Accounting & Bookkeeping Qualifications

Accounting Qualifications

More and more, employers are looking to recruit people who have practical industry experience combined with accounting qualifications. Having the right qualifications for accounting allows you to apply to a wider selection of accounting vacancies, makes you a more valuable asset to your employer and adds variety to your working life.

Although studying will mean sacrificing some of your leisure time, this is a long-term investment in your career and will show potential employers that you are committed to progressing.

Which course to take?

Assessing which course is appropriate for you and when to study is difficult and will depend on what is motivating you. Whether you are just starting your career in a new profession and need a specialist accountancy qualification, or you want to broaden your current skills, or even if you want to specialise in another field, outlined below is a brief overview of the many accounting qualifications that are available and where to go for further information.


Ensure you have the right support

Before signing up to any course, take a moment to consider your current employer and their attitude to your studying. Will they support you financially in your studies? Will they allow you time off? Are you working in an environment conducive to learning where you can experience all areas of the business?

If you would like some further information on accounting qualifications, our consultants are always available to discuss your career options and which are the best qualifications for you.

AAT - Association of Accounting Technicians
ACCA - Association of Chartered Certified Accountants
ACT - Association of Corporate Treasurers
CF – Corporate Finance Qualification
CFE - Certified Fraud Examiner
CIMA - Chartered Institute of Management Accountants
CIPFA - Chartered Institute of Public Finance and Accountancy
ICAEW - Institute of Chartered Accountants in England and Wales
JIEB/CPI – The Joint Insolvency Examination Board / Certificate of Proficiency in Insolvency



AAT - Association of Accounting Technicians - www.aat.co.uk

As a worldwide professional organisation with close links to the four main UK accounting bodies, this is a good first qualification for those who want to start their career in accounting.

If you are an accounts assistant or are an aspiring management accountant, the AAT qualification will suit anyone working in Financial Services, Professional Services, Commerce and Public Sector. The qualification is a combination of practical experience and exams, offering flexible ways of completing the course be it distance learning, evening classes or days out of the office.

Students are assessed through a combination of formal exams and skills tests. The skills tests assess your ability in carrying out practical activities and test how you operate in the workplace, possibly including evidence of skills previously gathered.

The course is flexible and can be tailored to your individual needs. You are able to decide whether to do individual or groups of units from the scheme. It's not compulsory to complete an entire level as you will gain recognition for each unit achieved.

The scheme has three stages:

Foundation - NVQ/SVQ in Accounting, level 2
Intermediate - NVQ/SVQ in Accounting, level 3
Technician - NVQ/SVQ in Accounting, level 4

Each level represents a qualification in its own right, and a certificate will be awarded for each level completed.


ACCA - Association of Chartered Certified Accountants - www.uk.accaglobal.com

The ACCA has over 300,000 members and students worldwide and offers a number of accountancy qualifications for those just starting their accounting career or to qualified professionals who want to extend their existing skills.

To qualify, you will take 3 levels of examinations and complete a minimum of 3 years supervised and relevant practical experience in accounting or an accounting related area. You will usually complete the accountancy qualification within 3 years although you can spread it out over 10 years.

The Syllabus breakdown is as follows:

Part 1
Preparing Financial Statements
Financial Information for Management
Managing People

Part 2
2.1 Information Systems
2.2 Corporate and Business Law
2.3 Business Taxation
2.4 Financial Management and Control
2.5 Financial Reporting
2.6 Audit and Internal Review

Part 3
Any two of the following:
3.1 Audit and Assurance Services
3.2 Advanced Taxation
3.3 Performance Management
3.4 Business Information Management

And all three Core Papers:
3.5 Strategic Business Planning and Development
3.6 Advanced Corporate Reporting
3.7 Strategic Financial Management



ACT – Association of Corporate Treasurers

www.treasurers.org


The Association of Corporate Treasurers (ACT) is the international body for finance professionals working in treasury, risk and corporate finance. Through the ACT we come together as practitioners, technical experts and educators in a range of disciplines that underpin the financial security and prosperity of an organisation.


