Cima/Acca

[Rawrrrrrrr]

Got to choose a professional qualification to study for pretty soon, up until recently I had been edging towards ACCA, basically because it closest matched what I had studied, however whilst I dont hate my job, I don't overly enjoy it and Im now considering whether its maybe best to leave my options a bit more open and consider studying another qualification which does this

 

Have had a look at Cima and it is a bit more general away from accountancy/finance and would give me a broader management spectrum

 

Has anyone studied or completed these recently, what are there opinions of them.

 

Also does anyone know of other similar level qualifications worth looking at.

 

I had planned to do ICAS during uni but it never happened and to go back to it means a wage cut, plus I havent heard anyone who did do it say anything positive about it, so I think I have well and truly decided to sack that option, I would need to take a pay cut to do it anyway:mad:

[Rawrrrrrrr]

BTTT

 

anyone?

[I P Knightley]

I've had quite a few years experience in dealing with both bodies and have had to answer this question more than once...

 

If you haven't mapped out your career plan (and who really has?), then ACCA every time.

 

CIMA, whilst a decent enough qualification for its purpose, puts you into a niche, concentrating on accountants working in business only; no understanding of the rules & regulations of financial accounting and no greater understanding or appreciation of tax than you could pick up from folk on JKB. Plenty of CIMA folk go on to pretty senior management roles in blue chip companies, away from the number crunching side but they'd never have their own business dishing out tax or financial advice.

 

ACCA covers the essentials of: Financial Reporting, Taxation, Financial Management and Business Strategy so giving you more options at exit. It's recognised, respected and supported widely around the world. If you have any hopes or ideas that you might like to travel with your qualification, that could be a factor.

 

ACCA's better run, too. Over recent years, CIMA have lurched from one major announcement to the next without any consultation with major stakeholders and these have resulted in students being left high, dry and clueless about where they're at.

 

The other qualifications to look at are:

ICAS - but there's no extra value in tying yourself to a national body. Fine if you're going to be working in Scotland exclusively for the rest of your career, although it's a recognised enough qualification.

 

ICAEW - as for ICAS but with better recognition overseas.

 

CIPFA - a sinking ship aimed at 'accountants' in the public sector, therefore concentrating on how to spend money on speed bumps in February and March.

 

(I think I'm already on record on these boards as being a member both of ICAEW & ACCA)

 

 

Finally, I know for a fact that ACCA employs more Jambos than CIMA.

[Rawrrrrrrr]

I've had quite a few years experience in dealing with both bodies and have had to answer this question more than once...

 

If you haven't mapped out your career plan (and who really has?), then ACCA every time.

 

CIMA, whilst a decent enough qualification for its purpose, puts you into a niche, concentrating on accountants working in business only; no understanding of the rules & regulations of financial accounting and no greater understanding or appreciation of tax than you could pick up from folk on JKB. Plenty of CIMA folk go on to pretty senior management roles in blue chip companies, away from the number crunching side but they'd never have their own business dishing out tax or financial advice.

 

ACCA covers the essentials of: Financial Reporting, Taxation, Financial Management and Business Strategy so giving you more options at exit. It's recognised, respected and supported widely around the world. If you have any hopes or ideas that you might like to travel with your qualification, that could be a factor.

 

ACCA's better run, too. Over recent years, CIMA have lurched from one major announcement to the next without any consultation with major stakeholders and these have resulted in students being left high, dry and clueless about where they're at.

 

The other qualifications to look at are:

ICAS - but there's no extra value in tying yourself to a national body. Fine if you're going to be working in Scotland exclusively for the rest of your career, although it's a recognised enough qualification.

 

ICAEW - as for ICAS but with better recognition overseas.

 

CIPFA - a sinking ship aimed at 'accountants' in the public sector, therefore concentrating on how to spend money on speed bumps in February and March.

 

(I think I'm already on record on these boards as being a member both of ICAEW & ACCA)

 

 

Finally, I know for a fact that ACCA employs more Jambos than CIMA.

 

Sort of just reinforces what Im leaning towards, plus I get exemptions from most of the ACCA papers - I think its only the last level I need to do.

 

What sort of costs are involved ? I had a look at the website but it isnt the most straightforward and I need to put it all down in writing for my employer so it can be authorised

[I P Knightley]

Sort of just reinforces what Im leaning towards, plus I get exemptions from most of the ACCA papers - I think its only the last level I need to do.

 

What sort of costs are involved ? I had a look at the website but it isnt the most straightforward and I need to put it all down in writing for my employer so it can be authorised

 

http://www.accaglobal.com/join/acca/fees

 

Registration ?64

Annual sub ?64

 

You have to pay the exam fee amount for all papers; as an exemption fee if you're getting the exemptions.

 

As I recall, there's an online exemptions database that tells you what level of exemptions your degree will give you. I think it's in here if you follow the "find out" link: http://www.accaglobal.com/join/acca/exemptions

[Rawrrrrrrr]

Been doing some research into it this evening and being the genius I am I am exempted from the 9 Knowledge and Skills paper's which means I need to sit 5 Professional level papers

 

Do you have any idea of what study materials you need to pass each exam, from what I can tell you get a study notes book, and revision kit for each paper - will this be enough or would I need to source more in depth materials?

