In this article, find out more about CIMA and how having it on your resume may help your career. Continue reading to get all the information you want on the CIMA course, regardless of whether you are just beginning your career in accounting or are trying to take your talents to the next level.
India is a nation that has a significant number of illustrious educational institutions, including colleges that do not charge students tuition and learning centers. Several management institutions provide education programs that consist of reading material, assignments/projects, and tests and quizzes.
These institutions provide tests of innate ability. Aspirants are free to choose any subjects that pique their interest in light of their objectives for their future careers. Compared to Western nations, the cost of enrolling in any of the available programs in India is quite affordable. Let's learn all there is to know about the CIMA certification, including CIMA course fees, salary, etc, shall we?
What is CIMA?
CIMA stands for the Chartered Institute of Management Accountants, a leading global professional body for management accountants. Founded in 1919, it offers the CIMA qualification, which focuses on management accounting, financial strategy, business management, and decision-making skills.
CIMA is headquartered in London, UK, and has a strong presence in Europe, Africa, the Middle East, and Asia. Upon completing the qualification, candidates earn the CGMA (Chartered Global Management Accountant) designation, which is recognized worldwide.
CIMA is geared towards individuals looking to specialize in management accounting and business management, focusing on financial planning, analysis, risk management, and strategy rather than pure financial reporting or auditing.
CIMA Levels
The CIMA qualification consists of three levels, each with four subjects:
- Operational Level (foundation in management accounting)
- Management Level (focus on financial and business management)
- Strategic Level (advanced skills in strategy and risk management)
After completing all levels, students need to pass a Case Study exam for each level and complete three years of relevant work experience to become fully qualified.
CIMA takes around 3-4 years to complete, depending on the candidate’s pace and previous qualifications.
The overall cost is approximately INR 3-4 lakhs, which includes exam fees, membership fees, and study materials.
To be eligible for the CIMA (Chartered Institute of Management Accountants) qualification in 2024, candidates typically need to meet specific educational and professional requirements. Generally, individuals can enter the program with a variety of qualifications, including a bachelor's degree or equivalent.
The qualification consists of three levels: Operational, Management, and Strategic, culminating in the CGMA designation. Practical experience is also essential, requiring a minimum of three years of relevant work experience.
For detailed eligibility criteria, you can refer to CIMA's official guidelines. (CGMA)
CIMA Course Levels And Course Fees
Primarily, the CIMA course focuses on some of the major subjects to distribute the right knowledge and concepts among the students. The course details can be classified as follows:
Certification Level
- Fundamentals of Business Economics
- Fundamental Studies of Management Accounts/Accounting
- Business Ethics, Business Laws, and Corporate Governance
- Fundamentals of Financial Accounting
Operational Level
- Management Accounting
- Organizational Management
- Financial Reporting and Taxation
Strategic Level
- Strategic Management
- Risk Management
- Financial Strategy
Managerial Level
- Project & Relationship Management
- Advanced Management Accounting
- Advanced Financial Reporting
CIMA course fees depend on each exam
Operational Level: £100 per exam
Management Level: £114 per exam
Strategic Level: £130 per exam
The cost for the exam, considering all levels, varies between 85 GBP (10,000 INR) to 350 GBP (39,000 INR).
The one-time registration fee for CIMA is £95, which is applicable for new members.
Annual Membership Fee: Approximately £276 (varies slightly each year).
For someone starting from scratch and planning to take all exams with study materials, the total cost could range from £1,500 to £3,500 throughout the qualification, depending on the choices made regarding study methods and number of attempts.
What Is The Scope of CIMA in India?
Students are drawn to the CIMA course because it is highly known worldwide, has a high level of prestige, is flexible, and can be taken at any moment in a student's life, whether they have already graduated or are still in school. There are a lot of students who receive MBA degrees to work for a multinational corporation (MNC). Still, they wind up working for Indian firms instead, where they have very little opportunity to master any high-end job. CIMA can assist them in expanding their understanding of finance in this setting rather than having them sit at home doing nothing.
ACMA Examination
Students who are successful in passing the ACMA examination become eligible for ACA membership. This implies that ACMA members are entitled to advantages that are comparable to those enjoyed by Chartered Accountants in terms of practice and ethics.
Company secretaries in India must acquire CIMA certification before they can even apply for positions in the field. CIMA course is the most sought-after professional degree in India. The Chartered Institute of Management Accountants administers around 21 tests, including the final examination.
Why Pursue CIMA?
The following are some primary considerations that lead individuals to pursue CIMA certification. However, there are a great number of advantages associated with earning this credential. Here is the scope of CIMA in India.
Achieve More Career Mobility
Individuals interested in progressing further in their jobs should strongly consider pursuing CIMA certification. On the other hand, earning a certification calls for a significant amount of study that must be completed over at least two years. Because of this, it is a substantial barrier to entry for individuals with less experience, as well as businesses that are employing fresh personnel.
Gain Worldwide Recognition
CIMA certification is recognised all over the world, which might help open doors to greater job prospects in a variety of nations throughout the world. A person who has achieved this level of certification has also shown that they have successfully finished demanding coursework in accounting, business management, and finance.
Gain Ground, Climbing the Corporate Ladder
Many organisations require CIMA certification before existing workers may be promoted to higher responsibilities or allowed to change employment completely. Individuals may better prepare themselves for these sorts of crucial career shifts by going through the process of being certified, which also demonstrates their skills and worth to potential employers.
Improved Career Opportunities
Workers can benefit from earning their CIMA certification even if it does not result in a change of employment or promotion. Individuals are better equipped to excel in their present jobs and move up the corporate ladder due to their training as part of the certification process. Suppose a person develops an interest in transitioning into a different function. In that case, they already possess all the information necessary to thrive in this new career and get their foot in the door during the recruiting process.
Before considering a candidate for a position inside the organisation, many businesses demand that they possess a CIMA certification. This not only helps new workers stand out throughout the recruiting process but also gives them quick acknowledgement for their achievements, which is a huge benefit.
Chances to Build Professional Relationships
CIMA certification provides individuals access to various possibilities for professional networking over the course of their employment. For instance, many organisations pay their staff to participate in CIMA-hosted events like seminars, conferences, and other gatherings. This allows them to network with others in their sector who are also certified, which helps them grow further in their careers.
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CIMA Salary In 2024
| Experience Level | Estimated Salary (INR per annum) |
|---|---|
| Entry Level (0-2 years) | ₹6,00,000 - ₹8,00,000 |
| Mid-Level (3-5 years) | ₹8,00,000 - ₹12,00,000 |
| Senior Level (6-10 years) | ₹12,00,000 - ₹20,00,000 |
| Managerial Level (10+ years) | ₹20,00,000 - ₹35,00,000 |
| Director Level | ₹35,00,000 and above |
Management accountants are represented by the biggest professional organization in the world, the Chartered Institute of Management Accountants. The CIMA is an organization that has more than 227,000 members and students across 179 countries. Its mission is to advance the management accounting profession and provide its members with the tools they need to succeed in the modern business world.
When it comes to identifying the right pay levels for management accountants in India, the CIMA salary guide is an invaluable resource that should be used. The guidance takes into account various aspects, including prior experience, relevant abilities, and the business's size and level of complexity. Similar to ACCA, CIMA has global level opportunities due to the accounting standards it follows.
So, if you are looking for a CIMA salary in India, according to the report, a management accountant with five to nine years of experience may expect an annual income of around INR 785,000 on average.
Management accountants with 10 years of experience or more may anticipate earning, on average, INR 10,15,000 annually throughout their careers.
Career Opportunities with CIMA
Since there is a continuing high demand for skilled management accountants in India, these wages are anticipated to go up over the next several years. Therefore, whether you are interested in beginning a career in management accounting or advancing your current position, the CIMA pay guide may give you a decent indication of what to anticipate regarding remuneration.
CIMA holders can get jobs in accounting, business analysis, management consulting, finance, and more.
The Certified Management Accountant certificate is highly regarded all over the world and may provide you with several opportunities in the corporate world. Even though one must put in a lot of effort and show a great commitment to succeed in the examinations, the final result is well worth it if you choose the right guidance. Superprof can help you find the most suitable tutor to help you progress in your career as a Chartered Accountant.
Superprof is helping students find the right guidance for themselves effortlessly. It is one of the best platforms that lets students and tutors be in close reach with each other so that gap can be filled. The teachers can advertise their private classes, group coaching, crash courses (offered), and many more, while the students can take advantage of learning from the experts. If you are preparing for CIMA, of course, you can find a tutor for yourself who can serve you with the best guidance.
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