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Post Info TOPIC: IFA & ACCA


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IFA & ACCA


Hi

Anyone any idea whether holders of IFA get any exemptions from ACCA and if so what they are?

Cheers

Jim



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Hi Jim,

Unfortunately not a great day to ask that question as it's ACCA results day so their servers are bursting at the seems with students making the site hard to search.

The place that you are looking for is the ACCA exemptions database which you can (when their servers are less busy) get to here :

https://portal.accaglobal.com/accrweb/faces/page/public/accreditations/enquiry/main/EnqInstitutionsTable.jspx

I'm pretty sure that it will tell you that if you are AFA then you can get exemptions from papers F1, F2 and F3 (the old fundamentals level) which are the same exemptions that you would get if you camr to the qualification from AAT level IV or now CIMA (that one used to get far more exemptions until they left CCAB).

Conversely the other way around you need papers F1 to F9 to get Dip FM and pretty much the entire qualification to get AFA.

Go figure. Exemptions make little sense and are just really down to what the bodies can negotiate amongst themselves.

Worth noting with the ACCA is that exemptions come in the form of a guaranteed pass. You still need to pay for the papers for which you are claiming exemptions and you get a pass automatically without actually sitting the paper.

The other thing to question with exemptions of course is whether you should take them!

I di the OU B680 certificate in accounting then went onto ACCA. I had exemptions from papers 1.1, 1.2 and 1.3 (now F1, F2 and F3) but chose not to take them largely on the back of ACCA freinds taking the proverbial that the OU wa not the equivalent of the fundamentals level ACCA and I was out to prove them wrong... And as you had to pay for the papers anyway what did I have to lose.

Several others who took B680 also went on to ACCA but they took the exemptions... And all of them dropped out after several failed attempts at what is now paper F4.

I sat the fundamental papers and passed them but did not score as well as I had expected (my best score of the three was only 64%) as I had not been prepared for the different level of knoweledge that the ACCA expects of it's students.

Also, whilst ACCA is to my mind one of the best qualifications available be very careful that you do not fall foul of regulation 8 which takes precedence over any other body that you are a member of.

For example. If you currently work as a practicing accountant under your IFA banner as soon as you start ACCA the services that you are able to offer unsupervised will be restricted to Bookkeeping to trial balance, VAT and Payroll.

Just a quick warning on that last point rather than it sneaking up on you unawares.

Anyway, talk later,

kind regards,

Shaun.


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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Newbie

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That's great Shaun thanks - now I know why I can't get into the database!

Will consider my options!

Cheers

Jim



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Newbie

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ACCA Qualification - Exemptions

Institution

INSTITUTE OF FINANCIAL ACCOUNTANTS

Programme

INSTITUTE OF FINANCIAL ACCOUNTANTS - Graduates from 01-JAN-2010

Please select outcome type and the exemptions awarded will be displayed below.

Outcome

FINANCIAL ACCOUNTANT DIPLOMA

PROFESSIONAL FINANCIAL ACCOUNTANT

This programme is suitable for registration to the ACCA Qualification. There are no exemptions awarded for completion of this programme.

In addition, the paper(s) listed below will be exempted on the basis of the corresponding accredited modules.

Paper(s)

Accredited Modules

F3 Financial Accounting

on the basis of

FINANCIAL ACCOUNTING (D1)

NEED FURTHER ASSISTANCE?

If you still have queries regarding exemptions you may be eligible to claim, please contact ACCA Connect ? our global customer service centre ? using the following contact details:

e-mail: students@accaglobal.com

telephone: +44 (0)141 582 2000



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Hi Orio,

welcome to the forum,

I did point the poster to those origially but the link was playing up at the time and I never followed it up.

Thats quite interesting that the IFA qualification is worth less by way of exemptions than AAT.

I just followed up all of the usual suspects against the ACCA professional qualification and came up with the folowing


AAT (level IV) :
F1 Accountant in Business
F2 Management Accounting
F3 Financial Accounting

IFA :
F3 Financial Accounting

IAB :
F3 Financial Accounting

AIA :
Nothing (surprised at that one)

ICB (Level IV certificate in Management Accounting, nothing for any other paper) :
F2 Management Accounting

I was sure that we had someone from the ICB on claiming that their full qualification got exemption from the fundamental financial accounting paper but it seems that is in reality FA1 in the foundations in accountancy (ACCA-X) rather than F3 at the professional fundamentals level.

Open University Certificate in Accounting

F1Accountant in Business
F2Management Accounting
F3Financial Accounting

All very interesting to look at the comparatives from the ACCA exemptions database. Some of which may not seem quite fair (such as IAB vs ICB or IFA vs AIA or IFA and IAB only offering the same exemption).

As always everything n this reply comes with a timestamp as exemptions change regularly and people should always refer to the above link.

Also my original advice stands in that just because one can get exemptions does not always mean that it is a wise option to take them (And as the exemptions come in the form of a guaranteed pass you are paying for the exam anyway so why not take it unless one thinks that the exemption is not actually warranted).

