In a move aimed at fostering greater collaboration and movement between the public and private sectors, chartered accountancy bodies, ICAEW and CIPFA have jointly announced an accelerated route for newly qualified ACA and CPFA accountants to achieve designation of both Institutes and qualify for dual membership.
Launching in early 2024, this new pathway will enable ACA qualified accountants with less than five experience to gain the CPFA designation (and vice versa), and qualify for dual membership much sooner.
Currently, you would need 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.
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.
- ICAEW members with less than five years’ experience will need to complete and pass the CIPFA Public Sector Financial Reporting module and examination and complete a statement of intent to enable them to apply to become a CIPFA member and use the CPFA designation, alongside the ACA designation – and vice versa for CIPFA members who would need to pass the ICAEW Corporate Reporting module.
- ICAEW members who have more than five years’ experience will not be required to take the additional module as they are able to become a CIPFA member based on their professional experience through the existing CIPFA pathways option. You can find out more about fast-track CIPFA membership on CIPFA's website.
Benefits of dual membership
- ACA qualified accountants will also be able to gain the CPFA designation and become a member of CIPFA, and use both sets of designation – and vice versa.
- Portability – the portability of the dual membership will open up wider career possibilities for members and provide greater flexibility to work across the private and public sectors.
- Access to both ICAEW and CIPFA member benefits.
Please note, all dual membership and pathways routes do not give individuals the right to undertake statutory audits or public audits in the UK. These are regulated areas which require additional qualifications from ICAEW and/or CIPFA, as well as authorisation by the FRC.
Find out more
If you are interested in finding out more about this new ICAEW/CIPFA pathway, then please complete our expression of interest form.