Opinions / Advice

My name is Mud

Hello All,

I have been working in the Banking & Finance sector for the last 6 years. I had an IFSC job for the first 5 years, now im with a 'big four' company.

I only have a BA degree in Business, and I was thinking about doing a CIMA to move my career along. I have quite advanced IT skills, and alot of practical accountancy experience, but no professional qualification.

I know a few people that did the ACCA's, and the majority of them found it hell on earth, trying to juggle their day job, exams, studying, life etc. Alot of them found that the study leave given was inadequate in some of the companies they were in. This alone has put me off the ACCA's.

Is it worthwhile doing a CIMA, and is it a similar hell-on-earth scenario?

I dont plan on working in practice either, which is why im interested in CIMA.

Im in my late 20's also.

Has anybody got any advice?

Cheers,

MNIM

smcgiff

CIMA and ACCA would be similarly challenging.

If you're in a big four I (accountancy wise) and would get the ACA study leave why not do ACA?

My name is Mud

smcgiff wrote: »

CIMA and ACCA would be similarly challenging.

If you're in a big four I (accountancy wise) and would get the ACA study leave why not do ACA?

Thanks for the info.

Im actually in a big four banking company, not an accountancy company

I was ruling out ACA due to the fact that I dont want to work in practice, and would probably continue with the bank I am with for the forseeable future.

Is CIMA useful for this, or would ACCA be more of an option?

smcgiff

My name is Mud wrote: »

Thanks for the info.

Im actually in a big four banking company, not an accountancy company

I was ruling out ACA due to the fact that I dont want to work in practice, and would probably continue with the bank I am with for the forseeable future.

Is CIMA useful for this, or would ACCA be more of an option?

Howdy, Mud

I suppose the obvious advice is to study banking exams.

However, if you're thinking of keeping your options open, then the accountancy exams are a good idea.

ACA would not be just for practice and quite a number of ACAs start out and remain in industry.

CIMA, ACA and ACCA would suit your needs I imagine. CPA is also an option, but would consider them more practice centred, although they are also in industry (you might have heard their ads on the radio of late, but don't let them put you off! ).

btw, it must be very interesting working in the banking system right now - bit like that Chinese curse

My name is Mud

Interesting to say the least!

Kine

Mud,

I too work in one of the main Irish banks at the moment. While not as experienced as yourself (just done 2 years work since masters), I decided to embark on a professional qualification.

As far as I'm aware (without having spent too much time examining the them) the banking exams are more retail related. I imagine it is down to which area you currently are in- I work in leveraged finance (hahaha fun times... ) and decided that an accounting qualification would be great. I talked to several directors I knew in Deloitte, KPMG etc and they recommended ACCA to me and so I embarked on them. And to be honest, it is a PAIN to do them, but the end justifies the means.

Similarly, you will get exemptions from some of the exams, and as there are only 14 in total, withing three years you'll be close to being finished. The one thing I will say, you no longer have annual leave days as they all go towards study leave!

Climber

only have a BA degree in Business

This may entitle you to many expemtions, possibly knocking several years off your study.

you no longer have annual leave days as they all go towards study leave!

This really depends on the individual. I, for example, have passed 7 exams so far without taking a single annual leave day and I still only get 2 days "Study leave" per exam. Think of how many hours you spend watching TV/drinking at the weekend/sleeping etc.!!! You could actually squeeze in an hours study here and there adn still have a social life too.

Good luck with whatever you decide to do

My name is Mud

Thanks all for the advice.

I'll ponder over the weekend about my options, and I have to speak to my boss about it too, as work will pay for most of it!

Keano

Hey MNIM

I am in a similar situation and still cannot decide between ACCA or CIMA. Both are very time consuming and difficult.

Will need to talk to a few more people before deciding and getting stuck into it.

carolinei

Hi,

I'm working in industry on good enough money and have decided to do the ACCA. Now I knew before I started I was going to have to sacrifice a lot over the next 4 years, but feel that all I will be sacrificing during the week will be TV and that can be recorded, and there is never really anything good on anyway, except Grey's Anatomy and Desperate Housewife's. And when it comes to exam time I know it is going to be hard as I won't be given a week of to study I will get a day to study before hand and the day of the exam.

The funny thing is since I have started studying, (I'm doing the F3 and F2 in November, F1 in January !) I have realised already how hard it is and how much I don't know. I suppose it depends on how much you want it and what you are willing to give up. Giving up TV wasn't too much of a sacrifice, but come back to me nearer November and ask am I still as confident.

Good luck with your decision. If you want it enough it will be worth it !

Rgds

Caroline

hockeygirl

I know a few people who have done cima and they have said its more relavent if your planning on staying in banking.

Rule of thumb - practice / audit - ACA or ACCA

Banking - CIMA or ACCA