How To Become An Insolvency Practitioner

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How To Become An Insolvency Practitioner

Practising as an Insolvency Practitioner (IP) is probably the most rewarding profession of all. In what other job could you run a hotel and leisure business one week, a fortnight later be responsible for the futures of more than 200 members of staff at a manufacturing plant and then, within months, have to plot logistics and strategy for an aircraft parts company operating out of Singapore?

An IP can do all of the above and much more. This profession is one which exposes you to businesses and people of all types; considering options, sifting through finances, talking to the big players and building a future for a huge number of people.

To become a licenced Insolvency Practitioner a person must pass one or both of the Joint Insolvency Examination Board's (JIEB) papers in Corporate Insolvency and Personal Insolvency. You may decide to focus your professional future on just, say, corporate work, so only need to study for and pass the Corporate Insolvency paper, but most will aim to pass both papers to enable them to have the greatest understanding of the full panoply of insolvency and restructuring procedures and practices.

The average insolvency practitioner salary in the United Kingdom is £60,000 per year.

A person can study for the JIEB without having any previous qualifications and then sit the exam paper(s) in the one sitting each year (usually on the second Tuesday and Wednesday of November). The results are then publsihed on the first Friday in March of the ensuing year, then a licence can be applied for once the exam(s) has been passed and the applicant can demonstrate they can carry out (unsupervised) the functions and duties of an IP. This means that in the last five years before applying for the licence they must have had more than 600 hours experience in insolvency administration.

However, you can also join the profession and not become licenced, preferring to focus on the exciting and rewarding day-to-day role of working in insolvency and restructuring. To do this, and to learn about the full range of processes, you can study for and sit the Certificate of Proficiency in Insolvency exam (CPI) or the ICAEW Certificate in Insolvency (CII).

NTI offer various training courses in becoming and Insolvency Practitioner

Joint Insolvency Examination Board (JIEB) and Certificate of Proficiency in Insolvency (CPI)

CPI Training   JIEB Training