CIMA VS ACA VS ACCA - Which Accounting Qualification shall I Study?
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- Äas pĆidĂĄn 24. 07. 2024
- CIMA VS ACA VS ACCA - Which Accounting Qualification shall I Study? Arguably one of the the biggest decisions in your accounting careers. It is important that you get this decision correct as it ultimately shapes your career and may define what you can/can't do in your future career.
Today we look at three global accounting qualifications; CIMA, ACCA & ACA. We'll run through the full a full analysis comparing each element of the qualifications & the elements you should be thinking & trading off when deciding which qualification is for you.
Below you can see the timestamps for todays video:
I hope you enjoy this video & it helps to aid you in your qualification decision. Please feel free to drop any questions/comments down below & don't forget to like this video!
All the best & until next time!
CRAIGO
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#CIMA #ACCA #ACA #accounting
Thank you so much for this overview, really helpful!
No problem! Thank you for the nice comment đŹ
Thank you for the video! It really helped me to understand the differences.
My pleasure, glad you found some great value in it đ
By far one of the most useful videos on this topic! Choosing between CIMA and ACA (haven't really considered ACCA as my firm have an ACA contract in place) has been one of the most challenging decisions I've faced in the 3 years I've been working in accounting studying AAT levels 2 - 4, so it's good to finally have someone who recognises the lack of videos on this from independent people who have gone out there and done it. Watching videos from CIMA/ICAEW, training providers or employers isn't nearly as useful as you've been.
After deliberating for so long and passing AAT Level 4 in October 2020, I've decided to go with the CIMA qualification - finding a role in industry is proving to be more challenging than one in practice (unless I'm looking in the wrong places) but when I do eventually get the role I know I'm heading in the right direction. Thanks for this video!
Thanks mate for such a positive comment, appreciate the feedback! I agree there was a lack of clarity around the subject and it is why i wanted to produce this video :)
Very glad that you had found this useful. Good luck with your CIMA studies, you have picked a fantastic qualification & I am sure you will do very well.
Do drop me a question if ever you have any!
Thanks,
CRAIGO
How did u find cima?
This was simple to understand and really well explained. thank you.
My pleasure sir
Great Video mate. Keep it up. Make a video on MoU between CIMA & CPA Canada , Australia & CIMA - ICAEW
Thanks mate, appreciate it! I will add to the list of video ideas. However I have a few more in the pipeline that I will be doing first :)
Thank you so muchâ€. This is the video that I am looking for to differentiate CIMA & ACCA. Now I decided to choose CIMA for my career. By the way I am also creating some video.
My pleasure! Best of luck!
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Thank you for the clarifiation!
đ
Thank you. I am still learning, my financial course
Enjoy!!
Thank you this was informative for me
Glad you found some value đ
Nice video!
Thanks mate - Glad you enjoyed it!
Hi thanks for your video, really helpful. Is it advisable to study towards a professional qualification before getting a job? I just finished university and any advise would be helpful. Thank you
Prime way of studying is to get a role that pays for your qualification and you do it alongside. Youâll need 3 years of work experience and it will enable you to apply your learnings to the real world, meaning there will be more context to your learnings!
I'm a bit unusual - I'm looking to qualify in accounting to supplement doing the things I love (which don't pay well!) and so I'd ideally like to do it part time. I don't really mind the context, as long as I can do it part time and it pays OK, enough for me to live off. Any thoughts? Or maybe it doesn't matter which I choose?
Good question & not one I really no the answer too!
You can do finance roles part time without a qualification, maybe look first?
But if you can find a part time role that would utilise a qualification then definitely give it a go :)
But to your point, it doesnât really matter what you chose :)
Thank you CRAIGO, really useful!đ€
Glad you extracted some value!! đ
That's very useful thanks. I will email this video link to prospective candidates I interview. We are an accountancy firm and so it is usually a comparison between ACA and ACCA for us but I also like to talk about CIMA when I interview.
Hello, May you please give me your LinkedIn handle..
