mr.accountant
Badges: 2
Rep:
?
#1
Report Thread starter 3 years ago
#1
Hi

I haven't posted on here before and I don't intend to again but I know this was a website I used a bit when I was thinking about my career decisions, so maybe it will help some people.

I finished my ICAEW exams last year, all first time passes at a big 4 firm (as a side point, I really didn't find them as hard or as time consuming as people on here make them out to be). Having spent three years of my life working toward this, I doubt I am going to even bother with getting the certificate, here's why:

- The cost. ICAEW is £656 to join, then £355 per year. ACCA is £79 & £95.
- The waiting time. ACCA is strightly 12 working days from qualifying to getting certificate. From co-workers' experiences, ICAEW takes around 4 months. This has practical implications - I have a private practice and have lost potential clients because I do not have the letters after my name, whilst I am waiting for my application to be seen to.
- Contacts - I have emailed ICAEW twice asking why the delay in processing my membership application but have got no reply.
- Recognition - I have since left the UK and NO-ONE in any of the countries I have been in has heard of the ICAEW. Everyone knows ACCA and it is a very desirable qualification there.
- Benefits - I don't really know what benefits you get from membership. When I asked ICAEW, they basically said the designation and access to the helplines. I used the technical helpline twice: once to ask about IFRS 5 and the advice they gave me was wrong (at least for my particular situation), the other time they didn't know the answer.
- Work life balance: I can't be sure but it did seem as though the ACCA students had an easier ride, with exams placed at more convenient times and less impact on their work and social lives. ACCA classes are also likely to have a more varied crowds, whereas ICAEW tend to be full of auditors.

Obviously it's up to you, and you may find the prestige (or, more accurately, snobbery) of ICAEW within the UK outweighs these costs, but I wish someone had told me these before I chose to go with ICAEW over ACCA.
3
reply
Trevish
Badges: 20
Rep:
?
#2
Report 3 years ago
#2
I was thinking to do ACA next year after A Levels because ACCA is so saturated. ACCA is more recognised worldwide than ACA indeed, but ACA is more in demand that ACCA. And you also acquire experience whilst doing ACA. I did my research and 95% recommended ACA over ACCA!
1
reply
DJKL
Badges: 17
Rep:
?
#3
Report 3 years ago
#3
(Original post by mr.accountant)
Hi

I haven't posted on here before and I don't intend to again but I know this was a website I used a bit when I was thinking about my career decisions, so maybe it will help some people.

I finished my ICAEW exams last year, all first time passes at a big 4 firm (as a side point, I really didn't find them as hard or as time consuming as people on here make them out to be). Having spent three years of my life working toward this, I doubt I am going to even bother with getting the certificate, here's why:

- The cost. ICAEW is £656 to join, then £355 per year. ACCA is £79 & £95.
- The waiting time. ACCA is strightly 12 working days from qualifying to getting certificate. From co-workers' experiences, ICAEW takes around 4 months. This has practical implications - I have a private practice and have lost potential clients because I do not have the letters after my name, whilst I am waiting for my application to be seen to.
- Contacts - I have emailed ICAEW twice asking why the delay in processing my membership application but have got no reply.
- Recognition - I have since left the UK and NO-ONE in any of the countries I have been in has heard of the ICAEW. Everyone knows ACCA and it is a very desirable qualification there.
- Benefits - I don't really know what benefits you get from membership. When I asked ICAEW, they basically said the designation and access to the helplines. I used the technical helpline twice: once to ask about IFRS 5 and the advice they gave me was wrong (at least for my particular situation), the other time they didn't know the answer.
- Work life balance: I can't be sure but it did seem as though the ACCA students had an easier ride, with exams placed at more convenient times and less impact on their work and social lives. ACCA classes are also likely to have a more varied crowds, whereas ICAEW tend to be full of auditors.

Obviously it's up to you, and you may find the prestige (or, more accurately, snobbery) of ICAEW within the UK outweighs these costs, but I wish someone had told me these before I chose to go with ICAEW over ACCA.
You do know the time period post qualification to get a practising certificate, and the requirement for relevant experience within that period?

