Accounting Qualifications

x_embob_x

Hi,

Hopefully there's someone on here who may be able to help me with a query i've got about accountancy qualifications...

I am in my final year of uni and just applying to graduate schemes to do accountancy. Different organisations offer different training schemes. Is someone able to explain the difference between the ICAEW (ACA/England and Wales) and the ICAS (CA/Scottish) qualification? Which one has more prestige? I have looked at them both and I'm not sure which seems best and/or whether it matters which one you do. I live in England and am hoping to get a job in England or maybe even in Australia in the future once qualified, a lot of companies are offering the ICAS qualification... would this be just as transferrable as the ICAEW one?

Any help would be greatly appreciated... thanks )

Petmidget

Its been a while but as I recall, the main difference is that ICAS allow you to choose more on the subject matter making it more tailored to your needs or to the particular area of accountancy you wish to work in. ICAEW is still very rigid in what you study.

As to prestige ACA is the most recognisable to the public, but ACA ICAS and ACCA are all of a very high quality and their isnt really a difference within the industry.

If you are seriously considering working abroad it might be worth me pointing out that only ACCA is an international qualification and transferable to almost every country in the commonwealth and beyond. Not saying you cant work abroad with the other 2 it just may be more awkward.

Lavendyr

I have just started on a graduate scheme training for the ACA. Effectively, the ICAS and the ACA are extremely similar. One is from the ICAEW (Institute of Chartered Accountants in England and Wales), the other is from ICAS (Institute of Chartered Accountants in Scotland). Both will allow you to obtain Chartered status and effectively they are the same.

Traditionally, ACA and CA are treated as more prestigious than ACCA because they have been around longer and are recognised as extremely challenging qualifications to attain. However ACCA is becoming more and more recognised and most finance jobs requiring a qualified accountant will look for both ACA and ACCA qualified applicants.

To add to that, the ACA has recently been overhauled so that the syllabus more closely resembles ACCA. I don't believe the ICAS syllabus has been changed in kind, though. Initially I was more inclined towards the ACCA because I thought it would give a broader business understanding - whereas my impression of the old ACA was that it was more geared towards accountants in practice. But the restructuring of ACA has really improved it in my opinion.

Personally I would recommend the ACA over the CA because it is more recognisable in England and Wales. For the extra perceived prestige and for the fact that the syllabus has been broadened, I would recommend the ACA over the ACCA as well. Of course I am slightly biased as I am studying for it at the moment (and trust me, it is hard work), but I did look into each of the qualifications before applying for the training contract and my conclusion was that the ACA was the best of the available options.

Toastie

I know this is a bit off the main thread but i'm in my final year of my A-levels and i'm looking in to studying accountancy or possibly finance.

What kinds of areas do you study? Is there lots of repitition or is it very much new every day?

I'm just wondering how other people find it and your experiences.

I'll be interested to find out what kinds of things you look at and study.

Any

Lavendyr wrote: »

Personally I would recommend the ACA over the CA because it is more recognisable in England and Wales. For the extra perceived prestige and for the fact that the syllabus has been broadened, I would recommend the ACA over the ACCA as well. Of course I am slightly biased as I am studying for it at the moment (and trust me, it is hard work), but I did look into each of the qualifications before applying for the training contract and my conclusion was that the ACA was the best of the available options.

I would recommend the ACCA as it is the only qualification well recognised abroad.
So if you are ever in future thinking of moving abroad, you are wasting your time with ACA - in few years time it might be different again and people who know the new ACA syllabus will employ you abroad as well, but I wouldn't take the risk.
It is about generations - If your boss is FD in his sixties, he will tell you ACA is better - but by the time you are qualified this guy will be retired.
If your boss is anyone up to their forties, then as ACA you will be viewed like a snob and it will be difficult to change people's opinion.
And if your boss is anyone between those ages, then it will be hit or miss:rotfl:

Any

Toastie wrote: »

I know this is a bit off the main thread but i'm in my final year of my A-levels and i'm looking in to studying accountancy or possibly finance.

What kinds of areas do you study? Is there lots of repitition or is it very much new every day?

I'm just wondering how other people find it and your experiences.

I'll be interested to find out what kinds of things you look at and study.

have a look at www.accaglobal.com and look at syllabus for ACCA.
All Foundation papers are new subject with each paper.
Once you get to your Professional papers it is based on deeper knowledge of the business, ethics and some of them are "repetitions", but on much higher level!
That is why you can get your BSC Hons after all foundation papers - as it is as much as you should know as a graduate - but as a "professional" you are required to know more then that.

