Chartered accountancy bodies CIPFA and ICAEW have announced a new fast-track route for newly-qualified CPFA and ACA accountants to gain designation of both Institutes and qualify for dual membership as part of their commitment to closer working.
Launching in early 2024, this new offer adds to the already existing pathways for members of both institutes, providing greater flexibility for CPFA and ACA chartered accountants to work across the public and private sectors.
CIPFA and ICAEW members who have qualified within the past five years will be able to gain CPFA and ACA designation and qualify for dual membership by taking an additional module with the other institute and submitting a statement of intent.
Initially, this new accelerated route will focus on members working in UK central and local government and the NHS, but it will also be available for international members wherever in the world they operate.
The announcement follows a joint declaration signed by CIPFA and ICAEW in which they pledged to form an ever-closer strategic alignment to deliver better outcomes for the Institutes, their members and students, and the global accountancy profession as a whole.
The partnership also includes an agreement to combine both Institutes’ online resources, align members’ disciplinary schemes and open up facilities at Chartered Accountants’ Hall in London, ICAEW’s head office, for all CIPFA members and students to use.
Commenting on this, CIPFA CEO, Rob Whiteman, said: “The CPFA qualification is the gold standard in the public sector, and the ACA is the equivalent in the corporate sector. Through this joint declaration to work together we commit, in the public interest, to the highest quality support for students and members, and facilitate the coming together of public and private sector accountants in practice.
“At its heart, the accelerated route to gain CPFA and ACA designation improves career opportunities for our students, members and the wider accountancy profession. CPFA and ACA qualified accountants will have the highest specialist skills and most advantageous portability between sectors and geographies.
“I’m confident that going forwards we’ll see an ever stronger partnership between CIPFA and ICAEW.”
ICAEW CEO, Michael Izza, added: “We have long been of the view that closer working between ICAEW and CIPFA will bring significant strategic benefits for both Institutes, which will in turn be good for members, the profession and wider society.
“I am pleased that one of the first fruits of our partnership is a new accelerated route for members to gain CPFA and ACA designation and dual membership. As the private and public sectors become increasingly interdependent in economies around the world, so chartered accountants must be high skilled and flexible, and the new route will help our members achieve this.
“The joint declaration is an important step in our commitment to join forces: it embodies our common and now joint commitments to innovation and collaboration in discharging our regulatory, educational and representational responsibilities, including our contribution to effective and evidence-based public policy and the ethos of the profession.”