The
Chartered Institute of Public Finance and Accountancy (CIPFA) is a professional institute for
accountantAn accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s working in the
public servicesPublic services is a term usually used to mean services provided by government to its citizens, either directly or by financing private provision of services. The term is associated with a social consensus that certain services should be available to all, regardless of income...
.
CIPFA has 14,000 members who work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be managed. CIPFA is the only UK professional accountancy body to specialise in public services. The qualifications include the benchmark professional qualification for
public sectorThe public sector, sometimes referred to as the state sector, is a part of the state that deals with either the production, delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal.Examples of public sector activity range...
accountants as well as a postgraduate diploma for people already working in leadership positions.
CIPFA promotes
public financePublic finance is the revenue and expenditure of public authoritiesThe purview of public finance is considered to be threefold: governmental effects on efficient allocation of resources, distribution of income, and macroeconomic stabilization.-Overview:The proper role of government provides a...
globally by standing up for sound public
financial managementCorporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
and good
governanceGovernance is the act of governing. It relates to decisions that define expectations, grant power, or verify performance. It consists of either a separate process or part of management or leadership processes...
. CIPFA works with governments, accounting bodies and the public sector around the world to advance public finance and support its professionals.
CIPFA is a member of the
Consultative Committee of Accountancy BodiesThe Consultative Committee of Accountancy Bodies is an umbrella group for the chartered professional bodies of British qualified accountants.The CCAB was formed in 1974 and has six members:* Association of Chartered Certified Accountants...
, the umbrella organisation for the British accountancy profession. It also belongs to the
International Federation of AccountantsInternational Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
.
CIPFA’s regional branches cover the
Channel IslandsThe Channel Islands are an archipelago of British Crown Dependencies in the English Channel, off the French coast of Normandy. They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey...
,
EuropeEurope is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
,
MidlandsThe Midlands, or the English Midlands, is the traditional name for the area comprising central England that broadly corresponds to the early medieval Kingdom of Mercia. It borders Southern England, Northern England, East Anglia and Wales. Its largest city is Birmingham, and it was an important...
,
North EastNorth East England is one of the nine official regions of England. It covers Northumberland, County Durham, Tyne and Wear, and Teesside . The only cities in the region are Durham, Newcastle upon Tyne and Sunderland...
,
North WestNorth West England, informally known as The North West, is one of the nine official regions of England.North West England had a 2006 estimated population of 6,853,201 the third most populated region after London and the South East...
&
North WalesNorth Wales is the northernmost unofficial region of Wales. It is bordered to the south by the counties of Ceredigion and Powys in Mid Wales and to the east by the counties of Shropshire in the West Midlands and Cheshire in North West England...
,
Northern IrelandNorthern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
,
Republic of IrelandIreland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
,
ScotlandScotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
,
South EastSouth East England is one of the nine official regions of England, designated in 1994 and adopted for statistical purposes in 1999. It consists of Berkshire, Buckinghamshire, East Sussex, Hampshire, Isle of Wight, Kent, Oxfordshire, Surrey and West Sussex...
,
South WestSouth West England is one of the regions of England defined by the Government of the United Kingdom for statistical and other purposes. It is the largest such region in area, covering and comprising Bristol, Gloucestershire, Somerset, Dorset, Wiltshire, Devon, Cornwall and the Isles of Scilly. ...
&
South WalesSouth Wales is an area of Wales bordered by England and the Bristol Channel to the east and south, and Mid Wales and West Wales to the north and west. The most densely populated region in the south-west of the United Kingdom, it is home to around 2.1 million people and includes the capital city of...
and
YorkshireYorkshire is a historic county of northern England and the largest in the United Kingdom. Because of its great size in comparison to other English counties, functions have been increasingly undertaken over time by its subdivisions, which have also been subject to periodic reform...
& the
HumberThe Humber is a large tidal estuary on the east coast of Northern England. It is formed at Trent Falls, Faxfleet, by the confluence of the tidal River Ouse and the tidal River Trent. From here to the North Sea, it forms part of the boundary between the East Riding of Yorkshire on the north bank...
.
Designation
Members of CIPFA are entitled to style themselves
Chartered Public Finance Accountant and use the designatory letters
CPFA.
History
CIPFA began life as the Corporate Treasurers’ and Accountants’ Institute in 1885, which was later renamed the Institute of Municipal Treasurers and Accountants (IMTA) in 1901. This later became the Chartered Institute of Public Finance and Accountancy (CIPFA) in 1973 when it obtained its
Royal CharterA royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
.
Qualifications
The Professional Qualification
The CIPFA qualification delivers the skills required for working in
local governmentLocal government refers collectively to administrative authorities over areas that are smaller than a state.The term is used to contrast with offices at nation-state level, which are referred to as the central government, national government, or federal government...
