THE IIT RECENTLY PUBLISHED ITS LATEST EXAMINATION RESULTS. ALLISON PLAGER REPORTS
Studying for professional examinations is undoubtedly a hard slog. But after months, even years, of hard work, assimilating information and building upon skills and knowledge, passing the exams makes it all worthwhile. As well as showing that you are serious about your job, a professional qualification demonstrates a depth of knowledge in the subject.
There are many areas that tax advisers can specialise in, and indirect tax is a growing one. The Institute of Indirect Taxation (IIT) was formed in 1991 to reflect the enhanced importance of indirect tax. Individuals apply for membership once they have passed the institute’s associateship examinations.
The latest results were published recently, the second set since the institute changed the format of its associateship examination to a modular one.
‘We are delighted with the 2009/10 associateship results’, says Terry Davies, secretary general of the IIT, adding that the percentage pass rate continues to show that the decision to change the format was correct. She says the benefit of a modular system is that it gives candidates the chance to fit study and examinations into their lives, and this is definitely proving popular with students.
Modular benefit
The exam comprises four modules, each of which is undertaken after the end of the relevant training period. Following registration, students have up to two years to sit all four modules. If, at the end of this period, candidates have either not taken or passed some papers they have to register for another two years to take or re-take these papers. Once a paper has been passed, the pass is credited for two consecutive registration periods, ie four years.
The VAT compliance diploma was introduced in 2006 to offer training to those in the professions and commerce who deal with VAT on a daily basis, but who have never received any formal training. Having passed the exams, the diploma is valid for two years but is then renewable, provided the holder has carried out the required continuing professional development.
Stellar performance
There are prizes for the top performers in the associateship exams, and this year the winner of the prize for the best performance in paper I and the President’s Prize for the best overall performance is BDO LLP’s Joanna Lester-Wong. She has worked in VAT for about four years.
Like so many tax professionals, Joanna says she fell into her tax career rather than planned it. She did a maths degree at university and then took a VAT role in the university’s finance department for 18 months.
After getting married, Joanna and her husband took a career break to go travelling. On her return, she decided to stay in VAT, but thought it would be a good idea to work in a professional firm, rather than in-house, as this would give her a broader outlook on the subject. Joanna therefore took a job with BDO where she has been ever since.
The firm was keen for Joanna to obtain a professional qualification and it seemed logical to her, as she was working in VAT, to specialise in that sphere. So she undertook the IIT’s VAT compliance diploma.
This ‘gave me a useful overall grounding’, says Joanna, and took about six months to complete. Her next move was to undertake the associateship examination which she completed over a year. Studying was ‘not too bad’, says Joanna, and the modular system ‘definitely makes it easier to fit your studies in with work’.
She says that she was very lucky in that BDO paid for her to take a training course with Tolley, and also for revision courses. The courses were a big help, adds Joanna, but it was also very useful working in the firm’s VAT department as her colleagues were always happy to help with the occasional tricky subject matter.
As with most exam students, Joanna’s aim was to pass, and she admits that winning the overall performance award ‘was a complete shock’. She knew she was the only person to have achieved a distinction in paper I, so the award for that paper was less of a surprise, but very welcome nonetheless.
Interested?
It is clear that individuals studying the IIT’s associateship examinations like the flexibility of having two years in which to complete the exams. The study is still demanding, but obtaining the qualification is a great professional advantage.
Anyone interested in undertaking the institute’s exams can contact the institute on 01883 730658 or send an email.
