The focus of CIMA is on strategic business management rather than only financial management. CIMA covers areas of business strategy, risk management, applied management accounting techniques and financial strategy. The ICAEW focuses on professional practice and covers such core financial areas as taxation, audits and assurance. It emphasizes financial accounting and reporting. ICAEW provides insight and leadership to the global accountancy and finance profession.
CIMA qualification is for anyone wanting to make a career in business who has a good command of math and the English language. Various levels of CIMA professional qualification are operational, management, strategic and the test of professional competence in management accounting. On completion of the program, you are a professionally qualified management accountant. The ACA is the leading finance and business qualification provided by the ICAEW that's internationally recognized. Completing the ACA qualification successfully makes you a professionally qualified chartered account.
Both CIMA and ICAEW are flexible in their entry requirements. You can enter either program right after school or after getting a college degree. Students entering the CIMA are required to take the basic Certificate in Business Accounting course to understand fundamentals of management accounting. Students entering ICAEW directly from school must take the Certificate in Finance, Accounting & Business or CFAB program. People with college degrees may also choose to enter CIMA and ICAEW. Certain exemptions may be given in both cases, depending on your existing level of qualification.
For completion of the ACA qualification, one of the criteria by the ICAEW is a training agreement with an employer who may be a member of the ICAEW. This lasts between three and five years. It includes 450 days of technical work experience as well as work ethics training. The CIMA requires three years' practical experience to become members of the organization. You can get this experience while studying for the CIMA qualification.
Management accountants are professionals who operate at the heart of the decision-making process in organizations. They understand the importance of finance in making business decisions and analyze and interpret figures to give the organization a competitive advantage. Management accountants are responsible for finding, assessing and interpreting critical information to help shape the organizational strategy. A chartered accountant can work as an accountant or an auditor for an auditing firm, and is responsible for carrying out audits for clients. As an employee of an organization, the chartered accountant handles a range of duties such as management information, financial reporting, internal control and asset management. The chartered accountant also has the option of setting up his consultancy.