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Members in Practice: a resource for all
MIPs are a small but important part of CIMA. By Martin Nimmo, head of policy and plans, CIMA Professional Standards, and Robin Tidd, immediate past chairman, CIMA MIPMG.
CIMA’s focus is naturally on accountants in business but around 2 per cent of members are registered as members in practice (MIPs). This translates roughly as 1,300 members; a minority, but an important one.
In the UK, this group of like-minded individuals forms the core of the Members in Practice Management Group (MIPMG). The group is dedicated to improving the visibility of, and service to, MIPs. Being in practice is an important career choice for members, and support through networking and from CIMA is vital.
Who needs to register and why?
For the past 15 years, members offering accounting services to the public, including companies and other organisations, have been required by CIMA to register annually as MIPs. Even part-time work of this sort can render you liable to register and the requirement applies worldwide. Not to register when you are working in practice is a disciplinary offence.
An MIP, particularly working as a sole trader, does not have the support framework of a big organisation. That support can be provided by CIMA’s Regulations, Professional Standards and MIPMG’s Committee.
Since 1 January 2005, MIPs worldwide have also been required, after a year in practice, to apply for the CIMA Practising Certificate. This demonstrates CIMA’s commitment to members. It also allows a member to act, for example, to provide an Independent Accountant’s Report in support of a Regional Development Grant application, or to act as a Reporting Accountant in certain circumstances.
Application for a Practising Certificate requires compliance with CIMA’s rules on continuity arrangements and Professional Indemnity Insurance. It also requires references from clients and the support of other professionals. Each submission is finally subject to approval by a panel of assessors under the CIMA Professional Standards Committee.
What do MIPs do, and how can their expertise help other members?
Practising members offer between them a wide range of skills. There are specialists who can deliver projects and contracts in all areas of activity. Certainly there are those who provide only bookkeeping and general accounting services. There are also many other specialisms available, including business tax planning, cost reduction, cash flows and management performance reports. Many members offer special knowledge of certain industrial or organisational sectors, and some are able to act as ‘expert witnesses’.
By no means have all been long-term career MIPs: some have achieved high corporate office and have decided to move into the practice field to develop their expertise. Most work in firms of three or fewer partners. Some choose mixed practices or associations, where the professional skills of non-accountants, or other sorts of accountants, can easily be accessed.
If you would be interested in discussing a project with an MIP, a database of Practising Certificate holders can be accessed by visiting the Members in Practice web page and click ‘Find a practising accountant’ on the right of the page.
If you are interested in a career as an MIP, you might consider the skills workshops run by the MIPMG’s Committee twice a year. The general workshop and the session on sales and marketing are particularly relevant. Remember, these workshops are run by practitioners for practitioners. For details email the MIPMG chairman, Paul Koumi, on p.koumi@dial.pipex.com.
If you have further queries about setting up in practice or related issues, contact Mark Allen, vice-chairman and editor of the MIP Quarterly Newsletter (type ‘MIP News’ into the search criteria on the CIMA website). He is available on mark@accountax.net or 01789 294484 (mobile 07970 836528).
December 2005
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