Calling all qualified accountants. Again :)

[Lancelot]

Hi all,

Following the publication of the ACCA exam results earlier this week I became an ACCA affiliate. For those not familiar with the terminology, it means that I passed all the exams but I am not a member yet, as I still need to submit some PER's.

It is also the right time to re-think my original professional career plan. I am currently working in industry as Financial and Management Accountant. As my employer is a small business having less then 50 employees, the job itself covers a lot of aspects from preparation and presentation of monthly management accounts to preparation of yearly statutory accounts and from budgeting and forecasting to assist the auditors with the tax computations.

I hoping for some help in the following two queries that I have...

1st Query - Practicing Certificate

I understand that in order to get one I need at least two years practice experience. I've been working all my life in industry and the plan is to continue in this field as I'd like to become Finance Director one day. However, it would be nice to get the certificate as I never know when I'll need it especially in this uncertain economic climate.

What exactly does this certificate cover? Or, should I ask what restrictions does it place? Would I be able to work as self employed finance consultant (not preparing stat accounts but appraise the business performance and advise on ways to improve for example?) without this certificate?

2nd Query - Moving into practice

I've been thinking this week about moving into practice for a while. Do I have any chance to find a mid-level position without any previous experience in practice or is this a kind of closed club where those from industry have no access other than if they start with spending six hours a day filling and two hours a day using the franking machine?

As mentioned above I have experience in preparing the stat accounts and my degree in Economics would help me understand the clients business better.

Look forward to read your views and suggestions.

Thank you.

 

[Chewbacca]

There are two types of practising certificate from ACCA. One covers those wishing to provide audit services and the other is general practice without audit. Unless the rules have changed recently there is not a requirement to spend two years in practice. It is possible to obtain a practice cert having worked only in industry, though there is obviously a lot of up-skilling required. You can obtain a practising certificate in relation to the services you wish to provide by demonstrating that you have competence in that area. I believe you need to cover 2/3 years of your experience on the application to be signed off by supervisor/manager familiar with your work.

It depends what you want to do. Some accountants move from industry to consultancy others to more traditional compliance type services.

As regards moving into practice, I would say probably hard to move at a similar level if you have progressed in industry to manager to join a practice as a manager in say compliance stat/tax but perhaps different if joining in perhaps a consultancy role?

There is always the option to build up your own practice initially or taking on one of the many accountancy franchises that exist.