Professional Accounting Bodies

Institute of Financial Accountants (IFA)

The IFA is an internationally recognised professional accountancy membership body, whose members work for small
and medium-sized enterprises (SMEs), or who run or work in small and medium-sized accounting practices (SMPs)
that advise SMEs.

We support over 10,000 members and students in more than 80 countries with a programme of professional
qualifications and education, as well as resources, events, training and seminars. We have a highly experienced senior
management team, many of whom have held high-profile leadership roles for the accountancy profession’s leading
chartered bodies. We have a lively and engaged local branch network and an active worldwide membership.
Our members uphold high standards of conduct, confidentiality and ethics; they undertake annual continuing
professional development (CPD) activities.

The IFA is an associate member of the International Federation of Accountants (IFAC), the global accounting standard-
setter and regulator. We have also been formally recognised as an awarding organisation by Ofqual, the UK public
body responsible for maintaining and monitoring standards for general and vocational qualifications and
examinations, underlining the quality of our work and the integrity of our qualifications.

We are also recognised by HM Treasury to regulate our members for the purposes of the Money Laundering
Regulations 2007.

A rewarding business career

Your path to a brighter future
A career as a financial accountant offers limitless potential and generous reward. So it pays to equip yourself with the
tools to achieve these objectives. The qualifications offered by the Institute of Financial Accountants give you those
tools.
 The influence of financial accountants in business is far-reaching. For SMEs in particular, finance professionals
are the lynchpin of success. 

 Gaining an IFA Qualification will give you all the benefits of membership. You’ll also have credentials that will
open up a wider range of career options, including management and leadership roles. You’ll be confident of your solid
grounding in financial management – but without having been forced to spend unnecessary time learning in-depth
issues such as external audit or advanced tax, which would be unlikely to fall under your remit.
 Pursuing IFA qualifications on a part-time study basis can take as little as two years; in fact, some of our
members have earned their designated letters even before they’ve completed their university degree course. Find out
where and how you can train.
 First-class study support is available, with excellent study materials and the opportunity to practise mock
exams. Find out more here.

A commitment to excellence
Our vision and values
Our vision is for the IFA to be the leading international body for accountants working for small and medium-sized
enterprises (SMEs), or who run or work in small and medium-sized accounting practices (SMPs) that advise SMEs.
We strive to be both a champion and a voice for SMEs and SMPs themselves, with business, government and
regulators, and to act in the public interest.
Throughout all our activity, we aim to uphold a number of core values:
 Standard-setting: demonstrating the highest standards of professionalism and reliability, as well as best-
practice customer service
 Professional: responding to your challenges with consistently relevant, commercially-focused advice

 Enterprising: adding a forward-thinking, innovative, commercial dimension to our thinking

 Dynamic: agile and responsive, no matter the speed and magnitude of change in business environment or
economic climate

 Ethical: championing integrity, fairness, diversity, transparency and responsibility.

Protecting the public

Acting in the public interest
The IFA is committed to upholding the highest ethical and professional standards, and promoting the conduct,
objectivity, competence and integrity expected of professional accountants. Central to this commitment is our
uncompromising pursuit of the public interest. We want members of the public to have confidence in the work,
recommendations and conduct of our members.
Only by acting in the public interest we can most effectively support our own members, and provide them with the
tools and mechanisms to act in the best interests of their clients, employers and other stakeholders. In turn, this helps
them uphold the standards and values upon which their individual reputations rest, and safeguards the collective
reputation of our global membership and student body.
Our commitment to act in the public interest manifests itself in a number of ways:
 We do more than simply demand that our members act in the public interest – it’s an integral part of our
monitoring and regulatory activity, whether members work in practice or business

 We are recognised by HM Treasury to regulate our members for the purposes of the Money Laundering
Regulations 2007
 Members of the public have recourse for action should they have grounds for complaint about the work or
conduct of one of our members
 All our members must satisfy our professional standards team that they meet our exacting criteria – not
only at entry point but going forward on an annual basis, by fulfilling their continuing professional
development obligations.

