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Fastest route to become chartered accontant

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Dear Guys, i'm 35 yold certified public accountant which is mean non chartered. So far my qualifications have been sufficient but I would like to take my busines to the new level - with chartered qualification. Any advice what would be a fastest route. Thank you :)

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By Roland195
22nd Oct 2019 19:49

If you are already running an accounting business, long story short you can't. Assuming you are in the UK anyway

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By whitevanman
22nd Oct 2019 19:42

So, someone running an "accouting" business, cannot be an "accontant" (does sound like the right name for some). Interesting!

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By SWAccountant
22nd Oct 2019 20:22

As far as proper accountants are concerned, you're not an accountant.

You can't practice whilst training.

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Replying to Roland195:
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By vmartin1984
23rd Oct 2019 08:01

Roland195 wrote:

If you are already running an accounting business, long story short you can't. Assuming you are in the UK anyway

Not completely true. You can't do ACCA whilst in practice, but you can do ACA from ICAEW and that is also chartered

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Replying to vmartin1984:
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By Roland195
23rd Oct 2019 08:45

I'm not a ACA however are you completely sure about this? To my knowledge, none of the chartered bodies allow students to practice on their own account even with a PC from another institute.

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By vmartin1984
23rd Oct 2019 10:09

I had seen it , so just went back to search for it and it seems you can

A provisional member shall not engage in public practice unless the provisional member:
is a member of an accountancy body which is a member of the CCAB, or the Chartered Institute of Management Accountants, or is a member of an approved international accountancy body or the Chartered Institute of Taxation or the Association of Accounting Technicians; and
is authorised to engage in public practice by the said accountancy body; and
has obtained the consent of the Qualified Person Responsible for Training or and Authorised Training Principal, if applicable.

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By Richard Grant
23rd Oct 2019 10:38

Where did you find that info? When I've spoken to the ACCA they've told me that even if I have a practicing Cert from another body I will be disciplined by them for being in practice without their authority. It would be very handy to know.

Just saw your post further down where you answered it.

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By vmartin1984
23rd Oct 2019 13:28

I was responding re ACA not ACCA

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By JoF
23rd Oct 2019 13:58

Reg 8 ACCA is pretty clear. PC from other body wont cut it -can only go up to TB.

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By penelope pitstop
23rd Oct 2019 03:19

Ah yes! But are you a "formal accountant".

Unless you are one of these you cannot use the HMRC agent's hotline.

That hotline is only for "formal accountants".

If you are an "informal accountant" then according to HMRC you can "get lost" and use the public phone line instead, which means you can be stuck in the telephone queue for ages.

HMRC certainly knows how to treat accountancy plebs!

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By Matrix
23rd Oct 2019 07:08

I thought they used the term agent.

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By Vaughan Blake1
23rd Oct 2019 10:01

Am I still a 'formal accountant' if I take my tie off and wear chinos, or do I become a 'smart casual' accountant?

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By paul.benny
23rd Oct 2019 07:17

If you mean ACA, check here: https://careers.icaew.com/find-your-route

You may need to call to check whether your existing qualification gets you any exam exemptions. Apart from that, I don't think there are any short cuts to starting near the bottom with a firm in public practice.

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By ireallyshouldknowthisbut
23rd Oct 2019 09:15

As FCA who qualified really quite fast (I was 24) I can assure you that my shiny certificate meant squat compared to what I learned in the next 10 years so I wouldn't get too excited about the importance of some letters after your name.

If you are running your own business then just join one of the membership organisations, your clients will never know the difference. You wont be able to train for Chartered.

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Replying to ireallyshouldknowthisbut:
LadySussex
By LadySussex
23rd Oct 2019 09:33

I totally agree. I am member of two organisation for Professional Public Accountants but as someone above argued that non chartered accountant is not accountant ? I believe that 'chartered' doesnt mean perfect ...
I was wondering only the way to fill my free time in some valueable way.

