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- Member PM.Dip
- Practice Licence
- 84 posts
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I have passed level 1 & 2 and have my own practice licence.
Can I have your thoughts on further study.
Is it better to do level 3 and 4 or an AAT course??
Thanks
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- Member PM.Dip
- Practice Licence
- 97 posts
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Angela_83asaid:
“I have passed level 1 & 2 and have my own practice licence.
Can I have your thoughts on further study.
Is it better to do level 3 and 4 or an AAT course??
Thanks”
I am just completing my AAT qualification, a lot of the modules transfer to ICB, however it looks like I will still have to sit the Self Assessment part of ICB, I am awating confirmation. One of the things to take into account is that you can't get a practice licence from AAT until you have completed all levels and have been granted MAAT status.
I must admit I have done the AAT route as when I was starting out many years ago, the only options I had for qualifications were AAT, CIMA or ICAS, if ICB had been more widely known at the time I would probably have done ICB from the start.
I had only found about ICB when interviewing for employees in a previous job and someone came for an interview who had the qualification, at that time I was already part of the way through the Intermediate level of AAT. Unfortunately due to changes in my personal circumstances AAT fell by the way for a couple of years and I took my ICB membership by examination.
There still does not seem to be anything like the awareness of ICB and IAB up here in Scotland, when you try to find about bookkeeping and accounting qualifications that you can study in your spare time it is still mainly AAT etc. that you are informed about.
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- Member PM.Dip
- Practice Licence
- 481 posts
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Don't you also need a year's work experience with an accountant before you can get a practice licence with the AAT?. Or is before you can get MAAT status. So confusing.
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- Member PM.Dip
- Practice Licence
- 97 posts
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Peasiesaid:
“Don't you also need a year's work experience with an accountant before you can get a practice licence with the AAT?. Or is before you can get MAAT status. So confusing.”
You need accounts experience of the equivalent of a year signed off by an accountant to gain MAAT. You can't get a practice licence without MAAT.
They are also supposed to be tightening up on the experience and knowledge required to get a practice licence, i.e. not getting a licence just off the back of having the qualifiaction and MAAT, having to prove ability for the idfferent sections.
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James @ ICBsaid:
“ If you wanted to become an accountant then once you have completed your Level 3 you could take a step towards ACCA by doing their CAT (Certified Accounting Technician) course.”
If you choose this path, the ACCA do give you an exemption against one paper - FA1 - whether you have level 2 or level 3 ICB. However, you will find that FA2 will be an easy task for you, as it is very similar to the ICB level 2.
The route is;
FA1 & MA1 = Introductory Certificate
FA2 & MA2 = Intermediate Certificate
FFA(F3) & FMA (F2) & FAB (F1) = Diploma in accounting and business
Then you choose 2 options, either Tax, Audit or Financial management
You also need to do a free certificate in 'Foundations in Professionalism'
Also, if/when you complete level 3 ICB, you will find FFA to be very similar to this. I only needed to read up on a very small number of things to feel I was ready for this exam.
So that's 3 subjects out of the 9 (7 main stream + 2 options) virtually covered - the financial accounting side of the qualification.
This is my experience of this route anyway.
Kind regards,
Kerry
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Angela_83asaid:
“I have passed level 1 & 2 and have my own practice licence.
Can I have your thoughts on further study.
Is it better to do level 3 and 4 or an AAT course??
Thanks”
You can also join ACCA under mature route straight away....
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- Fellow PM.Dip
- Practice Licence
- 18 posts
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KerryBsaid:
“James @ ICBsaid:
“ If you wanted to become an accountant then once you have completed your Level 3 you could take a step towards ACCA by doing their CAT (Certified Accounting Technician) course.”
If you choose this path, the ACCA do give you an exemption against one paper - FA1 - whether you have level 2 or level 3 ICB. However, you will find that FA2 will be an easy task for you, as it is very similar to the ICB level 2.
The route is;
FA1 & MA1 = Introductory Certificate
FA2 & MA2 = Intermediate Certificate
FFA(F3) & FMA (F2) & FAB (F1) = Diploma in accounting and business
Then you choose 2 options, either Tax, Audit or Financial management
You also need to do a free certificate in 'Foundations in Professionalism'
Also, if/when you complete level 3 ICB, you will find FFA to be very similar to this. I only needed to read up on a very small number of things to feel I was ready for this exam.
So that's 3 subjects out of the 9 (7 main stream + 2 options) virtually covered - the financial accounting side of the qualification.
This is my experience of this route anyway.
Kind regards,
Kerry
”
You can check ACCA exemptions using:
https://portal.accaglobal.com/accaweb/faces/page/public/accreditations/enquiry/main/EnqInstitutionsTable.jspx
Seems to an exemption against paper - FA1 (applies only to ICB level 2 completed before Dec 2010)
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AdaBesaid:
“KerryBsaid:
“James @ ICBsaid:
“ If you wanted to become an accountant then once you have completed your Level 3 you could take a step towards ACCA by doing their CAT (Certified Accounting Technician) course.”
If you choose this path, the ACCA do give you an exemption against one paper - FA1 - whether you have level 2 or level 3 ICB. However, you will find that FA2 will be an easy task for you, as it is very similar to the ICB level 2.
