Few questions for the accountants!

[Pulse]

Now I fully expect the normal 'Lounge' responses, but also hoping there's some sensible answers, too!

The OH has just completed her second year of AAT, and is wondering both what route she should take afterwards, and what pay she should reasonably expect once she has completed her AAT next year.

At the moment, she is considering ACCA or CIMA, and is wondering which may be the best option, and what other options are out there.

Would really like to hear from others who have gone through the ACCA or CIMA.

[8Ace]

Despends what she wants to do. I understand CIMA to be more useful if you're working in the finance dept of a business, whereas ACCA is better for professional practice (ie: firms of accountants.)

I'm doing CIMA so happy to answer any questions on that if you like...

[Office_Monkey]

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

I would suggest having a gander at this thread (mainly cos there is some decent bits in there). There are lots of options, there is no 'right' answer unless she has decided the specific area of accountancy she wants to work in.

[Pulse]

I suppose she's looking for someone to tell her the pros and cons of each area, as she's unsure at the moment of which route to take, and doesn't want to go down the wrong route and waste too many years progressing her career.

She works in an Audi dealership at the moment (so management accountant), and the natural route from there would be CIMA, but at the moment is leaning more towards ACCA at present.

Thanks for the link - very useful, and I will get her to take a look.

[scotal]

Acca is fking hard work.......

Do you live with her? If so you'd better be ready for a stload of stress come exam time.

WRT to fees, will her current employer stump up for either set of exams?

[Pulse]

scotal said:

Acca is fking hard work.......

Do you live with her? If so you'd better be ready for a stload of stress come exam time.

WRT to fees, will her current employer stump up for either set of exams?

Her current employer will pay for any education in furthering her career, but worst comes to worst, we can pay for it ourselves. I can imagine most places would be willing to pay for someone to do it though (or perhaps that's more commonplace with AAT, as it's so cheap).

I do live with her, unfortunately So, ACCA is harder than CIMA?

[scotal]

Pulse said:

I do live with her, unfortunately So, ACCA is harder than CIMA?

Those who've doen ACCA will tell you its better than CIMA, those who've done CIMA will tell you its better than ACCA. (as you'd expect) I've done neither, but my MRs is ACCA, hence the hardwork comment.)
I suspect the truth is that each has its merits and its drawbacks.

[Rich135]

Both are reasonably hard, but it all depends on the study package her employer is going to pay for (ie courses with BPP or similar, or just all home study).

I did ACCA all home study. 14 exams in 3 years. There is no need to do AAT first, but it is a bit late for that now. AAT is ok as qual's go, and will help the pay scale a little, but not a lot.

Qual in ACCA or CIMA and her pay will (or should) go up a lot, especially if she moves to a new job/city job (not banking though, whatever she does!).

If she doesn't qualify, she is likely to always have a bit of a ceiling on her pay - as she goes up the career ladder, she will struggle to get better jobs if not qualified. Qualifying really opens up the doors, and lets her get as far as she wants to.

Wish her luck, a bit of hard work and it will be out of the way before she knows it.

Rich

[JBM78]

As said above, ACCA is aimed more towards accountants in practice (i.e. preparing statutory year end accounts) whereas CIMA is aimed more toward management accountants working in industry. Both similar levels of difficulty, just depends where you see the career going in the future.

[mrmr96]

Pah, get a proper qualification! (Like the ACA I have!)

[Eric Mc]

Typical ACA response - THEY consider themselves the best

Inn actual fact, ANY of the professional qualifications are worth going for. The main problem with ACA is the restricted way in which you can train and study. I think ICAEW (Institute of Chartered Accountant in England and Wales) have lately realised this as the numbers wanting to train for ICAEW has been declining for a number of years as more studensts look at other alternatives - especially ACCA. Many ICAEW training offices (especially the small medium sized firms) have found that having ICAEW trainees is a real pain as they tend to go missing for whole chunks of the year (on exam leave, study leave, block release course etc). ACCA training is more flexible and a lot of employers (including ICAEW offices) appreciate this.

Training in an accountancy firm allows you to sample a huge variety of accounting related work which can help you decide which area you might like to specialise in if and when you qualify.

Edited by Eric Mc on Saturday 22 August 08:15

[Fourmotion]

I have one exam left of the ACCA, and I work in industry. Most of the directors at my company are qualified ACA, a lot worked as auditors before moving into industry.

We have an equal share studying CIMA and ACCA, but naturally no one studies ACA. It is equally respected at my firm, and in my industry (Reinsurance) I don't think there is a preferred qualification.

Either will show you've got capacity to knuckle down, and have a broad knowledge of all things accounting (or at least an awareness). Most of what you'll need for a specific job you'll pick up as you go. For instance, we own several companies, and I manage one of them. It's a Belgium regulated company, but the parent company (and my employer) is traded on the Nasdaq, so we adhere to the Sarbanes Oxley Act. No qualification prepares you for either of these pedantic bureaucratic fkwits for regulators.