Which would be better to study?

Question

I already have a degree but I want to study for professional exams. Which career would be more prestigious and lucatrative: working as an accountant or a credit manager?

Should I study for the CIMA exams (Chartered Institute of Management Accountants) or the Institute of Credit Management exams?

Answer 1

Louise,

you're doing yourself a disservice if all you look at is the average salary/prestige between the two choices. It's not as if one of these if by far better than the other. When it comes to these two, the best advice I have is which one you're better at. Which one do you find easier, gets you more excited?

The reason I ask that is the one that you enjoy more is the one that you're more likely to excel in. And if you excel in one, you're going to end up with way more prestige and salary than if you're just average in the other.

Now, I know lots more about accounting than credit, but let me ask you a couple of questions you'll also want to consider. Are you comparing apples to apples here? You probably don't start right out as a credit manager, would you; you'd have to work up to that position. What does a credit manager make vs. a lead accountant. Again, if you excel as one compared to the other, how long will it take to achieve that position compared to the other.

Another question -- do you want to settle down with one firm, or are you interested in consulting? If you're successful and get into consulting, then you're looking at a good opportunity to be higher in prestige and salary than just an accountant or a credit manager, and I know accountants that got into consulting and did very well.

Finally, do you have any kinds of aspirations to own your own business? I forget the figures, but owners who are also accountants make substantially more than an owner who isn't an accountant. Even if you, as the owner, aren't doing the day-to-day accounting, the accounting background will give you good insight into the state of your business' financial health.

I'll say it again, I know lots more about accounting than credit managers, and so I'm not qualified to say that accounting is definitely more prestigious or lucrative than the other. But I do want to get you to broaden your outlook and the questions you're using to assess your options -- to help you make the best decision for you.

Answer 2

its not always about the money dude, its all about your passion for what you love most.

but statistically, credit managers always seem to be driving the best cars.