ACCA/CIMA info

Author
Discussion

FamilyDub

3,587 posts

164 months

Wednesday 19th January 2011
quotequote all
cailean said:
Another ACCA here, have a look at this thread for some more info:
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
^^ I'm slightly worried though that most posters on that thread seem to think ACCA is better than CIMA simply because it's broader in scope in things like tax, audit, etc...

Well, if the OP is uncertain on their next career step(s), then yes, perhaps ACCA probably is better for them.

However, generally, those who choose CIMA over ACCA already know that they don't want to be tax experts or auditors in their career, so the lack of breadth in tax/audit is somewhat irrelevant.

Moreover, the 2010 CIMA syllabus change has addressed some of the technical gaps between CIMA and ACCA.

IMO, ACCA seems to train people to be more 'absolute' in nature and more 'audit like' - i.e. process-driven and tick-boxes. The CIMA qualifieds seem to be able to be a bit more sceptical, 'big picture' and more 'grey' in application, but arguably less committal!

The standing joke in our office is:-
FD: 'Chaps, question. What does 1+1 equal?'
ACCA Accountant: '2'
CIMA Accountant: 'What do you want it to equal?' hehe

Again, I'm only saying to point out the differences. You should investigate each qualification on it's own merits and TBH, the most successful finance teams should be diverse, should have people from both schemes, types of experiences, different ages, blah blah blah... thumbup

Good luck with wherever your finance career takes you.

Edited by FamilyDub on Wednesday 4th May 23:58

Eric Mc

121,788 posts

264 months

Wednesday 19th January 2011
quotequote all
I'm an ACCA and do not do any audit work at all - and haven't for over ten years.

However, I agree that ACCA is more "practice" orientated and therefore more focussed on law and compliance matters - which is exactly what our clients want us to do for them. We won't get much thanks from our clients if we fail to alert them to potential legal or tax problems with particular courses of action they might want to pursue.

Of all the qualifications, I would say that ACCA has the broadest spread of students - more than ACA even. Therefore those who qualify as ACCAs do have the broadest choice open to them after they qualify - I think.

If you are training in industry and have no ambitions to move to the practice sector, then CIMA will be sutitable for your needs. However, I really do think that most people who start off training as accountants are not 100% sure how they want to use their qualification once they get it. And, what's more, what they THOUGHT they would do when they started studying may be radically different to what they end up doing when they actually qualify.

FamilyDub

3,587 posts

164 months

Wednesday 19th January 2011
quotequote all
Eric Mc said:
However, I really do think that most people who start off training as accountants are not 100% sure how they want to use their qualification once they get it.
^^ Agree 100% thumbup

Eric Mc said:
And, what's more, what they THOUGHT they would do when they started studying may be radically different to what they end up doing when they actually qualify.
^^ Agree 100% thumbup

2 sMoKiN bArReLs

30,230 posts

234 months

Wednesday 19th January 2011
quotequote all
When I was a youth the saying was "why do CIMA when you can do a qualification instead?" biggrin

FamilyDub

3,587 posts

164 months

Wednesday 19th January 2011
quotequote all
2 sMoKiN bArReLs said:
When I was a youth the saying was "why do CIMA when you can do a qualification instead?" biggrin
As opposed to ACCA, which is given away in christmas crackers... getmecoat

2 sMoKiN bArReLs

30,230 posts

234 months

Wednesday 19th January 2011
quotequote all
FamilyDub said:
2 sMoKiN bArReLs said:
When I was a youth the saying was "why do CIMA when you can do a qualification instead?" biggrin
As opposed to ACCA, which is given away in christmas crackers... getmecoat
..bugger, and all I got was a paper hat and a small screw driver! hehe

scratchchin I reckon the CIMA crew were called Cost & Work Accountants, or the like when I first started learning. Changed their names to sound a bit better at parties. hehe


