CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANCY, UK [“CIMA, UK”]
Chartered Institute of Management Accountancy is a worldwide organization based in the UK named “CIMA, UK”, also part of the International Federation of Accountants. It is the oldest and most prominent organization, having approximately 115,000 members globally.
The organization helps people become skilled in management accounting. They focus on supporting and training accountants who work in different industries.
CIMA is a leading group for accountants in the UK and Ireland, mainly focusing on management accounting.
Once you complete the CIMA, UK Strategic Case Study exam and attain three years of relevant experience in nance and accounts, you will gain a designation of Associated Chartered Management Accountant (“ACMA”) and Chartered Global Management Accountant (“CGMA”).
Note: In collaboration with the CPA (USA) institute, CIMA members receive an additional designation- CGMA.
Why choose CIMA?
“When you become a member of CIMA, you’ll become part of the largest group of management accountants globally. CIMA doesn’t just teach accounting; it emphasizes business acumen skills. As a member, you’ll gain financial expertise and professional training in business management. This allows you to guide business strategy and risk management.
CIMA PATHWAYS
There is more than one path to ACMA & CGMA designation. They are as follows –
- CGMA Finance Leadership Program
- Self-tailored learning pathway
- CIMA’s Apprenticeship Programme – This program is divided into C-Suite and C-Sep.
“Each pathway — studying with a tuition provider; independent or self-study; or the new online digital pathway through the CGMA Finance Leadership Program — is based on the CGMA syllabus and leads to the CGMA designation.”
Source: www.cimaglobal.com
“The CGMA syllabus is designed to prepare you for your career in the in-demand accounting profession by building your technical, digital, business, and leadership skills.”
Source: www.cimaglobal.com
CIMA JOB PROSPECTS
With a CIMA qualification, you have numerous career options, whether entering the industry or advancing your career through further studies.
- Management Accountant
- Business Analyst
- Management Consultant
- Finance Manager
- Chief Financial Officer (CFO)
SALARY RANGE
CIMA-qualified professionals can earn between £34,000 and £50,000 per year in the UK.
Source: Hays Accountancy & Finance Salary Guide 2022
Finance and accounting are two essential pillars of the financial world. While accounting focuses on the past and ensures accurate financial records, Finance looks to the future, making decisions that impact an organization’s financial well-being. Together, they provide a comprehensive view of economic health and strategy.
Finance: Funding and investments in organizations.
Accounts: Recording, Analysing, and Reporting financial transactions.
WHY CIMA IS DIFFERENT FROM OTHER PROFESSIONAL COURSES?
1. CIMA, UK vs ACCA, UK :
Based in the UK, CIMA specializes in management accounting and corporate nance positions, with a strong emphasis on practical applications.
ACCA, also in the UK, focuses on financial reporting, auditing, and taxation, with opportunities to select advanced modules in financial and/or performance management.
2. CIMA, UK vs CMA, US
CIMA has maintained a more substantial international presence and enjoys widespread recognition in many regions, particularly in the UK. However, its recognition is somewhat limited in the US.
Meanwhile, IMA has expanded its global footprint, especially in emerging markets such as China and the Middle East. Presently, CMA holds a solid position in China and competes closely with CIMA in the Middle East.
In the United States, CMA enjoys higher recognition. CIMA is widely acknowledged in the UK and Commonwealth nations, although its recognition is slightly less in Canada and Australia.
US: CMA is much more recognized.
UK: CIMA is much more recognized, less so for Canada and Australia.
Middle East: CMA and CIMA have similar standing.
Courtesy: Dilpreet Kaur – CGMA.CPA AU
Leave a Reply