Chartered Associateship frequently asked questions • ifs

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Chartered Associate FAQs

What is Chartered Status?

Chartered Status is highly regarded. In educational circles, it is a mark of the highest academic achievement. In professional terms, Chartered Status is a label that announces not only learning of the highest order, but learning that is ongoing and linked umbilically to strong and innovative achievement in the chosen profession.

Who is eligible?

To be eligible for Chartered Associateship, you must:

have successfully completed an ifs FHEQ Level 6 qualification such as the BSc (Hons) in Banking Practice and Management or hold the ifs Associateship
have at least 2 years' relevant work experience within financial services
be professionally active in the financial services industry or a related discipline at the time of application or have been so in the three years previously

What do I need to do to achieve Chartered Status?

If you are eligible to apply you will need to register online and submit your Development Statement. Once this has been validated you will also receive confirmation that you have been awarded Chartered status for the current calendar year.

What do I need to maintain Chartered status?

All Chartered Associates are required to follow the CPD programme in order to maintain their Chartered Associateship.

Submit a Development Statement on application outlining your development objectives for the coming year.
Log at least 15 hours of quality CPD.
Submit an Annual Statement at the end of year explaining how your CPD achieved your development objectives. This will also form your Development Statement for the next year.

If you fail to complete the CPD requirements you will lose your Chartered Associateship and will be unable to reapply for the scheme during the following calendar year.

Can I apply at any time?

You can apply to join the scheme at any time in the year; however the fee and CPD requirements will remain the same. We would recommend anyone wishing to join the scheme after 30 September defer their application until January of the following year as it will be difficult to achieve the requirements in the remaining time.

How much does it cost?

The fee for Chartered Associateship is your alumni membership fee plus an additional annual CPD administration fee of £50.00. This is payable online before you submit your inital Development Statement and invoiced direct every year after that.

If I join the scheme during the second half of the year will I still be required to pay the full annual admission fee?

Yes, as whenever you join the scheme the administration process is the same.

Why do I need to submit a development statement?

The development statement demonstrates your commitment to the scheme and outlines your key development needs for the year. It should summarise a development plan and the benefits of successfully achieving that plan.

What kind of activities qualify for the CPD scheme?

See Chartered Associateship CPD requirements section 2. Qualifying CPD activities.

Why do I need to submit an annual statement?

The annual statement completes your CPD process. It should identify the way and the extent to which activities undertaken support the objectives outlined in the development statement and outline the development/learning objectives identified for the forthcoming year if continuing in the scheme.

When can I start recording my CPD?

Once your development statement has been submitted and validated you can then start to record CPD via the my ifslearning online CPD tool.

Can I retrospectively record CPD that I’ve carried out under a different scheme?

CPD gained under any previous scheme in that CPD year will not normally be eligible, however, mid–year applicants can apply to have previous CPD activities taken into account provided it is consistent with their development statement.

Can I achieve Chartered status before the end of the year if I complete my CPD requirement and submit my annual statement earlier?

No, as quality CPD is expected to run over the course of the year. Your final annual statement should feed directly into your development statement for the following year, so cannot be submitted earlier than November or will be rendered meaningless.

What happens if I fail to complete the scheme in any given year?

You will revert back to your previous alumni membership level, and you will be unable to reapply for Chartered Associateship during the following calendar year.

Can I submit my development statement and CPD records on paper via post or fax?

No, all submissions will need to be submitted on-line via myCPD.

What alumni benefits will I be entitled to?

The alumni benefits for Chartered Associates are the same as for Fellows and for Associates. Those achieving Chartered Status will be in possession of a label that is recognised as a badge of higher standing and a dedication to higher academic and professional development.

Chartered Associates will receive a certificate and card and be included on an online Chartered Directory.

Are there any new qualifications to be studied before being awarded the CAifs?

No. You would not have to study for any additional qualifications, but must fulfill the criteria specified already.

Can I use my ACIB title as well as the CAifs?

No, you would only be able to use one or the other.

When would I be awarded the CAifs title?

You will be awarded the CAifs title after your initial Development Statement has been validated and you agree to follow the CPD programme.

Can I get credit with qualifications pursued with other organisations?

Credit for qualifications awarded by other organisations cannot be awarded retrospectively.