Accountants and Tax Advisors will have a variety of 3 and 4 letter acronyms after their name to indicate their professional qualifications, certifications and memberships of accounting organisations. The designations signify that the individual has met certain education, experience, and ethical standards required by the certifying body. The credentials provide credibility, demonstrate expertise and often allow the accountant to perform specialised functions.
We’ve highlighted below the designations that our CKLG team members are allowed to share.
ACCOUNTING:
AAT – Association of Accounting Technicians
The professional body for accounting technicians and bookkeepers. Offer three accounting qualifications, each of which takes six to 18 months to complete.
MAAT – Membership of the Association of Accounting Technicians
Signifies full membership of AAT. This is an internationally recognised professional status in accounting and finance. It signifies that AAT Accounting qualifications have been achieved and work experience in finance and accounting has been gained.
ACA – Associate Chartered Accountant
A qualification awarded by the Institute of Chartered Accountants in England and Wales (ICAEW). There are 15 exams spread over three levels which can take between three and five years to complete and can be studied part time. As of December 2023, the ICAEW had over 208,000 members.
FCA – Fellow Chartered Accountant
A qualification awarded by the ICAEW to accountants who have at least 10 years’ experience.
ACCA – Association of Chartered Certified Accountants
A qualification awarded by the Association of Chartered Certified Accountants. The process involves passing 14 exams on topics such as financial reporting, audit and assurance, tax, and business strategy. Founded in 1904, they today proudly support a diverse community of over 252,500 members.
FCCA – Fellow of the Association of Chartered Certified Accountants
A qualification awarded to accountants who have at least five years membership of the ACCA alongside continuing professional development and an adherence to the ACCA’s Code of Ethics and Conduct.
TAX:
ATT – Association of Taxation Technicians
The ATT qualification gives you the knowledge and practical skills to work in tax compliance. To become an ATT member, three computer-based exams must be passed in the following; law, professional responsibilities & ethics and principles of accounting. A further two core papers in personal taxation and business taxation. Alongside a pass in one of four optional papers covering either business compliance, corporate taxation, VAT or Inheritance Tax, Trusts & Estates. Once the ATT qualification is achieved, and two years of practical tax experience has been undertaken, then an application can be made for ATT membership. The ATT have recently celebrated 10,000 members.
CTA – Chartered Tax Advisor
The highest level of tax qualification in the UK is awarded by the Chartered Institute of Taxation (CIOT). There are three computer-based exams in law, ethics and accountancy that must be passed alongside four core exams; two advanced technical papers, application & interaction, and awareness (which covers taxes not chosen in the other papers). To become a CIOT member, you must also demonstrate three years’ relevant professional tax experience. This year, the CIOT announced 20,000 members.
TEP – Trust and Estate Practitioner
A designation given to full members of the Society of Trust and Estate Practitioners (STEP), a global professional body, comprising lawyers, accountants, financial advisors and other practitioners that help families plan for their futures – each specialising in their own fields. There are various routes to becoming a TEP, but practitioners must have a combination of specialist qualifications and experience. There are more than 22,000 STEP members globally.