CIMA OR ACCA

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
If you were wishing to go on which one is best for working in industry?<BR><BR>I really really stress at exams, so the one with the least would be a better option for me.<BR><BR>Also feel quite old to still be studying at 44, I believe that CIMA is the faster route to being qualified is this correct?<BR><BR>I haven't been able to put much of what I have learnt so far into practice, currently work for a small charity, which seems a shame.<BR><BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    My understandign is this:<BR><BR>CIMA is probably the best if you want to become a Mangement Accountant.<BR>ACCA allows you to go into either industry or practise as you will be a qualified chartered accountant.<BR><BR>I think CIMA probably pays a little more though.<BR>BUT ACCA is internationaly recognised.<BR><BR>I will be doing ACCA, as in my view, it gives you a hell of a lot more flexabilty, if you're not quite sure which area to go into.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    I think the following applies:<BR><BR>CIMA = Chartered accountant<BR><BR>ACCA = Certified accountant<BR><BR>I am sure ACCA is not a chartered qualification, can anyone confirm this?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    <br><br><< <i>I am sure ACCA is not a chartered qualification, can anyone confirm this?</i> >><br><br><BR><BR>ACCA is just a much chartered as CIMA, since ACCA stands for Association of <u>Chartered</u> Certified Accountants.<BR><BR>Genrall the terms used in the profession are:<BR><BR>ICAEW/ACA = Chartered Accountant<BR>CIMA = Management Accountant<BR>ACCA = Certified Accountant<BR><BR>Although the 'badge' Chartered Accountnat seems to be coined to ICAEW, im not sure if they actually have exclusive rights to the name! (maybe they do?)<BR><BR>Nicola, as for which is quicker, ACCA and CIMA will probably take you about the same length. If you get AAT qualified you'll be exmept from the first stage of both, leaving 10 CIMA exams to sit or 11 ACCA. ACCA have one more, but CIMA have slightly tighter exam progressions rules - with ACCA you can sit part 3 option papers while still taking part 2 exams, with CIMA you have to complete the middle stage before you can attempt any final (part 3) stage papers. Also, TOO OLD TO BE STUDYING AT 44?!?! Look at it this way, you probaly have at least another 15-20 years of working life to do (deppressing), why not make the most proffesionally and salary wise?<BR><BR>As for which gets better pay, ACCA or CIMA, and what qualification is more in demand in industry/commerce, it seems to be very much 'swings and roundabouts. Agencies tell me CIMA students/quaifieds are preferred, but actuall job vacancies (and im retracting a comment in a orevious post/thread with this) seem to be about 50% ACCA, 50% CIMA. Pay also seems on a level, but it will probably depend on where in the country you are working and what industry.<BR><BR>Another concensus seems to be that once qualified, its the individual and the experience that counts, and speaking form recent experience I can confirm this. I've recently left a job where the FD was CIMA qualified - if ever i own my own company, i will not be employing this fella if he comes looking for a job! Personally we got on fine, but when it came to being an accountant, we all found him rubbish! Conversely, my new employment is under 2 CIMA qualifieds, who so far appear excellent.<BR><BR>Id previously planned on CIMA, however now Im not so sure!?!?!<BR><BR>Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Cima qualifieds use the letters ACMA and call themselves "Chartered Management Accountants". I think similar is true of ACCA in that they can call themselves Chartered Certified Accountants. Anecdotally there isn't a huge difference between ACCA and Cima, I work with qualifieds and studiers of both and Cipfa, and we all do roughly the same things, but ACCA has more emphasis on financial accounting, audit and the like, whereas Cima do lots of management/business type stuff. I would agree with Neil that it's more important the experience you have and personal qualities than specifically which qualification. Understand you want to do it quickly but your more likely to be sucessful and something you want to do.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Oh, and as for too old, no way. I'm 34 and I sometimes feel a bit old in my classes with lots of people a couple of years out of uni, but I was not by any means the youngest. And maybe we appreciate it a bit more, it takes courage to go back to studying later. Good luck!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Dont worry I am 47 and at the same stage, better late than never
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Dont worry about the age thing!<BR>There are alot of us in their 40's studting AAT.<BR>Feels slightly odd when you study at home then walk into an exam room full of younger people. But what the hec you are only as old as you feel!!! <BR>Im still 18, how about you.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    I reach the big 4 0 in November and on Monday after the PEV exam I thought I'm too old to be doing all this with the stress of exams, full time job, a house, husband and kids. But after todays exam, and the DFS exam I feel a bit better. All I can do now is wait. I have asked my boss about going on to do the ACCA course, if he says no, then this is probably as far as I get unfortunately. I may take some other "top up" exams in different areas to expand my knowledge, but ACCA I think is a better route to take. The Certified status combines the Chartered and CIMA type qualifications without specialising too much in one area, so you can work in most areas, apart from going into practise as you need 2 years experience in that field first. Good luck to all the other "mature" students out there, hope this week of extreme stress pays off in August
