AAT + ACCA

Adam144

Hello everyone

If I am AAT qualified and just starting ACCA, can I apply for the AAT licence and trade as self-employed? Or is it then restricted because I've chosen to continue on studying ACCA? I have got 4 years relevant experience in practice, so I am not sure if you can trade under AAT licence, while studying ACCA? Does anybody know?

reader

Even if you are a member of the AAT, have a licence with the AAT on top, and have professional indemnity insurance on top of that, you cannot be a ACCA student member on the side. However I think you are allowed to do very basic things like bookkeeping, payroll, and prepare (but not submit?) VAT returns even if you are an ACCA student member.

reader

http://www.accaglobal.com/uk/en/qualifications/accountancy-career/aat-acca/faq.html

Adam144

reader said:

Even if you are a member of the AAT, have a licence with the AAT on top, and have professional indemnity insurance on top of that, you cannot be a ACCA student member on the side. However I think you are allowed to do very basic things like bookkeeping, payroll, and prepare (but not submit?) VAT returns even if you are an ACCA student member.

This is what I was scared of and I dont quite understand it.. Full AAT licence gives you opportunity to practice as self-employed in most of the sectors including accounts production, so I dont understand why cant you continue on studying with ACCA and trade under the AAT licence, if you are still paying for the membership? Isn't it illogical that lower qualification gives you more options that higher?

reader

I understand where ACCA is coming from to be honest. They are obviously not comfortable with their students engaging in public practice which makes complete sense. They are also not comfortable with their members engaging in public practice, which again, makes sense. They want as many people to become members with them and then get 3 years post qualification experience signed off by another qualified accountant which is what any sensible accountancy body would do before giving out a practicing certificate. This helps to separate out the most experienced people capable of dealing with the public and those who are more junior and require more experience.
However I do agree with you that the whole thing is a bit illogical (but in my mind does make sense).

hal978

ICAEW (ACA) allow you to practice whilst studying with them (provided you have a practising certificate from AAT).

reader

hal978 said:

ICAEW (ACA) allow you to practice whilst studying with them (provided you have a practising certificate from AAT).

Are you AAT qualified now? Or do you have to do the project? Or is the synoptic assessment the project?

hal978

Yes, I am AAT qualified in the sense that I am now an Affiliate, but I still need to apply for full membership.

The synoptic assessment replaces the project for the AQ2016 syllabus, which I transferred to.

reader

hal978 said:

Yes, I am AAT qualified in the sense that I am now an Affiliate, but I still need to apply for full membership.



The synoptic assessment replaces the project for the AQ2016 syllabus, which I transferred to.

Big Congrats to you! Well done! You get your evenings/weekends back too!

It looks like you did level 4 in 8 months!?!? It took me that long just to fill in the initial application form just to apply to study level 2.

From what I can remember applying for membership is really easy. Just select a reference and the AAT will email them a short questionnaire to complete.

I applied for membership and then a practising licence as soon I got my membership. I think it took around a month to get membership. And around another month to get my licence. AAT take ages to respond.

What does the synoptic involve? Does it just retest financial statements, budgeting and performance?

You should definitely go onto ACCA, ACA, CIMA, CTA (yes, I mean do them all, just kidding). You would probably breeze through these as well.

hal978

Thank you!

The synoptic test has 6 tasks and tests some elements of Financial Statements (ratios), budgeting (budgetary control) and management decision making and control, and there are other questions on accounting systems and controls (replacing the project). It is the hardest exam in Level 4 and there were many complaints about it as you can see from the forum. Most of the marks are for extended writing, which I find a bit difficult (and many other students do too).

reader

CIMA also allow students to setup a practice too: https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/Who-should-register/