CIMA questions

[carlos.elijah]

Hi everyone,
I'm looking for some career advice. I have an engineering degree and
have been working in the IT field for the past two years. However I'm
growing tired of it and am looking to move into the finance sector,
more specifically management accountancy.I've done some research on the
net and have come to the conclusion that a CIMA qualification would be
best suited for me.

I have a few questions to ask though:
1) How long does it usually take to achieve the CIMA qualification? And
does someone needs to have work experience to achieve the full CIMA
qualification?
2) Can a CIMA qualified person open their own office or is there a
minimum number of years of work experience within a company needed
first?
3) Is there an alternative to CIMA?

I would appreciate some guidance.
Thanks
Carlos

 

[Troy Steadman]

Hi everyone,
I'm looking for some career advice. I have an engineering degree and
have been working in the IT field for the past two years. However I'm
growing tired of it and am looking to move into the finance sector,
more specifically management accountancy.I've done some research on the
net and have come to the conclusion that a CIMA qualification would be
best suited for me.

I have a few questions to ask though:
1) How long does it usually take to achieve the CIMA qualification? And
does someone needs to have work experience to achieve the full CIMA
qualification?
2) Can a CIMA qualified person open their own office or is there a
minimum number of years of work experience within a company needed
first?
3) Is there an alternative to CIMA?

I would appreciate some guidance.
Thanks
Carlos

All this info is on the CIMA site - eg:

http://tinyurl.com/n9rru

What value would there be in a "CIMA qualified person" opening "their
own office" if they'd never worked in industry?!!!

If I were you I would forget a "low end" qualification like CIMA, and
go for the "low end" of a high grade qualification - ACCA. You can
start part time doing Evening Classes at your local Tech, and if you
like it you can progress right to the top.

When you have a year or two's qualifications, you'll be able to switch
into the Accounts Dept of a big engineering firm, where your various
expertises will be extrememly valuable. But you are of nil value at the
moment, because you don't have any Accountancy (or Googling!) skills.

 

[carlos.elijah]

Thank you Troy for your quick, albeit slightly condescending, response.
The reason I'm looking at the CIMA qualification is because it seems
like the only qualification for management accountancy (ie forward
planning and startegic thinking) rather than plain accountancy
(auditing and number crunching) which is what the ACCA (and others) are
about.

From what you're saying, I gather that one can become a CIMA qualified

management accountant by purely passing the exams; i.e. they can become
chartered simply by reading the books and not needing any finance work
experience. But maybe my other question wasn't clear. Is it LEGAL for
someone to operate as a business providing management accountancy
services to SMEs even without the CIMA?

Thanks again
Carlos

 

[Matthew P Jones]

In reply to news post, which (e-mail address removed) wrote on Sun,
2 Apr 2006 -

Thank you Troy for your quick, albeit slightly condescending, response.
The reason I'm looking at the CIMA qualification is because it seems
like the only qualification for management accountancy (ie forward
planning and startegic thinking) rather than plain accountancy
(auditing and number crunching) which is what the ACCA (and others) are
about.
management accountant by purely passing the exams; i.e. they can become
chartered simply by reading the books and not needing any finance work
experience. But maybe my other question wasn't clear. Is it LEGAL for
someone to operate as a business providing management accountancy
services to SMEs even without the CIMA?

Thanks again
Carlos

To gain the CIMA qualification, you not only have to pass the exams,
which have been changed quite recently and seem very up to date, but you
also have to demonstrate practical experience. Although it is many years
since I did my exams etc., I had to complete a work book showing my
experience in the required areas. This had to be signed off by my
employer / manager. This will gain you the ACMA qualification. To
become a fellow (FCMA) you have to show several years of senior
responsibility which again has to be signed off.

I totally agree that the CIMA qualification is a forward looking
qualification and am somewhat disappointed about the other poster's view
on the qualification! The different accountancy bodies tend to
specialise in different areas and whereas there is an argument for
reducing the number of accountancy bodies, they should all be seen as
offering something specific for the tasks required.

You can obtain a certificate to practice with the CIMA qualification, I
suggest you CIMA, they are very helpful.

I would also suggest that no matter what qualification you have, the
most important aspect will be your experience you can offer. When you
join the profession, you will have to start at a low level and it will
take several years to gain enough experience to be able to credibly sell
your services.

