FAO Steve or anyone : ACCA or CIMA

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
As we have reached the end of our AAT studies some of us, atleast me, dont know what next.

I personally dont know how to arrive at the decision of whats the right progression maybe because im working in a different area from Accounting.

Some people tell me its all up to wether I like or good at Costing or Financial accounting that can help me decide.
I disagree in the sence that AAT is not yet detailed enough, atleast for me, to say im good in this or that.

Please advise me with all fairness !

Many thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    I would suggest that you have a look at the individual syllabus's and see which one interests you more. If you don't know what you want to lean to it may help you decide. The only thing is that doing one or the other won't discount you from any branch of accounting so you may as well do the one that looks more fun (ha ha).

    I chose ACCA because the syllabus seemed very varied and covered quite a few different things but the choice is yours!!

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Thank you very much Annette for that advise.

    That should really help decide.

    Paddy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Hi

    Following on from Annette, do what appeals to you more. Also look at the work experience requirements for each and see which seems more appealing and/or capable of being fullfilled in your current job. ACCA and CIMA both require three years but the specifics of waht they require you to have covered are different.

    Contra to popular beleif, ACCA isnt just financial accounting and CIMA isnt just management accounting. They both have a similar and even share of financial and management. CIMA does cover more on management accounting and has more business management papers, but ACCA covers more on tax and also includes audit (though to become an auditor youd need additional experience.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Hi,

    I did ACCA because of two reasons. First of all, I work in practice and a lot of my client's are within industrial sectors (for example, manufacturing, IT etc etc). ACCA caters for both practice requirements (by virtue of tax papers, audit (one audit paper is optional as is one tax paper)). ACCA also offers a practising certificate after a qualifying period and also is one of the CCAB members which adds credibility to audits. The other reason that because it combines practice/industry I felt that the industry content of ACCA would enable me to offer more relevant advice to management accountants within industrial sectors. The advice I give to them also helps them develop their business further.

    CIMA is widely recognised within industry but not exclusively. It is not uncommon for CIMA's to work in practice.

    Depending on your ultimate career goals and your chosen route (i.e. practice, industry, commerce) should influence your decision as to whether to opt for CIMA, ACCA, ICAEW etc etc. The best advice I can give you is to look at each body's website, look at the syllabus and where the qualification can take you and then reach a decision.

    There are a lot of posts asking about whether to go on to ACCA, CIMA, ICAEW, CIPFA etc etc but ultimately, the decision reached should reflect your ultimate career goal and what suits your chosen route the best.

    Good luck with whatever you decide.

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Hello,

    I've just read Steve's last post which says people with CIMA do work in practice, have you heard anything about an add on to the CIMA qualification that is related to practice, i'm sure i saw in on their web site once but can't find it now!

    Also do the big accounting firms have CIMA qualifieds working for them?

    Did anyone hear that ICAEW & CIMA have thought about merging?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Hi

    CIMA offer a public practice certificate (as do ACCA and ICAEW) for those who want to go into practice. There is no training or examination as such, but it is required by CIMA members who wish to go into practice and want to refer to their CIMA status. The certificate is required in this instance as it places extra requirements/regulations on the individual, since they are holding themselves out in their own right.

    Apparently, PwC employ CIMA/CIMA trainees in their consulting divisions.

    As for the ICAEW and CIMA merger, it was really in discusiion between ICAEW, CIMA and CIPFA. CIMA pulled out months ago since they didnt want to persue it just yet, prefering to wait a while. The merger vote was cast by ICAEW and CIPFA members, but ICAEW members voted against it.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: FAO Steve or anyone : ACCA or CIMA

    Thanks for that Neil, you sure know your stuff!!!

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