Hi,
I've been spending this lovely, rainy bank holiday Monday searching the 'net for info on bookkeeping courses and am completely confused - I'm hoping someone on here can help me out.
Last Winter I completed the OU B190 Introduction to Bookkeeping course (with a mark of 95%). At the time I was working in an employed bookkeeping role - dealing mainly with sales/purchase ledger, bank recs, control accounts. I had been in this job for 18 months and prior to this I had worked to the same company but focusing on purchase ledger. Earlier this year I got a new job working for a charity - however it is more admin than accounts (I took the job as it is within the animal welfare sector which is what I studied at university).
Ultimately, I would like to be able to do some self-employed bookkeeping work alongside my new job. I don't want to forget about the bookkeeping as I do really enjoy it and it would be great to have a little extra income.
The thing I am so confused about is which direction to go next. I don't ever want to become an accountant - being a bookkeeper wouldn't just be a step towards a career in accountancy for me. I also wouldn't be looking at getting a qualification purely to find an employed job. Therefore, I am thinking of going down the IAB/ICB route.
I have contacted IAB and I understand the OU B190 would make me exempt to Level 3. I would only be exempt to ICB Level 3 if I had been in my previous job for 2 years - which I am 6 months short of. I guess I would need to do the Level 1, 2 and 3 for ICB. What would be my next step with IAB?
Also, another thing to consider is finances. I do not have much money to spend on studying. If I were to think about the ICB levels - do you think that self study would be an option? Or would there be any financial help I could apply for?
Many thanks - any help you can give me would be much appreciated.
-- Edited by emma314 on Monday 25th of August 2014 03:27:51 PM
Welcome to the forum, well done on gaining your OU qualification and good luck with whatever route you take to further your bookkeeping career.
You are correct that ICB or IAB would be your most suitable route, both offering dedicated bookkeeping & accounting qualifications. I am sure someone else will provide guidance re IAB, but from my own perspective the ICB can offer you a membership service where they will help you achieve your goal of self-employment, where you'll have an element of control in how busy you want to be. With a network of local branches to help with networking and initiatives designed to raise the profile of bookkeeping as a profession, they are constantly working for the benefit of their Members. Of course, your entry route into either organisation may have a major bearing on your final decision. I know you've already spoken with them but the following link will outline their exemption route: http://www.bookkeepers.org.uk/Membership/PQ/Exemptions
There are benefits from being attached to a training provider but there are self-study options. You should contact ICB again and they'll tell you which options you can get directly from them. Alternatively, after a few searches, I'm sure you'll find advice on here and in the ICB forum re self study.
Thanks very much, Brian. Your advice is really helpful. I think that I am leaning towards self-study of Level I and II (or just Level II if I can get exemption of Level I) as I feel fairly confident that my experience and the B190 should have prepared me for this. I would then do the course for Level III. I will definitely do some more searching though.
I have done exactly what you are considering. B190 followed by self study to ICB level 3 (now level 4), payroll and self assessment. At this point I returned to the OU to study B291 Financial Accounting and B292 Management Accounting (which I sit in a couple of weeks). The reason for this is that I didn't think I had enough knowledge in depth. Following this I sit the Association of Taxation Technicians paper on personal taxation as I still think my tax knowledge is a bit light. The self study route is fairly straightforward if you are already grounded in the subject. I would recommend the books by Peter Marshall and David Cox as suitable texts for this purpose.
Have you considered the Association of Accounting Technicians. The qualification can train and qualify you to the same level as IAB/ICB with the option of taking level four studies to become an AAT qualified accountant.
AAT is also more widely marketable in the employment market than IAB/ICB.
The IAB will let you join with your existing qualification and past experience (provided you can get references) . They will provide you all the back up you need for being a member of a professional body, and you can even practice too if you feel confident enough. Of course you can study and do any course you want with them, as long as you feel confident to do the exam.
The exemptions you get with the IAB are specifically to do with the membership level you can join and have nothing to do with levels to study. Exam wise, there are no restrictions as long as you are prepared to do the work. I never did L1 or L2. My first exam with the IAB was at L3.
