A Complete Guide to CIMA Course: Course details, Eligibility, Fee and Career Scope

A brief about CIMA, UK

CIMA (Chartered Institute of Management Accountants, UK) is the world’s largest and leading professional body of management accountants.  CIMA UK is a more than 100-year-old organization (established in 1919) and is present in 180+ countries.  It has 250,000+ members and students worldwide.

In 2017, AICPA (American Institute of Certified Public Accountants) & CIMA came together to forge a powerful international alliance that promotes accounting and finance in every corner of the world.

Who is a Management Accountant and Role of Management Accountant

Management Accountant is an Individual who has vast knowledge, skills and experience in the field of Accounting, Costing, Finance and Management.  Management Accountant helps a business in taking an informed decision by applying his/her knowledge, skills and experience.

Eligibility to start CIMA UK Program:

Anyone who is of the age of 16 years or more is eligible to start CIMA UK Program in India.  

If you fit in any of the following categories, then CIMA UK is right choice for you:

1. An Undergraduate Student wanting to make career in Accounting, Finance and/or Management;
2. A Graduate wanting to make a career or grow Professionally in the field of Accounting, Finance and/or Management;
3. A Postgraduate (MBA, MCom) who struggles to grow professionally due to a lack of a Professional Qualification;
4. A CA who wants to grow in MNCs and/or looking for making a career globally;
5. A Candidate who wants to do a professional qualification at his/her own pace;
6. A Graduates or Postgraduate from any other stream (apart from commerce) to start his/her career in Accounting, Finance and/or Management;
7. A Candidate who doesn’t want to make his/her career in Auditing or Taxation;
8. An Experienced Professional who lacks a professional qualification;
9. Anyone (irrespective of background) who is looking for career in Accounting, Finance or Management areas in India and/or globally;

Please note that the above list is not exhaustive.  Anyone who doesn’t fit in any of the above categories can still get in touch with our expert counselors at The WallStreet School and know more about eligibility and other relevant details.

CIMA UK Curriculum:

CIMA UK curriculum has 4 Levels and these are:

1. Certificate Level
2. Operational Level
3. Management Level and
4. Strategic Level

Certificate Level consists of 4 subjects’ exams of which are all objective test questions (OTQs).  Each of the Operational, Management and Strategic Level has 3 OTQs (Objective Test Questions) exam and 1 Case Study Exam.

Objective Test Exams are on Demand exams which can be appeared for any time depending upon your preparation and availability of slots at Pearson Vue Centers.  Results for OTQ exams are declared instantly.  Case Study Exams are conducted quarterly i.e., in February, May, August and November and result for Case Study Exams is declared within 1.5 months of the exam.

Please refer the below picture for more clarity about CIMA UK structure:

Certificate Level:

BA1 – Fundamentals of Business Economics

Learning Objectives:

• Macroeconomic and Institutional Context of Business
• Microeconomic and Organizational Context of Business
• Informational Context of Business
• Financial Context of Business

BA2 – Fundamentals of Management Accounting

Learning Objectives:

• The Context of Management Accounting
• Costing
• Planning and Control
• Decision Making

BA3 – Fundamentals of Financial Accounting

Learning Objectives:

• Accounting Principles, Concepts and Regulations
• Recording Accounting Transactions
• Preparation of Accounts for Single Entities
• Analysis of Financial Statements

BA4 – Fundamentals of Ethics, Corporate Governance and Business Law

Learning Objectives:

• Business Ethics and Ethical Conflict
• Corporate Governance, Controls and Corporate Social Responsibility
• General Principles of the Legal System, Contract and Employment Law
• Company Administration

After Certificate Level, a candidate gets an award from CIMA UK: “Certificate in Business Accounting (CERT BA)”.

Operational Level:

E1 – Managing Finance in a Digital World

Learning Objectives:

• Role of the finance function
• Technology in a digital world
• Data and information in a digital world
• Shape and structure of the finance function
• Finance interacting with the organization

P1 – Management Accounting

Learning Objectives:

• Cost Accounting for decision and control
• Budgeting and budgetary control
• Short term commercial decision making
• Risk and uncertainty in the short term

F1 – Financial Reporting

Learning Objectives:

• Regulatory environment of financial reporting
• Financial statements
• Principles of taxation
• Managing cash and working capital

Operational Case Study (OCS)

• At the Operational level, the role simulated is that of an Entry level finance professional and the capstone Case Study Examination provides a simulated context, which allows candidates to demonstrate that they have acquired the required knowledge, skills, techniques and mindset for that role.