The ACT defines and promotes best practice in treasury and makes representations to government, regulators and standard setters.


We are also the world’s leading examining body for treasury, providing benchmark qualifications and continuing development through training, conferences and publications.


There are two membership qualifications:


AMCT Diploma in Treasury

The AMCT Diploma in treasury is the ACT’s core qualification and it is the associate membership qualification for the ACT. It delivers understand and knowledge of the essential topics within treasury, risk and corporate finance. To achieve AMCT you would need to complete four foundation and 3 certificate papers.


Foundation Papers - Stage 1 (exemptions available)
Financial Management and Accounting
Economics & Statistical Analysis
Corporate Taxation
Business Law

Certificate Papers

Stage 2 (compulsory)
Certificate in International Treasury Management (CertITM)

Stage 3 (select 2 electives)
Certificate in International Cash Management (CertICM)
Certificate in Corporate Finance and Funding (CertCFF)
Certificate in Risk Management (CertRM)
Certificate in Financial Maths and Modelling (CertFMM)
Certificate in Risk Management for Pensions (CertRMP)




MCT Advanced Diploma

The MCT Advanced Diploma MCT is the full membership qualification for the ACT. It develops the ability to find practical solutions to the most complex issues within treasury, risk and corporate finance. MCT is an MBA level course comprising five study units.


Study Unit 1 – Treasury Fundamentals

Study Unit 2 – Advanced Treasury Applications

Study Unit 3 - Strategic Treasury Solutions

Study Unit 4 – Project - An in-depth piece of work on a treasury related subject of your choice

Study Unit 5 – Revision

Examination: The two final examinations are designed to test understanding and strategic application of knowledge



CF - Corporate Finance Qualification - www.cfqualification.com/

Recently introduced by the ICAEW, the CF seeks to instil effective leadership and practical skills in those who achieve qualification. As it has only recently been introduced, senior practitioners will be able to achieve CF status at an accelerated rate.

The course is broken down into three stages – the Introductory Certificate, the Intermediate Diploma and the Advanced Diploma – and each stage must be completed before the next is started. Practical work experience is an essential element of the qualification. Studiers will need to be able to produce evidence of three years of experience when they have completed their diploma.

The three stages of the course cover the following areas:


Introductory Certificate
Regulatory environment
Conduct of business
Corporate governance and ethics
Takeovers and mergers and rules governing substantial acquisitions of shares
Capital structure
Equity capital markets
Financial statements analysis


Intermediate Diploma
Professional foundations of corporate finance
Financial statement analysis
Changes in control
Valuation
Raising debt and equity


Advanced Diploma
Changes in control transactions and restructurings
Mergers and acquisitions
Debt and equity issues
Project finance and private-public partnerships
Strategic financial management and advice.



Certified Fraud Examiner - www.cfenet.com

The Certified Fraud Examiner (CFE) qualification indicates expertise in fraud prevention, detection and investigation and is particularly useful in the area of forensics. For anti-fraud professionals, the CFE credential is the preferred certification of their status. The qualification combines a knowledge of financial transactions with elements of law and investigations to resolve allegations and instances of fraud.

Qualifying points are awarded to assess whether or not you are eligible to embark on CFE study. In our experience those who study for the CFE are already qualified ACAs looking to specialise in the area of fraud.

The CFE Exam covers the following four areas:

Criminology & Ethics - This section is designed to test your knowledge of criminological concepts whilst evaluating your understanding of the ethics of the profession. It also involves the administration of criminal justice, theories of crime causation and fraud prevention, crime information sources, and ethical situations.

Financial Transactions – Designed to test your knowledge of different kinds of fraudulent transactions in accounting records. You will be able to demonstrate your knowledge of basic accounting and auditing theory, fraud schemes, internal controls to deter fraud and other auditing and accounting matters.

Fraud Investigation - This section includes questions in the following areas: interviewing, taking statements, obtaining information from public records, tracing illicit transactions, evaluating deception and report writing.

