Becoming a MIP and ACA

Morpheus1980

Hello, this is the first time I've posted in the Members section, but wondered if someone could kindly give me a bit of advice.

I've finished my Level 4 exams and am just waiting on results for two of them. I was thinking of going straight onto ACA after completing the AAT, as it's something that several work colleagues have encouraged me to do.

However, in a couple of years time, I would like to have my own practice. I don't feel that I'm ready to do this right now (due to financial limitations and also lack of relevant experience) but it's a great ambition of mine to be an MIP. Obviously, I dare not mention this to anyone that I work with!

I've heard though, that once you gain the ACA qualification, that you cannot become an MIP within a couple of years. Is this true? I've tried to have a look at the ICAEW website, but haven't had much luck with my own research. If this is true, what would you suggest would be the best way of navigating around this? Anyone else had a similar dilemma?

Any help or advice would be greatly appreciated...thank you!

jamesm96

Hi Morpheous,

If I've read your message right, then yes you've understood correctly - once you have passed the ACA examinations, you must complete 2 years of post-qualification practice experience before you can apply for a practicing licence.

Just be a bit careful with being an AAT MIP too, under the ACA rules (when I was a trainee, at least) you need to have the permission of the QPRT before you can undertake any private work.

Morpheus1980

Thank you for clarifying James, that's really helpful. In a way, it's good (for me) that there's that two-year period because I'm not too sure that I would be totally confident in setting up my own practice once I qualify. Suppose I had better have a look into finding out where I can get the experience now, as I don't work within a strict accounting function.

Thanks again :001_smile:

villapb

Setting up your practise with two year experience is pushing it imo...........i think 3-5 years experience is more like it.

I did 18 months of pure vat returns and not much else and im still learning with 12 years experience regarding vat.......

Morpheus1980

That's OK, and totally expected. I wouldn't be able to set up my own practice for at least four years anyway as I have to do the ACA qualification first!

I'm looking to gain extra experience by volunteering at a charity as an accounts assistant/treasurer/book-keeper so hopefully that, combined with the work experience I would have to do in order to gain the ACA qualification, would stand me in good stead...unless I'm being totally naive!

Thank you for your advice though llapb, it's very much appreciated.

villapb

Hi Morpheus,

I was given a work alloaction this morning and basically i need to do payroll, vat, cis returns, accounts for cch, ct600, management accounts, dormant accounts and returns, personal self assessements........then using online services to deregister and register, activate clients etc etc........

Just to give you a taster of what experience you should look for...........and then the taak of getting information of clients grrrrrr.