Accounting & Finance Sector + SIM-UOL VS ACCA?

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Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby meinteel » Thu Mar 03, 2011 5:09 pm

SIM-UOL Accounting n Finance 3years S$24, 500
Annual Exams - UOL Bachelor of Accounting and Finance
Exempted for first 10 papers of ACCA

ACCA ??? Years $600/paper excluding membership fees
Exams every 6 months - ACCA Qualification
15 papers in total

Anyone in the accounting sector has any advise which is better? I was told that SIM-UOL has more employment prospect and the higher is generally higher after 2-3 years of working experience. Is it true?

Besides that, I was wondering...What does the additional word "Finance" do for you? Either than being an accountant - what can we do with these certification?

meinteel
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Postby raynreg » Thu Mar 03, 2011 5:15 pm

SIM-UOL secure you with basic degree. But they do not qualify you for membership under the Institute of Certified Public Accountants of Singapore (ICPAS). ACCA does get you that recognition. The choice is obvious since after SIM-UOL you will still need to do further papers for ACCA.

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Postby verykiasu2010 » Thu Mar 03, 2011 5:17 pm

The ACCA is a Professional qualification

The SIM-UOL is an academic qualification

To practise as an auditor, you still need to do the ACCA finals before the ICPAS can register you. ICPAS has established the joint-scheme with the UK ACCA for the prof exams to qualify local auditor before they are licensed to call themselves professional accountant aka auditor

The training arm of ICPAS is SAA which runs the ACCA courses in Singapore.

all accountancy grads from singapore must go through the last few papers of ACCA masked under the ICPAS prof exams before they are professional qualified. This is necessary for anyone who wants to practice as an auditor.

to work as finance manager or accountant or FC - the degree will suffice

you don't even need to be an accountant to be CFO so long as the CFO has someone qualified to do the work for him / her
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Re: Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby alng » Fri Mar 04, 2011 11:54 am

meinteel wrote:SIM-UOL Accounting n Finance 3years S$24, 500
Annual Exams - UOL Bachelor of Accounting and Finance
Exempted for first 10 papers of ACCA

ACCA ??? Years $600/paper excluding membership fees
Exams every 6 months - ACCA Qualification
15 papers in total

Anyone in the accounting sector has any advise which is better? I was told that SIM-UOL has more employment prospect and the higher is generally higher after 2-3 years of working experience. Is it true?

Besides that, I was wondering...What does the additional word "Finance" do for you? Either than being an accountant - what can we do with these certification?


Hi meinteel,

To be a Certified Public Accountant (both practising or non-practising) of ICPAS, a recognised bachelor degree in accounting OR ACCA would suffice. So, you need to make sure that the degree offered by SIM-UOL is recognised by ICPAS. ICPAS recognises the accounting degrees from the three local universities. So with the accounting degree from local universities plus 3 years of working experience, one can be a CPA of ICPAS. Do note that this requirement is likely to change in the near future as ICPAS is working on the new requirements to increase the standards of the accounting profession. There is likely to have a CPA exam to be taken before one can become a CPA. Details have not been announced.

Those who have gone through accounting courses in local universities and ACCA will tell you the differences of the two:

1) Universities train managers while ACCA focuses on technical aspects of accounting.
2) It is easier to pass universities exams while ACCA exams are tougher.

Both graduates will have good job prospects as there is a strong demand for Accountants/Auditors. As to which graduate will move faster in the career path, that depends. To move up, the person must have strong accounting and business knowledge plus the other soft skills.

From an Accountant by profession.

alng
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Re: Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby raynreg » Fri Mar 04, 2011 12:37 pm

Other than degrees from local university, ICPAS do not recognised any other bachelor degree to qualify for membership. Those who have done foreign degrees with say Australia would need to do the local variant papers under the Australia CPA programme. Only upon completion of the Australia CPA programme do candidate get to be member of ICPAS through their mutual recognition programme.


Recognised Qualifications (click to expand list)


An applicant shall, at the time of his application for admission, either

(a) have passed the final examination in accountancy of one of the following:

i.the Singapore Polytechnic for the professional diploma and for the degree course in accountancy for the years 1961 to 1969;

ii.the University of Singapore for the degree of Bachelor of Accountancy;

iii.the Nanyang University of Singapore for the degree of Bachelor of Commerce (Accountancy) or Bachelor of Accountancy;

iv.the National University of Singapore for the degree of Bachelor of Accountancy;

v.the Nanyang Technological Institute for the degree of Bachelor of Accountancy;


vi.the Institute of Certified Public Accountants of Singapore (formerly the Singapore Society of Accountants) - Association of Chartered Certified Accountants of the United Kingdom Joint Scheme;

vii.the Nanyang Technological University for the degree of Bachelor of Accountancy or Master of Business Administration (Accountancy);

viii.the Institute of Certified Public Accountants of Singapore Professional Examination;

ix.the Singapore Management University for the degree of Bachelor of Accountancy or Master of Professional Accounting;

x.the National University of Singapore for the degree of Bachelor of Business Administration (Accountancy); or

