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Original poster

Qualified accountants working in industry....

15 replies

AskforJanice · 30/12/2019 21:38

Do you still maintain your professional membership? I always have done, but thinking about it, I have never once been asked in the 20 years I’ve been qualified, if I am still a member.

Just gone to renew and it’s £258 (ACCA) plus another £200 or so for online CPD and I can’t decide if it’s worth it 🤔

OP posts:

Saltdoughmuncher · 30/12/2019 21:39

DH works for the NHS and has to maintain his as a condition of his job.

Poppyfields21 · 30/12/2019 21:41

The problem is that if you don’t, and then change jobs and are required to have it, you have to pay for the missed years too

beepbeeprichie · 30/12/2019 21:42

Can you still call yourself a qualified accountant if you don’t pay? If you don’t do your CPD/ pay ACCA then I think you lose that privilege and it’s not as simple and choosing to pay again in 5 years if you change your mind!

Lemonysherbet · 30/12/2019 21:51

Do your employer's not cover the cost?

MrsArchchancellorRidcully · 30/12/2019 21:55

Firstly your employer may still require you to complete cpd whether you keep your ACCA or not and you'll get discounted access to online courses etc.

If you resign your membership, phone them (0141 582 2000 24/7) to get advice. If you just stop paying you'll be removed from the register and will have to pay a penalty if you rejoin. If you resign properly, they SHOULD suspend your membership and you won't have to pay the missing years if you rejoin though you'll have to pay a rejoining fee. The advisers can give you proper advice.

Don't forget if you resign you cannot refer to your ACCA on your email footer or business cards etc.

But why would you want to give up something that cost you blood sweat and tears to get? I'd never give mine up. I'm proud of my letters!!

Louloubaba · 30/12/2019 21:56

If your employer doesn't cover the cost you should be able to have your tax code adjusted to reflect what you pay for membership.

Teensandfuture · 30/12/2019 21:58

Ask your employer to cover cost, it's pretty standard in the industry

TattiePants · 30/12/2019 21:58

If you are still working as an accountant then I would recommend you keep up your membership. Will your employer not cover the costs? I left practice in 2000 and for the following 13 years I worked in industry it was always covered. I run my own business in an unrelated field now so have let my membership lapse but that's because I know I will never work in accountancy again.

trilbydoll · 30/12/2019 21:58

My employer reimburses my ACA membership, I pay for any extra faculties and special interest groups.

If I had a CV saying the candidate qualified but wasn't a member I'd suspect they were expelled, I've probably read too many disciplinary reports!

GrumpyHoonMain · 30/12/2019 22:01

Anyone can be an accountant in the UK. What distinguishes ‘qualified’ accountants is that they have professional accreditation which means their experience and qualifications meet specific minimum standards.

GrumpyHoonMain · 30/12/2019 22:03

If you applied for a job in my team and said you were qualified but then weren’t on the ACA / ACCA or CIMA register I would assume you were either lying or expelled.

Obviouspretzel · 30/12/2019 22:04

I wouldn't allow it to lapse. You won't be able to refer to your chartered status. Would echo what others have said about it being standard for employer to cover cost.

familydramalama · 30/12/2019 22:08

Yes otherwise I won't technically be a Chartered Accountant any more, well able to use the title ACA

GaraMedouar · 30/12/2019 22:11

My employer pays for mine, if ever I left I wouldn’t bother to pay for mine - this year ICAEW was £395!

GlamGiraffe · 30/12/2019 22:13

I personally think its worthwhile to continue membership, as an ICAEW member I would never not pay the membership which is enormous by comparison to the figures you are quoting. Clients choose us because of our institute membership and it's hard earned. It means we are audited and answerable which guarantees our standards so people can be guaranteed we are reliable. We will only employ qualified accountants with memberships as we need to know they have not been struck off etc. If you need to change jobs in the future you may well need to show your membership for this reason.
I personally think its worthwhile. From the institute point of view you also have mediators to look into any complaints that individuals might make and potentially fend them off without causing you any issues should they be unjustified which is helpful.
Perhaps it depends on your career stage and what you consider yourself doing in the future and for how long as yo what decision you make?

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