Cannot decide ACA, ACCA, CIMA, CTA

Hi,

Thanks for your attention.

I am struggling to decide which one I should study. Any advice would be appreciated. I have just finished AAT Level 4 and want the next challenge straightaway.

I am from East Asia and nearly 50 with a young child. I started my first job in finance just over a year ago in a charity organisation. I started my accounting journey from AAT Level 2. I was not confident in English at all, but wanted a certificate at any level. Luckily, I have made it this far. Now, I am looking to start one among ACA, ACCA, CIMA or CTA, as someone recommended the ATT-CTA route.

I am not typically interested in a specific area, or longer hours of work or longer travel time. I currently work 35 hours/week and find it works well around childcare and study. I am not looking for a senior role soon due to realistic reasons; age, childcare, and English limit. However, I want a sort of certificate which was the original aim. I might stop at part-qualified, but for now, I want to try something.

To be honest, I am not confident in writing, so I am looking for advice on which qualification would have less writing tasks or maybe easier than other? I know that all professional qualifications require in-depth knowledge of the subject, and writing maybe just inevitable _._;

Hi,

Congrats on completing AAT Level 4 !

I echo a lot of the advice above in terms of the qualifications and what they focus on, it's a great summary.

Personally, I would advise to just do one accounting qualification as opposed to two. I say that only because whether you do ACA/ACCA - you will be considered a chartered accountant by doing either. Both qualifications are great and will open up very similar doors based on your experience which does count for a lot too.

CIMA like mentioned above is based on management accounting, you will be considered a Chartered Accountant too but have specialised in management accounting i.e it's more suited to working for inhouse finance rather than companies that focus on accounting work for Clients i.e Audit/Tax at Big 4 etc... CTA as mentioned above is a specialist Tax qualification, so if you wanted to do tax then this might be a suitable route.

Most people in accounting only do one accounting qualification i.e either ACA or ACCA or CIMA.

Things to potentially consider ?

Study package

Consider the study package your employer would offer for the exams ? I know you mentioned child care and therefore for ACA exams, a lot of the study time happens during work hours as this is when classes take place, so essentially this will mean you will have study leave those days (But please do check with your employer as they may not offer this).

For ACCA/CIMA - They run classes after work hours, so it's likely you'll be working during the day and then expected to attend classes, either online or in person (depending on what is being offered).

CTA - There could be classes after work or during the day but important again to check with your employer.

How the exams are assessed

You mentioned above that you are concerned about writing in the exam. I would say from what you have written above, your writing seems fine ! But I thought it might help to give some context of the exams and how they are assessed which might help you make a better informed decision of what is expected. - Keep in mind that your AAT qualification is likely to give exemptions for a lot of the first few papers of even first level - so it could just be written exams. CIMA is slightly different as there's more of a multiple choice focus as mentioned below.

ACA - Is 15 exams - The first 6 (certificate level) are multiple choice and then the following 9 papers which are 6 Professional level papers and Final 3 advanced level papers are written.

ACCA is 13 exams (could be wrong as some internet sources are saying 14) - There are 4 multiple exams and the remaining are written papers.

CIMA - 16 exams - Each level has multiple choice papers and then the final paper at each level is a case study which is a written exam.

CTA - 7 exams- 3 multiple choice and 4 written depending on what you would like to specialise in.

My advice would be if you're unsure do speak to the people at work i.e Line manager other seniors who have done the exams/have qualifications and speak to them about the study package they can offer you.

For most professional qualifications your company should have a training agreement so please do check with them on the expectations and the study support they offer. Also speak to the study provider they have in place i.e whether it's BPP/Kaplan or another company. They run the courses and can give help answer questions too but of course if you have any questions concerns do reach out on here too. Lots of people on here that can hopefully give some context too so you can make a well informed decision.

Best of luck !

Hi,

Thanks for your attention.

I am struggling to decide which one I should study. Any advice would be appreciated. I have just finished AAT Level 4 and want the next challenge straightaway.

I am from East Asia and nearly 50 with a young child. I started my first job in finance just over a year ago in a charity organisation. I started my accounting journey from AAT Level 2. I was not confident in English at all, but wanted a certificate at any level. Luckily, I have made it this far. Now, I am looking to start one among ACA, ACCA, CIMA or CTA, as someone recommended the ATT-CTA route.

