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ACCA & IFA Practice Certificate

I am currently an ACCA Member and looking at the possibility of setting up my own accountancy business. Under the ACCA rules I require a practice certificate which requires working in practice for 2 years. As I currently work in industry this is currently not an option.

I have recently read on the Institute of FInancial Accountants website (http://www.ifa.org.uk) that I could following an assessment of my experience gain IFA Membership which in turn will allow me to practice and setup my own business

The issue is that I will have dual membership but one body (ACCA) will not allow me to practice but the other (IFA) will?

Can someone advise if they have faced this issue and are their ways of tackling this?
TBC TBC

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31st Mar 2008 19:46

Stick with the ACCA
Try the ACCA route first. Even if that fails still stick with the ACCA. Its a much better qualification than the IFA and after spending so much time and money to qualify you should not waste it.

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24th Feb 2014 12:33

Stick with the ACCA

I would argue with that as I have recently reported an ACCA member for non ehtical practices among other things.

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By Anonymous
29th Mar 2008 22:13

Applying for Practicing Cert
I don't think your background in industry precludes you from applying for a practicising certificate. I've been going through the process recently of completing the ACCA prac cert application forms, and, like you, I don't have a background in practice.

ACCA provide examples of completed forms - one for someone with practicing experience and a second for someone with corporate or public sector experience.

The process itself is quite onerous, but hopefully will pay off in the long term.

Please check out this link to the ACCA website which may be helpful:

http://www.accaglobal.com/members/professionalstandards/prac_info/practisingcertificates/pctr/uk

and then look at the example PCTR forms.

Good luck - Nicola

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By Anonymous
13th Mar 2008 14:41

RESIGN
One way to tackle your problem is to give up your ACCA membership.

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14th Mar 2008 11:53

Yes the ACCA rules prevent it
ANON, yes, the ACCA rules would stop you practising and your only option would be to resign the ACCA if you wanted to pracise without a practising certificate. This is a very common problem, often brought up on this site, and yes, the situation has been confirmed by the ACCA themselves.

The rule is clearly that an ACCA member or student can't practise unless they have a pracitising certificate. However difficult this is, and however people are affected by it, that is the rule. Perhaps it is time for ACCA students and members to put pressure on the ACCA to change its rule as this rule is clearly outdated in the modern workplace.

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14th Mar 2008 09:59

Don't resign

Consider this fact - if a student graduates as an IFA member and practices, and later join ACCA studentship to study Chartered Certified Accountancy, does it mean the ACCA rules require this student to resign his IFA membership and also give up his practice?

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24th Feb 2014 14:22

Don't resign

HE WOULD BE A FOOL IF HE DID

 

AnonymousUser Why anonymous??

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