Whether you’re a job seeker looking for a new role in accounting and finance, or you’re a business recruiting for talent in the industry, you’ll have seen a number of different qualifications.
They’re ordinarily a series of letters such as AAT, CIMA or ACCA. But what does each one mean? We’ve devised a handy guide to distinguishing between them and to help job seekers decide which route is best for them.
What do they stand for?
Recognising what each of the above stands for is a great place to start:
• ACCA – Association of Chartered Certified Accountants
• AAT – Association of Accounting Technicians
• CIMA – Chartered Institute of Management Accountants
Each of these qualifications has its own unique focus, structure and possible career outcomes.
Association of Chartered Certified Accountants (ACCA)
This qualification is recognised globally and it provides a comprehensive foundation in accounting, finance and management.
Requirements:
• Three years of practical work experience
• Three GCSEs and two A-Levels in five separate subjects: including Math and English
Length of qualification:
• Three to four years
Structure of qualification:
• Up to 13 exams
• Split into three levels: Applied Knowledge, Applied Skills and Strategic Professional
Career outcomes:
• Financial Accountant, Auditor, Tax Specialist, Finance Manager
What are the pros and cons?
Pros:
• Broad and comprehensive curriculum
• Recognised internationally
• Flexibility in study options
Cons:
• Longer studying time
• Intense study programme
• High volume of exams
Association of Accounting Technicians (AAT)
This qualification is designed for those at the start of their accounting and finance career and is split into three different levels.
Requirements:
• Good understanding of English and Math
AAT Level 2 Certificate in Accounting
Length of qualification:
• 6-12 months
Career outcomes:
• Accounts Administrator
• Accounts Assistant
• Trainee Accounting Technician
AAT Level 3 Diploma in Accounting
Length of qualification:
• 6-12 months
Career outcomes:
• Accounts Payable Clerk
• Assistant Accountant
• Audit Trainee
• Bookkeeper
• Credit Controller
• Finance Assistant
• Payroll Administrator
• Tax Assistant
AAT Level 4 Diploma in Professional Accounting
Length of qualification:
• 12-18 months
Career outcomes:
• Accounts Payable
• Expenses Supervisor
• Assistant Financial Accountant
• Commercial Analyst
• Cost Accountant
• Payroll Manager
• Senior Bookkeeper
• Senior Finance Officer
• Tax Supervisor
What are the pros and cons?
Pros:
• Ideal for beginners
• Shorter duration
• Provides solid foundation of accounting principles
Cons:
• Limited to more junior roles
• May require additional qualifications for more advanced roles
Chartered Institute of Management Accountants (CIMA)
The CIMA qualification is geared towards management accounting, focusing on strategic management, risk management, and financial strategy.
It is divided into four different levels, and you must complete each level before moving onto the next.
Certificate in Business Accounting
Length of qualification:
• 12 months
Career outcomes:
• Accounts Clerk
• Accounting and Finance Administration roles
Professional Operational
Length of qualification:
• 12 months
Career outcomes:
• Financial Analyst
• Management Accountant
Professional Management
Length of qualification:
• 12 months
Career outcomes:
• Fund Accountant
• Financial Accountant
• Management Accountant
Professional Strategic
Length of qualification:
• 12 months
Career outcomes:
• Chartered Accountant
• Financial Controller
• Managing Director
• Financial Manager
• Finance Director
What are the pros and cons?
Pros:
• Strong focus on management and strategy
• High earning potential
• Well respected in the industry
Cons:
• Less focus on financial accounting
• Longer qualification period
So, which is right for you?
Choosing the best qualification for you is entirely dependent on your career goals. If you’re just starting out in your career, AAT is the perfect stepping stone to get into the industry.
If you’re looking to get into Financial Accounting or Auditing, ACCA is the ideal course to take.
CIMA is the best route for those interested in management accounting and strategic roles within business.
Many businesses offer these courses as part of their hiring packages, so it’s always worth asking your manager or the hiring manager if interviewing with a new company.
Full details of all the above qualifications are available on each of their websites.
If you do need any more information, or want to explore the finance roles we work on, get in touch with our specialist, Olivia Hunt, today.