CIMA or ACCA? Just do both!!!

axl2derv

I have just been enquiring recently as to which one to study. There is always a dilemma for AAT students as they cannot choose which one. I have finally found the answer...do both. If you study ACCA, you are not able to do anything more than book-keeping while you study with them, if you wish to be self employed. CIMA however, don’t mind what you do as a self employed person, as long as you don’t mention them until you have qualified and are a full member.

Now, this is the interesting bit. If you study ACCA first, you must work as an employee rather than self employed, unless you only wish to do bookkeeping. Once you qualify with the ACCA (after passing the 14 exams), you can then move on to CIMA and be exempt from 3 of their 9 exams, leaving 6 plus the final exam (TOPCIMA).

If you choose to study CIMA first, you can work self employed, as long as you don’t mention them.

Now this is the best bit. Once you qualify (after passing the 9 exams plus TOPCIMA), you can then study ACCA and be exempt from 9 of their 14 exams, leaving only 5 to complete. After completing CIMA the ACCA will allow you to study with them, even if you are self employed doing more than bookkeeping i.e. a partner of an accounting firm or a self employed accountant. By having CIMA, you are now allowed to study ACCA without just doing bookkeeping.

So why have both ACCA and CIMA? Simple…you would stand out from the rest of the crowd and be valued more. I have never met an accountant who has both.

Ideally I would like to have ACCA, CIMA, ACA (if it doesn't merge with ACCA) and a PhD along with the AAT qualification. You can’t put a price on that.

Bluewednesday

Other than it's a waste of time, it's like having 3 maths GCSE's - they all qualify you to do the same thing.

I have seen accountants that have more than one of the qualifications but to what point?

Now an accountancy qualification and CTA - that's a combination!

deanshepherd

I agree with Bluewednesday.

I have actually come across an accountant with ACA, ACCA and CIMA. He told me that it used to be the case, many moons ago, that ICAEW members could just apply for ACCA and CIMA membership on the merit of the ICAEW qualification.

I'm not sure that many would continue to pay subscriptions to all three bodies these days.

PGM

Bluewednesday wrote: »

Other than it's a waste of time, it's like having 3 maths GCSE's - they all qualify you to do the same thing.

I have seen accountants that have more than one of the qualifications but to what point?

Now an accountancy qualification and CTA - that's a combination!

Whats CTA?

Maybe not a total waste of time. You'd do 7 CIMA exams and then 5 ACCA. So a total of 12 exams. Whereas you'd be doing 11 exams from AAT to ACCA anyway!

Possibly worth it other than the extra cost and you'll be doing more of the hard exams..

deanshepherd

PGM wrote: »

Whats CTA?

Chartered Tax Advisor (link) Formerly ATII.

I am actually quite tempted by CIMA now - could be fun! I wouldn't bother going on to do ACCA after though.

deanshepherd

PGM wrote: »

You'd do 7 CIMA exams and then 5 ACCA. So a total of 12 exams. Whereas you'd be doing 11 exams from AAT to ACCA anyway!

Not quite. I make it 10 CIMA exams plus 5 ACCA, if you wanted to do both.

Monsoon

Axl, good idea, if you desperately want to be ACCA and work for yourself while doing so.
But, once you've got CIMA (if you can hack management accounting, I for one can't stand it! :laugh:), why bother with anything else? It's chartered.

PGM

deanshepherd wrote: »

Not quite. I make it 10 CIMA exams plus 5 ACCA, if you wanted to do both.

The first poster says 10 cima exams, less the 3 you're exempt for after passing AAT.

deanshepherd

PGM wrote: »

The first poster says 10 cima exams, less the 3 you're exempt for after passing AAT.

I'm afraid not.

First poster says 10 for AAT members.

The 3 exemptions are if you do ACCA first, not AAT.

PGM

deanshepherd wrote: »

I'm afraid not.

First poster says 10 for AAT members.

The 3 exemptions are if you do ACCA first, not AAT.

I see, thanks!

numberz

Acca

I have my IAB qualifcation which abled me to start my own bookkeeping practice and decided to do AAT to further my business into accounts, thinking i could move onto ACCA when finishing my AAT(In my final year at the mo), i was really upset to have noticed last night while reading messages on the forum that i will be unable to do this unless i stick to bookkeeping for a few more years which i'd rather not do as i'm ready to take the next step.

I was hoping someone could help ways around this without having to do CIMA????

Would doing CTA after AAT help me be able to do ACCA when CTA qualified??

Many thanks

deanshepherd

numberz wrote: »

Would doing CTA after AAT help me be able to do ACCA when CTA qualified??

Nope. You have to be either ACA, CIMA or CIPFA and hold a practising certificate.

Plus you can't go straight from AAT to CTA anyway. You would have to do either ATT or a CCAB qualification first.

Incidentally, for those studying ACCA as self-employed bookkeepers, none of that work counts towards the required practical experience to become a member unless you are being subcontracted from a CCAB firm who supervises your work.


Edited to add..

I have just checked the ICAEW regulations and the following paragraph is very interesting:

5.1 38 A provisional member shall not engage in public practice unless the provisional member is a member of the Association of Accounting Technicians or of an accountancy body which is a member of CCAB..

Sounds interesting!!

Carlbl

AAT can get you straight onto Management level for Cima, as is what i have just done this year.