Which Accounting Qualification Is Best for You in 2023?

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Are you thinking about your career these days? Do finance and accounting subjects inspire you? If yes, then you must be interested in knowing which accounting qualification is best for your successful career. Though there might be several questions revolving in your mind about whether to choose finance as your career or not.

Becoming a certified chartered accountant is one of the most wished-for positions a person can vision of. However, before you opt for this career path, you must be well-informed about the internationally recognized accounting qualifications that can help you succeed in your career.

The article will discuss some of the best accounting qualifications offered across the globe including ACA (Association of Chartered Accountants), ACCA (Association of Certified Chartered Accountants), CIMA (Chartered Institute of Management Accountants), and the US CPA (Certified Public Accountant) and CIMA. You will get to know the specifics which

ACCA

ACCA (Association of Chartered Certified Accountants) is one of the highly recognized accounting qualifications offered across the globe. So, when you do ACCA, a myriad of finance and management-related career opportunities await you. All leading organizations of the world prefer ACCA graduates to join their financial and accounting networks, to help manage their accounts and guide their company’s strategic decisions to support business success.

When you complete your ACCA qualification, the job roles that will befit you include chartered accountants, CEO, subject matter professionals, business advisor, accountants, chief treasury officers, tax consultants, financial consultants and many more. Moreover, you can even consider setting up your accounting or auditing firm and offering services to other financial organizations.

If you are currently enrolled in an ACCA degree and require assistance, you may contact Accounting Assignment Help from Expert.

ACA

Associate Chartered Accountant (ACA) qualification is a position directed by the Institute of Chartered Accountants in England and Wales (ICAEW). ICAEW has classified the ACA qualification (spanning three years) into three primary levels including certificate level, professional level and advanced level. So, as an ACA-certified you have the option to pursue your career as a forensic auditor, finance manager, accountant, business specialist, and management accountant.

How is ACA Qualification Valuable?

The ACA encompasses four components that will shape your successful accounting career:

Practical Work Experience

When you enrol in an ACA degree, it will require you to complete 64 weeks of work experience in finance or accounting. Hence, this procedure will prepare you for your career, and help you make a more credible employment choice after you finish your certification procedure.

Examination

With an ACA certification, you will have to prepare for a series of tests that will scale your knowledge and understanding of accounting mechanisms. Therefore, you are required to study a total of 15 modules that are divided into 3 levels, and pass an exam for every level.

Professional Advancement

Before you pass the ACA degree, you will have to undergo extensive development and training procedures that will prepare you for the challenges you might encounter as an auditor.

Ethics and Professional Uncertainty

If you chose accountancy as your profession, you will have to follow very firm ethical rules for your work. Accordingly, you will have to take ethics training that will help scrutinize your career.

There are many benefits of ACA qualifications, some of which include learning more about business and finance and how these industries influence each other. Moreover, the degree covers topics that interest you, and enhance your career opportunities. It also supports you in refining decision-making competencies and developing your technical and managerial skills.

What is the Process?

When you are enrolled in an ACA degree, you will have to complete numerous key steps of the course. It will consume three to five years. So, you will have to complete the required working hours and pass the exams to prove your business and accounting competence. Here is the process to follow:

Choose Your Career Path

After you complete your high school education, you can enrol towards ACA certification. Some career path options for you include an ICAEW traineeship, shared programs and other accounting setups, ICAEW finance and accounting certification, undergraduate degrees in finance, and related postgraduate degrees.

Gain Professional Experience

For ACA, you will have to complete 64 weeks of accounting-related jobs to satisfy ICAEW’s requirements. Hence, you must have work experience from an authorized training employer (ATE) endorsed by ICAEW. It will provide you with practical experiences you will need for your future employment. There are almost 5,000 ATEs across the globe.

