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I had a question going around in my mind that is gaining a professional qualification through exemption and reciprocal agreement the same. For example, if a person is ACCA and he starts to do ICAEW. Now ICAEW has reciprocity agreements with many accountancy bodies like CA ANZ, CPA Canada and more and these bodies have stated that only those ICAEW members are eligible who did not gain membership through any reciprocal agreement or MOU. My question here is that if we did any professional qualification on the basis of exemption, in this case, ICAEW will we be able to gain membership of any other body as we did ICAEW by claiming exemptions. so will exemptions be considered a reciprocal agreement be considered ACCA and ICAEW or gaining membership through reciprocal agreement is a different thing. Will be thankful for all your input fellows and professionals.
In short – exemption concerns exams – reciprocal agreement concerns membership.
In a professional qualification scheme, exemptions refer to individual exams. It is not possible to be qualified by exemption alone (e.g. for ACCA there are no exemptions available for strategic professional exams). Where there is reciprocal agreement provision professional bodies – a member of one body (i.e. is qualified) applies for direct membership of another body. Each application for direct membership is considered on its merits (it is not “automatic”).
If accepted the member then pays annual membership subscription to both bodies and must meet the CPD requirements of both (if equivalent then this is just a matter of declaring to one body that they have met the requirements through another body).
If you have related questions I recommend you use the more widely used ACCA general forum on this page https://opentuition.com/forum/acca-forums/
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