Lovely mate - thank you. Glad you found value in the video đđ»
I need a lot of guidance on which to take. I've just finished a degree in business that specialised in accountancy. Apparently I get some exemptions as a result. I'm still not quite sure which to choose. I was going to go for ACCA but ACA was preferrable. If I did ACA would I be able to change and be a management accountant later in my career if need be?
In either sense, I'm going to need to get a new job before I study any of these
Understand whether you want to be a Financial or Management Accountant, if you don't know the differences then research them. From here you can narrow down whether ACCA or ACA is preferable for you.
Hello CRAIGO!, long timeđđ. Thanks for your educational videos. I have a quick question for you. Since AICPA and CIMA are now one body, is it worth going in for an AICPA qualification after CIMA? Are there exemptions? and what your general advice would be. Thanks in anticipation.
Welcome back Paul. Iâll be honest with you, I havenât any knowledge on AICPA. If I was to take a guess I would expect theyâre equal & opposite and therefore no need to do both! I would speak to CIMA for clarification on that though!
@@CRAIGO10 thanks for your swift response
Are you referring to the American system? AICPA is the US Body for chartered accountants?
If you do a CIMA, but further down the line you need to be able to do tasks such as audit or signing off on more than the 5m CIMA limit, are you able to get exemptions from some of the ACA/ACCA exams?
The CIMA exemption calculator is exactly what you need!
This was really useful!
Glad it helped! đŹ
Thank you really helpful
All good mate!
Outstanding content mate !
Thanks mate! Appreciate the comment!
I work for a building society and currently in customer service role but want to move into more specialised finance roles. Which one would you recommend?
I would honestly target Finance Analyst roles. Just get your foot in the door and start to understand how the finance function operated :)
Hi I have been looking for some kind of guidance with the preparation of the CIMA documents I have to submit in order to get the full qualification and I am struggling severely!! If thereâs any advice you could give me or if at all you could review and critique what I have prepared I would appreciate that so so much!! Blessings!!
Very difficult to give you generic advice. What specifically is it youâre struggling with? Any further details would be helpful đ
Hi friend, great video! Can you help a brother? I was about to start ACCA but what I really want is to be able to strip a business down and work on its efficacy and efficiency, improve production, make forecast for sales and production, but also have knowledge of business financing, statutory financial statements, taxation... Does it look more like CIMA would be a better choice for me?
I honestly think either would be fine for you! ACCA is probably your best bet if you want to cover as much as possible of the above!
Great video. I would summarise my opinion as below:
- ACA: gold standard for Financial Accounting qualification in the UK.
- ACCA: international gold standard Financial Accounting (interestingly headquartered in the UK as well) with strong fundamentals in IFRS.
- CIMA: it's a bit different, focusing on Management Accounting, useful if industry has been chosen.
Iâd have to agree with you!
Iâve learnt a lot since posting that video! Thank you for the comment đ
Which would you recommend for someone looking to advance with Private Equity or Asset Management ?
Neither, FCA!
Is the certificate level compulsory? Or is it like acca's foundations level?
Compulsory but if you have exemptions then not compulsory :)
Well recently.. there is a diploma in CIMA called diploma in performance management which focused on management accounting and advanced accounting subjects. Also it covers 7 papers out of 16cpapers. I wondered if CIMA is more worth than ACCA as many ppl said ACCA is hard
ACCA's pass rates are very low! Each qualification hold their own, difficult to say if one trumps another!
â@@CRAIGO10Do you not think ACCA pass rates are low due to its International entrants? I heard ACA is actually meant to be harder.
Getting the degrees is what calls to me from ACCA though ACA is meant to be well respected not that ACCA isn't as it still is well respected.
@@AlDEN1999 possibly! Sitting exams in a second language isnât ideal for sure! Impossible to actually say for sure though!
Thank you for this information, you made it really clear! I have a question, I want to apply for the civil service's finance stream and the NHS Finance stream. The qualification I would need to study with them is the CIPFA, do you have any information about this qualification, if I did this one would I still be able to work in the private sector ?
