Accounting - CIMA

Maisy222 · 2023-09-01T14:30:43+00:00

I am in my late 20s, based in Scotland and work in banking (risk &fin crime) currently salary £40k. I didn't go to UNI due to personal matters but now I am in a better place and want to get back to studying. Despite of the fact that I work in banking I am pretty bad with numbers (mental maths) due to dyscalculia. I can do the basics but that's about it. I have been looking at what I'd like to do next and where I work theres excellent opportunities in audit and accounting (industries not practice). I want to sign up for CIMA but the whole maths nightmare makes me doubt myself. I have no issues with theoretical concepts. Does anyone here have any experience with CIMA? What would be your input?

2PintsOfCidernaBagofCrisps · 01/09/2023 15:42

I'm 38 and have worked as a finance manager for 13+ years. I have no formal qualifications but have plans to start a long road of distance learning towards ACCA soon. I failed Standard Grade maths in school but eventually worked my way to a strong pass in Intermediate 2 (Scottish qualifications).

From my experience, mental arithmetic doesn't come into play all that often; you generally are using calculators, Excel or accounts software that does the bulk of your calculations. Beyond remedial level maths, even the Head of Finance that I work for, picks up a calculator. Also, the longer you do the job, the more practice you get at mental arithmetic and it does improve.

If you understand mathematic concepts and how to find the answer using the equipment/software built for such things, I don't see an issue. I don't have much knowledge on CIMA personally but know several people in my professional network who have it and they are all well thought of. Weirdly, I'd been chatting about this with the FM of a Board I sit on. She has CIMA and said it was the 'trendy' accounts qualification when she went to Uni. I don't know what I take from that, right enough!

Original poster

Maisy222 · 01/09/2023 15:49

2PintsOfCidernaBagofCrisps · 01/09/2023 15:42

I'm 38 and have worked as a finance manager for 13+ years. I have no formal qualifications but have plans to start a long road of distance learning towards ACCA soon. I failed Standard Grade maths in school but eventually worked my way to a strong pass in Intermediate 2 (Scottish qualifications).

From my experience, mental arithmetic doesn't come into play all that often; you generally are using calculators, Excel or accounts software that does the bulk of your calculations. Beyond remedial level maths, even the Head of Finance that I work for, picks up a calculator. Also, the longer you do the job, the more practice you get at mental arithmetic and it does improve.

If you understand mathematic concepts and how to find the answer using the equipment/software built for such things, I don't see an issue. I don't have much knowledge on CIMA personally but know several people in my professional network who have it and they are all well thought of. Weirdly, I'd been chatting about this with the FM of a Board I sit on. She has CIMA and said it was the 'trendy' accounts qualification when she went to Uni. I don't know what I take from that, right enough!

First of all well done for what you have achieved with your career. It does give me comfort to know that my world will not completely fall apart because I am bad at maths.

I have seen a mixed bag or people choose ACCA/ACA/CIMA and from what I gathered CIMA has the least number crunching out of all 3.

OP posts:

cruffinsmuffin · 01/09/2023 15:51

Mental maths is over rated imo - it's good to be able to have a gist of what you're expecting to see if you're doing a calc, but in my job if I told them I'd done mental maths instead of checking it with a calculator (or more likely a formula!!) they'd think I'd lost my mind. If you're okay with the basics that should be good for you 😊

I've done my CIMA - it's a lot to do if you have no exemptions, starting at the foundation level. It's more management accounting style rather than ACCA which is more traditional accounting, or AAT which is more bookkeeping.

Whilst there are quite a few maths elements, some of the formulas are given to you (some need to be remembered too) and they're fairly logical imo. I think if you can get your head around the theoretical concepts, you'll hopefully be able to apply that to the questions and then you'll be able to understand what you need to do to answer if that makes sense? It can be expensive if you're not being sponsored by a company though! I'd recommend BPP as a provider, they're really good.

I also really like audit - it's great if you've got a good analytical mind, but I'm in more regular accounting in industry.

Burnamer · 01/09/2023 15:53

How are you with % calculations? Do you understand how to turn a gross price into net and back again, for example?
if you understand that, you’ll be fine.
I qualified as an accountant at 44.

