ACCA vs CIMA?

Louise89

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?

PGM

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.

stevef

But how will CIMA's divorce from the CCAB and marriage to AICPA change things, if at all?

Rinske

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.

sampson

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.

NeilH

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

AK002

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.

PGM

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.

AK002

I know.

I want both though :rasp:

Rinske

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?

PGM

AK002 wrote: »

I know.

I want both though :rasp:

How can you put yourself through more exams

AK002

Haha I know..

Will look tomorrow :P

AK002

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

PGM

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?

AK002

Probably not, lol.

Is there an answer on their website about exemptions etc? can't get on on my iPhone

NeilH

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

Louise89

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.

Bluewednesday

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

stevef

My employer in the Public Sector specifies membership of a CCAB body.

PGM

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?

stevef

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?

NeilH

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

PGM

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

NeilH

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

Louise89

How about ACA?

Does anyone know someone whos done ACA?

Rozzi Rainbow

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.