AAT - ACA fast track.

uknitty

I decided once I hit 30 that I really really wanted a career change. I started AAT 18 months ago, and I am now in the early stages of the Technician Level.

I know what I would really love to do is an AAT to ACA fast track. I have read all of the ICEAW student website back to front along with several graduate recruitment sites. But it seems that they are either looking for school leavers or recent graduates.

Although I am a graduate - it is 10 years since I did my degree, which was not with honours and was in a completely unrelated subject. Financing a second degree is not an option I can afford either.

Is ACA is an unrealistic goal for me ? I'm currently doing a 3 month unpaid internship in an accounts practice but I know that they do not have the means to take on a full time permanant member of staff.

Other than applying directly through the ICAEW website can anyone offer advice regarding the best way to approach practices with a view to securing a training contract ?

katz568

Don't give up is all I can say.

I was similar to you, I finished my AAT last summer and managed to secure some practical work experience for a month in a practice back in November.
While I was there a member of staff left the firm and although the job was advertised, I was lucky to have made enough of an impression to be offered the job and I will be begining an ACA training programme in the summer.
My advise is stick with it and keep putting yourself forward, make yourself yourself indispensable.
Good luck

awatson86

What exemptions do you get for ACA if you are AAT qualified?

uknitty

From the ICAEW Website, the following exemptions are available at the professional level of the course (CFAB)

o Accounting
o No credits available* ( AAT students can sit a 1 hour "top up" paper though)

o Assurance
o Exempt with Degree / AAT / Professional qualification

o Business and Finance
o Exempt with Degree / AAT / Professional qualification

o Law
o Degree / Professional qualification

o Management Information
o Exempt with Degree / AAT / Professional qualification

o Principles of Taxation
o Degree / Professional qualification

The Accounting top up is paper based only with sittings in June and December. The next available sitting is December 6th (registration has closed for June). You must be registered with ICAEW before taking papers and it takes up to 4 weeks to register at a cost of £198. The other units can be taken via CBA.

You can't sit the top up paper until you have COMPLETED the AAT qualification( you must have levels 3 and 4 not just level 4), but you can register to study CFAB without any qualifications so you could get the units that are not exempt out of the way first (i.e. Law and Taxation) finish AAT and then do the top up paper and claim your exemptions last of all !

Here is the part I am not clear on - to register with the institute I am not sure if you only have to have a training agreement in place for the full ACA qualification, or if you can do the CFAB portion of the course without being in a training agreement.... I'm off to ask the question elsewhere to see if I can find the answer

ETA I found the answer here:

http://www.careers.icaew.com/school-students-leavers/Entry-routes/Certificate-in-finance-accounting-business-school-leavers

You don't need a training agreement to study CFAB - so the quickest way to get from AAT to ACA is to study for and sit the 2 units you can't claim exemptions for at the same time as your AAT studies. Once you finish AAT claim exemptions for 3 of the remaining units and sit the Accounting "top up" paper .

wannabebean

Cfab

Hi All

The downside to doing the CFAB is that it will not get you any further forward than where you are already - since it is considered to be similar if not identical to.... AAT 3 and 4.

AAT Level 3

Sorry to confuse things even further but the only exemption you don't get from the first stage is Law. If you complete Personal and Business Tax at level 4 you will get the full exemption for the ACA taxation exam.

Also the top up paper for ACA is for FA which is part of the written papers for ACA. You are exempt from the Accounting ACA exam.

AAT Level 3

Based on 2010 qualification onwards from AAT (Association of Accounting Technicians), you might be eligible to apply for the following credit(s):


Accounting
Level 2 Basic Accounting I & II

Level 3 Accounts Preparation I & II

Level 4 Financial Statements


Assurance
Level 4 External Auditing


Business and Finance
Level 2/3 Professional Ethics in Accounting and Finance

Level 3 Cash Management

Level 3 Costs and Revenues

Level 4 Financial Performance


Management Information
Level 3 Cash Management

Level 3 Costs and Revenue

Level 4 Budgeting

Level 4 Financial Performance


Principles of Taxation
Level 2/3 Professional Ethics in Accounting and Finance

Level 3 Indirect Tax

Level 4 Business Tax

Level 4 Personal Tax

uknitty

My only concern is I did level 3 on the old "diploma" pathway and level 4 will be on the new pathway.

I will have completed both level 3 and 4 and as far as AAT are concerned the old level 3 units line up with the new ones. Now I'm worried I won't be able to transfer credits because the names of the units I did at level 3 are all different

blondeturtle

I'm the same as you uknitty. I did level 3 on the old syllabus and level 4 on the new one so i haven't done the cash management unit and so can't apply for any credits!!

uknitty

Cash Management and Credit control is at level 3 on the old standards but level 4 on the "new" as an optional unit ? Its the one unit I am waiting for results on...

I'm going to try and get in touch with ICAEW later on this afternoon to get an answer from them about how the change in standards may affect the fasttrack.

My thoughts were that completing level 3 and level 4 is still both levels complete regardless of if they were completed on "old" or "new" standards....

Article from PQ magazine online about the effects of the "new" AAT qualification on exemptions from other awarding bodies here http://www.pqaccountant.com/pmag-3A870050018200B802171957.html

AAT Level 3

Why is it that CIMA and ACA are the only ones to give a decent exemption. Only 2 exemptions for ICAS is rather strange.