In this article, we shall be comparing two most renowned courses in the area of global accounting: CIMA vs ACCA. The demand for professional accountants in the market has become high due to the complex business structure and growing market demand.
In such changing business landscape, the corporates are looking for all-round finance experts, and not just bookkeepers and tax consultants. Hence, even the accountancy bodies like ACCA and CIMA, are making continuous efforts in updating the accountancy and finance related courses and exams.
What is CIMA?
CIMA or The Chartered Institute of Management Accountants is a member of the International Federation of Accountants (IFAC). It is a professional accountancy body based in the UK. CIMA offers a certification in management accounting but mainly focuses on finance qualification for business. It develops skills in risk management and strategic decision-making.
CIMA deals with strategic management and business skills to help accountants build business strategies, assess business decisions, apply different accounting techniques in planning and budgeting. All the CIMA members and students are required to adhere to the CIMA code of ethics.
What is ACCA?
ACCA stands for the Association of Chartered Certified Accountants. ACCA is the global body for professional accountants. It is also renownedly known as Global CA. ACCA is also a member of the International Federation of Accountants (IFAC). ACCA exam is one of the most reputed qualifications for professional accountants and financial experts. Although, ACCA body has UK based the comprehensive knowledge about IFRS provided by the qualification makes it worldly famous.
CIMA vs ACCA: Exam format 2017 | 2018
- ACCA exam covers three levels: Knowledge level, Skills level, and Professional level CIMA has four levels: Operational level, Management level, Strategic Level, Professional Level.
- 14 papers have to be cleared to get ACCA certification. To get CIMA certification, 12 papers and 3 Case studies have to be cleared.
- Each ACCA paper is maximum 3 hours long. Whereas, CIMA exam requires 90 minutes for objective test and 3 hours for case study of sitting.
- ACCA exam has 4 exam windows: March, June, September and December. CIMA is conducted in February, May, August and November.
CIMA Exemptions for ACCA
Students who have successfully completed all exams of CIMA (UK) will be exempted from Knowledge & Skill module (Papers F1 to F-9) of ACCA (UK).
CIMA vs ACCA Salary
ACCA and CIMA qualified both have the almost similar salary range. Therefore, they can expect an average salary of $60,000. CIMA vs ACCA salary depends on various factors like a company, region, demand, etc.
More and more career opportunities are now available for accountants who hold a professional certification because they are competent and have better knowledge of the profession. Hence, CIMA vs ACCA , which is better definitely depends on one’s area of interest the are area in which he can expertise.
CIMA Vs ACCA: Future Prospects
Both ACCA and CIMA provide more or less similar career opportunities. The finance and business orientation of these certifications open doors beyond the realm of tax and audit. With a strong background not only in financial statements, but also in financial management, both ACCA and CIMA certified professionals, enjoy immense opportunities in Banking and Finance. To have a more clear picture on career opportunities in ACCA- Click here
CMA is another certification, which is more focused to financial management. Click here to know more about it.
Online ACCA Coaching by SuperProfs
SuperProfs is a Silver Learning Partner of ACCA, and provides an all-round online coaching by Most Experienced Professors.
Few Important Links for ACCA Exam 2017 | 2018
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