CIMA or ACA - Sensible answers please!!!

OK first of all I know this forum is full of graduates who are applying for, studying for or already have ACA and there are very few CIMA studiers or graduates on here so if you're gonna start bigging up ACA just because you're doing it or have done it and want to convince yourself you've made the right choice then don't bother!!!! I'm looking for sensible knowledgeable debate from people who know what they're talking about!!!

OK Rant over! Here goes...

I'm in the very priviledged position of having 2 job offers... One as an Audit trainee studying ACA with a Big 4 firm and the other studying CIMA with a firm that has a large finance department and is growing rapidly (predicted £1 billion turnover in the next 12 months).

Both the schemes are 3 years and pay pretty much exactly the same during the 3 years. I know that whichever route I take at the end of the 3 years I want to work in industry and NOT in practice.

I also want the 3 years to be as enjoyable as possible but also to stand me in good stead for a well paid job in finance in 5-6 years time. I have heard from many people that auditing is seriosuly dull, where as the type of work I will get to do with CIMA is likely to be more interesting. I'd also like to work in an environment where I can use my commercial accumen and managerial skills and not just purely analyse and number crunch, and I get the impression that CIMA will offer me the chance to do this. I want this ability to have a commercial and startegic influence on a business to continue in my long term career as I couldn't imagine a more boring career than just sitting number crunching all day every day with no influencing strategy and managing people (maybe I shouldn't choose accountancy).

So based on all this information which job offer should I choose and why???

And bear in mind I want an enjoyable 3 years as well as good career prospects!!!!

Reply 1

ma2k5

14

Go for BIG4, simply for the reputation. You'll have more options afterwards. ACA is also better qualification - more options.

Yes audit is boring, you just gotta put up with it 3 years. Its just too much at stake for "fun" imo.

You want fun and good career prospects. At end, fun = what you make of it. I hardly believe going for CIMA you will be jumping for joy in happiness.

One thing for sure though is if you go BIG4/ACA, your choices will be endless and best career prospects path for sure.

Reply 2

Wstroud

1

Depends what you want to do, but in general the ACA is the better qualification.

Reply 3

student20077

liverpoolguy u cant spell man. its acca not aca. check check the check mate

Reply 4

heartofengland

no you dumbass theres the ACA and ACCA, both equally respected with ACCA being more international from what iv read.

I think your in a tough situation, ACA i guess would be more acedmic whereas CIMA is industry specific and as youv said you want to go into industry that would be the natural route. However as said, having the ACA+Big4 you will have a good chance to go into business/private equity and be automatically headhunted however i dont know if this will lead you into an actual business position or just a better paid service firm. I think it also depends on the rep of the finance firm as if its well known it should make your chances better.

From what you have said id chose the CIMA route (depending on how big the firm was), however personally im going to try for the big4 and aca/icas as i still feel i would be able to work for a blue chip company with this experience and reputation.

Reply 5

Barny

17

ACA then move into industry. ACA gives you a broader grounding of accountancy & business issues which will give you a better platform to go into industry. Audit also exposes you to 100's of different businesses so you can see how they're run, the good and bad bits of each business etc.

If you're desperate to do CIMA you can get 80% exemptions in the CIMA exams so taht you just sit the final stages after you've done ACA.

Also, if you go on the ICAEW's website they have a statistic stating that 67% of the FTSE100 Financial Directors are ACA qualified.

Reply 6

econgrad07

1

Definitely go with the Big 4 company as this will look better on your CV when you want to move on. You eally cant beat ACA at a Big 4 in terms of long term opportunties.

Reply 7

kay4

what would your salary be at the big 4 firm for the 3 years?

Reply 8

econgrad07

1

Anything between 20-30k based on your business unit and location.

Reply 9

liverpoolguy

OP

2

Actually the salary doing ACA is a mere £19,000

The thing is I know that ACA and Big 4 is SERIOUSLY well respected. However I have also heard that Audit is SERIOUSLY dull. And thats from people who've done it!! I haven't heard one auditor say they love auditing!!

Also, not only do I want to go into industry but I want a commercial management type role rather than a finance number crunching role. People may wonder why I want to do accounting at all if thats the case, but in reality I think a finance background is a sound grounding for high level management and shaping the direction and strategy of an organisation.

