CIMA Exam detail
CIMA Exam detail: Details on CIMA Exam
Steps to CIMA® Certification
Much like other advanced financial certifications, candidates for IMCA’s CIMA® certification must complete a rigorous preparation and exam process. This process contains 5 steps:
- Submit an application and pass a background check
- Pass a Qualification Exam
- Successfully complete approved education program
- Pass a Certification Exam
- Meet work experience and ethics requirements
Application and exam fees are combined into one enrollment fee:
- $600 for IMCA members (includes application fee, Qualification Exam fee, and Certification Exam fee)
- $995 for non-IMCA members (includes membership, application fee, Qualification Exam fee, and Certification Exam fee)
- $1,095 for non-members (includes application fee, Qualification Exam fee, and Certification Exam fee)
All fees include one attempt to pass the Qualification Exam and one attempt to pass the Certification Exam. Retake fees apply:
- Qualification Exam: $125 for IMCA members; $175 for non-members
- Certification Exam: $225 for IMCA members; $325 for non-members
Once your application is accepted, you will sit for an online-based Qualification Exam, which is offered at over 170 Applied Measurement Professionals, Inc. testing centers throughout the United States.
- 100 hours of preparation is recommended
- The exam is 2 hours and consists of 50 multiple-choice questions and 10 unscored, pretest questions
- One attempt is included with the application fee
- Candidates must pay a fee and wait 30 days to retake the exam
- Exam is combination of recall, application, and analysis questions
- Passing the Qualification Exam allows candidates to attend the required education program
Registered education programs are offered at select, top-20 business schools:
- University of Chicago Booth School of Business
- The Wharton School at University of Pennsylvania
- Investment Management Research Centre of University of Technology in Sydney
- Yale School of Management
Once your education program is complete, you can sit for the Certification Exam, which is also offered at AMP test centers.
- Offered during 4 test windows: February, May, August, November
- 150 hours of study time is recommended
- Exam consists of 100 questions, and 10 unscored, pretest questions
- Questions are developed from job analysis
- Exams are scored with a pass/fail method: candidates pass due to their knowledge and skill, not on the performance of other candidates
Work Experience & Completing the Certification Process
Upon passing the Certification Exam, candidates are required to:
- Document a minimum of 3 years work experience
- Pass a second background check
- Pay initial certification fee
- Sign a license agreement.
CIMA® certificants must complete 3 renewal requirements every 2 years:
- 40 hours of continuing education (CE) credit, including 2 hours of ethics
- Pay a certification renewal fee
- Complete a compliance disclosure and continue to adhere to IMCA’s guidelines
CIMA Exam detail
CIMA Exam detail: The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.
CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.
CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.
CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.
The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.
In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.
In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.
CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.
CIMA Exam detail
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