Accordingly if you only qualified last year ICAEW may have done you a favour losing you your clients, as if you do practice without a practising certificate, appropriate PII and necessary MLR registration all your hard work passing the exams may be for nothing-if they catch you acting as principal in practice they may strip you of your qualification and fine you (if you are a member)

In addition, ignoring ICAEW, it is an offence to act in the UK as an Accounting Service Provider without being registered for Money Laundering.

Here is the PC guidance re the application from ICAEW

http://www.icaew.com/-/media/corpora...tes.ashx?la=en

You do need to differentiate between getting membership from ICAEW and a PC from ICAEW.
2
reply
DJKL
Badges: 17
Rep:
?
#4
Report 3 years ago
#4
In addition for an ACCA PC you need,

"You will need to do three years’ practical experience to acquire an ACCA practising certificate or an ACCA practising certificate and audit qualification.
Up to one year’s experience from before you became an ACCA member can count towards the certificates."

http://www.accaglobal.com/za/en/memb...d-I-record-it?

So also two years post qualification before you can get a PC.
0
reply
walkers38
Badges: 17
Rep:
?
#5
Report 3 years ago
#5
Don't listen to this person. ACA is very reputable qualification and very much in demand. It may not be known globally; but top employers will undestand how good a ACA qualified person is and it isn't difficult to transfer your qualification. My lecturer always says. ACA opens 100% doors, ACCA only opens about 60%.
1
reply
mr.accountant
Badges: 2
Rep:
?
#6
Report Thread starter 3 years ago
#6
(Original post by DJKL)
You do know the time period post qualification to get a practising certificate, and the requirement for relevant experience within that period?

Accordingly if you only qualified last year ICAEW may have done you a favour losing you your clients, as if you do practice without a practising certificate, appropriate PII and necessary MLR registration all your hard work passing the exams may be for nothing-if they catch you acting as principal in practice they may strip you of your qualification and fine you (if you are a member)

In addition, ignoring ICAEW, it is an offence to act in the UK as an Accounting Service Provider without being registered for Money Laundering.

Here is the PC guidance re the application from ICAEW

http://www.icaew.com/-/media/corpora...tes.ashx?la=en

You do need to differentiate between getting membership from ICAEW and a PC from ICAEW.
Hi
Thanks for the info - I should have made this clear. I am not practicing at the moment, everything is basically on hold until I can get the certification (this is why I am frustrated, because it means I have to go 4 months without income). I have done my research as well and in my particular country I would actually get my practicing certificate from the local accountancy body, though they of course are waiting for me to provide them with their certification until I can practice.
0
reply
Trevish
Badges: 20
Rep:
?
#7
Report 3 years ago
#7
(Original post by mr.accountant)
Hi
Thanks for the info - I should have made this clear. I am not practicing at the moment, everything is basically on hold until I can get the certification (this is why I am frustrated, because it means I have to go 4 months without income). I have done my research as well and in my particular country I would actually get my practicing certificate from the local accountancy body, though they of course are waiting for me to provide them with their certification until I can practice.
Where are you from?