But if I know already that I'm looking for this isn't CIMA the best option??

Or can I EASILY jump into a role like this with ACA??? Or will the roles ACA will get me into be purely number crunching roles???

Reply 10

heartofengland

liverpoolguy

Actually the salary doing ACA is a mere £19,000

The thing is I know that ACA and Big 4 is SERIOUSLY well respected. However I have also heard that Audit is SERIOUSLY dull. And thats from people who've done it!! I haven't heard one auditor say they love auditing!!

Also, not only do I want to go into industry but I want a commercial management type role rather than a finance number crunching role. People may wonder why I want to do accounting at all if thats the case, but in reality I think a finance background is a sound grounding for high level management and shaping the direction and strategy of an organisation.

But if I know already that I'm looking for this isn't CIMA the best option??

Or can I EASILY jump into a role like this with ACA??? Or will the roles ACA will get me into be purely number crunching roles???

looking at the course the aca is a mixture of law, management but majority will be stuff like financial reporting, balance sheet, tax computations etc, but its only for 3 years of your life so working hard at a dull job is probably worth it, but if your adament you dont want to be doing this, do the CIMA. If your good enough u'll succeed whatever.

Reply 11

ma2k5

14

Even though it may seem like CIMA is more related to what you wish to do - realistically, the ACA/Big4 brand would take you there lightyears faster than A CIMA from a much lower firm.

Reply 12

student20077

oops sorry my mates mistake. the salary for an aca aint £19000 its 25grand. bcos i know ppl in that industry.

anyone wanna buy some accountancy or finance text books. these are 2nd yr books from brunel.

Reply 13

heartofengland

student20077

oops sorry my mates mistake. the salary for an aca aint £19000 its 25grand. bcos i know ppl in that industry.

anyone wanna buy some accountancy or finance text books. these are 2nd yr books from brunel.

there isnt a set figure pay for doing a "aca" it depends on the firm paying you and can be as little as 19k, i think big4 regional offices pay audit under 23k.

Reply 14

dancingqueen

11

heartofengland

there isnt a set figure pay for doing a "aca" it depends on the firm paying you and can be as little as 19k, i think big4 regional offices pay audit under 23k.

I'm starting Leeds tax, and you start on a little under 20 grand. Although obviously this goes up as you become more qualified.

Reply 15

heartofengland

dancingqueen

I'm starting Leeds tax, and you start on a little under 20 grand. Although obviously this goes up as you become more qualified.

awesome whos this for? im thinking of applying to corporate tax this year for grad placements. What was the main reason for you chosing tax? I would have thought tax pays more than audit and leeds is a big city, so <20k sounds quite bad, paying rent and transport you wouldnt have much left for anything else.

Reply 16

dancingqueen

11

heartofengland

awesome whos this for? im thinking of applying to corporate tax this year for grad placements. What was the main reason for you chosing tax? I would have thought tax pays more than audit and leeds is a big city, so <20k sounds quite bad, paying rent and transport you wouldnt have much left for anything else.

PwC. Chose tax because it seems less boring than audit tbh! I don't think it will be that bad in terms of money, rent is only about 300 a month and hopefully my transport costs will be zero as I will be living very near the office. Leeds transport costs are generally a lot less than London ones!
Another thing to think about, is that you will not be on this money for very long, it does go up! I think I'd rather be in a job which pays a bit lower to start off with but rises than some my uni friends are starting which have fairly high starting salaries but less opportunity for progression.

Reply 17

student20077

hahaha dancingqueen ur earnings was less than my placement year at lehman brothers. haha only 20k thats a rubbish salary.

Reply 18

ma2k5

14

student20077

hahaha dancingqueen ur earnings was less than my placement year at lehman brothers. haha only 20k thats a rubbish salary.

Some people... seriously do you guys not even think before you click post? Utter disgrace.

Reply 19

simon123

student20077

hahaha dancingqueen ur earnings was less than my placement year at lehman brothers. haha only 20k thats a rubbish salary.

So you went on a placement year, probably in BO or MO I would guess, which is hardly anything that impressive. Come back when you have got a FO job in an IB then you could at least justify what you are saying.

CIMA or ACA - Sensible answers please!!!

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