Let's start from the beginning...I've done degree in finance and taxation at University of Gdansk (Poland) about seven years ago...Gosh! Time just flies!!!!
When I moved to UK I took Bookkeeping & Accounts course in my local college (accounts to TB, P&L and BS).
For past two years I've been working as freelance Bookkeeper for various clients and I'm hoping to start offering tax return service soon.
Although I do enjoy being just a Bookkeeper, I've got feeling it's time for me to take next step.
The question is ... 'which way shall I go'?
There are so many different options...ACCA, AAT, AIA...
I was thinking about ACCA path (not sure which level to start off with) but then I found out that until you gain your qualifications youre restricted to certain amount of accounting duties youre allowed to perform, is that correct?
The next step is to decide what you actually want to do in the future. There are so many different types of accountancy that it is difficult to give advice. there is tax, bookkeeping, audit, manangement accounts and so on. You can work for yourself, work in a private practice or work in the accounts department of a commercial business.
There are a wide variety of qualifications out there and which one you choose depends on which area of accountancy you want to work in.
I don't want to sound like a job interviewer but where do you see yourself in 5 or 10 years?
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.................just an ICB student, at the moment.
I know that you will have your eye's on being an accountant rather than a bookkeeper.
You've read already that taking the ACCA route will place restrictions on you but ultimately it is one of those that carries a lot of respect if you can attain it.
Best approach may be to go for AAT, get a training position to build up the experience requirement for ACCA and study ACCA whilst you work under your AAT banner.
It will take five to ten years (including a couple of years post qualification) but at the end of that you should be in a position to start your own ACCA practice.
As you've identified, other alternatives could be AIA or IFA which are none CCAB bodies (but AIA is an RQB so, after jumping through a few additional burning hoops) AIA accountants can perform audit work).
A route to AIA or IFA could be via IAB membership or AAT. (at MAAT MIP level). Frauke who often posts on here would be a better person to advise on IAB and IFA as she has close links with those organisations.
On the what you are allowed to do as an ACCA PQ. Note that provided you are working in a supervised capacity and your supervisor has qualifications recognised by the ACCA (such as an ACCA or ICAEW qualified accountant in practice) then you are free to perform whatever tasks they give you. The issue is when you are in a position that is not supervised by a sufficiently qualified individual such as offering bookkeepeing services on a freelance basis or working for an unqualified accountant.
Best approach I feel for starters would be AAT in order to get a job in practice and then look seriously at ACCA.
Hope that this helps,
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.
I see my name mentioned again! I only know about the IAB & IFA from personal experience - you'd need to check with each one about exemptions or what you may need to do for specifics. Both allow members to practice without any restrictions, as long as the member does not take on anything they are not happy to do. Except of course the only thing we can't do is statutory audits, but then many accountants I know won't do them either simply because of the additional fees and extra PII costs even though they are qualified to do them!
A lot depends on what you want to do and how much studying you are prepared to do in the future depends on the route you want to take.
-- Edited by YLB-HO on Thursday 28th of July 2011 04:49:10 PM
hope that you don't mind me using your name in reference to IAB and IFA but you do seem to be quite knowledgable on the inner workings of both and I have noticed that when James speakes about what the ICB can do you are the one who will speak up for the IAB.
Please let me know if you would rather that I didn't use your userid in reference to IAB and IFA advice.
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.
Its not a problem, as long as everyone realises I am only answering as a member of either organisation, and NOT as one of the Head Office staff of either the IAB or IFA who actually run their professional body on a day to day basis. So there are quite a few things I cannot say 100% for sure, only just what I know from my own experience from being a very active member for many years.
-- Edited by YLB-HO on Friday 29th of July 2011 06:02:36 PM
I notice that both the IAB and IFA groups on Linkedin are also run by yourself. I just don't know how you manage to find the time to keep tabs on all of these different forums.
hope that you have a good weekend,
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.
YLB-HO wrote:as long as everyone realises I am only answering as a member of either organisation
You are a Director of the IAB though arn't you, not just a member?
Although that does not mean you will know everything, I am a director of the ICB but still have to ask the various departments for answers, and get told off occasionally when I get confused
I'm a non-executive director of the IAB, which is quite different to being a executive director, which I presume you are, but not of the IFA which I am just a member, member in practice and Secretary of one of the branches.
A non-executive director does not interfer with the day to day runing of the organisation they are a NED, and therefore it is wrong to think that I should or expect me to ask any of the various departments for answers for anything - except of course for things which are discussed during "council meetings" which of course are confidential. For this reason when I am on this forum (or on any other) I am just there as a member. Its important to know which "hat" I am wearing and when - and I have no problem in keeping it all seperate.
Shaun,
I have 3 computer screens on my new very fast computer. I use 2 screens for work, and the third for social networking. I don't have much time anymore for twitter. The LinkedIn groups also have managers from both IFA & IAB, so its not just me runing them.
sounds as though you and me both are bound for radiation poisoning!
I've got two screen off one computer and one off another on the desk in front of me (main PC is a top of the range six core AMD processor and the backup PC is an Intel I7 so both with serious procesing power... Then again, some of the spreadsheets that I have to play with they really need it! My son still find it amusing when I'm working on one spreadsheet stretched over two screens).
One of my screens almost always has this site on it (although not always as the live tab so sometimes it has me as online but I'm not actually looking at the screen).... If I had thought that it would end up like this when I first signed up I think that I might have given it a miss. But, all in all I think that I have learnt a lot from this site and hope that I have given a lot back so it's turned out for the best.
I've signed up for several groups on Linkedin but more for people to judge me by who I identify and associate myself with rather than being an active contributor. I really don't think that there are enough hours in the day to take on being part of more forums than this one!
Have a good day,
talk soon,
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.