Edited by 2 sMoKiN bArReLs on Wednesday 19th January 18:22

FamilyDub

3,587 posts

164 months

Wednesday 19th January 2011
quotequote all
2 sMoKiN bArReLs said:
FamilyDub said:
2 sMoKiN bArReLs said:
When I was a youth the saying was "why do CIMA when you can do a qualification instead?" biggrin
As opposed to ACCA, which is given away in christmas crackers... getmecoat
..bugger, and all I got was a paper hat and a small screw driver! hehe
^^ like it! thumbup

cailean

917 posts

172 months

Wednesday 19th January 2011
quotequote all
Even when I qualified I still didn't know if I wanted to stay in practice or move into industry...
At the end of the day they are all really good qualifications and require hard work, which will pay off in the end to improve your career prospects and (hopefully) life! And if you are a petrolhead you can make more money and buy a better car!!

Eric Mc

121,788 posts

264 months

Thursday 20th January 2011
quotequote all
cailean said:
Even when I qualified I still didn't know if I wanted to stay in practice or move into industry...
At the end of the day they are all really good qualifications and require hard work, which will pay off in the end to improve your career prospects and (hopefully) life! And if you are a petrolhead you can make more money and buy a better car!!
Exactly.

CaptainSlow

13,179 posts

211 months

Thursday 20th January 2011
quotequote all
Well this is the first time I have heard someone claim ACCA is easier than CIMA, but I guess this is the internet.

To the OP, in reality either is fine. If you plan to stay in banking or financial services ACCA may edge it, but for general management CIMA is sufficient.

Night Runner

Original Poster:

12,230 posts

193 months

Sunday 23rd January 2011
quotequote all
Cheers for all the info guys - truly appreciated.

From the research so far I'm leaning tissues CIMA, looks more interesting to me personally, not knocking ACCA though!

When looking at the job ads, the jobs which require CIMA tend to draw my interest more.

Still going to do some more reading and speakIng to people in the next week before making a decision.

I'm in the odd/lucky position of being in a finance job, then looking at the qualification rather than studying and then needing to find a job to get the experience.

If my employer doesn't want to pay the fees it looks like I get 10% off with Kaplan anyway, due to who I work for. Woo Hoo!

Eric Mc

121,788 posts

264 months

Sunday 23rd January 2011
quotequote all
Just be aware that being qualified with ACCA will NOT mean you are somehow lesser qualified for non-practice type work. Look at all the CEOs of the biggest PLCs in the UK. How many of them are CIMA?

(Not knocking CIMA either but ACCA - or ACA - are just as likely to work well for you in industry or commerce as CIMA would).

northandy

3,495 posts

220 months

Sunday 23rd January 2011
quotequote all
Night Runner said:
Cheers for all the info guys - truly appreciated.

From the research so far I'm leaning tissues CIMA, looks more interesting to me personally, not knocking ACCA though!

When looking at the job ads, the jobs which require CIMA tend to draw my interest more.

Still going to do some more reading and speakIng to people in the next week before making a decision.

I'm in the odd/lucky position of being in a finance job, then looking at the qualification rather than studying and then needing to find a job to get the experience.

If my employer doesn't want to pay the fees it looks like I get 10% off with Kaplan anyway, due to who I work for. Woo Hoo!
If you have to pay your own subscriptions they are income tax deductible. I don't think training fees/costs would be though unfortunately.

CaptainSlow

13,179 posts

211 months

Sunday 23rd January 2011
quotequote all
Eric Mc said:
Look at all the CEOs of the biggest PLCs in the UK. How many of them are CIMA?
Not many, which is surprising due to all CIMA qualifieds being expert business strategists. I find many struggle with their shoe laces.

rog007

5,748 posts

223 months

Monday 24th January 2011
quotequote all
pb63 said:
It's certainly a damn sight more work/pressure than a masters!
All depends upon which Masters and the provider!

As to which quals; CIMA, and soon! Then you can go on to the next level of development. Man can never develop too much!

Good luck!

Night Runner

Original Poster:

12,230 posts

193 months

Monday 24th January 2011
quotequote all
A couple ofquestions for those of you who have been there and done it.

- the 3 years experience required before becoming a full CIMA member, it's pretty hard to tie down what this experience should consist of - anyone able to assist?