Original poster

Maisy222 · 01/09/2023 16:00

cruffinsmuffin · 01/09/2023 15:51

Mental maths is over rated imo - it's good to be able to have a gist of what you're expecting to see if you're doing a calc, but in my job if I told them I'd done mental maths instead of checking it with a calculator (or more likely a formula!!) they'd think I'd lost my mind. If you're okay with the basics that should be good for you 😊

I've done my CIMA - it's a lot to do if you have no exemptions, starting at the foundation level. It's more management accounting style rather than ACCA which is more traditional accounting, or AAT which is more bookkeeping.

Whilst there are quite a few maths elements, some of the formulas are given to you (some need to be remembered too) and they're fairly logical imo. I think if you can get your head around the theoretical concepts, you'll hopefully be able to apply that to the questions and then you'll be able to understand what you need to do to answer if that makes sense? It can be expensive if you're not being sponsored by a company though! I'd recommend BPP as a provider, they're really good.

I also really like audit - it's great if you've got a good analytical mind, but I'm in more regular accounting in industry.

Excel is a life saver. I guess my concerns would specifically be around doing quick calculation during timed examination. I am don't have any issues with math at work as I will just use calculators/excel.

Luckily I am very good at analysing data and understanding complex concepts which has kept me employed 😁

My company would potentially consider to sponsor me if I moved in a role that aims more towards accounting/audit , currently I am in fin crime , compliance, risk space and they would only consider helping me get a discount.

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WhatCameFirstTheChickenOrTheDickhead · 01/09/2023 16:01

I'm nearly ACCA qualified and I'm crap at mental maths! I got an A at GCSE but gave up A-level maths after 4 weeks. When splitting bills everyone always looks to me but I can't do anything without my beloved calculator!

One of the papers in particular was very maths and formula heavy which was a struggle but I passed it with lots of practice and in real life I would never need to know it. Day to day I have excel and my calculator next to me and I manage just fine.

Original poster

Maisy222 · 01/09/2023 16:02

Burnamer · 01/09/2023 15:53

How are you with % calculations? Do you understand how to turn a gross price into net and back again, for example?
if you understand that, you’ll be fine.
I qualified as an accountant at 44.

In my day to day work I will just use softwares to do such calculations, I understand how to calculate % with calculators and I can understand the concept is net and gross prices you have mentioned. I just can't do it very quickly, takes me a moment.

OP posts:

Original poster

Maisy222 · 01/09/2023 16:06

WhatCameFirstTheChickenOrTheDickhead · 01/09/2023 16:01

I'm nearly ACCA qualified and I'm crap at mental maths! I got an A at GCSE but gave up A-level maths after 4 weeks. When splitting bills everyone always looks to me but I can't do anything without my beloved calculator!

One of the papers in particular was very maths and formula heavy which was a struggle but I passed it with lots of practice and in real life I would never need to know it. Day to day I have excel and my calculator next to me and I manage just fine.

I think the main reason why I decided not to consider ACCA is because it seems to be heavier on maths. How long will it roughly take you to complete? Also would you say that if I didn't go to UNI CIMA/ACCA would be a substitute for it? I am quite insecure about not having a degree.

OP posts:

KirstenBlest · 01/09/2023 16:11

CIMA is a better option than ACCA if you are planning a career in fin mgmt.
It's tough but doable.
I'm not an accountant but looked into it in depth when younger.

You don't need to be insecure about not having a degree, but not having one (2:1 or above) can go against you when applying for jobs. You could do a degree part time or through the OU.

A CIMA qualification should open doors.

WhatCameFirstTheChickenOrTheDickhead · 01/09/2023 16:27

I can't speak for CIMA/financial management but degrees are pretty useless for practice accounting as you have to do ACCA/ACA etc after it anyway, I don't have a degree and it's probably 50:50 in my team who does/doesn't although some are completely unrelated e.g. geography) so please don't feel insecure about that.

I've done it whilst working and I'm given study leave for 4 exams a year so it will have taken me exactly 2 1/2 years if I pass my final 3 exams, however I completed AAT first so did have 3 exemptions.

But as pp says I would stick with CIMA based on your current position.