ICAI Queries - Registration, Exemptions etc

Stey_9

Hi,

I am currently in the process of registering with ICAI. I have completed a Masters in Accounting, and I was told that I would be fully exempt from CAP 1 and CAP 2 as I had achieved at least a 2.2 average overall at the various stages.

I received a letter today from ICAI with the results of my exemptions application, and as it turns out, I was not given an exemption from CAP 1 Tax as I had received a 48% mark in an exam taken during my 3rd year at college instead of the requisite 50%. So now I have been told that I must register as an external student and complete this exam this september before I can register my training contract.

I wanted to sit the FAE's in September 2010, but I am now unsure if this is possible? Am I able to register for the FAE's (Closing date September 2009) if I have yet to pass the outstanding CAP 1 exam? I'd be pretty confident that I would have no bother passing the CAP 1 exam in september, but as the results aren't available until mid october, it would be past the deadline and just wondering is there any leeway with the Institute for such a situation?

I am also aware that I need to pass an ACE assessment, just wondering if this needs to be passed prior to entry to the FAE course or prior to sitting the actual exams?

Thanks in advance

LightningBolt

First of all, you won't get your Cap 2 exemptions from the ICAI until you get your Cap 1's. Secondly, you won't sit your FAE's till 2011 so it's not that big of a deal if you sit tax in the coming year as it'll have no direct bearing on you sitting the FAe's next year.

Stey_9

Thanks for the reply,

I figured as much, just disapointing that I have to wait until 2011 to complete the FAE's but suppose it gives me more to prepare for them.
Thanks again