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Replying to LadySussex:
By ireallyshouldknowthisbut
23rd Oct 2019 09:42

Id not worry about it myself, being Chartered does not bestow magical powers, being a "QBE" is fine if you know your stuff.

The question is not the certificate, but your knowledge.

If you are bored CTA would be the thing to do as it teaches you properly how to understand and use the underlying tax legislation and case law. The CTA's on here regularly run rings round my tax knowledge!

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By James Green
23rd Oct 2019 09:35

To my knowledge the only chartered body you can study for and join whilst being in practice on your own account is CIOT.

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Replying to James Green:
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By vmartin1984
23rd Oct 2019 10:10

James Green wrote:

To my knowledge the only chartered body you can study for and join whilst being in practice on your own account is CIOT.

Found this on ACA (ICAEW) re students

A provisional member shall not engage in public practice unless the provisional member:
is a member of an accountancy body which is a member of the CCAB, or the Chartered Institute of Management Accountants, or is a member of an approved international accountancy body or the Chartered Institute of Taxation or the Association of Accounting Technicians; and
is authorised to engage in public practice by the said accountancy body; and
has obtained the consent of the Qualified Person Responsible for Training or and Authorised Training Principal, if applicable.

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By vmartin1984
23rd Oct 2019 10:11

As far as I can see IQAEW let you but if they don't that will make my decision and what to do after I finish my AAT easier (should be a member by early summer)

Currently deciding between ACA/CTA route or ATT/CTA route

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By lesley.barnes
23rd Oct 2019 10:12

You can run your own practice and study for Cima. I found this out when someone who was a Cima student and was starting their own practice posted about it on here. I questioned if he could be a studying and run his own practice and he said he had spoken to Cima and been given the ok. I wrote to Cima about this and was told yes it was ok as long as you didn't advertise as being qualified or use Cima's name within the practice. They didn't supervise you for AML etc. Once you passed the final exam however then you came under restrictions like the other Chartered bodies and couldn't practice until you had satisfied all the Mip requirements. The original poster was planning to circumvent this by not taking one of his final exams.

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By The Dullard
23rd Oct 2019 13:49

M1, on a Sunday.

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By In a Daze
23rd Oct 2019 22:45

As mentioned you would have to give up your business. You are only allowed to take accounts up to trial balance until you get a practice cert.

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By dmmarler
25th Oct 2019 11:09

Why do you want to become Chartered? The costs are huge and the benefits are negligible. You do not have to have a qualification to be an accountant in practice, you are only restricted in what you can do - i.e. no audit work.

You do not say whether you are a CPA (US) or a CPAA (UK), and this could be another decisive factor.

Look at what you want to do in the future and really analyse what you and your clients want/need, then consider whether Chartered is the best option in view of all the restrictions that will cause on the way.

The reported response of CIMA staff to the suggestion that their students can practice as long as they do not tell anyone they are a CIMA student is wholly inappropriate. In any event, CIMA is not the best route to take as it is not geared to members in practice. (I can say that as a former Chairman of CIMA's Professional Standards Committee.)

Good luck.

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By dmmarler
25th Oct 2019 11:09

Why do you want to become Chartered? The costs are huge and the benefits are negligible. You do not have to have a qualification to be an accountant in practice, you are only restricted in what you can do - i.e. no audit work.

You do not say whether you are a CPA (US) or a CPAA (UK), and this could be another decisive factor.

Look at what you want to do in the future and really analyse what you and your clients want/need, then consider whether Chartered is the best option in view of all the restrictions that will cause on the way.

The reported response of CIMA staff to the suggestion that their students can practice as long as they do not tell anyone they are a CIMA student is wholly inappropriate. In any event, CIMA is not the best route to take as it is not geared to members in practice. (I can say that as a former Chairman of CIMA's Professional Standards Committee.)

Good luck.

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7om
By Tom 7000
25th Oct 2019 12:32

Merge with another firm and have them train you - 5 years. In the meantime you cant be a partner....

That's not going to work is it...
Just be Accountants and business advisors - you be good at sales and marketing and hire ACA ACCA to do the technical stuff...

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