The ACCA vs. CIMA Guide: Which is the Right Option for Your Career?

If you are uncertain about where to begin if you want to become certified in accounting, how can you be sure you are making the correct decision when there are a lot of choices available?

Difference Between ACCA and CIMA

The Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA) are two of the most esteemed professional accounting certifications offered. These two credentials can be earned in three to four years, and they require three years of relevant job experience. Both certifications address financial accounting, financial reporting, the fundamentals of taxes, and accounting ethics, although they have different material.

ACCA vs. CIMA: Skills

The skills acquired by an ACCA and a CIMA are significantly different. Through their educational experience, ACCA professional acquires solid technical knowledge of accounting and financial concepts. On the other hand, the CIMA specialist has managerial and strategic decision-making abilities.

 ACCA vs. CIMA: Duration

ACCA usually lasts from six months to two years. On the other hand, you can finish this course in a year, depending on how quickly you study and what exemptions you receive. The ACCA requires passing 14 exams; however, you may be excluded from up to 9 of these exams based on the accounting courses you have taken prior to the ACCA. But in order to become a Global Chartered Accountant, you will also need to complete the required three years of work experience.

A candidate for CIMA must pass 16 papers in total, broken down into four sections. It takes roughly three to four years to finish. On the other hand, you can take the CIMA exams in two years and receive up to eleven exemptions if you have the appropriate degree.

ACCA vs. CIMA: Eligibility

Students must have passed their 10+2 exams with a minimum of 50% in other courses and an aggregate of 65% in English, mathematics, and accounting in order to be eligible to register for the ACCA qualification. Students who recently passed their class 10 exams or who do not meet the prerequisites can still enroll in the ACCA course through the Foundation in Accountancy (FIA) pathway.

You must have an intermediate, A-level, or class 10 passing certificate in order to enroll in the CIMA course. A graduate or undergraduate degree in any discipline is also acceptable for enrollment in the course. The best path to easy admission to the CIMA course is a professional accounting certification, such as an MBA.

ACCA vs. CIMA: Difficulty Level

The CIMA qualification is more difficult because, unlike ACCA, which enables you to study for many exam sets at once, you cannot advance until you pass one exam set. Because of its overall greater difficulty, employers greatly value this qualification.

ACCA vs. CIMA: Career Potential

While CIMA holders usually have positions as business managers, financial analysts, and financial directors, ACCA graduates go on to become financial accountants, auditors, and tax consultants.

The accounting and finance fields are familiar with the ACCA and CIMA certifications. Since both certification programs are designed to fit specific job profiles, students will need to make a decision based on their career objectives.

Sum Up…

While having an ACCA or CIMA certificate can help get hired, a CIMA qualification is specifically designed for management accounting professionals. It is the ideal accounting credential for individuals who are certain they want to work in the business and management sectors. It may also intersect with commercial practices.

More freedom and a wider scope are provided by the ACCA qualification. However, before the ACCA course ends, students might still choose to specialize in a few areas.

ACCA and CIMA are both very popular and well-known certifications that can easily attract employers looking for qualified candidates. Additionally, both can simultaneously present a variety of opportunities worldwide. If you wish to learn more about this topic, think of enrolling in Mirchawala’s Hub of Accountancy. 

Written by: bright student of Mirchawala’s hub of accountancy