Keep my ACA membership?

Baby01032012

Im a qualified ACA, well given the time since i qualified i have the letters FCA now. Im not working directly in an accounting or finance role in practice or industry.
The annual sub of nearly €600 is a sizeable chunk of cash i could do without paying every year. I see little benefit to me in my current situation. At the same time it would be a shame to loose what i worked so hard to get at the time. Ive delayed paying this years sub. Im at the point now where ill loose my membership if i dont pay.

Id like peoples thoughts on the pros and cons.

lakill Farm

keep the membership and ask your employers to pay it. its 12e a week. think of all the hardwork you put into it for the price of a coffee a day

Baby01032012

lakill Farm wrote: »

keep the membership and ask your employers to pay it. its 12e a week. think of all the hardwork you put into it for the price of a coffee a day

Thanks but I don't work in an accounting related area so probably wouldn't be able to ask as it's not for the purpose of the job. Also I'm a contractor in my current job so no benefits paid other than my pay.

Masala

Can you also get a tax-break at 20% if you add it to your Tax Free Allowances computations??? Like Tools Break for a Carpenter etc....

Loughc

I 100% recommend you keep paying it and keep your membership, just remember how hard it was to obtain in the first place and it certainly is a plus to have.

Ring ACA and explain your situation that your employer won't support you and see if there is a way you can opt in for a payment plan as opposed to paying one full payment each year.

hjr

Would you be entitled to an abatement of the fees based on income or other reason? If so, you pay a greatly reduced rate. Could be enough to justify keeping the membership....

https://www.charteredaccountants.ie/Members/Your-Institute/Annual-Subscription-Fees

lakill Farm

Baby01032012 wrote: »

Thanks but I don't work in an accounting related area so probably wouldn't be able to ask as it's not for the purpose of the job. Also I'm a contractor in my current job so no benefits paid other than my pay.

If a contractor surely you will just put it in as a taxable expense when doing your own tax return.

You would be mad to lose them

AtticusFinch86

Just out of curiousity, is it possible to let your membership lapse and then subscribe again at some point in the future?

I remember hearing that a colleague of mine had let their membership lapse (I think it was CIMA or CPA) and that they intended on re-subscribing in a few years.

myshirt

AtticusFinch86 wrote: »

Just out of curiousity, is it possible to let your membership lapse and then subscribe again at some point in the future?

I remember hearing that a colleague of mine had let their membership lapse (I think it was CIMA or CPA) and that they intended on re-subscribing in a few years.

Yes, you can, but they will back date you when you come back. Max 5 years from memory.

Jim2007

Baby01032012 wrote: »

Also I'm a contractor in my current job so no benefits paid other than my pay.

Then you charge a rate that covers ALL your expenses. You're an accountant work it out, you should covering all your costs plus a good income! That is what I do.

bossdrum

If he is not working in a related industry then then how can it be justified to use it as an expense.


Increasing the cost to the person hiring you may lead to less work.
Also as an accountant you should know about sunk costs.
Don't keep paying for something that will be of no value in the future just because it cost a lot in the past.

I'm in a similar position as the op with a different accountancy body.
My sub due is nearly 600 euro which is outrageous and it seems all the accountancy bodies have similar charges.
They get away with it as seems most people's employers pay for it.

Avatar MIA

I'm with ACCA and my employer pays the approx €220 per annum. I don't work as an accountant anymore, and would be hard pushed to keep paying it if for whatever reason my employer said, 'er, this €220 we're paying each year.' They wont though

If it was not relevant and I was paying €600 I'd probably not continue. IF I had to fall back on being an accountant again *shivers* I'd pay the back fees and rejoin.

jcon1913

Avatar MIA wrote: »

I'm with ACCA and my employer pays the approx €220 per annum. I don't work as an accountant anymore, and would be hard pushed to keep paying it if for whatever reason my employer said, 'er, this €220 we're paying each year.' They wont though

If it was not relevant and I was paying €600 I'd probably not continue. IF I had to fall back on being an accountant again *shivers* I'd pay the back fees and rejoin.

Okay so

1 you are entitled to say you qualified as ACA/ACCA/whatever in 2008 or whatever
2 say you dont pay your subs and you are no longer a member
3 worst that can happen is a prospective employer phones ACA/Acca whatever and asks are you a member, they will be tokd "no"
4 how long do you think your ACA is relevant if you dont work in an accounting role?

So €600 a year is a waste of money IMHO

You are still entitled to call yourself an accountant BTW. There is no protection of the title "accountant" unlike say "solicitor" or "doctor"

Avatar MIA

jcon1913 wrote: »

Okay so

1 you are entitled to say you qualified as ACA/ACCA/whatever in 2008 or whatever
2 say you dont pay your subs and you are no longer a member
3 worst that can happen is a prospective employer phones ACA/Acca whatever and asks are you a member, they will be tokd "no"
4 how long do you think your ACA is relevant if you dont work in an accounting role?

So €600 a year is a waste of money IMHO

You are still entitled to call yourself an accountant BTW. There is no protection of the title "accountant" unlike say "solicitor" or "doctor"

On applying for a job I have been asked to prove I was an accountant the sum total of ... once.

And your point re protection for the title accountant is true. Even on your CV you can say you qualified as an ACA etc. accountant in whatever year.

You just can't say you're currently a chartered accountant.

jcon1913

Avatar MIA wrote: »

On applying for a job I have been asked to prove I was an accountant the sum total of ... once.

