IFA qualification - change of exams? - The Book-keepers Forum (UK)

Lyndsey · Senior Member

IFA qualification - change of exams?

Shamus · Forum Moderator & Expert

Hi Lyndsey,

I'm PQ ACCA and IFA Dip FA in practice.

I sometimes get the impression that the IFA is geared towards a member base of ACCA (and equivalent) members who have difficulty obtaining a practice certificate through their own body so IFA offer a direct transfer into membership.

Unfortunately, with ACCA people there remains the issue of regulation 8 preventing you from offering the services that you can under IFA alone so many are forced to either step down from the ACCA or only work in a supervised capacity (my approach).

The point that I am looking to get to is that I'm not seeing many people going IFA via the qualification route. They seem to get there via transfer (which does make for some excellent IFA accountants out there).

If it is the knowledge that you are looking to gain have you thought about going ACCA FIA to IFA? (see here : http://www.ifa.org.uk/students/part-qualified/).

HTH,

Shaun.

RuthA · Senior Member

I'm part way through the IFA exams and my understanding is that the changes have very little impact on the actual content of the exams.

Have you thought about ICB level 4? It is not as detailed as IFA but might be a good first option to enable you to offer the services you want to be able to do?

Lyndsey · Senior Member

Thanks Shaun - I was hoping you would see this! :)

I've just had a look at doing the ACCA and transferring to IFA - this would mean doing 9 ACCA exams to get the FAE designation (IFA Dip FA), however, if I go through the IFA I would only need to do 4 plus the ethics. There is a cost and time benefit doing straight through IFA. For knowledge I do regularly look at the OpenTuition PDF books/videos as I think they are very useful.

For what you offer - do you mention at all that you are ACCA qualified to your clients? I know ACCA is a more recognised institution. What services do you offer under the IFA Dip FA?

I have also sent an email to IFA to see what they say.

Thanks
Lyndsey

Shamus · Forum Moderator & Expert

Hi Lyndsey,

unfortunately I'm not allowed to mention at all any affiliation to the ACCA until I have a practice certificate through them.

One can mention their status to potential employers for permanent roles but only so long as I emphasise that you are PQ.

It sounds as though you are doing all of the right things in looking at Opentuition, etc.

As an aside, if you did do the FIA you can also come out of it with the CAT qualification which is at the same level (although not so widely recognised) as the AAT qualification.

I think that the major advantage with the IFA and ACCA qualifications including the FIA is that they can be done from the books whereas AAT does need a training provider which I am sure works to the advantage of bodies such as the ICB when people are comparing the commonly taken qualifications.

kindest regards,

Shaun.

Lyndsey · Senior Member

That's what I thought about the ACCA, annoying really!

I looked at the CAT quali & you need to have 1 years practice experience, I am presuming this is with a ACCA registered practice & if all goes well I don't want to have to work for anyone.

I definitely need to self study, not only do I have a toddler, but expecting baby again in August, so will have my hands full!

Ruth - it looks like we cross posted. I hadn't really given ICB level 4 a thought. Main reason being that the "membership by examination" page says you can provide draft financial statements, I didn't think that was enough to offer corporate tax return services & would I be able to sell my self as offering "accountancy services". I know it is only a word, but when you say to the majority of people on the street that you are a bookkeeper they don't really know what that means, but if you say you are an accountant there more of an understanding.

Out of interest why did you choose IFA over level 4 ICB? And are you doing IFA Level 4 dip or the level 5?

RuthA · Senior Member

Hi Lyndsey

I have done the 3 level 4 ICB papers that are currently available (personal tax isn't out yet, it is supposed to be any day though). They do enable you to do company year end accounts and corporation tax returns, as well as covering some management accounts areas. It's what I did to enable me to offer these services whilst doing the exams to become an actual 'accountant' through the IFA.

I went straight to the IFA level 5 as I have previous qualifications that cover pretty much everything in level 4 (and most of level 5, although the exams I took back in 1997-2000 didn't qualify for exemptions annoyingly as I couldn't get hold of a detailed syllabus).There are 5 level 5 exams plus the ethics module, it's a lot more detailed than ICB level 4 both in terms of the breadth and depth of the subjects and the exam requirements are far more stringent but I'd suggest that doing the ICB level 4 is a great preparation to doing IFA.

Lyndsey · Senior Member

Ruth you have given me some food for thought! I thought I was all decided! confuse

If I could also get exemption using ICB Level 4 and go straight onto Level 5 IFA, that would be excellent! I have just emailed IFA to check. I havent got a degree specifically in Accountancy, so hoping ICB Level 4 is enough. I also have a level 5 qualification from my previous job through CISI (AGSO), then I had a baby & decided to change career direction smile

I do like the way ICB does their exams, they are very flexible & I have enjoyed studying and taking exams in my own time, rather than having to wait for each 6 months.

