Hi there,
I am originally from Spain but I am working in London. Im already qualified as I have a 5 years degree in business administration and management. Currently I am working in the account department of a multinational company in London and I would like to study a masters degree or go for ACCA, ACA or CIMA exams. My question is what it´s better to do here in the UK , study a masters degree or obtain one of the accountancy certificaction? Is the CIMA exam globally recognized?
If I pass the CIMA certification would it give me the opportunity to apply for jobs in other countries like Canada , Australia ( Commonwealth countries ) and the US ? Or is it better to study a masters degree so as to work in any country in the world?
Many thanks,
Jose
Replies (11)
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A masters degree is an academic not a professional qualification. If you want to be a qualified accountant you will need to take one of the professional qualifications you mention. The degree you already have is not a qualification, it is just a degree.
I would always recommend getting a qualification in practice (and therefore ICAEW, ACCA or CIMA).
I recall at University, lecturers and seminar leaders who would have rafts and rafts of masters and PHDs behind them, but looking back clearly had no real understanding of what 'front line' accountancy was like.
I have an accountancy degree, and CIMA membership.
20+ years into my career, I have yet to use a lot of what I studied at uni, and I don't expect I ever will!
Mind you, I don't regret having both.
In the UK a degree is not worth very much, apart from in academic circles, when a doctorate is the "minimum standard" to progress
In industry a professional qualification will do the trick in the UK. CIMA is good for industry, ACA tends to be preferred over ACCA, but its mainly "snob" value.
Not sure how well they travel internationally. not as well as the various brands like to make out.
I have a Masters degree in accountancy and am qualified with ICAEW (before the MA). The MA is very useful in arguing for or against the theory behind practice (e.g. NPV being rubbish when applied only to financial instruments!; the theory behind amortising goodwill or not). The FCA is more useful in actually doing my job
You should probably take note that ACCA and the University of London's external programme has a partnership ever since last year or so.
You can have both the ACCA qualification as well as the UoL's master degree at the same time, if you are prepared to pay the additional fees for the UoL course.
However, you should know the UoL degree is an distance learning degree provided by UCL, in case any snobbery factor is counted. Still it's a UoL degree, right? I mean, it's U O L!
Another side note is what do you do right now or in the future? Do you want a practising certificate? If so you probably will need to sit for an extra paper P7 Advanced Audit and Assurance; or you take P7 and qualify first, before you embark on the UoL master degree course, which then you will sit one course fewer than the previous option.
Here are the links from both ACCA and the UoL external programme websites:
http://www.accaglobal.com/us/en/qualifications/glance/university-of-lond...
http://www.londoninternational.ac.uk/courses/postgraduate/professional-a...
Sorry late response. As above I would always go with the professional qualification and work experience over the degree/masters. I definitely don't see the value in a full time masters - employers value work experience a lot more.
The point of my response was that you mentioned the US as one of the countries that you may wish to work in. I am currently working in the US and they are obsessed with Masters degrees. Most of the mid-level and above finance roles require this. That said, many of the CVs (or Resumes!) that I see show that the Masters have been obtained from local college institutions. At a cost of $30,000 up, it seems a lot of money for a piece of paper to me and a system gone wrong. A person could have a multitude of letters after their name but if they can't apply it to real life situations then it's not much use in my opinion. I guess the US has a lot bigger things to worry about though.
Hi Jose
I'm not particularly up to date on countries outside the UK but from the time I did work abroad my recollection is that ACCA was better known than CIMA. ACA is well linked to equivalents in Canada and Australia.
I'm sure that any of the qualifications would give a chance to apply for jobs in the countries you have noted - working visas are a very different matter. If you want to go its best to see if secondments are available from your current employer or check the national immigration websites from target countries - the devil is in the detail. If you know any South Africans they tend to have a strong idea of immigration requirements around the world.
When considering whether to study a masters or (UK) professional qualifications I'd note:
- masters degrees are very much an expectations for decent jobs in many European countries (but not the UK at present)
- whether you can get your employer to pay can make a big difference
- masters degrees can be integrated with studying professional exams - either by taking a full time masters which gives lots of exemptions, or studying (for example) ACCA combined with the option of an Msc from London University. My guess is that might work pretty well for you.