The CIMA difference A comparison between CIMA and ACCA

The CIMA difference A comparison between CIMA and ACCA

CIMA our relevance to business CIMA, the Chartered Institute of Management Accountants, is acknowledged by employers as the global quality standard in management accounting with 172,000 members and students operating at the heart of business in 168 countries. CIMA Business Success Wheel CIMA s qualification is driven by the needs of business to produce financially qualified business leaders. The syllabus and examinations are distinguished by their relevance to business and their dedicated focus on developing the financial, non-financial and management skills needed to sustain organisational success. CIMA s Business Success Wheel illustrates the characteristics CIMA believes are required for this success. The integrity of this model was reinforced through testing with CIMA employers internationally, to ensure they accepted and agreed with the value of the success criteria. In every area of the CIMA Business Success Wheel, CIMA s syllabus delivers more relevant competencies. The results of the comparison study were summarised as far as possible in relation to the competencies depicted in the CIMA Business Success Wheel. This enables conclusions on qualification requirements to be linked directly to their likely contribution to sustainable business success, and provides a basis to explain how CIMA s qualification equips its members for business. The summaries from this process are shown in the table opposite. CIMA provides a much wider background than just being able to read figures. It s like an MBA with a strong emphasis on finance. Angus Gore-Andrews Assistant Store Manager, Jardine Matheson, Hong Kong

Key points of difference I never wanted to be a stereotypical accountant. I wanted to be part of the action rather than part of the reaction in business. That s what the CIMA qualification has enabled me to be. Paul McNiven FCMA Product Development Controller, Ford, UK The University of Bath study revealed the focus between the CIMA and ACCA syllabi, highlighting areas of unique coverage and significant advantage. CIMA CIMA is focused on business and uniquely covers: operations change management relationship and project management marketing. CIMA provides more emphasis on: human resource management (more thoroughly and at a higher level) applied management accounting techniques. ACCA ACCA is focused on professional practice and uniquely covers: taxation of corporate and non-corporate entities (using actual tax rules) external audit and assurance law (although the CIMA Certificate in Business Accounting covers this topic). ACCA provides a different emphasis on: information systems. The comparative research has concluded that CIMA members are better qualified to contribute to sustainable organisational success. CIMA combines the rigour of an accounting qualification with the business skills needed to offer strategic advice. CIMA Business Success Wheel content coverage by paper CIMA v ACCA CIMA coverage provides more relevant competence in at least one paper No distinction CIMA coverage provides less relevant competence in at least one paper CIMA papers Comparative coverage of elements of ACCA papers E3, E2, E1 Strategy P3 F3, P2, P1 Planning P4, P5, F9 E3, E2, E1 Leadership P3 P3 Risk and control P4, P5 P1, P2 Efficiency and effectiveness P5, F5, F9 F3, E2 Project management P3 E2, E1 Motivation F1 E3, E1 Innovation - E1 Customer value -

The CIMA advantage The CIMA qualification provides our transactional finance team with the essential knowledge required to operate efficiently. We support our staff effectively, improving job satisfaction and increasing staff retention. We hope to develop future financial leaders with the continued support from CIMA. Alexander Tan Finance Director, Philips Lighting, East Asia CIMA works closely with employers and sponsors leading-edge research to constantly update our qualification, our practical experience requirements and our members professional development. In today s business environment organisations are increasingly under pressure to ensure a sustainable business model, manage stakeholders and remain competitive. Never before has there been a greater need for organisations to train and develop employees to gain broad business knowledge with a strong financial emphasis to develop their skills and manage the impact of the challenging business environment. CIMA members form a global network of business leaders with a reputation for delivering both sound financial management and superior business performance. CIMA training gives employees the unique skills required to support organisational growth and development, providing: For organisations looking to recruit, train, develop and retain the best talent, the CIMA qualification offers their employees practical skills, the opportunity to tackle challenging and rewarding aspects of business, and the potential to drive enhanced performance across many different sectors. CIMA members have the technical ability, knowledge and competence to drive your business forward. This is underpinned by CIMA s commitment to the Royal Charter which ensures that we maintain a credible, professional and regulated profession. strategic insight and advice decision support for non-financial managers risk management and governance efficiency and process design performance enhancement.

The difference is management CIMA is the only professional accounting body that revises its syllabus and related examinations every four to five years, following a comprehensive consultation and research programme to ensure that the syllabus and examinations reflect the current needs of business. All of the syllabus content is international in scope and the structure has been carefully considered to reflect the importance of both examinations and practical experience. We require a high degree of first-hand experience of business issues in order to qualify and remain a member of CIMA. This ensures that they are clear about their objectives and are serious about making a real difference in business. The CIMA Professional Qualification has four distinct levels: operational, management, strategic and the test of professional competence. Each level is progressive and will deliver skills at each level. Professional competence level Strategic level Management level Operational level Award - Member of the Chartered Institute of Management Accountants T4 Test of Professional Competence in Management Accounting Part A Initial Professional Development Work Based Practical Experience. Paper E3 Strategy Paper E2 Management Paper P3 Strategy Paper P2 Management Paper F3 Strategy Award - CIMA Advanced Diploma in Management Accounting Award - CIMA Diploma in Management Accounting Paper F2 Management Paper E1 Paper P1 Paper F1 Operations Operations Operations pillar pillar Part B Case Study Examination based on pre-seen and unseen material. pillar Pre-requisite entry requirements (e.g. CIMA Certificate in Business Accounting, degrees in business or accounting or AAT Technician/Diploma level). A combination of three years practical experience, successful completion of the exams and the test of professional competence will ensure individuals have the skills required to add value to businesses. They will also gain access to the designatory letters ACMA Associate Chartered Management Accountant. Paper C01 of Management Accounting Award - CIMA Certificate in Business Accounting Paper C02 of Accounting Paper C03 of Business Mathematics Paper C04 of Business Economics Paper C05 of Ethics, Corporate Governance and Business Law

CIMA is the only accountancy qualification focused solely on business. CIMA members are financially qualified business leaders that provide meaningful analysis that helps them and their colleagues make smarter decisions about the whole business. For students and employers seeking forward thinking and value adding business professionals, the choice is clear. Choose CIMA. Discover more about the CIMA difference: www.cimaglobal.com/cimadifference We use CIMA people because they know what drives the business and the information needed to deliver it. Helen Weir FCMA Group Executive Director, Retail Banking Lloyds TSB, UK Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 8849 2251 F. +44 (0)20 8849 2250 E. cima.contact@cimaglobal.com www.cimaglobal.com/cimadifference For a full list of CIMA global offices, visit www.cimaglobal.com/country Cert no. TT-COC-002370