IFA vs ACCA - General - The Accountants Circle

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17/09/2008 17:11

Daniel

Joined: 17/09/2008

Posts: 4

IFA vs ACCA

I am an ACCA member but need a practicing certificate in oder to use the ACCA letters in a practice of my own. It's very hard to get one of these since you have to work for an approved company and there are not too many.

I was thinking of signing up to the IFA where it seems it'smuch easier to get a practising certificate. Any opinions on this?

By the way, if we are not using a designation at the end of our name, do we really need a practising certificate? I intend to do accounts/taxes on my own for a some self empoyed/very small businesses at the beginning while I learn the ropes, previously only working as accountant in large multinationals.

Thanks in advance

30/09/2008 16:23

frauke

www.goldingassociates.co.uk
Joined: 23/08/2007

Posts: 7

Re: IFA vs ACCA

If you are going to do any "freelanced" work, you will need to be registered for Money Laundering purposes (it is now a legal requirement!)

- You have the choice - get a practice certificate with the IFA or register with the HMRC.

If your "clients" need an accountants reference, you'd be better off with the IFA practice certificate, as you will not be able to use your ACCA letters.

I understand a number of "time bared" qualified accountants (like you) use this route. At a later date you may wish to be a "registered Auditor", which will require you obtaining your practice certificate via the ACCA.

The IFA practice certificate will give you the experience and make sure you are monitored etc... until you qualify for the ACCA practice certificate.

01/10/2008 09:47

Daniel

Joined: 17/09/2008

Posts: 4

Re: IFA vs ACCA

Hi, thanks for your reply

''At a later date you may wish to be a "registered Auditor", which will require you obtaining your practice certificate via the ACCA.

The IFA practice certificate will give you the experience and make sure you are monitored etc... until you qualify for the ACCA practice certificate''

This is good news, does it mean I will not have to work for an ACCA approved practive in order to get the ACCA practice certificate and the IFA will provide me the experience and supervision I need for it, even if I only work as self - employed?

Daniel

01/10/2008 16:41

frauke

www.goldingassociates.co.uk
Joined: 23/08/2007

Posts: 7

Re: IFA vs ACCA

d.family1@gmail.com wrote

This is good news, does it mean I will not have to work for an ACCA approved practice in order to get the ACCA practice certificate and the IFA will provide me the experience and supervision I need for it, even if I only work as self - employed?

The answer to your question is "depends"..... The ACCA will have to be satisfied that the experience you have gained is enough... Otherwise you could just pay for the practice certificate, do nothing for a couple of years and then expect the ACCA to accept it, which of course they will not! The practice certicate makes sure you are within the law so that you can gain experience etc....... There are other ways of making sure you are able to fulfill everything you need. But this you will only do by experience, talking and "working" with others on a self-employed basis etc, etc, etc which you would be able to without actually becoming employed directly by someone else's practice.

............. Nothing is automatic, but anything can be possible.

01/10/2008 16:53

Will Farnell

Joined: 01/10/2008

Posts: 1

Re: IFA vs ACCA

I would suggest you discuss with the ACCA. My understanding is that whilst you are a member of ACCA you cannot hold yourself out to be in public practice in any way without an ACCA practicing certificate, even if you are using an alternative regulting body. The ACCA did change the practice certificate requirements about three years ago which means you can get the experience for a certificate outside of practice.

Hopethis helps in someway

Will