CIMA is the only international professional qualification with a sole focus on
accountants in business. It gives Management. Accountants strong technical.
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A Guide to Choosing Professional Qualifications
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About this Guide This guide is for people considering studying for a professional qualification. The intention is to provide a broad overview of the main differences between the qualifications both for the students and for line managers. The Institutes in this table offer a professional qualification that the NHSiS is able to support. Ultimately, the decision is one that needs to be discussed and agreed between the student and the line management at the Board.
© NHS Education for Scotland 2010. You can copy or reproduce the information in this document for use within NHSScotland and for non-commercial educational purposes. Use of this document for commercial purposes is permitted only with the written permission of NES. ISBN?
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ACCA \ AAT \ CIPFA \ CIMA \ ACCA \ AAT \ CIPFA \
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ACCA
CIPFA
CIMA
AAT
ACCA offers a business relevant first choice qualification to people of application, ability and ambition who seek a rewarding career in finance, management and accountancy. The breadth and depth of the qualification gives our members the flexibility to work in a variety of roles, in a variety of sectors, throughout the world.
CIPFA, the Chartered Institute of Public Finance and Accountancy has members throughout the public services, where public money needs to be effectively and efficiently managed.
CIMA is the only international professional qualification with a sole focus on accountants in business. It gives Management Accountants strong technical expertise in Financial Accounting combined with strategic business skills and covers in depth the areas of risk management, governance, ethics, operations, communications, change management, relationship management and project management.
The AAT Accounting Qualification gives you the skills to work in a wide range of accounting and finance positions. The course is extremely flexible and open to all, regardless of your age, experience or qualifications.
There is a strong focus on professional values, ethics and governance.
The professional qualification covers the whole of government accounts procedure, public sector reporting frameworks and public sector borrowing and gives focused strategic financial management overview of running major projects and large complex organisations. This qualification applies equally to the private sector despite the public sector focus.
CIMA provides the tools for Management Accountants to make key decisions in organisations and advise colleagues of business implications.
The AAT Accounting Qualification is the leading qualification for accounting technicians. It’s the main requirement for full AAT membership.
Entry Requirements
ACCA
CIPFA
CIMA
AAT
ACCA offer various entry points to the ACCA qualification depending on your previous academic qualifications:
There are various entry routes available in order to commence studying for the CIPFA Professional Qualification.
The road to CIMA Membership is open to all, regardless of educational background.
You do not need previous qualifications to study for AAT qualifications. All AAT expect is that you are numerate, can take examinations and skills tests in English and are prepared to commit time and hard work to complete your course.
Access to ACCA via CAT qualification • no academic qualifications required; • sit the Certified Accounting Technician (CAT) qualification first and then transfer to the Skills module of the ACCA Qualification by claiming exemption from the first three papers in the Knowledge module. Access to ACCA via AAT qualification • individuals who have completed the Diploma in Accounting or NVQ levels 2, 3 and 4 may be eligible for exemptions from the first three papers in the Knowledge module. Minimum entry requirements • three Scottish Highers (grades A- C) PLUS two Standard Grade passes (grades 1-3) or equivalent Mature Student Entry Route (MSER) • normally over age 21; • no academic qualifications required; • must pass the equivalent of Papers F2 - Management Accounting and F3 - Financial Accounting within two years before further progression to the ACCA exams is permitted. Graduate-entry route • relevant degree holders from ACCA-accredited institutions may be exempted from all nine exams within the Fundamentals level and register directly at the Professional level. Degrees with some relevance may also qualify for exemptions.
Minimum entry requirements: You can study for CIPFA if you have a minimum of 3 GCSE’s (grades A-C) and 2 A Levels (grade A-C) or equivalent, or the Scottish, Northern or Southern Irish equivalents. Subjects must include Maths and English at either level. BTEC and SCOTVEC National Certificates are also accepted. The minimum vocational qualification is an NVQ/GNVQ at Level 3, or the Scottish equivalent. Graduates with relevant degrees: Degrees relating to accounting, business or finance may be eligible for exemptions from various modules in both the Certificate and Diploma stage of the CIPFA Professional Qualification. AAT members: Anyone who is an AAT full member or is AAT exam qualified (all levels) will be eligible for at least two, and possibly three exemptions from the CIPFA Professional Qualification. Mature Entry You can become a CIPFA Student if you are 21 or over, with a minimum of three years’ relevant work experience and the support of your employer.
