Practice makes perfect: Mark Allen offers a personal perspective on the rigours and rewards of working as a CIMA member in practice.

AuthorAllen, Mark
PositionCareer development - Personal account

I believe that many CIMA members are unaware that the choices available to them include becoming a member in public practice or a practising consultant. Both of these options offer you the chance to get rid of the shackles of employment, set your own goals and prices and choose the people you work with.

CIMA focuses primarily on accountants in business, but two per cent of its members (about 1,350 people) are registered members in practice (Mips). This is an important career choice for a CIMA professional. Support from the institute, as well as networking, is vital.

Representatives on the members in practice management group (MIPMG) are often asked what benefits come from registering as a Mip. For nearly 15 years CIMA has required members offering accountancy services to the public to register annually, and the MIPMG is dedicated to improving the visibility of, and service to, Mips. In broad terms, if you offer accountancy services to the public, including companies and other organisations, you are required to register as a Mip (there are a few exceptions under council regulation 7.1.2).

It is worth noting that even part-time work can render you liable to register. This requirement applies worldwide. Do not put your membership at risk--ignoring the requirement could lead to a summons to appear before the conduct committees.

The registration principle was agreed by CIMA's governing council and by CIMA members at the annual general meeting and has been revisited and consulted on several times. A Mip, especially a sole trader, does not have a framework, as they would in a large enterprise, to provide support or a steadying hand in a crisis. That support is provided by CIMA's regulations, the members' handbook and the MIPMG's committee.

Since 2005 Mips have also been required, after a year in practice, to apply for the CIMA practising certificate. This demonstrates the institute's commitment to the member, as it shows recognition by their peers and offers the only individual accolade normally available to members (apart from membership). Gaining the certificate not only shows that you comply with CIMA's rules on continuity arrangements, professional indemnity insurance, terms of engagement and internal complaints-handling procedures; it also demonstrates references from clients and recognition by fellow professionals.

[ILLUSTRATION OMITTED]

Practising members offer a wide range of skills and can deliver projects and contracts in both niche and...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT