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Question about ACCA and practice

  • 18-08-2015 10:11pm
    #1
    [Deleted User]
    Posts: 4,186 ✭✭✭


    Hi All,

    I work in a financial services firm and they offer the option to pay for me to do the ACCA exams.

    If I did them and passed them, can I go to work in a practice afterwards or even start my own practice?
    I know the ACA's would seemingly be more regarded as the exams people entering practice would do so I am a bit confused.

    The ACCA website makes it sound all dancing but from google-ing this question I am coming across a lot of very annoyed ACCA qualified people saying that they cant enter practice and it was a waste of time..

    Thanks


Comments

  • #2
    marizpan
    Registered Users, Registered Users 2 Posts: 443 ✭✭marizpan


    The difficulty that someone with your finance background is not which qualification to choose but to actually get a job in practice.
    Both qualifications are well recognised.
    If you pass exams and meet the experience requirements post qualification you can apply for a practicing cert. the criteria to apply for a practicing cert with auditing cert is stricter and requires you to work in audit with an approved employer.
    The key thing is that you are working in practice.


  • #3
    Cliff 1234
    Registered Users, Registered Users 2 Posts: 4 ✭Cliff 1234


    You can get a general PC based on working in industry once you have general experience (36 months of the same months experience repeated will not do). This would allow you set yourself up with a practice. If however, you really want to go into practice, then consider getting a job in practice - there are LOADS of jobs in practice now. Look at the competencies you need on accaglobal to get a general PC and aim to move around in your financial services firm over the next while to aim to get those as you progress through the exams. Generally you find it difficult to get financial statements preparation and tax experience in financial services, but many people have managed it before.

    To be an auditor you have to have 36 months experience in audit - it is the law. All of the bodies manage and monitor the 36 months differently - CAI have a training contract, ACCA has pre-approved practices syatem and CPA have a post training approval procedure. CAI and ACCA will grant you UK and Irish audit licences, CPA just an Irish one.

    Under the new Companies Act fewer and fewer practices have audits, so it is not big issue if you just have a general PC and the skills you get in financial services might allow you to specialize in general practice into say raising loan finance. There is very little money in the very small practice with general small business tax clients only, you are better off aiming for some specialist area where the remuneration is better. However, many, usually female, accountants can enjoy being able to raise a family while running a part time practice, many of them very successfully. A practice is more flexible as you are your own boss.


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