Accountancy Qualification Advice

Edward_WIlliamson · 15 August 2019 at 9:38AM

Hi Everyone,

I am a recent Ba Hons & MSc graduate (Business Management/International Business) now working full time. My employer has offered their support to me in gaining qualifications in accountancy to further progress my career options.

Are any of you able to offer advice on what qualifications to go for and at what level? I am looking to gain a good understanding of business/management accounting whilst still being able to work full time. I have looked at CIMA & AAT but have not yet found consensus.

Any advice is greatly appreciated.

ceh209 · 15 August 2019 at 11:38AM

AAT will be aimed at non-graduates. IMO you need to be considering CIMA or ACCA.

I did ACA but that was on a graduate scheme with an accountancy firm, it would be more unusual for someone in industry already to do it.

lincroft1710 · 15 August 2019 at 6:17PM

I personally wouldn't bother!

This board is full of threads from accountants aged 30 plus who want out!

Marcon · 15 August 2019 at 6:22PM

Edward_WIlliamson wrote: »

I have looked at CIMA & AAT but have not yet found consensus.

You don't need 'consensus' - you need to decide what's right for you.

To think that strangers on this forum can advise on the basis of a couple of lines of information isn't realistic. Masses of information on the websites of each of the accountancy bodies. Look at what each syllabus covers, how these tally with your career aspirations/interests, and take if from there.

Barney_Rubble_0403 · 15 August 2019 at 7:04PM

ACCA is more for financial accountants working in practices. CIMA for those looking for management accounting roles which would be more your thing.

AAT is further down the scale aimed at a hands on role such as assistant accountants.

I did an honours degree in accountancy as a mature student and followed it up later with AAT at evening classes. I was bored at the time and wanted to keep my hand in.

CIMA will be just as intense as your degree but is a very well thought of professional qualification that will open doors for you. AAT for the beginners which I think is equivalent to NVQ 4 and is more relaxed and enjoyable.

If you feel up to it go for the CIMA as your employer is paying for it.

SilverSix · 16 August 2019 at 7:50AM

CIMA qualified here myself, 4 years ago, now 30.

Think of CIMA as a 'Business Partnering' qualification. It is broad and teaches you to think very widely and practically, covering not just Financial & Management Accounting and Performance Management but also 'Enterprise' (one of the syllabus pillars). Topic like change management, technology and how to implement strategy. It places you well to really assist senior management and help run a business.

It touches on Tax and Audit but in no more detail than other areas of the syllabus, so very much industry focused than practice.

I had a BA(Hons) degree and no related business qualifications and started with the Certificate in Business accounting. If you have relevant higher education or AAT modules complete you will be awarded exemptions. However this doesn't mean you are necessarily at an advantage when it comes to knowledge. It took me 2.5 years to qualify, studying evening & weekends whilst working full time.

It's worth noting that if they all offer exemptions (or did) so if you find that ACCA or CIMA isn't really for you, you can look to study the other without needing to start again at the bottom.

Edward_WIlliamson · 16 August 2019 at 8:48AM

BennyC wrote: »

CIMA qualified here myself, 4 years ago, now 30.

Think of CIMA as a 'Business Partnering' qualification. It is broad and teaches you to think very widely and practically, covering not just Financial & Management Accounting and Performance Management but also 'Enterprise' (one of the syllabus pillars). Topic like change management, technology and how to implement strategy. It places you well to really assist senior management and help run a business.

It touches on Tax and Audit but in no more detail than other areas of the syllabus, so very much industry focused than practice.

I had a BA(Hons) degree and no related business qualifications and started with the Certificate in Business accounting. If you have relevant higher education or AAT modules complete you will be awarded exemptions. However this doesn't mean you are necessarily at an advantage when it comes to knowledge. It took me 2.5 years to qualify, studying evening & weekends whilst working full time.

It's worth noting that if they all offer exemptions (or did) so if you find that ACCA or CIMA isn't really for you, you can look to study the other without needing to start again at the bottom.

Thanks so much for this, extremely helpful. Just to clarify, did the certificate in business accounting take 2.5 years?

PipneyJane · 16 August 2019 at 3:26PM

I'm an FCCA and have worked both in practice and industry. To my mind, the ACCA qualification is broader than CIMA - you cover audit practice and tax in greater depth and there used to be a bigger focus on accounting standards and statutory accounts. Beyond that, the two syllabuses are similar.

Don't knock the audit process, even if - like me - you never wanted to be an auditor. It's the process to follow for every problem you ever investigate. (Document, document, document.... )

Tax is a great way to get into the heart of a large business. Internal tax departments are consulted on day-to-day transactional matters, acquisitions, disposals, corporate tax planning, transfer pricing agreements, even determining through which company a bid should operate or a contract should be placed. You also get your inky fingerprints into the glossy published statutory accounts every year. In addition, you're in Head Office and frequently have contact with the CFO - great exposure if you are ambitious.

(Tax is also very useful for managing your own, personal financial affairs, particularly if you have rental properties or start your own business.)

- Pip

SilverSix · 16 August 2019 at 7:34PM

Edward_WIlliamson wrote: »

Thanks so much for this, extremely helpful. Just to clarify, did the certificate in business accounting take 2.5 years?

The certificate took only 5-6 months. Studying a single module at a time.

The remainder of the Full Professional was 2 years studying up to 2 modules at a time. E1 & P1, F1 and E2, P2 and F2 etc. As they can complement each other slightly studying them simultaneously can be advantageous.

Then I hung out completing my PER (Practical Experience Requirement which is after the final exam (strategic case study)) for around another 18 months. You can complete this as you go though and it can be pre-approved so as soon as you pass your finals you get your designatory letters right away :beer:

Their examination methods changed a few years ago from quarterly 3 hour written exams with 3 sections and varying length/mark questions, to 90 minute computer based assessments at Pearson Vue (DVLA Theory) centres. Which is innately much harder and less forgiving.

Access to sit exams increased hugely as a result however Case Studies remain 3 hours in length, quarterly, hand written (well...typed) and human marked.

JohnDorian · 16 August 2019 at 10:41PM

I did the ACA and qualified 9 years ago. I personally wouldn't get too caught up in the CIMA vs ACCA and 'one is for management accountants while the other is for financial accountants' nonsense. Alot of that is just hearsay that is regurgated. I have just finished an 18 month contract at a very large household name and they only offer ACA whether that be in Group Reporting, FP&A, Business Partnering, Financial Accounting etc. If you went by what is said, that wouldn't be true. Also it is worth remembering that FTSE companies have practice trained accountants in everything from commercial finance to internal audit.

What is important is the training you receive alongside your studies. That is ultimately what will be the basis of you career chances. You should look at forums for ACCA and CIMA and read up on/ask for personal experiences. My personal belief - CIMA should only be done on dedicated graduate schemes to take advantage of its more specialised and narrow approach to finance.

umartariq · 28 April 2020 at 10:33PM

I was in a similar situation. It dosent matter, which qualification you aim for, practical experience is the deal breaker in the job market. I qualified my acca, but couldn't land a job as sometimes it seemed, i am over qualified for basic bookkeeping and ledger level job role. i explored options, tried to volunteer, but it was time vs money.. I looked for training providers, and found one ,in mile end, they did help a lot and got me working after i trained myself up in Sage , Xero and quick books. HMRC has made a lot of changes recently like MTD and all that was helpful in geting the updated information,.

my advice, dont leave your PER for the last, try to wrap up the PER as you pass your exams.

Accountancy Qualification Advice

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