The results from the latest group of students to sit the joint CIOT ICAEW Taxation of Major Corporates (TOMC) exam show an increase in the pass rate to 76 percent.
TOMC is part of the Chartered Institute of Taxation (CIOT) and Institute of Chartered Accountants in England and Wales’ (ICAEW) Joint Programme. The programme enables students to work towards the ICAEW’s chartered accountant qualification, ACA, and the CIOT’s Chartered Tax Adviser, CTA, qualification, at the same time, providing a faster, more flexible route to becoming ‘double chartered’ than if the two qualifications were pursued in the traditional way, one after the other.
Chris Jones, President of CIOT, said: "I would like to offer my congratulations to the 16 candidates who sat and passed the TOMC paper and the progress they are making towards becoming a CTA as a result of their success.
“We anticipate this paper and programme will continue to grow and be sought after by all advisers dealing with the tax affairs of FTSE 350 companies and other large corporates.”
The previous results for TOMC were for the November 2014 exam which had a pass rate of 75 percent, for which the results were published in January 2015.
Shaun Robertson, ICAEW Qualifications Director, said: “The future of chartered accountancy and chartered taxation is looking promising. We're delighted to see another stream of students progressing on the Joint Programme - cementing their experience and knowledge of taxation of major corporates. The UK has a vastly complex tax system so their success is no mean feat. We wish them all the best for the next stage in their careers.”
Callum Robert Griffiths, of London, who is employed by BDO, is the winner of the John Tiley Medal for the highest mark in the TOMC examination paper.
Chris Jones said: “Special praise must go to Callum Robert Griffiths for achieving the highest mark on a very testing exam. I expect this exam and the Joint Programme to lead to tax professionals who provide the highest quality business and tax advice and leadership across the advisory and in-house sector, in the future”.
More than 25 major firms in the UK support students through the ACA CTA Joint Programme, through the Direct Tax TOMC route or through the Indirect Taxation route. Nearly 100 have sat the TOMC exam since it was first offered in 2014. An Owner-Managed Business Joint Programme will be launched later this year.
Notes to editors
The pass list can be viewed here.