ACCA/CIMA info
Discussion
Evening all,
I have ended up dealing with the budget at work, arguing for it, reporting it and analysing it etc. This is within a Bank.
My predecessor is partway through her ACCA qualification, I am currently looking into whether it is worth me doing.
I will be able to speak to quite a few people @ work for their thoughts on it, however I thought I would check if anyone here who has completed theirs wants to lend a few words of independent opinion.
I gather it tends to take 3-4 years and requires 3 years of professional experience.
I think either CIMA or ACCA would give me an advantage, however 'real world' opinions of each would be appreciated.
I have ended up dealing with the budget at work, arguing for it, reporting it and analysing it etc. This is within a Bank.
My predecessor is partway through her ACCA qualification, I am currently looking into whether it is worth me doing.
I will be able to speak to quite a few people @ work for their thoughts on it, however I thought I would check if anyone here who has completed theirs wants to lend a few words of independent opinion.
I gather it tends to take 3-4 years and requires 3 years of professional experience.
I think either CIMA or ACCA would give me an advantage, however 'real world' opinions of each would be appreciated.
I did CIMA and qualified about 11 years ago.
I did cima as I didn't really want to be an accountant, cima offers IMO a broader view on business than acca (or it did when I did it). My plan is still to get into general management, currently working as an FC in the food industry.
Like Eric said it's a hard slog, especially if doing it while working.
I did cima as I didn't really want to be an accountant, cima offers IMO a broader view on business than acca (or it did when I did it). My plan is still to get into general management, currently working as an FC in the food industry.
Like Eric said it's a hard slog, especially if doing it while working.
This is the type of stuff I'm wanting to hear!
I'd be planning on doing it around work, about 2-3 hours a day then a day at the weekend.
Still torn between which to look at (ACCA or CIMA), how much of a benefit would you say your CIMA has been? In respect to glass ceilings/career route, pay etc
Cheers for the help.
I'd be planning on doing it around work, about 2-3 hours a day then a day at the weekend.
Still torn between which to look at (ACCA or CIMA), how much of a benefit would you say your CIMA has been? In respect to glass ceilings/career route, pay etc
Cheers for the help.
I'm up in't the north but as an FC in an sme my package is mid 50's
I did work for a fortune 100 company (US) for 12 years and cima helped there as it is equivalent to the US CMA qualification.
I am cima qualified, but actually don't have a levels or a degree, but I still think my next move to FD level is very achievable.
I did work for a fortune 100 company (US) for 12 years and cima helped there as it is equivalent to the US CMA qualification.
I am cima qualified, but actually don't have a levels or a degree, but I still think my next move to FD level is very achievable.
I'm in the lucky position (in my eyes!) of not having a family at the mo, so the time out of work is my time if you get what I mean.
Am I right in thinking FC is a financial controller? Mind giving me a brief run down of your role? OK if not.
I'm really trying to get a wider idea of careers with CIMA & ACCA when compared.
Am I right in thinking FC is a financial controller? Mind giving me a brief run down of your role? OK if not.
I'm really trying to get a wider idea of careers with CIMA & ACCA when compared.
Am in the process of CIMA (just passed the last of my manegerial level of exams 
), I also chose it over ACCA as I'm not massively keen on number crunching. Either avenue of study will be equally difficult I would expect, and would require similar levels of effort.
Proffessional qualifications will always be useful, so crack on! Wish I had started sooner, then I would be further along the career path than now.
Good luck!
), I also chose it over ACCA as I'm not massively keen on number crunching. Either avenue of study will be equally difficult I would expect, and would require similar levels of effort.Proffessional qualifications will always be useful, so crack on! Wish I had started sooner, then I would be further along the career path than now.
Good luck!
No problem, yes FC is financial controller.
I work for an SME and am responsible for most aspects of finance for the business, in this job I do have an FD above me but that wasn't the case in my previous job.
So budgeting, forecasting, monthly accounts, reporting to group head office, looking after 3 staff and all that comes with that. Looking after internal controls and process improvements, stat accounts etc etc.
As it happens I am actually a certified 6 sigma black belt from my previous job so I have had opportunity to work in all areas of a business working on improvement projects.
I enjoy being in manufacturing as I enjoy understanding and seeing the nitty gritty aspects.
I work for an SME and am responsible for most aspects of finance for the business, in this job I do have an FD above me but that wasn't the case in my previous job.
So budgeting, forecasting, monthly accounts, reporting to group head office, looking after 3 staff and all that comes with that. Looking after internal controls and process improvements, stat accounts etc etc.