If you have a relevant degree in accountancy, business or an MBA, the CIMA exemptions policy allows you to start your studies at the right point for you. If you are new to business or accounting studies, you will first need to work towards gaining the CIMA Certificate in Business Accounting. This will enable you to move on to the CIMA Professional Qualification. Graduates with relevant degrees degrees related to accounting, business, finance, law and other relevant areas may be eligible for exemptions from the certificate in business accounting. Graduates with other degrees Graduates in other disciplines will start by studying the certificate in business accounting, which will give you a solid grounding in the fundamentals of accounting. AAT Technician/Diploma level You are exempt from the CIMA certificate in business accounting. AAT Foundation/Intermediate level You will begin with our entry level qualification, the certificate in business accounting. Access from the Open University If you have successfully completed the Certificate in Accounting you will be awarded exemptions from all five exams that make up the certificate in business accounting.
Syllabus
ACCA
CIPFA
CIMA
AAT
There are 2 stages of exams and a professional ethics module:
CIPFA Professional Qualification The CIPFA professional Qualification is divided into three stages. All 13 modules are assessed by paper based examination:
CIMA Certificate in Business Accounting There are 5 modules in the Certificate level. Each exam is of 2 hours duration and computer based assessed.
The syllabus is split into three levels, each consisting of several units. Every level is a qualification in its own right and completion of the final level leads to the full AAT Accounting Qualification.
1. Fundamentals: - Knowledge (3 papers) - Skills (6 papers) 2. Professional level: - 3 mandatory papers - Further 2 out of a choice of 4 papers Professional Ethics module – You get access to this scenario based module when you become eligible to sit the 1st Professional paper. Detailed information about the course syllabus can be obtained at www.accaglobal.com/students/acca/ exams/
Certificate stage: • 4 modules • The modules at this stage are the building blocks of any career in accountancy or financial management. Diploma stage: • 7 modules • Building upon knowledge gained at certificate level, the diploma focuses on specific public sector business skills and financial topics. Final Test of Professional Competence: • 2 modules (including case study) • This is the last stage in becoming a chartered public accountant. It is the culmination of all the skills learnt throughout the qualification and gives students a more focused strategic financial management overview of running major projects and large complex organisations. For further information and a detailed breakdown of individual modules, please visit www.cipfa.org.uk/students/ prospective/paq.cfm
CIMA Chartered Management Accounting qualification The new 2010 syllabus has 4 stages: Stage 1 Operational level – 3 papers leading to the CIMA Diploma in Management Accounting Stage 2 Management level – 3 papers leading to the CIMA Advanced Diploma in Management Accounting Stage 3 Strategic level – 3 papers Stage 4 Professional Competence Level Comprising: Part A – Work based Practical Experience log book Part B – Case Study Examination Further information is contained in www.cimaglobal.com/syllabus
Stage 1 - AAT Certificate in Accounting (SCQF level 5) (Approximately equivalent to GCSE grades A – C) This level will start to develop your skills in double entry bookkeeping and give you an understanding of management and administrative processes. You’ll learn how to use manual and computerised accounting systems and to work with the purchase ledger, sales ledger and general ledger. Stage 2 - AAT Diploma in Accounting (SCQF level 6) (Approximately equivalent to an A Level / Highers.) This level introduces more complicated accounting tasks, including the preparation of final accounts for sole traders and partnerships. You will also learn how to maintain cost accounting records and how to prepare reports and returns. Stage 3 - AAT Diploma in Accounting (SCQF level 6) (Approximately equivalent to the 1st year of an Honours degree.) At this level, you’ll learn how to draft financial statements for limited companies, perform complex management accounting tasks and develop your own management skills. This level includes a choice of special units, which means that you can focus your efforts on the areas of accounting most relevant to your needs and interests.
