Which accountancy qualification?

Hi all, I'm new to the forum and I'm looking for useful information to help me decide which accountancy qualification is right for me.

I've been accepted into the Civil Service Fast Stream (finance stream) and as part of that they will put me through the qualification - but I'm to pick which one I want to do.

I went to a discovery day yesterday where each body did a brief presentation, which was useful to get me going, but I'm still not sure which I should do.

My options are ACCA, ICAEW, CIPFA and CIMA.

I think I have ruled out CIMA as I don't think I wasn't to do management accounting (unless anyone can convince me otherwise?)

I was thinking CIPFA as it seems most relevant for government finance, but some people seem to have a negative view of it, I believe there is also an option to top this up with a few extra module from ICAS to become a chartered accountant - how does this compare to the other qualifications?

I get the impression that ICAEW is most prestigious, but not as broad as ACCA.

If anyone has any knowledge on these that might help me, I'd be grateful (constructive please, not bitching about one qualification against another :smile:

)

Thank you in advance!

(edited 8 years ago)

Reply 1

snakesnake

10

ACA and ACCA are pretty much equal and stand in higher regard than the other two. Go for one of them, it'll give you the broadest options later on.

Reply 2

MancStudent098

13

Original post by Lozkins

Hi all, I'm new to the forum and I'm looking for useful information to help me decide which accountancy qualification is right for me.

I've been accepted into the Civil Service Fast Stream (finance stream) and as part of that they will put me through the qualification - but I'm to pick which one I want to do.

I went to a discovery day yesterday where each body did a brief presentation, which was useful to get me going, but I'm still not sure which I should do.

My options are ACCA, ICAEW, CIPFA and CIMA.

I think I have ruled out CIMA as I don't think I wasn't to do management accounting (unless anyone can convince me otherwise?)

I was thinking CIPFA as it seems most relevant for government finance, but some people seem to have a negative view of it, I believe there is also an option to top this up with a few extra module from ICAS to become a chartered accountant - how does this compare to the other qualifications?

I get the impression that ICAEW is most prestigious, but not as broad as ACCA.

If anyone has any knowledge on these that might help me, I'd be grateful (constructive please, not bitching about one qualification against another :smile:

)

Thank you in advance!

I'd say it's a toss up between CIPFA and ICAEW. Really it then comes down to whether you see yourself staying public sector or not. ICAEW will give you the most flexibility if you eventually decide to go private sector. I don't know a huge amount about CIPFA but the syllabus looks very geared to public finances and ICAEW definitely isn't.

If there is a CIPFA with ICAS top up option that would be a great compromise, but do check that out as I've never heard of it myself (and I did ICAS).

Update: The ICAS-CIPFA fast track ended in 2005, so that's not an option. You could do ICAEW first and then claim exemptions from the relevant CIPFA exams or vice versa but I don't think it's worth the effort.

(edited 8 years ago)

Reply 3

Lozkins

OP

2

Original post by MancStudent098

I'd say it's a toss up between CIPFA and ICAEW. Really it then comes down to whether you see yourself staying public sector or not. ICAEW will give you the most flexibility if you eventually decide to go private sector. I don't know a huge amount about CIPFA but the syllabus looks very geared to public finances and ICAEW definitely isn't.

If there is a CIPFA with ICAS top up option that would be a great compromise, but do check that out as I've never heard of it myself (and I did ICAS).

Update: The ICAS-CIPFA fast track ended in 2005, so that's not an option. You could do ICAEW first and then claim exemptions from the relevant CIPFA exams or vice versa but I don't think it's worth the effort.

The people who came to do the presentation told us that's the ICAS top up is an option and we'd just need to do 3 extra modules to do that.
These are the two that I'm stuck between really.

Reply 4

Avieness

2

Original post by MancStudent098

Update: The ICAS-CIPFA fast track ended in 2005, so that's not an option. You could do ICAEW first and then claim exemptions from the relevant CIPFA exams or vice versa but I don't think it's worth the effort.

It's only very recently been reinstated.

ICAS and CIPFA are partnering to create an Integrated Audit Qualification that will lead to ICAS and CIPFA membership. It's mainly designed for auditors to switch between the public and private sectors (public sector/corporates distinction is disappearing in Big 4 regions and they're moving away from CIPFA to ICAEW/ICAS for all) and anticipates increasing public provision by the private sector.

The IAQ will be the full ICAS CA course plus 4 CIPFA modules and will start in the Autumn.

There will also be top-up routes for qualified CA/CFPAs (3 exams from the other institute), which sounds like what the civil service is telling the OP. It also sounds like they won't be offering the IAQ, not this year at least unfortunately.

https://www.icas.com/news/icas-and-cipfa-launch-landmark-integrated-qualification-in-audit

http://www.cipfa.org/iqa

Reply 5

MancStudent098

13

Original post by Lozkins

The people who came to do the presentation told us that's the ICAS top up is an option and we'd just need to do 3 extra modules to do that.
These are the two that I'm stuck between really.

You're right, looks like it's just been introduced. Little confused about the structure, I'm not sure whether the 3 module top up makes you a CA, or just company audit qualified.

What I can tell you is that those are three pretty hefty modules, they contain probably about half of the technical content of the CA qual. Also if they do make you a CA then you'd have to pay for both CA and CPFA memberships, plus presumably practicing certs from both bodies (About £1300 a year total). Seems a bit like overkill to me.

I think the easy bottom line is do you see yourself as likely to work much outside the public sector - in which case I'd go ICAEW. If you are reasonably committed to working as a civil servant then go with CIPFA.

I should also say that at the end of the day they're both very solid qualifications, so there's no real wrong choice.

Reply 6

Lozkins

OP

2

The guy I spoke to said the combined membeship is about £400, as the CIPFA one is a bit lower. I'm Just getting more and more confused haha!

Reply 7

ICAEW Advisor Jackie

1

Hi Lozkins,

I am from the ICAEW Student Recruitment Team. If you would like any information about us please let me know.

We understand it is a very big decision you have to make!

Kind regards,

Ashleigh

Which accountancy qualification?

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