learningandlearn
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Is doing ICAEW after completing CIMA exams worth it? Or can a tax qualification e.g. ATT (UK) or any other qualification add more value? I have heard people in USA do both CPA and CMA for best future prospects.
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K1NE
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(Original post by learningandlearn)
Is doing ICAEW after completing CIMA exams worth it? Or can a tax qualification e.g. ATT (UK) or any other qualification add more value? I have heard people in USA do both CPA and CMA for best future prospects.It might be worth thinking about CTA if you wanted to go into Tax or broaden your Tax skills. I think that's the next step from ATT.
If you wanted to go do a qualification in relation to tax, then it might be better to consider CTA ? It is a step up from ATT but will open more doors in Tax. Of course having relevant experience is also important too.
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fossie
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If you have an accounting qualification already, I can't see what value another one would bring.

Do you actually want to work in tax? If you've done CIMA, you should find ATT very passable. You could use it as a warm-up for CTA or choose to stop there. I wouldn't recommend launching straight into CTA unless you have tax experience, as it's considerably harder than the accountancy exams.
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learningandlearn
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(Original post by K1NE)
If you wanted to go do a qualification in relation to tax, then it might be better to consider CTA ? It is a step up from ATT but will open more doors in Tax. Of course having relevant experience is also important too.
A CTA is best but I want to improve my decision making skills and not necessarily work in a tax department (although I can't rule that out). A tax qualification like ATT with CIMA fullfils that purpose.
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learningandlearn
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(Original post by fossie)
If you have an accounting qualification already, I can't see what value another one would bring.

Do you actually want to work in tax? If you've done CIMA, you should find ATT very passable. You could use it as a warm-up for CTA or choose to stop there. I wouldn't recommend launching straight into CTA unless you have tax experience, as it's considerably harder than the accountancy exams.
Thanks for the detailed reply.
An ICAEW or CA is much more flexible to work in any sector and can register with local accounting bodies like AICPA (USA) or CPA Canada/ CA Australia. The prestige and big 4 experience tempts me. Also tax knowledge which Cima lacks. That is why I was weighing up my options. But I am not sure if I would get an ICAEW training contract as employers need a good reason why I am doing ICAEW after beoming a Cima finalist. What do you suggest I can do to convince potential ICAEW training contract providers ?
I agree a CTA is perhaps too much. ATT with CIMA is sufficient to add value.
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fossie
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I personally don't sponsor people through a three-year training contract if I think they won't hack it, or if I think they'll plan to leave immediately at the end of it. Other people will have different views. Some Big 4 teams see trainees as a bit of a mill, so they're just after bodies, rather than long-term plans.

Thinking about it... you could try to land a role in audit and say you want to do ACA with audit work experience, because you really want to be an auditor and sign off on accounts, and your CIMA won't let you do that. As someone who is very much not an auditor, I find it difficult to relate to anyone saying they desperately want to work in audit, but I'm sure some auditors would believe that.

With your other option of doing ATT, just remember, you'll need two years of tax experience as well as passing the exams. How will you pick that up?
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learningandlearn
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(Original post by fossie)
I personally don't sponsor people through a three-year training contract if I think they won't hack it, or if I think they'll plan to leave immediately at the end of it. Other people will have different views. Some Big 4 teams see trainees as a bit of a mill, so they're just after bodies, rather than long-term plans.

Thinking about it... you could try to land a role in audit and say you want to do ACA with audit work experience, because you really want to be an auditor and sign off on accounts, and your CIMA won't let you do that. As someone who is very much not an auditor, I find it difficult to relate to anyone saying they desperately want to work in audit, but I'm sure some auditors would believe that.

With your other option of doing ATT, just remember, you'll need two years of tax experience as well as passing the exams. How will you pick that up?
Thanks that's an excellent suggestion about ICAEW. It's just a try on my side it's not the end of the road even if they don't accept me as a trainee.
The other alternative I thought about was ATT. This alternative I can do while remaining in a CIMA accountant role.
ATT experience could be gained while dealing with tax issues in general accounting work but I have to confirm that with ATT. Even if they don't allow it having ATT exams passed at least boosts my tax knowledge and can possibly improve decision making.
If you have any other suggestion please do share them.
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ajj2000
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(Original post by learningandlearn)
Is doing ICAEW after completing CIMA exams worth it? Or can a tax qualification e.g. ATT (UK) or any other qualification add more value? I have heard people in USA do both CPA and CMA for best future prospects.
What are you hoping to achieve? What work are you doing at the moment?