As it happens I am actually a certified 6 sigma black belt from my previous job so I have had opportunity to work in all areas of a business working on improvement projects.
I enjoy being in manufacturing as I enjoy understanding and seeing the nitty gritty aspects.
Just giving my experiences:
Im currently about halfway through the CIMA qualification, hoping to have passed all the exams by next March.
I'd say it's definitely worth doing, I'm just over a year out of Uni & will shortly be moving to a new job earning a considerable chunk above average graduate salary & my friends who left at a similar time. Even as a part qual there was decent demand for interviews etc so in terms of employment & salary it's worth it.
However:
It's hard work - when you take in to account the hours studying, especially in the run up to the exams where you will say goodbye to weekends the salary isn't so generous.
You will sacrifice good times with friends to study which can be a b*tch.
Finance roles in general aren't exciting & there's a lot of dull finance jobs out there.
When someone asks you what you do you won't sound exciting. Ever.
Finally, you will likely work with people who are so hung up in small numbers they dont see the bigger picture or how to add value - this can be frustrating at times.
I don't mean to sound negative - as it's also very rewarding when you get the email saying you passed the exams making the hard work worthwhile. You will earn a good salary & if you're good there are ways to the top.
Also there are roles in finance for everybody - whether you're all about the numbers & detail, analytical & spotting trends, change management, investments, project management etc etc.
Do it
Im currently about halfway through the CIMA qualification, hoping to have passed all the exams by next March.
I'd say it's definitely worth doing, I'm just over a year out of Uni & will shortly be moving to a new job earning a considerable chunk above average graduate salary & my friends who left at a similar time. Even as a part qual there was decent demand for interviews etc so in terms of employment & salary it's worth it.
However:
It's hard work - when you take in to account the hours studying, especially in the run up to the exams where you will say goodbye to weekends the salary isn't so generous.
You will sacrifice good times with friends to study which can be a b*tch.
Finance roles in general aren't exciting & there's a lot of dull finance jobs out there.
When someone asks you what you do you won't sound exciting. Ever.
Finally, you will likely work with people who are so hung up in small numbers they dont see the bigger picture or how to add value - this can be frustrating at times.
I don't mean to sound negative - as it's also very rewarding when you get the email saying you passed the exams making the hard work worthwhile. You will earn a good salary & if you're good there are ways to the top.
Also there are roles in finance for everybody - whether you're all about the numbers & detail, analytical & spotting trends, change management, investments, project management etc etc.
Do it
It doesn't have to be hard work.
I did ACCA full time from start to finish full time in eight terms. TBH is was eight terms of boozing & partying, and the qualification came as a by-product.
As long as you rocked up for most of the lessons you'd need to be a complete duffer not to breeze it.
Understand full time not possible for all, just a different view.
I then started work as an accountant, then luckily drifted into more general management. Now pretty much retired at 50.
I did ACCA full time from start to finish full time in eight terms. TBH is was eight terms of boozing & partying, and the qualification came as a by-product.
As long as you rocked up for most of the lessons you'd need to be a complete duffer not to breeze it.
Understand full time not possible for all, just a different view.
I then started work as an accountant, then luckily drifted into more general management. Now pretty much retired at 50.
Night Runner
You may also wish to consider the ACA - or Chartered Accountancy qualification - although unfortunately relatively fewer businesses offer it if memory serves.
I undertook my ACA with PwC over 12 years ago and have no regrets. The volume and level of work involved, alongside a full-time role, was significant and made a degree look like a walk in the park - and this in my mid-twenties. However. it constantly tested the grey matter, left me with a globally respected qualification (which allowed me to work overseas without additional local quals)and started me down a career in finance which I continue to enjoy greatly ongoing. My current role allows me a view over virtually everything the Company does (now and ongoing) which is fascinating and hence allows me to actively influence both the finance function and others in the organisation.
Best of luck in your plans.
You may also wish to consider the ACA - or Chartered Accountancy qualification - although unfortunately relatively fewer businesses offer it if memory serves.
I undertook my ACA with PwC over 12 years ago and have no regrets. The volume and level of work involved, alongside a full-time role, was significant and made a degree look like a walk in the park - and this in my mid-twenties. However. it constantly tested the grey matter, left me with a globally respected qualification (which allowed me to work overseas without additional local quals)and started me down a career in finance which I continue to enjoy greatly ongoing. My current role allows me a view over virtually everything the Company does (now and ongoing) which is fascinating and hence allows me to actively influence both the finance function and others in the organisation.
