ACCA or AAT/ACA

[Andy1986]

I want to become a qualified accountant but I am not sure which course to study. In the long term future I would like to practice on my own.

Is it best to study ACCA or AAT Fast Track onto ACA?

Also, what is the difference between ACCA and AAT as stand alones? I know the ACCA is of a higher standard but does it cover things that are in the AAT such as bookkeeping VAT returns? Can you practice on your own by doing either of these on their own?

I do have some accounts experience working in a accounts department as a accounts assistant but I want to go down the practising/auditing route.

I would be grateful for any help.

 

[MattG]

I was going to do ACCA but after taking few modules I got really bored and decided to do CIMA.
Anyway... ACCA is much, much, much more professional than AAT. It takes a long time (minimum 3 years) to complete it, and I mean 3 years if you're really good. It's 3 years because you need industry experience + complete exams. Only when you finished all 15 exams you become a chartered accountant. ACCA cover all AAT topic and much much more...
AAT doesn't make you chartered, so if you want to start your own practice in future ACCA is the thing to go for...

anyway.. let's see what more experienced people on this forum got to say

 

[iridessa]

I think a lot also depends on what qualifications and experience you already have eg. with a degree you could get on a firms graduate program leading straight to an ACA qualification.
Otherwise look into what each body wants as a minumum starting point. From what I remember I think the previous poster is correct in that AAT would be a long hard slog....so I think if you could get onto an ACA course or an acca course straight away it would be better for you.

 

[barginboyrob]

I think if you stop at AAT you can do bookkeeping roles,

if you want to be a management accountant then probably you should do CIMA

I'm doing ACA at the moment which is quite time pressured as I'm working at the same time so probably i'm biased, I guess they are al hard in their own way, you'll be fine with either

 

[MBS Accountants]

There are many ways of running a practice.

You don't have to be qualified to call yourself an accountant.

If you wish to do a 'Chartered' qualification. You can, if you qualify start straight away or you can do a degree and then go on to do ACCA / ICAEW however, AAT will take similar time, you get paid rather than simply paying out and you sill get similar exemptions from exams at ACCA / ICAEW.

As in terms of small business practice the main difference is that AAT Members in Practice cannot perform statutory audits. There also so further aspects of business law and taxation that ACCA / ICAEW go on to.

I run a practice as an AAT MiP having gained many years experience in bookkeeping and then an all round role in a firm of Chartered Accountants. I don't find any problems with the accountancy and taxation services I offer to my clients. I plan to go onto do Tax qualifications (ATT) as I personally feel this will add more value to my clients.

Studying ICAEW requires a training contract at a company to be able to study. ACCA does not although they have strict restrictions on the services you can offer as self employed until you hold a practising certificate with them. Basically you can only do bookkeeping to TB. You will have to demonstrate suitable practical experience with all the qualifications to gain full membership and then to obtain a practising licence.

There certainly is a better public perception of ACCA / ICAEW. This does not have to hold you back but may do so. Overall it depends what you want from the qualification and what type of practice you would like to run in the future?

Best of luck with making your decision.

 

[Andy1986]

Thanks for all your input so far.

The experience I have so far is just working as an Accounts Assistant and working alongside bookkeeper. My roles have involved sales & purchase ledger, bank recs, have done some payroll and have Sage experience
This was 2 years ago, have been running a business with my Dad for last 2 year but it is not working out with him as he knows it all!

MBS Accountants:
If I were to run my own practice in the future, I would mainly like to offer services to small businesses such as VAT returns, self assesments, end of year accounts etc. I would also like to offer bookkeeping services.

I do not want to do a degree, I am just stuck as to what route to go and which course to start on.... AAT then ACA, AAT then CIMA or ACCA. I would like to do the most suitable to what I want to do but also the most resepected to enable me to get the best employed role.
Do all of these have strict restrictions on what services I could offer?

Thanks

 

[MBS Accountants]

I think from your post you seem to be saying you want to do AAT and then look and where to go afterwards.

Maybe that would be where to start? You may find from the experience you currently have you can claim exemption from foundation stage leaving 2 years of study.

From your current role you obviously have limited experience in the production of final accounts and taxation. Even though each of the mentioned qualifications would provide you with the theory this is still nothing like doing it in practice.

You would probably fail to gain a practising certificate in these areas without having suitable experience. If you would like to run your own practice then I would suggest maybe getting a role in a practice. You can then start to understand the day to day routines and get to know how to deal with clients and their needs. A small practice should give you an all round role where you can get exposure to all services that are offered.

This may also help in choosing which qualification/path to take.

 

[Andy1986]

Thanks for your help.

Have recently applied for some trainee roles, I will see what comes of them and take it from there I think.

If I were to do AAT, what restrictions to they give for the services you can offer?

 

[yorkshirejames]

Thanks for all your input so far.

The experience I have so far is just working as an Accounts Assistant and working alongside bookkeeper. My roles have involved sales & purchase ledger, bank recs, have done some payroll and have Sage experience
This was 2 years ago, have been running a business with my Dad for last 2 year but it is not working out with him as he knows it all!

MBS Accountants:
If I were to run my own practice in the future, I would mainly like to offer services to small businesses such as VAT returns, self assesments, end of year accounts etc. I would also like to offer bookkeeping services.

I do not want to do a degree, I am just stuck as to what route to go and which course to start on.... AAT then ACA, AAT then CIMA or ACCA. I would like to do the most suitable to what I want to do but also the most resepected to enable me to get the best employed role.
Do all of these have strict restrictions on what services I could offer?

Thanks

You can also go straight into CIMA (from memory they require that you should have A levels, but check their website).

 

[MBS Accountants]

The restrictions are based on what options you have taken when studying and your practical experience.

You will always have the restriction of not being able to undertake statutory audits.

As long as you gain practical experience in the areas you wish to perform services over a reasonable amount of time then you should gain a practising certificate in those areas.

 

[lorraine12345]

Hi Ian, what is normally a reasonable amount of time?.

 

[MBS Accountants]

Hi Lorraine,

I'm afraid I can't really define 'reasonable' specifically as I am not sure on the requirements of the AAT for their practising certificate. I would certainly say at least two years post qualification experience.

 

[Ray Coman]

To practice as an ACCA accountant, you would need a practising certificate, which could require your employer to vouch to the ACCA for two years of relevant post qualification experience.

Good luck with whichever route you decide to take.

 

[elaine@cheapaccounting]

Of course the best one to be is ACA

(waits for someone to take the bait)

 

[yorkshirejames]

Of course the best one to be is ACA

(waits for someone to take the bait)

Depends what one wants, though. I know a number of ACA's who would be largely useless if they left their big 4 employer and its structure/systems.

 

[elaine@cheapaccounting]

(waits for someone to take the bait)

oh James - it had to be you!

 

[yorkshirejames]

oh James - it had to be you!

I'm having a bad day today - so thats why my reply was so meek and calm!

 

[Crowy2004]

ACA is still the most prestigious and valued qualification in the industry for me!