I dont have a licence yet but will be applying for one. My background is that i joined an investment bank as a graduate and have worked for this organisation for 11 years. In that time i have become acca and AAT qualified. I know want to start my own venture and what better than to use the trade I know best. I'm based in London but would be happy to communicate via Skype, FaceTime if needs be. Many many thanks for your response.
I am quite open to the type of mentor I am looking for. If somebody could give me some direction/ advice as to what i need to do set up but also if somebody is looking for a more formal partnership I am open to this idea. Happy to work in clients together and share client revenues. I already have a few people asking for my services so just need to get the framework in place.
What sort of services are you thinking of offering?
Not sure if you are going to find a mentor as such on here but you will get loads of help and good advice on any questions you want to ask.
Also not sure if you are going to pack your job in to start up your practice or if you are going to try and keep working at the same time while it grows but if the latter then you might need to look at your employment contract to make sure that your employers will allow this.
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
Good point raised by Doug and one I was going to ask about, plus a couple of other bits to start.
Banking is stricter than most employers. I worked in Corporate Finance via one of the big four for years and they wouldn't let you be a Director of a company, never mind set up your own business (Limited or otherwise) without you getting permission from the board, which often wasn't forthcoming. I had a few hoops to jump through even at lower/entry level due to an involvement in a family business that had started when I was 15, so it's much harder further up the pecking order. So worth checking if you are staying with the Bank.
Our moderator, Shaun, is an ex banker as well, plus knows a lot more about the requirements and inticiacies of the ACCA than I can explain so will hopefully add his comments at some point.
Key here is your ACCA membership, exact status of that and what services you are thinking of offering.
Regulation 8 dictates you cannot go beyond TB (so eg no doing accounts for sole traders- how would that fit with the approaches you have received?) without the ACCA licence. You cannot refer to the ACCA in marketing (eg your name on this site would be a no go, if I understand it correctly, Shaun will correct me) without a licence. To get a licence you need yo have done 3years supervised training (who can supervise that is strict as well) and whilst some of what you do MAY count towards that, I don't think it will fully, as it's supposed to be in a practice environment.
Or of course you can gain a practice licence with someone else, eg AAT, but your would have to walk away from the ACCA and why after all that work would you do that!
Sanctions from ACCA are tough if you flout their regs.
How do you propose getting experience in the tax arena? (Yes I can see you have the letters, but dealing with clients on a day to day basis is very different).
Last Q, on the point raised by Doug, do you need an individual mentor. Or a collective bunch. Accountants are very busy people and finding time for mentoring one on one is not so easy. Plus those of us who have attempted it in this or a former life have maybe become a bit jaded after getting not much back!!
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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
exactly as Joanne states (I could just boiler plate that to the start of all of my posts!).
The emphasis here is that you cannot go past trial banalance... no matter who else you may be qualified with!!!
Several people have fallen foul of ACCA regulations thoinking that if they practice under say AAT, ATT, ICB, IAB, IFA, AIA, etc. then they are covered by the practice certificate of that body. However, if you are a member of the ACCA then you are part of the family overriding everything else. So, someone qualifies with ICB and is not a member of the ACCA they can produce accounts even though they may have only very limited knowledge. Someone qualifies with the ACCA, joins the ICB and gets a pratice certificate they are permitted only to go up to trial balance even though they will know far more about accounts production than someone who (without other experience) has only done the ICB qualification.
I know, the system isn't fair but it's this sort of detail that differentiates ACCA accountants. People need to know what they are getting when they choose theoir accountant and the ACCA's regulation, although draconian in nature, ensures quality (well, as much as quality can be assured).
To get an ACCA practice certificate which is the only way that you will be permitted to go beyond trial balance whilst being a member of the ACCA and enjoying the higher chage rates that can be demanded by being part of the family, is to gain three years (4520 hours) post qualification supervised hours in a firm recognised as an ACCA practice certificate training organisation. I do not think that you will be able to do that and hold down a city investment banking position.
I feel your frustration with this. But do not under any circumstances be tempted to pursue this goal. ACCA would expel you and fine you a minimum of £1200. If you are expelled by one body you must declare it to any other that you are member of or looking to become a member of which will see you also expelled from them and you will need to declare on your MLR form that you have been expelled by a professional body which could affect your ability to practice without a professional body. The only two ways forwards are (1) the get a job working in practice for a suitably qualified and ACCA recognised firm. (2) to step down from the ACCA before pursuing a career in practice.... Before you step down though remember the blood, sweat and tears that you went through to get your letters... You do have your letters don't you or are you still an Associate?
Good luck with your career but really sorry, being blunt. Unless you are willing to give up the money you currently make and possibly live on virtually nothing for three years then this isn't going to happen. Stick to investment banking rather than even thinking about giving up ACCA or spend the rest of your life regretting what you abandoned.
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.
Thank you for your advice its been very useful and informative. My assumption was that i could do something on a part time basis just to earn some additional income. Don't get me wrong i put alot of years into my studies and practice so would not want to give that up.
I may consider working in practice so maybe i potentially have this option in the future. My only feeling would be that a) I may have to take a pay cut to join practice and b) would a firm even consider someone from investment banking.
Thanks so much again for this.
Best of luck with your goals Namish. I wish I could contribute more but I don't have the same (years and years but still youthful) experience that the others on the forum do.
