Acca/att

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  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    It means their practising certificate.

    If you carry on down the rulebook it goes on to define public practice, the practising certificate and eligibility.
  • PeteLC
    PeteLC Registered Posts: 56 Regular contributor ⭐
    OK lets take me for example.

    I have worked for an Accountancy practice for the past 7 years, AAT Qualified and studying ACCA.

    From what is being said I should not also become an MIP (so that i can offer my services on the side) because I will be kicked out of the ACCA.

    What was the point of me doing the AAT in the first place
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    It all depends on what you want from your accountancy career.

    AAT is an excellent qualification in its own right, it exempts you from lower levels of chartered qualifications and is widely recognised in general. That's the point in doing it :)

    The 'nothing more than bookkeeping while an ACCA student' seems to catch many people out and as been bemoaned as unfair probably more than anything else on the forum, but it is what it is. I do think the ACCA shold make it clearer to prospective students - but then it might put them off, so why would they?!

    You can become a MIP as long as you only undertake things allowed by the ACCA student rules, i.e. bookkeeping to trial balance only.
  • PeteLC
    PeteLC Registered Posts: 56 Regular contributor ⭐
    Eventually I want to own my own practice but i know that now is not the right time for me to start that!

    Only reason I say that is that I am getting married in the summer and believe at this moment in time I need a stable income to be able to support my wife to be and her shoe habit!

    Good thing is I am still young and getting exposure to all aspects of accountancy through working in a small firm and they are putting me through ACCA which can only benefit me in the long run i suppose.

    Its just frustrating that knowing I cannot do it properly (become an MIP) makes me want to do it more!!!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Having a job in practice and them putting you through ACCA is a very valuable thing indeed. I know it's frustrating but you're in a position many would love to be in.

    What would be so bad about having your own bookkeeping business on the side? You can probably charge about £20 an hour; even if you only have 5 hours a week that's an extra £400+ a month which is not to be sniffed at.

    And, tell your fiancee to buy her own shoes, or ask the ACCA to buy them seeing as they are the ones stunting your additional income! ;)
  • PeteLC
    PeteLC Registered Posts: 56 Regular contributor ⭐
    I know I am lucky where I am and I am also lucky to have a good boss.

    If I do decide to do an bookkeeping service on the side I have to make sure with the boss if it is ok as i do not want to put my job on the line (taking work away from the business in a sense).

    Never bit the hand that feeds you as they say!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    PeteLC wrote: »
    I know I am lucky where I am and I am also lucky to have a good boss.

    If I do decide to do an bookkeeping service on the side I have to make sure with the boss if it is ok as i do not want to put my job on the line (taking work away from the business in a sense).

    Never bit the hand that feeds you as they say!

    Yes I meant to say that bit too!
    Best of luck, and congrats on the getting married :D
  • PeteLC
    PeteLC Registered Posts: 56 Regular contributor ⭐
    Thanks
  • Paul C
    Paul C Registered Posts: 193 Dedicated contributor 🦉
    PeteLC wrote: »
    Never bit the hand that feeds you as they say!

    Sounds very wise to me. :-)
  • [Deleted User]
    [Deleted User] Posts: 0
    Unfortunately the ACCA and ICAEW are very strict when it comes to working as a self employed accountant while you are a student. Fortunately CIMA are not as strict and allow you to work as self employed while studying. As tax is your intended area, CIMA is not an option for you obviously.

    I would advise you to keep on with ACCA and go for the chartered status over studying ATT as it will open more doors for you.
  • PeteLC
    PeteLC Registered Posts: 56 Regular contributor ⭐
    Do you think there would be any point in doing the ATT after the ACCA???

    Or is there an option to become a chartered tax advisor?
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    You can go straight from ACCA to CTA.

    Interestingly ICAEW members get an exemption from one of the CTA exams but not ACCA members. Not sure of the logic in that.
  • [Deleted User]
    [Deleted User] Posts: 0
    Doing ATT after ACCA would be like doing an 'A Level' in business studies after doing a BSc in a business related discipline.

    If tax is your passion then you should take CTA after ACCA.
  • PhilippaG
    PhilippaG Registered Posts: 4 New contributor 🐸
    I did my AAT and followed it by becoming a Fellow Member, I did this about 18 years ago when AAT was still quite new. I had the same dilema myself but like you did not want to do ????years more studying. It has never held me back not doing it and if you back up your AAt with lots of experience I don't think you will go far wrong. My title is Assistant Financial Accountant and I am number 3 in a large department which is good enough for me.

    Hope this helps

    Philippa

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