I have seen few posts here refering to IFA. Currently studying ACCA (in my workplace it is only ACCA or CIMA really). But just out of interest, does anybody have personal experience with IFA - what is it like in comparison with CIMA or ACCA. Could I maybe one day (when I am finished) transfer???
Sounds as though we come from similar worlds (all of the guys that I worked with in banking who had a qualification were either ACCA's or CIMA's).
Anyway, I took joint membership a couple of weeks back as regulation 8 is putting too many restrictions on me.
If your at the latter stages of ACCA then you can transfer to Dip FA status and if your fully qualified then you can go accross the AFA status.
I still haven't brought myself to resigning my membership of the ACCA but I know that it's going to happen so am just making sure that all of the peices are in place first.
I suppose that I'm still holding out for a miracle of ACCA saying that if your covered by another organisation then provided one makes no mention of the ACCA then regulation 8 doesn't apply... Not going to happen I know but one can but hope.
So far I've found the IFA to be very welcoming and professional.
Their acceptance by IFAC last year has really made them into a proper grown up accountancy body to be taken seriously so I personally am very happy with my decision.
Hope that helps,
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.
Working in civil service in finance, there are either ACCA or CIMA qualified, and there is also a lot of competition going on there.
ACCA saying they are better than CIMA and the other way round...
Is IFA on the same level as ACCA (masters degree) or recognised better and you can have your own business - been reading the post on this and really quite intrigued.
Would I have to do some extra exams if I continue the ACCA route and then join/transfer like you have just done....
Just wrote a reply and it disappeared. Now I'm trying to remember what I wrote before rather than thinking about the answer as I should. Hope that it comes accross ok.
If you read accounting web IFA have had some bad press in the past from those who went down the ACCA or ICAEW routes.
My personal view is that at this level the exams of any of the bodies is equivalent be that ACCA, CIMA, ICAEW or IFA and I'm hoping that people such as myself (and maybe yourself one day?) making the move will help to further enhance the standing of the IFA which, as with all bodies is only recognised through the quality (not quantity) of it's membership.
I know that a few years back the IFA was accused of plaigerism of one of the ACCA exams so that says to me that they are just as difficult as each other even if I haven't actully sat one with the IFA myself.
Would be interested to hear from anyone who has sat one of the IFA exams. When do you sit them? where do you sit them?
To my mind the ACCA is second to non as far as professional bodies go and even in leaving them I won't speak against them.
If I pass all of their exams then no matter what happens next I will always know that no chartered certified accountant has done more than me to get where they are even though I won't be able to hang their sign on my letterheads.
However, I think that unless there is a fundamental change to the restrictions placed upon us by regulation 8 a lot of people will making the hard decision to jump ship from ACCA to IFA.
I know in the past that some have gone from ACCA to CIMA but my personal opinion is that they've shot themselves in the foot a little by leaving CCAB.
Sure that you've realised already but Frauke who posts on here is also IFA.
Right, now the first reply was longer than this and I can't think what I've left out!!!
Talk in a bit... No doubt just to post the forgotten bits!
kind regards,
Shaun.
__________________
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 think this discussion will go on for a while...LOL
The way it is going with civil service in UK I took the decision to study ACCA (plan is to do the papers up to 8 and apply for AAT or IAB + do their exam) and if I get made redundant I could hopefully look after myself until I finish ACCA and get appropriate experience. I have done plenty of bookkeeping manual and computerised, SAGE, payroll....I hope that one day I will be able to have my own little business/consultancy.....
Up till recently I only knew people with ACCA and CIMA so this forum has really opened my eyes...
And not really sure if I am doing the right thing???
but the problem with that plan is the restrictions that ACCA places on you via regulation 8. So (God forbid) you are made redundant then ACCA membership will stop you from offering anything beyond bookkeeping to trial balance, VAT and Payroll services on a freelance basis.
It does however score brownie points over AAT if you are looking to move to alternate permanent employment where I don't think that IFA are quite there yet with recognition by employers.
My experience from the restrictions of regulation 8 was that clients don;'t want bookkeeprs who can only offer bookkeeping. They want bookkeepers who are cheap accountants.
In many ways it seems as though whilst bookkeeping is the foundation of what we do clients want people to sort out their taxes and if you are PQ ACCA, until you have those two years post qualification you cannot give tax advice... At all.
You also can't prepare final accounts or even management accounts even if that's what you've been doing every day for the last twenty years in the day job.
To me the IFA is a breath of fresh air but at the same time, if you lopped my head off I would still have ACCA written all the way through me like a stick of rock.
I'm sure that you will get exactly what you want on the consultancy side of things BJ. It's just a shame that we have to spend as much time figuring a way through the minefield of the various qualifications as one does actually building a viable business.
Talk in a bit,
Shaun.
__________________
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 suppose I will have to leave the civil service anyway to get my two years experience somewhere in a practice. Wish I was 10 years younger, would have done things in a completely different way. LOL
I have my F3 in few weeks time, I am enjoying it a lot more than F2 (that was hell).
Over the past 5 years I spent a lot of time with NAO auditors (I have prepared audit packs and then just given them to my boss who is CIMA qualified - who just gave them a brief look), I really enjoyed that aspect of my job and still really hope that I can do something similar in the future.
Well, I just hope that in the next few years they will somehow make all these qualifications a bit more "user" friendly. The financial world is a bit of mess (I think) something should be done.
I have just registered at the ACCA web site and would like to start studying for F1, F2 and F3. Has anyone passed these exams in 2012 and is willing to sell his study text/revision kit? I would like to have these as soon as possible.
I'm an FFA and an FICB. I have to say that, within my practice, I've certainly had no clients querying my qualification. I've been made to feel very welcome by the IFA.
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