BY EXAMINATION
	BY EXEMPTION
	BY ACCREDITATION OF PRIOR LEARNING (APL) - UK ONLY

You will probably know people who have obtained their professional recognition through examinations. Indeed, at one time this was the only way. The exemption route is also well established. More recently, accreditation of prior learning (APL) has become increasingly important.

EXAMINATION ROUTE TO MEMBERSHIP

The structure of the Institute’s examination syllabus ensures that on qualifying, students have acquired the underpinning knowledge and competence in the following key elements.

To analyse and appraise financial and related information To assist clients or management to set business objectives, plan review and evaluate information on business performance. To determine, record, analyse and evaluate an organisation’s financial and related information system for business monitoring and control purposes. To collect, process and produce financial information to meet internal needs and external obligations

The syllabus is divided into 3 levels. Examinations are intended to be progressive at each level.

Financial Accounting Technician Associate Fellow Introduces students to basic financial concepts, business law and taxation. It concentrates on the theory and techniques that form the platform for developing professional competence at later stages. Continues the introduction of subject areas to develop students analytical skills by consolidating knowledge of current principles, practice and techniques with problems and situations that they will meet at work. Requires students to demonstrate that they can draw upon the range of knowledge, skills, techniques and technical awareness previously tested, and that they are able to integrate and apply these effectively and creatively in a strategic managerial context.

BECOMING A MEMBER BY EXEMPTION

If you already hold a relevant qualification from another professional accountancy body, you may be eligible for exemption from some or all of the Institute’s examinations. As a general guide, the holders of the qualifications below will be granted exemptions from the IFA examinations at the following levels:

APPLYING FOR EXEMPTIONS

BECOMING A MEMBER BY ACCREDITATION OF PRIOR LEARNING (APL) - UK ONLY

Prior Learning assessment and recognition of prior learning are processes which have been used in training and development in both the USA and Australia for a number of years. In more recent times in the UK accreditation of prior learning has become an acceptable assessment process that meets the needs of individuals in assessment of their skills and knowledge within the occupational context.

The Institute of Financial Accountants is the first body of accountants to use this mechanism to assess the competence of its applicants for associate membership.

‘APL is defined as an assessment process crediting competencies which have been demonstrated in the past, providing the practice is current, relevant and is written in the appropriate context to meet the criteria of a set standard of competencies the candidate is seeking to achieve.’ Institute of Management, Professional Manager – March 1996

THE APL PROCESS

There are 4 stages in the process:
1 Identifying
2 equating
3 assessing
4 accreditation

An APL candidate would need to identify what he or she does as an accountant. The candidate on completion of a skills checklist, profiles this identification of skills, knowledge and understanding.

These skills are then matched with the performance criteria and the knowledge and understanding as outlined in the National Occupational Standards in Accounting. The individual is then assessed against the standards by a qualified APL advisor/assessor appointed by the Institute of Financial Accountants. The assessment is completed in the workplace and the candidate prepares a portfolio of evidence to demonstrate competence to the assessor in the areas outlined in the National Occupational Standards. The advisor’s role includes help and guidance to the candidate in gathering the portfolio of evidence. In reviewing the portfolio of evidence there is much discussion between the candidate and the assessor. Oral questioning focuses on the candidate’s knowledge and understanding of accounting concept principles and techniques included in the portfolio. The assessor must be satisfied that the evidence is:

Relevant – appropriate to the vocational are and competence (s). Sufficient – enough to leave the assessor with no doubts as to the applicant’s competence. (Quality of evidence is required not quantity). Current – that the evidence provided (past or present) supports the competence(s) that are being claimed. Authentic – that the evidence is the candidates, and who should be prepared for questioning.

Accreditation is the outcome of a successful objective judgement of evidence provided by the candidate and the award of Associate Membership of the Institute of Financial Accountants.

In summary the process is as follows:

The candidate expresses interest in the APL route The candidate is sent a copy of the APL experience checklist and application form On return, the candidate is sent guidance notes and an assessment guide and copies of the National Occupational Standards The candidate prepares a portfolio of evidence (3-6 months or longer as the candidate can fully determine the lead time) The Assessor visits the workplace or regional centre

If all the competencies are demonstrated a certificate of achievement is awarded and an application for Associate membership will be considered. If the Assessor is not satisfied, he or she will identify areas for remedial action and the advisor will guide the candidate where necessary, for the completion of the portfolio. To become an Associate member of the Institute of Financial Accountants, you must satisfy the competencies of the National Occupational Standards at Level 4.