Charles Turner congratulates top IPA JIE 2012 prizewinners (left to right) Andrew Waudby (1st prize), Paul Davies (2nd prize), and Leanne Wylde (3rd prize) at the IPA Annual Conference on 16 May 2013.
If you would like to become a Licensed Insolvency Practitioner, you must first pass the Joint Insolvency Examination Board's exams (or JIEB exams).
About the Joint Insolvency Exams
The JIEB exams are only held once a year in November on three consecutive days.
There are three papers:
Paper 1 - Liquidations
Paper 2 - Administrations, Company Voluntary Arrangements (CVAs) and Receiverships
Paper 3 - Personal Insolvency
What is involved?
The standard required to achieve JIEB qualification is equivalent to that which is required for final qualifying examinations set by recognised professional accountancy and legal bodies.
All three papers must be passed. Each paper is three and a half hours in length and consists of a mixture of written and numerical questions on practical insolvency issues. These are open book exams and candidates need to bring with them their own copy of the Butterworths Insolvency Law Handbook.
The JIEB exams may test legislation which is not covered within Butterworths. Candidates should have a good understanding any other relevant legislation and case law which may be applicable.
Candidates must also be familiar with the Statements of Insolvency Practice (or SIPs), the Guidance Papers, the Ethical Code and any other relevant publications to the profession.
Examination questions are based on the relevant law and guidance in force on 30 April that year. Questions do not require more recent case law, but demonstrating knowledge of any that is relevant will attract additional marks.
Am I eligible to sit the JIEB exams?
Following the removal of the Early Entry Examinations, there are no longer any educational standards required before an application can be made to sit the JIEB exams. However, the exams test the practical knowledge and skills which a Licenced Insolvency Practitioner would gain through their day to day working life and are known to be particularly testing.
R3 recommends that candidates do not attempt the examination without at least three years’ practical insolvency experience covering each of the areas to be examined.
All candidates are required to apply for examination through a Recognised Professional Body such as the IPA.
What constitutes a pass?
You must pass all three papers to complete the full JIEB qualification. Any number of papers may be sat at the first attempt.
If a candidate passes two of the papers at their first attempt they must pass the remaining paper within 5 years. If a candidate is successful in one paper, however, they must sit and pass the remaining two at the same time. All papers must be passed within a period of 5 years of the first attempt.
About the results
The JIEB exam results are usually available at the beginning of March from R3 - The Association of Business Recovery Professionals (for more information visit the R3 website). The pass mark for each paper is that determined by the Joint Insolvency Examination Board, but is never more than 50%. Each candidate receives either a 'bad fail', 'fail', 'marginal fail' or 'pass' for each paper. No other performance feedback is provided by the Joint Insolvency Examination Board.
Are you Ready?
The JIEB exams continue to be an extensive set of examinations which rigorously test candidates’ knowledge of insolvency law & practice.
Candidates who successfully achieve JIEB qualification (and have sufficient insolvency experience) are able to apply for their insolvency licence and will be fully prepared to tackle the difficult tasks which lie ahead.
Although demanding, working as an Insolvency Practitioner can also be one of the most challenging, involving and rewarding. It is a varied and fascinating career to pursue - a career that will eventually grant you a wealth of business experience & technical knowledge across a range of industries.