The route is;
FA1 & MA1 = Introductory Certificate
FA2 & MA2 = Intermediate Certificate
FFA(F3) & FMA (F2) & FAB (F1) = Diploma in accounting and business
Then you choose 2 options, either Tax, Audit or Financial management
You also need to do a free certificate in 'Foundations in Professionalism'
Also, if/when you complete level 3 ICB, you will find FFA to be very similar to this. I only needed to read up on a very small number of things to feel I was ready for this exam.
So that's 3 subjects out of the 9 (7 main stream + 2 options) virtually covered - the financial accounting side of the qualification.
This is my experience of this route anyway.
Kind regards,
Kerry
”
You can check ACCA exemptions using:
https://portal.accaglobal.com/accaweb/faces/page/public/accreditations/enquiry/main/EnqInstitutionsTable.jspx
Seems to an exemption against paper - FA1 (applies only to ICB level 2 completed before Dec 2010)
”
My post is correct - it is not just ICB level 2 before December 2010, I got an exemption in December 2011 against FA1, having ICB level 3 manual & computerised (it doens't matter if you have level 2 or 3, they will only give you that 1 exemption - I did my homework), as stated above. Although I did get other exemptions against my AAT.
You can also get exemptions from GCSE and A levels, against the CAT / FIA
Kind regards
Kerry
Edited at 28 Jan 2012 10:25 AM GMT
Edited at 28 Jan 2012 10:28 AM GMT
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- Fellow PM.Dip
- Practice Licence
- 18 posts
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KerryBsaid:
“AdaBesaid:
“KerryBsaid:
“James @ ICBsaid:
“ If you wanted to become an accountant then once you have completed your Level 3 you could take a step towards ACCA by doing their CAT (Certified Accounting Technician) course.”
If you choose this path, the ACCA do give you an exemption against one paper - FA1 - whether you have level 2 or level 3 ICB. However, you will find that FA2 will be an easy task for you, as it is very similar to the ICB level 2.
The route is;
FA1 & MA1 = Introductory Certificate
FA2 & MA2 = Intermediate Certificate
FFA(F3) & FMA (F2) & FAB (F1) = Diploma in accounting and business
Then you choose 2 options, either Tax, Audit or Financial management
You also need to do a free certificate in 'Foundations in Professionalism'
Also, if/when you complete level 3 ICB, you will find FFA to be very similar to this. I only needed to read up on a very small number of things to feel I was ready for this exam.
So that's 3 subjects out of the 9 (7 main stream + 2 options) virtually covered - the financial accounting side of the qualification.
This is my experience of this route anyway.
Kind regards,
Kerry
”
You can check ACCA exemptions using:
https://portal.accaglobal.com/accaweb/faces/page/public/accreditations/enquiry/main/EnqInstitutionsTable.jspx
Seems to an exemption against paper - FA1 (applies only to ICB level 2 completed before Dec 2010)
”
My post is correct - it is not just ICB level 2 before December 2010, I got an exemption in December 2011 against FA1, having ICB level 3 manual & computerised (it doens't matter if you have level 2 or 3, they will only give you that 1 exemption - I did my homework), as stated above. Although I did get other exemptions against my AAT.
You can also get exemptions from GCSE and A levels, against the CAT / FIA
Kind regards
Kerry
Edited at 28 Jan 2012 10:25 AM GMT
Edited at 28 Jan 2012 10:28 AM GMT”
Thank you Kerry for your post, did you contact ACCA directly to get that FA1 exemption?
Kind regards
AdaBe
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Hi AdaBe,
Yes I did call them to check what exemptions I could get, although wasn't easy getting through to the right department! You will need to send copies of your certificates with all the other info they request i.e. photo, driving license etc.
You will find FA2 fairly easy, as it does reflect the ICB syllabus, then FFA is along the same lines but slightly more in depth with a few extra things to learn :)
Also, the FTX (tax certifcate) does cover things in the ICB self assessment qualification and VAT, amongst other things.
Good luck!
Kind regards
Kerry
Edited at 28 Jan 2012 11:30 AM GMT
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If you have time, I will recommand Level 3 Payroll Management.
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aseefbdsaid:
“If you have time, I will recommand Level 3 Payroll Management.”
Hi Aseef,
Yes it is part of the course I bought (and SE), so I will be doing it soon. I have taken a few months out of ICB study and exams to sit some ACCA exams  , and I work full time, so try not to grind myself down too much!
I think it is good to be able to offer the whole package, if going self employed.
Best regards
Kerry
Edited at 31 Jan 2012 11:56 AM GMT
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- Member PM.Dip
- Practice Licence
- 84 posts
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aseefbdsaid:
“If you have time, I will recommand Level 3 Payroll Management.”
Thanks Aseef,
I saw an Accoutant a couple of weeks ago and recommended the same thing and I enrolled last week so am wading my way through Payroll at present.
Thanks again
Angela
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- Fellow PM.Dip
- Practice Licence
- 18 posts
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KerryBsaid:
“Hi AdaBe,
Yes I did call them to check what exemptions I could get, although wasn't easy getting through to the right department! You will need to send copies of your certificates with all the other info they request i.e. photo, driving license etc.
You will find FA2 fairly easy, as it does reflect the ICB syllabus, then FFA is along the same lines but slightly more in depth with a few extra things to learn :)
Also, the FTX (tax certifcate) does cover things in the ICB self assessment qualification and VAT, amongst other things.
Good luck!
Kind regards
Kerry
Edited at 28 Jan 2012 11:30 AM GMT”
Thank you very much Kerry
Kind regards
Adam
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