Legal Elements of Fraud - This section ensures that you are familiar with the many legal ramifications of conducting fraud examinations, including criminal and civil law, rules of evidence, rights of the accused and accuser and expert witness matters.



CIMA - Chartered Institute of Management Accountants - www.cimaglobal.com

CIMA has over 131,000 students and members internationally. This qualification has a strong strategic and financial management focus.

To pass, you will take three levels of examinations and complete 3 years of practical experience with an employer. There are certain exemptions available dependent on the accountancy qualifications you already posses, the CIMA website lists all of these. You don't have to take this qualification and become an accountant, it is relevant to the full remit of finance and business management roles although is less frequently associated within Tax or Audit.

The syllabus breakdown is as follows:

1 Financial Accounting Fundamentals (FAFN)
(90 minutes computer based assessment)

Conceptual and regulatory framework
Accounting systems
Control of accounting systems
Preparation of accounts

2 Management Accounting Fundamentals (FMAF)
(90 minutes computer based assessment)

Cost determination
Standard costing
Costing and accounting systems
Marginal costing and decision-making
Budgeting

3a Economics for Business (FECB)
(60 minutes computer based assessment)

The economy and the growth of economic welfare
The market system and the competitive process
The macroeconomic framework
The open economy

3b Business Law (FBLW)
(60 minutes computer based assessment)

The English legal system
Establishing contractual obligations
Performing the contract
Contractual breakdown
The law of employment
Company formation
Corporate administration
Corporate finance
Corporate management

3c Business Mathematics (FBSM)

Basic mathematics
Summarising and analysing data
Probability
Financial mathematics
Forecasting



CIPFA -Chartered Institute of Public Finance and Accountancy- www.cipfa.org.uk

CIPFA is a specialist professional association that focuses on training for accountants who work in the public sector. The qualification is relevant for those working in the NHS, Local Government and other public organisations, and also directly relevant to private sector firms who work in public sector areas.

You can choose how you wish to study dependent on whether you want learn in your own time, take day release from work or weekly block release. There are two stages to obtaining the qualification combining a mix of exams and assignments, with the qualification usually taking three and a half years.

The stages are as follows:

Certificate
Financial Accounting (FA)
Management Accounting (MA)
Financial Reporting (FR)
Financial Management Systems & Techniques (FMST)


Diploma
Leadership and Management (L & M)
Financial and Performance Reporting (F & PR)
Accounting for Decision Making (ADM)
Governance and Public Policy (G & PP)
Public Finance (PF)
Taxation (T)




ICAEW - Institute of Chartered Accountants in England and Wales- www.icaew.co.uk

One of the largest professional accountancy bodies in Europe, qualifying from the ICAEW is highly regarded in all industries.

Before you can begin your studies, you must first find an employer who is willing to offer you a training contract. As employers are investing in you in terms of time and money, you will often find these contracts last for a minimum of 3 years and in a lot of cases 5 years, so take time to find the right employer who specialises in an area you are interested in and offers the right training environment for you.

The entry requirement is a minimum of 220 UCAS tariff points/18 UCAS points and a 2:1 or 1st degree. Despite this, other entry routes are available that take into account your experience and previous qualifications.

There are 2 stages to the ACA course.

Stage 1

The Professional Stage is the first of the ACA structure. Six examined subjects make up this stage, which focuses on concepts and principles:

Accounting
Audit and Assurance
Business Finance
Business Management
Financial Reporting
Taxation

It is also underpinned by the legal context for these subjects, which make up modules in Company Law and Commercial Law. This stage is flexible and can be taken in or outside of a training contract. The focus on concepts and principles will prepare you for future learning.

Stage 2

The Advanced Stage of the ACA emphasises strategic and technical business skills relevant to the modern day.

There is a multi-disciplinary approach, integrating tax, audit, financial reporting and business topics, including:
Governance
Business strategy
Insolvency
Financial strategy
Start-up
Corporate re-structuring
Change management
Performance management

Your course of study will involve business issues and is based on realistic problems, using case studies as its framework for the three examinations. The Advanced Case Study, a four hour case study exam, can only be taken when a student has entered the final year of a training contract.

