The Chartered Institute of Management Accountants (CIMA) is the UK-based global body offering CIMA Professional Qualification to Management Accountants. The CIMA Professional Qualification is now titled the Chartered Global Management Accountant (CGMA) Professional Qualification.
The CGMA designation is awarded to CIMA members on completing the professional qualification. Although there has been a change in the name of the designation, the CIMA membership, syllabus and the reputation of the designation remain unchanged. The CGMA designation is synonymous with the CIMA qualification.
Management and accounting professionals looking to register for CIMA must check CIMA exemptions. There are multiple gateways to achieving the qualification. Candidates with previous accounting, financial and management studies and certifications might be eligible for CIMA course exemptions. This helps in acquiring the CGMA membership early.
Read on to learn more about CIMA exemption rules.
Understanding CIMA Course Exemptions
Aspiring CIMA professionals might already have some qualifications and certifications in accounting, finance and management. Such candidates might be eligible for some CIMA exemptions. This means these candidates will not need to take some CIMA examinations, saving their precious effort, time and money.
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Exemptions from CIMA Certificate Exams
You can get exemptions from the four CIMA Certificate Exams if you have a Bachelor’s degree in these subjects.
- Economics
- Accounting
- Commerce
- Finance
- Business General
- Business Administration/Studies
- Management
This means you will be exempted from four exams. You will begin CIMA from the operational level and write only 12 papers out of the 16.
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Exemptions via the Master’s Gateway
If you have completed a postgraduate degree like an MBA (Master of Business Administration) or a Master’s in Accounting, you will get special CIMA exemptions via the Master’s Gateway. You can move on to Strategic Level exams after a post-graduate degree.
If a candidate is eligible for CIMA exemption to enter the Gateway, choose the ‘gateway option’ while registering as a CIMA student. You will have to furnish proper evidence of the qualifications that you possess. With the Master’s Gateway route, candidates will not need to sit for 11 exams.
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Exemptions via AAT Exams
If you have appeared for the AAT exams, you might be eligible for a CIMA exemption. Candidates with an AAT Level 2 or 3 Diploma might be exempted from taking some CIMA certificate-level exams, depending on the modules.
You will be exempted from BA2 with modules Unit 8, Performance and Enhancement of Value or Unit 9, Cash Management and Credit Control. You will not need to take any CIMA Certificate exams if you have an AAT Level 4 Diploma or Technician.
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CFO Exemption
Senior management professionals like the CEO or CFO with 10 years or more of experience in finance and business can apply directly to take the strategic case study examination. This exemption is categorised under CIMA’s CFO Program.
Candidates have to apply and send their CVs to BDC@aicpa-CIMA.com. Candidates are notified if they have been accepted into the program. Candidates must pay a fee and attend a workshop if the CV is accepted.
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CIMA Exemptions for ACCA
Candidates who have passed all the 14 ACCA exam papers will get a host of CIMA exemptions. Some of them are as follows:
- Exemptions from 4 certificate-level exams
- Exemptions from 3 management-level exams
- Exemptions from 3 operational-level exams and case study
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CMA Exemption Rules for the CIMA Program
It is interesting to note that there are different CIMA exemptions for CMA (CMA exemptions vary from one country to another). We will discuss CMA (India) and CMA (USA) exemptions here for CIMA.
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CIMA exemptions for CMA USA
Qualified CMA (USA) professionals will have CIMA exemptions for 6 papers.
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CIMA exemptions for CMA (India)
The Institute of Cost Accountants of India (ICMAI) and CIMA signed an MoU, allowing mutual advanced entry for both ICMAI and CIMA members from March 2015.
Esteemed members of ICMAI will get an exclusive pathway route by CIMA. They will get exemptions for 16 CIMA examinations – 5 exemptions in the CIMA Certificate in Business Accounting and 11 exemptions in Professional Qualification.
The ICMAI member will directly reach the strategic case study exam and need to take this only exam to accomplish the professional qualification. Upon passing this stage successfully, proven ICMAI members must present three years of relevant experience to obtain the prestigious CIMA membership and claim the title of Chartered Global Management Accountant (CGMA).
Conclusion
This blog explores CIMA course exemptions in full detail. Check the CIMA Exemption Calculator and check if you are eligible for exemptions along with the exemption policy. If you meet the eligibility criteria, apply for the CIMA exemptions by registering as a CGMA candidate.
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FAQs
- I have an MBA degree. Can I pursue CIMA?
You can pursue CIMA after your MBA degree via the accelerated Master’s Gateway route. With the MBA degree, you can move straight to the strategic level examinations in CIMA.
- What are CIMA’s CGMA exam pass rates in August 2023?
CIMA’s CGMA exam pass rate in August 2023 for Operational Levels is 69%, Management Levels is 58%, and Strategic Levels is 48%.
- Are there any exemption fees for CIMA exemptions?
No, there are no charges for exemption fees. However, exam fees depend on a tiered structure.
