I am new to the forum and really could do with some advice!
I have worked in accounts for 2.5 years now, I have just got a new job as a Finance Assistant which I am really chuffed about. I have started studying the CIMA certificate level and I am looking at my options for the future. I want to complete the CIMA qualification but i also want the back up of doing either the ICB or IAB qualification as i like the idea of having my own bookkeeping business in the future. I figure i may aswell do both CIMA and ICB/IAB as it covers it all in one? I'm very keen to learn the payroll side too as I will be dealing with it in my new job! Basically, I can;t make my mind up i like the idea of IAB as it is recognised as a accredited qualification (QCF/NQF) but ICB is bigger and cheaper! Any ideas as what to do? I dont know what will happen in the future but i thought if everything didnt go to plan or I have a child one day I have a back up plan of setting up my own business. Also, how do employers view IAB?ICB? Will it hinder my CIMA qualification?
I suppose it depends what you are looking for. If it's just a means to an end then either are acceptable. I've never been a member of the IAB, but did look at it recently. I am currently a member of ICB and have had my disagreements with them, but the bottom line is that I have them so I can provide a service.
Is being linked to NQF more important than cheaper service? I know that ICB are setting up members groups throughout the UK, I am the chair of my local branch and it's really been helpful.
when it gets to the stage that you are CIMA qualified you would drop qualifications such as ICB off your CV.
IAB is also a stepping stone to IFA in order to get a practicing certificate. Not sure what the links are between IFA and ICB but the IAB ones are very close (basically used to be pretty much the same organisation but over time they have developed quite different and seperate identities).
Don't forget to sign up for your free copy of PQ magazine which really gives the inside track on the industry and the professional bodies (AAT and up).
You say that ICB is cheaper but can you not do both ICB and IAB self tutored which should make them similar prices (i.e. books, exams and student membership fee's).
On the employers front they are looking for qualified AAT people (MAAT's) and PQ accountants (ACCA / CIMA / ACA). ICB/IAB don't get much of a look in although there are some jobs that state AAT or equivalent but if you have an equivalent they will also be looking for plentiful relevant experience.
Your main selling point will be the CIMA qualification so that really is what you should concentrate on. Can't remember the combination of papers but once you have passed some of your CIMA papers you can apply for IAB membership without taking their exams... But, applying for IFA membership would be better.
ICB have recently started accepting that accountants can do bookkeeping although they do not give a great deal of exemptions in relation to those who have passed higher qualifications (including AAT).
Worth noting that you do not need a bookkeeping qualification to be a bookkeeper. An accountancy qualification should incorporate everything that a bookkeeper learns (you will need to confirm the financial accounting side of the CIMA syllabus but I know that to be correct of the ACCA syllabus).
hope that helps for starters and welcome to the forum.
kind regards,
Shaun.
P.S. if ever you want to confirm a qualification just go to the Reed website, search under accountancy roles (unqualified) and look for keywords such as CIMA, ACCA, AAT, MAAT, PQ, ICB, IAB, Bookkeeper, etc. The result set will be a good reflection of the current market for the qualification / role that you search for. Also look at when posted and number of applicants... Prepare for your heart to drop... An accounts assistant role in Wolverhampton a few months back had over 900 applicants inside 2 hours!
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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 might help you with your decision to know that the IAB will give exemptions for Membership to holders of CIMA qualifications and similarly CIMA give exemptions for holders of Level 4 IAB qualifications. This would mean you could start working for yourself regardless of which route you went down as you could apply for IAB membership with both CIMA or IAB qualifications. The IAB is not just a stepping stone to the IFA, there are no links between the organisations and IAB quals lead to exemptions from other accountancy bodies including ACCA, ICAEW and CIPFA.
If you already have finance experience you may want to completely 'self study' the lower IAB levels, their text books can be ordered over teh phone. You'll find all the fees on their website. The only thing they don't do are any at home exams so you would need to sit paper based ones at a local college or Pitmans centre.
I hope this helps and please don't take this as any slight against the ICB. I wish you luck whichever route you go down, I personally as an AAT gal!
thanks for your replies. Basically, I just want something as a back up. I want to do well but I also need to look on the practical side of things too. I really want to do a payroll qualification and thought that IAB/ICB seemed best as they cover it in detail and do not cost too much. I then started thinking of becoming a full member of one of them as then I could set up my own business if i wanted. Thats it really? I was leaning towards ICB as their website has been much more helpful, they are bigger but the only thing that is bugging me is that their qualifications are not accredited like IAB. I suppose IAB and ICB both do the same job once your qualified but which is best if you have your own business?
further to Shaun's post about the IAB and IFA, i think the IAB now have links with the IAAP. I dont know a great deal about them but they have the same CEO and offices as the IAB.
Can't say I know much about it but I've just got my annual membership renewal with IAB which mentions it is associated with IAAP and includes the option to apply for IAAP Associate Membership for an extra £39.
