Essentially, the ACCA and CIMA qualifications are very similar. However, there are a few differences between the two. The general focus of ACCA is on financial accounting, while the general focus of CIMA is on management accounting.
Which route you choose will depend largely on what you are planning to do once you are fully qualified, and whether you would prefer to work in professional practice or in a corporate environment.
Both are prestigious qualifications that are globally recognised, and both offer exciting career opportunities.
Some of the main differences are indicated below:
| ACCA: |
Main emphasis is on the technical aspects of accounting and on professional practice. |
| CIMA: |
Covers technical aspects of accounting in less detail, and places greater emphasis on management, corporate strategy and analysis. The focus is on broad business and management skills. |
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| ACCA: |
Prepare financial statements that are presented to shareholders and other external parties. You frequently work with historical data (for example, financial figures for the past financial year). |
| CIMA: |
Prepare data that is used for internal decision-making. CIMA is more concerned with future events – strategy, planning and forecasting are therefore very important. |
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| ACCA: |
You are more likely to be working in practice. |
| CIMA: |
You are more likely to be working in a corporate environment. |
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| ACCA: |
Uniquely covers taxation, external audit and assurance, and law. If you want to work in auditing or in tax, this is the route to go. |
| CIMA: |
Uniquely covers operations, change management, relationship and project management, and marketing. It also places a greater emphasis on human resource management and applied management accounting techniques. |
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| ACCA: |
There are 14 exams/papers. |
| CIMA: |
There are 15 exams/papers. |
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| ACCA: |
Consists of the Fundamental Level (containing 9 subjects/papers) and the Professional Level (containing 5 subjects/papers). |
| CIMA: |
Consists of the Certificate in Business Accounting (5 subjects/papers) and the Professional Qualification (of which there are 4 levels that need to completed in a specific order). |