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How to choose an accountancy qualification: ACCA vs CIMA:
A CIMA qualification or ACCA qualification are both prestigious and will give your career prospects a massive boost. But they each have different strengths, and you may find one suits your ambitions better than the other.
Both ACCA and CIMA qualifications can give your career prospects a boost.
But the question you’re probably asking is ‘which accounting qualification should I choose?’ Thiago Kiwi from the London School of Business and Finance Manchester explains the key differences.
To help your accountancy career development and get it off to the best possible start, you’re doing the right thing in considering one of these recognised accountancy qualifications. It’s a great move that will open huge numbers of doors and catapult you into an exciting career in any number of industries and locations. But then it comes to choosing which route to go down, and the next tough question emerges: which accounting qualification should I choose?
Here are just a few of the things to consider before you determine which is the best accountancy qualification for you.
Base your accountancy qualifications comparison on your career choice.
Is ACCA or CIMA a better choice for you? The most important question you need to ask yourself before you choose a qualification is what you want from your career. A CIMA qualification is a specialist management accounting qualification, which makes it the best accountancy qualification for those who know that they would definitely like to work in the world of business and management. It has a good overlap with business practice, so it’s an excellent starting point for a career in that sphere.
On the other hand, the ACCA qualification is broader and offers a bit more flexibility. You can still specialise in some areas towards the end of the course, but the sheer variety of core accounting skills and knowledge that it provides is great for those who want to work in a range of different industries, or even keep their options open for a while.
Related: How to become an accountant – ACA, ACCA and CIMA
Did you know?
Currently there is an increase in demand for finance and accounting professionals in the following sectors: technology, media, energy, legal and logistics. In our latest 2020 Salary Guide we cover the key trends and insights so you can secure your place in the industry.
Where do you want to work?
Both CIMA qualifications and ACCA qualifications are widely recognised. As a jobseeker in the UK, you’ll find that both are highly respected and can turn the heads of employers seeking the right professional talent. Around the world, both can also offer a wide variety of opportunities.
CIMA-qualified accountants are entitled to use the designation of Chartered Global Management Accountant (CGMA), which makes you part of an international network that will earn you recognition wherever you go. At the same time, ACCA is accepted in well over 100 countries worldwide, including a series of partnerships with local accountancy bodies in many locations.
Think about where you would like to work throughout your career, and ensure the qualification you choose is recognised there - the chances are you won’t be disappointed. You may, however, have to think about the types of business that are most common in that region.
Who would you like to work for?
This is probably one of the biggest differences between these two recognised accountancy qualifications. Because of CIMA’s focus on management accounting in a business context, it’s the most suitable accountancy qualification for those who know they want to work in the finance or management functions of bigger organisations. It equips you with skills that will enable you to work across functions with the strategic needs of the business in mind, and that’s great for large employers.
However, ACCA’s broader approach to accountancy skills means you can work in a wide range of sectors. It also ensures you have everything you need to work for yourself as a self-employed accountant, or in an accountancy practice where you will work with clients. If you’re not sure that a career in big business is right for you, this could be a better option.
Earlier this year, we interviewed 149 finance and accountancy employers and found out that both ACCA and CIMA qualifications are highly regarded when it comes to entry-level recruitment. While some of the respondents commented that the preference for a specific qualification depends upon the role, CIMA and ACCA’s popularity shows that most firms still prefer candidates to hold the largest and most widely recognised accountancy qualifications, even for entry-level accountancy roles.
If you are on your way to obtaining a CIMA qualification or currently a CIMA member, check out these 5 essential points to boost your career. If you are ACCA qualified or working towards your ACCA qualification then these 5 tips will be more interesting for you.
In addition to this there's always room to boost your prospects by sharpening up on your soft skills to enhance your accounting and finance CV.