Becoming MIP not as easy as it seems.

Antoinnette

Having passed all exams first time and with just two units in level 4 to go I am aiming to become MIP. But it suddenly seems so daunting because no matter how many VAT returns in I have done in employment there are still rules I dont have a clue about. And there are still excel formulas I dont have a clue about. So did you all MIPs know everything before you started or did you learn some more along the way?

reader

Started accountancy/AAT 2.5 years ago. Finished my last Level 4 unit (ICAS) in March this year. Got MAAT certificate in April and got MiP certificate in May. I definitely don't know everything and I reckon in 45 years time I still won't know everything. However I'm doing ATT, I attend AAT CPD master courses, read widely (HMRC website, CCH website, tax legislation, accounting web, etc), and post questions on here, so I reckon with time my knowledge will get better and better. My advice would be to apply for MiP status and let AAT decide whether or not they want to grant you with licensed status. Go for it, you have nothing to lose (unless you want to do ACCA).

Antoinnette

Thanks reader. You cant imagine how relieved I am to read your reply!

PGM

Antoinnette wrote: »

And there are still excel formulas

I can do formulas. You can get plenty of help on here when stuck.

groundy

I was in practice for eight years before starting out on my own. Luckily I had a bit of experience in tax before going it alone and I also had a business partner who had plenty of tax experience. I would say it is vital to get as many different experiences as you can in practice before trying to gain MIP status.

Good Luck

Newbie

I have over 7 years experience in practice, employed but now MIP. I regularly check things even when im confident on the answer, I think as soon as you start to think I know everything its a slippery slope

stevo5678

Antoinnette wrote: »

Having passed all exams first time and with just two units in level 4 to go I am aiming to become MIP. But it suddenly seems so daunting because no matter how many VAT returns in I have done in employment there are still rules I dont have a clue about. And there are still excel formulas I dont have a clue about. So did you all MIPs know everything before you started or did you learn some more along the way?

It's all about experience. AAT can be quite dangerous in that someone with little practical experience can act as an accountant.

But don't be hard on yourself, why would you know everything at this stage in your career. I have 8 years experience am AAT and ACCA qual and there's loads I don't know.

The key is to only take on work you are comfortable with. It will be a learning curve and ideally you would be working alongside someone who is very experienced. I imagine alot of newly qual AAT's are in your shoes.

Antoinnette

I do have some experience because I have worked in various bookkeeping and finance roles since 2007. But it still seems like there is so much more to learn. So I am going to get even more experience.
The AAT needs you to have some experience outside your studies before you become an MIP so I dont think there are that many dangerous MIPs out there.
However reading all the replies I guess I just don't have confidence in myself and have got into the dangerous habit of thinking the grass is greener on the other side

mac1

Don't forget (it's easy to do ie me as a not long registered MiP) to utilise your association's support: practice toolkit, CCH etc. that you have access to once registered as a member in practice. The AAT also has linked to various Excel resources eg tests (Excel with Business for example) so explore the site.

Many on here are kind enough to act as mentors too and of course you have the forums themselves like this thread.