In the UK, any Tom, Dick or Harry can technically call themselves an accountant. This makes the letters after their name incredibly important. To complicate things further, unlike for Doctors or Solicitors, there are various awarding bodies, and thus multiple acronyms, which prove you are qualified.
There are three key professional qualifications that provide routes into the wonderful world of accounting: ACA, ACCA and CIMA. Each are globally recognised, take 3-5 years to complete and are normally undertaken in conjunction with your graduate job.
If your head is in a spin with acronyms, let us make life easier for you by highlighting the key differences between these qualifications.
ACA (Associate Chartered Accountant)
This is the professional qualification from the Institute of Chartered Accountants in England & Wales (ICAEW). It is regarded worldwide as a premier financial business qualification.
Qualification obtained: Chartered accountant
Awarding body: The Institute of Chartered Accountants in England and Wales (ICAEW)
Number of members and locations: 140,000 members plus students in 160 countries
Common career paths: Accountancy firm including audit work; private or public sector organisation; starting own business
Method of training: Through a training agreement with an authorised employer
Work experience requirement: 450 days
Time limit on training period: Maximum of five years
Why choose this route: ACA accountants are in the highest demand
ACCA (Associate Chartered Certified Accountant)
This is a leading international accountancy body. It is the largest and fastest growing qualification in the world.
Qualification obtained: Chartered certified accountant
Awarding body: The Association of Chartered Certified Accountants (ACCA)
Number of members and locations: 586,000 members and students in 170 countries
Common career paths: Accountancy firm including audit work; private or public sector organisation; starting own business
Method of training: Training agreement or independently
Work experience requirement: Three years of relevant work experience
Time limit on training period: Ten years to pass exams
Why choose this route: ACCA qualification isn’t tied into a training agreement, so you can move between employers while training.
CIMA (Chartered Institute of Management Accountant)
This UK-based professional body offers training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.
Qualification obtained: Management accountants who are employed within a business rather than at a specialised accountancy firm
Awarding body: The Chartered Institute of Management Accountants (CIMA)
Number of members and locations: 203,000 members and students in 173 countries
Common career paths: Private or public sector organisation; starting own business; accountancy firm but NOT including audit work
Method of training: Training agreement or independently
Work experience requirement: Three years
Time limit on training period: None
Why choose this route: The CIMA qualification is targeted at students who are aiming to become management accountants