Becoming chartered whilst self employed

Esme

Hi,

I am looking to go self employed after I have finished my AAT, however I would also like to progress to chartered through either ACCA, ACA or CIMA.

To do the chartered course would I have to be working for a company or would I be able to fund myself through the course whilst working as a sole trader?

Any advise would be appreciated.

deanshepherd

CIMA (or CIOT) would be your only options.

ACCA will not allow you to become a student at all (unless you are only doing bookkeeping, VAT and payroll)

Neither ACCA nor ICAEW will allow you to become a member without having satisfied the training requirement within an authorised firm.

Esme

I have worked in industry for the past 3 years as an Accounts Assistant, do you think I would be better off staying in employment until I finish the chartered course whilst also undertaking some part time self employment as well?

NeilH

Esme wrote: »

I have worked in industry for the past 3 years as an Accounts Assistant, do you think I would be better off staying in employment until I finish the chartered course whilst also undertaking some part time self employment as well?

Hi

The same rules would still apply in terms of what you can do in a self employed capicity. ACCA have stringent rules on what students and members not holding an ACCA practising certificate can do in a self employed capacity. Carrying on working may be an option to gain the experience required for an ACCA practising certificate, but this additional experience would need to be with an authorised employer (practice or commerce/industry).

Neil

SeanyBoy

SeanyBoy

ademoore

If you are working, and your employer will pay to put you through something like CIMA (since you are in industry) then that would be your best option tbh! By all means take on some self employment work to do as well, but try to ensure it won't encroach on needed study time near to exams.

Monsoon

If your ultimate aim is to be self employed, then arguably you don't need to become chartered. Lots of us here run our own businesses without having taken a further qualification.

You do have to have practice experience either way, and you have to train in a practice to become chartered (except CIMA/CIOT as has been said).

It really depends what your long term aims are, and whether you want to do the kind of job that training for chartered would require.

I'm just thinking aloud.

Whatever you decide, good luck

PGM

faerie9 wrote: »

You do have to have practice experience either way, and you have to train in a practice to become chartered (except CIMA/CIOT as has been said).

Don't think you need to work in practice for ACCA?! As long as your employer is registered and you carry out the relevant work.

Monsoon

PGM wrote: »

Don't think you need to work in practice for ACCA?! As long as your employer is registered and you carry out the relevant work.

AFAIK you need to have relevant practice experience for the ACCA before they will issue a practicing certificate. ACCA are one of the strictest I believe. I don't know anything about the employer thing, though.

AND most importantly: you need to have practice experience before becoming a MiP. It's not fair on your clients otherwise as there is a lot you need to know that you don't get in industry or from your studies.

NeilH

faerie9 wrote: »

AFAIK you need to have relevant practice experience for the ACCA before they will issue a practicing certificate. ACCA are one of the strictest I believe. I don't know anything about the employer thing, though.

AND most importantly: you need to have practice experience before becoming a MiP. It's not fair on your clients otherwise as there is a lot you need to know that you don't get in industry or from your studies.

An approved ACCA employer can be an accountancy firm or business in commerce/industry so it is possible to gain a practising certificate (for non-audit work) working in indsutry/commerce. CIMA operate a sucessful MiP scheme, so it is possible to train in industry and become self employed (CIMA) or otherwise. The quality of the experience you have, matched to the services you offer is what is important.

Monsoon

Neil that's interesting to know.
Every other discussion I've read on the subject has indicated that if your background is in industry, you may not be able to get a PC with ACCA for operating as a MiP in general practice.
Definitely agreed that it's the quality of the experience that matters!

PGM

What if you don't want a practicing certificate?

Does your organisation not need to be registered? Or must they do it anyway?

NeilH

PGM wrote: »

What if you don't want a practicing certificate?

Does your organisation not need to be registered? Or must they do it anyway?

You can gain the experience for membership of ACCA in a non-approved organisation.

Esme

ademoore wrote: »

If you are working, and your employer will pay to put you through something like CIMA (since you are in industry) then that would be your best option tbh! By all means take on some self employment work to do as well, but try to ensure it won't encroach on needed study time near to exams.

What type of work can you still do whilst you are studying? Is it only bookkeeping and very basic accounts work?

I have always wanted to become chartered but am struggling with finances at the moment and realise how competitive the job market is at the moment which is why if I stayed with my current employer whilst I did further training I would like to do some self employed work also to help pull in some extra cash.