Desecration of Chartered status
I have group of friends from University who've gone into a variety of "professions" such as chartered accountant, solicitors, doctors, IT consultants, engineers and vets.
Talking to a solicitor friend recently I asked "knowing then what you know now would you still go into law". The answer was emphatically no! Because the rewards do not match the risks and efforts required.
A friend who is an IT consultant (albeit a very good one) earns £1,500 a day does not pay membership fees, does not pay PII, has no governing body, did not have to study professional qualifications, does not need to do CPD.
As a Chartered Accountant the reward is simply not commensurate to the responsibilities and the associated risks. The term Chartered has been diluted to mean any old cra*. At Christmas I returned to the village where I grew to visit family. I bumped into the mother of an old friend, when I asked what her daughter was doing she said she was a Chartered Accountant. Who did she train with? I asked. South Hampton Council was the answer. Really, I wasn't aware you can train with a council?On no she's a CIPFA. Says it all.
Despite only ICAEW and ICAS being entitled to use the Chartered designation it seems everybody uses the term now. The problem is not limited to dubious accountancy bodies fraudulently using the Chartered term but the general over use of the term Chartered. The Chartered institute of marketing? the Chartered institute of environemental health? What next the chartered institute of toilet cleaners? Add to this the fact "accountant" in the UK is an unprotected term makes an absolute nonsense of the profession.
The profession (and I use the term very loosely) is not in a good place and needs a major overhaul to protect itself and to move forward into a global era.
- IRIS Professional Yearend 85 2
- Continuity of Practice 118 1
- Letting Agents - requirement for audit of clients accounts 295 10
- Scams are not always obvious 2,165 34
- Financial statements accounting policies 232 5
- Does Members voluntary liquidation require change of year end 128 3
- Market Value/Connected Persons 283 10
- Online Downtime 328 4
- P60 from HMRC Basic Paye Tools 314 3
- Can I record depreciation, prepayments and accrued expenses in cash accounting? 201 3
- FPS or EPS 83 1
- What do you all do in your spare time? 772 31
- Personal allowance 665 15
- How do we get US withholding tax back? 167 2
- I have let a client go as it wasnt worth the hassle, 1,940 16
- Google contacts sharing within our domain 441 6
- New Fangled Penalties 1,115 1
- TaxCalc - A Return to Form 314 3
- New client has not reported director's pay by RTI 394 10
- VAT on employee loan 302 5
- Moving away from CCH software 943
- QROP pension input amounts 434
- write off loan or loan to equity swap or both 376
- HMRC BENCHMARK EXPENSES 351
- Unused Losses and Post Cessation Receipts 317
- fraud 276
- EIS relief on transferring shares to spouse 247
- Sole trade business in UK, but the owner works from EU 216
- Construction CIS LLP Company 202
- EPS and CIS deductions 191