And your point re protection for the title accountant is true. Even on your CV you can say you qualified as an ACA etc. accountant in whatever year.

You just can't say you're currently a chartered accountant.

"Currently a chartered accountant" - sorry that would take a level of forensic questioning that would do Inspector Morse proud.

Anyhow in 10 years time youll look at the €6,000 you wasted on subs and the why did I pay that money out.

Avatar MIA

jcon1913 wrote: »

"Currently a chartered accountant" - sorry that would take a level of forensic questioning that would do Inspector Morse proud.

Not really, you could be asked if you're keeping up to date with CPD. Then you'd have to go, 'Well, actually... now that you mention it'

jcon1913

Avatar MIA wrote: »

Not really, you could be asked if you're keeping up to date with CPD. Then you'd have to go, 'Well, actually... now that you mention it'

Yes thats true. But the OP is not in an accouting role at present. I would think if he goes a few years out of a purely accounting role the question of qualifications and CPD become irrelevant. ACA/ACCA are a kind of MBA type qualification if a person is not in an accounting role IMHO.

Anyway just my opinion OP

Avatar MIA

jcon1913 wrote: »

Anyway just my opinion OP

I agree, was speaking in general. The OP could retire it, temporarily at least.

Baby01032012

Avatar MIA wrote: »

I agree, was speaking in general. The OP could retire it, temporarily at least.

So I emailed the institute to ask if I retired it temporarily what the implications would be. I can do that. However if I wanted to deactivate my membership I would pay a fee of €877 plus all annual subscriptions for any years I was not a member.

So in effect it is financially impossible to retire temporarily.

Avatar MIA

Baby01032012 wrote: »

So I emailed the institute to ask if I retired it temporarily what the implications would be. I can do that. However if I wanted to deactivate my membership I would pay a fee of €877 plus all annual subscriptions for any years I was not a member.

So in effect it is financially impossible to retire temporarily.

They seem to be putting barriers in the way - not surprising.

But, as you said yourself if you don't pay they'll de-register you by default.

And if in 5 or so years and you say you'd like to re-join, they'll not refuse your approx. four or five grand fees.

Alternatively, you might be able to join another institute, like the superior ACCA :P based on your past exams and experience. Check it out in advance though.

jcon1913

Avatar MIA wrote: »

They seem to be putting barriers in the way - not surprising.

But, as you said yourself if you don't pay they'll de-register you by default.

And if in 5 or so years and you say you'd like to re-join, they'll not refuse your approx. four or five grand fees.

Alternatively, you might be able to join another institute, like the superior ACCA :P based on your past exams and experience. Check it out in advance though.

Good advice there OP. Joining ACCA would reduce your fees by €400 a year, a tidy sum.

mydiscworld

I'm in the same boat. No longer in an accounting role. Never intend going back.

I asked my current employer to pay it in 2016. They did but I'd to pay BIK and felt like I owed them a favour.

Employer refused in 2017. Asked my union to check it out and employer still refused as I don't work in a finance role.

I paid the 584euro fee myself this year through gritted teeth but am getting zero value out of it. Like many, I'm only doing it because it took years of effort to get.

As someone pointed out, even if I do try to go back to an accounting role in a few years, being 5+ years out of it would be hard to get a good job regardless of having kept membership, as it's recent work experience they'd care about.

As someone else pointed out, if they do ask to prove you qualified, you can show them your scroll. Doubt they'd ever ask for a letter off your accounting body or ring them.

I do know someone who switched from CPA to ACCA to save the 300 hundred a year. He just had to do an interview with an ACCA panel I believe to show he was of good standing.

Avatar MIA

^^^ moving from CAI to ACCA doesn't even require an interview as far as I know.

HeinekenTicket

mydiscworld wrote: »

I paid the 584euro fee myself this year through gritted teeth but am getting zero value out of it. Like many, I'm only doing it because it took years of effort to get.

Thinking rationally, the effort required to get the qualification years ago should be entirely irrelevant to your decision on whether to renew. The only question should be what value you will get from it in the future - if you can't identify any value, then you are wasting your money.

x982021

Hi,

I'm about to get my ACA membership and I'm wondering what are the requirement renew the membership onwards.

I'm planning to leave my current audit firm and jump into a non audit/accounting role to try out my options and find my interest for next 2 years. I do want a back up plan of going back to accounting if, my plan A dont work out. so I do want to keep my membership for the next 2 years.

I'm not sure if I need to be working in an audit/accounting role to be eligible to keep/renew the membership or meet certain requirements , maybe like related work hours, CPD hours done etc.

Does anyone have any info on this or insight? I tried contacting CAI but just couldnt get through to get an answer from them.

Thanks!

GandhiwasfromBallyfermot

https://www.boards.ie/discussion/comment/119842390#Comment_119842390

Just need to keep up your CPD and pay your sub every year I think. If you work in an accounting role some of your daily work might count towards your CPD so you might need to supplement your CPD with some extra 'homework'. I think there's plenty of information on the ACA website though.

Jim2007

https://www.boards.ie/discussion/comment/104536721#Comment_104536721

If you are a contractor then up your rates to cover your costs - fees plus CPD courses etc. I did it for 30+ years and although I never held an accounting role since the day I left a big 4 immediately after qualifying, I found it always impressed potential clients.