Log Book Requirements
ACCA
CIPFA
CIMA
AAT
The ACCA qualification closely links practical experience to the exam syllabus. Practical experience is documented and reviewed through an on line tool called the Trainee Development Matrix.
The Initial Professional Development Scheme (IPDS) reflects CIPFA’s emphasis on the development of practical skills within the workplace to complement the more theoretical knowledge and techniques you will learn through the education modules.
As well as passing the examinations, you need to record 3 years’ relevant practical experience and have this signed off by CIMA before you can call yourself a Chartered Management Accountant or use the letters ACMA after your name.
There are no log book requirements for AAT.
The IPDS requirements are 400 days of validated experience over the period of training (this approximates to a three year training contract). CIPFA students must also complete six evidenced activities (three of which are pre-determined by CIPFA) which will be assessed as part of your portfolio.
Your experiences should be recorded in a Career Profile – for templates see www.cimaglobal.com/per The Career Profile Consists of an assessment of practical experience/ Membership application form, employment summary, a detailed record of your experience and a record of your skills development.
All students have access to the CIPFA Student Learning Centre (SLC), where all modules and learning material is interactive and based online. This qualification can be studied either through distance learning via the SLC, or in Scotland, day release is available at Glasgow Caledonian University or block release at CETC East Scotland (Edinburgh).
The CIMA qualification can be studied through distance learning including www.cimastudy.com In addition each part of the syllabus has a detailed hard copy study guide.
There are two components to completing Practical Experience Requirements (PER): • completing three-years’ employment in a finance-related or accounting role(s); and • achieving the nine Essentials and any four Options performance objectives to the satisfaction of your workplace mentor.
Study Methods
You can choose from a variety of different study options from classroom based weekday or weekend tuition and revision courses to distance learning, self study or online learning courses. If you choose to study with a tuition provider, ACCA strongly recommends you opt for one which is approved under ACCA’s Approved Learning Partner - Student Tuition programme. Details of the list of learning providers can be found at www.accaglobal.com/students/study/ There are different levels of accreditation, the highest of which is Platinum Status which means they have been audited to ensure proper procedures are in place and that they have consistently returned pass rates in excess of the national average.
http://www.caledonian.ac.uk/ study/professionaldevelopment/ courses/chartered-institute-publicfinance-and-accounting-cipfa-8432. php?loc=uk www.cetc.org.uk
There are a number of professional training providers throughout Scotland who provide studying options to suit you - including day release, evening classes and weekend tuition. www.bpp.com/cima financial.kaplan.co.uk
To apply for full membership on completion of the AAT qualification you will need evidence of 1 year’s full time relevant work experience
You can choose from a variety of different study options from classroom based weekday or weekend tuition and revision courses to distance learning, self study or online learning courses. You can study for your AAT Accounting Qualification at one of our approved assessment centres. There are 11 of these in Scotland that meet AAT standards. www.aat.org.uk/findacentre AAT papers under the new syllabus will be available on BPP MyStudy. Alternatively, the NHS in Scotland currently offers a package to study AAT flexibly through Kaplan as well as receiving additional support from the Finance community. For more information on this scheme contact
[email protected]
Duration of Study
Exam Sittings
Pass Mark
Time Required to Study
ACCA
CIPFA
CIMA
AAT
To complete the ACCA qualification with no exemptions, will typically take three years.
To complete the CIPFA qualification with no exemptions, will typically take three years.
To complete the CIMA qualification with no exemptions will typically take three years.
To complete the AAT qualification with no exemptions will typically take two to three years.
Exemptions may be available for any of the three Knowledge Level and/ or six Skills Level papers within the Fundamentals stage, depending on relevant academic qualifications.
Exemptions can be granted on a paper by paper basis, if you can provide evidence that you have studied all the material included in that paper’s syllabus to a level equivalent to that required by the CIPFA examiners.