Thanks for your help

Shamus · Forum Moderator & Expert

Hi Lyndsey,

just on that six month thing.

Thats no longer appklicable with all ACCA papers.

FIA papers are computer based and can be sat as and when required.

Same with the first three papers of the professional qualification.

One proviso is that you can not take more than four of the papers within any one six month period.

Also worth noting is that the full ACCA qualification is going from two to four sittings a year from 2014.... Considering what you have to learn though I don't expect people to pass the papers any quicker though. Just more choice as to when you sit them.

HTH,

Shaun.

Lyndsey · Senior Member

That's good progression from ACCA. These institutions have to realise that many people who want to do these qualifications off their own back while working full time & need more flexibility. My preference is to study for one module at a time and take exam. If exams are every 6 months, it would mean taking two exams at same time.

Does anyone know if the ICB level 4 is accepted as exemptions on any other qualifications ie ACCA, AAT? I have been searching but unable to find anything. It may be because it is relatively new. I know if I go down the ACCA route then the qualifications are recognised against many other qualifications, but it will take a lot longer before I am able to offer extra services!

Lyndsey · Senior Member

It seems a little strange that to get exemptions from 1st 4 modules of IFA you have to complete 6 ACCA modules, but the full IFA only gets you exemption from one ACCA...

Shamus · Forum Moderator & Expert

Hi Lyndsey.

I can only talk about ACCA, I'll leave it to others to fill in details from the AAT perspective (but with that one rathe rthan exemptions if you did the skills test using your ICB knowledge you should be able to start at level III).

the ICB qualification doesn't meet the minimum requirements to apply as a student of the ACCA professional qulification but the combination of level II manual and computerised if obtained up to 31/12/2010 (old ICB sylabus) can be used to gain exemption from paper FA1 on the FIA qualification.

Also, the combination of ICB level III manual and computerised gained any time after 2005 can be used to gain exemption from paper FA2 on the FIA.

Gaining full FIA (without CAT) will get you exemption from the first three ACCA papers on the professional qualification.

As you've discovered exemptions are more about internal bargaining amongst the bodies than a genuine reflection of a qualifications merit.

The best example of that had to be the Open University course B190 which was the same course as the AAT ABC bookkeeping qualification but the exemptions that each was awarded were vastly different with bias falling to the more expensive OU version of the same course which used exactly the same teaching CD software.

Go figure!

Lyndsey · Senior Member

Its very political when it comes to exemptions!

Ruth - I hope you don't mind me asking but what qualifications allowed you exemption from Level 4 of IFA? They seem very cagey about information on exemptions that is not CIMA/ACCA...

Lyndsey · Senior Member

sorry to pick up and old post, but I am back on working out which qualifications I want to do again. Hoping Shaun picks this up :)

To get a practice license via exemption to fia from ACCA, if I've worked out right you've got to complete 6 out of the 9 fundamentals. Looking ar FIA it only gives exemption to level 4 FIA qualification. But I thought you had to have level 5 FIA qualification to get a practice license?

Also, is it just 1st 3 acca exams cbt, then the rest paper?

I am about to go on mat leave for 9 months so hoping to get some studying done :) with the aim to get practice licence within 3 years.

When doing acca is there any time limit to gaining practice experience? Are there ways to get practice experience when being self employed or would you have to work for a acca registered practice? Are there any rules on part time practice work?

Sorry for the million questions!

Lyndsey · Senior Member

I've just read another post by Shaun, that if you start on studying acca you are only allowed to work up to tb unsupervised. I currently do self assessments for sole traders under my ICB license, would starting on acca stop me being allowed to do this?

Shamus · Forum Moderator & Expert

Well...

Funny you should mention that as I was only thinking about an old post and email exchange that I had with a site member this morning in relation to this (spooky heh! lol).

Have a read of this thread Lyndsey :

www.book-keepers.org.uk/t49209094/icb-level-3-or-acca/

which boils down to an extension of regulation 8 meaning that self assessment work is deemed bookkeeping rather than accountancy. (makes sense).

That would also very much go along with some of the posts that James has made over the past year.

It would be worth confirming with the ACCA directly (the guys on their helpdesk are quite freindly even though they don't always give you the answers that you want!... He says thinking of the time that I had to turn down quite a good job offer as the person who owned the practice wasn't qualified enough to employ me! Go figure... Wonder how many ACCA bods working in QBE practices never asked the ACCA whether they were actually allowed to).

kindest regards,

Shaun.