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Hi everyone, I just want to ask for your opinion or experience on the IFA membership (Institute of Financial Accountants). I am considering to apply for membership as they specialise in SME/SMP sectors and also they have merged with the IPA Australia which seems to have very good reputation in the accounting industry. And according to Wikipedia, members of IFA are classed as qualified accountants.
In the UK, is being a full member of this association going to be worth it? I am not really sure if they are actually recognised by employers, as qualified?
Thanks for your help.
ED
Hi ED,
I have an interest in IFA too. I am from London. I actually have been planning to join IFA from Jan 2018 hopefully for level 5. I will only have to do 3 papers to complete the level 5 study as I have completed my AAT.
IFA are more of qualified Financial accountant and are level 5 max here in UK. So it’s below degree level which is why I am confused between joining ACCA or IFA.
What have you decided mate?
I think they are a good organisation to belong to and they have the potential to grow if the IPA group pushes on uplifting their QCF level and brand in the UK, cause they seem to have high standards within their niche and they provide better, personalised customer service to their members, things that may be difficult to get from a large body.
I may still consider joining if I ever decide to be in practice, because of their expertise in the SME sector. Right now, I would like to complete ACCA and see how things go. ACCA is global, just like CPA Ireland, you just can’t knock their international recognition and whoever manages their brand is brilliant. I just wish IFA would be more dynamic in promoting their brand such as in PQ magazines, etc. and be more recognised by employment agencies and employers. It’s obviously also a matter of perception.
If you are AAT and a part qualified ACCA , and you would like a full membership with an IFAC body, then the IFA is a good option.
Thanks mate. I think I have decided and will join IFA qualification. It’s cost and time effective to Uni. I could just join for final year in Uni after completing IFA level 5.
Best wishes.
For what it’s worth I’ve never heard of it and I would imagine if I asked managers in my office what it was I’d get a blank stare.
Yes in UK the other 4 or 5 awarding body are popular but still IFA has full membership and accepted by Banks; also members can be called qualified accountants.
But the term qualified accountant has no protection, anyone can call themselves that. I’ve heard people who have AAT calling themselves qualified. In fact you can legally call yourself an accountant with any qualification at all.
To call yourself CHARTERED on the other hand though you must have ACCA, CIMA, ICAEW or equivalent.
I don’t see the point in registering with this association if their qualification is only level 5 (As opposed to the full ACCA qualification which I believe is level 7) and very few people who might hire you have heard of it. I just had a quick look on their website and they will accept you as a member if you’ve completed F1-F9. You’d be better off just doing F1-F9 and then you can call yourself part-qualified and doors will open up for you then.
I’m just being realistic, I don’t see how doing this would help you get a job. You’d be better off just concentrating on ACCA.
Part qualified is even if you do 1 paper.
Whoever can call be called Accountant not qualified. Yes about chartered.
I don’t want to be Certified Accountant but I want to be a qualied accountant accepted by many country and org but on a fast track. I do have a long term plan for CTA instead which wouldn’t need me to finish CA.
It all depends what student wants to be.
OK, well if you are looking abroad things may be different, I was talking from a UK perspective.
I’d have to respectfully disagree that 1 exam pass makes you part qualified – try applying to a few jobs which specify part qualified student with 1 exam pass and see how far you get!
I am talking from experience as to how it works in the real world of work, particularly in finance roles in industry in the UK.
With no disrespect, I know many may not get that far but as completing 1 paper too you can put that in CV. While a qualified accountant is who have finished a certain level of qualification.
AAT – Accounting Technicians/ Part qualified Accountant/ AAT Accountant.
IFA – Qualified Financial Accountant.
No one can say they are qualified accountant without certain level of education. But yes any one can say they are accountant at anytime but providing service is different story.
I am based in London and have different experience to you. Just to add, it’s not about what you know but who you know.
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