I hope you are out enjoying the sunshine on this lovely Bank Holiday Monday.
I'm back to the questions of what next after ACCA and have been looking at all the alternative bodies due to regulation 8.
I've just been talking to my brother (he will probably be my first client when I have a licence to practice) his accountant is a member of the CPA, I thought they were just in the USA but apparently not.
Does anyone have any experience or thoughts on this route?
The accountants are probably here under the ACCA reciprocal agreement which seems to be the reasoning for the change to regulation 8 in that you can be an ACCA student in the UK but trade as an accountant f you are an accountant in your home jurisdiction.
Personally I cannot see the point in having an American accountant in the UK as they work to different financial reporting standards and different tax rules.
My understanding is that to be CPA you would need to pass the CPA exams in America, gain a practicing certificate in the US (which no doubt has similar rules to the UK in respect of experience requirements) and then come back to the UK at which time you could hold your ACCA qualification and still be allowed to practice under your American flag.
The thing that is really unfair about all this is that if you have a practicing certificate from another UK accountancy body the ACCA regulation 8 still stops you from practicing but such is swept aside for those from accross the pond / India / Pakistan / Canada / etc. etc.
Why am I feeling that this is not a level playing field for UK students?
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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.
Do you mean the Association of Certified Public Accountants in the UK? They can be found at acpa.org.uk.
The Institute of Financial Accountants has a higher profile and I believe they have a favourable attitude to membership applications from accountants qualified with other institutes.
I have to say guys, with all the posts I have read today about ACCA, I am starting to feel glad I never bothered taking those exams. And thats after years of feeling I was a wee bit inadequate for only being AAT!
I don't think he did come here under a reciprocal arrangement there seem to be quite a few UK accountants registered with them, when I looked I estimate around 900 if you look at the 'Find an Accountant' section.
This particular accountant is ACCA qualified in the UK (I background checked on linked in) and I can see where he did his training which is all UK based. His website talks about being a Certified Public Accountant and says nothing about the ACCA. He is registered with the CPA as I can find him on their website. I can't find him on any of the ACCA registers. Makes me think it may be someone else who couldn't get a PC from the ACCA.
The CPA website is here:
http://www.acpa.org.uk/default.aspx
seems practice membership includes PI insurance/CPD.
As far as being a level playing field for UK students no it isn't. Assuming you could get a job with an ACCA registered practice in order to do your 2 years (they don't want people with industry experience I've tried) in any case I couldn't afford the salary cut. How is it fair that someone from outside the UK can circumnavigate the rules?
Enjoy having a read - I hadn't heard of this one in the UK before either.
The IFA seems to have many more members too. I have approached them (the IFA) but you can't find out if you can become a member unless you complete a form, provide them a lot of information including certificates, CV etc and pay a fee. They don't answer simple questions like in these circumstances can I become a member or what would I need to do to get a practising certificate? I didn't find them particularly helpful to be honest.
Nothing wrong with being AAT. Personally I can't stand the snobbery around institutions.
As an ACCA in industry its a pain in the bum if you want to move on. I understand the reasons why getting a PC is difficult but when it's actually impossible it just makes a mockery of the years of studying as you have no choice but to leave. Experience gained in industry doesn't count, we are second class citizens as far as the ACCA are concerned, they won't even help by telling you which practices in your area are ACCA Accredited so that you can approach them for experience or to look for a job.
I hope your practice goes from strength to strength, I have several months before I move on so I shall continue to research.
