The IFA - educate me!

 I received today a post on Twitter about professional bodies and my opinion on whether a member of the IFA (Institute of Financial Accountants) is a qualified accountant.

My understanding is that they are not officially qualified accountants. When I stated this I got a bit of a shrugged response as if I was incorrect.

The truth is 2 things, Twitter you can't post a full opinion in 140 characters and secondly, I really don't know much about the organisation. As far as I am aware it is not affiliated in the same league as ACCA, ICAEW and CIMA, who I regard as the main accounting bodies.

I have had a look at their website and I can see that they offer their own qualification as well as CPD and the like. It does not necessarily indicate the scope of the work that can be undertaken.

Can anyone enlighten/ educate me as to their role within the accounting profession. I am more than happy to listen!