Thank you for the feedback! Unfortunately I do not have any info on CIPFA, I am only merely aware of it. I think with all qualifications, none of them will limit you, whichever one you choose. The content you study will still be very relevant :)
@@CRAIGO10 Thank you for the reply Craigo. That's good to know, I really want to work in the public sector first and then transition into the private sector later :)
Fantastic! Sounds like a really good plan! :)
CIPFA is as good as Acca,Or cima,icaew
Great video! So if I want to work in the accounting department for a company like sky broadband, I should study CIMA over ACCA? I have no interest in audit and all the travelling and stress it entails, and am more interested in 40hr/week Industry jobs. Right now I am about to enter my 3rd year at university and am looking to do industry accounting - are there any graduate schemes you know of, or is my only option to search for regular trainee jobs after I graduate?
Not necessarily, both can be applied to the Management accountant space.
But based on what you said, if you have no interest in the audit field, and thus what ACCA covers then CIMA could be the one for you!
My pathway is through industry, I wonât name the company but a large food & beverage company. And CIMA is the route I took.
They are plenty of graduate/level entry roles. Search hard enough and youâll find something for sure although it is very competitive out there!
Which one is better to find a job and to get higher salary? Wich one easier? Which one is in high demand in European countries?
I suggest you do your own research on this and make your own decision. I couldnât simply answer that đ
Which is thr easiest one? Is Cfa more bearable? Also if you do cfa or aca or cima do you have to work in a certain industry? I work as a finance assistant
Iâve never done CFA so I couldnât comment, but judging what Iâve heard, I think CFA is the hardest.. CIMA you would typically work in industry, the others you may choose to work in practice.
Hello dear, I have a question.
I want to work as a private accountant. Which qualification will be good for me ACCA or?!
ACA is the one for you!
@@CRAIGO10 Tank you so much for your quick response. I am really appreciate.
Your sincerity,
Ilko Petrov
Which would be more relevant in the non-profit sector?
Good question. I think either could work, depends on the role. Principles are still largely the same in profit/non profit!
Any advice for an account in the USA
Hmm not really. I donât really have understanding of the market although I believe CIMA is recognised to there!
On a crossroad between ACA and ACCA
Good luck choosing my man!
What qualification would be good to become a business analyst?
I'm not too sure, not sure whether there is one?
đđđđđ
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this video is a bit misleading.
If one goes to the ACCA careers webpage, there are many job offers in management accounting for ACCA qualified accoutants.
The options in the strategic level are OPTIONS.
One does not have to go into tax and audit with ACCA.
There are Advanced Performance Management (which is management accounting) and Advanced Financial Management exams
Manâs are gonna hate. Yes I got it wrong đ© you can tell I sat CIMA!
What qualification is best to be a managing director ? CIMA or ACCA ?
I wouldn't overthink this one. Becoming an MD is about way more than the qualification you took!
FCCA
Hi Iâve already cleared my ACCA exams but now I want to work in the industry and would like to give my CIMA exams. I also have an MSC in professional accounting. Iâd like your input please
ACCA is a perfect qualification for industry. I wouldnât do CIMA on top if I was you!
What's your opinion on doing CIMA after CMA USA?
I honestly have zero idea đđ
@@CRAIGO10 cool
where did you study for your CIMA qualification?
At home, on my laptop
Income of CIMA vs ACA vs ACCA ..?
Please.
Difficult to provide that mate. Financial Service practices or industry companies will pay different and at times unrelated to qualification.
@@CRAIGO10 ok sir I understood đ
the audio ain't so clear
Start of mans youtube journey :)
@@CRAIGO10
Well said.
ACCA IS THE BEST
FANBOYYY
@@CRAIGO10 sincerely, it has nothing to be FanBoy about Acca. Its rather being practical since its a Global Body for Proffesional Acounting and widely accepted across countries .
@@bhadrinath4191 it was a joke buddy
CIMA is best
CIMA is great, but they are all equally great!
@@CRAIGO10 but cima member do not get more exemptions from ICAEW
đ
These are two different qualifications. There isnât a need to do both, only one. You need to make sure the one who choose satisfies your career!
Did u study there? Are the exams tough?