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CIMA versus ACCA - What is CIMA / ACCA & what are their similarities & differences? (AAT next steps)
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- čas přidán 26. 06. 2021
- In this video I walk you through the similarities and differences between the CIMA qualification and ACCA qualification.
CIMA stands for the Chartered Institute of Management Accountants and is a professional qualification equivalent to a master's degree. The ACCA stands for Association of Chartered Certified Accountants and the qualification is the world leading accountancy qualification for aspiring financial professionals.
CIMA and ACCA are internationally recognised but there are some key differences between the two and in this video I discuss what you might want to consider before choosing between the two qualifications.
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In my opinion CIMA is more appropriate to students who want to look at the more strategic and commercial side of accounting whereas ACCA is more appropriate for students looking at the financial reporting side of accounting.
In terms of salary and benefits from studying CIMA or ACCA both are internationally recognised professional qualifications and individuals can expect to earn similar salaries post qualification initially.
If you would like to know more about CIMA or ACCA then please consider subscribing as on my channel I focus on accounting, investing and other financial topics. This playlist might also help:
• How to start your care...
I hope you found the video useful, if you have any questions about either ACCA or CIMA then feel free to post them below in the comments and I will do my best to answer them for you. Thank you to everyone of you who has supported the channel to date xx 😊
I Love the Accounting content ❤
You explained everything very well!
Thanks Tyler :)
Great insight and a very good comparison between the two. I would suggest adding timelines as it will help navigate the video.
Thanks Nathan I can update this one to add in those timelines :)
Thanks 🌷🌷
which course is suitable for as a it student
That was a really helpful video, thank you! One of my local universities here in Edinburgh offers an MSc in 'Accounting and Finance with CIMA' so includes 11 exam exemptions. What do you think of this academic route combined with the practical route? I'm 44 and looking for a 180 degree career change from healthcare (though have been running my own small business). Getting on a course is appealing versus the uncertainty of job hunting, but I wonder if this route will be what future employers want. Any thoughts would be gratefully received!
Just checked out another brilliant video of yours and based on that and the helpful replies to comments below I'm thinking AAT is a solid place to start. Thank you!
Aww thank you Sarah that's lovely to hear x
Hi
Accounting & Taxation field
Or
Accounting & finance
Which one is the best in the terms of job opportunities, demand & pay scale in UK
Hi Sai individuals that focus on the tax route over the traditional accounting and finance, usually specialise in tax consultancy which can pay anywhere from £60k to £120k depending on the field and experience so it can be a lucrative field for those that pursue that path but equally individuals who can develop their careers to become Chief Finance Officer or Finance Director in the traditional sense can also look to achieve this salary.
Thank you for all the explanation as it's so motivated, can you please tell how long it takes to Become a Tax Spécialist after completing AAT Accounting L4 ?
Hi William there is an additional qualification that you can take after the AAT so it might be worth looking at the CTA chartered tax advisor qualification which takes circa 3 years x
Thank you for your response, if it takes 3 years to complete CTA Chartered I would rather go for ACCA, thank you
Hey, I'm doing bcom and acca from india but want to shift to a European countrie for career opportunities
I'm just wondering even tho I'm from India and not born or brought up in Europe
Will they consider me for the job even if I have a lot of work experience and the Acca degree???
Hi Anjali yes they accept individuals based on their experience and qualifications over location and take an equal opportunities approach. ACCA is a great qualification as it is internationally recognised :) I have also worked with many individuals who studied in Italy, France, New Zealand and elsewhere.
Hi! I have an MSC and when I have searched for exemptions, CIMA have recommended I take the Master’s gateway! And I get exemptions up to management level. Once I pass, would go straight into Strategic level. My question is what if I do not want the gateway route, anyone know what exemptions I would get please? I do not have the nine gateway option on the website! Thanks in advance
Hi Karen I don't know the answer to the above just off the top of my head but I shall ask my network for you x
Which one should I attempt first after clearing F4? Please advice
Hi Muneer this video by James might help czcams.com/video/LGIty6CAaHM/video.html
I had also heard that they prefer local citizens over immigrants (totally understandable) but I don't want to get into something if ik it won't take my far enough
Dw, I've lived in UK for almost a decade and even though I am still in year 13 (final yr b4 uni), the amount you make is totally dependant on skill. Schools here dont test your knowledge like they do in India. Ik for a fact you will have much more experience n knowledge than the average student/employee here.