- it would be silly for me to not look ahead, and thus have been looking at the jobs pages. Can anyone define 'part qualified'? seems pretty vage given the number of exams across the CIMA levels.

- looking at the jobs pages brings the subject of money (and being British I don't like talking about it!). Starting for a part qualified in either CIMA or ACCA appears to be £18-20k-ish, however they go much higher (late £20's). I cannot see an abvious reason for the range, again, any of you experienced guys able to help?

Sorry for the essay.

Plan for tonight: more ACCA research!

Thanks as always.

cailean

917 posts

172 months

Tuesday 25th January 2011
quotequote all
Can't speak for CIMA experience but for ACCA there are a number of competences expected. You don't have to have all that they list but there are some that are mandatory. Generally if you are in a decent role at a company or accounting firm you will gain the experience required. A qualified person will need to approved and verify the experience (normally your boss).

Part qualified is a loose term and just means not qualified. I guess employers will then judge how far you have reached and they will know if they are looking for very part qualified (just started) or almost qualified.

Salaries will vary be region, size of employer, mindset of employer etc etc. Bigger more prestigious employers will generally pay more but will expect more from you and demand more dedication and harder work - but you will probably gain better experience along the way.

I have always found that it is a professional where what you gain and achieve will depend on the effort you put in and how hard you try.

They often say that when you qualified the world is then your oyster! When I qualified the senior partner at the firm I was at made sure and told us that we had only just began learning, you will be learning for your whole career, especially as things are changing more and more these days....

Hope that helps a bit.

FamilyDub

3,587 posts

164 months

Wednesday 26th January 2011
quotequote all
Night Runner said:
stuff
I'll give you some chat on the things you asked above ^^, when i'm at a desktop tomorrow.

Night Runner

Original Poster:

12,230 posts

193 months

Wednesday 26th January 2011
quotequote all
FamilyDub said:
Night Runner said:
stuff
I'll give you some chat on the things you asked above ^^, when i'm at a desktop tomorrow.
Cheers,

I'm waiting for that sodding Starbucks ad to disappear so I can post fully again without the urge to launch my iPhone out the window.


FamilyDub

3,587 posts

164 months

Wednesday 26th January 2011
quotequote all
First off, let me agree with everything Cailean says. Whether it's ACCA or CIMA, all his points are relevant.

So.. some CIMA-specific info...

Night Runner said:
- the 3 years experience required before becoming a full CIMA member...
^^ This 3-years is becoming a 'fellow', or ACMA. This is only after passing TOPCIMA & finalising your logbook, THEN practising for three years.

And to be blunt, start worrying about passing exams, not logbooks/fellowships at the stage you are at.

Night Runner said:
it's pretty hard to tie down what this experience should consist of - anyone able to assist?
^^ If you are in a medium/large company and in industry (not sure how financial services work; always thought ACCA was better for FS...), you will be exposed to budgeting & commercial analysis/strategy. This is the backbone of what you will need to sign off a logbook anyway.

Best advice (not CIMA specific) is to find a mentor who is willing/capable to give you support and advice as you go through the qualification, bearing in mind what is relevant to you, your interests and such like.

Night Runner said:
Can anyone define 'part qualified'? seems pretty vage[sic] given the number of exams across the CIMA levels.
^^ It is vague. Generally, anything post-CBA level can be termed 'part-qual'. You will then hear people referred to as 'finalists' after Operational & Management levels are completed and then hear 'passed-finalist' when only the TOPCIMA exam is left to complete.

Salaries can be equally as vague.

Night Runner said:
...the subject of money...
^^ Lots of CIMA salary survey 2010 info here:- http://myemail.cimaglobal.com/images/directemail/2...

But, for a tangible example, in my team the salary bands are:-
Post CBA: 20-25k
Finalist: 27-32
Passed Finalist: 32-35k
Qualified: 35-43k (DOE)
Fellow: 50k+

Bear in mind this ^^ is in an industry environment in Glasgow, it fluctuates dependent on location/sector/experience/CFO attitude/etc... ...