Choosing the right accounting body

thefa

Hi, I have been completing an internship in the accounts department of a manufacturing firm and have now been offered a job as a cost accountant. However, there is no specification as to which accounting body I should join. I have checked the bodies info thread and have gotten a few opinions from other workers here but would like to get the opinion of some board members as to which would be the most suitable? I was of the belief that CIMA would naturally be the most relevant and well recognised qualification but the manager, who is chartered, has advised ICAI as it is better regarded and less restrictive. ACCA has also been mentioned as a good cross between the two. Just to note, there wont be a lot of study leave available.

Thanks for any replies.

smcgiff

Mmm, do you intend to stay within industry? Probably, then you may want to consider CIMA. CIMA isn't recognised much outside industry, but is an excellent industry qualification.

Would you ever see yourself doing work on the side that would require a practice certificate - i.e. self employed work. Then you might want to consider ACCA.

Again, the CAI is also an excellent body, but would be more structured towards practice, not that I think being a member of this body would hold you back in industry - there remains a pretty strong old boys network.

Basically, everyone will have their own opinions - sometimes biased by their own membership, and you'll need to go a long way to working this out yourself.

Others can comment but if you have limited study time I doubt CAI (ICAI) would be most suitable - their students generally take a long break. (would you need audit / financial experience for this?)

CIMA and ACCA would more traditionally be taken by those working in industry - by distance/ evening / weekend / block release or a combination of those.

Have a look at BPP's timetables to give yourself an idea of what is possible.

If you are training as a cost accountant you are going to be very specalised anyways - nominally having ACCA rather than CIMA isn't going to make the difference between moving jobs in the future I reckon.

CIMA was established as "The Institute of Cost and Works Accountants"

thefa

Thanks for the feedback. I suppose the main thing is that I want a qualification that when combined with the job wont prevent me from having opportunities to progress beyond the costing side within the company itself. I don't see myself doing any self-employed work to be honest and am working on the basis that I will stay on the industry side throughout my career. I'm dealing with someone of the firm opinion that it's chartered, certified, management in the order of recognition when people want to move up the ladder..

smcgiff

thefa wrote: »

I'm dealing with someone of the firm opinion that it's chartered, certified, management in the order of recognition when people want to move up the ladder..

His/her opinion is important right now, but you're not going to have them as your boss for the rest of their life. Although, if you choose CAI you're hardly going to be disadvantaged to be fair.

KingEnda

I went with Chartered as the majority of people I asked recommened it saying it had the strongest standing in industry and practice. I am on a contract and get a good bit of study leave during which I do 80% of my study
ACCA in fairnes is very strong as well and I have only seen this since I started studying accountancy. It would seem to be a better choice for someone in your shoes where study time is limited as there are more choices on the number of exams you sit per sitting.
My girlfriend is studying for ACCA and she says they are very difficult exams

thefa

Have done a bit of calling this morning and the man on the other line at CAI reckons there will be no problem authorising the company for training given the size of it. I know myself that some of the technical side of experience you are meant to be getting will be slack enough but it being possible for me to do it looks like it will satisfy the chartered crew. 4 CAP 2s in June sounds daunting though given how much I'll have to learn for the job itself and how unrelated it could be from my day-to-day work. CIMA and ACCA have generous exemptions too and seem more flexible as you say enda!

Cookie_Monster

ACCA

more widely recognised world wide
Fastest growing body
Broadest and most flexible

IMO anyway

smcgiff

Cookie_Monster wrote: »

ACCA

more widely recognised world wide

IMO anyway

Think you might be on a sticky wicket with that particular point.

Will Tinsdeall

Hi everyone, I've just joing the forum in the hope of getting some advice. I've recently got my degree in accountancy and finance, looking to go into tax planning in the long term. Which body would you recommend? I was thinking that the CIOT would be the obvious choice? Also, does anyone have any opinions on whether taking an AAT course would be helpful, in terms of getting to know Sage and the more practical side of things? Any help would be massively appreciated, Thank you.

Are you in the UK Will? This is an Irish board so the advice here might not line up directly.

I can't see the AAT adding anything over the CIOT - you should be able to pick up most of the necessary skills as part of your tax training.

Will Tinsdeall

So it is.... I'm in England, if that helps at all. I was thinking that the AAT might help me get some practical skills to get started with. At the moment it seems like my degree was useless theoretical stuff that employers aren't interested in. Might just keep applying for jobs and getting any feedback possible. I probably shouldn't start worrying about which body to go for until I'm in the field.