Getting started
An insight into IFA qualifications
The IFA offers a range of qualifications, designed to meet the specific needs of finance professionals working in SME
businesses, as well as those in accounting practices who advise and support SME clients.
The IFA is accredited as an awarding organisation by Ofqual, the UK’s public body responsible for regulating and
monitoring qualifications and examinations. Ofqual accreditation demonstrates our commitment to quality training
provision and student support, while underlining the integrity of our qualifications.
IFA qualifications are evidence that you have the practical ‘hands-on’ financial management and accounting skills to
run a successful business. They will help you develop and improve your workplace skills, your knowledge of the
regulatory environment and gain you professional recognition.
 IFA Financial Accountant Diploma for those who support finance managers
 IFA Professional Financial Accountant  for those who manage, lead or seek promotion within finance
 IFA Diploma in IFRS for Accounting Professionals  (available in a range of non-UK countries)
 IFA Diploma in IFRS for Business (available in selective non-UK countries)
By studying for one of the IFA’s qualifications, or for a university degree that embeds our Financial Accountant
Diploma into its first two years of learning, you’ll qualify as a finance professional in no time.
A growing number of universities in the UK have embedded the IFA Financial Accountant Diploma and Professional
syllabus into their accounting and finance degree courses. If you embark on one of these degrees, you’ll qualify for
membership of the IFA at Financial Accountant Executive grade on successful completion of the second year of your
studies, allowing you the designated lettersDipFA even before you’ve graduated.
When you graduate, you would not only receive your degree: you’ll also be eligible to apply for Associate
membership, allowing you to use the designation AFA and describe yourself as an Incorporated Financial Accountant.
 Find the route that works for you
A choice of paths
Some qualifications, gained via higher or further education, provide good foundations for embarking on the IFA
Financial Accountant Diploma or Professional Accountant qualification.
The IFA recognises prior learning that is relevant to the IFA’s qualifications. This recognition of prior learning (RPL)
exemptions policy and procedure includes both some standard decisions and a process for looking at other individual
cases.

Prior qualifications Entry point for IFA qualifications

Standard A level/GCSE university entrance Financial Accountant Diploma
 
Financial Accountant Diploma – credit for prior
  learning (exemptions) available, dependent upon
Bookkeepers and accounting technicians qualifying programme and organisation
 
Financial Accountant Diploma – credit for prior
  learning (exemptions) available dependent upon
Business and finance HND/C holders qualifying programme and organisation
 
Finance and accounting graduates from  
recognised universities Professional Financial Accountant
 
To establish your eligibility for RPL, complete and return the IFA student registration pack (including section 4), after
which our Education team will advise you of applicable exemptions.

Delivering business know-how

What IFA members do
No matter the economic climate, accountants and finance professionals enjoy a high demand for their skills and
experience. In particular, SMEs (small and medium-sized enterprises) rely on their sound grasp of financial
management to help them stay in business and gain a competitive edge. 
Many of our members who act as financial managers in business, or who occupy more senior roles in accounting
practices, also play key roles in the strategic direction of their employers. These roles might touch on some or all of a
number of specific responsibilities:
 Providing intelligent analysis: Production of relevant financial and management reports and insightful
analyses to support operational and strategic decision-making

 Recording transacted business: Provision of historical and forecast data to external stakeholders, such as
banks, potential business partners and regulators

 Improving efficiency: Identification and planning of cost-reduction measures, and putting mechanisms in
place to monitor spend

 Safeguarding integrity: Compliance with regulatory and internal requirements for financial reporting, as well
as with ethics
Find out how you can get your finance career off to a great start by studying for one of our qualifications.

Progression
Where next?
Once you have got your qualifications, you can go further.
 Become a member of the IFA and gain access to all of our benefits and privileges.
 Successful completion of the Financial Accountant Diploma will provide you with eligibility for Financial Accountant
Executive membership (allowing use of the designatory letters DipFA).
Successful completion of the Professional Financial Accountant qualification will provide you with eligibility for
Financial Accountant Associate membership, use of the designatory letters AFA and allows you to describe yourself as
an Incorporated Financial Accountant.
 You may be eligible to progress onto one of the IFA's top-up degrees with one of our university partners
 You may wish to pursue a career as a Chartered Accountant. The IFA qualifications provide you with RPL
credits from the ICAEW's qualifications

A partner for teaching

Supporting you, supporting your student
Offering IFA qualifications will give you the opportunity to attract ambitious, talented students focused on qualifying
as finance professionals.
 Fastest route to qualifying: Through our embedded learning scheme, your students can become IFA
members (with designated letters after their name) even before they graduate.

 Chartered body exemptions: Those who decide at a later date to pursue chartered qualifications will benefit
from exemptions from earlier-stage papers covered in our syllabus

 Enhance your standing with SMEs: By offering IFA qualifications that are SME-specific, you’ll strengthen
existing employer partnerships and your reputation as an educator with the local business community
 First-class support: We’ll help you deliver IFA qualifications with comprehensive support from a highly
experienced professional education team, accessible to your tutors

 Quality support materials: BPP, one of the leading names in professional education, authors all the IFA’s
study guides; we also provide past papers
 Good company: A range of accredited training providers throughout the UK and overseas, providing a
virtual network of like-minded training professionals for your tutors to share success stories, experience and advice

Quality assured
Meeting the highest educational standards
We ensure the syllabus of our qualifications is demanding but relevant, with expert objective external accreditation:
 Syllabus informed by extensive market research and ongoing dialogue with employers and educators

