L2000
Badges: 7
Rep:
?
#1
Report Thread starter 3 weeks ago
#1
Hi!

So I am taking a gap year in which I plan to study the CIMA certificate, which can be completed within the year.

I am also thinking about studying towards the CIMA professional qualification while at university so that I can graduate with non/min exams to be completed. I will then complete the 3 years of work experience from there on, while probably studying for another qualification. (possibly masters... actuarial exams...etc)

I was wondering if this is a smart move and if this would be helpful upon graduation?

And for reference my university degree (Economics) will not offer any exemptions for CIMA.

Thank You!!
0
reply
ajj2000
Badges: 18
Rep:
?
#2
Report 3 weeks ago
#2
What do you want to do after university? In terms of accountancy careers there are pros and cons to this path. In general it seems like an unnecessary amount of work to sign up for when there are lots of other things you could be doing in life. I'd also be worried it would distract from your degree and developing skills through extra-curriculars.
0
reply
L2000
Badges: 7
Rep:
?
#3
Report Thread starter 3 weeks ago
#3
(Original post by ajj2000)
What do you want to do after university? In terms of accountancy careers there are pros and cons to this path. In general it seems like an unnecessary amount of work to sign up for when there are lots of other things you could be doing in life. I'd also be worried it would distract from your degree and developing skills through extra-curriculars.
Thank you for replying.

I want to become an accountant or an actuary. I think it is good to qualify in both as it will give me knowledge from different areas and hence more opportunities. I am not aiming to finish all cima exams before graduating and want to focus in getting my degree more. Afterall, I have to do min 3 years of work to qualify anyway. I just thought that it will give me a head start compared to other graduates. I was planning maybe to start actuary exams during the 3 years of work experience for cima.

Do you think that it might be a bit too much on my plate? I mean its easy said than done.

And can I please know the pros and cons you're referring to?
0
reply
ajj2000
Badges: 18
Rep:
?
#4
Report 3 weeks ago
#4
(Original post by L2000)
Thank you for replying.

I want to become an accountant or an actuary. I think it is good to qualify in both as it will give me knowledge from different areas and hence more opportunities. I am not aiming to finish all cima exams before graduating and want to focus in getting my degree more. Afterall, I have to do min 3 years of work to qualify anyway. I just thought that it will give me a head start compared to other graduates. I was planning maybe to start actuary exams during the 3 years of work experience for cima.

Do you think that it might be a bit too much on my plate? I mean its easy said than done.

And can I please know the pros and cons you're referring to?
I think it is good to qualify in both as it will give me knowledge from different areas and hence more opportunities.

I suspect its very rare to be dual qualified and the are relatively limited opportunities to combine the qualifications in a useful way. I doubt it would yield additional opportunities in most cases - and would take a lot of years of studying.

I was planning maybe to start actuary exams during the 3 years of work experience for cima.

I honestly doubt you would have much time for that - you'd be likely to be sitting CIMA exams for at least part of the three years. Actuarial exams are notoriously tough. But look, I'm not an actuary - there are threads where actuaries will give advice. Double check with them.

Do you think that it might be a bit too much on my plate? I mean its easy said than done.

To try to double qualify - yes. To do some introductory exams on a year out or during a summer holiday - no - but I'm not confident that I would advise it in most circumstances. By the way - if you are interested in actuarial type work have you considered doing a maths or maths/ economics degree?


And can I please know the pros and cons you're referring to?

I'll copy some noted I made for a guy considering a career change to accounting - which he would look to enter age 31. Some of the reasoning would probably be different in your case.

"So, you had queried whether it is worth sitting ACCA exams before looking for work I looked into this for people who raised the same question on here a few years ago - and asked contacts for their feelings on the subject. The answer - its complicated!

Lets say you study some ACCA exams. If you are to do so you have to pay institute fees, buy text books, pay exams fees and possibly you would want to pay for courses (I don't believe that is necessary - certainly not for the early papers). Not a fortune but money that could be spent elsewhere. It also takes time. How many would you sit? My usual advice is the blast through the first three (which does get you some sort of qualification) then consider doing the next two - law and performance management.

The benefits of this are:

- you have a reasonably academic knowledge to start accounting work.
- this might help you get a job, and may speed your path to doing more interesting, career developing work after starting work
- it may be a good use of time now - perhaps you have time on your hands (I spoke with someone who did this while doing TEFL at a Korean university - he only really worked 20 hours a week so had loads of free time and a decent enough income that he wasn't in a rush to come home. I doubt the same applies for a high school teacher!)
- it may help you pass the exams a little younger which allows you to get on with life.

