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As an alternative to the ACCA, you can also opt to take the qualification from CIMA or the Chartered Institute of Management Accountants where you will also be able to qualify through to the pathway on becoming a ‘certified accountant’. The CIMA first started off in 1919 and went on to become the leading management accounting body internationally. It has currently more than 60,000 members and 70,000 students throughout the world. its presence is now in more than 150 countries.
You might be asking why would you want to take CIMA when there is ACCA around which is pretty relevant and prepares you for the industry. The reason is simple. To begin with, you must first be aware of what you want to do and which area of accounting you are better in. This means that once you have taken up some form of accounting, then you should know which areas of interest best suits your expertise.
In simple terms, and if you are wondering what is the difference between CIMA and ACCA, CIMA qualifications is more catered towards Cost Accounting and while ACCA is more skewed towards Financial Accounting. What then are the difference between that two. Cost Accounting is more crucial on raw materials and such and hence if you are intending to work in the manufacturing sector than the CIMA is best suited for you. But if you are interested to be involved in accounting in general like being and auditor and such, then you should take up ACCA.
The CIMA is one of the most appropriate qualifications which is catered to those who are into syllabus which are commercially ready, which means that they are organized in such a way that you are aware and learn about the tricks of the trade. This is because, being an industry driven qualification, it is important that you know what you are learning and then applying them when you seek out to work next time. In most cases, the CIMA educates you on how decisions are made in the accounting sense, inventory control and such. In short, management accounting is the key for the CIMA.
Once you qualifies through the CIMA, you will be able to be eligible to join the MIA (Malaysian Institute of Accountants) which makes you a ‘Chartered Accountant’. Hence passing this paper is essential and mandatory to be recognized as an Accountant in Malaysia.
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