I studied ACCA from 1999 - 2005. I passed exams, which were converted when the syllabus changed in 2007 to conventional passes. I therefore have conventional passes for all, except one, of the fundamentals with the professional level left to complete.
I ended up going on to have 3 children, so I left full time employment and began subcontracting for various accountancy firms in my area. Eventually, I began accumulating my own bookkeeping clients, with some small self assessment tax returns. I stopped working for other people, opened up a Limited Company, and began trading. The business has been very successful and I provide a range of bookkeeping and accountancy services for just under 100 clients. I decided I needed some form of qualification, but ACCA was a bit too much for me to take on with three small children. I therefore went through and gained my AAT qualification to Level 4.
I plan to apply for a practicing certificate from AAT, but I would eventually like to become chartered. I can not practice whilst being a member of ACCA, so it seems that the studies that I did for my ACCA exams are going to be left to waste. I can't seem to find a way to become chartered without working for another chartered firm. Is there any way to do this? Is there an alternative qualification that could take me that far?
Any suggestions on how to progress my career and business, without leaving it would be very gratefully received. Thank you so much in advance for any help or suggestions that you may be able to give me.
I also add that I am not looking to get an "easy route" or something for nothing. I am happy to put in whatever it takes, but reluctant to sacrifice the business that I have already built up.
Who are you currently practicing under? You should get a practice certificate with AAT with your experience. I do believe they have recently changed the criteria to make it easier too.
I'm not practicing under any professional body at the moment. I only trade as a bookkeeper, although it has led to accounts work also. My experience in practice means that I am capable of preparing small sets of accounts and small self employed tax returns etc.
I have just received some paperwork in the post and by email from the AAT, explaining how it is easier to gain your practicing certificate now. I am definitely going to do this as soon as possible.
My question is really whether there is a way to take it further? It seems, from what I have researched, that it is virtually impossible to become chartered if you are running your own business. I just feel like I am limited with AAT - but maybe I could study more without being a chartered accountant.
I was in this situation, i was working for myself under the AAT and I wanted to become chareted so i went down the ICAEW route, which meant that i had to work for a ACA firm. They did turn a blind eye to some jobs i did for myself (we werent really in the same league), and the ICAEW will allow you to practice as a student if you do it through the AAT, which is a breath of fresh air. (Jealous much ACCA students????)
Anyway, my point is now when reading this months ACA magazine (ignoring the article on the back page about a retired PWC partner who needed something to do in the winter months when he wasnt able to use his 42ft yacht, so he decided to built custom jaguar kit cars, "as he had an interest in cars after having a few Ferraris and Maseratis". The ACA really know how to connect with the ordinary man!) I did learn that you dont have to work in a firm of ACA's any more. You can know work for an apporved training individual, it doesnt have to be firm. I am not sure of the details but i think the ACA are waking up to the fact that restricting training to people on a training contract in a firm of chartered accountants is very restrictive.
Nick
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Nick
Nick Craggs FMAAT ACA AAT Distance Learning Manager
Thank you very much for your reply. I find this very interesting and I will be sending them an email today! Hopefully this may be the solution that I am looking for.
That was a really interesting post you just made there matey.
As you know I'm ACCA and IFA but despite the restrictions of regulation 8 I would never dream to abandon ACCA to go fully IFA as I would always feel that I had taken a step backwards.
Now ACA on the other hand.... Even though you can take books in the exams with you ( ) its still a step in the right direction.
I wonder if the penny will drop over ACCA about regulation 8 when they start seeing members doing ACA as CPD whilst going through a conversion.
I'll keep my eye on what develops with that
kind regards,
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.
That was my understanding of it, and the AAT knew my situation when I began studying with them. You can apply for MLR with HMRC if you are not covered by any other professional body.
I occassionally glance at the job ads that appear on the site and without fail they state must be a qualified accountant (ACA, ACCA, CIMA) which I think pretty much says it all as to how the three are regarded.
Over the last week we've had discussions in relation to CIMA vs ACCA but the reality is such is not exactly comparing chalk and cheese, more Wedgewood vs Royal Doulton.
ACA is closer than some believe to the other two but I would not for one moment dream to suggest that its not the top of the tree.
Actually, on the books front I'm assuming that it must be like the ACCA tax papers where you get the tax tables in the exam (supplied, you can't take anything with writing n into the hall. Even labels have to be removed from water bottles). Such is there for all to read but the reality is that if you need to refer to them then you've pretty much already failed the exam as there just isn't the time available to go looking things up.
Talk later,
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.
) its still a step in the right direction. 