Posted from TSR Mobile
0
reply
M1011
Badges: 19
Rep:
?
#8
Report 3 years ago
#8
In my experience, nobody cares about ACA vs ACCA. Where you train matters far more.
0
reply
G4mge
Badges: 2
Rep:
?
#9
Report 2 years ago
#9
I am both an ACA and ACCA. Both are clearly desirable qualifications to hold but on occasion measured quite differently by potential employers. In practice the old guard seem to still favour the prestige that was once held by ICAEW and it certainly still probably wrongly retains this kudos. Internationally it is rarely recognised and opens no doors; the ACCA is the gold standard of an accounting professional (can’t comment on all countries, but I have worked for a U.K. company through Africa, Middle East, Far East and Australia and Oz is the only one that recognised the ACCA next to their CPA). So U.K. career in practice: ICAEW, emigrate to Oz: ICAEW, work anywhere else, unquestionably ACCA. Horses for courses.
1
reply
Vandana SP
Badges: 2
Rep:
?
#10
Report 2 years ago
#10
I completely disagree with this. ICAEW is still one of the most prestigious qualifications in the accounting world, opens doors and gives you an unbelievable network. Everyone that I know who has completed ICAEW has gone on to get fantastic jobs in a variety of domains and in a variety of countries. I myself have lived and worked in 12 different countries over the last 25 years. Thoroughly recommend it.
1
reply
carpedeliam
Badges: 3
Rep:
?
#11
Report 1 year ago
#11
I started with ACA and then transferred across to the ACCA Ultimately I have never seen or applied for a job where a company is exclusively looking for someone with one specific qualification and I've worked at Bank of America Merrill Lynch and Sky Bet to name only two. ACCA is much more convenient and there are huge opportunities to self-study for very cheap which means not getting tied up in any onerous training contracts with your employer. Obviously been recognised worldwide is a huge coo and not something to be taken lightly; if you are after a passport to travel the World ACCA is the one I would definitely recommend.
3
reply
DJKL
Badges: 17
Rep:
?
#12
Report 1 year ago
#12
Coup surely unless you mean a very large bovine.
1
reply
Sharif4093
Badges: 2
Rep:
?
#13
Report 1 year ago
#13
The calibre of individuals entering icaew is much higher than acca. Thats an undeniable fact. This is clear to see as the big 5 choose icaew over acca to recruit and train graduates from the top universities. The actual exams the vert much equivalent. But its not about the standard of the exams but the quality of the students behind each institute. Corporare board level finance directors are much more often icaew over any other qualification. The facts speak for themselves. The acca's in this post are denying the obvious. Acca's should focus on improving their technical and communication skills rather than wasting time on a fruitless argument.
1
reply
DJKL
Badges: 17
Rep:
?
#14
Report 1 year ago
#14
(Original post by Sharif4093)
The calibre of individuals entering icaew is much higher than acca. Thats an undeniable fact. This is clear to see as the big 5 choose icaew over acca to recruit and train graduates from the top universities. The actual exams the vert much equivalent. But its not about the standard of the exams but the quality of the students behind each institute. Corporare board level finance directors are much more often icaew over any other qualification. The facts speak for themselves. The acca's in this post are denying the obvious. Acca's should focus on improving their technical and communication skills rather than wasting time on a fruitless argument.
I do think you have to look at the trend here, the past is not always the foreteller of the future.
Certainly back when I was apprenticed ICAEW stood well above ACCA, in practice (because all ICAEW/ICAS students trained in practice) you rarely met anyone training via ACCA (we had only one I was aware existed, in our Edinburgh office, out of about 100 trainees in my year nationwide.) However as far as we were concerned up here ICAEW was the poor relation to ICAS anyway, we had courses via our Institute, our Institute did the teaching during block release via two sets of training facilities in Edinburgh and Glasgow whilst ICAEW merely had various study providers.

The corporate world then got littered with ex practice types, everyone trained in practice back then, and audit clients often snaffled up talent onto their corporate ladder some of whom ended up as FDs or CEOs. So in part, what you currently observe is in part a symptom of the past.

The main differentiation was the exams, we sat them en masse and needed to pass them en masse, all in one sitting re a level (with the odd ability, sometimes, to carry one referral) and a fail rate that was eye watering- year before mine something daft like only 25% passed the then level 2- 8 subjects in one go, ACCA had an easier ride, a piecemeal exam approach.

But if I have understood correctly (and I am well out of the loop re current training so may be incorrect here) both ICAEW and ICAS have over the years changed their educational system, they have removed the brutality of their exam systems (at the time second only to the actuaries exam system) and ACCA is a far more comparable qualification these days re how it is achieved. I am also not totally convinced re the somewhat niche training I believe is now offered- tax routes etc; the whole USP of Chartered was you covered everything, audit, accounts, finance, tax, insolvency- that also may have been devalued. (It certainly has re Chartered Surveyors and their lack of breadth)

