I am FCCA having qualified 12 years ago, working in practice for 6 years (2 post qualifying) then in industry before having children. I then worked on a part time self employed basis in industry.
For the last couple of months I returned to practice part time, but have realised that actually I would much rather set up myself as self employed and it work around my young family.
I have looked lots on the alternative associations I could join -AAT, ICB, ICPA etc etc and am finding it a bit of a minefield. I will be doing tax returns so can't do it under ACCA as I don't have a practising cert so I know I will have to leave there, but am not sure the best alternative. I'd love to hear from any of you who have made the switch - any advice greatly appreciated!
I know I'll need money laundering support, pi insurance etc too and some offer a whole package with a practice certificate, but some seem extortionate given I don't have much income on the books yet!!
And just to add, I want to leave ACCA immediately - is it ok if there is a very short break between memberships if I join something else or does it have to happen concurrently?
So sorry that you are moving away from the ACCA. I'm guessing that its regulation 8 thats stopping you offering your services despite your experience.
Have you spoken with ACCA about this? If its a matter that your employers did not have practice certifiecate supervision training in place such can sometimes be established retrospectively.
If there is no joy there then assuming that your mind is made up there are really two options.
Go to another body : The usual choices are IFA, AIA and ICPA. Of those I would say that AIA is the current favorite and its also the only one in that list with a seat at the top table (being mentioned alongside ACCA, ICAEW, CIMA, etc in the FRC's annual report).
Go it alone : Register directly with HMRC for MLR.
I appreciate that you want to make this move this moment but if you decide to move to another body I feel that the transition would be smoother if you were still a member of the ACCA during the transition.
As a footnote, by paying all of the missed fee's and showing that you continued with your CPD you can at the moment return to the ACCA. However, as with the link up with the ICAEW there is no guarantee of these things lasting forever so would not leave planning to return.
kindest 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.
You should speak to the IFA. I don't think you would have no problem joining and getting a practice certificate. You can't do statutory audits, but I don't think you will find that a problem. Shaun may know more about this.
I am unsure about the AIA, and what they require, as I moved my practice certificate to them after having my practice certificate for many years with the IFA.
AIA (like IFA and ICPA) love getting their hands on FCCA's.
I'm sure that I read a comment somewhere that ACCA was regarded as the training stage of AIA membership!
For members (not students and affiliates) I really think that there should be some flexibility on regulation 8 to allow people who have not been working with recognised firms to at least so the accounts of micro (sub £200k) clients but as it is someone with (say) an ICB practice certificate is allowed to create accounts where someone such as the poster here with many years of the right experience would not be allowed to!
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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.
Yes the ICB would be a great choice - you would probably join as a Fellow. I would give the ICB help desk a call and they could tell what an ICB practice licence would cover you for (to make sure its what you need) etc .... Could be a quick and good way of getting into self employment !
Come on Trevor, FCCA (same level as ACA's) to ICB. Your just saying that to light a blue touch paper aren't you ya wee miscreant, lol.
Where the poster is at the moment they can do anything. They would not have any such options open to them if they transferred to ICB.
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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.
I have checked AIA and may give him a call - the problem being that I have not been in practice for 9 years so would still probably not get a practising cert as my time in practice was not monitored as such. Then I'd be in the same position as I am with ACCA.
I am a little wary of giving up ACCA and going it alone by simply registering with HMRC for MRL and getting PI as it feels odd having no back up and not being regulated (or is that just me? Obviously some businesses work that way?) I had no idea not all Accountants in practice were regulated & even qualified! I have to leave though as I need to be doing tax returns as that's the main target market where I am.
I asked ACCA for advice as to what I could do if I left & if they recommended another body but they simply emailed me the PDFs of reg 8 which I'd clearly already read as that's why I was having to leave! No help at all there.
I checked ICPA and it looks like you just join & pay (an albeit huge fee for the annual membership, practise cert and MRL) but am not sure if that's it & I'd be ready to go?
Anyone else who's made a successful switch from ACCA to another body I'd love to hear from you....feeling a little foggy in the brain now as to the best way forward!
If it were me, I would enquire to the following bodies in the following order:
Association of International Accountants for the reasons mentioned by Shaun and because the qualification is QCF Level 7 like the chartered qualifications.
Institute of Financial Accountants - a professional body that has substantially improved its status over the last few years and has the ambition to achieve chartered status.
Association of Accounting Technicians (very marketable if you ever intend to return to employment and good quality support for MIPs).
Association of Taxation Technicians. Either on its own or in combination with AAT but don't know what exemptions they would give an ACCA. Again very marketable if you ever intend to return to employment.
As per Shaun's advice, I would really just take a step back and think about whether you should give up this hard won qualification. Have you definitely clarified with ACCA that you cannot get a practising certificate?
I really would not consider the International Association of Bookkeepers or the Institute of Certified Bookkeepers considering the level of qualification you have.
I think ICPA should really be regarded as a trade association rather than a professional body, it's not an examining body. If you are going to consider ICPA then also have a look at the Certified Public Accountants Association as their offer is pretty much the same.
Another possible option which could enable you to retain your qualification and build up your practice experience as well as get you some work in the short term. How about writing to and/or telephoning every ICAEW and ACCA practice in your locality with the suggestion that you could be employed on a zero hours or part time flexible working contract working from home. This could be an attractive option to help them deal with workload at busy times.
Just a very quick option - and I did ask what she wanted to do ?
Mornng Trevor,
coming from FCCA any option that the poster wants is likely to be a quick one as all of the professional bodies one level down will want him (I think that Davids list of options is excellent).
Coming from accounting royalty why bypass all those options to accept identifying yourself with one of the ease of access qualifications?
Thats not intended as an insult towards any qualification but think of it like this.
You are a businessman who drives a porsche, one day you decide that the insurance and maintenance costs are too much. Would you then look at moving to a BMW 3 series or Ford Fiesta?
Both of those options are fine cars that will get you from A to B but do you not feel that going from turning up at client premises in a Porsche to turning up in a fiesta would be embarrassing considering where you came from?
Conversely if someone went from nothing to a Fiesta then there is no issue.
Personal circumstances change but is it not a fact that our past very much dictates where we aim in the future (either higher than where we were or as close to where we were as possible).
In the case of this thread I feel that AIA is the option that is closest. It might not be a Porsche but its a good mid range beemer that you can park in the executive car park without issue.
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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.
Thanks for the replies (and glad i don't drive a Ford Fiesta!)
I have contacted IFA (and will do with AIA) and have asked ACCA to confirm my ineligibility for a practise cert. As I mentioned above, I have not been in practice for 9 years, most of which I was bringing up my young children, and they do not issue pc's retrospectively. My worry us that AIA and IFA will be the same in which case I'll have no other option other to look at the other bodies.
I am not after building up a big practice, just work that will fit in around the family so cost is also an option.
