What is the best accountancy qualification for me? CIMA (2024)

FAQs

Which qualification is best for accountancy? ›

ACCA (Associate Chartered Certified Accountant)

You also need to acquire three years of relevant work experience to complete the qualification. Once you become a chartered certified accountant with ACCA, the world is your oyster.

The ACCA (Association of Chartered Certified Accountants) Qualification is a globally recognised finance and business qualification. When you complete your ACCA Qualification, you'll become an ACCA member, joining over 241,000 other members worldwide.

Unlike the ACA, CIMA can be completed independently outside of a formal place of employment, increasing flexibility and allowing individuals to become fully qualified accountants without first being accepted by an employer.

CIMA's emphasis on management accounts offers less flexibility for your career path than ACA or ACCA, but means it is the perfect qualification for those seeking to work in a commercial finance role, providing insight and contributing to corporate strategy.

Chartered Accountancy

As per the Companies Act, it is only the CAs who is entitled to be auditors of companies in India. Chartered Accountancy is considered the toughest course of India with a pass percentage of 5-10%.

Which qualification is harder, CIMA or ACCA? The CIMA qualification is more demanding, as it does not let you move forward until you pass one set of exams, compared with ACCA which allows you to study towards multiple sets of exams simultaneously.

The CPA certification is typically viewed as more difficult than the CFA because it covers a broader set of topics.

Often considered the most difficult exam, Financial Accounting and Reporting (FAR) has had the lowest passing scores of the four exams. The amount of material CPA Exam candidates have to learn for the exam, coupled with the combination of memorization and application, makes this exam more difficult.

At the highest level of companies, job titles typically include controller, comptroller, treasurer, finance manager and chief financial officer (CFO). The CFO is usually the highest-ranking financial person at a business, working with other upper-level finance executives.

The CIMA certification makes you eligible for entry-level and senior management level jobs. Moreover, you are also preferred in various industries for top-level positions. Accountants and auditors are highly preferred job profiles in the US.

Is CIMA equivalent to CPA? ›

CIMA refers to the Chartered Institute of Management Accountants that is an organization based in UK; CPA refers to Chartered Public Accountant, and is a certification that allows one to practice as a professional accountant in US.

While the CIMA is a collaboration with the CPA (USA) Institute. A maximum of 9 papers exemption is provided for ACCA, whereas 12 papers are exempted for CIMA. ACCA is highly preferred in accounting roles like business valuation, tax and treasury management, and forensic accounting.

Cons of the CIMA course: Unlike the MBA degree, this course is limited in scope as it is meant strictly for management accountants. There are 16 papers to clear if you don't qualify for exemptions.

As a tutor, I know that the CIMA course material is complex. Particularly if you have limited previous accounting experience, work full-time, and strive to complete all the exams in 3 years. A combination of these things makes CIMA more difficult. But it's not beyond your ability – if you're absolutely committed.

CIMA Professional Qualification (CGMA) – Equivalent of a master's degree in Accounting, and highly regarded around the world and recognised as the most relevant global finance qualification for business.

Keep in mind, the Bar exam has much more difficult requirements to even sit for the exam—you need to go to law school, which is quite a commitment, both financially and in terms of time. While the CPA requires accounting experience and coursework, there's a lower bar for entry for this test.

The Association of Chartered Certified Accountants, based in the United Kingdom, is the professional body behind the ACCA exam. It operates as a single entity with a much simpler application process. International candidates generally consider the certification as a global brand for financial professionals.

The Easiest Bachelor's Degrees for Accountants

A Bachelor of Business Administration (BBA) or Bachelor of Science in Business Administration (BSBA) degree with a concentration in accounting is among the easier options, because the curriculum tends emphasize the study of a breadth of general business topics.

If you want to have a strategic advantage over other accounting courses, you should pursue CIMA. CIMA is not as recognized as CFA®, but if you think about compensation, it's much higher than a CFA®. But CIMA is more popular in the UK than in other countries. CIMA is as good as a master's degree.

The CIMA course can take 3-6 years to end up. There are 12 examinations to be completed that include 9 unbiased examinations and also 3 study examinations. According to CIMA, trainees typically do 12 professional qualification tests in 4 years.

Who earns more CIMA or ACCA? ›

In total, a student can spend between £1500 to £2000. CIMA graduates can earn between £37,499 to £57,499 in Europe by taking up different roles. On average, ACCA professionals are demanding a salary of £30,700 per year. For CIMA, the candidate must be a graduate in any discipline.

Salaries can vary widely for both CFAs and CPAs based on location, experience level, and company size. That being said, according to Payscale the average salary for a CFA is $102,000 and the average salary for a CPA is $94,000.

CPA is harder. It requires passing an exam that covers a range of topics in accounting and finance. An MBA can be harder depending on the program, but usually entails completing coursework in areas such as marketing, management, and financial analysis.

If you intend to build a career in the financial domain of accounting, then CPA is a better credential for you. On the other hand, if you are interested in portfolio management or corporate finance, CFA suits you better.

What is the easiest part of the CPA exam? BEC has the highest pass rate and is considered the easiest CPA exam section.