After Operational Level, a student gets an award from CIMA UK: “Diploma in Management Accounting (DIP MA)”.

Management Level:

E2 – Managing Performance

Learning Objectives

• Business models and value creation
• Managing people performance
• Managing projects

P2 – Advanced Management Accounting

Learning Objectives

• Managing the costs of creating value
• Capital investment decision making
• Managing and controlling the performance of organizational units
• Risk and control

F2 – Advanced Financial Reporting

Learning Objectives

• Financing capital projects
• Financial reporting standards
• Group accounts
• Integrated reporting
• Analyzing financial statements

Management Case Study (MCS)

• At the Management level, the role simulated is that of a finance manager. The capstone Case Study Examination provides a simulated context allowing candidates to demonstrate that they have acquired the required knowledge, skills, techniques and the mindset required for that role.

After Management Level, a student gets an award from CIMA UK: “Advanced Diploma in Management Accounting (ADV DIP MA)”.

Strategic Level

E3 – Strategic Management

Learning Objectives

• The Strategy processes
• Analyzing the organizational ecosystem
• Generating strategic options
• Making strategic choices
• Strategic control
• Digital strategy

P3 – Risk Management

Learning Objectives

• Enterprise risk
• Strategic risk
• Internal controls
• Cyber risk

F3 – Financial Strategy

Learning Objectives

• Financing capital projects
• Financial reporting standards
• Group accounts
• Integrated reporting
• Analyzing financial statements

Strategic Case Study (SCS)

• At the Strategic level, the role simulated is that of the senior finance manager. The Case Study Examination provides a simulated context which allows learners to demonstrate that they have acquired the required knowledge, skills, techniques and mindset for that role.

After completing Strategic Level and 3-year Practical Experience Requirement (PER), a student is awarded “CGMA (CHARTERED GLOBAL MANAGEMENT ACCOUNTANT)” designation from CIMA UK.

Entry Routes for CIMA UK:

NORMAL ENTRY ROUTE:

• Undergraduate – No exemption to these candidates. They will have to write all the 16 exams.
• Commerce Graduate – Certification level (first 4 papers) will get exempted. These candidates can start from the operational level and will have to write only 12 exams.

FLP (FINANCE LEADERSHIP PROGRAM) ROUTE:

The CGMA FLP (Finance Leadership Program) teaches the same competencies as other routes to the CIMA Professional Qualification. This prepares finance professionals for careers in management accounting. Students will be assessed on the same material and must demonstrate the same level of competency and experience to earn the CGMA designation and CIMA membership.

In FLP Route, a student needs to appear only for Case Study Exams i.e., Operational Case Study, Management Case Study and Strategic Case Study.  Depending upon their prior qualifications (i.e., MCom, MBA Finance, BCom, Undergraduate), students get to write 2 (MCS and SCS) or 3 (OCS, MCS and SCS) case study exams.  They need to appear for internal assessments at FLP portal provided by CIMA UK.

PATHWAY PROGRAMS:

CIMA has got 3 pathway programs.  These programs are as follows:

1. C-Suite: This program is for professionals having experience of 12 years or more in the field of Accounting, Management Accounting and/or Finance.   Upon approval of their application, they need to only write “Strategic Case Study (SCS)” Exam to complete CIMA UK qualification.
2. GP/AP: This program is for professionals who are CAs / CMAs in India.  Upon approval of their application, they need to only write “Strategic Case Study (SCS)” Exam to complete CIMA UK qualification.
3. Senior Professionals: This program is for professionals having experience of 6 years or more in the field of Accounting, Management Accounting and/or Finance.   Upon approval of their application, they need to only write “Management Case Study (MCS)” and “Strategic Case Study (SCS)” Exams to complete CIMA UK qualification.

Which Route is best for you?

Out of the 3 routes available to do CIMA UK, which route is most suitable for a candidate depends upon various factors i.e., Duration, Cost, Experience etc.  For more clarity regarding which route is most suitable for you, you can get in touch with our expert counselors at The WallStreet School.

CIMA UK Pass Rates:

CIMA UK average pass rates range from 40% to 50% in OTQ Exams and 50% to 60% in Case Study Exams.  However, with hard work, sincerity, right guidance and tuition support from a Registered Tuition Provider like The WallStreet School, you can achieve a pass rate of 80% or more easily in CIMA UK qualification.

