ACCA vs CIMA

Difference Between ACCA and CIMA

ACCA certification (Association of Certified Chartered Accountant) equips students with skills in accounts handling, management accounting, taxation, auditing, etc while CIMA certification (Chartered Institute of Management Accountants) provides adequate training and degree with respect to management accountancy and various other related subjects.

Both ACCAACCAACCA as a qualification is growing very fast and across the globe. The article provides you all the details concerning examination date, format, eligibility criteria, pass percentage, fees and many more about ACCA certification exam.read more and CIMA are reputed certifications in the field of accounting and finance. However, CIMA is little more than just accounting as it also helps in honing skills for decision making because it is a mix of accounting and business management. Hence, both certification programs cater to some specific job profiles, and it is the candidates who need to decide based on their career aspirations.

ACCA vs CIMA Infographics

Let’s see the top differences between ACCA and CIMA.

Comparative Table – ACCA vs CIMA

Section	ACCA	CIMA
Organizing body	Association of Chartered Certified Accountant (ACCA)	Chartered Institute of Management Accountants (CIMA)
Pattern	Divided into 3 levels Knowledge Level Skills Level Professional Level	Divided into 4 levels Operational Level Management Level Strategic Level Professional Level
Duration of course	3 years	3 years
Syllabus	Accounting & Auditing Taxation Financial Management Financial ReportingFinancial ReportingFinancial Reporting is the process of disclosing all the relevant financial information of a business for a particular accounting period. These reports are used by the stakeholders (investors, creditors/ bankers, public, regulatory agencies, and government) to make investing and other relevant decisions. read more Ethical & Professional Standards	Business Accounting Management Accounting Information Management Finance Management Strategic Marketing Management
Exam Fees	£1,500 – £2,000	£2,500 – £3,000
Jobs	Accountant Financial Consultant Tax Manager Finance Manager Internal AuditorInternal AuditorInternal audit refers to the inspection conducted to assess and enhance the company's risk management efficacy, evaluate the different internal controls, and ensure that the company adheres to all the regulations. It helps the management and board of directors to identify and rectify the loopholes before the external audit.read more	Management Accountant Business Analyst Forensic Analyst Project Manager Finance Controller
Difficulty	Moderate	Moderate
Exam Dates	Mar 01-05, 2021 Jun 07-11, 2021	Feb 10-26, 2021 May 14-28, 2021 Aug 11-27, 2021 Nov 10-26, 2021

ACCA vs CIMA – Which is Better?

This is a very common question, and sadly there is no easy answer to it. There is no doubt that both certifications help secure some of the most sought after jobs in the finance and accounting domain. ACCA emphasises advanced taxation principles and external auditingExternal AuditingExternal Audit is defined as the audit of the financial records of the company in which independent auditors perform the task of examining validity of financial records of the company carefully in order to find out if there is any misstatement in the records due to fraud, error or embezzlement and then reporting the same to the stakeholders of the company.read more and prepares candidates to work independently or in finance-specific private firms. On the other hand, CIMA helps candidates to prepare for the business side of accounting with a flair of management expertise.

Skills Obtained

After becoming a certified ACCA, a candidate gains a deeper understanding of the technical side of financial accounting. On the other hand, a CIMA passed out candidate develops excellent strategic and business management skills.

Duration

Both courses require a similar amount of time for completion. For ACCA, candidates need to clear 14 professional exams coupled with 3 years of supervised accountancy experience. If the candidates can manage their work and studies simultaneously, then they can complete the ACCA qualifications in around 3 years. On the other hand, CIMA candidates also need to complete 16 papers and 3 years of relevant work experience to complete the CIMA qualification successfully. So, even in CIMA, candidates can complete the course in 3 years if they balance their work and studies well.

Eligibility or Experience Required

A candidate needs to pass high school to be eligible for the ACCA examination. In contrast, the CIMA exams need a candidate to graduate in any discipline from a recognized university. Both ACCA and CIMA qualifications require the candidate to have three years of relevant work experience. It is to be noted that candidates are eligible for exemption from papers based on their educational background [more details on this can be retrieved from the respective official websites].

Syllabus

Besides core subject areas of accounting, auditing, and taxation, the ACCA course covers subjects pertaining to business studies, financial reporting, financial management, law, and ethical & professional standards. On the other hand, the CIMA qualification is more focused on developing business skills. The subjects it covers are business accounting, management accounting, information management, finance management, strategic marketing management, etc. The ACCA syllabus has 13 exams in total, while the CIMA has 16 exams.

Career Opportunity and Salary

An ACCA qualified professional usually starts in the job profiles of Accountant,  Financial Consultant, Tax Manager,  Finance Manager, and Internal Auditor. On the other hand, a CIMA qualified professional is best fitted in Management Accountant, Business Analyst,  Forensic Analyst,  Project Manager, and Finance Controller.

The ACCA trainees start with an average salary of £19,300 p.a., while the ACCA finalists and ACCA part-qualified can earn up to £30,700 p.a. and £25,800 p.a. respectively. On the other hand, CIMA qualified professionals get an average salary of £62,000, which can go up to £129,000 at senior levels.

Fees and Passing Rates

In terms of the cost of the examination, CIMA is slightly more expensive than ACCA. The cost of ACCA qualification comes around £1,500 – £2,000, while that of CIMA qualification is in the range of £2,500 – £3,000.

Given the historical passing rates, it is fair to say that both courses are moderately difficult. The below table captures the outcome of ACCA exams conducted during March 2020, wherein it can be seen that the Professional level is the most difficult one while the Knowledge level is the simplest one [Source: ACCA Global].

ACCA Qualification	Mar – 20
Applied Knowledge
Accountant in Business	82%
Financial Accounting	73%
Management Accounting	65%
Applied Skills
Corporate and Business Law	83%
Taxation	46%
Financial Reporting	44%
Performance Management	35%
Financial Management	44%
Audit and Assurance	36%
Strategic Professional – Essentials
Strategic Business Leader	47%
Strategic Business Reporting	51%
Strategic Professional – Options
Advanced Audit and Assurance	33%
Advanced Financial Management	33%
Advanced Performance Management	32%
Advanced Taxation	44%

The below table captures the outcome of CIMA exams conducted during May 2020, wherein it can be seen that except Professional level, all other levels are equal difficulty in terms of passing rates [Source: CIMA Global].

CIMA Qualification	May – 20
Operational	57%
Management	67%
Professional	27%
Strategic	69%

Exam Availability

The ACCA exams are conducted in March, June, September, and December during a year, while the CIMA exams are conducted in February, May, August, and November. The exam dates of the upcoming ACCA exams are Mar 01-05, 2021 and Jun 07-11, 2021, while the of CIMA exams are Feb 10-26, 2021, May 14-28, 2021, Aug 11-27, 2021, and Nov 10-26, 2021.

How to Enroll?

If a candidate is interested in pursuing ACCA, then he/ she should visit the official website of ACCA Global for process guidance. On the other hand, if a candidate wants to pursue CIMA,  then he/ she should register at the official website of CIMA Global.

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This has been a guide to ACCA vs CIMA. Here we discuss the difference between ACCA and CIMA along with the infographics and why to pursue them. We also discuss their exam requirements. You may also have a look at the following articles –

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