The overall pass rate for each section of the CPA exam hovers around 50%, but how many people manage to pass all four sections on the first try? About 20%. Around 1 in 2 people will pass a specific section of the exam, and about 1 in 5 people will pass each section on their first try.

The CPA Exam is widely recognized as one of the most difficult professional exams out there: Many consider it to be harder than the BAR exam, and even rank it as more difficult than many medical board exams.

The Big Four accounting firms

The leading accounting firms in the world are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG). The firms provide their clients with various professional services that include auditing, corporate finance, and legal advice.

There are several qualification providers, but CIMA is the global leader in management accountancy training. Our qualifications are current, innovative and lead to Chartered Global Management Accountant (CGMA) status, the only globally recognised designation for management accountants.

Gain the full ACCA, CIMA, CTA or ICAEW qualification, funded by your employer. Programmes available to all whether you are already studying or new to the profession, ensuring professional skills and behaviours are developed as well as technical knowledge.

What is the salary of CIMA in USA? ›

A CPA title is given to any individual who successfully passed the examinations conducted by the UCPAE (United Certified Public Accountant Examination). CIMA is the largest professional body concerned with the management of accounting in the United Kingdom and other parts of the world.

How much does a Chartered Accountant make in New York, NY? The average Chartered Accountant salary in New York, NY is $126,142 as of May 01, 2023, but the salary range typically falls between $111,800 and $142,814.

ACCA emphasizes advanced taxation principles and external auditing. read more and prepares candidates to work independently or in finance-specific private firms. On the other hand, CIMA helps candidates prepare for the business side of accounting with a flair of management expertise.

After passing all your CGMA exams and gaining your practical experience, you will be awarded the letters ACMA, CGMA.

Countries like the US, China, and Canada prefer the US CMA qualification, whereas countries like the UK and other commonwealth countries prefer the CIMA qualification. Moving towards the middle east, both these qualifications are considered equally important and have the same consideration.

ACCAs are recognized globally and are highly valued by employers. In terms of salary, ACCAs typically earn slightly less than CPAs. According to the ACCA, the average salary for ACCA members in the United States is around $75,000 per year. However, this can vary greatly depending on experience, location, and industry.

Though ACCA is recognised in most countries, unfortunately, their qualifications are not recognised in the US, and there is no reciprocal agreement that will entitle someone who has ACCA qualifications to automatically qualify for licensed CPA status.

Getting certified as a Certified Investment Management Analyst (CIMA) shows that you have the knowledge and skills to manage investments more effectively. Getting this certification can make you stand out from other candidates in the field of investment management.

Difficulty at CIMA Certificate Level

The picture at Certificate level is that CIMA exam pass rates reveal that BA4 is the hardest CIMA exam with a pass rate of 57%. BA3 is only slightly easier at 63%.

How many times can you take the CIMA? ›

Exam attempts are unlimited. The Institute requires all candidates who have completed the executive education program to sit for the certification exam within a 90 day scheduling window.

On average (median), ACAs qualify at 24, ACCA at 27 an CIMA at 29. ACCA/CIMA generally take longer to complete as they are taken at their own pace and may be self funded.

A Note on CIMA Exam Pass Mark

The CIMA states that you need a 70% accuracy to pass each objective test. At the same time, they tell you the CIMA exam pass mark is 100. Please understand that you are given a scaled score ranging from 0 to 150.

The majority of course providers offering CIMA qualifications provide flexible study options, allowing you to fit work around your schedule. So whether you want to learn full-time or part-time, take an online course from your own home, or study in a classroom setting, there's a course out there for you.

Two popular designations are CFA (chartered financial analyst) and CIMA (certified investment management analyst). CFA is a common designation that shows someone has a background in investment reporting and analysis. CIMAs, on the other hand, focus on strategic financial management.

CIMA exams structure

The CIMA professional qualification consists of three levels.

Is CIMA and CGMA same? CIMA and CGMA are two completely different accounting qualifications. The designation of Chartered Global Management Accountant or CGMA was created as strategic partnership between American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA).

Certified Public Accountants (CPAs) and Certified Management Accountants (CMAs) are both certified accountants and more highly regarded than non-licensed accountants. On a basic level, a CPA is responsible for taxes and audits, while a CMA is in charge of management accounting.

CPA + CFA + MBA

If you have your MBA and also get the CPA and CFA credentials, you could be an asset as a high-level financial planner, financial analysis manager, principal financial analyst, or even as a CFO.

CPA vs CMA Salaries

According to industry data, a CPA earns 15% more in average salary than a non-CPA accountant. However, CMA certification translates to a 63% premium in compensation over professionals without a CMA.

Should I hire a CMA or CPA? ›

As far as differences go, it's pretty clear that the biggest difference between CMA vs CPA is the particular skills they possess. CMAs are more strategic and forward-thinking partners in business, while CPAs are mostly focused on taxation, auditing, and the day-to-day accounting activities.

As a CPA, you can make 10-15% more than non-certified accountants. And according to the IMA, CMAs earn 58% more in median total compensation than non-CMAs. So, with these extra earnings, both the CPA and the CMA pay for themselves. And you can make even more annually when you put these certifications together.