An Introduction to the Institute of Financial Accountants

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The IFA qualification of 'Incorporated Financial Accountant' provides anyone working as a professional accountant, particularly in new and expanding small and medium sized enterprises, with access to a realiable and well-recognised professional body. Membership is equally appropriate to both the employed and the self-employed accountant. Since incorporation in 1916 the Institute has been offering professional accountancy examinations and membership around the world in addition to the United Kingdom, and now has members and students in over eighty (80) countries.

As examinations were only in English until 1997, most members and students were based in English speaking countries. However, recognising the needs of accountants in new and developing economies, the Institute diversified and today IFA exams are held in several languages including Russian and Chinese, making the IFA a truly 'international' organisation.

The Benefits of Membership

Membership of a professional accountancy body, recognised for its examination structure, standards and regulatory system, brings major benefits, improved professional status and enhanced career prospects.

All members are expected to carry out their work within the guidelines of the Institute's Code of Best Practice and Framework for Regulation, and are expected to improve and maintain their professional knowledge and skills through lifelong experience. The Institute encourages members to engage in Continuing Professional Development (CPD), appropriate to their needs.

Benefits of IFA Membership:

The status conferred by the designatory letters (AFT, AFA & FFA);
Use of the title 'Incorporated Financial Accountant' by Associates and Fellows;
Free access to an advisory technical panel, dealing with all aspects of accountancy and taxation problems;
The 'Financial Accountant' magazine, assisting members to keep up-to-date with legislation and developments within the accountancy profession;
Networking and CPD opportunities.

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 collect, process and produce financial information to meet internal needs and external requirements.
To analyse and appraise financial and related information.
To assist and advise clients or management to set business objectives plan, review and evaluate information on business performance.

Levels of IFA

Financial Accounting Technician

This initial level 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.

Associate

The Associate level syllabus 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.

Fellow

At Fellow level students are required 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.