For anyone currently signed up with a training provider these changes should not affect you as everyone will still be able to complete exams under the existing rules until 31/12/2017.
For those just coming to AAT or thinking of perhaps deferring a later level a bit of news about changes afoot to the AAT exams.
The current timescale for the changes indicates a new syllabus and exam structure to begin from 01/09/2016
Exams will be moving in line with department of Education requirements that there be no more than one resit per paper taken in a twelve month period.
In addition to the per module exams there is to be an exam at the end of each level drawing on knowledge from the entire level (which of course also draws on knoweldge from all levels before it). These extra exams count towrds the overall awarded grade
A significant portion of the new exams will require written, essay style answers.
The silly Competent / Not Yet Competent outcomes of exams are to go as part of the change to be replaced with the much (to my mind) more meaningful : Pass / Merit / Distinction.
There is some renaming of various modules (for example, Indirect Tax becomes Sales Tax) but in general these changes seem to be about improving the qualifications standing and staing within the DoE remit rather than serious changes to content. (although normally when these things happen they are accompanied by a bit of syllabus tweaking).
Overall, big change but should not be anything to worry about for those learning the subjec rather than learning to pass exams.
Personal view is that I like the idea of an end of level exam covering all modules which seems very much in line with ICAEW type thinking. An exam such as that should really bring together peoples knoweldge helping them to think of things in the wider context rather than as isolated units (the real world is not comparmentalised so is it right that exams should be?).
Thankyou to June 2015 issue of PQ magazine for the front page headline article from which the above information has been acquired.
The original article can be found here : http://www.pqmagazine.com/
Hope that helps.
Shaun.
p.s. don't blame me if you start reading PQ intending to start AAT studies and come away pondering ACCA or CIMA instead... And yes, that is an ad for the ICB on page 22. Whilst its out of place in that mag I've pondered why they keep doing it and have concluded that it's very clever long term marketing to ensure that the next generation of accountants have at least heard of them. So a nice bit of sowing seeds now to possibly reap rewards in ten years time.
__________________
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.
Good morning Shaun
Thanks for this - not seen it in PQ as the Mag hasnt turned up yet. I signed up for the paper based version of PQ as Im fed up of looking at various electronic device screens for everything. Have passed the link on to my son and suggested he checks about what happens if he changes training provider as he is only signed up to Kaplan for the first three modules of Level 2 (as it was free). They made a right old hash of everything although the content and course notes look ok, but he might want to move to another provider for the next batch.
Totally agree with the revised plans, especially the markings - 'competent' for a pass just makes it sound absolutely average! When a pass mark is anything over 70% it can be very demoralising if you were getting 90%+ in mocks and then get 'competent!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
sorry, been otherwise engaged for most of the day.
If your boys dedicated to his studies then there is no reason that he could not pass everything under the existing syllabus before the changeover.
Even if he's only passed levels II and III by then there is no indication that the syllabuses themselves are fundamentally changing and existing levels passed would I assume be banked under the old system. (You may wish to confirm that with your training provider but can you really see them telling people that what they've done so far doesn't count! not going to happen).
I know what you mean about electronic copies of magazines. Student accountant became electronic only and I ceased reading it the moment it changed over. My copies of Accountancy Age and Finance Director are also both electronic.
Thankfully Accountant in Business magazine is still hard copy so a lot easier reading (despite its contents being a lot more complex).
Its been a few years now so I can't remember how long it took for my first PQ to arrive. Really I shouldn't get it anymore saying as I'm no longer a student but I find the content particularly useful for keeping ahead of things and the content contributes towards being able to answer professional body related questions on here. (plus the insider gossip from the industry is great).
On the bright side with Kaplan, they have really good books (I prefer them to BPP)
Talk soon,
Shaun.
__________________
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 certainly looks like its going to be a major exam fest to get an accounting qualification soon - I wonder what is happening to the other exam heavy professions ?
It certainly looks like its going to be a major exam fest to get an accounting qualification soon - I wonder what is happening to the other exam heavy professions ?
Isn't that how it should be Trevor.
Anything that is easy to acquire is easy to acquire for everyone which makes it not worth acquiring in the first place.
__________________
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.
I totally agree - I was just wondering, if the volume of exams and the subsequent cost - would put off unsponsored students. A friends son is having all his fees paid by his employer (Barclays).
For unsponsored students I'm sure that there will be extra costs involved.
However, AAT knows that they need to be careful to keep their qualification considerably cheaper than ACCA or CIMA. If that gap closes at all people looking for industry recognised qualifications will start looking to the higher qualifications.
If AAT and associated training providers do not get the pricing right such change may also play into the hands of the ICB & IAB for those looking for a self employed only option especially as in the ICB's case it seems to be going through a quiet transition from a bookkeeping to an accounting qualification.
It seems that several of the bodies are currently playing a big game of KerPlunk with their qualifications (both CIMA and AAT have ended up as front page news in PQ over the last couple of months due to the changes afoot).
We are it seems living in interesting times as far as accountancy qualifications go.
kind regards,
Shaun.
__________________
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.
As you say by the ICB lifting their game - so that you can become a light accountant is very very interesting !! Just completed my MICB and looking !!!!
A light accountant... Never heard that phrase before although seems appropriate as there are definitely levels of accountant in this business (there are even levels within qualifications such as ACCA with Auditor and Insolvency practitioners being different (higher) kinds of practice certificate).
