CIMA or BA(Hons)???

jamesab

Hi Guys, This is my first post on Boards and was hoping for some general advice.

I have no formal further education qualifications so after 7-8 years in sales based roles I have decided to advance my career by going down a finance route and studying for a qualification part time.

So my question is, would I be best advised to study for a BA(Hons) degree first and then looking at my options available, or do I go straight for a professional qualification with CIMA?

The end goal in mind is to go down the path of financial controller, FD, business analyst etc.

Thanks in advance.

smcgiff

Welcome

Depends on how much time you have, taking the degree route will likely add at least two years onto your time as a student.

I'd go straight into the professional exams - you'll never be more enthusiastic than you are now.

Good luck

jamesab

Thanks smcgiff, the shortest route is certainly the most appealing, my concern was that it isn't necessarily the best.

On a slightly separate note, would you be able to give your insight into the best advised route into this industry, and would you happen to know whether the CIMA qualification would give me access to a masters degree or MBA should I wish to study this at a later date, apologies if this is not your area.

Thanks

blindsider

Jamesab - IMO go straight for CIMA.

It's a very good idea to invest in your career now - it's much more difficult to do when you're older. (From your OP, I'm presuming you're still relatively young.)

Work experience is great, but you will come up against those with WE and academic quals...so no harm to get sth really useful now.

2 good things re accountancy quals:

i) They are almost global - take it anywhere

ii) Lots of MD's etc are accountants - they'll like you!

http://www.cimaglobal.com/en-gb/Students/Entry-level-certificate-in-business-accounting/

I'm not an acct, but I do know that it will give you long-term options in your career that Sales is unlikely to offer. If you really want to stay in Sales afterwards, then you can - CIMA will not prevent that , in fact it will still stand to you, as the quality of your deicison-making will improve, and you will be able to look FD's etc in the eye when closing a deal - it (CIMA) will not go astray on your business card.

Follow the link above for the entry route for CIMA. There's a fair bit of effort involved in going back to study after 6-8 yrs, but if you're determined enough, you can do it.

Will CIMA get you onto an MBA etc? It should do. Places like e.g. UCD Smurfit may be more choosy but that's supply and demand....not written in stone.

You would certainly get on to the OUBS Postgrad in Management

http://www3.open.ac.uk/study/postgraduate/qualification/d64.htm


which is a Level 9, i.e. a step above a BA (Hons)

http://www.nfq.ie/nfq/en/FanDiagram/nqai_nfq_08.html


Hope this helps and best of luck!

smcgiff

As per above, CIMA is already considered masters level. So, from an academic point of view it would allow you access to an MBA.

CIMA is a very good qualification. Whatever you saw or heard about that organisation that made you consider it is probably true.

jamesab

Blindsider/smcgiff, that sounds like the reassurance I was looking for, it was my preferred option to go CIMA but needed a second, impartial, opinion.

The interest has actually stemmed from a colleague of mine who has just sat the CIMA cert level and has now began the full course (he however already has the degree in mathematics)

Blindsider - you are correct, I am still only 26 and have no problem investing in my career as I feel I need it to progress.

I'll be speaking to DBS next week and hopefully getting things underway very soon.

mr_edge_to_you

I'm just finalising my CIMA membership application at the moment. Took me a long time.

I would definitely recommend just getting stuck in to CIMA. You could be a fully qualified management accountant in 3 years if you keep the head down.

The CIMA structure has changed a fair bit recently. You now need to pass all the exams and then have your experience approved/examined. The quickest you can that is 3 years. By studying in BPP or DBS you can go at your own pace too. Studying and working is very hard and in order to get through the exams quickly requires a lot of self discipline which I didn't have. The pace of the BA may be out of your control. Even if you do the BA you still need to do a lot of exams and you still need 3 years experience. You have to fork out for exemptions then too. I'd go straight to CIMA exams.

In relation to a Masters I think of you have a professional qualification from ACA/ACCA/CIMA you're nearly past masters level. If you do a MSc in Strategic Management in Smurfit UCD you can get exemptions from all exams except the work experience.

Give CIMAs Dublin office a buzz. There is student advisors in there who are very helpful.

jamesab

Mr_edge, thanks for that, seems like sound advice. Regarding the 3 years work exp they require for membership, are you able to give any advice as to where to begin or which direction to take?

