would actually satisfy the criteria of being a suitably qualified individual for the purpose of an AAT person gaining the required experience.
I picked up from Elizabeths post that she states that she has only passed the first paper with AAT so far so I'm thinking that she means the computer test to cover the first four units at the access level. If that's all that she's paid for so far it certainily wouldn't be too late for her to jump ship to an alternate body without any major loss.
If what Elizabeth really means is that she's already elbow deep in the certificate level and she's already paid for courses then as you say, really it would be better for her to stick with that.
The CIMA question is an interesting one. After the parting of ways where do PQ's stand on the experience question if your employer is CIMA?
Its my belief that it will be business as usual but I wouldn't bet my shirt on it as when CIMA go they will be taking their money with them so who knows whether there may be some angry backlash from the remaining members.
Lets just hope that no PQ's get caught up in the fallout from this parting of ways.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
It's the level 2 certificate course I am studyingt at the moment. Passed BA1 and about to sit BA2. I think I will continue with the certificate level and have a re-think once I have passed.