 Experienced, highly respected examiners, moderators and assessors, the majority of whom are professional
qualified with years of experience setting and marking chartered exams

 Exam administration and invigilation conducted against rigid criteria, overseen by the Assessment & Quality
Board (AQB)

 Accredited training providers that meet exacting IFA qualifying criteria (covering tutors, materials, learning
environment and student support,) and subject to regular review

 Accreditation by Ofqual as an awarding organisation gives you reassurance about the IFA’s governance,
expertise and quality assurance

Seal of approval
Improve your standing amongst local students and employers
The IFA grants accredited status on training providers who meet our quality standards and assurance criteria. We set
high standards: the path to accreditation is demanding. But we’ll make it our business to support you and your
organisation, as you undertake the steps required to become accredited. And you’ll enjoy tremendous benefits:
 Marketing support: Use of the IFA logo and the term ‘IFA Accredited Training Provider’ for co-branded
training, materials and facilities, and for displaying on your website or in digital and printed marketing materials
 Networking opportunities: Exclusive invites to IFA conferences, workshops and events, attended by other
training providers, IFA officers and members and local business leaders

 Online priority: Listing of your organisation amongst fellow IFA-accredited training providers on our
website, with automatic listing ahead of non-accredited providers when students, potential students or employers
search our database

 Market intelligence: Regular updates and e-bulletins from the IFA 

 General support: Help from our friendly, efficient, head office support team on issues such as student
registration, exemptions, examinations, other qualifications or progression routes
Accredited training providers must comply with IFA principles, providing evidence that they follow best practice in a
number of key areas:
 Professionalism and commitment to IFA training

 Management and administration of IFA programmes

 Training and examination environments

 Student development and support

 Personal and professional development

Earning accreditation will include visits by our education and accreditation team, with occasional on-site audits to
ensure ongoing compliance with the IFA’s requirements for accreditation.

International
Working globally
The IFA has members and students in more than 80 countries. We have representatives and agents operating on our
behalf across the world, who:
 Support the training providers and universities who deliver our qualifications (face to face  and via distance
learning)

 Arrange academic and commercial partnership agreements

 Provide points of contact for members and students, liaising on their behalf with our UK head office staff
Our Hong Kong branch has its own elected Council and dedicated English/Cantonese microsite –find out more.

Association of International Accountants (AIA)

Why AIA?
Recognised in over 30 countries and with members in 85 countries around the world, AIA
represents professionals at the top of their industry and has a history of promoting trust, clarity
and knowledge in accounting.
AIA is committed to providing an exceptional level of service, including the following:
Flexibility – AIA allows you to study at your own pace and in your own time.
Support – AIA will support you far beyond the exams, we will assist you throughout your entire
career.
Opportunities – International Accountants hold key positions in all business sectors and a
diverse range of organisations, making valuable contributions to the profession.
Experience – AIA has been helping our members achieve their career goals since 1928.
Global – AIA has a global network of branches and partners who will support you wherever you
are in the world and wherever you want to go.
Rewards – AIA recognises your hard work and commitment at every stage of the exams.
Service – AIA treats all of its students and members as individuals; you will receive a
personalised service that is tailored to your own specific needs.
AIA Professional Qualification
The AIA professional qualification will provide you with the ability and understanding needed to
develop a successful career across the broad spectrum of accountancy, finance and business
and provides the basis of the AIA’s training to become a statutory auditor.
The exams are split into three blocks, each of which build on the knowledge and skills you
achieved in the prior level; breaking the qualification down into easily achievable, bite-sized
chunks.
AIA recognises your advancement through the qualification and as you complete each block you
are awarded a certificate to demonstrate your continued learning and expanding knowledge base.
International qualification, local understanding
As an international organisation, AIA understands the balance between global business and local
knowledge and the exams are based on International Financial Reporting Standards,
complemented by a range of variant papers applicable to local tax and company law in key
jurisdictions.
Study options
AIA offers a number of study options to students including distance learning with approved AIA
study materials and studying with a local Study Provider. AIA recognises that students have
different needs so making the right choice for your lifestyle is important, but however you choose
to study you can assured that AIA will support you every step of the way.

Qualifications and Credit Framework (QCF)

The Qualifications and Credit Framework (QCF) is the new framework for creating and
accrediting qualifications in England, Wales and Northern Ireland.
It will give a wider range of learners the opportunity to get the qualifications they need, in a way
that suits them. QCF qualifications are designed with the help of employers so learners can be
assured that they're gaining skills that employers are looking for. 
The QCF:
 recognises smaller steps of learning and enables learners to build up qualifications bit by
bit
 helps learners achieve skills and qualifications that meet industry needs
 enables work-based training to be nationally recognised.

