Changing times: the benefits of dual membership

11 Jul 24

Careers are no longer linear, and dual membership is a way of navigating a route ahead.

Chameleon CREDIT - Getty- 167542404

 

The ever-increasing interdependence of the public and private sectors mean that finance professionals need to be more adaptable and skilled than ever before. CIPFA has been working more closely with ICAEW, the leading accountancy body for the private sector, since 2021, to endeavour to deliver better outcomes for the accountancy profession, including providing wider career opportunities for CIPFA and ICAEW members and students.

A generation ago, a career in local government meant staying in one sector and quite often progressing through one organisation.

The career landscape today is very different, not least because the people who joined the sector at the height of traditional service provision are now reaching retirement.

Not only that but employees are increasingly making conscious choices about their work. They follow projects or make decisions based on family circumstances.

There are also an increasing number of people who decide to change direction, including switching between the public, third and private sectors.

Research by the University of Queensland concluded that most people will change careers at least once in their lives. It found that the average person tends to go through three to seven career changes before they retire, and this number may be more like five to seven for the current and upcoming generations of workers.

Dual membership

Reflecting this, from 2024 the CIPFA/ICAEW dual membership will enable CPFA (CIPFA) qualified accountants to also gain the ACA designation – and vice versa.

If you are looking to qualify as a dual member through this partnership, you will now be able to achieve this much sooner. Until now, you needed to have five years’ relevant work experience to apply to either body for dual membership. You will now be able to do this by completing and passing one additional professional level module and completing a statement of intent.

 

chameleon tail - credit - getty-699100283

 

Eligibility

CIPFA members with less than five years’ experience will need to complete and pass the ICAEW Corporate Reporting module and examination and complete a statement of intent to enable them to apply to become an ICAEW member and use the ACA designation, alongside the CPFA designation – and vice versa for ICAEW members who would need to pass CIPFA’s Public Sector Financial Reporting module.

CIPFA members who have more than five years’ experience will not be required to take the additional module as they are able to become an ICAEW member based on their professional experience through the ICAEW pathways option.

How it works: letters of good standing

CIPFA will confirm your status of good standing upon your registration. Good standing includes the following:

  • You are a full CIPFA member
  • Date and year you were admitted to membership
  • Route taken into membership
  • Good disciplinary record
  • Full compliance with CIPFA’s continuing professional development requirements
  • No known ethical reasons why you should not be admitted to ICAEW.

These criteria will be checked again after you have passed the ‘exam of experience’ and are ready to come into membership.

Benefits

  • CPFA (CIPFA) qualified accountants will also be able to gain the ACA designation and become a member of ICAEW, and use both sets of designation – and vice versa.
  • Dual membership will open up wider career possibilities and remove the fear of not being able to work outside the public sector in the future.
  • Access to both CIPFA and ICAEW member benefits.

This is an exciting time for finance professionals and we’re proud to work together to deliver something that will transport skills across the public and private sectors.

Find out more

If you have any questions, please email: [email protected] or go to: bit.ly/CIPFAcpfa-and-aca

Image credit | Getty

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