You've mentioned 'decision making skills' - what do you mean by this? How does learning more about tax fit with career plans?
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learningandlearn
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(Original post by ajj2000)
What are you hoping to achieve? What work are you doing at the moment?

You've mentioned 'decision making skills' - what do you mean by this? How does learning more about tax fit with career plans?
I have briefly worked in an accounting firm but at a very junior role.
I was hoping to achieve versatile skills and tax knowledge does fill in the gap. So that I am not dependent on one particular sector of the economy and can work in any country and public practice /industry.
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ajj2000
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Where are you with your studies? Have you passed some or all of the CIMA exams?
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learningandlearn
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Just the cima P3, E3 and SCS left.
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ajj2000
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(Original post by learningandlearn)
Just the cima P3, E3 and SCS left.
So you have a small amount of work experience but are nearly exam qualified? Any reason you are not working in a permanent job?
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fossie
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(Original post by learningandlearn)
I have briefly worked in an accounting firm but at a very junior role.
I was hoping to achieve versatile skills and tax knowledge does fill in the gap. So that I am not dependent on one particular sector of the economy and can work in any country and public practice /industry.
I think you need a better career plan than wanting to be able to do anything anywhere. I appreciate that once you pigeon yourself within accountancy it can be difficult to climb back out, but at some point, you do need to commit.

The only people I know with mixed skills are not very good at anything, to be brutally honest. The saying 'a Jack of all trades, a master of none' really does ring true in this profession. Unless you pick something and focus on it, you'll find it impossible to upskill yourself to the point where you can confidently say you're good at what you do.

The tiniest of firms may want someone who can do everything at a basic level, but they won't pay very much and you won't get a lot of opportunities to develop. This seems to clash with your desire to potentially relocate in the future - a lot of countries have minimum income thresholds and if you limit yourself to jobs for the smallest of employers, you will struggle.

First up: do you want want to be an accountant, an auditor or a tax person?

Then, what kind of accountant, auditor or tax person?

In practice? In house?

What specialism? E.g. internal audit, external audit, personal tax, corporate tax, VAT, etc.

If you don't know the answer, and you don't actually have much work experience, you should be looking at internships to get some practical experience to inform your judgement.

If it turns out you hate working in tax, even the ATT will be a waste of time and money. You need to find your passion first and then regroup.
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learningandlearn
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(Original post by fossie)
I think you need a better career plan than wanting to be able to do anything anywhere. I appreciate that once you pigeon yourself within accountancy it can be difficult to climb back out, but at some point, you do need to commit.

The only people I know with mixed skills are not very good at anything, to be brutally honest. The saying 'a Jack of all trades, a master of none' really does ring true in this profession. Unless you pick something and focus on it, you'll find it impossible to upskill yourself to the point where you can confidently say you're good at what you do.

The tiniest of firms may want someone who can do everything at a basic level, but they won't pay very much and you won't get a lot of opportunities to develop. This seems to clash with your desire to potentially relocate in the future - a lot of countries have minimum income thresholds and if you limit yourself to jobs for the smallest of employers, you will struggle.

First up: do you want want to be an accountant, an auditor or a tax person?

Then, what kind of accountant, auditor or tax person?

In practice? In house?

What specialism? E.g. internal audit, external audit, personal tax, corporate tax, VAT, etc.

If you don't know the answer, and you don't actually have much work experience, you should be looking at internships to get some practical experience to inform your judgement.

If it turns out you hate working in tax, even the ATT will be a waste of time and money. You need to find your passion first and then regroup.
Thanks that's a very sincere and good suggestion.
I will gain initial experience first then further qualifications in the fields or skills I want to grow. Initially I was thinking about getting tax and data analytics qualification as well to complement my CIMA qualification but now I think I have to experience these first before jumping in it.
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fossie
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(Original post by learningandlearn)
Thanks that's a very sincere and good suggestion.
I will gain initial experience first then further qualifications in the fields or skills I want to grow. Initially I was thinking about getting tax and data analytics qualification as well to complement my CIMA qualification but now I think I have to experience these first before jumping in it.
Absolutely - practical experience is really important. Figure out what you enjoy doing (or at the very least, what you're good at doing and can tolerate for many years) and then get the qualifications to boost your prospects in that field.

Appreciate I'm being rather blunt in this thread, but I'd hate for you to waste time and money on what turns out to be the wrong thing for you. I'm sure there's a path that makes sense for you, but you should spend some time walking up and down them all until deciding to pay money to complete one.
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