I mentioned in a post the other day that the ICB needs to admit where they are going (the same place that the IFA went) and embrace the change rather than hiding behind historic titles.
They should get IFAC recognised, drop trying to get the term bookkeeper protected (#1) and change their name to better reflect the status that they are looking for.
Congratulations on achieving MICB Trevor, hope that you now get to put your new status to profitable return.
kind regards,
Shaun.
#1 I am not suggesting no protection, just that it should be at a different level. Accountancy should be a protected profession (with IAB and ICB part of that with any restrictions imposed by PII cover level available) and bookkeeping protected as an integral part of accountancy rather than judged to be something seperate which would effectively hinder rather than help bookkeepers by restricting their services to bookkeeping to trial balance, VAT and Payroll only.
I firmly believe that there is no such thing as a bookkeeping only qualification as almost everyone on here regardless of their qualification goes beyond trial balance into accountancy territory.
__________________
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.
sorry, been otherwise engaged for most of the day.
If your boys dedicated to his studies then there is no reason that he could not pass everything under the existing syllabus before the changeover.
Even if he's only passed levels II and III by then there is no indication that the syllabuses themselves are fundamentally changing and existing levels passed would I assume be banked under the old system. (You may wish to confirm that with your training provider but can you really see them telling people that what they've done so far doesn't count! not going to happen).
I know what you mean about electronic copies of magazines. Student accountant became electronic only and I ceased reading it the moment it changed over. My copies of Accountancy Age and Finance Director are also both electronic.
Thankfully Accountant in Business magazine is still hard copy so a lot easier reading (despite its contents being a lot more complex).
Its been a few years now so I can't remember how long it took for my first PQ to arrive. Really I shouldn't get it anymore saying as I'm no longer a student but I find the content particularly useful for keeping ahead of things and the content contributes towards being able to answer professional body related questions on here. (plus the insider gossip from the industry is great).
On the bright side with Kaplan, they have really good books (I prefer them to BPP)
Talk soon,
Shaun.
Everrrrning Shaun
Apologies for the delay in responding as like you Ive been engaged most of the time since my original email. Thanks for the additional info - I reckon he could have the course licked by then - he is certainly enjoying it (who wouldve ever guessed that from him doing Chemistry and Forensics!), although I always used to say he could be a forensic accountant!
I only signed up to PQ for the goss and I havent seen any as its nor arrived. Meant to ring them today but time just vanished with the work piles. I get so many Accountancy Age things already online - drives me nuts sometimes - I must have about 50 emails lurking waiting to be read. I cancelled Finance Director when they wanted me to sign up to the electronic version. In fact Ive just gone through and cancelled a few corporate news items as they seem to bounce the same info into my inbox 3 times a day!
Thanks again for the info - interesting times!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Ive never heard that one before! Is that just one that doesnt eat cake all day! or one perhaps that has one of these new desks where you have to stand up all day?
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Going off on a bit of a tangent here, but the more barriers to entry that one qualifying body creates, the more market niche opportunities are created for another qualifying body.
If there were a qualifying body that allowed a modular only approach where the initial level of qualification for which you can get a practising certificate was basic bookkeeping, with separate modules for VAT, payroll, sole trader annual accounts, sole trader tax returns, then such a body would have a marketing advantage. Members of such a body could then do further modules to develop their knowledge as far as they wanted to up to limited company accounts, corporation tax, company secretarial etc.
Limiting the number of re-sits per year will provide a marketing opportunity for a professional body that doesn't place limits on this.
I guess the nearest example of what I am suggesting is the IAB/ICB/IFA route into accounting. Those who are only interested in going into accounting on a self employed basis may be less enthusiastic about choosing the AAT qualification and may instead opt for IAB/ICB/IFA if they offer a more flexible approach to providing a practical path to earning a living.
If the ICB are looking to turn themselves into a direct competitor of the AAT in the employment market, then I think they are making a mistake. I think they would be better off providing a modular approach to gaining an accounting qualification, providing the most flexible learning options including as many re-sits as a student wants towards practical skills that will take a student directly towards earning a living. The impression I have is that ICB is very successfully taking market share from the IAB. I think that if they want to position the higher level of their qualification as an accounting qualification then they should be looking to compete directly with the IFA/AAT in the self employment market.
Hmmn, perhaps I could set up the Institute of Enterprise Bookkeepers & Accountants (I'm pretty sure that one hasn't been thought of yet!) and take market share from the IAB/ICB/IFA/AAT! Time to start a new spreadsheet I think.
-- Edited by David Ballantyne on Monday 8th of June 2015 11:19:15 PM
the limit on the number of resits is not AAT's doing, it's a change in the rules by the department of education which will mean that all of the others will need to play by the same rules.
Conversely I believe that the new end of level exam is an AAT construct designed to fit in with similar changes to the CIMA qualification.
I cannot see the ICB being a competitor to the AAT in the employment market for the foreseeable future although now that ICB are making their qualification steadily more complex as it moves towards accountancy, hanging around at accounting events and publishing ad's in PQ they should at least start to become noticed by accountants.
Now, whether being noticed as an alternate product (#1) by the accounting profession is a good thing remains to be seen.
kind regards,
Shaun.
#1 see Porters five forces analysis.
__________________
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.
