Query - Practising Certificate ACCA

[zeeshm]

Hi all,

I have seen some of the questions around practising certificates and thought I would ask those in the know for some generic advice - the institute alas haven't been as forthcoming as I would of liked.

My background:-

- Qualified through working in an internal audit department for 3 years within Investment Banking, before moving into a few management reporting roles.

- I have achieved Member status in February 2010.

- My most recent job was working as a Project Accountant/PMO within IT projects in Investment Banking.

- I went to apply for my ACCA Practising Certificate and based on my employer being an approved status and documenting some of work I have done, the ACCA have advised me I could potentially apply for a "General Accounting Services Certificate". I.e I cannot do full audits and there is some other exclusions.

I understand my experience is not within Practise, so this makes complete sense to me. I wouldnt want a dodgy accountant advising me after all without the proper expertise!

I have documented 1 and half years experience although it has been challenging finding someone who is qualified with another institute working within a Technology area of the Bank.

Alas, I have now found out that the person signing off my forms "Principal" is in fact a Retired member of CIMA....which is frustrating as I believe the ACCA have some rules around this.

I have recently been made redudant from my old position and am looking to seriously pursue this practise route as a longer term career path.

So here are my questions:-

1) Does my existing work experience I have documented and got signed off, invalid? Is there anyway of making this experience count towards getting a general accounting services certificate?

2) How do I approach a firm to gain this experience? Should I choose a large big 4 firm, or a small accountancy practise to learn from? I am conscious that my industry knowledge has left me somewhat rusty in regards to company accounts and general tax knowledge.

3) How long will I need to perform this role in order to get the Practising Certificate and go independent?

4) The biggest challenge for me alas is the significant salary drop I will have. While I'm willing to make this work, and I am prepared that sometimes you have to take side steps to reach your goal, I'm concerned about the significant decrease in living standards (having recently had a small child). Realistically what would be the salary ranges in London and the South East for someone of my level?

5) Is this a goal worth pursuing or am I being stupid for doing so? I always thought working towards this would be a valuable skill that would be transferable if I moved abroad at a later stage too....but I must admit I am less sure now.

Any advice comments would be appreciated. Apologies for the essay or if I have posted in the wrong section.

 

[Bob]

Presumably you've read the information on the ACCA website and in particular the info on the PCTR

 

[zeeshm]

Thanks for your reply.

Yes I have read these sections. This is part of the form I have filled in.

I have completed the relevant 3 years training and have member status already. I'm just trying to understand next steps and the concerns I have around the other issues.

Any advice/comments would be appreciated.

 

[teddys]

The requirements are fair in my view. Because you don't need to have worked with an approved employer to become a member, you do need it obtain a practising certificate (2 years post membership). The PCTR should be signed off by a qualified accountant.

Please do call them: they should be happy to give you all the details on phone.

 

[John44]

The employer signing off the PCTR does not have to be an 'approved employer', there are just too few of them on the ACCA list but the firm should be capable of applying to be one. But the person in this 'firm' does need to meet certain requirements in order to sign off e.g. qualified ACCA or ACA the better.