 

[Jonathan Bryce]

But maybe my other question wasn't clear. Is it LEGAL for
someone to operate as a business providing management accountancy
services to SMEs even without the CIMA?

It is legal to provide most accountancy services to the public even if you
can't pass an arithmetic exam.

 

[carlos.elijah]

Matthew, thank you very much for your help.
Jonathan, thanks for your response. I have to say that I am surprised
that one is able to operate as an accountant (whatever kind) with no
qualifications. I take it then that it is simply a matter of it being
much more difficult to gain any business without any qualifications.

 

[Troy Steadman]

Matthew, thank you very much for your help.
Jonathan, thanks for your response. I have to say that I am surprised
that one is able to operate as an accountant (whatever kind) with no
qualifications. I take it then that it is simply a matter of it being
much more difficult to gain any business without any qualifications.

You have dabbled in Engineering, you have found IT a doddle, you will
find Management Accounting a doddle. Somewhere along the line you need
to find yourself *expertise*.

Any fool can become a practising accountant, in the same way any
painter/decorator can knock down a supporting wall.

 

[DoobieDo]

(e-mail address removed) wandered down the corridor from
www.sageforum.co.uk knowing Troll and Sextoy were here...

I have to say that I am surprised
that one is able to operate as an accountant (whatever kind) with no
qualifications.

it hasn't stopped some of the people on here, but we soon find them out ;p

oh, and perhaps you'd do some research on the most annoying thing on usenet -
google is your friend.

 

[david m wicker]

If I were you I would forget a "low end" qualification like CIMA, and
go for the "low end" of a high grade qualification - ACCA

Troy

what planet do you live on?
In accountancy as in other careers its 'horses for courses'
If you want to be just one step away from an Annuitant, carry on with
your current qualification

Currently, management of most companies are drowning in coping with
compliance in its many forms. It's taking all their energy from their
real job of driving the company
By all means stick to your current profession if that's where you want
to be.
But industry needs forward thinking CIMA's who can help them navigate
through the perils ahead. We're sensible enough to know when to call
in the compliance team, including the ACCA's

Normally, CIMA, CA and ACCA can happily coexist, but when we come
across died in the wool ACCA's such as yourself, that harmony gets
broken.

Wake up and smell the coffee

Regards

David M Wicker FCMA

 

[Peter Saxton]

Troy

what planet do you live on?
In accountancy as in other careers its 'horses for courses'
If you want to be just one step away from an Annuitant, carry on with
your current qualification

Currently, management of most companies are drowning in coping with
compliance in its many forms. It's taking all their energy from their
real job of driving the company
By all means stick to your current profession if that's where you want
to be.
But industry needs forward thinking CIMA's who can help them navigate
through the perils ahead. We're sensible enough to know when to call
in the compliance team, including the ACCA's

Normally, CIMA, CA and ACCA can happily coexist, but when we come
across died in the wool ACCA's such as yourself, that harmony gets
broken.

Wake up and smell the coffee

Regards

David M Wicker FCMA

"Wake up and smell the coffee" - means "face the facts" so I don't
think you are understanding this discussion. Troy has an opinion and
you have a different opinion. Neither of them are facts.

 

[Troy Steadman]

Troy

what planet do you live on?
In accountancy as in other careers its 'horses for courses'
If you want to be just one step away from an Annuitant, carry on with
your current qualification

That is the first time in my life I have heard the word "annuitant",
and I'd love to know what you think this sentence means. Do you mean
"actuary"?

Currently, management of most companies are drowning in coping with
compliance in its many forms. It's taking all their energy from their
real job of driving the company
By all means stick to your current profession if that's where you want
to be.
But industry needs forward thinking CIMA's who can help them navigate
through the perils ahead. We're sensible enough to know when to call
in the compliance team, including the ACCA's

Normally, CIMA, CA and ACCA can happily coexist, but when we come
across died in the wool ACCA's such as yourself, that harmony gets
broken.

"Died" in the wool?

 

[Ronald Raygun]

That is the first time in my life I have heard the word "annuitant",

Really? Isn't an annuitant someone who receives income from an annuity?

"Died" in the wool?

All good sheep die in their wool.

 

[Troy Steadman]

Really? Isn't an annuitant someone who receives income from an annuity?

I don't get out much.