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

Ish


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Shaun, I know very well that you are a marketing Agent for ACCA. ACCA has strategised itself to demean other professional bodies. Infact, if an accounting body is a full member of the International federation of Accountants (IFAC), which ACCA is under, the body is regarded as a certified body and its members are automatically professional accountants. Now IFA and ACCA have been Rivals for a very long time. In the course of tarnishing the image of IFA, ACCA ones sued IFA for plagiarism in 1975 but as we speak now, IFA has come out strongly and now a member of IFAC and also belongs to the Institute of Public Accountants of Australia (IPA) group. Very soon, people will begin to understand ACCAs strategic marketing style and how they rubbish other recognised professional bodies. I rest my case.

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Master Book-keeper

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Ish wrote:

Shaun, I know very well that you are a marketing Agent for ACCA. ACCA has strategised itself to demean other professional bodies. Infact, if an accounting body is a full member of the International federation of Accountants (IFAC), which ACCA is under, the body is regarded as a certified body and its members are automatically professional accountants. Now IFA and ACCA have been Rivals for a very long time. In the course of tarnishing the image of IFA, ACCA ones sued IFA for plagiarism in 1975 but as we speak now, IFA has come out strongly and now a member of IFAC and also belongs to the Institute of Public Accountants of Australia (IPA) group. Very soon, people will begin to understand ACCAs strategic marketing style and how they rubbish other recognised professional bodies. I rest my case.


I would normally say welcome to the site, but digging up such an old post, making nonsensical remarks about a poster you don't know on your first post as well as talking such general nonsense makes me think you will not be around long.

You 'rest your case'? You havent put forward any kind of case. It appears you cannot even string a full sentence together. I do hope your Accounting skills are better than your spelling and sentence construction (lack of) skills. Never mind about getting your actual facts right.

Of course you can call yourself a 'professional accountant' at any time you wish to.....without the benefit of having any qualifications what-so-ever! Any man and his dog on the street can call themselves such, as the term is not a protected one in law.

Of course anyone calling themselves such does not make them an Accountant, nor indeed very professional. Plus I think you will find that most certified bodies under IFAC will frown upon its members using such terminology when not suitably qualified under their own rules and regulations and indeed being fully paid up members/following the rules of practising under their banner. That isn't just restricted to the ACCA to be clear.

Im pretty sure in the 6+ years I have been on this forum that I have never seen anyone, including Shaun say otherwise. So what exactly is the point you are trying to make here?

edited to include nonsensical



-- Edited by Cheshire on Monday 27th of May 2019 10:27:25 AM

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Joanne

Fallows Hall Ltd

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Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Senior Member

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Ish wrote:

also belongs to the Institute of Public Accountants of Australia (IPA) group.


?Australia.

what are you rambling on about?

clearly has a beef.



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Ish wrote:

Shaun, I know very well that you are a marketing Agent for ACCA. ACCA has strategised itself to demean other professional bodies. Infact, if an accounting body is a full member of the International federation of Accountants (IFAC), which ACCA is under, the body is regarded as a certified body and its members are automatically professional accountants. Now IFA and ACCA have been Rivals for a very long time. In the course of tarnishing the image of IFA, ACCA ones sued IFA for plagiarism in 1975 but as we speak now, IFA has come out strongly and now a member of IFAC and also belongs to the Institute of Public Accountants of Australia (IPA) group. Very soon, people will begin to understand ACCAs strategic marketing style and how they rubbish other recognised professional bodies. I rest my case.


What was the line members of the ACCA are automatically professional accountants? Of course they are. To become a member you must have passed 14 of the most difficult professional exams on the face of the planet and have three years signed off relevant experience in order to be able to get your letters.

I don't understand your comment at all?

The plaigerism case was cut and dried when the IFA paper was shown to have the same selling mistake in it as the ACCA paper. Thats old history and a completely different version of the IFA. I do not know why you would bring that up? Do you have something against the IFA that you wish to tarnish them with an incident that they would rather be forgotten?

There is nothing wrong with the IFA, they are a natural progression for IAB members. And a body that many accountants practice under where they found it impossible to practice under their own professional body due to being unable to meet the experience requirements or complete the professional level papers.

I look forwards to you putting forwards a rational case where you show respect to a very well respected professional body where those few who get through to memberhip are very proud of their achievement.

Shaun.



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Shaun

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Casu wrote:
Ish wrote:

also belongs to the Institute of Public Accountants of Australia (IPA) group.


?Australia.

what are you rambling on about?

clearly has a beef.


Hi Casu,

I agree, the poster clearly has some unresolved issue that they are trying to exorcise but I think that all of us at the moment are waiting patiently for part two which hopefully will come with subtitles as the original lost me as to what the poster was attempting to convey.

