after level 4?

Hi Guys,

Just need a bit of advice really. Due to complete level 4 in June this year and plan to conitnue onto acca or cima, dont know which (whats the difference)? also dont know whether to go to college or do as home learning . i did levels 2 & 3 home learning and level4 at college. My local college doesnt do ACCA or CIMA and dont know where the next nearest college is that does. i am in Littlehampton, West SUssex. Any opinions much appreciated.

I also work in an accounts department for a local charity so i have practical experience too which i guess also helps.

Just dont know which way to go.

Comments

  • LucyNLucyN Settling In Nicely Posts: 23Registered
    ACCA is Chartered and Certified accounting, more useful if you work in practice.

    CIMA is Management Accounting, which is generally used in Industry for budgeting, forecasting etc.

    I dont know much about CIMA other than my boss telling me it isnt worth the paper it is written on unless you work for a company in industry, whereas ACCA is useful for both, but more so the practice side.

    Im sure someone else will a greater and more in depth reasoning that I do however.

    As for studying, id personally recommend college, unless you are extremly good at motivating yourself as they are meant to be a lot lot harder than AAT and the extra guidence would be an asset to you.
  • NeilHNeilH Trusted Regular Posts: 547Registered
    Hi

    CIMA goes into more depth on general and strategic management and managment accounting/performance issues, whereas ACCA goes into more depth in tax, audit and financial reporting. A lot of tuition providers say CIMA for industry, ACCA for practice.

    Similar to LucyN's comment, my previous line manager (an ACA from a practice background) said ACCA wasn't worth it unless you work in practice. Conversly, on the course for my final CIMA paper, there was a student from a practice!

    I guess it depends on what you prefer to study. For tuiton providers you'd probably be looking at BBP or Kaplan or a local uni.

    Neil
  • stevefstevef Well-Known CarmarthenPosts: 258Registered
    It is true that CIMA goes into more depth in strategic management and management accounting and ACCA into financial reporting, tax and audit, but both cover all the areas. ACCA is definately of value outside of practice, this is evidenced in that well over half (nearing two thirds) of ACCA members do not work in practice. If you trace ACCA's rootes back far enough (to the days before computers) you will find that it was a body for Accountants working in commerce and industry.

    I know less about CIMA than ACCA, but it is wrong to say that CIMA is not worthwhile outside industry. There are plenty of CIMA qualified accountans working happily in the public sector and within large practices.

    So CIMA is better if your future lies in management accountancy and ACCA if your future lies in financial accounting. But my accounting team in a public sector organisation are all AAT/ACCA students or members and all carry out a full mix of management and financial accounting, dusted off with a bit of treasury management and help me out with a bit of technical accounting, amongst all the transactional stuff. (But as a bit of career guidance, every Head of Finance or Director of Finance/Resources I have come across in the public sector have spent significant stints in the technical accounting world).

    But back to this debate, there is less to choose between the Chartered Bodies than you would imagine, it is more about: your interests (eg if you hate management theory, why do CIMA, if you live for management accounting why not CIMA), study opportunities, employers preferences.
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    stevef wrote: »
    It is true that CIMA goes into more depth in strategic management and management accounting and ACCA into financial reporting, tax and audit, but both cover all the areas. ACCA is definately of value outside of practice, this is evidenced in that well over half (nearing two thirds) of ACCA members do not work in practice. If you trace ACCA's rootes back far enough (to the days before computers) you will find that it was a body for Accountants working in commerce and industry.

    I know less about CIMA than ACCA, but it is wrong to say that CIMA is not worthwhile outside industry. There are plenty of CIMA qualified accountans working happily in the public sector and within large practices.

    So CIMA is better if your future lies in management accountancy and ACCA if your future lies in financial accounting. But my accounting team in a public sector organisation are all AAT/ACCA students or members and all carry out a full mix of management and financial accounting, dusted off with a bit of treasury management and help me out with a bit of technical accounting, amongst all the transactional stuff. (But as a bit of career guidance, every Head of Finance or Director of Finance/Resources I have come across in the public sector have spent significant stints in the technical accounting world).

    But back to this debate, there is less to choose between the Chartered Bodies than you would imagine, it is more about: your interests (eg if you hate management theory, why do CIMA, if you live for management accounting why not CIMA), study opportunities, employers preferences.

    I'm doing ACCA and I'm a managment accountant, and I find it suits industry just fine. You can choose which final "professional" modules you do, and I didn't pick advanced audit, but the ones which suited my job, if CIMA is better suited, it can't be by much.
  • tinkerellatinkerella Feels At Home Posts: 45Registered
    I was also wondering this as i currently work in practice and was thinking of doing ACCA, but in the future i may want to work in indusrty. (practice seems to be thinning out). I have noticed on a lot of industry jobs that they require CIMA and experience in management accounting so i'm really unsure what to do now.

    x x x
  • messedup89messedup89 Experienced Mentor Posts: 1,281Registered
    tinkerella wrote: »
    I was also wondering this as i currently work in practice and was thinking of doing ACCA, but in the future i may want to work in indusrty. (practice seems to be thinning out). I have noticed on a lot of industry jobs that they require CIMA and experience in management accounting so i'm really unsure what to do now.

    x x x

    i work in industry and i'm studyin ACCA as are 2 other collegues.
    i think theres 5 that are ACCA qualified and there's 2 currently studying CIMA, i think for most jobs it doesn't matter.
  • Rozzi RainbowRozzi Rainbow Trusted Regular Posts: 465Registered
    In my college class for ACCA I'm the only one that works in practice. Most work in industry and at least one works in the public sector. I'd suggest looking at the syllabuses for both and pick which one you like the sound of the best.
  • wesjp23wesjp23 New Member Posts: 9Registered
    I have recently began work in practise and am awaiting my final level 4 results in Feb. The partners of the company are encouraging me to do the ACCA which is what a majority of the firm are qualified at. I see myself working in management accounting in the future however will still do the ACCA. The guys in the firm produce management accounts for clients so i dont see ACCA as restricting you from performing management accounting.

    Im not sure what the options are of doing CIMA add on modules in the future which i will definitely look to do. You can never have too many strings on your bow!
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