I also think that the subject matter is of some benefit in any managerial level job even if you never worked in accountancy.

How much help is it for finding work and what are the potential pitfalls?

Big public practice firms (mainly ACA)

Unlikely to be of any benefit in their recruitment process. They may well ask you to sit all the ACA exams anyway (differs between firms and intakes). They provide very good training for their trainees so probably not worth it for this route.

There is a pitfall to check out (I would look through the top 20 firms websites to see what they say). In the past I have seen a firm that don't accept anyone who has started exams with another institute. Not seen it recently but worth being sure. The BDO website states that they accept applications form part qualifieds with other institute but you will be rejected if you have failed ANY professional exams. Thats something to watch out for....

Smaller ACA firms

May be attractive to them - they get someone with some prior knowledge.

Major grad schemes in industry

May well not form part of their recruitment/ assessment criteria. They would pay for all training required plus institute and exam fees.

Other industry type employers

Here is where it can really help - you've shown some dedication and most of all you have some knowledge to help you become productive quickly. Unlike the other major routes into employment noted above it can be harder to find a company which will pay for your training costs. Some will suggest that they will consider it after 6 months employment - that can be a risk and an annoying delay.

So the real benefits of studying in advance are for completing exams at a younger age, and to help get more general market jobs in commerce and industry."
0
reply
AdamCor
Badges: 15
Rep:
?
#5
Report 3 weeks ago
#5
(Original post by L2000)
Thank you for replying.

I want to become an accountant or an actuary. I think it is good to qualify in both as it will give me knowledge from different areas and hence more opportunities. I am not aiming to finish all cima exams before graduating and want to focus in getting my degree more. Afterall, I have to do min 3 years of work to qualify anyway. I just thought that it will give me a head start compared to other graduates. I was planning maybe to start actuary exams during the 3 years of work experience for cima.

Do you think that it might be a bit too much on my plate? I mean its easy said than done.

And can I please know the pros and cons you're referring to?
Studying for both Actuarial and Accounting qualifications will be extremely hard to do, especially while working. And in reality if you want to be an Actuary the CIMA qualification won't bring you much recognition, and the inverse is true with Accounting with Actuarial qualifications. Personally I'd focus on one or the other.
1
reply
Rose992
Badges: 8
Rep:
?
#6
Report 3 weeks ago
#6
Personally given you've got a year and it would be around work, try AAT level 3 and 4 self study for the basics. Can give you letters after your name with the MAAT status, and i think 5 exam exemptions and reduced fees with ACCA's masters degree (but obviously if you're dead set on qualifing with CIMA then this won't help).

Personally I'd skip the CIMA certificate and just do the CIMA masters if you're set on going with them, all job ads that say CIMA want the masters so it doesn't seem like there certificate is
0
reply
conordean66
Badges: 2
Rep:
?
#7
Report 3 weeks ago
#7
To add to this, most major industry grad schemes will normally make you relearn all the material that you have already got exemptions for so I'd assume the same would apply if you have passed the exams by yourself. They want all their grads to go through the same process of learning the material so that they can move you around the business and know you know how to do it their way. So really you'd just be saving yourself the hours of revision as opposed to what I guess you are planning for which is skipping all the studying and substituting it which your actuary studies
0
reply
L2000
Badges: 7
Rep:
?
#8
Report Thread starter 2 weeks ago
#8
(Original post by ajj2000)
I think it is good to qualify in both as it will give me knowledge from different areas and hence more opportunities.

I suspect its very rare to be dual qualified and the are relatively limited opportunities to combine the qualifications in a useful way. I doubt it would yield additional opportunities in most cases - and would take a lot of years of studying.

I was planning maybe to start actuary exams during the 3 years of work experience for cima.

I honestly doubt you would have much time for that - you'd be likely to be sitting CIMA exams for at least part of the three years. Actuarial exams are notoriously tough. But look, I'm not an actuary - there are threads where actuaries will give advice. Double check with them.

Do you think that it might be a bit too much on my plate? I mean its easy said than done.

To try to double qualify - yes. To do some introductory exams on a year out or during a summer holiday - no - but I'm not confident that I would advise it in most circumstances. By the way - if you are interested in actuarial type work have you considered doing a maths or maths/ economics degree?


And can I please know the pros and cons you're referring to?

I'll copy some noted I made for a guy considering a career change to accounting - which he would look to enter age 31. Some of the reasoning would probably be different in your case.

"So, you had queried whether it is worth sitting ACCA exams before looking for work I looked into this for people who raised the same question on here a few years ago - and asked contacts for their feelings on the subject. The answer - its complicated!