I am not typically interested in a specific area, or longer hours of work or longer travel time. I currently work 35 hours/week and find it works well around childcare and study. I am not looking for a senior role soon due to realistic reasons; age, childcare, and English limit. However, I want a sort of certificate which was the original aim. I might stop at part-qualified, but for now, I want to try something.

To be honest, I am not confident in writing, so I am looking for advice on which qualification would have less writing tasks or maybe easier than other? I know that all professional qualifications require in-depth knowledge of the subject, and writing maybe just inevitable _._;

I take it you're based in the UK, since all of these qualifications are based in the UK (but they are valid in other countries).

With the way they are raising the pension/retirement age, I think you would be spending a good 20 more years before employers consider you "past your prime".

CTA is very specialised on tax, and it's the highest qualification that you can get in tax in the UK (it's not an accounting qualification per se). It won't be valid abroad, unless you want to advise people abroad on UK tax. Since you did an AAT, I don't think you can directly apply for the ATT-CTA route (ATT = Association of Tax Technicians, not Association of Accounting Technicians). You can take the ATT qualification then directly apply for CTA, or you can complete any of the accounting qualifications that you have listed before applying for the CTA.

ACA is probably the highest accounting qualification you can get in the UK. It's broad and allows you to do quite a large number of things within accounting. If you want to go for a general accounting qualification in the UK, this would be the one I would recommend the most. It's also has strong affiliations with AAT, so you would get exemptions as well as extra support moving across into the ACA.
Should you decide not to stay in the UK, the ICAEW has mutual recognition agreements (MRAs) with accounting bodies in a number of countries e.g. US, Canada, Hong Kong, Singapore, India, etc. (you might need to check regarding the specific countries). If you want to practice accounting in these countries, you won't need to do another accounting qualification.

ACCA is the most widely recognised accounting qualification in the world. You can use the qualification to practice in 180+ countries (I think). I don't think it's as widely respected as the ACA in the UK, but it is a valid qualification to go into financial and management accounting with. Plus, you can use it to practice accounting in more countries than with ACA. There are a number of countries where ACCA isn't recognised, so you would have to check on that (Canada and US being 2 of them).

CIMA only allows you to work in management accounting or consulting. It would not allow you to practice financial accounting. If you're only intending to work in industry, then you're fine with any of the accounting qualifications, but I would say the material you learn in CIMA is far more useful. The material in CIMA is different from the other 2 accounting qualifications in the sense you would be using a more maths and require to do more mathematical calculations (although the maths still won't be anything beyond high school level).
Out of the 3 accounting qualifications, CIMA might have the fewest MRAs; it's recognised or transferrable in countries like the US and Canada, but you won't be able to use it in 180+ countries. You will need to check which countries CIMA is recognised in and with countries it has MRAs with.

From the sound of things, I would guess you're looking for something that's akin to either ACA or ACCA, where the qualification would probably allow you to do anything in accounting. I would personally do both (or multiple) qualification(s) so I have the most coverage around the world (and industries), but that's up to you whether you want to do that.
If you do intend to do more than one accounting qualification, bear in mind it doesn't mean you will have to do 13 papers for each qualification. If you complete an accounting qualification and then do a second accounting qualification, you should find you have 8-10 exemptions for your second qualification, so you will end up having to do another 3-5 papers.

For each accounting qualification, you have 4 exam cycles per year. Your Level 4 AAT should give you 3-5 exemptions. That usually means you end up having to do another 8-10 papers. Most people take 2 papers per cycle, so if you work hard, you should be able to become part qualified after 1 year or 18 months, assuming your pass everything the first time round.
With any accounting qualification, you will need your PER, which would come naturally if you work in an accounting role and under a supervisor who is qualified in the appropriate qualification (e.g. if you're an ACCA student, your supervisor needs to be ACCA qualified in order for your experience to count towards your qualification). In this respect, if you pass all of the papers in the qualification and you work in accounting, you would likely qualify as an accountant as part of the process i.e. you will become a fully qualified accountant whether you want to or not. Part qualified means you have passed all the exams, but not qualify for the experience.
You don't have to apply for senior roles should you choose not to, but becoming a fully qualified accountant would mean you have significant perks in income and independence (senior bookkeepers can be paid £20-25k but qualified accountants can go for £30-65k, depending on the specific role).
Do note, if you want to open your own practice, you would need to have relevant experience for X years in a practice in order to qualify irrespective of the accounting qualification. Having said that, if you already have an AAT level 4 + one year's experience under an AAT qualified person, you should be able to open your own bookkeeping practice anyway.
In terms of roles that take up the most hours, you are correct to assume that the more senior roles and the bigger firms (usually based in big cities, particularly London) tend to demand you to work longer hours. It's not true in all aspects though e.g. I have worked under financial directors who have worked the standard 35 hours per week, and in fact were doing fewer hours than me. If you're looking for a relatively small role, I would recommend looking at places in industry, companies based in towns, or small to medium sized accounting practices.

