As the world becomes more diverse, more and more options become available to us. Most of us only understand what we’ve been exposed to, for example The CA(SA) is only a unique qualification to South Africa, but if you are an accountant traveling between South Africa, Europe and the rest of the world, you may be exposed to new qualifications such as CIMA and ACCA. So, let’s discuss what the real differences are between CA (SA), CIMA (UK) and ACCA (UK) qualifications, as well as their unique benefits.
CA(SA)
Many individuals choose to pursue the CA(SA) (Chartered Accountant of South Africa) qualification because it allows a diverse career path choice including financial management, financial analysis and reporting, risk, compliance and control management and auditing or an advanced career in finance including investment analysis, private equity or fund management.
When applying for a Chartered Accountant qualification, make sure that the institution offers qualifications that are trusted by the South African Institute of Chartered Accountants (SAICA).
The last steps of your CA(SA) qualification include:
- Completing your Honours degree
- Completing 3 to 5 years of articles based on how far you are with your undergrad and Honours studies
- Completing two qualifying examinations, including the Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC).
Finally, when you have completed both your board exams and articles, you may register as a CA(SA).
CIMA
People who want to do the CIMA (Chartered Institute of Management Accountants) qualification likewise have a lot of options for their future careers. Management accountants are key to driving this change – and it certainly makes for an exciting time to be a part of our profession. Change may not come easily, but AICPA & CIMA are with you every step of the way. Public and management accountants have an important role to play improving an organisation’s integrated thinking and decision-making capabilities to promote responsible and sustainable business practices. This qualification differs as it has a bigger focus on cost and management accounting, where as CA(SA) which is based on financial accounting with elements of auditing. CIMA is business-based where as CA(SA) is more suitable for manufacturing and FMCG-based sectors because of the costing skills that you learn.
CIMA is based in the UK and unfortunately does not include audit studies, but if the business doesn’t require a qualified auditor to perform the work, then you may take on the job.
There are 4 levels to the CIMA qualification. After every level you complete you will obtain a certificate, the levels are a tool to show your progress to potential employers. There are two different grades within the CIMA membership that you can get – Associate (ACMA) and Fellow (FCMA). These would be the final grades to qualify as a Chartered Accountant.
To become a member of the CIMA, as an Associate, the applicant must have:
- 3 years of practice, documented and signed by a witness.
- Complete the 16 qualifying exams, which include 3 case study exams.
- Being suggested and seconded for membership by at least 2 people who have experience in a similar field of work. You will be required to attend a membership interview with the CIMA team, this can be face to face or virtual.
ACCA
The ACCA (Association of Chartered Certified Accountants) qualification share very similar responsibilities and curriculum as the CA(SA). Employers across the globe seek out ACCA-trained professionals – because they know they have the strategic thinking, technical skills, and professional values to drive their organizations forward. The biggest difference is that the CA(SA) is a South African qualification whereas the ACCA has acquired international status, with their headquarters in London.
Once you have completed the 13 possible exams, 3 years of proper experience and a professional ethics module, then only can you register as a Chartered Certified Accountant.
Memberships options include:
- Affiliate– they must reach the require competence level and complete at least 3 years of proper experience.
- Fellowship– Fellowship, or senior membership of ACCA, is given to people who are members for 5 continuous years.
There isn’t one qualification superior to another, they all have similarities that will allow you to be competent in what you pursue however, you need to decide which direction you want your career to go and choose the qualification that helps you reach that goal.
Written by CA Financial Appointments – Identifying Exceptional Financial Talent
