I am fully qualified CIMA (ACMA- awaiting approval on FCMA) and Qualified MCT (Corporate Finance, Risk and Treasury)from UK. I have my own medium size business with a turnover of GBP345M and net profit of £180M. I would like to point to him that his lack of knowledge in the area of finance, is crystal clear. US accountancy degrees are focused primarly on US GAAP system and are surpassed by the professional education system offered by UK in relation to CPA or CMA. Both canada and US work on local level platforms, while ACA, CIMA work on international level platform by focusing on IFRS and US GAAP, UK GAAP.
US first degrees have found to lack international focus and attract substantial candidates to further pursue MBA/ CFA programmes to deliver and develope international persepectives and awareness.

His opinion sounds as he is bias towards US educational system, and also seems that he has failed in achieving the level of qualification from UK.
(those who cant do themselves, discourage others).

Kind regards,
Stuart.

Apologies for the numerous posts, accidetly hitting tab before return!

Thank you for all of the information you have posted to date. As an undergraduate student hoping to enter into the financial sector it was a very interesting read.

With regard to the level of teaching experienced for the professional qualifications, what is important to remember is that an undergraduate degree in accounting is not required to commence study of the post graduate, professional qualifications. Rather, a ‘good analytical degree’ is often specified.

Therefore, I am not surprised certain elements appeared extremely basic to you if you have previously studied accounting.

What I do not understand however is why the teacher was boosting his already over inflated ego!

My personal experience of the education system within the UK is that it is archaic and the level varies dramatically. I also feel that the benchmark for attainment between universities varies quite considerably. Therefore employers requesting ‘a minimum 2:1′ will receive a very mixed bunch.

Also, I have found the attendence of lectures by undergraduates to be very very low. I am sure a lot of important knowledge is missed by the students and again, this must impact the level at which post graduate teachers can begin.

Education within the United Kingdom is I believe too varied to make such a blanket statement. I am sure for every example of a poor educational body, there is also an example of an exemplary one.

However, as someone who has not yet studied abroad, I am not in a position to compare. I do feel though that within the UK it is becoming quite clear that a higher level of acadmic acheivement is being expected by employers. Especially now during the current economic climate they can afford to expect higher grade candidates.

Let’s start with your first post here.

I’m saying ACCA is considered a mid tier qualification because it is a financial accounting and reporting qualification. The problem with being an ACCA is that you’re ultimately competing with a much larger pool of accountants, including the CAs, and let’s be honest, the general idea is that CAs are the ultimate financial accountants (although those of us who are accountants know that’s trash talk by uneducated people). It’s this general persona in the business world which, unfortunately, gives ACCAs a sub-standard persona, although let me be clear that I think this opinion is wrongly formed. CIMA, on the other hand, competes with nothing. It’s the self proclaimed management accounting qualification that gives you average US university level education in branded format. That’s all.

Let’s be honest: the world is about marketing. CIMA does a far better job, and CIMA’s don’t compete with CAs, which gives them the edge. If you ask me, the fact that these certifications exist and are respected is very reflective of the crap quality of education in Britain. An ACCA examiner and a CIMA instructor stood up in class and told me with great pride that what he is about to teach me is something no graduate would have see before. Well, what can I say. Not only was he wrong, what he taught was also incorrect. The fact that US education covers in basic accounting degrees what UK accounting qualifications are covering at the professional level simply reflects on the generally low level of competency of the British educational system.

For me, Britain has been a source of politically motivated educational frustration brought on by old, faggot-like businessmen who know nothing of how the world outside the UK is evolving. That’s why university education is trash, professional education is necessary and the recession is in full boom.

The bad news is that ACCA and CIMA don’t necessarily have reciprocal agreements. With a full ACCA qualification, CIMA will only give you exemption from the certificate level. My advice to all smart accountants, leave the UK or if you want to live here, go into another profession. Accounting is highly bureaucratic in the UK and this country is a good 20 years behind the rest of the developed world and always will be, because the oldies stay at the top, and they’ve become so dumb they forget to use the younger talent which has evolved in technical understanding, knowledge and technology. I’ve seen the problem with so many clients here I can almost write a book on it.

I believe ACCAs cannot call themselves Chartered Accountants or CAs. That’s part of the reason they’re disadvantaged.