What next after CIMA

[louy]

Dear All,

I would like to ask anyone in the Finance and Accounting industry to advise me. My question is pretty general.

I have recently completed my CIMA (Chartered Institute of Management Accounting) qualification and wondering what to do next.

My work is currently quite limited and I have do some element of Management Accounting in my work. Not sure if I am a management accountant and wonder what I should do next ???

[rajumatix]

First of all, Congratulations! What next will really depend on which area really interests you..and (no offence intended) how young you are.

Though i am no expert, my suggestions are (take it with a pinch of salt)

- If Management accounting is not what you want, you could think of a career in Consultancy, however there are numerous fields - just as an example, a friend of mine who had 5 years experience in IT (Oracle), completed his CIMA and started off as a Project Consultant. I have heard of 'reverse' cases too i.e Finance guys eventually moving into IT, though its a long term plan - you might need 'Project experience', takes time and you'll have to be sure thats where you want to go..

- Look up CIMA's monthly student accountant magazine - they have a lot of resources including CIMA members who write their success stories
http://www.cimaglobal.com/en-gb/About-u ... ance-jobs/

- Finally, BASEL II certification is in vogue. Look it up on google - if you are experienced in or want to move into Banking et al, Capital Requirement, Risk Management and related

- Use exemptions that are available on account of CIMA completion to do the above certification(s) or any other you think you can manage with your work.

Its tough sometimes to have like 'diversified' experience on your resume -Its a vicious circle, you dont get a specific job you want without the relevant experience and you cant get that experience unless you get that role ! So it will help if you can arrange a 'lateral' move in your company and keep working at what really turns you on, career-wise..

[louy]

Thank you for your reply. Some really interesting ideas generated.

I am going to look into this BASEL II. This is something really new to me and I have not heard of this before.

The other option I am still considering is the CFA. My thinking here is that although it is not related to my studies or line of work, hopefully it will give me further options to work in Banking/Finance later on.

I am still relatively young and still have a few good years ahead of me and happy to work hard and learn. Just looking for path or career direction and wish to make the most of my time and opportunity whilst I am here in Singapore

[amiee40]

From your first post, you did not mention whether you are a CPA or CA. If neither, thought about going down that path?

If you are a CPA or CA and with your CIMA qualifications, you can try your luck and apply for exemptions with a MBA program. I know both CA and CPA qualifications will be eligible for at least 5-6 unit exemptions for some MBA programs, not sure about CIMA.

[carteki]

Your task now is to settle down and get some work experience. Adding additional qualifications is great, but doesn't help if you're up against a candidate with years of work experience.

[louy]

I have been doing quite a bit of thinking for the long term recently, guess it is a sign of maturity and my age (??). I feel that I may need to look for external opportunities in order to progress my career. I have been with my employers for 5 years now, and often get bored. Although I am qualified in Management Accounting, I have very little Management Accounting work and now I may struggle if I look external whilst remaining in accounting roles. Furthermore, it seems that my CIMA qualification is relatively unknown and almost redundant here in Asia, especially Singapore.

My PR rejection also restricts my ease of movement and search for new employment. If I stay in Asia, I will probably move to HK as I do have dual citizenship and have the right to live and work there. I am considering moving to HK, and moving industry to banking and finance.

So at the moment I am considering a CFA.

Does anyone have any experience with CFA qualification ? Is it worth doing ? Will it add any value to my CV and will it make any difference if I want to enter the Finance and Banking industry. (I am not thinking of doing the whole thing, just level one for now, and if I can get into that industry, I will aim to finish the rest of it)

I am thinking long term (a couple of years), and the risk is I may not go into Banking and Finance. If that is so, will it really be a waste of all my money and time. The course is pretty expensive as well, and it doesn’t seem likely I will get support from my employers as it is not relevant to my work.

Can anyone recommend another qualification which may assist me getting into banking but isn’t such a waste if I change direction in my career path ?? I have my Degree from UK, and a CIMA qualification.

I am not sure why Finance and Banking is appealing to me at the moment. I spent much of my career so far being a generalist and having rotated all over the company and have become a jack of all trades and master of none. (or more accurate, I jack at all trades and a master of none)

Will I be too old to enter into banking then, I will be 30 then ?

To be completely honest, I am not exactly sure what I want to do and where. Just realized that I am getting old and that I shouldn’t be sitting here in this seat forever (or next 30 years).

[amiee40]

I have my Degree from UK, and a CIMA qualification.

.

I think you are better off trying to get a CA or CPA qualification first, which is more widely accepted and then get some experience in other areas in accounting.

I know most of my friends do their CFA, after their CA/CPAs & MBAs.

[louy]

Does it really matter where the CPA comes from ?? For example is a CPA Singapore better than CPA Australia etc ??

I have not really placed much focus on CPA because I think I want to move away from accounts - although I recognise that the experience is vital for any finance related career.

There is another reason why I not went for a CPA yet. As a CIMA member, I can convert to CPA Australia just by completing a form and paying them money. So getting a CPA didnt feel like improving myself, except for getting a for more letters and having less money.

And I think CPA Singapore and CPA Australia has an agreement too.

[amiee40]

CPA Singapore is affiliated with CPA Australia. Also i think you better also double check whether you can just convert from CIMA to CPA, there must be a mutual agreement. With the current changes in the mentor program, i am not sure whether you can get just convert fully into CPA.

To tell you the truth, i have never heard of CIMA until i read about it on this forum. CPA, CA, CFP, CFAs, etc i have heard of. CIMA is not widely recognised in Australia either (preference to CA & CPAs). For finance related fields, i know in Australia, you can do a Certified Financial Planner (CFP) qualification which is accredited with the ASX.

You have to have the years of experience to back up your qualifications!! You may get your foot in the door with the qualifications but once they know you don't have the skills, don't think you are going to last...