Lets say you study some ACCA exams. If you are to do so you have to pay institute fees, buy text books, pay exams fees and possibly you would want to pay for courses (I don't believe that is necessary - certainly not for the early papers). Not a fortune but money that could be spent elsewhere. It also takes time. How many would you sit? My usual advice is the blast through the first three (which does get you some sort of qualification) then consider doing the next two - law and performance management.

The benefits of this are:

- you have a reasonably academic knowledge to start accounting work.
- this might help you get a job, and may speed your path to doing more interesting, career developing work after starting work
- it may be a good use of time now - perhaps you have time on your hands (I spoke with someone who did this while doing TEFL at a Korean university - he only really worked 20 hours a week so had loads of free time and a decent enough income that he wasn't in a rush to come home. I doubt the same applies for a high school teacher!)
- it may help you pass the exams a little younger which allows you to get on with life.

I also think that the subject matter is of some benefit in any managerial level job even if you never worked in accountancy.

How much help is it for finding work and what are the potential pitfalls?

Big public practice firms (mainly ACA)

Unlikely to be of any benefit in their recruitment process. They may well ask you to sit all the ACA exams anyway (differs between firms and intakes). They provide very good training for their trainees so probably not worth it for this route.

There is a pitfall to check out (I would look through the top 20 firms websites to see what they say). In the past I have seen a firm that don't accept anyone who has started exams with another institute. Not seen it recently but worth being sure. The BDO website states that they accept applications form part qualifieds with other institute but you will be rejected if you have failed ANY professional exams. Thats something to watch out for....

Smaller ACA firms

May be attractive to them - they get someone with some prior knowledge.

Major grad schemes in industry

May well not form part of their recruitment/ assessment criteria. They would pay for all training required plus institute and exam fees.

Other industry type employers

Here is where it can really help - you've shown some dedication and most of all you have some knowledge to help you become productive quickly. Unlike the other major routes into employment noted above it can be harder to find a company which will pay for your training costs. Some will suggest that they will consider it after 6 months employment - that can be a risk and an annoying delay.

So the real benefits of studying in advance are for completing exams at a younger age, and to help get more general market jobs in commerce and industry."
wow that's very detailed. Thank you! I will put this information into good use!
0
reply
L2000
Badges: 7
Rep:
?
#9
Report Thread starter 2 weeks ago
#9
(Original post by AdamCor)
Studying for both Actuarial and Accounting qualifications will be extremely hard to do, especially while working. And in reality if you want to be an Actuary the CIMA qualification won't bring you much recognition, and the inverse is true with Accounting with Actuarial qualifications. Personally I'd focus on one or the other.
Thank you for the reply. Reading and hearing feedback from many others about this, I have come to agree with you. Therefore, I have decided to wait I graduate before choosing the path between the two.
0
reply
L2000
Badges: 7
Rep:
?
#10
Report Thread starter 2 weeks ago
#10
(Original post by Rose992)
Personally given you've got a year and it would be around work, try AAT level 3 and 4 self study for the basics. Can give you letters after your name with the MAAT status, and i think 5 exam exemptions and reduced fees with ACCA's masters degree (but obviously if you're dead set on qualifing with CIMA then this won't help).

Personally I'd skip the CIMA certificate and just do the CIMA masters if you're set on going with them, all job ads that say CIMA want the masters so it doesn't seem like there certificate is
Thank you for the reply!

I would like to study AAT L3/4 but I have no previous experience in accounting at all. So I have no basic of basics. And can I please know where the exemptions are given with the MAAT status?

And since I have no idea about management accounting, would going for CIMA masters be a good idea?
0
reply
L2000
Badges: 7
Rep:
?
#11
Report Thread starter 2 weeks ago
#11
(Original post by conordean66)
To add to this, most major industry grad schemes will normally make you relearn all the material that you have already got exemptions for so I'd assume the same would apply if you have passed the exams by yourself. They want all their grads to go through the same process of learning the material so that they can move you around the business and know you know how to do it their way. So really you'd just be saving yourself the hours of revision as opposed to what I guess you are planning for which is skipping all the studying and substituting it which your actuary studies
Ah I understand. It does sound like a waste of time if I have to go through it all again. Its a bit frustrating now though since it seems like I have nothing I can do in my gap year. (except work to save as much as possible for uni). Anyways, thank for replying!
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top

What's your favourite genre?

Rock (188)
23.98%
Pop (191)
24.36%
Jazz (30)
3.83%
Classical (46)
5.87%
Hip-Hop (148)
18.88%
Electronic (53)
6.76%
Indie (128)
16.33%

Watched Threads

View All