I don't know which qualification involves the least writing, but they all should be roughly the same. If you want something with more calculations, then CTA or CIMA might be something you might want to lean more towards. However, for what you specifically want and what your plans are, I would recommend looking into ACA first, and possibly ACCA as second.

Hi,

Congrats on completing AAT Level 4 !

I echo a lot of the advice above in terms of the qualifications and what they focus on, it's a great summary.

Personally, I would advise to just do one accounting qualification as opposed to two. I say that only because whether you do ACA/ACCA - you will be considered a chartered accountant by doing either. Both qualifications are great and will open up very similar doors based on your experience which does count for a lot too.

CIMA like mentioned above is based on management accounting, you will be considered a Chartered Accountant too but have specialised in management accounting i.e it's more suited to working for inhouse finance rather than companies that focus on accounting work for Clients i.e Audit/Tax at Big 4 etc... CTA as mentioned above is a specialist Tax qualification, so if you wanted to do tax then this might be a suitable route.

Most people in accounting only do one accounting qualification i.e either ACA or ACCA or CIMA.

Things to potentially consider ?

Study package

Consider the study package your employer would offer for the exams ? I know you mentioned child care and therefore for ACA exams, a lot of the study time happens during work hours as this is when classes take place, so essentially this will mean you will have study leave those days (But please do check with your employer as they may not offer this).

For ACCA/CIMA - They run classes after work hours, so it's likely you'll be working during the day and then expected to attend classes, either online or in person (depending on what is being offered).

CTA - There could be classes after work or during the day but important again to check with your employer.

How the exams are assessed

You mentioned above that you are concerned about writing in the exam. I would say from what you have written above, your writing seems fine ! But I thought it might help to give some context of the exams and how they are assessed which might help you make a better informed decision of what is expected. - Keep in mind that your AAT qualification is likely to give exemptions for a lot of the first few papers of even first level - so it could just be written exams. CIMA is slightly different as there's more of a multiple choice focus as mentioned below.

ACA - Is 15 exams - The first 6 (certificate level) are multiple choice and then the following 9 papers which are 6 Professional level papers and Final 3 advanced level papers are written.

ACCA is 13 exams (could be wrong as some internet sources are saying 14) - There are 4 multiple exams and the remaining are written papers.

CIMA - 16 exams - Each level has multiple choice papers and then the final paper at each level is a case study which is a written exam.

CTA - 7 exams- 3 multiple choice and 4 written depending on what you would like to specialise in.

My advice would be if you're unsure do speak to the people at work i.e Line manager other seniors who have done the exams/have qualifications and speak to them about the study package they can offer you.

For most professional qualifications your company should have a training agreement so please do check with them on the expectations and the study support they offer. Also speak to the study provider they have in place i.e whether it's BPP/Kaplan or another company. They run the courses and can give help answer questions too but of course if you have any questions concerns do reach out on here too. Lots of people on here that can hopefully give some context too so you can make a well informed decision.

Best of luck !

Hi

I wonder if you could clarify:

- are you working in East Asia at present and do you expect to stay there?

- what sort of work (tasks and organisation) do you perform at the moment?

Hi, Thank you for your questions. I live & work in the UK and do not have any plans to move abroad. I am pretty much doing all as I work in a charity organisation include daily sales, purchase ledgers, raising invoices, payroll, bank & account reconciliation, journals, accruals, prepayments, cash & banking, payments, fund claims, tax calculations, reports. Basically do all finance functions to support the finance manager who is not qualified.

Do you mean how much could you earn as a starting salary in a job which funds aca and cta?

Yes

It varies by region. You can get a good idea of the starting salaries for accounting firms by looking through this forum. Plenty of people note the rates they are paid and how they increase.

The region I am looking at is London. I've looked online but I haven't found anything for the starting salary in a job which funds ACA and CTA.