Benefits of ICPAK membership ,How to register, Fees etc

So, what are the benefits of ICPAK membership?

Of course, many experts will tell you that the next step after passing your CPA is applying for ICPAK membership.

And many freshers don’t take this kindly..

Especially now that ICPAK membership doesn’t come cheap- you have to cough up shs.27200/- to become a full ICPAK member not to mention that you have to pay shs.11,200 as annual subscription!

Well, read on to understand the real benefits of ICPAK membership and how membership can add value to you as a professional..

Benefits of ICPAK membership

You’ll be officially recognized as a professional accountant

Upon registering fully, you’ll be awarded the prestigious ICPAK practicing certificate which gives you full legal mandate to practice as an accountant, auditor, tax expert, or any specialization anywhere in Kenya.

Suffice to say that it’s illegal under the Kenya’s accountant Act No.15 2008 and its amendments under the Finance Act, 2018 to open a CPA firm without ICPAK’s practicing certificate.

Besides, some employers including leading CPA firms only consider active ICPAK members when hiring.

You’re exposed to numerous professional growth opportunities

The membership allows you to attend their regular ICPAK training programmes (continuing Professional Development) through which you can network and learn about emerging growth opportunities -both in Kenya and internationally.

You’ll also be kept up-to-date with the IAS (international accounting standards) and trends.

You’ll get access to job and practicing opportunities

ICPAK is occasionally contracted to recruit accounting and other finance professionals on behalf of third party companies, parastatals, and not-for-profits.

And as you would expect, they give preference to their members when shortlisting and recruiting for such positions.

Then, through mutual recognition agreements with similar institutes in other countries, ICPAK helps give your CPA certificate credibility in such countries.

Subsequently, you can pursue job opportunities even in foreign countries without having to subscribe for membership with professional accountancy institutes in those nations.

Other Benefits of ICPAK membership

  • Affinity card : You’ll be given the ICPAK Smart card, an international Visa Card (Debit) accepted both locally and internationally.
  • Insurance policy discount: If you own a car, you qualify for exclusive discounted motor vehicle insurance rates with selected insurance companies.
  • Professional publications: You’ll be receiving a free copy of the popular ‘The Accountant’ magazine and other insightful electronic bulletins.
  • Discounted price on other reputable publications: You again enjoy hefty discounts on the latest editions of IFRSs manuals and ISAs handbooks.
  • Additional Member discounts: There are other discounts including from…
  1. KCA University – ICPAK members automatically qualifies for a 20% discount on the chargeable fees for any course they wish to pursue at KCA University (a spouse gets 10% off, same with two children)
  2. Toyota Kenya – Under an agreement between ICPAK and Toyota Kenya, members get myriad discounts on new/pre-owned car purchase and when buying genuine Toyota spare parts.

What are the requirements to register for ICPAK membership?

You must meet the following conditions if you would like to register:

1.   Non practicing member

This is open to;

  • All CPA graduates with 3+ years’ experience
  • Foreign Accountancy Qualifications Holders as enumerated in section 26 (2) of Kenya’s Accountants Act.

Non practicing members cannot offer auditing or accountancy until after securing a practicing certificate.

 

Applicable fees:

  • Application fee -shs.27,200.
  • Annual subscription fee- shs. 11,200

 

2.   Practicing member

This is open to:

All current ICPAK members with an additional two (or more) years’ experience in external auditing while being supervised by an ICPAK licensed practising member.

You are fully licensed to offer any professional auditing/accountancy services under this category.

Applicable fees:

  • Application fee -shs.10,000.
  • Annual subscription fee- shs. 21,200

 

3.   Overseas member

This is open to:

Non-Kenyans with certifications equivalent to the CPA.

Applicable fees:

  • Application fee -shs.29,200.
  • Annual subscription fee- shs. 8950

 

4.   Associate member

This is the entry point for fresh CPA graduates and anybody else with less than three years experience and you only required to pay shs.3700 to be admitted.

You can, however, be an Associate member for up to three years.

Applicable fees:

  • Application Fees- shs. 3,700
  • Annual subscription- shs. 3,200

 

Required Documents

Applications are made online and you are required to attach the following documents when applying for registration:

  1. One copy of a recent passport photo.
  2. A copy of your National ID card (both sides).
  3. Copies of all your educational certificates from High school upwards (including CPA certificates). Ensure they’re certified by an advocate of the Kenya’s High Court.
  4. A reference/recommendation letter – This is written by your current employer and addressed to ICPAK (for those employed).
  5. The bank slip proving that you have banked the required amount depending on the category of membership you’re applying for.

You should deposit the amount to the following ICPAK bank account:

Bank: Barclays Bank –Kenya

Branch: Moi Avenue branch

Account number: 1597134

 

ICPAK Contacts

Postal address: P.O Box 59963, -00200 Ruaraka (CPA Center) , Thika super-highway, Nairobi, Kenya

E-mail address: [email protected] or [email protected]

Telephone (Fixed): 020-2304226/020-8068570 /020-2304227 / 020-8068571

Mobile Telephone: 0727-531006 / 0721-469796/0721-469169 /0726-504902, 0733856262

 

Final thoughts

In a nutshell, cumulatively, the above benefits of ICPAK membership may go a long way in helping you stand out from the crowd in the increasingly flooded accountancy profession.

Note that ICPAK is currently running a promotional drive for new members and has discounted the membership fees by 50% (from shs.27200 to shs.13600).

Remember that you can only use the CPA-(K) designation after acquiring ICPAK Membership.

Register here.

ALSO READ:

ACCA Exemptions For CPA Kenya : All the details and charges

CIFA Salary In Kenya : How much can you make in 2019?

ACCA Vs CPA Kenya : Which one is better ACCA or CPA?

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