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    do you have to be in an accountants to do acca?? think you need someone who can sign stuff for you??<BR><BR>also does anyone know if you can do acca homestudy??<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    You don't need to work in accounts to gain the qualification but, like AAT you wouldn't be able to get membership without the work experience which does have to be signed off. You can do ACCA homestudy.<BR><BR>Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    hi bluewednesday. do you know who you can do aaca with homestudy? do you think it would be too hard and do you have a timescale?<BR><BR>i dont know what to do next. a year ago i thought yeh i will do acca, then the past two months the way aat took over my life i thought i can not go on as it was too much, ( y'know with family other committments etc) i decided to just stop but now exams over you think emmm what now??? weird down to earth kinda feeling last two days ( hubby thinks theres something wrong but i just feel deflated somehow, think it a low after all the stress of last few weeks) the closest college to do acca for me is over an hour away so home study may be an option if its easily learnable by oneself. <BR>perhaps have to go look at their site.<BR><BR>thanks<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    I am 33yrs old and had a 3yr gap between finishing Intermediate and now doing technician. I am pondering over ACCA as I work for a med size manufcturing company. Our Mgmt accountant who was 40ish and CIMA qualified was a total lazy git and played on his phone all day, he was made redundant in Dec so I got the chance to unofficially step him his shoes so I do loads of his work, although he didnt do that much and what he did was wrong.<BR>Due to having a family and a stressful full time job, I dont know if my family could take the strain of me doing 3yrs to qualify in ACCA? I read you can do it homestudy, does anyone know where I could get more info on this and does it take longer and are there any benefits?<BR><BR>Cheers <BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Many thanks for all your replies, I just felt that if it was say another four years then I would be nearly 50, who would want someone of that age starting a job newly qualified, perhaps it would be better to look for something else now I have completed the Technician stage.<BR><BR>Sorry just low after all the exams, although do feel there is now something missing, so if it is "successfull" in August will make my mind up then (if work funds course) CIMA is offered at my local college 5 mins away at intermediate level, however it would be into Brighton for ACCA to the Uni, am really unsure if I am capable only got CSE maths at school. I didn't like the costing part of AAT, does CIMA cover a lot in this area?<BR><BR><BR><BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    hi nicola. i think cima does cover a lot of costing. its management acounting.<BR>you say too old at 50 for a new job? but why not think about perhaps going self employed doing peoples accounts?? and perhaps employers will look at someone newly employed because they know the knowledge is fresh and you are interested in it, otherwise you wouldnt have just sat all the exams, plus you are working now arent you? so you wouldnt necessarily be newly employed??<BR><BR>i totally understand the feeling of something missing and also the 'low' feeling. after all the panic and hard work it seems a bit like someone has dropped you from the top of the building and you have just reached the floor.<BR>cant believe i am saying that after how i felt last week and just wanted it 'over ' so i could have a 'life' again<BR>are we sad or just mad??<BR>as for the not managing cos only did cse. i left school with no qualifications as left school early to go abroad with parents and totally missed the last year of schooling, so if i can do it anyone can. oh and maths was my worst subject :-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Tigercat<BR><BR>I have a family (8 year old daughter and 2 year old son) and a husband and a part time job so know where you're coming from on the time issue. I do ACCA as taught courses with BPP (haven't as yet done revision courses too) and I know you can do homestudy with them. I took 2.1 in December and 2.2 and 2.3 in June. It is hard going, the papers are hard and demand a lot of work. If I carry on at the rate that I am I'm looking at 3-4 years to finish the qualification, it will also take a while to get the work experience as I work part time. I am 36 now so don't expect to qualify until I'm 40 at least.<BR><BR>It's up to you whether you think it's worth it, I have to say the papers seem really varied at the moment and apart from the stress of a month before the exams are quite interesting.<BR><BR>Good luck<BR>Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    CIMA OR ACCA

    Nicola,<BR><BR>CIMA and ACCA both cover general costing (and management accounting in general) in a smilar way/to the same level. CIMA has 3 general management accounting papers, as does ACCA but one of ACCA's is an option at level 3, so you can tailor it to suit your needs. Although CIMA and ACCA are similar in general mgt accounting content, CIMA does seem to have a little more on performance management and planning. This is one reason im considering ACCA, although I like costing and budgetting/planning and the like, other parts of management reporting and analysis (I hate that word!) make me wanna cry!<BR><BR>Call me old fashioned and dull if you will, but I like the number crunching and recording that comes with financial accounting, hence looking towards ACCA.<BR><BR>Neil

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