European Institute of Management and Finance | AAT Qualification

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AAT Qualification

What is an AAT Qualification?

AAT stands for the Association of Accounting Technicians. It’s a leading global professional membership body for accounting staff and has over 120,000 members in over 90 countries worldwide. AAT is sponsored by four of the UK’s leading chartered accountancy bodies – CIPFA, ICAEW, CIMA and ICAS.

Is it recognised?

Yes, it is recognised by all the relevant professional bodies like CIMA, ACCA, ICAEW, and CIPFA, as well as the ICPAC in Cyprus.

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What does it includes?

Foundation Certificate In Accounting

The Foundation Certificate in Accounting is the AAT’s entry level qualification, made up of five modules in bookkeeping and finance.

Advanced Diploma in Accounting

Students should have completed the AAT Foundation Certificate or the Bookkeeping Certificate or have another relevant qualification or work experience if starting at this level.

Professional Diploma In Accounting

The Professional Diploma comprises of three core modules, a synoptic assessment and two optional units from a choice of five.

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What is an accounting technician?

Accounting technicians are qualified accounting professionals performing a wide variety of accounting and financial roles. They are responsible for:

Keeping financial records and explaining what the financial figures mean
Issuing and checking invoices
Preparing tax returns
Making sure payments are made promptly and spending limits are maintained
Giving advice on book-keeping, credit control or payroll systems
Working as part of an audit team, headed by an auditor
Preparing and checking financial figures

The financial market needs for Accounting Technicians:

The accounting profession is divided into two main parts. The first part involves the accounting tasks from bookkeeping, the preparation of management reports, budgets and financial analysis, to the preparation of year end statutory financial statements. The second part involves the audit of these financial statements by an independent external auditor, who will express an opinion for the truth and fairness of the financial statements as prepared by the accounting technicians.

Currently the market is overwhelmingly populated with Chartered Accountants, who are the external auditors, but, there is a significant shortage of quality accounting technicians. The huge gap identified needs to be filled by quality accounting technicians something that AAT Qualification can offer.

Who employs accounting technicians?

Accounting technicians work for both private and public sector organisations, where they undertake a wide range of accountancy, financial and taxation tasks. They could either work for a firm of accountants, or in the accounts department of any organisation – commercial, industrial, local and central government, , shops and hotels, charities and voluntary organisations.

What are the job prospects?

There’s plenty of job prospect and potential for growth and stability within the accounting industry in Cyprus. Nowadays Cyprus witnesses a steady growth in tourism, the continuous provision of professional financial and fiduciary services, and the emergence of the Fintech industry and an inspired startup world, accounting and bookkeeping will be in high demand as these sectors expand their operations alongside a rapidly recovering economy. There are good openings for self-employment, working perhaps on a part-time basis for a number of small businesses. Additionally, AAT is a globally recognized qualification, which means the holders can work anywhere around the world.

What is the duration of the program?

The duration of the program varies depending on the knowledge background of the student. On average it takes between 10 months to 23 months to complete.