Best of luck in your plans.
Office_Monkey said:
Am in the process of CIMA (just passed the last of my manegerial level of exams ), I also chose it over ACCA as I'm not massively keen on number crunching!
^^ I would echo this sentiment.), I also chose it over ACCA as I'm not massively keen on number crunching!CIMA is arguably more focused than ACCA and - in my experience - CIMA is far more 'commercially' orientated than ACCA.
ACCA is without doubt a broader qualification, so if you are unsure on what branch of accounting you want to do in the end, it's probably better for you.
I chose CIMA because dealing with multi-million pound VAT, inter-company & things like [yawn] global tax liability bores me rigid, whilst deadling with commercial strategy and 'real issues' far more interesting... and tangible.
I'm not saying CIMA is better (it is!
) than ACCA, it's just different. It depends where your interest lies But yes, be prepared for a hard slog no matter what you choose... they are the equivalent of a masters after all...
I did CIMA a few years ago and tbh it's the best qualification I've done. Lets face it, everyone has a degree these days and most of that is spent in the bar. Well not 100% true. I did economics and that involved hard work in the last 2 years.
Anyway, is it worth it? I'd say yes. I've had some interesting roles as a result inside and outside of finance and I think CIMA lends itself well to this. I’m currently working as an FC in a major automotive co. working across all aspects of the business, from budgeting and forecasting and ‘turn the handle’ reporting to strategic planning.
I passed all exams first time and my advice to you is if you're going to do it commit yourself 100%. The pressure is pretty intense. I qualified with a major bank and the competition among my peers was fierce, with the CFO announcing results in meetings in order of highest achievers. I recall feeling more sick on results day hoping I’d not only passed but got a better mark than my colleagues. In the end I became a bit of a machine getting my highest scores in my finals (strategic and TOPCIMA) passing with 70-80%+ [pass rate was 50%]. In all honesty if you’ve got a good memory and can write coherently then you’ll be fine. The numbers part a quite straight forward and you do get the method marks which I found helped a lot so always explain your workings.
Finally I trained with BPP who were invaluable to first time passes and making it as easy as possible. I won’t lie though. It was the toughest 3 years I have done for sure. Good luck.
Anyway, is it worth it? I'd say yes. I've had some interesting roles as a result inside and outside of finance and I think CIMA lends itself well to this. I’m currently working as an FC in a major automotive co. working across all aspects of the business, from budgeting and forecasting and ‘turn the handle’ reporting to strategic planning.
I passed all exams first time and my advice to you is if you're going to do it commit yourself 100%. The pressure is pretty intense. I qualified with a major bank and the competition among my peers was fierce, with the CFO announcing results in meetings in order of highest achievers. I recall feeling more sick on results day hoping I’d not only passed but got a better mark than my colleagues. In the end I became a bit of a machine getting my highest scores in my finals (strategic and TOPCIMA) passing with 70-80%+ [pass rate was 50%]. In all honesty if you’ve got a good memory and can write coherently then you’ll be fine. The numbers part a quite straight forward and you do get the method marks which I found helped a lot so always explain your workings.
Finally I trained with BPP who were invaluable to first time passes and making it as easy as possible. I won’t lie though. It was the toughest 3 years I have done for sure. Good luck.
It's not the norm outside of banking. He's working for a bank so it's relevant if it's anythink like the bank i used to work for. Very much a competitive culture where you are constantly sized up against your colleagues. Does create results for those willing to put the effort in for sure.
FamilyDub said:
Office_Monkey said:
Am in the process of CIMA (just passed the last of my manegerial level of exams ), I also chose it over ACCA as I'm not massively keen on number crunching!
^^ I would echo this sentiment.), I also chose it over ACCA as I'm not massively keen on number crunching!CIMA is arguably more focused than ACCA and - in my experience - CIMA is far more 'commercially' orientated than ACCA.
ACCA is without doubt a broader qualification, so if you are unsure on what branch of accounting you want to do in the end, it's probably better for you.
I chose CIMA because dealing with multi-million pound VAT, inter-company & things like [yawn] global tax liability bores me rigid, whilst deadling with commercial strategy and 'real issues' far more interesting... and tangible.
I'm not saying CIMA is better (it is!
) than ACCA, it's just different. It depends where your interest lies But yes, be prepared for a hard slog no matter what you choose... they are the equivalent of a masters after all...
Another ACCA here, have a look at this thread for some more info:
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
Gassing Station | Finance | Top of Page | What's New | My Stuff