Hi,
I am now at the point where I am a full member of both IFA (Institute of Financial Accountants) and AAT (Association of Accounting Technicians). I don't plan on taking my qualifications further at this current point. (I have been working in the accountancy practice industry for 10 years and enjoy dealing with small businesses)
I currently do a little bit of bookkeeping for family and friends and I am considering growing my own practice (I currently work full time in a practice but if I took this further I would find another part time job to avoid any conflict of interest) but as I am now qualified I need to apply for a practicing certificate. This is where my issue is would I need to apply for a practicing certificate for both bodies or would one cover the other? for example could an IFA practicing certificate be all I would need to apply for and still retain my AAT membership?
Ideally I would like to keep both but would prefer not to require two practicing certificates.
I have emailed AAT for their stance and advice but I wanted to see if there was anyone else out there with some experience of this situation and any other advice on the matter would be appreciated.
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Replies (3)
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My guess is...
That as both institutes have certificate requirements they will both want to relieve you of some cash, even if you only use one qualification on all of your trading documentation.
Only One Body
I am a member of both CIPFA and AAT. The AAT accept that CIPFA trumps the AAT so I only need a practicing certificate from CIPFA.
Member in Practice
I have investigated this very matter.
As a Member In Practice with AAT, I was thinking of doing further qualifications following the other route, and was advised that I would not be required to be a member in practice of both, but when achieved, I could still use the designated letters after my MAAT of FTA. You would only need to select one bod for being your money laundering regulator.