ACCA vs CIMA?

Louise89Louise89 Trusted RegularEngland, UKPosts: 296MAAT
I really cannot decide which route to go down next year :(
I have two bosses and one is ACCA and the other is CIMA and from what I've heard I still cannot make up my mind.

If you have gone on from AAT to either ACCA or CIMA could you please tell me what influenced your choice?

Comments

  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    CIMA, more for management accounts.

    ACCA more of an all rounder, although some say its more for practice.

    Need to do ACCA if you want to audit.

    Less strict rules with CIMA.
  • stevefstevef Well-Known CarmarthenPosts: 258Registered
    But how will CIMA's divorce from the CCAB and marriage to AICPA change things, if at all?
  • RinskeRinske Font Of All Knowledge Posts: 2,453Registered
    I doubt it will change a thing. Not for a long time at least.

    It just means they show that they focus more on management accounts then on auditing, as that's what the CCAB was dealing with mostly lately.
  • sampsonsampson Feels At Home Posts: 37Registered
    I'm also seriously considering doing CIMA next year. Looking from an employment perspective, I've noticed that there are a lot more job adverts seeking ACCA qualified then there are asking for CIMA qualified. However, there are more a lot more ACCA members than CIMA members. Managment accounting and all the related positions do seem to be quite a niche, not every company will have a managment accountant, but most will have a financial accountant. Just my observation FWIW.
  • NeilHNeilH Trusted Regular Posts: 547Registered
    sampson wrote: »
    I'm also seriously considering doing CIMA next year. Looking from an employment perspective, I've noticed that there are a lot more job adverts seeking ACCA qualified then there are asking for CIMA qualified. However, there are more a lot more ACCA members than CIMA members. Management accounting and all the related positions do seem to be quite a niche, not every company will have a management accountant, but most will have a financial accountant. Just my observation FWIW.

    Hi

    It can be "six of one and half a dozen of another"!

    I work in industry/commerce, in my area of the country industry jobs tend to ask for ACCA/CIMA or CIMA. Where I was working at the beginning of my CIMA studies I worked with two ACA's (ICAEW) who qualified in practice and advised me against doing ACCA in industry/commerce. However, at our "sister" company the trainees were doing ACCA!

    Following on from "sampsons" comments, I've worked for a total of seven companies - a mix of private and PLC's, small, medium and large. Five (private and PLC) of those companies had at least one management accountant, only two had a financial accountant. Conversely, some of the management accountants were ACCA whilst at least one of the financial accountants was a CIMA student.

    In short, once you're qualified with the necessary experience, either qual (in industry/commerce) will serve you well.

    Neil
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    Anyone know what the exemptions are from CIMA for an ACCA qualified person?

    I started doing ACCA as I worked in Practice, but I've now moved to Industry.
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    AK002 wrote: »
    Anyone know what the exemptions are from CIMA for an ACCA qualified person?

    I started doing ACCA as I worked in Practice, but I've now moved to Industry.

    ACCA is fine for industry.
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    I know.

    I want both though :rasp:
  • RinskeRinske Font Of All Knowledge Posts: 2,453Registered
    Have a look on the CIMA site under exemptions. It should be all specified there.
    Although personally I don't see the benefits of having both?
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    AK002 wrote: »
    I know.

    I want both though :rasp:

    How can you put yourself through more exams :(
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    Haha I know..

    Will look tomorrow :P
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    To be fair, for 3 or 4 more exams for another qualification is not a lot considering I've been doing exams since I was 17 lol
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    Well, thats a good few months of solid study, and the expense of it, and continous membership fees. Would it really help your career that much?
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    Probably not, lol.

    Is there an answer on their website about exemptions etc? can't get on on my iPhone :(
  • NeilHNeilH Trusted Regular Posts: 547Registered
    Hi

    CIMA offer exemptions on a "paper by paper" basis.

    Have a look:

    http://www.cimaglobal.com/Study-with-us/Exemptions/Exemption-search/Association-of-Chartered-Certified-Accountants-ACCA/?qualification=1-5DDITL

    Unless you completed some of the ACCA professional level, you dont get many exemptions.

    Neil
  • Louise89Louise89 Trusted Regular England, UKPosts: 296MAAT
    Thanks guys,

    It is hard to choose, I like what both of these qualifications have to offer.. just got to decide what kind of accountant do I want to be further down the line.
  • BluewednesdayBluewednesday Font Of All Knowledge Posts: 1,624Registered
    To be honest I would look at the syllabus of each and then decide which one you like the most! Once you have experience nobody really cares who you qualified with
  • stevefstevef Well-Known CarmarthenPosts: 258Registered
    My employer in the Public Sector specifies membership of a CCAB body.
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    stevef wrote: »
    But how will CIMA's divorce from the CCAB and marriage to AICPA change things, if at all?

    How much of an issue is this? And why have they changed?
  • stevefstevef Well-Known CarmarthenPosts: 258Registered
    A CIMA person would be best placed to say why they have changed, but my understanding is that they wish to gain a footing in the US of A, while AICPA get a foothold in the UK and involvement in management accounting. Between them they are setting uo a "Global" management accounting award.

    By leaving the CCAB, CIMA seem to be giving up any connection with financial accounting and auditing. We need to wait and see if they can impact on standard setting outside the CCAB. The significance in local government world is that if you any ambition to become a section 151 Officer, you need to be a member of a CCAB body. The two main players in local government finance, CIPFA and ACCA, are very pro CCAB. So into the future we may see the differences growing as CCAB continues its IFRS path and CIMA becomes influenced by its much, much bigger American partner.

    But - who knows?
  • NeilHNeilH Trusted Regular Posts: 547Registered
    Hi

    CCAB has a focus on financial reporting and auditing standards, this is less than a major interest for CIMA. As a result, CIMA wanted to have a more representative financial contribution to CCAB. CCAB wouldn’t agree to this so CIMA "threw the baby out with the bath water" and withdrew from the CCAB. CIMA is still a member of/regulated by the FRC.

    Neil
  • PGMPGM Font Of All Knowledge Posts: 1,954Registered
    NeilH wrote: »
    CIMA "threw the baby out with the bath water" and withdrew from the CCAB.

    I'd be a bit worried if I was a CIMA member. Its hard to know how it'll affect its long term possition alongside ACCA & ACA etc
  • NeilHNeilH Trusted Regular Posts: 547Registered
    Hi

    For the time being I'm not too concerned, CIMA (at least in industry and commerce) is known in its own right and I doubt that the majority of employers are even aware of the CCAB split - even the communication to CIMA members was only about a quarter column of a four column page. However, there may be an affect if CCAB is a specific requirement in some areas. This may be inadvertent as CCAB may have just been used as a "blanket" for simplicity instead of referring to individual bodies. It will also depend on understanding the exact requirements of any legislation etc. For example, when referring to qualifications for Company Secretaries, the Companies Act refers to specific accounting bodies, but in a casual manner people might just refer to the act as requiring CCAB.

    Neil
  • Louise89Louise89 Trusted Regular England, UKPosts: 296MAAT
    How about ACA?

    Does anyone know someone whos done ACA?
  • Rozzi RainbowRozzi Rainbow Trusted Regular Posts: 465Registered
    Yes - my boss, and my mum's friend's husband. Both have been qualified a long time though so probably not quite the answer you were looking for! Good luck whatever you decide to go on to.
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