Who are IFA members?

An insight to our financial accountants

The IFA have members who are employed in business, members who are now retired from paid activity and members who are providing accountancy / bookkeeping or tax services to others; sometimes members in business also provide such services to those who are not their employer.

The IFA are able to provide a tailored service to each of these types of member to ensure that they receive the best possible support and guidance to operate as financial accountants. To find out more, click on one of the headings below for an expanded insight:

Members in Practice

A substantial number of the IFA’s members are in practice as “external accountants” (ie doing accountancy work for people or companies who are not their employers), tax advisers or company service providers. Many of their Frequently Asked Questions relating to practice matters are now answered in the Members’ Handbook, but the excerpts on this page cover some of the most common questions.

At present, the IFA does not regulate its practising members outside the United Kingdom.

If all your work is pro bono (ie without reward, probably for one or more charities) there is no requirement for you to hold an IFA Practising Certificate or to register for Anti-Money Laundering supervision. Similarly, if your accountancy work for third parties is limited to close members of your family and you receive no payment, you are not required to hold an IFA Practising Certificate or register for Anti-Money Laundering supervision.

Members in Employment

IFA members employed in business are qualified financial accountants who chiefly work for small to medium sized enterprises (SMEs). The IFA has developed qualifications relevant to such accountants and offers a customised benefits package that enables both the member and their employer to profit.

Members in employment are able to gain an advantage from their membership in a number of ways, such as taking part in our national and regional events to help increase their knowledge base, contribute to their Continuing Professional Development and create networking opportunities. The IFA aims to facilitate access to an array of relevant resources and information from extensive library opportunities, CPD training and dedicated support and guidance to help you progress in your career. If you decide in due course to go into practice, the IFA provides assistance towards achieving that.

Retired Members

Retired Status
If you are in receipt of a pension but are still working part time (no more than 2 ½ days a week) IFA members can operate with a Retired Status.

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