 

Pretty sure I am going to go with ACCA, the only downside is I would need to do a full 3 years experience but should be able to do the exams in 2 sittings

[I P Knightley]

Been doing some research into it this evening and being the genius I am I am exempted from the 9 Knowledge and Skills paper's which means I need to sit 5 Professional level papers

 

Do you have any idea of what study materials you need to pass each exam, from what I can tell you get a study notes book, and revision kit for each paper - will this be enough or would I need to source more in depth materials?

 

Pretty sure I am going to go with ACCA, the only downside is I would need to do a full 3 years experience but should be able to do the exams in 2 sittings

 

ACCA don't provide training materials or courses.

 

If you're in Edinburgh, you're not all that well catered for. I think Napier do courses but, in my experience, there's a lot of wasted time warbling on about stuff that's never going to come up in the exams or, at least, not for more than a couple of marks every third sitting or so. In my experience, all you really need is the revision kits that have bundles of past exam questions that have been updated for any changes in legislation.

 

The Weedge has 2 colleges (I think) that provide short, sharp, focused training - at a price. BPP, for sure, and Kaplan Financial I'm pretty certain. (http://www.bpp.com for one - you being a bright guy will work out which - and, again with your intellectual wherewithal, you should be able to find something on the internet to tell you about Kaplan Financial which used to be Financial Training but they had a name change in the last year or so).

 

Last I looked, both colleges were offering revision crammer courses in Edinburgh.

 

Both offer distance learning courses and online support but the spend on a revision course is well worth it for being pointed in the right direction - you could waste hours upon hours in the text books.

 

As for Practical experience - that's needed for ACCA membership but being an 'Affiliate' (passed finalist) is all that most employers would look for. You can get the PE after the exams and it's the case with many who have exemptions that they have to do this. You won't, therefore, stick out in the crowd as some sort of weirdo.

[Rosewood]

As stated above, the choice kind of depends what you are thinking of doing but I think you are wise to avoid CIMA as it's definately not as well recognised or well thought of.

 

I'd disagree with Ivanawfyticklikov about an ICAS qualification not being recognised outwith Scotland. Scotland is reknowned for producing some of the best trained accountants and the majority of these go through ICAS for their CA qualification. My ICAS qualification certainly didn't do any harm getting me a job out here.

 

ACCA may be a better choice for you though (re your pay cut) and I think it is also easier to deal with the workloads if you are not getting a whole lot of study time from your work.

[Ivan Drago]

prancer - im in the same boat as you and still dunno what i want to do, what kind of job did u get after uni btw?

 

i've heard some o ma lecturers say that exemptions arent actually worth taking, as a lot of the time u only get exemptions in your first year but still have to do the same subject next year, so it just makes the second round of exams harder.....

[Walter Kidd]

I went with CIMA. I'm now time lapsed as at 28 I chose a different career. Got to say though that the qualification has helped in my new career as an understanding of business and clients business is a tool that money can't buy.

 

If you want to be a number cruncher all your days Prancer do the ACCA exams.

 

Good for you for going for it though. Some of the graduates that I've interviewed lately are number illiterate and think that because the have a degree in Media Studies/History/English Lit that they are the next Alan Sugar.

 

One of them asked for a calculator to work out 7% of 7!

[I P Knightley]

 

I'd disagree with Ivanawfyticklikov about an ICAS qualification not being recognised outwith Scotland. Scotland is reknowned for producing some of the best trained accountants and the majority of these go through ICAS for their CA qualification. My ICAS qualification certainly didn't do any harm getting me a job out here.

 

My point was that there's no extra recognition and, in some markets (not many) a national body qualification could be viewed as inferior, especially if that country has a reasonably strong national body itself (e.g. South Africa).

 

That said, a leter point I made stands for many of the well-established bodies: once you've passed your exams and used that to get a first job, folk aren't going to quibble for subsequent jobs. As long as you're not a nutter!

 

final point re: Scottish accountants - the trophy for best-trained accountants has now passed to........ Central Europe.

 

Best plumbers, best builders and now the best bean counters!!

[I P Knightley]

prancer - im in the same boat as you and still dunno what i want to do, what kind of job did u get after uni btw?

 

i've heard some o ma lecturers say that exemptions arent actually worth taking, as a lot of the time u only get exemptions in your first year but still have to do the same subject next year, so it just makes the second round of exams harder.....

 

There's quite a compelling argument for this.

 

Part of the problem is that in a Uni course, you'll cover theories and the history of accounting but when you come to the professional exams, they're looking for sound business advice and interpretations.

 

Rather than decline the exemption, though, the best approach is to get your hands on some of the past papers for which you've been exempted and check that your understanding of the topics is relevant.

 

Another point. There are two magazines aimed at student accountants to which you can get free subscriptions. They often have useful articles with study tips and advice - http://www.passmagazine.com and http://www.pqaccountant.com.

[Everybody loves Baz]

I went with CIMA. I'm now time lapsed as at 28 I chose a different career. Got to say though that the qualification has helped in my new career as an understanding of business and clients business is a tool that money can't buy.

 

If you want to be a number cruncher all your days Prancer do the ACCA exams.

 

Good for you for going for it though. Some of the graduates that I've interviewed lately are number illiterate and think that because the have a degree in Media Studies/History/English Lit that they are the next Alan Sugar.

 

One of them asked for a calculator to work out 7% of 7!

 

 

Hope you managed to give him the right answer.

[H.A.N.S]

I've done some of both and CIMA is definitely the best and most recognised.