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Have you been trying to decide whether to pursue a SAICA or a CIMA designation? You may not have considered it, but you can in fact do both, and pursue a 'dual designation' - CA(SA) & CGMA: a couple more letters behind your name couldn't hurt; but what are the requirements for this, and what are the benefits that accompany this dual designation?
Shannon Gerber, CA(SA) & CGMA unpacks all of this and lays out her journey.
What does the journey to the dual designation, CA(SA) & CGMA, look like?
While both designations are finance and accounting orientated, they differ in their speciality, as well as the route to get there. Depending on whether you begin with CA(SA), or with CGMA, achieving the dual designation will be a slightly different route, explained below:
CA(SA) looking to become a CGMA
Eligible CAs(SA) looking to become CGMAs are exempt from 15/16 of CIMA’s CGMA examinations and only need to complete the Strategic Case Study Preparation Course with a registered training provider, successfully complete CIMA’s Strategic Case Study exam and apply for ACMA/FCMA membership.
CGMA looking to become a CA(SA)
Eligible CIMA members wishing to become CAs(SA), on the other hand, no longer have to sit and pass SAICA’s first qualifying examination (the Initial Test of Competence (ITC)) but instead, register for an accredited Professional Programme and sit SAICA’s second qualifying examination (the
Assessment of Professional Competence (APC)), which is written once in November/December every year.
Shannon Gerber CA(SA) CGMA, journey to the dual designation
"I completed my Bachelor of Accounting (cum laude) with honours in 2019 and started my three-year articles journey in 2020 (yes, I was a COVID trainee). Working remotely was hard and there were some tough moments but overall, it taught me how to learn on my own and increased my confidence in my abilities.
Towards March in 2020, I received an email stating that due to graduating Cum Laude, I was able to get 15/16 exemptions with CIMA. This meant I was only one exam away (the Strategic Case Study) from obtaining the CGMA designation. I took a while to decide whether I was going to do it not but in June, I made the decision that it would be a lost opportunity. I went through the CIMA website to sign up for the exam and started studying in August after the audit year end of one of my largest clients.
Balancing my articles with studying was a challenge, especially due to all the deadlines within audit. I spent almost every night and weekends studying for the exam which I was writing in November. I registered to write the exam in person and signed up with VIVA through the CIMA website to help me prepare. I completed the exam and received notice that I had passed a few weeks later.
Once you pass the exam, you don’t automatically receive the designation as you still need to complete your Practical Experience Requirements (“PER”) which is 36 months of relevant work experience. Due to my articles experience, I managed to achieve these competencies during my 3-year audit articles with
Deloitte (despite being told it would not count)."
Costs involved in obtaining the dual designation CA(SA) and CGMA
Below is not an exhaustive list but highlights the largest costs involved. Most companies will only cover one professional membership fee each year. You will only be able to use the designation if you have paid your membership fees and your membership is active with the organisation.
SAICA | CIMA | |
Membership Fee | R8 500 | R7 400 |
Examination Fee | R7 000 (APC) | R6 700 (SCS) |
Prep Course Fee | R12 200 | R7 000 to R15 000 |
Application Fee | N/A | R4 400 |
(As per October 2024)
Shannon Gerber's Advice on the dual designation CA(SA) & CGMA
"Due to the high costs involved with pursuing the dual designation of CA(SA) and CGMA, my best piece of advice would be to know your “why”. I chose to do the dual designation because I really wanted to learn more about strategy and the management accounting side of business rather than just the financial accounting aspects. Management accounting was my favourite course at varsity, and I knew that by doing CIMA, it would put me in a better position to gain career experience in these roles.
Do not do it solely because having the dual designation looks “cool”. One thing I have also learnt is that it is all about getting practical experience, that means much more than a qualification or letters behind your name does."
Other options
A slightly cheaper, less time intensive option could be to complete the FMVA exam through CFI’s website. This exam teaches you how to prepare and analyse financial models and is extremely informative.
Which designation will you pursue?
CA(SA)
CGMA
Dual Designation - CA(SA) & CGMA
A bit about Shannon Gerber CA(SA) CGMA
"I grew up on a citrus farm in a small rural town called Addo in the Eastern Cape. I studied accounting in Stellenbosch and then made the big decision to move to JHB to start my career as I was ready for “big city life”. I completed my articles in the Financial Services sector at Deloitte working on large, listed banks such as Nedbank and First Rand (specifically RMB).
I very quickly realised that audit was not for me and after my 3-month secondment to Denmark, I joined the Transaction Services team at Deloitte to explore my passion for M&A.
Outside of work, one of my favourite things to do is go for a run or a walk and end it off with a cup of coffee.
If you have any further questions, please reach out to me on Linkedin."
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