ACCA or ACA

pcyam

Hi All

Apologies if this is in the wrong section.

I am looking for a career change and planning on doing my accountancy qualification myself, as I want to show I have commitment therefore willing to pay for the exams etc myself. I have read from both ACCA and ACA sites the differences, I understand that about 10-15yrs ago there was a major difference but nowadays not much between the 2. Can anyone who is in the industry or currently studying enlightened me their experiences so I can make a decision to which route to take and possibly which exams to choose to take first.

I am currently in full-time work at the moment, and considering either to do it as self-study, reduce hours at work if possible or to quit and study full-time if needed and do it as a matured student, but still waiting to see if there is any support before deciding anything drastic.

Thanks for any information, and hope everyone had a fantastic Christmas and have Happy New Year xxxxx

foxy219

Hi, it would depend on what type of work you are planning to do afterwards. I am currently studying CIMA and work for a firm of management accountants so once qualified will be able to be a FD or FC of any company etc. CIMA is more industry based, ACCA is chartered work and once qualified you would be more involved with year end work and possibly tax. I hope this helps and good luck with your studies!

pcyam

Foxy-I have only experience with book-keeping , VAT and tax really, what does CIMA allow you to do??

456789

Generally ACCA is better for self study - as they have more weekend/evening/distance learning/full-time courses than ACA - also I think you can do all the ACCA exams without a job but must be in the final year of a training contract to do the last ACA exam

Also the amount of employers who can sign off ACCA experience is more than ACA I think

Not_a_Newbie

It depends entirely what you are wanting to do once you are qualified. I have just sat my last two ACCA exams but unlike most ACCA students, I have never worked in practice.

Do you have previous accounting experience? If not, have you considered the AAT route?

Generally, however, having any of the accountancy qualifications will mean nothing if you haven't got the work experience to back it up. Not many employers, both in practice and industry, will take on someone who is qualified but has no work experience.

And there is also the issue of the training log book, which needs to be completed for both ACCA & ACA (not sure about CIMA) in order to be classed as a qualified accountant once you have finished your exams.

I have found a really good website www.opentuition.com, which will help you if you choose self study. However, it only covers ACCA & AAT at the moment.

456789

pcyam wrote: »

Foxy-I have only experience with book-keeping , VAT and tax really, what does CIMA allow you to do??

CIMA is focused on management accounting such as budgeting, forecasting and management control.

AAT is a good route as Not a Newbie it will get you some basic skills and in the meantime you could try to look for an ACA/ACCA position which provides study support

jumbojuice

ACA still remains a much more prestigious qualification than the ACCA - and i think the costs of doing so differ massively.

CIMA is a mgmt accounting qualification that might be cheaper and still do the trick..

Procrastinator333

Hey there,

I don't normally come on this board, but saw the thread title and thought I would chip in. I'm an ACA qualified accountant, qualified in practice and then moved out in to an FC role.

To do the ACA you must work for an "approved training organisation" and do a minimum of 450 days of accountancy related work before you qualify, again with an "approved training organisation".

Really that limits it to practice and a few large employers.

It would depend on your background, but the big 4 firms do take on older staff and people who want a change of career. I worked with a couple of people in practice who were 30 plus and doing their training contract.

You still go through the same recruitment process and my guess is the process is probably even harder at the moment than when I joined (and it was tough then).

If you can't get a job with an ACA approved organisation then it is ACCA, CIMA or AAT to choose from. The AAT is more of a first step, but if you want to jump in at the deep end, then go straight for the CIMA or ACCA, many people do, but it would be a steeper learning curve.

If you are paying for it out of your own pocket I would be tempted to do the first couple of exams for the AAT, see if it is really for you.

Good luck with it!

Apricot

I agree with those saying go for AAT, I am half way through my first year of study & have been advised that this was the best route to take. Once my AAT is complete I will be looking into the ACCA.

My AAT course takes place on a Thursday so I have managed to arrange that I work one hour extra monday-friday & finish at 12 on a Thursday leaving me able to spend the afternoon at my course. The night school option was twice a week 6-9.30pm which seemed a bit too late for me tbh after working a full day.

Quenastoise

Back in 1994, I was offered a training contract with a firm of chartered accountants under ACA. At the time, the ACA was the best qualification you could have. I found it however tough as you had to sit all 5 papers in one sitting. I consistently struggled with one particular paper, which cast doubt on my ability to qualify and I lost that training contract.

I then transferred my credits to the ACCA, passed one paper at a time, started a family, got promoted and went back to my ACCA studies

ACCA's flexibility for me has made all the difference and that flexibility may work in respect of various needs (family, employment situation, costs, etc.)

I would recommend the AAT route because it would give a flavour for working in accountancy and studying the material. Passes at AAT count as credits in the ACCA exams.

yorkshire_laura

i've also just sat my last two ACCA exams, good luck for results not a newbie!

the route i took was AAT then ACCA. i would recommend the AAT for a step up as it gives a good overview then a move on to the ACCA. i did my ACCA studying on a weekend at college which was hard going when working all week but worth it when you get the results!