Professional Career Path for Accountant - Essay Example

?Professional Career Path Introduction CIMA (Chartered Institute of Management Accountants) is a body that offers professional training in accountancy management, which focuses on business accountancy as a career. This professional body emphasis on the development of a career path, based on management accounting. The Association of Chartered Certified Accountants (ACCA) is an international body that offers qualifications for to people who want to make a career on professional accountancy and finance (Page, 2002). For one to pursue a career on accounts as chartered certified accountants, they need to register and be members of ACCA. This body has an aim of ensuring that that the growth of accountancy is that of influence as well as reputation. Membership Requirements In terms of membership, CIMA offers two grades, which include Associate and fellow. This means that for associate, an auditor for instance has to pass the qualifying examinations of the institute, should have three years of qualifying practice, which has been proved by being signed by witnesses. Two persons have to propose and second the member. As for the fellow, the auditor, being a member, should have the necessary experience from the senior level (Gowthorpe, 2005). On the other hand, a candidate should register as a member so as to undertake a professional scheme qualification. If a member completes the examination successfully, he/she therefore is transferred to the affiliate status. From this status is when a member is supposed to demonstrate through an application form that they have acquired a practical and supervised experience in accountancy hence becoming an auditor . They should also have acquired the competence that is of standard level in auditing. Also, after a membership of five consecutive years, a senior membership is automatically awarded. ACCA offers its members the access to the Association of Corporate Treasurers membership. The United Kingdom’s Security & Investment Institute also recognizes ACCA members such as financial accountants (Page, 2006). The members are allowed to take International Taxation advanced diplomas at Chartered Institute of taxation. As for the CIMA, members gain recognition by the Society of Management Accountants of Canada. It has a qualification program with New Zealand Institute of Chartered Accountants. Qualifications In terms of qualification, ACCA provides a variety of diplomas and certificates at a foundation level. This is generally known as accountancy foundations. It offers an entry for individuals who want to pursue a career in finance and accounts but are new to this field and do not meet the ACCA qualification entry requirements. Other qualifications include International auditing certificates, Financial management diplomas, Certificate and Diploma in International Financial Reporting, for ACCA full membership, individuals are offered MBA from Oxford University (Mike, 2008). CIMA offers a syllabus that is structured to motivate accountants pursuing their career in finance. Therefore, the students are at a position acquire Diploma in management accounting, Advanced management accounting diplomas as well as business accounting certificate. However, this body takes a long process when marking the examinations. Before the examinations are marked, a meeting is held between the examiner and the marker whereby they discuss into details of the marking scheme. The examiner is at a position to moderate the marking system at a closer range hence reviewing the scripts of marking. Differences There are a number of differences between a financial accountant from ACCA and an auditor from CIMA. ACCA for instance is a global organization that caters for financial accountants on a professional level while CIMA offers professional management in accounts internationally. CIMA deals with management on corporate strategy, budget making and variance analysis. On the other hand, ACCA concentrates on the technical accounting that best suits tax accountants, auditors as well as corporate accountants (David, 2001). While an accountant deals with external factors and making financial statements, the auditor helps in preparing data that can help in management. ACCA is a body that offers accounting exams while CIMA administers recognized qualifications on management accounting. While ACCA focuses on a professional practice, CIMA focuses more on business. CIMA covers marketing, management on projects and relationship as well as projects. On the other hand, ACCA covers external audit, corporate and non corporate taxation and entities. What each offers in terms of Training For those people that prefer management in accounting, CIMA is the place to be. This is because Training with CIMA enables employees to acquire skills that are unique required to enhance the growth and development of an organization. CIMA does not only focus on accounts but it also trains professionally about business management (Mike, 2008). It provides process design, strategic advice; enhance performance as well as governance. CIMA trains employees on how to handle challenges in businesses. Its members have technical competence, knowledge, and the ability to drive a business to a higher level. This is a better body because it evaluates its syllabus after four or five years through a comprehensive research and consultation program so as to make sure that the current business needs are reflected. It also gives an employee the skills to confidently manage the highest professional and ethical standards. CIMA’s qualification can boost a person’s earning even when he/she is studying. ACCA offers recognition to organizations and this creates a higher reputation of the organization. It has an access to international standards which allows organizations to have a comparison on their development and learning support against an international benchmark (Cherreson, 2003). ACCA produces skilled people on accounting. Training with ACCA means that a member is fit to work anywhere including in the banking sector, the government, auditing profession, both international and local business, as well as semi governmental organization. Training with ACCA means becoming a bank executive, senior partner, entrepreneur, finance director, chief executive, to name but a few. Conclusion Based on what a person chooses for his/her career path, It is advisable to carefully know what one wants and which professional body to choose from. Finance accountants should always go the ACCA way and those that want to focus on management should choose the CIMA way. This way, the outcome will be satisfactory to the individual especially where career is concerned. Both bodies offer quality training that is of international level and are recommendable to train with. References Cherreson A., 2003. Accountancy Uncovered, Richmond: Crimson Publishing David B, 2001. Heinemann Business Studies for AS Level, London: Heinemann. Gowthorpe C., 2005. Management Accounting for Non-specialists, Stamford: Cengage Learning Mike R., 2008. CIMA Managerial Studies, London: Butterworth-Heinemann. Page K., 2002. Your Professional Qualification: A Guide to Professional Qualifications in the UK - Where They Lead and How to Get Them, London: Kogan Page Publishers. Page K., 2006. British Qualifications: Professional, Vocational and Academic Qualifications in the UK, London: Kogan Page. Robert W., Galina G., 2006. 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