I have spoken to several people about this but I'm still totally confused. I've tried called ICB but there's nobody there until Monday. I'm hoping someone else knows the answer or that perhaps James might come on here before then...
I qualified with AAT in 1991 and ACCA in 2000. I know that I cannot gain any ICB exemptions given that I passed these exams more than 2 years ago.
However, I have worked in accounts for 24 years and have been lead to believe that I should be able to gain exemptions because of my experience.
I've just passed ICB Level I and was about to apply to sit Level II manual. But, I don't want to sit it if I don't have to.
Does anyone know which exemptions I may be able to get? Do I still need to take both of the Level II papers? Help!!!
I'm at the conference today and had a quick word with James. You can get exemption if you can get two references from a Certified or Cartered accountant. Howver, this process takes time and you'd still need to pay an exemption fee. Possible your quickest route would be to sit the exam.
Exemptions from what though? From all of the exams or just some of them? That's what I don't understand...
If it's just some of the latter exams (which someone once hinted to me but they weren't sure) then I will continue with the earlier ones (i.e. level II papers), but at what point should I stop?
I've already registered with ICB and done the first paper, so I don't want to jump to another body only to have to start again.
I chose the ICB because of the ease of taking their exams and it was quicker than waiting for exemption from the IAB. The ease of taking their on-demand exams without a training provider really decided it for me and they are quick at marking them. Taking the exams has the advantage of getting more practise, which I consider very helpful and they have been the least stressful exams I have ever done. Also I can go on and take other qualification for example, I am taking Self Assessment at the moment.
Exemptions depend on what work you have been doing, and what level you take the books to.
In short (very short) Sole Trader or Limited to trail balance would be Associate (Level 2), Limited accounts to balance sheet would be Full Member (Level 3).
Additional exemptions are available if you do Payroll or Self Assessment.
You would still be required to take an entrance paper though.
Perhaps best to call the ICB and talk through what you currently do.
The above is only available if you can get 2 Chartered/Certified accountants to verify your work.
