Difference between CIMA and ACCA

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CIMA and ACCA
Due to the complexity of business structures and the increasing industrial requirements, the professional accountancy qualification is now held with high significance. With the rise of financial markets, professional accountants are required to deal with book keeping, business taxation and also to be financial experts who are highly qualified. Therefore, accountancy bodies across the globe are making tremendous efforts to stay updated with the recent changes and advancements in the world of accounting and finance. Accountants who have a professional certification can now access career opportunities since they are not only competent but have better professional knowledge.
Those individuals who would like to start their professional career in accounting have got various options to choose from. CIMA and ACCA are the most common study options. Professionals and recent graduates are normally faced with a dilemma to choose between these two professionally recognized certifications hence the differences that are mentioned below will be quite useful.

What is ACCA?
ACCA is an acronym for Chartered Certified Accountants which is an international and professional accountancy body. ACCA ‘s objective is in offering diversified professional qualifications for those seeking professional growth and who have the goal and ability in pursuing a rewarding finance career, accountancy and management. ACCA offers a perfect opportunity to study an international relevant qualification and have your accountancy skills polished at the same time hence gaining a specialized knowledge that is based on aptitude and qualification that you have already. This helps in building a successful career as a professional accountant.
ACCA adheres strongly to ethics, professional values and governance. ACCA’s motive is working in the public interest with the government, professional bodies, regulators and employers in establishing worldwide the accountancy profession.

What is CIMA?
CIMA is an acronym for Chartered Institute of Management Accountants; a professional accountancy body offering management accounting certification and other relevant subjects. The professional body is based in UK and mainly emphasizes on business finance qualification. It helps individuals to develop risk management skills and strategic decision making in order to help accountants in information assessment for making business decisions, business strategies, determining the type of information required by management and the application of various accounting techniques in budgeting and planning.
CIMA students and members are expected to adhere to CIMA code of ethics and need to practice independence and objectivity in arriving at professional decisions.
Differences
i) Courses Offered
There are a total of 16 courses offered in ACCA whereby students are expected to sit for 14 examinations. When the student passes these examinations, he becomes an affiliate of ACCA. Affiliates are however required to attain three years of relevant experience to become a member of ACCA. ACCA exceptionally covers external audit, taxation, assurance and law. This is the route to follow for those interested in tax and auditing.
CIMA has got four levels and every level is designed for skills, knowledge and continuous development that businesses require. It covers management of change, operations, marketing and project management. There is also a lot of emphasis placed on applied management and human resource management. Those who pass this level are awarded a Management Accounting CIMA diploma.

ii) Examination Structure
ACCA exams are held worldwide semi-annually; in June and December. Students are expected to register by 8th April for the June sitting and 8th October for the December sitting.
CIMA on the other hand are held worldwide semi- annually in May and November. Students are expected to hand over their examination fee in March for the May sitting and in September for the November sitting.

iii) Career
The professional accountants in ACCA pursue a taxation and audit career or as an expert in finance. The role of ACCA is in harmonizing the accountancy profession globally with the objective of streamlining accounting processes of local companies and multinationals.
CIMA accountants follow a career path in strategic based roles in industries and businesses in order to formulate strategies in businesses and make decisions with relevant information.

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