ACCA vs. CIMA – Which Career Option to Choose From

We often face difficulty in choosing a qualification as our career is going to be in the same chosen line. The choice becomes more difficult when it comes to choosing between 2 most sought after international qualification which is ACCA and CIMA. While both the courses seem similar, both hold very different approaches and allow you to specialize in different areas of accounting.

Confused, aren’t we? Well, it’s not that confusing if you ask “which course is right for you” instead of asking “which is the right course? “

Let us give you a brief insight into both the qualifications to make the choice easier for you. Here we are going to discuss-

• Introduction: ACCA and CIMA
• Basic Criteria of ACCA and CIMA (a comparative look)
• Why ACCA for you
• Why CIMA for you

Introduction about ACCA vs. CIMA

Firstly, ACCA and CIMA are both international qualifications that are globally accepted and highly regarded qualifications in Finance and Accounting. Each qualification is considered to be a benchmark of quality and assurance in accounting.

ACCA stands for Association of Chartered Certified Accountants and is one of the largest global entity for Professional Accountants since 1904 supporting 6,86,000 members and students in 183+ countries. CIMA stands for Chartered Institute of Management Accountants and is one of the largest global entity for Management Accountants since 1919 with 2,27,000 members and students operating the heart of business in 179+ countries.

Basic Criteria of ACCA and CIMA (Comparision)

Criteria	ACCA	CIMA
Professional body	Institute of Chartered Certified Accountants (UK)	Chartered Institute of Certified Accountants (UK)
Recognition	183+ Countries	Global (CGMA)
Area of expertise	Core accounting principles and is more inclined towards tax, statutory audit, assurance and other technical aspects of accounting	More inclined towards financial management, cost management, performance management, and strategy
Eligibility	Class 10+ and above	Class 10+ and above
No of papers/Exams	13 papers	16 papers
Maximum no of exemptions	9 papers	15 papers
Exam window	March, June, September & December	Feb, May, Aug & Nov
Exam Duration	BT-FA: 2 hours/paper	2 hours/paper (certificate level)
	Rest- 3 hours/paper	1.5 hours/paper(operational, management & strategic level)
		3 hours/paper Case studies
Pass rate	50%	66.67%
Duration of qualification	2-3 years	2-3 years
Expenses (Fee)	2-3 Lakhs (max.)	2-3 Lakhs (max.)
Practical training required	36 months	36 months
Career prospect	Core accounting roles, forensic accounting, business valuation, tax and treasury management, and auditing roles	Preferred in shared services, financial services sector as well as managerial roles across various sectors and industries
Salary Range	Semi-qualified– 5-6 Lakh Qualified– 9-10 lakh Salaries also depends on various factors like a company, region, demand, etc.	Semi-qualified– 5-6 Lakh Qualified– 9-10 lakh Salaries also depends on various factors like a company, region, demand, etc.

Why ACCA for You:

• Association of Chartered Certified Accountants (ACCA) is one of the largest global body for professional accountants in the world.
• This course is a unique combination of  Accountancy, Finance & Management 
• Makes you more Employable & Industry Relevant 
• Flexibility- Can be pursued right after Class X and completed before graduation. Professionals are entitled to a fastrack route thereby the course is completed in a year. 
• Recognized in 183 countries having certification rights in 78 countries like China, Hongkong, Singapore, entire European Union & Middle East, etc.
• Opportunity to earn a BSc degree from Oxford Brookes University & MSc degree from the University of London.
• Editor’s Recommendation: ACCA Course Details, Eligibility, and Salary

Why CIMA for You

• Relevance: The most relevant finance qualification for business.
• Practical Orientation: CIMA is a beautiful combination of CA & MBA. Helps you to be the ‘Brains behind the Business’, with the judicious blend of theory & practical.
• Flexibility: Can be pursued right after Class X and completed before graduation. Professionals are entitled to a fastrack route thereby the course is completed in a year. 
• CGMA: CIMA members are entitled to the CGMA designation, powered by AICPA & CIMA, two of the world’s most prestigious organizations.
• Employers Choice: The employers most preferred business qualification.
• Editor’s Recommendation: CIMA Course Details, Eligibility, and Salary

Both ACCA and CIMA aspirants acquire different sets of skill and after completion, of course, will require a different level of responsibilities.

Recommendation:

Whether to choose ACCA or CIMA depends on your long term career ambition. We recommend ACCA for those who seek career toward auditing, tax and compliances and CIMA for those who are interested in business and industry with managerial skills, commercial awareness, and good negotiation.