ACCA or CIMA

Re:ACCA or CIMA

I can give you the short answer!

CIMA is for management accounting i.e. working in industry.

ACCA is for working in practice or industry, but is really necessary for working in practice in at least you need it for audit.

This is really just a starter reply - this question usually kicks off an argument about which is best etc!

Re:ACCA or CIMA

Following on from the above post.

ACCA is used both in industry and practice. I'm a qualified ACCA and work in practice and I did it because even though I'm a practice accountant - I still deal with companies in industry and sometimes have to advise on industry issues e.g. budgeting, management accounting etc etc. ACCA is very useful for my type of job because the qualification interacts between two sectors. ACCA is also extremely helpful for my requirements in Audit and Tax. There are two exams for audit and tax at ACCA (though one of each are optional). Please note that there is a syllabus change occuring in 2007.

In terms of CIMA - this is generally used within industry (though not exclusively). It isn't uncommon for CIMA's to work in Practice. Practice does need "industry aware" accountants. If you wish your career path to follow a practice route then I don't think CIMA has the audit faculty whereas ACCA does. However, in terms of Audit - my reckoning is that eventually this will be phased out in small to medium-sized firms - AccountancyAge today reported that the audit threshold could be raised again (currently it's on turnover of £5.6m or more).

Bear in mind, however, I have never studied any aspect of CIMA (though I do know that TLG who posts on here is an ACMA and may be able to advise better than I can about CIMA). But, before any arguments do start as to who is the best - just be aware that neither are the best (and this includes ACA!) They are all on an equal footing and still demand a lot of hard work and commitment to get through. Ignore any professional snobbery about which body is better - it is all crap!

My advice would be to look thoroughly at ACCA and CIMA's website, look at the past exam papers and the syllabus. Have a read on their site about what they are about and how they work and see which one (you feel) is better for you.

Good luck and kind regards
Steve

Re:ACCA or CIMA

Hi

Going on from what Sandy said, ACCA have a direct entry for other CCAB qualified accountants, but this currently requires several years post qualifcation experience. Also, direct entry to ACCA may not entitle you to become an auditor as you will need the advanced audit paper in ACCA.

Another consideration is the work exerience requirements. Both require 3 years, but have different requirements on content. I had planned on CIMA but the work experience requirements are very commercial orientated and I prefer working in an 'all round' environment not just management accounting. CIMAs requirements are very commercial/management accounting/business management orientated whereas ACCAs are much broader. Also, ACCA make it clearer what is suitable experience and make it easier to see what you have acheived as you go. With CIMA its a case of recording it and then submitting to them and sitting back to see if its suitable! Three years can be a long time and so your work may change, but it is nice to know what track (if any!) you are on.

Neil

Re:ACCA or CIMA

Hi Steve

Here where I got my information from

http://www.acca.co.uk/members/administration/direct-mem/

Neil

Re:ACCA or CIMA

Have to say, I didn't find that page when I was looking to see how far my CIMA qualification would exempt me!

I know when I did my final exams (back in 96 :shock: ) that CIMA gave ACCA members exemption to the final stage and I was not aware anything had changed but I'm open so being shown otherwise :?

With regards to the practical experience, again, as I passed so long ago things have changed but I do know that I was able to apply for full membership on the same day as I got my exam results as my RPE at that time was already sufficient. CIMA do hold regular free workshops to help students with the RPE by offering advice and assistance with completing the RPE.

Many people believe you have to work in a manufacturing business to be able to complete the requirements for membership, but again this is not so.

CIMA's CPD is more flexible than ACCA. It is compulsory the same as ACCA but it allows its members to prove their CPD within their current role which they recognise is not always a purely accounting role and it does not specify the number of hours. I believe from a colleague that ACCA insist on a specific number of hours on accounting related courses.

Re:ACCA or CIMA

NeilH wrote:

Hi

On the CPD 'front' ACCA do specify a certain amount of time, but it doesn't have to be courses or reading - employers can (for free) become accredited so that any development in your work (i.e. taking on new tasks, learning new areas of work etc) can count as CPD.

Neil

I will accept what you are saying, but I do know that my friend is going to give up his ACCA membership because of their CPD rules because he is the main (possibly only) qualified person at his company and he cannot afford the time out of the work to do the CPD hours required and feels that the CPD is not appropriate to his needs.

Re:ACCA or CIMA

He qualified back in the 80's or 70's and is currently one of two partners in a similar business to me (warehousing/transportation).

He is incredibly unhappy at the compulsory CPD and has said to me on several occasions that when he can no longer be a member without completing CPD (next year is when he is phased in to the system apparently) then he will rescind his membership.

Re:ACCA or CIMA

I agree with you. I personally would not give up my qualification but as I said, I believe CIMA are more flexible anyway (only going on what he's said vs what I know about CIMA, so I may be wrong). That said, he finished all his studying a long time ago, is in his mid/late 50's and feels that it is not needed.