I have initially thought of remaining in my current role until the certs are complete, does this sound like a wise idea?

Thanks again

mr_edge_to_you

I'm not sure what you mean by certs, sorry?

Anyway, the first stage of CIMA exams is pretty straight forward. Computer based assessments - very straight forward stuff.

If you are not currently working in a finance/accounting role I would get this first stage done before doing anything. This will give you an introduction to CIMA. If you get those out of the way I would then start looking at getting into to an assistant accountant role. You may need to take a pay cut here, obviously I don't know your personal circumstances but you need to to conscience of this. I'm not sure how much your current work experience will stand to you but your attitude will stand to you. If you had a few exams under your belt it might help your cause.

Like I said above I would contact CIMAs Dublin office first. Don't bother with the CIMA main UK number. The number is +353 (0)1 6430400. The people there are fantastic to deal with.

http://www.cimaglobal.com/en-gb/Students/2010-professional-qualification/Test-of-professional-competence-in-management-accounting/Part-A-initial-professional-development--work-based-practical-experience/

That's the link to the work experience criteria. It's very broad and you might see that some of your work experience may actually count against some of it. It has to cover a three year minimum period.

Also check out BPP too. There also seems to be some good deals when you're booking 2 or 3 courses as well. Check out both colleges BPP and DBS.

some of the best accountants I have worked for ended up becoming accountants as opposed to wanting to be an accountant.

Edit: Just to add that studying for an accounting qualification part-time is in effect "pay as you go". Means that you're not tied in or committed. I expect with a BA you could be looking at a hefty initial outlay.

statss

I am in the exact same situation OP. Moving from sales to CIMA. Have thought long and hard about accoountancy options. Working my way through the cert level at the moment and will look for an accounts assistant job once I have the cert. Out of interest CIMA are doing a presentation for new/prospective students in their office on Tuesday evening.

daheff

Hi OP

If I were to be leaving school now (i know u arent) and had the choice of college or doing an accounting qualification, I know I'd pick the accounting qualification hands down (instead of going to college like i did).

Reason being is that with the accounting you have a professional qualification, whereas a degree is not. Most people who are going to study accountancy do a degree first, gain exemptions from exams and then spend more time studying for the accounting.

I think a lot of people study for a degree because thats what they think they should do to get a job. In reality an accounting qualification is more highly regarded than a business degree (or most others).

anyways- enjoy CIMA...its very interesting if nothing else :rolleyes:

jamesab

M_Edge - Apologies, by certs I'm meant the CIMA certificate exams, i.e. the first stage of the course. Having done weeks of research on this now, your advice seems consistent with what others are saying and sounds like the route I will look to take. So the plan will be to stay in my current sales job for the rest of the yearto complete the first stage of the course and then look suitable employment which will give me the required experience. This is the part which bothers me slightly, taking the possible pay cut to gain an assitants role, albeit essential to complete the course. I can afford to take the cut providing it's not too severe. Does anyone know what an average salary for this type of role in Dublin would be?

Statss -thanks for the heads up on the CIMA presentation tomorrow, I have signed up and will be attending. Out of interest, how have you approached your attempt find suitable work in this area?

Daheff - Thanks and again your advice is consistent and going down the prof exam route is certainly the preferred choice.

Thanks

mr_edge_to_you

jamesab wrote: »

Does anyone know what an average salary for this type of role in Dublin would be?

You should be able to hit €40k plus study package.

jamesab

Hi guys, so I attended the open evening at CIMA last night and found it hugely benficial.

The outcome being that I will be registering today and embarking on the course.

The plan will be to complete the certificates by the end of the year and enroll with DBS in Feb.

Thanks to all for their advice and no doubt I will be linking in with you again as the course progresses.

statss

That's good to hear. I thought the open evening was very good too. I'm starting with the certificate level myself. Got 3 to do, going to try and do them before the 1 Sept deadline for professional exam entry. Ambitious, but I am going to give it a shot.

statss

oh and just on my previous post, if any CIMA heads have passcards or revision CDs for C01, C02 and C05 and want to get rid please drop me a PM.