Professional recognition of placement work experience in accounting
If you are undertaking an accounting based placement and are thinking of training for a professional accounting qualification post graduation, you should consider having your placement experience officially recognised by your preferred Institute.
These are usually one of: Institute of Chartered Accountants in England and Wales (ICAEW) ; Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA) .
Recognition of placement experience, combined with the exemptions from examinations that are already available for taught modules, has the potential for reducing your period of post graduation training from three years to two years.
Some placement employers already operate schemes whereby students are effectively placed into an official training programme in which their placement experience is professionally recognised.
If you are undertaking an accounting based placement which is not with one of the above employers, you may still be able to gain recognition for your experience.
You will be required to register as a student with the Institute of your choice, for a small fee, and then follow the guidance provided by that Institute. This usually involves getting your experience signed off by an appropriate person, such as your line manager or a training manager and completing relevant paperwork.
Institute of Chartered Accountants in England and Wales (ICAEW)
The Institute of Chartered Accountants also requires that your placement employer is a recognised training provider.
If your employer is not a recognised training provider and your preferred Institute is the Institute of Chartered Accountants, the University’s links with the Institute allow us to request that your employer be considered for recognition.
The Association of Chartered Certified Accountants (ACCA)
Chartered Institute of Management Accountants (CIMA)
Which Institute shall I choose?
This will depend on a number of factors such as your preferred areas of working. Chartered Accountants and Chartered Certified Accountants are qualified to enter public practice (for example, working as a tax partner or audit partner) as well as working in industry.
Chartered Management Accountants generally work in industry and can also be found in large accounting practices but not in public practice roles. International students may wish to choose a qualification which is recognised in their home country.
- Institute of Chartered Accountants in England and Wales (ICAEW)
- The Association of Chartered Certified Accountants (ACCA)
- Chartered Institute of Management Accountants (CIMA)
Additional professional examinations during your placement year
Once you have registered as a student with your chosen Institute you may wish to consider using your placement year for sitting additional professional examinations which will reduce the number of examinations you need to complete post graduation. This option needs to be carefully considered because of the potential workload. You may also be committing yourself to additional costs in the form of tuition and examination fees. You are advised to discuss this option with your placement employers before making a final decision.