Just doing some research into the options available, refresher training, etc before I seriously dip my toe into the water.
I qualified as a Chartered Accountant approx 20 years ago in practice and then moved into industry - I did not continue with my institute membership or CPD but have worked in Financial Controller positions since then in SME's
I am now seriously considering going self employed - Bookkeeping services, Management Accounts, Budgets, Forecasting, etc. mainly for the variety/ flexibility and to be my own boss.
I am aware I would need refresher training, especially in the self employed area, tax returns, etc as I have mainly dealt with Ltd Company accounts although I have a good working knowledge.
I have been looking at the ICB qualification and thought that this could be a good way of refreshing my basic skills and also gaining a qualification. However, I was interested to know the most cost effective way of doing at least the lower levels - is it possible to just buy the study texts, rather than paying for the expensive study packages offered by the training providers?
Also, any thoughts on the ICB as a qualification rather than AAT?
I am considering training whilst still working in my current role - it would be a big jump giving up full time work but I suppose you don't know if it will work until you try!!
I would say that ICB is not something that you want on your CV. Its a really decent course for refresher training although you will quickly find it too basic considering your background.
Also, if you want to go back to practice you will want to eradicate all trace of the qualification from your CV as it's mere mention seems to end up with CV's being auto rejected by agents. AAT would at least look right alongside ICAEW training and a career in corporate.
Its a shame as the the content of the ICB syllabus is not too dissimilar to the content of the AAT one but they are regarded very differently by practice and by agents.
I actually did something similar to yourself (my background is in corporate, predominantly banking and high finance) and took the first couple of ICB papers as a refresher as I feared that I had lost some of the basics, however, 99% and 98% respectively without using any of the ICB training materials shows that once it's in there it might hide at times but you don't really lose it.
Once you get back into it you will find the same.
Also, rather than those two options, have you considered the ACCA-X qualification which is free online training (you just pay for the exams) and having those letters on your CV sit well with your other qualifications.
The exams are the ACCA FIA which can lead to CAT qualification or if you wanted to, enrolement on the ACCA professional qualification but if you went down that route ACCA regulation 8 would restrict the self employed services that you could offer to bookkeeping to trial balance, VAT, Payroll and internal reporting.
Just a few suggestions. Not trying to put you off taking ICB which includes some sound knowledge acquisition, I'm just hopefully indicating some of the pitfalls peculiar to those with higher qualifications going down that path.
Hope that you enjoy posting on here. We're all a very freindly bunch.
all the best,
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.
It's invaluable to hear other viewpoints as it's difficult to tell the level that the ICB courses are pitched at just from looking at the brief syllabus outlines.
I will definitely have a look at ACCA - X and AAT.
Ideally I'm looking for something to brush up on the basics - and possibly obtain some credible qualification to back up my experience. I was thinking about using the Frank Wood books as a refresher?
Am I correct in thinking I don't actually need any formal current qualifications (as mine are not current) in order to start offering the services I listed, ie book keeping, other management account services for small companies, sole traders, etc?
Is a practice licence a requirement or just something that gives you some credibility that you are affiliated to a professional body? I am aware you need the MLR registration.
It's a bit of a minefield - trying to filter out what is actually a requirement and what isn't.
If you arent with any professional body you dont need a practising certificate.
You would probably want to refresh your tax knowledge and accounts disclosure knowledge (though a lot of the accounts software nowadays does most of the disclosure anyway).
For refresher you might want to speak to ICAEW (assume thats who you qualified with) and see if they have a tax refresher course. I know ICAS (scottish equivalent) do and I went on their course last year which is aimed at people who have worked in industry moving back to practice.
Regarding MLR you could get this via HMRC, costs about £100 or so a year. You would also want to get PII cover in place.
Would recommend looking to join ICPA. They have lots of great deals for the small practitioner and offer a lot more in a practical sense over ICAEW and ICAS. Only reason I stay with ICAS is means can call myself a CA. Though I am also a member of ICPA.