Exemptions may be available for any of the five Certificate Level, three Operational Level or three Managerial Level papers depending on relevant academic qualifications.
If you have previous relevant experience or qualifications, you may be exempt from introductory levels.
The ACCA exams are held in June and December every year.
The CIPFA exams are held in June and December every year.
The CIMA exams are held in May and November every year.
Students can sit Knowledge level at any time during the year by means of computer based assessment.
All exams are paper based and either 3 hours or 2 hours in length, with the exception of the case study (part of the Final Test of Professional Competence).
Students can sit Certificate level at any time by means of computer based assessment.
AAT exams are by computer based assessment and can be sat at any time of year through an approved training provider/exam centre.
The pass mark for ACCA is 50%
The pass mark for CIPFA is 50%
The pass mark for CIMA is 50%
With AAT papers you have to show a reasonable level of competence for the whole paper in both sections. This means there is no one pass mark for every paper.
The amount of time out of the office will be dependent on a number of factors including the method of study (course attendance, open learning, blended learning) and previous knowledge and experience. It is important to talk to the relevant training provider or institute about your particular circumstances to get an informed estimation of this. On average, students can expect to spend around 10 days for the core taught element (this includes blended learning options), per module/paper. Managers should also be aware of revision courses that can often significantly increase the pass rate. Revision courses are often optional and included in some day release options and will account for 1 to 2 days per module out of the office, in addition to 1 day to sit the exam. Students must be aware that there is an expectation they will study in personal time. It is not possible to estimate this time as it is dependent on study method, knowledge and comfort with the subject and time available from your employer.
Costs
ACCA
CIPFA
CIMA
AAT
Indicative pricing based on 2009 prices to sit all 14 exams with no resits, are as follows:
Indicative pricing based on 2009 prices to sit all 13 exams with no resits, are as follows:
Indicative pricing based on 2009 prices, a 3 to 4 year study period and assuming first time passes, are as follows:
Indicative pricing based on 2010 prices, a 3 to 4 year study period and assuming first time passes, are as follows:
CIMA Certificate in Business Accounting Level Taught courses £2,100 Home study £745 CIMA Study Systems £175 CIMA study.com £500
AAT fees AAT admission fee £33 Annual Student membership fee £72 Exam entry fees £41 - £46
ACCA fees: One-off Initial registration fee Exam fees Annual Subscription
£66 £945 £66
Approved Learning Partner fees: Self Study (study texts only) £490 Taught courses (weekday classes inc. study texts) £6,890 Online Learning (online course inc. study texts) £5,838 Prices exclude VAT and revision courses.
Pass Rates
http://www.accaglobal.com/students/ exams/rates/acca
CIPFA fees (inc. VAT): One-off Initial registration fee Annual Subscription IPDS (portfolio) Submission
CIPFA Professional Qualification: CIPFA Online Study Material for all students (inc. 1 exam attempt) £3,196 Taught Courses (inc. additional reading materials) £7,895 Prices exclude VAT and revision courses. For a detailed discussion please call 0207 543 5757
http://www.cipfa.org.uk/students/ current/passrates.cfm
Please refer to ACCA’s Approved Learning Partner websites for pass rates.
Further Information
www.accaglobal.com
£50 £151 £200
CIMA Chartered Management Accounting Qualification Taught courses £9717 Home study £3592 CIMA Study Systems £1877 CIMA study.com £3012 Prices exclude VAT and revision courses.
Indicative 2009 UK pass rates for the Certificate in Business Accounting were from 53% to 88%.
Tuition costs Plus the cost of tuition which varies dependent on the training provider between 500 and £1,500 per level. Prices exclude VAT NB: Funding may be available to reduce tuition costs
Indicative UK pass rates for AAT exam range from 61% to 91%
Indicative 2009 UK pass rates for the Chartered Management Accounting qualification were from 51% to 67%.
www.cipfa.org.uk
www.cimaglobal.com
www.aat.org.uk
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