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CIMA Operational level preparation tips

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CIMA Operational level preparation tips

CIMA Operational level preparation tips

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 Operational level preparation tips

  • Familiarise yourself with the syllabus: Since accounting and finance is an unknown area for you, familiarise yourself with the syllabus thoroughly to ensure that you do not miss out on anything important.
  • Plan: Create a study plan with definite completion deadlines, that you will need to follow diligently. It will ensure that you stay on track.
  • Choose your study materials: While you must study from the official study materials of CIMA, you may also enrol for an online preparation course. This course will help immensely in preparing and will be very useful in preparing for the exams. Check out this online course to get an idea of how useful these can be.
  • Study thoroughly: Read and understand the study materials well, so that you are able to retain the concepts you have learnt. Since the subjects will be unknown to you, spend a lot of time in this, and do not rush.
  • Practice tests: After the studies are over, get hold of a question bank and practice the tests well. Answering these mock tests and past question papers will help you to understand the pattern and style of the question papers well.
  • Increase your speed: The key to finishing the paper on time is to increase the speed at which you are able to solve the paper. So while you answer the practice tests, time yourself. This will help you to increase your speed gradually, which will be invaluable for finishing the entire test on time.

CIMA Operational level preparation tips

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  1. Practice hard: There will be various types of questions that you will have to answer in the exam. In this paper, having a mere conceptual understanding won’t help you. You need to go deep into these concepts and understand exactly how you can use these concepts in real life. The questions that will come will be practical focused, so unless you practice thoroughly, you will find it difficult to answer the questions.
  2. Learn to manage your time: When I appeared for my CIMA exams, the biggest challenge I faced was to answer all the questions within the stipulated time. It is not a small challenge. From the early days of your practice, learn to manage your time well. This will reap rich benefits during the exams.
  3. Understand the question formats: The exam for E3 is computer based and a number of objective type questions of various formats will be given to you. These include short multiple choice questions, drag and drop questions, number entry questions, and various other formats. Familiarise yourself with these formats, and answer lots of questions of each format during practice.
  4. Don’t leave anything: Doing selective study can be dangerous, as questions might be asked from any area. You will face a lot of questions which will require you to apply your knowledge from different chapters, and if you do not read all chapters, you will get stuck. So read thoroughly and take your time to understand the concepts well.

CIMA Operational level preparation tips

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CIMA Operational level preparation tips

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Preparing for CIMA? - Must read below
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better. Watch demo videos below -

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