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Post Info TOPIC: IAB AND ICB LEVEL 4 QUALIFICATIONS


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IAB AND ICB LEVEL 4 QUALIFICATIONS


Was just looking through the IAB and ICB websites and they both have a level 4 qualification.  The IAB are offering a Level 4 Diploma in Accounting to International Standards which covers Financial Accounting.  The ICB are offering a level 4 Diploma in Management accounting, drafting financial statements and personal and business taxation.  According to them this course is aimed at their senior members so I'm assuming those with the level 3 diploma in book-keeping will beable to take this course.

What I wanted to highlight is that book-keeping qualifications are becoming more advanced, therefore allowing bookkeepers to have the choice to provide accountancy services.  I think its a good idea.

What do you think?



-- Edited by louis on Friday 4th of June 2010 10:05:42 AM

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Hi,
Overall i think it is a good idea as it will allow people to further themselves and be able to offer a better service to clients and employers.
I do however think that if ICB are going to start and do more advanced courses that they need to work hard to get the qualifications more widely recognised by employers like most of the other professional bodies have done.
It is just my thought but i can't see the point in getting an extra qualification that is not widely recognised .

Stephen

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Hi Louis,

I agree with Stephen.

this reminds me of the Volkswagen advert where the basic premise is that if you want something that looks like a Volkswagen and sounds like a Volkswagen, why not just buy a Volkswagen!

For some time the ICB have been playing catch up but their qualification is still not recognised by the other supervisory bodies and in reply the ICB are refusing to recognise the qualifications of the higher supervisory bodies such as the ACCA and I believe AAT.

Additional learning is always a good thing but taking these qualifications with the ICB you would still be a bookkeeper, not an accountant.

A fully qualified AAT person (MAAT) can refer to themselves as an accountant.

The IAB qualification is recognised and from what I've heard the level 4 diploma is an excellent introduction to international financial reporting standards.

Worth noting here is that if you do not take any qualifications or join any body there is no reason that you cannot call yourself an accountant as the term is not currently protected (unlike surveyors or solicitors).

However, once you sign up with a body you sign up to the restrictions applied and in the case of the ICB that is that you are a bookkeeper.

AAT is still the route to go if you want to start out in bookkeeping, have the option of permie employment and be able to become an accountant (with restrictions) without taking any other bodies qualifications.

I would not invest in the level 4 ICB qualification until the other bodies start to recognise the ICB qualifications for exemptions which is a sure sign that they are getting somewhere.

The IAB qualification on the other hand may be worth investing in if you wanted to advance your studies (that one is widely recognised).

All the best,

Shaun.

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My thoughts precisely

If the ICB did more to promote the "brand" to the target market, that mattered to me, then I probably wouldn't be considering jumping ship.

Unfortunately the only target market they seem to be aiming at are their own student membership and members.
Had to edit this post because I've just seen on the ICB site that they intend to make more money with fines for late renewals and MLR filing, so make sure you aren't five minutes late or it will cost you £50

What a lovely day

Bill

-- Edited by Wella on Friday 4th of June 2010 12:02:20 PM

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Hi Bill,

actually, on that fines point. What obligation would we actually have to pay an ICB fine?

Are they within their right to pursue the claim or is the worst that they can do expel you as a member?

I think that all they can do is expel you but I stand to be corrected.

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Hi Shaun

I believe that the fine is the first step, then normal disciplinary procedures, if you still fail to renew your practice licence or are late with the MLR submission.

As you say what can they do?

Bill

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Sure that you read what I wrote but I shouldn't let their revenue gathering mentality annoy me.




-- Edited by Shamus on Friday 4th of June 2010 12:38:19 PM

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You are spot on with your comments Shamus. yes more knowledge is good, but at the end of the day we would still be book-keepers and will not be able to charge Accountants fees.

Exams are costly in money and time.

I am ICB but do wish I had gone AAT earlier.

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julie


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I would like to study the AAT but at the moment they do not allow self study (without a training provider).  I learn best by studying on my own and I don't want to pay the expensive fees of the training providers.

CAT is another option, but it does not allow you to set up an accountancy practice.  It's such a shame, as the syllabus is similar to that of the AAT.