So just because currently it is more ICAEW/ICAS in these FD roles may be partly due to how things were not how they are, the future may play out very differently.
1
reply
Qwertyuser123
Badges: 12
Rep:
?
#15
Report 1 year ago
#15
what is iceaw and acca
0
reply
DJKL
Badges: 17
Rep:
?
#16
Report 1 year ago
#16
(Original post by Qwertyuser123)
what is iceaw and acca
ICAEW

Institute Chartered Accountants England & Wales

ICAS

Institute Chartered Accountants Scotland

ACCA

Association of Chartered Certified Accountants)
1
reply
Sharif4093
Badges: 2
Rep:
?
#17
Report 1 year ago
#17
(Original post by DJKL)
I do think you have to look at the trend here, the past is not always the foreteller of the future.
Certainly back when I was apprenticed ICAEW stood well above ACCA, in practice (because all ICAEW/ICAS students trained in practice) you rarely met anyone training via ACCA (we had only one I was aware existed, in our Edinburgh office, out of about 100 trainees in my year nationwide.) However as far as we were concerned up here ICAEW was the poor relation to ICAS anyway, we had courses via our Institute, our Institute did the teaching during block release via two sets of training facilities in Edinburgh and Glasgow whilst ICAEW merely had various study providers.

The corporate world then got littered with ex practice types, everyone trained in practice back then, and audit clients often snaffled up talent onto their corporate ladder some of whom ended up as FDs or CEOs. So in part, what you currently observe is in part a symptom of the past.

The main differentiation was the exams, we sat them en masse and needed to pass them en masse, all in one sitting re a level (with the odd ability, sometimes, to carry one referral) and a fail rate that was eye watering- year before mine something daft like only 25% passed the then level 2- 8 subjects in one go, ACCA had an easier ride, a piecemeal exam approach.

But if I have understood correctly (and I am well out of the loop re current training so may be incorrect here) both ICAEW and ICAS have over the years changed their educational system, they have removed the brutality of their exam systems (at the time second only to the actuaries exam system) and ACCA is a far more comparable qualification these days re how it is achieved. I am also not totally convinced re the somewhat niche training I believe is now offered- tax routes etc; the whole USP of Chartered was you covered everything, audit, accounts, finance, tax, insolvency- that also may have been devalued. (It certainly has re Chartered Surveyors and their lack of breadth)

So just because currently it is more ICAEW/ICAS in these FD roles may be partly due to how things were not how they are, the future may play out very differently.
The laat time i looked the 5 big continue to be registered as icaew pratices and continue to prodominately recruit icaew graduate trainees from elite british universitoes. So the facts would suggest the future looks to continue as the past. From my dissapointing experience as a london sole practitioner many young acca students can't even write an english sentence correctly and they are turming the "profession" into a "trade". I can't imagine such types being this nations future board members.

The acca is reposnible for this degredation by embracing any tom **** and abdul into its arms to fullfill their agenda of income maximisation.
0
reply
DJKL
Badges: 17
Rep:
?
#18
Report 1 year ago
#18
(Original post by Sharif4093)
The laat time i looked the 5 big continue to be registered as icaew pratices and continue to prodominately recruit icaew graduate trainees from elite british universitoes. So the facts would suggest the future looks to continue as the past. From my dissapointing experience as a london sole practitioner many young acca studentscan't even write an english sentence correctly and they are turming the "profession" into a "trade". I can't imagine such types being this nations future board members.

The acca is reposnible for this degredation by embracing any tom **** and abdul into its arms to fullfill their agenda of income maximisation.
Always dangerous.
Last edited by DJKL; 1 year ago
0
reply
Vinny C
Badges: 20
Rep:
?
#19
Report 1 year ago
#19
Because I have no idea what it means? ICAEW... I can't actually erect wigwams?
0
reply
DJKL
Badges: 17
Rep:
?
#20
Report 1 year ago
#20
(Original post by Vinny C)
Because I have no idea what it means? ICAEW... I can't actually erect wigwams?
I Can Always Earn Wonga.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How are you feeling ahead of results day?

Very Confident (39)
8.16%
Confident (65)
13.6%
Indifferent (67)
14.02%
Unsure (119)
24.9%
Worried (188)
39.33%

Watched Threads

View All
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise