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Details On Structure of the CIMA qualification


Structure of the CIMA qualification

Structure of the CIMA qualification: The CIMA Professional Qualification is recognised worldwide as the most relevant global finance qualification for a career in business.

By studying with CIMA you will be joining a global organisation powered by two of the world’s leading accounting bodies (AICPA – the American Institute of Certified Public Accountants and CIMA). We work together to make management accounting the most valued profession in business worldwide.

On completion of the CIMA Professional Qualification, you will be awarded the Chartered Global Management Accountant (CGMA) designation, recognising your value and showcasing your professionalism, business and leadership skills, ethics and commitment.

As accountants in business, management accountants need to understand how businesses operate, how they are managed, how people work together and how strategy is formulated.

They also need to be able to provide the analysis which managers need to understand the economics of a businesses’ operations, to manage performance and to manage risk. These capabilities are in addition to the core technical financial accounting skills expected of a professional accountant.

Only the CIMA Professional Qualification can give you the right mix of skills, knowledge and experience needed add value to organisations and drive business success.

Structure of the CIMA qualification: Structure and Syllabus:

A Aims of the syllabus The aims of the syllabus for the CIMA Professional Chartered Management Accounting qualification 2010 are:

• To provide for the institute, an adequate basis for assuring society that those admitted to membership are competent to act as management accountants for entities, whether in manufacturing, commercial or service organisations, in the public or private sectors of the economy.

• To enable the institute to examine whether prospective members have an adequate knowledge, understanding and mastery of the stated body of knowledge and skills.

• To enable the institute to assess whether prospective members have completed initial professional development and acquired the necessary work based practical experience and skills.

Structure of the syllabus The syllabus comprises three learning pillars:

• Enterprise pillar

• Performance pillar

• Financial pillar Each learning pillar is divided into three progressive levels:

• Operational level

• Management level

• Strategic level

Structure of the CIMA qualification

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”.

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