ACA, ACCA or CIMA: Which Accountancy Qualification Suits You?

The ACA from ICAEW is the usual choice for graduates training in audit, tax or advisory at accountancy firms. The ACCA is a global qualification that suits careers in firms or in business. CIMA’s CGMA qualification is designed for management accountants working in finance inside businesses. In practice, your employer often decides, because graduate schemes usually train you for a specific qualification and support you through it.

What is the ACA?#

The ACA is the chartered accountancy qualification from ICAEW. According to ICAEW, it has 14 exams across three levels: Certificate, Professional and Advanced. You train under a training agreement with an ICAEW authorised training employer and must complete at least 450 days of professional experience. ICAEW says training can be completed in three years.

• You do not need a degree to register. ICAEW’s minimum entry requirements ask for a qualification that meets UK university admission standards.
• Depending on your previous studies, you may be able to claim credit for up to 12 exams.
• ICAEW says students with a training agreement are generally supported with fees by their employer.

What is the ACCA?#

The ACCA Qualification currently involves passing 13 exams across three levels: Applied Knowledge, Applied Skills and Strategic Professional. You also complete the Ethics and Professional Skills module and a Practical Experience Requirement of 36 months of relevant, supervised work, during which you achieve nine performance objectives.

ACCA says students with a relevant degree may be exempt from up to nine exams.

ACCA is redesigning the qualification from 2027, with three levels called Knowledge, Expertise and Strategic Professional. It publishes a transition tool and timeline, so check them if you start studying before or during the change.

What is CIMA?#

CIMA, the Chartered Institute of Management Accountants, guides students to the CGMA qualification. The professional qualification has three levels: Operational, Management and Strategic. Across them you sit nine objective tests and three case study exams, and you need at least three years’ relevant work experience to become a member.

Prospects describes chartered management accountants as people who analyse financial information to guide businesses and advise on the financial side of business decisions. CIMA suits you if you want to work inside a company’s finance team rather than for clients.

How do the three compare?#

Can you get exemptions from your degree?#

Often, yes. All three bodies give credit for relevant study, and the amount depends on your degree and the modules you took. Check each body’s own exemptions or credit search with your exact course before you decide, and keep your transcripts, because you may need to send them.

How should you choose?#

• Start with the job, not the letters. Decide whether you want to work for clients at a firm or in the finance team of one business.
• Read graduate job adverts. They say which qualification the scheme trains you for. PwC, for example, trains its audit graduates for the ICAEW ACA or the ICAS CA.
• Ask trainees at careers events or on LinkedIn how they balance study and work.
• Choose for your first job. All three are respected qualifications, so pick the one that fits the work you want to do next.