Comparative between CIMA; CPA (Australia) and ACCA

CIMA (Chartered Institute of Management Accountants) and ACCA (Association of Chartered Certified Accountants) and CPA Australia (Certified Practising Accountants Australia) are globally recognized professional accounting qualifications. While there are similarities between the two, there are also significant differences. Here's a comparative overview of CIMA and ACCA:

  1. Focus and Specialization:

    • CIMA: CIMA focuses primarily on management accounting, business strategy, and financial management. It equips professionals with the skills needed to support strategic decision-making within organizations. CIMA emphasizes the practical application of accounting and finance knowledge in a business context.
    • ACCA: ACCA covers a broader spectrum of accounting and finance topics, including financial accounting, management accounting, auditing, taxation, and financial management. ACCA provides a more comprehensive understanding of various areas of accounting and is suitable for individuals interested in a broader range of career opportunities.
    • CPA Australia: CPA Australia covers a broader range of accounting and finance topics, including financial accounting, management accounting, taxation, auditing, and business and corporate finance. It provides a comprehensive understanding of various areas of accounting and finance.

  2. Structure and Exams:

    • CIMA: CIMA follows a structured pathway with four levels: Operational, Management, Strategic, and Professional Competence. Each level comprises a combination of objective tests and case study exams. The case study exams in CIMA assess the application of knowledge and skills in real-life business scenarios. Taking the FLP route reduces the number of exams taken to 3 only after SPM with 12 assignments
    • ACCA: ACCA consists of three levels: Applied Knowledge, Applied Skills, and Strategic Professional. These levels are further divided into modules and exams. ACCA exams assess both knowledge and application skills, with a focus on technical proficiency and professional ethics. The total number of exams to be taken after SPM is 17 papers.
    • CPA Australia: CPA Australia has a flexible structure that allows candidates to tailor their studies based on their career aspirations and interests. It includes compulsory foundation units and elective units. Candidates are required to complete the CPA Program, which consists of six segments and examinations. There is however an Australian emphasis on their educational material. Total exams after degree is 6 papers; you need an accounting degree to enter into CPA Australia.

  3. Professional Recognition:

    • CIMA: CIMA is recognized for its specialization in management accounting and strategic financial management. It is highly regarded in industries where business performance management and strategic decision-making are crucial, such as management consultancy, financial planning and analysis, and senior finance roles.
    • ACCA: ACCA is widely recognized and respected as a general accounting qualification. It provides a broad understanding of various accounting areas and is sought after by employers across different sectors, including public practice, financial services, corporate finance, and auditing.
    • CPA Australia: CPA Australia is a well-recognized accounting qualification in Australia and internationally. It is highly regarded in accounting and finance professions, including roles in public practice, corporate accounting, financial analysis, taxation, and auditing.

  4. Membership and Designation:

    • CIMA: Upon completing the CIMA qualification, individuals become members of CIMA and are awarded the designation of Chartered Global Management Accountant (CGMA). The CGMA designation is recognized globally and signifies expertise in management accounting and finance.
    • ACCA: Upon completing the ACCA qualification and fulfilling the work experience requirement, individuals become members of ACCA and can use the designation of ACCA after their name. ACCA members are recognized as Chartered Certified Accountants.
    • CPA Australia: Upon completing the CPA Australia qualification and fulfilling the practical experience requirements, individuals become members of CPA Australia and are awarded the designation of CPA. The CPA designation is well-regarded in the accounting profession and signifies proficiency in various accounting areas.

  5. Career Opportunities:

    • CIMA: CIMA prepares professionals for careers in management accounting, financial analysis, strategic planning, business consulting, and leadership roles within organizations. CIMA provides a strong foundation for individuals aspiring to work as management accountants or finance business partners.
    • ACCA/CPA: ACCA/CPA opens up a wide range of career opportunities in accounting, audit, taxation, financial management, and consulting. ACCA/CPA members often pursue roles such as financial accountants, auditors, tax consultants, financial analysts, and financial managers. However CPA Australia is primarily focused on Australia and New Zealand; with the emphasis on those areas.
  6. Cost
  • CIMA £2,000 per year inclusive of exams and online learning materials
  • ACCA Tuition fee to be decided by tuition provider; exam fee is £150 - £250 per paper
  • CPA RM2,750 per paper inclusive of online materials for learning and exam fee; there is a total of 6 exams. Tuition fee for extra will be decided by tuition provider

Ultimately, the choice between CIMA and ACCA depends on your career goals, interests, and the specific areas of accounting and finance that you wish to specialize in. Consider the industries you are interested in, the skills you want to develop, and the type of accounting career that aligns with your aspirations to make an informed decision.

If you plan to study for CIMA; ACCA or CPA you can always contact Jpro Training for more details to aid you in your journey

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