In an attempt to simplify the application process that one has to go through to become a Member of the Institute, the MIA Technical Department and representatives from the Education Committee have recently gone through the process and the Practical Experience Requirements (PERs) that must be satisfied for one to be granted the MIA status.

As a Member Body of the International Federation of Accountants (IFAC) the MIA has to comply with several Statements of Membership Obligations (SMOs). SMO 2 in turn gives authority to International Education Standards (IES) issued by the International Accounting Education Standards Board. Of the 8 IESs, IES 5 Practical Experience Requirements was considered to be the most relevant for the scope of the exercise. IES 5 prescribes the practical experience IFAC member bodies should require their members to obtain before qualification as professional accountants.

The Technical Department therefore carried out an exercise to identify ways in which the MIA PERs could be simplified and take note of any areas that may have been ‘gold-plated’ in implementing the Institute’s requirements. MIA’s PERs were in fact found to be compliant with IES 5 requirements and the Technical Department found little scope for simplification on that front.

Nevertheless, upon the proposals of the Education Committee, Council subsequently approved a number of simplifications of an administrative nature. The Application Forms and Guidance Notes on PERs are freely downloadable from the Institute’s website. Click here for more details. 

The new Regulations and Application Process come into force on 16 July 2009.