Register as a Student

When doing ACA, you should register as a student with the ICAEW organization. So, you can try to fulfil this step before or even after you engage in training employees. After you submit applications and get approvals, you can start preparing for the ACCA exams through ICAEW support. However, if you have already studied this course, you may apply for credit for prior learning.

Passing Exams

If you are interested to become a certified accountant, you are required to engage in a series of examinations to test your knowledge of accounting practices.

CIMA

The Chartered Institute of Management Accountants (CIMA) is an expert body of management accountants accepted across the world. It is known to be the largest global accounting body comprising of greater than 231000 students and members across 173 nations.

If you have an interest towards accounting, the CIMA qualification is an incredible finance and accounting course that will open rewarding career opportunities for you. Therefore, you will have a great chance in finance, audit, banks, financial institutions, tax companies, management establishments, commercial organizations, budgeting and investment-related jobs, and local and multinational corporates.

What are the Eligibility Criteria for CIMA?

If you wish to pursue CIMA, the great news is that it has relatively easy eligibility criteria:

  • You need to pass O/A Levels or Matriculation/Intermediate
  • You should have an undergraduate or Master’s degree in any discipline
  • An ACCA, MBA degree or other related professional qualifications may also be acceptable

What is the Program Structure?

CIMS features 14 exams along with 3 case studies. As well, you will have to gain three years of professional work experience to attain a CIMA degree.

The CIMA papers are categorized into the following levels:

  • Certificate in Business Accounting
  • Operation Level
  • Management Level
  • Strategic Level

What is CIMA’s Admission Procedure?

  1. CIMA, UK manages the course exams
  2. Several colleges across the world offer tuition services for the course
  3. These colleges conduct classes to teach the CIMA course as per the standard syllabus
  4. The colleges organize CIMA examinations for students as per the schedule set by CIMA, UK

Is There Any Paper Exemption in CIMA?

You may be exempted from a few CIMA papers if your previous studies are pertinent to the course. So, if you have studied MBS, ACCA or ACMA before, you can skip the first 11 exams of the CIMA course. You will get a chance to enrol straight into the strategic level. However, you will have to focus to excel on the CIMA Gateway exam and get the paper exemptions.

On the contrary, if you have any other relevant qualifications such as ACA or others, you may request an exemption from papers as per the CIMA rules. The students with an I Com degree can skip the first four exams of the level certificate of business accounting. You will have a chance to enrol straight into the operational level.It will help in future when he set his future business plan.

Read Also: How to Write a Business Plan in 2023 – Complete Guide?

CPA

Have you heard about Certified Public Accountants (CPA)? It is indeed a famous accounting-related degree. Professionals claim that getting a CPA degree will open doors for you that have been shut for non-licensed accountants. The incredible benefits of this degree include greater earning potential, and the opportunity to travel the world. So, if you are inspired to enrol in CPA, here is what you need to know:

Highest Designation in the US

In the US, CPA is the top-most designation in accounting and finance that you can wish for and will earn your global recognition.

What is the CPA Admission Process?

Did you know the CPA procedure and exams are complex processes? However, the following steps may ease your difficulties:

Check Your Eligibility

The most crucial step is to check your eligibility for the CPA course. If you qualify, you should proceed to the admission procedure.

Share Transcripts Ahead of Time

The best approach to get fast admission in CPA is to send the transcripts before the filled application form to the state board of accountancy.

Fill out the Application Form

Meantime you should fill out the application form for the CPA course when your transcripts are being reviewed. 

Get Your Authorization to Test (ATT)

After your state will approve your application, you will receive your ATT. The ATT will qualify you for the CPA exam in your state. However, ATT’s validity is just for three months. So, you need to hurry.

Submit the Exam Fee

After you have decided which exam section you have to appear for, you can proceed with submitting the fee to the National Association of State Boards of Accountancy (NASBA). After this, you need to wait for the Notice to Schedule.

Therefore, CPA will open opportunities for you to become a financial analyst, corporate accountant, or finance director.

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