A fellow member of the institute wrote to me today, voicing his fears over the dilution of the ICAEW brand wrt less demanding entry requirements for members of the profession who qualified in India and Pakistan.
"I recently discovered that ICAP(Pakistan) members just need to pass ICAEW 4 papers to become ICAEW members. Moreover ICAP members do not need to undergo any training with ICAEW ATO.
In past (until last wk) ICAP members needed to pass ICAEW 4 papers plus undergo 2 yrs training with ICAEW ATO to become ICAEW member, but now ICAP members do not need to undergo any training.
I do not know why ICAEW is giving its membership of other institutes members in this way. If ICAEW does not want other institute's members to undergo any training in ICAEW ATO (which is main strength of ICAEW), then I have to say merger with ACCA is a better option....
ICAEW has given more relaxation to ICAI(India) members."
Anyone from Moorgate care to comment?
There is no way the ACCA would dilute the brand by merging with ICAEW.
ReplyDeleteI agree, there is no way ACCA would dilute ICAEW brand by merging with ICAEW.
ReplyDeleteThe way ICAEW is giving its membership to ICAP(Pakistan) and ICAI(India) members, it will dilute ICAEW brand for sure. Instead of giving ICAEW membership to ICAP(Pakistan) and ICAI(India), ICAEW should try to merge with ICAS and ACCA.
I don't think so that ICAEW diluting its brand by merging with ICAP. I don't know about ICAI(India) standards but ICAP(Pakistan) has very high standards. ICAP members are serving very high class organisations in these days. If you will have pleasure to work with them, you will come to know that how competent they are.
ReplyDeleteICAP members are qualified after undergoing rigorous training and exams. Since, Pakistan has adopted IFRS from its inception, Pakistan qualified Accountants have the clear advantage over their Indian counterparts,especially when it comes to IFRS. I believe that the two institutes (ICAP & ICAEW) should work more closely and allow more exemptions.
ReplyDeleteI dont also think ACCA would dilute its brand. The global recognition of ACCA is unbeleivable. Cngrts and gr8 work ACCA. I visited 60 countries, I am an ACA,icaew, myself. Before i didnt realise the brand image of ACCA . every country i went i noticed i met ACCA people frm top managemnt to lower lvl. But at this point of recession, i think icaew & acca should merge, evn though ICAEW will be more benefited then ACCA. They should become a single uk's most power body. I am nt saying that bcoz i am ACA but bcoz synergies involved. They should atleast sit and discuss about it.
ReplyDeleteThe only solution to this issue is to merge ICAEW & ACCA so that the merged entity will become a household brand name across Europe & more dominant in the international market.
ReplyDeleteInteresting article, added his blog to Favorites
ReplyDeleteI'm a ACA from Sri Lanka. Those days we regarded ICAEW as a utmost prestigious qualification. But, from October 2010 ICAEW has offered membership to all Sri Lankan ACA members with only 4 papers to be sat. No additional training is required what so ever. Hence, now I'm able to easily become an ICAEW member.
ReplyDeleteAs such I don't understand what's the big fuss ICAEW has in merging with ACCA-UK?...they could be more stronger if they merger and leverage each of their strengths..so that they could become the strongest accounting body in the world with wide presence all over the world !!...(ACCA' strength of global presence+ICAEW strength of prestige)= Global Leader in Accountancy Body
No one cares. Its about the work experience.
ReplyDeleteRecruiters will simply find a way to stream on other criteria to ensure they shortlist the people they are looking for if everyone falls under the same designation.
Of course all the UK bodies should merge and be stronger internationally.
All the exams are of a similar standard and all well beyond the standard you need to be at to actually do any accounting job.
Plenty of big 4 candidates leave after 3 years of cramming exams, playing with excel and using the photocopier with no practical idea.
All these exams are is a barrier to entry to gain experience.
Membership of a professional body just means the practitioner can be held to account or face fines, or criminal proceedings.
Doing the job means keeping up to date with legislation, it does not mean cramming for a pointless exam.
I would go on to say yes there is a snob value with ICAEW - but this is because the kind of people who get on the ACA contracts are those that weren't good enough or didn't have the contacts for investment banks, nor did they have the skill and passion for medicine.
Consequently they need to differentiate themselves from the rest of the excel monkeys to make themselves feel better about wasting their youth doing a pointless degree in a boring subject to then be glorified admin cannon fodder for the big 4.
They also think that it differentiates them in the marketplace, to a certain extent this is true - I find I get more offers on my dating profile when prospective dates see that I am a certified 10 inches - but its always size 14+ women.
Next year ACCA go 4 exam sittings a year lectures are now available free online.
Any practice putting staff on ACA contracts is wasting money,in a climate of tumbling fees and outsourcing back end work - its only the big 4 that will bother with the ACA.
It is only a matter of time before ICAEW wave the white flag and everyone falls under the banner of CPA anyway....
This has just happened in Canada where all their bodies have merged.