TopHatCat
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#41
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#41
(Original post by Paloma42)
To be honest that's quite a unique situation and i think i would probably need a bit more information around your circumstances before i can give advice. Why do you want to do CIMA? What work do you currently do in FS? Is it accounting related?

In order to become fully qualified you also need minimum 3 years of relevant experience but considering you will be starting from scratch and will need to do the certificate level exams as well as the professional the average person will probably take 3-4 years. (It can be done quicker but everyone is different) If your current work is not accounting related then you will have to start with junior roles to cover the experience requirements. Is this something that can be done at your current firm or would you also have to look for a new accountancy related role?

There are also other points to consider, E.g. how much of a pay cut you will need to take over the next few years to qualify. Will your accountancy courses be funded by your employer etc.

In relation to the point on automation - from personal experience this is impacting the lower skilled roles more and some of the lower skilled roles are now more and more being off shored to countries where labour is cheaper (Asia, Eastern Europe etc) but most or all of the senior finance roles seem to be remaining in or around London without too much impact due to automation.

One thing i would say is that it will be a significant commitment. Depending on the study method or providers you use there will be a lot of evening or weekends spent either studying or attending classes. If you are married / have kids etc this may also make it more difficult from a time point of view. If you do decide to go down that path you need to be 100% sure that is what you want to do and will see it out until you are qualified because if you don't you might end up in a worse position job wise, CV wise and also financially.
Hello, congrats on the position you are at in your career its been nice to read. Im about to start a grad scheme with one of the big 4 banks and they are offering ACA or CIMA. Im leaning towards ACA mostly due to the higher reported salaries after qualification, the prestige (perceived anyway) and the actual modules and things you learn within it seem interesting to me. However I have no plan on working in audit/tax (as of now anyway) and because I'm starting in industry I won't be doing what most Big 4 accounting firm graduates do (which is usually audit). I feel like the jobs CIMA qualified accountants can do ACA can do as well plus more. Even though I have never done audit/tax Im likely not going to work in those roles in the future ( but i feel would be good to learn about). My question is do you have any personal experiences of people you know who did ACA and what they are doing and the salary potential. Or is it similar to CIMA qualified accountants (for whatever reason a large proportion of CFO and CEO studied ACA), is there really a reason for me to do CIMA over ACA cause I really can't see a large difference in order to do CIMA. Also down the line I plan on moving and working in America and I have read CIMA have CGMA that you can do haven't seen anything on ACA about conversion you have any info about this too. Thanks
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Paloma42
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#42
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#42
(Original post by TopHatCat)
Hello, congrats on the position you are at in your career its been nice to read. Im about to start a grad scheme with one of the big 4 banks and they are offering ACA or CIMA. Im leaning towards ACA mostly due to the higher reported salaries after qualification, the prestige (perceived anyway) and the actual modules and things you learn within it seem interesting to me. However I have no plan on working in audit/tax (as of now anyway) and because I'm starting in industry I won't be doing what most Big 4 accounting firm graduates do (which is usually audit). I feel like the jobs CIMA qualified accountants can do ACA can do as well plus more. Even though I have never done audit/tax Im likely not going to work in those roles in the future ( but i feel would be good to learn about). My question is do you have any personal experiences of people you know who did ACA and what they are doing and the salary potential. Or is it similar to CIMA qualified accountants (for whatever reason a large proportion of CFO and CEO studied ACA), is there really a reason for me to do CIMA over ACA cause I really can't see a large difference in order to do CIMA. Also down the line I plan on moving and working in America and I have read CIMA have CGMA that you can do haven't seen anything on ACA about conversion you have any info about this too. Thanks
I would agree that the ACA is probably slightly more prestigious in the UK (The name - Institute of Chartered Accountants in England and Wales gives it away) and once you are qualified there are probably a small handful of jobs which are probably slightly more technical in nature which will specifically require ACA qualified accountants but this is a very small percentage (I don't really know but guessing <5%)

Once you are qualified the vast majority of the time most roles look at your experience, skills & achievements more than your accountancy qualification. If you are a qualified accountant it kind of proves you have a basic level of accountancy knowledge and are clever enough to pass the exams along with 3 years+ of relevant experience. Most qualified accountant roles are advertised as looking for ACA / ACCA / CIMA qualified accountant so the qualification you have won't give you an advantage over someone with a different qualification.

In terms of salaries, they are very similar - I would suggest having a look through some salary surveys (Hays, Robert Half, Robert Walters) and you will probably find there are some small differences but as i mentioned above your earning potential and career are more likely to be based on your skills, knowledge and experience that you have rather than which qualification. Completely agree on the larger proportion of CFO & CEOs having studied ACA but this more likely because they were on a graduate program at big 4 / large banks etc where the ACA is a lot more common.

I think CIMA might be a more globally recognized qualification and you are right if you complete CIMA now you will also be CGMA qualified as well as being ACMA qualified. This might be worth a read - https://www.cimaglobal.com/Press/Pre...w-association/

Hope that helps.
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TopHatCat
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#43
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(Original post by Paloma42)
I would agree that the ACA is probably slightly more prestigious in the UK (The name - Institute of Chartered Accountants in England and Wales gives it away) and once you are qualified there are probably a small handful of jobs which are probably slightly more technical in nature which will specifically require ACA qualified accountants but this is a very small percentage (I don't really know but guessing <5%)

Once you are qualified the vast majority of the time most roles look at your experience, skills & achievements more than your accountancy qualification. If you are a qualified accountant it kind of proves you have a basic level of accountancy knowledge and are clever enough to pass the exams along with 3 years+ of relevant experience. Most qualified accountant roles are advertised as looking for ACA / ACCA / CIMA qualified accountant so the qualification you have won't give you an advantage over someone with a different qualification.

In terms of salaries, they are very similar - I would suggest having a look through some salary surveys (Hays, Robert Half, Robert Walters) and you will probably find there are some small differences but as i mentioned above your earning potential and career are more likely to be based on your skills, knowledge and experience that you have rather than which qualification. Completely agree on the larger proportion of CFO & CEOs having studied ACA but this more likely because they were on a graduate program at big 4 / large banks etc where the ACA is a lot more common.

I think CIMA might be a more globally recognized qualification and you are right if you complete CIMA now you will also be CGMA qualified as well as being ACMA qualified. This might be worth a read - https://www.cimaglobal.com/Press/Pre...w-association/

Hope that helps.
Yep its been great help thanks for providing some insight its been very interesting
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