ACCA vs CIMA® — which is more beneficial?

The financial industry is becoming a lucrative and most sought-after option for graduates these days. Students and professionals now seek to learn new skills to keep pace with the cut-throat competition by going for accounting or finance certifications. There are several certifications offered by different institutes for students and professionals to put their foot in the finance sector. In this article, let us understand the popular ACCA and CIMA® (USA) qualifications — who do these suit the most and what differences are between the two credentials that would help individuals choose the right one based on their job roles and positions.

What is ACCA?

The Association of Chartered Certified Accountants (ACCA) Institute offers Chartered Certified Accountant certification. ACCA qualification is a great way to grow your career in finance and accounts. The skills taught in this examination primarily focus on financial accounting, cost accounting, and performance management. It also provides you with an option to specialize in auditing, taxation, or financial reporting. The ACCA qualification will help you seek:

• A career in the corporate sector, audit/consulting/public accounting practices.
• You can perform job roles such as business analysts, financial analysts, fund managers, credit control managers, tax accountants, group accountants, forensic accountants, and many other related job roles.

What is CIMA®?

Chartered Investment and Management Accountant(CIMA® ) is a certification provided by the CIMA® Institute, American Council of Professional Accountants. Once a candidate passes level 1 and level 2 examinations administered by CIMA Institute (USA) (s)he demonstrates expertise in the areas of management and investment accounting:

The CIMA® exam consists of two levels that allow you to test your knowledge areas in investment accounting and management accounting.

• Level 1 — Foundational Principles & Concept Frameworks in investment & management accounting
• Level 2 — Application Principles & Practice Frameworks in investment & management accounting

By successfully passing the two CIMA® exam levels you will be able to:

• Acquire special skills and knowledge of more strategic management and finance
• Get the opportunity to build your career as a core accounting or strategic management accountant for brokerage firms, investment banks, mutual funds, hedge
• Gain considerable know-how not only in the basic methods of investment and management accounting but also in the strategic management and decision-making of a company.

Qualification required

To qualify for the ACCA program you need to:

• Have completed 18 years of age and qualified for the 10 +2 exams with at least 65 percent in five subjects including accounts/math and English.
• Students currently pursuing graduation in commerce/arts/science can register for this program.
• Chartered Accountants can also pursue ACCA for a global edge and added credibility

To qualify to earn the CIMA certification and get recognized by the CIMA Institute (USA) you need to have:

• At least a bachelor’s degree in finance, accounting, or related field from an accredited university.
• Highest specialist qualifications like chartered certifications in accounts, finance, and related areas can accelerate the path to the CIMA® certification.

From financial accounting to investment and management accounting

ACCA is a very popular and thorough qualification. Completing it is a great achievement and means you are ready for a successful career as a certified accountant. However, many people who get a certification authority find that their work interests change over time. In such scenarios, it is advisable to obtain a new certification since a lot of people tend to switch careers or focus on other job roles in the same field.

If you already have a certification still enjoy working in finance and accounting, you may not need additional certification. If you enjoy auditing and financial reporting, ACCA qualification is sufficient to guide you through this type of work. However, if you want to switch to investment and management accounting, investment banking, securities companies, hedge funds, investment trusts, you may want to consider earning a CIMA certification.

Benefits of earning a CIMA® (USA) certification after ACCA

• If you successfully pass both ACCA and CIMA certification programs, you can say that you have a combination certification. Your current and potential employers or clients stand even more assured in dealing with you.
• These programs give you an upper hand over others who have no certifications. In this competitive market, you can stand ahead of your colleagues by earning both certifications.
• You earn additional skills that make complicated tasks easier, further opening up opportunities for promotions, salary hikes, or even major contributions towards business.

Originally Content Published here:https://usabusinessmagazine.com/acca-vs-cima-which-is-more-beneficial/