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CIMA VS ACCA

CIMA-Chartered Institute of Management Accountants

Passing 17 tests is required to study for CIMA, while exemptions are possible for some of these through alternative admission methods. The CIMA qualification focuses on business skills, including business and management accounting, information management, strategy, strategic marketing & management, and finance management. The CIMA certification consists of four phases of tests followed by three years of practical experience. In most cases, the qualification may be completed in 2–2.5 years.

 The CIMA qualification will lead to the AICPA’s global Charted Global Management Accountant – CGMA designation. Because the degree is recognized in over 170 countries, potential jobs as a Chartered Management Accountant can be found in managerial positions in both the public and commercial sectors. CIMA-qualified candidates are likely to pursue professions in the sector that need forward thinking and planning.

ACCA – Association of Chartered Certified Accountants

 The ACCA certificate also needs you to pass 14 exams, however you may be excluded from the bulk of them if you have a degree in accounting or finance. The ACCA syllabus places a strong emphasis on technical accounting expertise. Financial accounting and management, cost accounting, and performance management are among the topics covered. You can also choose to focus on financial reporting, taxation, or auditing. The ACCA, like the CIMA, needs three years of work experience and may be completed in three to four years.

 The ACCA qualification will lead to a job as a Chartered Certified Accountant in the business sector, public sector or in public accounting/ audit/ consulting companies. ACCA blends the advantages of traditional accounting abilities with a broad and forward-thinking curriculum that understands that financial professionals are increasingly expected to display strategic thinking.

A comparative look at CIMA and ACCA

In comparison, the ACCA is primarily focused on financial accounting and technical accountancy techniques. According to industry research, the ACCA provides a stronger foundation in accounting principles than the CIMA, but at the expense of management reporting and corporate strategy.

 CIMA integrates commercial acumen with financial management, cost management, and financial management, as opposed to ACCA. Performance management and strategy are given a lot of attention. The CIMA syllabus includes more information on management accounting, company strategy, and financial strategy than the ACCA syllabus.

 CIMA is more concerned with the managerial and strategic elements of a company, whereas ACCA is more concerned with the technical parts of auditing and tax accounting.

CIMA works with the company’s management, whereas ACCA is more likely to deal with outside parties like shareholders and possible investors. 

Both the CIMA and the ACCA are internationally recognized and highly valued credentials in finance and accounting. Only personal career objectives and suitability for job descriptions can help you decide which qualifications are best for you.

CIMA is a wonderful choice for graduates who want to work in business and industry and have a flare for strategy and commercial acumen, as well as good interpersonal skills. We suggest ACCA to graduates with a passion for numbers and compliance who want to work in practice, audit, or tax.

EXAM COSTS: ACCA VS CIMA

CIMA: 

The cost of a CIMA test varies depending on the topography. You may be assigned to one of three groups or levels. We started with Tier 1, which includes the United Kingdom, the United States, China, and Singapore, and this is only the beginning of our motivations. The cost of the evaluation for the CIMA Certificate in Business Accounting and Professional Qualifications is included in these costs. It’s worth noting that we predicted the CIMA examinations would take five years to complete.

  • One-off understudy enlistment: £77
  • Yearly understudy membership for a very long time (year one is remembered for enlistment): £480
  • Testament in Business Accounting tests (4 tests): £95 each
  • Operational level target tests (3 tests): £110 each
  • Operational level contextual analysis test: £185
  • The executives level article tests (3 tests): £125
  • The executives’ level contextual analysis test: £190
  • Fundamental level target tests (3 tests): £175
  • Vital level contextual analysis test: £275
  • All out-Exam Cost: £2,260
  • All out cost including membership prerequisites for a very long time: £2,8

ACCA:

The costs of the ACCA exam are more difficult to verify than the costs of the CIMA exam. The cost of ACCA tests varies according to whatever test you take, when you take it, and where you take it.To acquire the best prices, start your tests as soon as possible and choose a test window when the scenario allows. It’s worth noting that we’ve agreed that finishing the ACCA exams would take five years.

Here’s a breakdown of the expense:

  • Once enlistment charge: £79
  • Yearly membership expense: £112 per annum
  • Applied Skills test expenses (6 tests): £103-307 each
  • Vital Professional Essentials (Business Leader) test expenses (1 trial): £180-321
  • Necessary Professional Essentials (Business Reporting) test expenses (1 test): £129-350
  • Vital Professional Options test expenses (4 tests): £129-350 each
  • Morals and Professional Skills Module: £78
  • All out-test costs (barring Applied Knowledge): £1,521-3,991
  • Absolute expense including membership necessities for a very long time: £2,160-4,630

SALARIES: ACCA VS CIMA

ACCA Salaries

Pay rates for ACCA experts range contingent upon their experience. Here are the compensations of bookkeepers in London:

  • Unfit Accountant Salary: £24,000
  • Part-Qualified Accountants Salary: £31,000
  • Recently Qualified ACCA Salary: £35,000-42,000
  • Experienced ACCA Accountant Salary: £60,600-97,400

CIMA Salaries

In London, newly trained CIMA specialists might earn between £50,000 and £55,000 per year. Whatever the case may be, your pay is contingent on your performance. The average salary for more operational jobs is £31,000. You can earn £46,000-129,000 per year if you work on the board of directors. To be honest, both CIMA and ACCA qualifications may set you on the path to financial success.

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