The ACCA (Association of Chartered Certified Accountants) and ACMA (Associate
Chartered Management Accountant) are two professional qualifications that focus
on different aspects of accounting and finance. Here's a comparison between
ACCA and ACMA:
ACCA (Association of
Chartered Certified Accountants):
Focus:
ACCA is a globally recognized qualification that primarily focuses on
financial accounting, management accounting, taxation, and auditing.
It covers a broad range of accounting and finance topics, making it
suitable for individuals who want a versatile skill set.
Global Recognition:
ACCA is widely recognized and accepted internationally. It is a globally
portable qualification, allowing professionals to work in various countries.
Professional Body:
ACCA is offered by the Association of Chartered Certified Accountants, a
global professional accounting body based in the United Kingdom.
Entry Requirements:
The entry requirements for ACCA typically include a minimum level of
education, such as a high school diploma or equivalent.
Exams:
ACCA consists of a series of exams that cover different areas of
accounting and finance. There are a total of 13 papers, divided into three
levels: Applied Knowledge, Applied Skills, and Strategic Professional.
Experience Requirement:
ACCA requires candidates to complete three years of relevant practical
experience to obtain full membership.
ACMA (Associate
Chartered Management Accountant):
Focus:
ACMA is a qualification offered by the Chartered Institute of Management
Accountants (CIMA) and focuses on management accounting, strategic management,
and business analysis.
It is designed for individuals who want to pursue a career in management
accounting and strategic financial management.
Global Recognition:
CIMA is recognized globally, and its focus on strategic management makes
it suitable for individuals interested in business strategy and
decision-making.
Professional Body:
ACMA is offered by the Chartered Institute of Management Accountants
(CIMA), a professional body based in the United Kingdom.
Entry Requirements:
The entry requirements for CIMA may include a relevant degree or other
qualifications. However, individuals without a degree can also enter through
alternative entry routes.
Exams:
CIMA's qualification consists of a series of exams divided into three
levels: Operational, Management, and Strategic. The emphasis is on management
accounting and business strategy.
Experience Requirement:
CIMA requires candidates to complete a period of practical experience,
known as the Practical Experience Requirement (PER), to achieve full
membership.
Conclusion:
ACCA offers a more generalist approach, covering a broader spectrum of
accounting and finance areas, including financial accounting and auditing.
ACMA (CIMA) focuses specifically on management accounting, strategic
management, and business analysis, making it suitable for those interested in
managerial roles and strategic decision-making.
Both qualifications are globally recognized, and the choice between them
may depend on career aspirations, interests, and the specific areas of
accounting and finance that individuals wish to specialize in.