CIPFA members offered pathway to ICAS status
A new ICAS initiative has been launched offering CIPFA public finance accountants the benefits of membership of the world’s first professional body of accountants, and opening up the potential for them to work in both the public and private sectors.
The Pathways initiative, which will be launched on 1 June, offers CIPFA members two routes to dual designation as both a Chartered Public Finance Accountant (CPFA) and an ICAS CA (Chartered Accountant).
CIPFA members with more than seven years’ post-qualification experience will be required to complete and submit a competency-based assessment of their experience and skills to ICAS for evaluation and accreditation.
Members with less than seven years’ post-qualification experience can also obtain joint membership.
They will be required to attend ICAS classes, pass the ICAS multi-disciplinary case study exam and complete a two-year training contract with a minimum of 300 days’ relevant practical experience recorded in an achievement log.
The ICAS initiative is intended to give CIPFA members the opportunity to enhance their professional accountancy status in an increasingly mixed economy, and confirms their proficiency in professional practice across public and private sectors.
CIPFA already has routes for ICAS members to join the institute.
'A significant development'
ICAS Chief Executive Anton Colella said: “Developing routes which give the opportunity for CIPFA members to become ICAS members, which complement the existing ICAS to CIPFA routes, has been a very significant development.
“What we have today is a highly mobile accountancy profession. We are increasingly seeing people moving careers at least five, six, seven times in their professional life, and anything that could add to the leverage they could have in that process is a very exciting prospect.
“We have members working in every sector of business, the third sector and the public sector, and what we are trying to do as an institute is to facilitate mobility as much as possible, and make them as employable as possible in the range of sectors and geographies where they may want to work. So this we hope will be a benefit for those who wish to avail themselves of it.”
CIPFA Chief Executive Rob Whiteman said that the announcement had built upon the institutes’ collaboration to create the Integrated Qualification for Auditors, which was launched last year and allows graduates to become members of both institutes.
He added: “That has led to a broader discussion that, whilst it is great that we can offer the audit firms a joint qualification to be both a CPFA and a CA with one student registration fee and one membership fee, actually we can broaden that to our existing memberships.
“We’re really pleased to be working with a highly respected, trusted partner. We think it adds value to our members, both in CIPFA and ICAS, and we think it adds value for employers as well.”
The Pathways initiative is another milestone in the close collaboration between ICAS and CIPFA.
Last year both bodies launched the Integrated Qualification in Audit which enables students to work in both public and company audit and also leads to dual CA and CPFA designation.