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• # 80048
• Sat 25 Feb 2012 12:31 PM

Hi All,

I have passed ACCA Papers F1,F2,F3,F4,F5,F6,F7,F8,F9,P1,P3 (AAT is equivalent to F1-3 only)

I have Papers P2,P4,P5 left to become a full chartered accountant.

I have more than 3 years practical accountancy experience, and over 10 years in financial related industry including future quantum assessments in the legal 100 - e.g.future lost earnings, in employed and self-employed civil litigation disputes - all gained at senior level in non-practice environments.
I consistently done private bookkeeping work on the side for friends and family etc... 

I previously worked for my own Ltd Company and did all the books (FSA regulated financial trade).      

Papers F1-F9 of ACCA are subject to top-up essay equivalent to an hons degree in applied accounting.

Papers P1-5 are post-grad qualifications for Chartered status.

My employer will not register for Practising certificate training - and therefore I will be limited to working in commerce only, or I will have to take a significant pay cut to work in an public practice, just for the purpose of getting a practicing certificate to go self-employed at any point in the future. 

I was hoping to start a bookkeeping business if I am made redundant in a merger that is heavily pending, but would like the support of a registered professional body, and trademark and all that it brings with it. ACCA do not allow you to practice, or mention that you are a qualified chartered accountant, without their practicing certificate. 

I have passed the above mentioned modules including: Tax (including payroll, corperation tax etc), Audit, Financial accounting, Management accounting, Law, performance management, group consolidated financial statements, treasury and risk etc...

Would I be exempt from all/any of the IBC exams (Basic, Member, Fellow?), and be able to practice as a bookkeeper? I do not have the full Chartered Accountant membership certificate, but can show acheivement in the majority of modules and provide proof from the ACCA of all exams passed?

I cannot find anywhere on the website which shows exemptions being available for the higher level option certificates - just the basic exemptions required for membership. 

Would I still need references from two accountants? Would a single Chartered accoutant, who is my direct line manager serfice?

Any advice appreciated.  

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• # 80080
• Sun 26 Feb 2012 08:43 PM

I don't believe ICB automatically give out exemptions to accountants, i too am a qualified and experienced accountant but did not try to do this. There is a section on the website where ICB  explain the exemptions policy. I think you can request to sit a fast track exam at home if you wish. I personally decided to sit all the exams and I am very glad I did, while much of it is very straightforward from an accounting qualification point of view, the content is geared toward managing small businesses and I have definately learnt things from revising and taking the exams. I too have worked in large financial institutions for the last 20 years and the work there really is very different to looking after a small business. The pass mark for these exams is quite stringent, it is 85% minimum. Accountancy papers only ask for 45%.

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• # 80093
• Mon 27 Feb 2012 10:42 AM

Impresseive list of skills there. I passed a certicate in accounting with Open University which granted my exemptions from level 1 to level 3 manual and computerised bookkeeping.

I was able to upgrade my membership to full Member status so I would imagine that your qualifications would grant you at least the same.   


Regards

Craig

 

• Craig Tibbs
  www.craigtibbsbookkeeping.co.uk
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• # 80100
• Mon 27 Feb 2012 02:15 PM

Hi,

As already mentioned, you would not get exemptions just from being a qualified Accountant. I believe (although not 100% certain) that paper F3 may get some recognition, but I do not know to what extent, or if at all for definite; I don't think it would be for the whole of Level 1,2 & 3. Also, your qualifications have to have been passed in the last 2 years. I believe if you have completed some of the CAT/AAT this would get you more exemptions.

Failing that, you may have the experience needed, but again it would need someone from the ICB to confirm any exemptions.

As for level 4, I am waiting to see if exemptions against FTX, F2, F3, F6, F7.or F9 would be granted, but I believe you would have to go through the level 1,2,3 first, not jump straight to level 4 - again I may be corrected!

The best thing would be to email or telephone the ICB to get a quick response.

I was also under the impression that your employer did not have to register to be a trainer. The Accountant/Auditors could sign off your experiences through the PER. Or perhaps I just haven't understood that part of your post :)

Good luck and all the best.

Kerry

Edited 'and jump' to 'not jump'

Edited at 27 Feb 2012 02:17 PM GMT

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  My responses are based on my opinions, not necessarily facts.
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