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Next Step?

IFAPAccountancyIFAPAccountancy MAAT, AAT Licensed Accountant Posts: 6
Good Afternoon,

I'm currently a full AAT member with a practicing certificate and have my own accountancy business...I'm wondering what my next step could be if I wanted to further my career? I've looked at other qualifications such as ACCA and ACA but they restrict the work you can do and the qualifications you can get if you are self employed or a student?

I'm wondering what my next step could be?

Thank you for any help.

Comments

  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,432
    Hi
    If you have set up your practice I would recommend studying for the ATT qualification. You can self study at your own pace and it will give you a sound knowledge of tax. Assuming tax is your thing of course.
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    How many clients do you have? Ltd? Sole trade? What are their turnovers?
  • IFAPAccountancyIFAPAccountancy MAAT, AAT Licensed Accountant Posts: 6
    edited February 2018
    reader said:

    How many clients do you have? Ltd? Sole trade? What are their turnovers?

    I have only just started running the business full time and only have around 30 clients at the moment with a max of 250k as turnover. I have a mixture of Limited Companies and Sole Traders.
    reader
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    That is really impressive.

    I thought you were going to say you have 1 sole trader client with a £10k turnover. If this was the case it is best to resign from the client and pursue ACCA.

    However given your practice is already quite large (and going to get bigger through referrals, social media marketing, etc) you will probably benefit from studying ATT/CTA (rather than losing your clients by doing ACCA). I think you can do CIMA and have an accountancy practice.

    There are other less well know accountancy organizations you can join like the institute of financial accountants (ifa) or association of international accountant (aia).

    Keep up the good work!
  • IFAPAccountancyIFAPAccountancy MAAT, AAT Licensed Accountant Posts: 6
    I've just had a quick look at CIMA - it looks like you can't stay in practice if you don't have the full licence. I might send them an email to clarify though.

    I'll have a look at ATT and CTA aswell and see what they offer.

    I always thought my next step would be ACCA as I learnt everything I knew from a Chartered Certified firm but it's a shame you can't be a student and have your own practice!
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    If I had 30 clients I would spend all my time on these clients and trying to get more clients. I wouldn't bother with ACCA, CIMA, ACA.

    So many people spend time doing ACCA, CIMA, ACA to get into your position, i.e. being an accountant with 30 clients. You are already there at the destination You are living the dream.

    Check out IFA and AIA too.
  • IFAPAccountancyIFAPAccountancy MAAT, AAT Licensed Accountant Posts: 6
    Thank you!! You've been a great help :)
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042

    I've just had a quick look at CIMA - it looks like you can't stay in practice if you don't have the full licence. I might send them an email to clarify though.

    You can practice as a CIMA student: https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/Who-should-register/


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