Non-members of the English ICA will be able to join the institute’s specialist faculties under radical plans in its ‘Strategy for the start of the 21st century,’ writes Chris Quick.
The long-awaited document sets out an extensive series of reforms to all parts of the institute’s activities.
As revealed by Accountancy Age last week, the finalised strategy is being circulated among the institute’s network of societies, boards and other bodies.
The institute’s faculties, whose 22,000 members pay an extra fee of around £60 over their £152 core annual subscription to join, are regarded as a success story by institute officials.
Research indicates a high level of member satisfaction, and their self-financing nature means they are favoured by officials who are trying to spread the ‘user-pays’ concept to other institute activities.
The five faculties, which provide specialist services and act as centres of excellence, currently focus on tax, finance and management, audit, corporate finance and IT.
Among the plans to increase the scope of their activities is a proposal to open up membership to members of other appropriate professional bodies.
More faculties are also envisaged, particularly a General Practice Faculty. It is not yet clear how this will link with the new practice ‘member focus’ which, under the strategy, will replace the General Practitioner’s Board.
The strategy has been watered down since institute officials were forced to retract an earlier draft in April after opposition from the district societies network, which also faces a radical overhaul.
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