(b) have passed the final examination in accountancy of one of the following or its recognised equivalent:

i.the Institute of Chartered Accountants of Scotland (ICAS);

ii.the Institute of Chartered Accountants in England and Wales (ICAEW);

iii.the Institute of Chartered Accountants in Ireland (ICAI);

iv.the Association of Chartered Certified Accountants (ACCA) (formerly known as the Chartered Association of Certified Accountants);

v.the Institute of Chartered Accountants in Australia (ICAA);

vi.CPA Australia (formerly known as the Australian Society of Certified Practising Accountants);

vii.the New Zealand Institute of Chartered Accountants (NZICA) (formerly known as the Institute of Chartered Accountants of New Zealand);

viii.the Canadian Institute of Chartered Accountants (CICA);

ix.the American Institute of Certified Public Accountants (AICPA);

x.the Chartered Institute of Management Accountants of the United Kingdom (CIMA), except that CIMA members who have passed its final examinations on or after May 2005 shall have passed the subjects in

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Postby MMM » Fri Mar 04, 2011 12:37 pm

If you want to be an accountant, the key thing is the qualification that you've is being accepted by ICPAS.

So it's good to ask ICPAS for a list of degrees/ qualifcations that they recognised. They do publish such a list.

In terms of career progression, it doesn't really matter whether you are from ACCA, CIMA, NTU or other overseas university so long as your qualification are recognised by ICPAS. In addition, as another forumner mentioned, you need to have good technical knowledge, business focus, desire to progress, right attitude and also opportunities.

Note that passing rates for professional papers like ACCA/ CIMA are around 35% (not sure if this is updated). I've friends who work full time and took such courses on a part time basis for 10 yrs and finally pass. So if you are thinking of this route, determination and discipline is the key.

Meanwhile for CPA certification, not sure about other forumners. It's a nice to have but so far, I don't really get to use it as I am not in public accounting. It's just a term on the name card. But of course, it's good to be associated with ICPAS as you get the publications and access to training resources.

I've a niece who just completed her degree in finance via distance learning locally from a UK uni. She had a difficult time looking for a job in finance and was open to accounting roles. As she is finance and not accounting trained, it's less likely for companies to offer her a job equivalent to fresh accounting grads since her technical knowledge will be limited. I recommended her to CIMA and I know she is doing some contract accounting roles at the moment.

CIMA fyi focus on management accounting (Business focused accountants). These are accountants who usually don't work on closing books, audit. But from a technical competency standpoint, they can do that. They usually work in business focus roles (eg. analyst for a brand, financial planning and analysis) and they help drive business growth and decisions. Common activities are financial planning, budgetting, pricing, long term forecasting, etc.... This is the more strategic aspect of accounting. Personally, I think it's more interesting and challenging.

ACCA focuses on financial accounting (eg. audit, ensuring historical records are properly accounted for). ACCA is widely available in Singapore eg. ICPAS offers the course while CIMA based on my understanding is less popular probably due to marketing strategic and the misconception that it is only for manufacturing business and costing related which I personally disagree. As accounting roles has evolved into more strategic, we are no longer bean counters but strategic business partners like HR, IT,etc...

But they are equally recognised and CIMA is very popular in UK as it is business focus.

Just some general information as you decide what you want to embark on.

MMM
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Re: Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby lelouchkid » Tue Jul 05, 2011 9:51 am

I am studying UOL-accounting and finance.
But i am very confused between ACCA and ICPAS...If i want to be qualified accountant /auditor, should i go for acca examinations then apply for icpas membership or is there any icpas exam that i member take before i can become icpas member and get recognized. Pls help to ans my qns, is it the acca or icpas exam that i should take?

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Re: Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby verykiasu2010 » Tue Jul 05, 2011 11:59 am

lelouchkid wrote:I am studying UOL-accounting and finance.
But i am very confused between ACCA and ICPAS...If i want to be qualified accountant /auditor, should i go for acca examinations then apply for icpas membership or is there any icpas exam that i member take before i can become icpas member and get recognized. Pls help to ans my qns, is it the acca or icpas exam that i should take?


the exams that ICPAS requires the future member to take is the ACCA final papers, that is why it is a joint-scheme exam between ACCA and ICPAS....all the papers are set by ACCA UK, except for the paper on Singapore taxation

the choice / decision is obvious
verykiasu2010
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Re: Accounting & Finance Sector + SIM-UOL VS ACCA?

Postby CookiesMonster » Fri Jul 15, 2011 7:02 pm

Anyone doing or completed CIMA? Possible to self-study? if not, can recommend lecturers/institution? Many thanks :)

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