Cima Vs Acca – Which Accounting Certification Is Better to Go for?
With the Finance Function now being an integral Strategic Business Partner to Global Environment the need for Finance professionals is on high rise. Aspirants are looking at Finance as a career pathway but the problem ( And it's a good problem to have) is there are multiple options available as Finance courses and to find the best for you.
Today let's explore and do a comparative analysis for the 2 popular courses CIMA and ACCA. Let's find out the details about them and how different they are.
CIMA – Chartered Institute of Management Accountants
CIMA consists of 17 exams and you have to clear all of them. CIMA qualifications are fundamentally about Business skills, involves in depth study of business and management accounting subjects, strategic marketing & management, information management, and finance management.
The course exams are combined into 4 stages with 3 years of practical knowledge, it takes approximately 2 to 2.5 years to complete this course.
After completion of course the aspirants are eligible for the global CIMA course Chartered Global Management Accountant – CGMA by . American Institute of Certified Public Accountants (AICPA).
As a Chartered Management Accountant you can find managerial positions at both private and public sectors around the world as CIMA is a worldwide credible and accepted qualification and recognized in over 170 countries all over.
CIMA is a strategy based field and aspirants have the opportunity to pursue their financial career and succeed in executive roles.
ACCA – Association of Chartered Certified Accountants
The ACCA qualification typically requires you to take 14 exams in total.
Although if you already have a degree in accounting and finance then you can be exempted from the majority of the subjects.
Unlike CIMA, ACCA syllabus focuses on Technical Accounting. The subjects consist of accounting & performance management, financial accounting & cost management.
Further you have an option to specialize in taxation, auditing or financial reporting. ACCA also requires 3 years of practical experience and the course duration is around 3 to 4 years.
ACCA certification leads you to be a Chartered Certified Accountant and you can pursue your finance career in the corporate sector, public sector or in public accounting, audit, consulting firms etc.
ACCA is a combination of traditional accounting skills with a broad and progressive syllabus that equips the ACCA members with the skills to showcase strategic thinking.
CIMA vs ACCA
Brief Overview of comparison
As mentioned ACCA primarily focuses on financial accounting and technical practices of accountancy compared to CIMA.
Studies suggest that ACCA qualifications provide you a stronger foothold in accounting principles than CIMA.
In comparison CIMA is a combination of business awareness with financial management, cost management.
It also strongly focuses on performance management and strategy.
It is more focused on the management accounting related business strategy & more financial strategy study than the ACCA.
So in brief ACCA is about the Technical side of Finance like Taxation and Auditing while CIMA focuses more on the Strategic aspect of Business and deals with the Management and Executives of an organisation while ACCA deals with the external people such as investors, stakeholders or shareholders.
Recommendation
Both ACCA and CIMA are internationally recognized and accepted courses that are highly regarded qualifications in Finance and Accounting.
So the choice is up to the individuals to choose the one between the 2 based on their personal career aspirations and liking for the subject.
We recommend CIMA for candidates with a flair for business and strategy and possess excellent interpersonal skills.
And ACCA for candidates planning to pursue a career in Finance practice, taxation, audit etc with a liking for numbers and compliance.
ACCA & CIMA online courses are available.
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