Certificate in Finance, Accounting and Business

The Certificate in Finance, Accounting and Business (CFAB) is awarded by the ICAEW. It enables individuals from a wide range of business occupations to have a shared level of understanding of finance, accounting and business fundamentals.

CFAB consists of Professional Stage of the ACA, the modules include: Business and Finance, Management Information, Assurance, Law, Principles of Taxation and Accounting (mandatory).

The qualification can be used as a standalone qualification or as a stepping stone to the ACA. No previous academic qualifications are required and you do not need a training contract. CFAB can be completed in just one year and offers flexible study options to allow you to choose between tuition and self-study.

The qualification is ideal for those interested in a career in finance, business or accounting or for those who work within these sectors.



Joint Insolvency Examination Board / Certificate of Proficiency in Insovency - www.r3.org.uk

Established in the 80’s, the JIEB qualification is tested by an annual set of exams. Success in the examinations results in achievers being able to join the IPA (Insolvency Practitioners Association).

In the mid 90’s, an intermediate qualification was created for those with experience of working as an Insolvency Practitioner who are competent working in insolvency but not ready to sit for the full JIEB examination. To be eligible to study for the CPI prospective students require 5 GCSE passes as well as evidence of having worked in insolvency for a significant period of time.

The focus of the CPI is essentially on:
Corporate Insolvency
Personal Insolvency

Qualification for the JIEB will make you automatically eligible to become a fully Licensed Insolvency Practitioner, so long as you have evidence of the necessary experience as outlined by the professional bodies.

The exams are made up of three papers, all of which last for three hours:
Liquidations.
Personal Insolvency.
Receivership, Administrations and Company Voluntary Arrangements (CVAs).




Which Qualifications Should You Be Looking For In A Bookkeeper?Which qualifications should you be looking for in a bookkeeper?

FOR IMMEDIATE RELEASE
PRLog (Press Release) – Mar 09, 2009 – You have found your business needs the help of a professional bookkeeper and, after shopping around to find out who is best equipped to look after the finances of your business, you find yourself swamped by a list of bookkeepers that it is impossible to distinguish between. There are a lot of qualifications and title letters out there but which one really counts for your needs?

Qualifications are important to distinguish a superior service from other services, especially in when it comes to your bookkeeping which forms the important the foundations of your accounts.

On top of this, in the financial management industry it is even more important that business owners confirm that their finances are being taken care of by a person who has a qualification that grants them membership to an appropriate regulatory institution to ensure your sensitive details are secure.

Therefore, when enquiring into a potential new service provider or with your current bookkeeper, it is essential to find out whether they possess the relevant qualification. Without knowing this, it is impossible to know whether the service you are being provided is being produced by a person who holds the skills and the knowledge to produce your books to the standard you require.

The relevant body in bookkeeping is the Institute of Certified Bookkeepers (ICB). It is very important that a bookkeeper is qualified by this body since they are the main regulators of standards in the industry.

In these hard times, it is more important than ever to ensure that the bookkeeper you choose will give you a superior service and have membership to a regulatory body that makes sure your sensitive details are protected. Without this, the extremely sensitive financial details of your business could be open to abuse.

The Local Bookkeeper ensures all their professionals are qualified by and have membership to the ICB. This assurance differentiates our superior bookkeepers and our exceptional service from our competitors giving clients the confidence that their financial affairs are in the hands of our trustworthy experts.


BOOKKEEPER

QUALIFICATIONS: 1. High School Diploma
2. Knowledge of office equipment including computer operation
3. Demonstrated aptitude or competence for assigned responsibilities
4. Ability to communicate effectively
5. Such alternatives to the above qualifications as the Board may find appropriate and
acceptable.
REPORTS TO: Business Manager
JOB GOAL: To assist in the administration of the District's business affairs so as to provide the maximum
services for the financial resources available.