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 an 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…
- 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)
- Toyota
Kenya – Under an agreement between ICPAK and Toyota Kenya, members
get myriad
discounts on new/pre-owned car purchases 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:
- One
copy of a recent passport photo.
- A copy
of your National ID card (both sides).
- 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.
- A
reference/recommendation letter – This is written by your current employer
and addressed to ICPAK (for those employed).
- 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: icpak@icpak.com or memberservices@icpak.com
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.