The QCF & AIA

AIA's recognition application for the Qualifications and Credit Framework (QCF) was approved by
Ofqual’s Regulators’ Recognition and Accreditation Group (RRAG) at their meeting in November
2010.
This is the second and final stage of AIA’s application to operate within the QCF, building on our
achievement of Awarding Body status on 1 February 2010. This recognition offers another
guarantee that AIA members are being trained to the highest levels. AIA is the first Recognised
Qualifying Body (RQB) to be recognised under the provision of the QCF.
AIA Chief Executive, Philip Turnbull, said: “This is an endorsement of AIA from an independent
government body, and it reinforces our high standards; validating the procedures and structures
we have worked hard to implement.”
AIA President, Andrew Lamb, said: “It is important that a nationally recognised framework exists
for qualifications and awarding bodies are assessed independently against a standardised
criteria. AIA’s recognition within this framework complements and underpins our status as a
Recognised Qualifying Body under the UK Companies Act 2006.”
As an Awarding Body, AIA certificates will be issued with the logos of Ofqual, Welsh Assembly
Government and the Council for the Curriculum, Examinations and Assessment (CCEA).

Exams
Progressing through the AIA exams is both challenging and rewarding. AIA are here to aid you by
offering flexibility, support and resources and ultimately, helping you triumph.
Structure & Exemptions
The structure of the AIA exams is designed to allow students to build on their knowledge and
progress well. It is separated into three levels, Foundation, Professional 1 and Professional
2.Exemptions are offered to students who obtain relevant qualifications both before and during
their study for the AIA Professional Qualification.
Flexibility
Students are given ten years to complete the AIA Professional Qualification, enabling them to
study at their own pace and achieve a work/life balance. As an international organisation, AIA
also offers students the option of sitting the papers based on international standards or in some
cases local variant papers.
Support
AIA’s dedicated Membership Services Department is available to help students with any queries
they have regarding the AIA exams, other qualifications or study aids.

Careers in Audit
A career in audit is challenging, interesting, stimulating and rewarding. As an auditor you will
assess companies’ accounts to ensure that they show an accurate and fair picture of the
business. Today’s auditors look beyond finances and make key decisions on the processes,
operation and objectives of a business and interpret that information in the interests of
shareholders, investors and the public.
Skills
Auditors perform many tasks, which are vital to the efficiency of an organisation. Auditors need to
be able to analyse, evaluate and interpret facts and figures rapidly, communicate effectively, and
demonstrate business acumen, ethics and judgment. They must be perceptive, work well with
different people and understand business systems and IT.
Rewards
A career in audit has many rewards, including:
 Diversity
 Progression
 Client interaction
 Remuneration

MBAs
An MBA is a vocational qualification, tailored to specific business needs or to a particular
business sector. The flexibility of these courses is mirrored in the choice of study options
available to students.
The AIA professional accountancy qualification is accepted as equivalent to a first degree for
entry purposes onto an ever increasing number of full and part-time MBA programmes, both in
the UK and overseas. The AIA qualification is currently accepted by the following universities:
 Bournemouth University, UK
 Brunel University, UK
 University of Central Lancashire, UK
 University College Dublin, Quinn School of Business
 University of Greenwich, UK
 Henley Management College, UK
 Herriot-Watt University, UK
 University of Hertfordshire, UK
 University of Hull, UK

Academic
AIA offers a specialist category of membership designed exclusively for academics offering a
range of benefits at a reduced subscription rate.
Affiliate
AIA affiliate membership is open to individuals who have worked in accountancy and finance for
over five years. Affiliate membership is designed for those who wish to access the resources of a
professional accountancy body, who may already possess some accountancy qualifications and
who may well be mature persons who do not wish to take any more exams. As an Affiliate
member, you can choose to remain an Affiliate or you can sit the AIA exams and work towards
full membership of the AIA.
Affiliate membership is not full membership of AIA and therefore some limitations are placed on
those holding this category of membership. This category of membership is not available to those
based in the Republic of Ireland.

Direct
AIA offers professional accountants direct membership via the following route:
EU Mutual Recognition of Qualifications
This applies to those who have the right to practice in the United Kingdom under Regulation 5 of
the European Communities (Recognition of Professional Qualifications) Directive.
AIA are also recognised under the EC Audit Directive, which recognises professional
qualifications for auditors as defined by the Companies Act 2006.

Student
If you are serious about a career in accountancy you need to think seriously about a professional
qualification. Studying with AIA equips you for a career in any organisation – public sector, private
sector, commercial and industrial and allows you to keep your options open, letting you decide at
a time that suits you, what direction your career will take.
AIA students enjoy a range of benefits and a full support service.