What makes a difference in CA, CIMA and ACCA? This is the most asked question in the student's mind. So, to make it simple we have differentiated from different aspects.
LEVELS in CA, CIMA, ACCA:
CIMA: was formerly known as the Professional qualification, has 3 levels of progression such as operational, management, and strategic levels. Each of these levels has 3 learning pillars namely, enterprise pillar, performance pillar and financial pillar.
CA: considered to be one of the toughest examinations, it has 3 levels namely the CPT, Intermediate and the Final level. One must undergo three years of Articleship training under a financial institution or a professional who is practising chartered accountancy.
ACCA: The ACCA course has 3 levels namely, Knowledge, Skills and professional. To qualify as an ACCA member one has to have practical experience requirements for a minimum of 36 months.
CA is recognized by the ICAI, India and for anyone who wishes to practice the most coveted positions of the country, he has to complete CA with years of professional practice. With CA one cannot practice Chartered accountancy in any abroad countries.
ACCA is a global qualification that is recognized by a lot of international countries and the qualification opens to a lot of career opportunities in almost 170 countries across the globe.
CIMA is recognized by the chartered institute of management accountants and anyone can study the CIMA course, even if they are new to finance and business or an experienced professional.
If you are a qualified CA, you are entitled to own the prestigious positions of a financial firm such as Financial manager, auditor, financial advisor, chartered accountant, accounting manager, business consultant, risk and credit manager, internal auditing, forensic auditing and so on. One can even set up their own financial firm and practice as a chartered accountant to offer professional services.
ACCA in terms of career focuses on both accounting and finance aspects even in its syllabus. Since it's an international qualification, the career opportunities are even wider like accountant management, consultant, business analyst, corporate finance expert, financial planner, auditor, tax consultant, subject matter expert, and so on. A few countries that accept ACCA as a recognized qualification are US, UK, Germany, Canada, France, Malaysia, Singapore, (ACCA in Singapore has been totally evolving into a better one with people understanding its value) and so on.
ACCA is a flexible course and you can even do the ACCA Course Online from any of the reputed institutions.
Once you are qualified in CIMA, you are open to a broad range of opportunities as it does not stop itself with balance sheets, calculation, number crunching, and so on. You can manage roles in management, accounting, and even in the overall business activities. You ought to combine financial and non-financial data of a business to provide a complete picture to it.
SALARY RANGE :
If you are a chartered accountant, the average salary of a CA in India ranges somewhere between 7 Lakhs and 30 Lakhs. It all depends on the firms where you are practising, how well you are able to establish yourself as a successful CA.
After becoming a qualified ACCA member you can expect your salary package between $55k and it might go up to $170k for a Chief Financial officer.
The average annual salary of a CIMA professional in the USA might be about $65k and experienced professionals might earn up to $100k per year