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A few questions regarding ICB study and qualification.

  • 1 post
  • # 93811

Hi all.
I have a few questions regarding the ICB qualification and the requirements. I am trying to gather as much information before jumping in. Please forgive if the answers are blindingly obvious, I am also currently costing out the full course and I want to make sure my understanding is correct.

1. I expect both examinations in Level II need to be taken and it isn't a case of one of two need to be done. The same is also true with Level III, do all five need to be taken?
2. Other than membership fees and professional indemnity insurance, what other fees does a bookkeeping incur. I can think of software, office related costs, travel, but not sure if there are other legally required fees.
3. Do I need to acheive Level III before I can operate on my own as a self-employed bookkeeper?
4. What are the restrictions on what I can/can't do upon completing Level III and before completing Level IV? I know of Tax, drafting financial statements and management reporting. Anything else?

Ideally, I will study around a full time job and set up my company in the next calender year. Then take on a few clients and build the business to the point where I can become part time in my current job and then ultimately be fully supported by my own company soon after. Hopefully I would achieve Level IV to enable a wider range of services. Does this sound realisitc? I currently work in a finance role, but want to change to be more independant and work for myself.

Thanks in advance

  • Member PM.Dip
  • Practice Licence
  • 66 posts
  • # 93820

Hi James

The best advice I can gice you is to call the ICB Directly on 0845 060 2345 and they will run through all your questions.

Depending on your qualifications and levels of experience you might be eligable for an 'exemption' ? The timescales for completing your course will depend on the time you have available and your current knowledge.

I personally used 'Ideal Schools' and found their study manuals and telephone support an EXCELLENT support, which helped me to get through my exams swiftly.

In terms of overheads that you might incur you need to consider your practice license fees, membership fees, insurance costs, telephones, stationery, travel costs (although these can be reimbursed as part of your clients agreement), computer costs etc - Most of the book keepers I know work from home or in the clients office as renting office space is a massive overhead !! 

Good luck James !

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