Subject to the provisions of section 14, the following persons are eligible for membership as Chartered Accountants of the Institute:

1. A person who passes the qualifying examinations for membership of the Institute, to be conducted or approved by the Council, and who has had at least two years practical experience with a member or firm in public practice.

   Note: The requirements of the paragraph above shall not apply in any case where in the opinion of the Council compliance therewith would give rise to hardship or where the Council is satisfied that it would be proper to waive the requirements, either completely or in part, to such extent as the Council may in its discretion deem appropriate.

2. A person who is a member of any Society or Institute of Accountants by whatever name called but approved under regulations made by the Council as being in the opinion of the Council an Association of equivalent status to that of the Institute.

   Unless otherwise decided by Council, the following societies or Institutes of Accountants shall be regarded for the purposes of section 3 (1) of the Act, as associations of equivalent status to the Institute:

   • The Institute of Chartered Accountants in England and Wales
   • The Institute of Chartered Accountants of Scotland
   • The Institute of Chartered Accountants in Ireland
   • The Association of Chartered Certified Accountants
   • The Chartered Institute of Management Accountants
   • The Chartered Institute of Public Finance Accountants