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The Institute of Financial Accountants was established in 1916 and is the oldest body of non Chartered Accountants in the world. It represents members and students in more than 80 countries, providing qualifications for those wishing to work in financial management and accountancy. The Institute sets technical and ethical standards for its members. The Institute is an Associate Member of the International Federation of Accountants (IFAC) – the global body setting professional standards and regulating accountants around the world.
The Department of Accounting and Finance offers the following IFA courses;
1. Financial Accountant Diploma
2. Professional Financial Accountant
1. Financial Accountant Diploma
This is a vocational qualification that provides core knowledge and skills for financial accountants in the SME sector at the beginning of their careers. It focuses on developing essential skills, awareness of the regulatory environment and ethical responsibilities. Successful completion of the FA Diploma means individuals can become an IFA professional, use the Dip FA designation and describe themselves as a Financial Accounting Executive.
Awarding Body
Institute of Financial Accountants (IFA), http://www.ifa.org.uk
Starting Date
At Midlands Business Management College, courses start in January and July each year. If you are joining this course for first time, you must register with IFA before 31st October for the January examination and before 30th April for the June examination.
Duration
Financial Accountant Diploma is a one year programme, consisting of only one semester.
Entry Requirements
The qualification is accessible to anyone aged 16 years and over. Entrants to the Financial Accountant Diploma should ideally possess:
- Level 3 (i.e. GCE A levels) or equivalent qualification in a finance, accounting or book-keeping discipline, or a maths, statistics or numerate qualification at level 2 minimum, and
- English language skills that allow them to express themselves in exam conditions (unless taking IFA exams in a local language.
English Language Requirement
If your native language is not English, you must provide evidence of competency in the English Language. Proof of Secure English language Test pass result must be required. CEFR B1 is required for this course.
(CEFR B1 is equivalent to IELTS score of 4.0 – 5.0)
MBMC will also consider the SKYPE interview (audio and video) to check English Language proficiency of the students.
Progression
The FA Diploma syllabus specifications are based upon UK ‘Regulatory arrangements for the Qualification and Credit Framework’ (QCA/Ofqual, August 2008) guidance. Students pursuing the FA Diploma are tested at Level 4. Therefore, holders of FA Diploma can study for Professional Financial Accountant, which is a Level 5 qualification, leading to BA Honours in Accounting, Finance with one year top up.
2. Professional Financial Accountant
Awarding Body
Institute of Financial Accountants (IFA), http://www.ifa.org.uk
Starting Date
At Midlands Business Management College, courses start in January and July each year. If you are joining this course for the first time, you must register with IFA before 31st October for the January examination and before 30th April for the June examination.
Duration
The Professional Financial Accountant qualification is one to two year programme depending on your existing qualifications.
Entry Requirements
The qualification is accessible to anyone aged 16 years and over. Access to the Financial Accountant Professional is open to those who possess the FA Diploma. Otherwise entrants should ideally have:
- a related degree or HND qualification, or equivalent level 4 qualification
- At least two years’ workplace experience in finance or accounting role.
In the interests of open access if entrants do not possess any of these qualifications they will be expected to sit and pass the ‘Professional Challenge Module’ first, which is P1 Financial Accounting and IFRS.
English Language Requirement
If your native language is not English, you must provide evidence of competency in the English Language. Proof of Secure English language Test pass result must be required. CEFR B1 is required for this course.
(CEFR B1 is equivalent to IELTS score of 4.0 – 5.0)
MBMC will also consider the SKYPE interview (audio and video) to check English Language proficiency of the students.
Course Structure
You will need to complete all of the following six modules to get the Professional
Financial Accountant qualification.
P1. Financial Accounting and IFRS for Small & Medium Size Enterprises (SMEs)
P2. Financial Management
P3. Management and Control Systems
P4. Professional Skills for SMEs
P5. Business and Regulatory Environment
P6. The Ethical Professional
Assessment
All papers are assessed by traditional written three hours exams which are scheduled by the Institute of Financial Accountant. Midlands Business Management College is an authorized exam centre of IFA so students do not have to go elsewhere to take the examinations.
Fee
Tuition fee for the 24 months Professional Financial Accountant course is £7,000/- excluding one time non-refundable college registration fee of £150. Fee for the one year Professional Financial Accountant course is £3,500/-. Study material will be provided free of charge as a part of our promotional and development scheme.
Students are expected to pay IFA’s initial registration fee and annual subscription fee. Students also have to pay exam fee for each paper they attempt.
Progression
The Professional FA Qualification syllabus specifications are based upon UK ‘Regulatory arrangements for the Qualification and Credit Framework’ (QCA/Ofqual, August 2008) guidance. Students pursuing the Professional FA Qualification are tested at Level 5. Therefore, holders of Professional FA Qualification can study for Honours degree Professional Financial Accountant, which is a Level 5 qualification, leading to BA Honours in Accounting & Finance with one year top up. |
