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Professional Qualification

Overview of qualification

CIPFA's professional qualification is the only chartered accountancy qualification designed to equip accountants with the skills required in public services financial management. A portable qualification, it is ideal for students wishing to move between public, private and non-profit sectors. To download CIPFA's leaflet on the qualification click here.

Use the links below to jump to the relevant section on this page:

Overview of qualification

Uniquely, the professional qualification offers an expertly tailored program that is specific to public services financial management, providing the first benchmark in this area.

A modular qualification, it comprises of two elements - education and training. These are broken down as follows:

Education:
  • Professional Level:
    • Certificate stage
    • Diploma stage
  • Final Test of Professional Competence Level

Training:

  • Initial Professional Development Scheme


Synopsis of Modules

A brief sysnopsis of the modules can be seen below:

Professional Level: Certificate Stage

This section comprises the building blocks common to most accountancy qualifications, but set wherever possible in the public service context. The modules in this section are:

  • Financial Accounting (FA) - covers the nature and environment of financial accounting from double entry bookkeeping to the preparation and use of financial statements.

  • Management Accounting (MA) - covers the nature and purpose of cost and management accounting, the preparation and interpretation of budgets and standard costs and the use of cost data for decision making.

  • Financial Reporting (FR) - covers the preparation, analysis and interpretation of financial statements.

  • Financial Management, Systems and Techniques (FMST) - covers the management of working capital, information systems and IT. The appraisal of an organisations finance function. Project and contract management. Risk and asset management.

Professional Level: Diploma Stage

This section is aimed at teaching students the knowledge to become financial managers with modules specific to the public services. The modules in this section are:

  • Audit & Assurance (AA) - covers audit arrangements specific to the public services including Audit Commission (Health and Local Government) and National Audit Office (Central Government and Agencies). It also looks at audit and inspection activities including Value For Money and other forms of performance audit used in the public services.

  • Accounting for Decision Making (ADM) - covers decision-making and the organisation in relation to pricing, risk assessment, performance management and cost management.

  • Financial & Performance Reporting (FPR) - covers the external financial frameworks for the public services focusing on local and central government and the NHS, as well as exploring the Whole of Government Accounts procedure. The application of current statute, regulation and professional codes of practice. The preparation and interpretation of key external financial statements.

  • Governance & Public Policy (GPP) - This is a unique paper in the accountancy profession. Covering a wide range of issues impacting on public policy and the policy-making environment such as constitutional and political structures, macroeconomic and socioeconomic factors. It also considers issues of ethics, accountability and good governance in public life.

  • Leadership & Management (LM) - Covers management and organisational theory and its application through management analysis, ethics and professional standards, motivation and performance management, HR management, strategic and diagnosis analysis and the business planning process.

  • Public Finance (PF) half module- covers public expenditure and revenue through public borrowing and debt, public and private finance structuring, UK Government and European financial assistance and treasury and financial risk management.

  • Taxation (T) half module- covers the function of taxation, employee and business tax and tax-efficient strategies.

Final Test Of Professional Competence

At CIPFA's final level, students apply the learning from the whole syllabus to demonstrate their ability to apply sound business reason, make executive decisions and demonstrate they are capable of working to a professional standard. The modules in this section are:

  • Strategic Business Management (SBM) - This paper is a key synoptic assessment, developing research skills and testing ability to analyse complex policy issues in the public services.
  • Finance & Management Case Study (FMCS) - This problem solving, 6 hour assessment demonstrates a candidate's ability to apply analytical skills in a complex public service environment in, as near as possible, a practical office situation.

 


To find out more about each module see the Modules page in the Students section.

CETC courses typically combine two modules and the course usually takes three years to qualify, however fast track routes are available. See below for information on main courses and fast track courses.

Main Courses (Day / Block Release)

CETC courses complement and enhance CIPFA's study guides. The trainers will progress through the materials emphasising the key concepts and techniques you will need to learn and master. Courses are mainly 16 days in length, run from 9 - 5 and will typically feature an intensive mix of lectures, workshops, tutorials, discussions and exam question practice. All courses also feature formal progress tests and mock exams.

The modules are usually paired together to ensure courses retain a mixture of discursive topics as well as more technically challenging areas. The table below shows the typical pairings for courses at CETC South East (Diploma level module pairings at other locations may vary):

Certificate stage
Diploma stage
Final Test of Professional Competence

FA/MA

AA/ADM
SBM
FR/FMST
FPR/GPP
FMCS
 

LM/PF*/Tax*

 

* Half modules

Fast Track Courses

CETC Bespoke and Fast Track Courses

This course is for any students who wish to accelerate their route through the PQ. Modules are combined, sometimes in pairs and sometimes in threes so that completion of the PQ can be done in two and half years. The course was designed in conjunction with PwC and KPMG for their trainees but it is also available for any PQ student to attend.

CCAB Fast Track

Students who are already qualified with another member of the Consultative Committee of Accounting Bodies (CCAB) can become CIPFA qualified by sitting the Financial and Performance Reporting paper at Diploma stage and the Finance and Management Case Study paper.


Find out more about CETC courses and CIPFA's professional qualification:

  • To find out more about each module see the Modules page in the Students section.
  • To find out course dates see the Course Dates page in this section.
  • To view the syllabus of each module see the CIPFA website
  • To view video case studies of current and former CETC students discussing studying for the qualification click here to take you to the relevant page on the CIPFA website