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Confused

  • 4 posts
  • # 88650

Hello,
I am very interested in re training as a book keeper/accountant, however I am finding it difficult to work out the best plan of action.

My local college offers AAT training, from level 2-4, then ACCA modules, this is the course of action that I was going to follow, however I have read in various places, that ACCA place excessive restrictions on what you can and can not do, as an ACCA student. Having said that AAT and ACCA keeps many doors open, but this comes at both a financial and practical cost.

Long term, I have no intention of being a high flying accountant working for some big name firm, I am mearly looking for a well paid income, perferably working from home, offering a comprehensive list of services, but most importantly working for my self. Am I dreaming to think that this could be a realistic goal?

I have now come across ICB, and I am wondering if there is anyone out there living my dream?

I understand that there maybe some ICB bias from this forum, that would go without saying. However I would be very greatful and interested in hearing from someone who has achieved what I want to achieve, along with any pointers in the right direction.

One final point, going through my local college the fees work out quite expensive, for both AAT and ACCA modules, and they would take around 3-4 years to complete (maybe longer if the study times change). I have looked at going down the distance learning route, however this again works out quite expensive, although quicker in terms of course lenght. I am not after a cheap fix, but I would like to avoid paying out twice to get to my end goal, if this makes sense. 

I think I will leave it at that for now, many thanks in advance for any thoughts or input that you are willing to offer. 

  • 62 posts
  • # 88652

Hi,

there are some unofficial "noises" from the ICB that if someone is under the ICB banner they do not have the regulation 8 problems that ACCA students normally do. But i would check with the ICB as this is not official.

There are a lot of sole traders "living the dream" working for themselves under the ICB, and under the AAT and ACCA for that matter, but it takes a lot of time and effort to get into that position, no matter which body you go with.

You can offer a comprehensive list of services under the ICB and this would be your quickest and cheapest option of getting a practice licence.

Kind regards

Nick

 

  • 4 posts
  • # 88653

Hi Nick,

Thanks for your reply, so the Reg 8 restrictions, do not really affect ICB trained as much as AAT practice? I can not see why the restrictions are there, if you have passed a certain level of compitancy under one body why would another body not be willing to play ball. From my observation it very much feels like the ACCA are trying to maintain some sort of closed shop, where only those that can afford to join can. 

  • 62 posts
  • # 88655

I dont know ACCA position on this, i only hear from the ICB "unofficially" on this, so if it was me i would be very careful, and i would want an official responce in writing as you dont want to fall foul of the ACCA disciplinary committe whilst you are still a student!

But the ICB say they have ICB members in practice who are also ACCA students.

Under reguslation 8 you can still officially bookkeep up to trial balance, and then pass the books on to an accountant.

When i did my ACA training with the ICAEW, they legitimately allowed me to be a member in practice with the AAT as long as i didnt mention ICAEW.  However, ACCA seem to take a different opinion.

 

  • 4 posts
  • # 88657

Ok Nick, so could I ask you, in your personal opinion, what would be the best way forward? bearing in mind that I have a family to support whilst I under take such study. As a 29 year old, if I went to do the AAT level 2, what are the chances of getting a job with this qualification, whilst studying for level 3? or am I just better going down the ICB route?

The last thing that I want, is to build a client list, and to then have to off load them to be able to progress my career.

  • 62 posts
  • # 88658

Hi, 

it sounds like you are wanting employment rather than self employment, is this correct?

If so the AAT is more widely recognised by employers than the ICB (rightly or wrongly).

Being emplyed gives you the security (as long the firm keeps going) of a pay cheque at the end of the month which being self employed doesnt.

However, you dont get the flexibility, or potential rewards, of working for yourself.  If you start down the self employment route, no matter what, you will have some months initially where you won't have many clients and money will be tight, if you have a family to support this may make things difficult.

Getting the AAT, or even part qualified, will not guarantee you a job, but it will increase your chances.

But there is nothing to stopn you from keeping your own job and studying the ICB/AAT in your spare time and potentially picking up a few clients to do part time to supplement your income, and then when these have built up and you are sure this is what you want to do, you can take the "plunge" do it full time.  This is how a lot of ICB practices start out. 

  • 4 posts
  • # 88659

Hello again, self employment from home is my ultimate goal, however I would like to be "employable" should things not work out, if that makes sense. Either way I will still need to earn whilst training, I am still very confused about the best approach to take.

  • 62 posts
  • # 88667

If you currently have a job that you can keep while you study, the quickest way to be able to set up in practice would be the ICB.  You can get qaulified quicker, get a practice licence and then start getting clients whilst still keeping your main job until you have enough to work for yourself full time.

The AAT will take you longer to qualify but you can always trasnfer from ICB to AAT should you wish but if you want to work for yourself the ICB is as good as the AAT, but quicker to get to the self employment stage that you want.
 

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