-- Edited by louis on Saturday 5th of June 2010 11:40:45 AM

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Hi Louis,

take a look at the CIMA qualification as well.

You can self study, you end up as an accountant rather than a bookkeeper and it's the next level above AAT / CAT.

Additionally people with the CIMA qualification don't have the sort of draconian restrictions placed on them that you have with the ACCA. I know that one all to well as I'm ACCA! That said, I wouldn't swap as the ACCA qualification is generally accepted as the highest one next to ACA (ICAEW / ICAS).

Whatever path you take, make sure that you enjoy it as you will be doing it for an awfully long time.

Talk soon,

Shaun.

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Thanks for the useful advice Shamus.   Whatever route I take, I will definitely go for an accountancy qualification.  Based on what I've read I won't waste anytime on ICB qualifications. 

Any potential book-keepers should take the IAB route so if they do decide to go for an accountancy qualification at a later stage, they will get exemptions.

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The only thing at the minute with IAB is theres just not enough training providers, cannot do this course on level 4 as nowhere to do it or take exams..

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Ideal Schools which is a distance learning provider offers the course.  If you visit their website at www.idealschools.co.uk you will find more information.



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Hi,
I also agree with the general comments about ICB qualifications. I have worked in bookkeeping profession for a number of years and the ICB qualifications are simply not recognised generally throughout the industry so it's not really that worthwhile in having them. Much better to aim for AAT qualifications or IAB as these are the qualifications that most employers etc prefer.

Steve.

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louis wrote:

 

Ideal Schools which is a distance learning provider offers the course.  If you visit their website at www.idealschools.co.uk you will find more information.



Just a word of warning to anyone considering enrolling for existing IAB qualifications.

The IAB are currently in the process of revising their qualifications and the new syllabuses will launch in September of this year. Some of their existing units (mainly the level 4 qualifications) it appears are being discontinued (presumably, due to poor take up rates).

All their new computerised units are to be based on the widely used Sage Line 50 software and run in conjunction with Sage. On successful completion of the new units, students will  receive a certificate of comptency from Sage as well as the IAB.

Their new structure will also provide for students to enrol for 'combined' qualifications which cover both the manual and computerised aspects of the syllabus. 

See http://www.iab.org.uk/qual_sept2010.asp



-- Edited by Mike on Friday 18th of June 2010 09:57:18 AM

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There is one level course via the IAB Im flirting with once I have completed my OU course.. Level 4 diploma in personal and business taxation... just cant seem to find a distance learning provider to undertake it...lol



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Hi
In response to the question about the level 4 IAB Accounting to International Standards, I have taken this qualification and would highly recommend it.

If you have some experience you do not need a training provider, I bought the relevent study material from the IAB for £25 and then just paid to sit the exam.

In my experience these training providers charge hefty fees and do little to earn their money.

Valerie

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Hi Skyebookkeeper
I did the IAB Level 4 personal and Business Taxation successfully last year with out a training provider - the IAB syllabus was almost identical to the AAT Units on Personal and Business Taxation and with the use of the relevant books for those Units purchased on EBay and some of the material from the HMRC site, I managed to obtain a pass and credit first time - it's not easy and you need a cool head and allow plenty of time for the material to sink in and to practise the necessary numerical techniques but it is possible.
However, as has been noted above, the IAB is revising its entire raft of qualifications as Mike indicates in his posting and the Taxation papers have dropped out - sad, as there a lot of people who need a little help with sorting out their returns but probably don't need the full services of a specialist tax consultant,for whom a bookkeeper's probably lower fees would be an attractive alternative.

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I sent the IAB an email regarding their Level 4 in Accounting to International Standards and this was their response:

"Accreditation for this qualification expires on the 31st December 2010 and the last examination sitting will be January 2011.
 
At the moment we have not decided whether to offer this on the QCF as we have been concentrating on the level 1, 2 and 3".


I believe this would apply to their taxation qualifications as well, so we just have to keep our eyes peeled.
 


-- Edited by louis on Saturday 10th of July 2010 03:20:35 PM

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Hi all

New here,

All supervisory bodies have brought in a £50 late renewal fine, they all agreed it between themselves.

B

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