KKubix

It all depends on what you want to do longer term. I am an ACMA (CIMA - Management Accountant) and am responsible for recruiting qualified accountants as I work in industry.
Please note that these are my personal views...
There are several routes - doing a degree in finance or, anything and then studying accountancy afterwards and there's also the option of going straight into practice or industry and studying. I studying european finance at uni and loved every minute of it (albeit a long time ago!).
As for the qualifications...
ACA I guess still holds the most prestige but what I have found (having worked in business/private sector finance for 19 years) is that ACA's do not appear to have as much business/commercial experience as ACMA's. In industry today, and especially in today's current climate I would be looking for someone who can "add value" to my organisation (£120m t/o) and not just a "bean counter". There is a sense of snobbery but that generally comes from the ACA's! It's all about adding value now rather than the actual qualification.
I have been fortunate enough to cover almost every aspect of a business which has meant that I have a full understanding of how a business operates and therefore the interdependancies - it's all too easy to work in silos!
I stray...
ACA's - still probably the most prestigious, can do audit work but I find that some ACA's struggle in business as they are unable to apply the qualification to real life business situations. You tend to work with an audit company whilst you study this qualification. Many people stay in practice following qualification but not many make it to partner level. During the training stages, it's all about audit and effectively checking the work of accountants in industry (I personally find this quite tedious!).
ACCA's - sorry but I find this qualification a bit woolly - it's inbetween ACA and ACMA. I can't really comment on the qualification's merits as I haven't employed anyone with this qualification (probably due to the fact that they didn't have the skills / experience I have been looking for!).
ACMA - OK, so I'm biased! This qualification is also recognised worldwide. I would say this qualification gives you the greatest business knowledge - financial accounting and therefore the technical side as well as financial management, strategy etc - these skills are what we require in industry. ACMA however does not allow you to set up in audit/independent accounting although you can take the practioner's certificate which does allow you to do this. Also, more and more FD's and senior accountants are ACMA's which means that the qualification is widely recognised as beneficial. You can study whilst working in industry and get practical experience as well. Having an all round accounting qualification that covers non accounting elements is extremely useful in industry.
Stay away from CIPFA even if you want to work in the public sector!
At the end of the day, for me it's as much about attitude and studying/qualifying for a qualification than which one. It's also about the right career choices and career moves.
Check out the websites for more information.
I absolutely love being an accountant in industry - there are different challenges every day and for me, choosing ACMA was definitely the right choice! As a female in an often glass ceiling profession, I can say that I am more than happy with my current status and am proud of what I have achieved!
Good luck with whatever you choose - I am more than happy to provide more information if you need it!

x_embob_x

Hi,

Thanks so much for everyone's input, it's greatly appreciated, I think I need to do a bit more research but I will definately think about what you've all said.

Thanks )

iscamaid

Hi, I'm biased about 8 years ago I went through the same range of choices. But I was in the Public Sector so I had to consider CIPFA and CIMA! A lot of these qualifications are expensive and time consuming. You may be limited by finding an employer who will give you a training package, but be careful some of the practices used to have a 'no fail' rule, if you fail any exam you're out!

My personal opinions are:
ACCA: very much the powerhouse in accountancy until very recently, but still a force to be reckoned with.
ICAEW/ICAS: of the two ICAS were the more responsive and had started to make inroads in the English market. BUT I've been out of the loop on what has happened here in the last year or so.
CIMA: if you want to stand a chance in industry or Public Sector then CIMA is probably best. If you stay in Public Sector for long - you'll be unlikley to be able to get a job in industry because of perceptions of workloads.
CIPFA: the qualification is getting better, but I'd only go for it if I intended to become the Treasurer/FD of a Local Authority/NHS body.

It all comes down to what you want out of the qualification - do you want to try to get into Practice and eventually become a partner? Or do you want to work in Industry or the Public Sector?

I decided to do CIMA with the idea that if the Public Sector decided to outsource its' work I could always go to Industry. I think that was a personal delusion :-).

Just realised I forgot to say CIMA is recognised in Australia as well as Canada and USA - but from memory you may have to take one or two local exams. I don't know if this is the case with ACCA etc.

Any

CIMA is not recognised in USA as my friend is CIMA nad has been told that she will have to take few exams under ACCA body to be ACCA - the conversion is not that difficult as many of the exams can be transfered, but you still have to have few more.
If you are CIMA you cannot sign final accounts. Where with ACCA you can.
Also ACCA gives you the choice to follow financial/management accounting route by choice of exams on professional level. .
I am ACCA and my boss is CIMA. We both do the same job. Except that I get called off to prepare audit files for auditors as well as prepare managements accounts.
Most industry employers do not recognise big differences between CIMA and ACCA thought. Only if you went to practice you would struggle with CIMA.
The big 4 nearly always employ only ACA (ICAEW) though.. And if you want them to take you on training contract, you have to be graduate.

Any

By the way ACCA is truly international, covering Far East as well.