On the Australian thing a few years ago (think it was 2012 but may have been a little later) the IFA was in a bit of a financial pickle and was bought by the Australian Institute of Public accountants. My understanding was that the IPA was looking to get a foothold in the UK market at the same time that IFA needed help so it was a marraige made in heaven for both parties... IFA still trades under their old name but the ultimate owner is now the Australian IPA.

HTH,

Shaun.



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Shaun

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Master Book-keeper

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I think someone swallowed part of wikipedia, but forgot the fact that the High Court found in the ACCA's favour.

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Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

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Forum Moderator & Expert

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Cheshire wrote:

I think someone swallowed part of wikipedia, but forgot the fact that the High Court found in the ACCA's favour.


And it was probably the new "improved" version of the IFA wikipedia page where most of their history has been deleted!... But of course, it's all still there as even when edited out all of the old vversions still remain.

I'm still laughing about me being a " marketing Agent for ACCA".

Do you think that we'll ever get a part 2?



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Shaun

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Master Book-keeper

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Shamus wrote:

I'm still laughing about me being a " marketing Agent for ACCA".


New job for you?

Only if they pay enough!



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Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Forum Moderator & Expert

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Cheshire wrote:
Shamus wrote:

I'm still laughing about me being a " marketing Agent for ACCA".


New job for you?

Only if they pay enough!


Can you imagine the interview.

"Now, talk to us about your regular past use of the word Draconian"...

Really don't think that one's going to happen! Guess I may have to cancel the lear jet for a while yet.

Lol, I fear that the posters statements about myself were as way off as their reimagining of the IFA's past.

Actually, I just read that post again and the line that stood out this time was : "people will begin to understand ACCAs strategic marketing style and how they rubbish other recognised professional bodies".

I was thinking about that and I don't think that they rubbish others at all... They just don't seem to particularly recognise their existance as there are many, many small bodies and the accountancy bodies are not going to pander to those who don't have a seat at the table which appears to me to be : ACCA, ICAEW, CIMA, CIPFA, ICAS, CAI, AIA and AAT. I can find no mention at all of the IFA in the FRC's annual publication on key facts and trends in the Accountancy Profession.

Now, thats no insult to the IFA which will have many good accountants as members but I can also see why that would make them feel sidelined and as if the big boys are against them. Where the reality is that all of the bodies just don't have the time or resources to play with every body in the market place and that could feel amongst some that they are being sidelines and unable to break into the big league.

The IPA may wish to consider buying someone like CIPFA next in order to crash the party. Although, that wouldn't get the IFA noticed directly but they would have indirect representation.

Another option would be for IFA to be subsumed within the AIA building a larger, stronger body. Although, as the AIA is already bolstered by a lot of ex IFA members who were not happy with the IPA mash up that may not be viable.

I digress. My view is that for what they wanted the IPA bought the wrong body on the assumption that a Royal Charter was on the cards for the IFA (where they're still not) rather than going for a body already with a charter which may have looked a more expensive option at the time.

These things all change though and who knows what the IFA will be five years from now.

Lol, bit like Game of Thrones isn't it.

Shaun



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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



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Shamus wrote:



AIA :
Nothing (surprised at that one)

Shaun.


Shaun, there is no need for a AIA to apply to ACCA, so no need for exemptions!

AIA members can become registered Auditors with the AIA. Why would a ACCA member need exemptions to become a ACA? They would not, as there is no reason to give up their ACCA membership to become a ACA! The same applies to AIA members!



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Frauke
BKN Book-keeper of the year 2011



Forum Moderator & Expert

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YLB-HO wrote:
Shamus wrote:



AIA :
Nothing (surprised at that one)

Shaun.


Shaun, there is no need for a AIA to apply to ACCA, so no need for exemptions!

AIA members can become registered Auditors with the AIA. Why would a ACCA member need exemptions to become a ACA? They would not, as there is no reason to give up their ACCA membership to become a ACA! The same applies to AIA members!


The rules around moving from ACCA to ACA keep changing. It used to be that you needed to mantain both memberships but now it seems to be one additional ACA exam to move over.

AIA may want to move to ACCA as its further up the tree. The same reason that ACCA people may wish to move to ACA.

Personally I'm quite happy with the ACCA so no intention of moving myself.

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Guru

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Date:

Shamus wrote:
YLB-HO wrote:
Shamus wrote:



AIA :
Nothing (surprised at that one)

Shaun.


Shaun, there is no need for a AIA to apply to ACCA, so no need for exemptions!

AIA members can become registered Auditors with the AIA. Why would a ACCA member need exemptions to become a ACA? They would not, as there is no reason to give up their ACCA membership to become a ACA! The same applies to AIA members!


The rules around moving from ACCA to ACA keep changing. It used to be that you needed to mantain both memberships but now it seems to be one additional ACA exam to move over.

AIA may want to move to ACCA as its further up the tree. The same reason that ACCA people may wish to move to ACA.

Personally I'm quite happy with the ACCA so no intention of moving myself.

Shaun.


I disagree there is a tree to move up. You are already at the top of the tree, and a ACA is not higher.



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Frauke
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