For anyone considering making the huge (though seriously rewarding) decision to study for a professional accounting qualification in the UK a major consideration at the outset is which course to study. The vast majority of aspiring accountants study through an employer financed study package and the employer may already have a preference for a specific qualification however increasingly prospective students are given a choice.
If you have the luxury of choice then give a little thought to where you see yourself in 5 to 10 years (though don't panic if the course is dictated for you because if you are talented and driven enough to achieve one of the professional qualifications then these will not prove to be a barrier to that dream job).
The 3 main options for a professional accountant's qualification within the private sector in the UK are ACA, ACCA or CIMA (note that this article does not cover public sector, Scottish or Irish qualifications or accounting technician qualifications such as AAT).
When starting to study you will generally find that an ACA (Chartered Accountant) qualification is favoured by many audit and accountancy practice firms, with a slightly greater emphasis on the technical aspects of accounting and its role as a reporting & regulatory activity.
The ACCA (Certified Chartered Accountant) is also favoured by audit and accountancy firms though is also recognised as useful in preparing students academically for a career within commerce.
The CIMA (Chartered Management Accountant) qualification is less commonly seen in accountancy practice firms and is often considered more suited to a commercial role with a greater emphasis on management and analytical methods.
From the above you may deduce that if you aspire to run your own accountancy practice you may be better off opting for ACA or ACCA whereas if your goal is to be FD of a commercial company CIMA is the one for you, unfortunately (or fortunately, depending on which way you look at it) the choice is neither that simple or that restrictive.
A few things you should consider when making your own choice are;
1.) Exemptions from the course
If you are 50/50 (or 33.33 recurring etc) on which course to choose then the course offering the most favourable exemptions based on previous qualifications & experience gets a tick in the box.
2.) Career choices
It is extremely rare to see Accountants move from a commercial environment to a practice environment in their careers however it is very common to see the move the other way around so bear this in mind when choosing.
3.) What are those around you doing?
I would never advocate following others for the sake of it, but if you work in a firm that has others all studying for one particular qualification don't underestimate the help & support that their experience allows them to give you - these qualifications are hard earned and it can be a lonely road, particularly if you are on a distance learning based course.
As a final note, do not worry that the choice of qualification you make now will restrict you later on - it will not - the only way you can guarantee to restrict your opportunities later on is to not study at all. As an employer in commerce I always & without fail applaud candidates that have studied (whatever the final outcome was) and have never discounted someone for a role based on their qualification.
If you have the luxury of choice then give a little thought to where you see yourself in 5 to 10 years (though don't panic if the course is dictated for you because if you are talented and driven enough to achieve one of the professional qualifications then these will not prove to be a barrier to that dream job).
The 3 main options for a professional accountant's qualification within the private sector in the UK are ACA, ACCA or CIMA (note that this article does not cover public sector, Scottish or Irish qualifications or accounting technician qualifications such as AAT).
When starting to study you will generally find that an ACA (Chartered Accountant) qualification is favoured by many audit and accountancy practice firms, with a slightly greater emphasis on the technical aspects of accounting and its role as a reporting & regulatory activity.
The ACCA (Certified Chartered Accountant) is also favoured by audit and accountancy firms though is also recognised as useful in preparing students academically for a career within commerce.
The CIMA (Chartered Management Accountant) qualification is less commonly seen in accountancy practice firms and is often considered more suited to a commercial role with a greater emphasis on management and analytical methods.
From the above you may deduce that if you aspire to run your own accountancy practice you may be better off opting for ACA or ACCA whereas if your goal is to be FD of a commercial company CIMA is the one for you, unfortunately (or fortunately, depending on which way you look at it) the choice is neither that simple or that restrictive.
A few things you should consider when making your own choice are;
1.) Exemptions from the course
If you are 50/50 (or 33.33 recurring etc) on which course to choose then the course offering the most favourable exemptions based on previous qualifications & experience gets a tick in the box.
2.) Career choices
It is extremely rare to see Accountants move from a commercial environment to a practice environment in their careers however it is very common to see the move the other way around so bear this in mind when choosing.
3.) What are those around you doing?
I would never advocate following others for the sake of it, but if you work in a firm that has others all studying for one particular qualification don't underestimate the help & support that their experience allows them to give you - these qualifications are hard earned and it can be a lonely road, particularly if you are on a distance learning based course.
As a final note, do not worry that the choice of qualification you make now will restrict you later on - it will not - the only way you can guarantee to restrict your opportunities later on is to not study at all. As an employer in commerce I always & without fail applaud candidates that have studied (whatever the final outcome was) and have never discounted someone for a role based on their qualification.
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