CIMA vs ACCA

A lot of people ask the difference between Chartered Institute of Management Accountants (CIMA) and Associate Chartered Certified Accountants (ACCA). Both qualifications are professional qualifications and once you complete it you become a Accountant, one is Management Accountant and the other one Financial Accountant. The main difference I see is that CIMA qualifiers is more internally focused and is needed before something happens e.g. Project evaluations, management information, financial ratio calculations. ACCA qualifiers is more external focused and act after the event e.g., tax, audit and financial reporting. Here are few of them you could look at,

As mentioned in cimaglobal.com CIMA is focused on business and uniquely covers:

• operations
• change management
• relationship and project management
• marketing

CIMA provides more emphasis on Human resource management (more thoroughly and at a higher level) and applied management accounting techniques.

CIMA is more industry focused. CIMA looks beyond the financial aspects of the business. It develop you to a role of a management position, which allows you to focus on the success of business rather than just focus on financial terms. CIMA gives you an input and develop an overall understanding of the overall business activities.

The CIMA syllabus is orientated towards the accountant’s role as a member of the management team of an organisation, and covers a wider range of non-financial subjects. In business, CIMA members are more likely to be found in general management roles.

CIMA cover all the accounting practices but maybe not with the same intensity. It does however have much more of an emphasis on management reporting, corporate strategy and organisations. CIMA jobs tend to fall more within the remit of forecasting, budget making, variance analysis and strategy. CIMA does not cover in depth tax and avoid audit.

Whereas ACCA is focused on professional practice and uniquely covers:

• taxation of corporate and non-corporate entities (using actual tax rules)
• external audit and assurance
• law (although the CIMA Certificate in Business Accounting covers this topic)

ACCA emphasies on information systems

The ACCA syllabus, however, is orientated towards the accountant’s role in professional practice, with greater emphasis placed on financial accounting, audit and tax. Chartered certified accountants can train in public practice (accountancy firms) or in industry. In business, they are more likely to be found compiling the financial accounts of the business or advising the company on its tax situation and on ways to invest its profits.

ACCA tends focus more on the technical side of accounting practices and leads to jobs such as corporate accountant, auditor, tax accountant etc.

Both qualifications will help you career wise and there is a lot of cross-over between them.

I chose CIMA mainly because of the syllabus coverage and considering the less number of qualified management accountants in Maldives.

When we consider the pay it is said to be that CIMA qualified are paid more than ACCA but I have no proof on this. To be honest both are not easy or difficult but you need to work hard and am sure you can be a qualified Accountant like me:D