Hi Anjali all applicants are reviewed for their experience and qualifications and how well they would fit the role in terms of roles in the UK and I personally have worked with many individuals who came to work in the UK from Germany, France, Italy, India and other places :)
I did not understand that part in general which professional is expected to earn more ??
Hi Arman it would be impossible to say either way as there are so many directions that you can take your career after your exams x
Which is better cima or acca+msc in applied accounting? If someone wants to first work in firms then in industry? Plzz plzzz plzz reply
Hello there if you want to work in industry then it might be worth looking into the CIMA qualification as it is gives a more broader commercial scope than the ACCA in some circumstances such as learning costing and stock management in detail. Whereas the ACCA does delve into more of the technical IFRS, UK GAAP areas of preparing financial statements for example.
Of i get CIMA membership how many exemptions can i get from ACCA?
Hi hun I used this exemption calculator but it really depends on how far you took CIMA and what year you qualified due to syllabus changes: here is an example www.accaglobal.com/ie/en/help/exemptions-calculator.html
Are there any exemptions between CIMA and ACCA? For example, you have an ACCA and want to obtain CIMA, or vice versa.
My question exactly!
@missfinance
Hi Ayshay this might help www.cimaglobal.com/Starting-CIMA/Starting-CIMA/Exemptions/Exemption-Search/Association-of-Chartered-Certified-Accountants-ACCA-149/?qualification=1-18BU8BL
Thanks for bringing this up!
I just want to learn more
I'm just about to swap acca for CIMA, done 5 exams in acca but struggled with it
That's great hun how are you getting on with CIMA X
@@RebeccasFinanceTutorials I haven't started yet lol. Any and all tips helpful. Aiming for at least 4 exams a year starting with e1
@@proudtobeblue I shall make sure to upload a few tips here for you :D
Is it worth doing both CIMA and ACCA?
Hi Anvitha you can do both but I would say it's worth deciding what career path you want to go down first as the ACCA will help with more of a reporting role whereas CIMA will help with management decisions for example but if you are looking for a role that encompasses both then you can certainly do both x
@@RebeccasFinanceTutorials Thank u❤
It is hard to do both, especially when in University? Im currently in year 13, aspiring to go uni and study accounting and finance at Bachelor level. I hope to do all the examinations for CIMA and ACCA (I know about exemptions) . Is this a viable option?
@@Rama-jx6to Hi Rama it is possible to do both or even ACA as another option but most individuals select one that is the most relevant to their career path choice such as if they want to go down the commercial route or the financial reporting route :)
@@RebeccasFinanceTutorials Thanks so much
Which course have more difficult level cima or acca ?
Hi Arpit they are both equally difficult I would say :)
I am member of both CIMA & ACCA (And ACA), I completed my CIMA in 2003 and ACCA in 2007. I would not be preferring one over the other one, both have their own uses. If you want to focus more on business finance or commercial finance I would recommend CIMA whereas if focus is more on accounting side then ACCA. If you would like to have a carier in Audit then go for ACA.
If corporate finance is what interest you more then CFA is the gold standard so all is dependent on what you want.
Thank you for sharing your experience Saif
I'm doing ACCA but I "want to focus more on business finance or commercial finance".
I was simply planning to take the 'Advanced Performance Management' and "Advanced Financial Management" options in ACCA instead of their audit and tax options.
So, you would advise to switch to CIMA?
@@gabrielbrewster202 Life is long and you will always get options, my recommendation will be to focus on first qualification and get it after that think about other options.
@@gabrielbrewster202 Hi Gabriel it's certainly a good question and really the answer I would say depends on where you see your career in future. Those with CIMA have a very good understanding of the commercial aspects of running a business however those who study ACCA tend to focus more on the reporting side of things, so I would try to understand what you really enjoy. For instance do you enjoy the management reporting, costing, forecasting or do you prefer the reporting for tax purposes, year end stats, balance sheet reporting etc.? I would say if it is the first then a move to CIMA might just be fitting here :) but that's not to say that even though you study ACCA that you won't be exposed to those commercial elements in future x
@@RebeccasFinanceTutorials is this something that is generally accepted?
Because I never heard about 'management accounting' until after I started ACCA.
But, I recently completed ACCA level 2 (applied skills).
And I never got the impression that the financial reporting (F7) exam was focused on more than the performance management (F5) exam
???
Actually F5 was one of the most rigorous and difficult to pass.
So I am just confused.