Difference Between ACCA vs CIMA
Deciding your career from the two great professional organizations and which can benefit a candidate in a long run. While the Association of Chartered Certified Accountants (ACCA) is a body for Chartered accountants on the other hand Chartered Institute of Management Accountants (CIMA) is a body for management accountants. At the end of the discussion, it comes down to what you want to do with your career.
Both ACCA vs CIMA aspirers require a different kind of skill sets and on completion will have a different level of responsibilities. Associations like these provide a variety of benefits and can help you advance your career, it provides job placement assistance and provides continuing education, publications, affinity services and products. Organizations like these offer the annual type of meeting or local and regional conferences. These can help you achieve career status through certifications and exams.
ACCA’s headquarter is situated in London with administrative offices in Glasgow. As at 2016, the organization reported 188,000 members and 480,000 students in 178 countries and it was founded in 1904. On the other hand, CIMA is also based in London and with more than 227,000 members and students in 179 countries, it is currently the largest management accounting body in the world. It was founded comparatively a bit later in 1919. CIMA is for management accountants working in the industry, which is the major difference between ACCA and CIMA.
The difference between ACCA and CIMA are based on the continuing education, membership dues, and certifications. The qualifications are distinguished by various factors which are discussed in the table and make it easy for a student to choose between ACCA vs CIMA.
ACCA vs CIMA Infographics
Below is the top 9 difference between ACCA vs CIMA
Key Differences between ACCA vs CIMA
Both ACCA vs CIMA are popular choices in the market; let us discuss some of the major Differences Between ACCA vs CIMA:
- ACCA charges around $3,000 – $4,000 and CIMA is also around $3,000 – $4,000.
- The pass percentage is 30% to 40% for ACCA and CIMA has a pass percentage of 35%-46%.
- The usual profiles for a job are of financial specialists (Tax and Audit) and general practice for ACCA while for CIMA it is Strategic and Managerial roles in business and finance.
- ACCA is globally accepted but is more common in European countries and the UK. While the CIMA is a collaboration with the CPA (USA) Institute.
- Maximum of 9 papers exemption is provided for ACCA whereas a maximum of 12 papers are exempted for CIMA.
- ACCA is highly preferred in accounting roles like business valuation, tax, and treasury management, forensic accounting. In auditing roles, ACCA faces tough competition from CAs. CIMA is highly preferred in the financial services sector as well as managerial roles in global banks and accountancy firms and shared services.
- The ACCAs provides a strong foundation in core principles of accounting. Useful for audit and tax profiles. CIMA, on the other hand, is a mix of MBA and CA. Not only it has solid accounting concepts but also is a good learning for taking critical decisions of management.
Head to Head comparison between ACCA vs CIMA
Below is the topmost comparison between ACCA vs CIMA –
|The basis of Comparison between ACCA vs CIMA||ACCA||CIMA|
|Related to||Chartered Accountants||Management Accountants|
|Meaning||The ACCAs provides a strong foundation in core principles of accounting. Useful for audit and tax profiles.||CIMAs, on the other hand, is a mix of MBA and CA. Not only it has solid accounting concepts but also is a good learning for taking critical decisions of management.|
|Professional body||Association of Chartered Certified Accountants based in the UK||Chartered Institute of Management Accountants based in the UK|
|Exams||14 Papers||16 Papers|
|Eligibility||Higher Secondary||Higher Secondary|
|Duration||Between 2-3 Years||Between 2-3 Years|
|Levels||Skills, knowledge, professional essentials and options||Strategic, Management, Operational.|
|Core Subjects||Law, Accounting, Taxation, Financial Reporting.||Organization Management, advanced financial reporting, project, and relationship, Strategic management, Risk Management.|
|Exam Pattern||Based on the paper and subject, most exams are of 2-3 hours duration.||90 minutes objective test and 3 hours of a case study.|
ACCA vs CIMA – Final Thoughts
While both ACCA vs CIMA qualifications can give your career prospects a boost. You need to ask yourself before you choose a qualification is what you want from your career. The perfect accountancy qualification for people who know that they would want to work in the world of management and business, a CIMA qualification is a specialist management accounting qualification. Also, it has an overlap with business practice.
On the other hand, students can still specialize in some areas towards the end of the ACCA course, but the pure variety of core accounting skills and knowledge that it provides is great for those who want to keep their options open for a while or even to work in a range of different industries. The ACCA qualification is broader and offers a bit more flexibility.
Both CIMA vs ACCA are highly respected and can turn the heads of any employer who are seeking the right professional talent. And at the same time, both can also offer a variety of opportunities around the world.
The designations of Chartered Global Management Accountant (CGMA) are entitled to CIMA-qualified accountants which makes them a part of an international network that will earn them recognition wherever they go. Including a series of partnerships with local accountancy bodies in various locations, ACCA is well accepted in over 100 countries worldwide.
One has to ponder where he or she wants to work in their career and ensure that the qualification you choose is the best fit for the region and is recognized. If one is aspiring a career in accountancy and thinking to pursue one of these courses then they are on the right track which will open a number of opportunities and shape up an exciting career in a large number of industries and locations.
Why the ACCA vs CIMA matters over time is an essential question in one’s career. The CIMA vs ACCA frameworks both have their own importance and both are equally prestigious.
This has a been a guide to the top differences between ACCA vs CIMA. Here we also discuss the ACCA vs CIMA key differences with infographics, and comparison table. You may also have a look at the following articles to learn more-