Last November, I took a certification exam for RCA (Registered Cost Accountant). Yesterday, NIAT (National Institute of Accounting Technicians) finally posted the result on their website. I never thought I would make it! The first word that came to my mind is "How?" How the hell did I survive from that exam? Well, God really never fails to surprise me. I give all the glory to God. Thank you po!
As I promised, I'll give you a little background about CAT. First, it is open for all interested accounting students and professionals. It is composed of three levels; Certified Bookkeeper, Registered Cost Accountant and Certified Accounting Technician.
So the first level is certification for bookkeeping. If you passed this exam, you can apply for Certified Bookkeeper (CB) qualification. Honestly, in this level the exam is quite easy. It is just about journal entries and accruals. However, if you will check the NIAT website, it has four modules namely, Review of Bookkeeping Skills, Completing the Accounting Cycle, Constructive Accounting and Special Journals. This exam is fully accredited by the Institute of Certified Bookkeepers UK. Take note that you have to pass this level first before you can take the level 2 program.
Level 2 program is certification for Registered Cost Accountant (RCA). If you love costing then this exam is perfect for you. It has also five modules; Understanding Management Information, Accounting for Materials, Labor and Overhead Costs, Accumulating Costs for Products and Services, Budgeting for Planning and Control and Estimating Costs and Revenues for Decision-Making. Seems complicated right? You have to review all these modules just to pass. But hey I assure you it's definitely worth it. If you passed this level, you are eligible to become a Registered Cost Accountant (RCA). This certification is recognized internationally especially in Australia. In fact, it is also accredited by Institute of Certified Management Accountant (ICMA) in Australia.
The Level 3 program will give you the opportunity to become a Certified Accounting Technician (CAT). Of course you have to pass the level 2 first before you can take this program. This exam will test your payroll and taxation skills. Scary! I hate taxation. So many exceptions and percentage to memorize. Agree? I regret not listening to my taxation professors before. Anyway, it is composed of three modules; Payroll Accounting, Business Income Taxation and Business Taxes: Value Added and Percentage Taxes. My friend had the guts to take this exam and he told me that it is so hard. I am not telling this to discourage you okay but to help you prepare and exert greater effort. Passers of this level are eligible to become a CAT in Australia or Canada.
I got interested in this CAT Program because it will increase my chances to work abroad. CAT is recognized in countries such as Canada, United Kingdom, Australia, New Zealand, Europe, Hongkong, China, Singapore, Malaysia, India and Middle East. If I plan to work in one of these countries, I can use this certification to increase my value to a company. I have nothing against with CPA but just to give a head ups to those who still don't know, Filipino CPAs are not recognized to other countries as counterparts of their respective CPA programs. Yes you are a CPA here in the Philippines but if you work abroad you are not anymore. You need to undergo a certain course/program in order to become a CPA (again) there. I think PICPA need to do something about this. Hindi kaya biro magtake ng CPA board exam! They must apply for mutual recognition program with other countries like Australia and US.
Anyway, if you are not fortunate enough to make it, worry no more! You can retake an exam for an unlimited number of times! CAT program is also offered in other countries but here in the Philippines, examination fee is less expensive.
**all photos are from NIAT website**