Accountancy Qualifications: The Best Way Forward

Planning for the future in the accountancy world can often seem quite daunting. Competition for opportunities is without doubt extremely challenging. Many progressive accountants turn to the option of qualifications as their golden ticket to their achievements.

Firstly, there is the ACA run by the ICAEW. This is often stereotyped as the more popular and most prestigious qualification when compared to the alternatives. There is also the ACCA, which is in fact the fastest growing accountancy qualification worldwide and it is often perceived as the best for those with international ambitions. Finally, there is the CIMA, which is rapidly becoming more popular. It is often regarded as a more generalist qualification and taken by those who want a business-orientated career with a focus away from number crunching.

For those who choose either to study ACCA or CIMA, the hope of one day becoming a CEO of a large blue chip company can seem far away. However, the number of those studying for these qualifications is rising. The ACCA is deemed a more international qualification, and might be a better option for those wishing to branch out of the city. On the other hand, the CIMA qualification is quite unlike any other accounting qualification; it extends far beyond the pure basics of accountancy and even management training courses. The CIMA offers a far broader skill set than pure number crunching; it enables you to develop key decision making, management, strategic and analytical skills.

The universal opinion that the ACA is the top qualification is difficult to dispute when as many as 70% of accountants on the FTSE 100 boards are qualified ACA. However, I would like to put forward that this may be the impact of the ACA’s historical popularity. The option of studying for the ACCA or CIMA has rapidly grown and continues to do so. While there remains a strong perception that the ACA is a harder qualification dominated by its intense, academic style, there is also a possible ‘snobbery’ factor that clearly needs to be addressed.

Although, it is clear that each qualification demands individuality, the ACA is deemed as the qualification suited to academic students, while those who wish to pursue a more managerial route opt for the CIMA qualification, and those who wish to pursue international progression opt for the ACCA. In short, the market has spoken, and the result is that all the major qualifications prepare you for a successful career. Some people feel strongly that they want to be an ACA, or want to be associated with the ACCA or CIMA. In reality, there is no doubt that regardless of perceptions they all are fantastic options for a career within accountancy.


Jemma Gent currently works as a Consultant in Commerce and Industry team at Marks Sattin. Placing part qualified accountants in o temporary positions, the team’s range of clients is continuously expanding and covers the largest commerce companies as well as some of the smaller niche companies within greater London and the City.