CIMA Vs CFA

jameshealy19

Hi,

I work for a management consultancy.
Just looking for opinions,
what do you reckon is better for a career in Management Consulting, CFA or CIMA?

Cheers

S. Goodspeed

Two very different qualifications and not sure either is particularly useful for general management consultantcy though elements of both will be relevant. The CFA is much harder to get but less well known in Ireland. In the US CFA is everything and I doubt many have ever heard of CIMA (same with ACA).

The CFA does cover financial accounting but nowhere near to the extent cima does. It is really more geared towards investment banking type jobs, equity valuations, pricing of financial products, portfolio management etc. Personally I found it far more interesting to study but it all depends on you, your goals and the type of management consultantcy you are involved in.

jameshealy19

Cheers for that.

UR right the CFA is way more interesting, but I don't know if I'll ever be in investment banking/ equities.
Is there then any point CFA?

S. Goodspeed

If you plan to try to pursue a career in the US at any stage then a CFA qualification wins hands down, a lot of employers there are a bit skeptical of Irish degrees, professional qualifications and experiences. Having a CFA just proves you a very smart lad and will open up a few more doors for you. Will it actually help you in your job? Probably not because you will forget almost everything you learn the minute you leave the exam hall!

Having a solid basis in fin. and management accounting techniques gives you a great advantage when it comes to understanding a company and its motivations for making the decisions it does. It is also the foundation for many of the techniques covered in the CFA. All things being equal I would say CIMA is more helpful. If you are a real glutton for punishment you could do CFA after CIMA. You'll have c 40% of both level 1 and 2 exams already nailed from your CIMA (the remaining 60% is still tough going though). Personally I think that would be over kill for you right now but its always an option.

They are very different qualifications. It depends what you want to do longer term.

I have known a few management consultants who have sat the CIMA exams to further their careers - your work would give you an advantage in the final exam (a big case study)

I don't know anyone who has studied CFA - (probably because I am an accountant in a multinational)

Unless you want to work specifically in finance CIMA is probably more versatile in Ireland and the UK.

A third option would be an MBA.

Redqaw

S. Goodspeed wrote: »

Two very different qualifications and not sure either is particularly useful for general management consultantcy though elements of both will be relevant. The CFA is much harder to get but less well known in Ireland. In the US CFA is everything and I doubt many have ever heard of CIMA (same with ACA).

The CFA does cover financial accounting but nowhere near to the extent cima does. It is really more geared towards investment banking type jobs, equity valuations, pricing of financial products, portfolio management etc. Personally I found it far more interesting to study but it all depends on you, your goals and the type of management consultantcy you are involved in.

you doubt anyone in the US has heard of ACA?

Redqaw

Redqaw wrote: »

you doubt anyone in the US has heard of ACA?

The vast bulk haven't. They have a state by state CPA licencing system.

ACA or ACCA might count instead of the degree requirement to allow you to sit the CPA exams in some of the states but it won't give you exemptions.

Redqaw

Deleted User wrote: »

The vast bulk haven't. They have a state by state CPA licencing system.

ACA or ACCA might count instead of the degree requirement to allow you to sit the CPA exams in some of the states but it won't give you exemptions.

maybe Im wrong but below is an extract from http://www.charteredaccountants.ie/

Chartered Accountancy is different. Irish Chartered Accountants have true global mobility with both their education, and crucially, their training recognised internationally. Unique Mutual Recognition Agreements offer our members an outstanding entry point to business in any part of the world. An MRA is an agreement between professional bodies which allows membership to transfer
from one jurisdiction to another. Chartered Accountants are the only Irish accountants which have recognition in both the United States and Canada.
Likewise, those looking for an antipodean adventure will be facilitated by exclusive agreements with the Chartered Institutes in both Australia and New Zealand. As well as these agreements, numerous others are in place with countries such as South Africa, Hong Kong, England, Scotland & Wales. Out of the Institute’s 20,000 members, there are currently over 2,000 working in over 90 countries. The Global Accounting Alliance (GAA), of which Chartered Accountants Ireland is a member, is an alliance of leading professional accountancy bodies representing over 700,000 Chartered Accountants across the world. This brings enormous benefits to our members living in, or working in foreign countries.


Chartered Accountants Ireland is the only Irish or UK body to have a MRA in place with the American Institute of Certified Public Accountants.

S. Goodspeed

Redqaw wrote: »

maybe Im wrong but below is an extract from http://www.charteredaccountants.ie/

Chartered Accountancy is different. Irish Chartered Accountants have true global mobility with both their education, and crucially, their training recognised internationally. Unique Mutual Recognition Agreements offer our members an outstanding entry point to business in any part of the world. An MRA is an agreement between professional bodies which allows membership to transfer
from one jurisdiction to another. Chartered Accountants are the only Irish accountants which have recognition in both the United States and Canada.
Likewise, those looking for an antipodean adventure will be facilitated by exclusive agreements with the Chartered Institutes in both Australia and New Zealand. As well as these agreements, numerous others are in place with countries such as South Africa, Hong Kong, England, Scotland & Wales. Out of the Institute’s 20,000 members, there are currently over 2,000 working in over 90 countries. The Global Accounting Alliance (GAA), of which Chartered Accountants Ireland is a member, is an alliance of leading professional accountancy bodies representing over 700,000 Chartered Accountants across the world. This brings enormous benefits to our members living in, or working in foreign countries.


Chartered Accountants Ireland is the only Irish or UK body to have a MRA in place with the American Institute of Certified Public Accountants.

Just to clarify my original point, the OP is in management consultancy so people he would be interviewed by if he went to the US wouldn't know about the ACA, CIMA and wouldn't care about CPA. Obviously for audit or financial accounting having an aca is a big advantage.

It is important to note thou that the CPA is rated a lot lower in the US than the ACA is in Ireland and the UK. Also the big 4 in the US actually rate ACA higher than CPA for whatever reason. Many ACAs move into corporate finance and banking quite readily in Ireland where as those employers only really care about MBAs, CFAs and/or direct industry experience in the US.

boredatwork82

http://www.cimaglobal.com/en-gb/About-us/Press-office/Press-releases/2011/May-2011/cima-aicpa-joint-venture/

Why not become a Chartered Global Management Accountant through CIMA?

Its Global sure!

SBWife

I don't know if you can get the CFA it's unlikely that your work experience would qualify.

Beau

Sorry to hijack the thread but I'm on a grad programe in an investment bank (I work in operations), I have an option to do CIMA,CFA or ACCA. I have no idea what I want to do in the future, I just want to up skill from my degree and make myself as employable as possible and hopefully increase my wage. I'm leaning towards CIMA because it seems to be fairly broad but I've never considered being an accountant! I'm also not sure if I'd be able for the CFA's.

Any opinions on what would suit?