Duration:

CIMA UK duration i.e., time to complete CIMA qualification depends upon the level you start at and the entry route you choose.  For a 12th pass out going through the normal route, it will take 4 years to complete CIMA qualification and through the FLP route, this will take 2-2.5 years.

Similarly, through Pathway Programs, duration to do CIMA will range from 6 months to 12 months depending upon which Pathway is applicable to you and how much efforts you are ready to put in.

If you need specific guidance about duration and other aspects, then get in touch with our team at The WallStreet School.

Fees:

CIMA UK fees also depend upon the entry route you choose and also the level you start.  It also depends upon whether you take tuition support or not.

For a 12th pass out going through normal route, without coaching, the cost is roughly Rs. 3-3.5 Lakhs and with coaching it will be roughly Rs. 5.5-6 lakhs.

For a 12th pass out going through FLP route, with coaching the cost comes out to Rs. 3-3.5 lakhs.

For Pathway programs, the total fees come out to between Rs. 3 to 5 lakhs depending upon the pathway you choose.

To choose which route will be best for you in terms of cost, duration and other aspects, do get in touch with expert counselors at The WallStreet School.

CIMA UK Scope in India:

CIMA UK scope has increased exponentially in India.  Due to the global recognition of CIMA UK, MNCs usually prefer CIMA UK Professionals and Students for Management Accounting, Finance and Accounting Profiles.  The demand for Management Accounting professionals is increasing across the globe and India being one of the preferred choices of MNCs, this demand is only going to grow from here.  An Individual can get an early mover advantage in India by joining the CIMA UK program right now as India is becoming the land of opportunities now.

CIMA UK Scope across the globe:

CIMA UK is an International Professional Qualification accepted in 180 plus countries.  So, its scope is there in 180 plus countries of the world.  Plus, there is a community of 250,000 plus CGMAs and students in the world who are working across the globe in various positions including but not limited to the positions of CFOs and CEOs of large Multinationals.

Salary Package of CIMA UK Candidate in India:

Average Salary Package of a CIMA UK Candidate depends upon various factors i.e., Qualification, Experience and Skills.  For a fresher, the average package is around Rs. 6-7 lakhs and for an experienced candidate (with 3 to 5 years of experience), the average package is around Rs. 10 to 12 lakhs in India.  The average packages are much higher for experienced professionals and people who are already having a professional degree like CA or CMA India.

Fields/Profiles in which a CIMA UK student or member can work:

There are numerous fields/roles in Management Accounting, Finance and Accounting where a CGMA or a CIMA UK student can work.  These include but are not restricted to following:

Conclusion

Finally, to conclude, let’s deliberate on why you should choose CIMA UK.  CIMA UK makes a lot of sense for the following reasons:

• Only 2 to 3 exams in FLP or Pathway Routes: Doable in 6 months to 24 months;
• High pass rate i.e., 50 to 60%;
• Tests are also conducted locally in India;
• 3 years of work experience as an Accounting & Finance professional;
• Recognized globally in over 180 countries;
• A fraternity of more than 250,000 members and students around the globe;
• High salary raises during and after the qualification. CGMAs and CIMA students usually earns 100% more than their peers without a Management Accounting qualification;
• Increasing scope in India;
• AI (Artificial Intelligence) proof career;
• Flexibility in appearing exam; and
• Last but not the least, Level up into the category of decision-makers.  CGMA designation can take you to the designation of CEO, CFO

1. What is the CIMA course?

The CIMA course encompasses worldwide study into management accounting and involves studying finance, business strategy, and risk management.

2. Who is eligible for the CIMA course?

It requires a minimum of a high school diploma. Any higher-level studies would require a bachelor’s degree or their equivalent.

3. How long is the CIMA course?

The study course is usually finished within 2-4 years, depending on whether you start at a lower level and pace.

4. How much do CIMA courses fee in the UK?

The fees comprised registration, exams, and study materials. See CIMA UK for current pricing.

5. What are the main CIMA course details?

There are four aspects to the course: Certificate, Operational, Management, and Strategic – finance, accounting, and strategy.

6. Is CIMA any different in the UK?

The course content is the same in every country but CIMA UK will offer additional support to students within the UK.

7. What are the CIMA UK eligibility requirements?

CIMA UK requires a high school diploma and accepts other qualifications for advanced entry.

8. What is the CIMA course duration and fee structure in the UK?

CIMA UK indicates that it will take 2-4 years to study and registration covers both the exams and the fees charged for the levels.