, the
NHSThe National Health Service is the shared name of three of the four publicly funded healthcare systems in the United Kingdom. They provide a comprehensive range of health services, the vast majority of which are free at the point of use to residents of the United Kingdom...
,
central governmentA central government also known as a national government, union government and in federal states, the federal government, is the government at the level of the nation-state. The structure of central governments varies from institution to institution...
,
voluntary sectorThe voluntary sector or community sector is the sphere of social activity undertaken by organizations that are for non-profit and non-governmental. This sector is also called the third sector, in reference to the public sector and the private sector...
or
private sectorIn economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state...
firms dealing with public services.
Certificate in Charity Finance & Accountancy
Designed by CIPFA and
London South Bank UniversityLondon South Bank University is a university in south London. With over 25,000 students and 1,700 staff, it is based in the London Borough of Southwark, near the South Bank of the River Thames, from which it takes its name...
- designed to meet the needs of those working in the finance functions of charities.
Certificate in International Treasury Management - Public Finance
A professional qualification in the fundamentals of
treasury managementTreasury management includes management of an enterprise's holdings, with the ultimate goal of maximizing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management includes a firm's collections, disbursements, concentration, investment and funding...
for the public services developed by both CIPFA and the
Association of Corporate TreasurersThe Association of Corporate Treasurers is the only British professional body specialising in the profession of corporate treasury. Founded in 1979, it is both an examining body, providing a wide range of qualifications for those working in treasury, risk and corporate finance, and a membership...
(ACT).
CIPFA Certificate Investigative Practice Qualification (CCIP)
Aimed primarily at investigators who have some experience but who lack any formal qualification.
MSc Accounting & Finance (top-up) for professionally qualified accountants holding the CIPFA qualification achieved by examination
A Masters top up programme to recognise the level and depth of the Accounting qualification. To complete the MSc Accounting and Finance you are required to study a research methods module, one further academic module and complete a dissertation.
Membership
CIPFA students who have successfully completed the CIPFA Professional Accountancy Qualification and Initial Professional Development Scheme (IPDS) are invited to apply for CIPFA Membership. Once membership is approved members can use the designatory letters ‘CPFA’ (Chartered Public Finance Accountant) for as long as they continue membership.
There are two further routes to membership, known as Bye-Laws 5 and 6.These are normally ‘sponsored’ by Council members or Institute Directors, and are therefore people who the Institute has worked with closely within
financial managementManagerial finance is the branch of finance that concerns itself with the managerial significance of finance techniques. It is focused on assessment rather than technique....
and
accountancyAccountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
within the public services.
Mutual Recognition
CIPFA and the
Society of Management Accountants of CanadaThe Society of Management Accountants of Canada, also known as Certified Management Accountants of Canada and CMA Canada, awards the Certified Management Accountant designation in Canada.-Activities:...
signed a
mutual recognition agreementA mutual recognition agreement or MRA is an international agreement by which two or more countries agree to recognize one another's conformity assessments....
in February 2004.
CMA/CIPFA Dual Qualification and Designations
CIPFA and CMA Canada have a dual qualification which provides Canadian public sector employees with comprehensive financial management and
leadershipLeadership has been described as the “process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task". Other in-depth definitions of leadership have also emerged.-Theories:...
training.
On completing the programme, candidates can apply for dual public finance management and accounting designations as a Chartered Public Finance Accountant (CPFA) and
Certified Management AccountantThe title Certified Management Accountant is used by various professional bodies around the world to designate their different professional certifications....
(CMA) from CIPFA and CMA Canada respectively.
CIPFA and
CPA AustraliaCPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
signed a mutual recognition agreement in June 2007.
Although not strictly a form of mutual recognition, CIPFA members of 5 years standing may apply for direct entry to the Institute of Chartered Accountants in
EnglandEngland is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and
WalesWales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
subject to meeting certain criteria.
CIPFA Group
The CIPFA Group includes, in addition to the main accounting body; Public Finance - a weekly magazine for the public sector; the in-house CIPFA Education and Training Centre with almost 3,000 students at locations across the UK, and works with other places of learning to provide courses locally; and a commercial services arm which provided advice and services for the public sector. They include information and guidance, courses and conferences,
propertyProperty management is the operation, control of ususally on behalf of an owner, and oversight of commercial, industrial or residential real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition...
and asset management solutions, consultancy and interim people for a range of public sector clients.
External links
- http://www.cipfa.org.uk
- http://www.cipfanetworks.net
- http://www.cipfastats.net
- http://www.publicfinance.co.uk
- http://www.cetc.org.uk
- http://www.cipfaproperty.net
- Key Facts and Trends in the UK Accountancy Profession, annual publication by the Professional Oversight Board
The Professional Oversight Board is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council , the independent regulator of corporate governance and reporting in the UK.-Functions:The Board's state d purpose is to...