FAST-TRACK MEMBERSHIP OF ICAS FOR CIPFA MEMBERS ENDS 11 October 2005

The Institute of Chartered Accountants of Scotland has closed a scheme which offered CIPFA members fast-track membership of ICAS.   Around one in six CIPFA candidates who began the scheme completed it and became members.

The focus in the ICAS syllabus on International Financial Reporting Standards has meant that CIPFA candidates, many of whom have not covered IFRS, can no longer be given the exemptions that made accelerated entry to the Institute possible.

Chief Executive Desmond Hudson said, When the course was first offered to CIPFA members, the accountancy landscape was very different. However, the educational content of todays CA qualification has changed dramatically. Unfortunately for CIPFA, it means it is no longer sustainable for their members to benefit from this fast-track entry to ICAS.

Executive Director of Education at ICAS, Mark Allison added, We will shortly be contacting our remaining CIPFA students to confirm the transitional arrangements which will allow them to complete their studies.

NOTES TO EDITORS

1.

ICAS has been offering CIPFA members accelerated membership since 1996. It exempted students from the Level 1 Test of Competence and Financial Reporting at Level 2 Test of Professional Skills and the Test of Professional Expertise, the final entrance exam. Of the 187 candidates starting from CIPFA ,   32 have become members. Transitional arrangements have been made for the remaining CIPFA students still in the scheme.

2.

The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of accountants, receiving its Royal Charter in 1854.   ICAS has over 16,000 members worldwide and in the UK the CA designation is reserved exclusively for their use.

3.

Under the Royal Charter, the Institute works in the public interest.   The objective of ICAS is to uphold the integrity and standing of the profession of chartered accountancy in the interests of society and membership, through excellence in education and the development of accountancy and through service to members and the enforcement of professional standards.

4

ICAS is the fastest growing accountancy body in the UK in terms of worldwide student numbers with latest figures ( Source: Professional Oversight Board For Accountancy (POBA) - Key Facts and Trends in the Accountancy Profession - February 2005 ) showing a student growth rate of 94% between 1998 and 2003. It is the only UK professional accountancy body to both educate and examine all of its students.   The CA qualification is known around the world for consistency and high standards and ICAS enjoys a widely recognised reputation for providing the 'gold standard' in accountancy education.

Contact: Jonathan Milne
Tel: 0131 347 0306
Email: publicrelations@icas.org.uk