In finance and accounting, the right finance certification can shape your career. Two of the most popular options for this are the Chartered Financial Analyst (CFA) and the Chartered Institute of Management Accountants (CIMA).
They both offer excellent prospects but serve different career paths. One is known for its profession in finance and analysis, whereas the other is famous for its certification in accounting and management.
This blog covers the CFA vs. CIMA overview, differences, and the best choice based on your career goals.
What is CFA?
CFA is a globally recognised certification for finance professionals. It covers disciplines on financial analysis, ethical standards, and investment management. The CFA Institute offers a three-level CFA program.
It is ideal for those interested in investment banking, portfolio management, and risk analysis.
Eligibility
To qualify for CFA exams, you need:
- A bachelor’s degree or equivalent work experience is required.
- Candidates must pass three levels of exams.
- It typically takes 2 to 3 years to complete.
CFA exam details
The CFA exams are held in February, May, July, August, and November. As recommended, one should study at least 300 hours per level. The average pass rates of 2025 are:
- Level I: 43%
- Level II: 39%
- Level III: 48%
Once you pass, you become a CFA charter holder.
Career opportunities
CFA opens the door to a lot of distinguished professional opportunities, both in India and abroad, such as:
- Investment Banking
- Portfolio Management
- Financial Analysis
- Equity Research
What is CIMA?
CIMA is a global certification in management accounting. It focuses on business strategy, financial management, and risk assessment. The CIMA Institute manages the program, which has four levels.
It is best for professionals interested in strategic planning, corporate finance, business leadership, and management accounting. CIMA holders must complete 40 hours of continuing education every two years.
Eligibility
Based in the UK, CIMA follows some strict eligibility criteria, such as:
- Have at least three years of professional experience.
- Have no record of ethical misconduct.
- Complete a two-to-four-day executive education program.
- The course is offered at Yale, the University of Pennsylvania, and the University of Chicago. Yale also provides an online alternative.
- It takes around 3 to 4 years to complete.
The CIMA exam
The CIMA exam is five hours long. To prepare for this, you must study at least 150 hours.
- It has 140 multiple-choice questions.
- It is offered year-round at Pearson VUE testing centres.
After passing, candidates must:
- Undergo a second background check.
- Provide compliance disclosure.
- Sign a license agreement.
- Pay the certification fee.
Career opportunities
With CIMA, you can easily apply for jobs in:
- Management Accounting
- Financial Management
- Business Analysis
- Corporate Strategy
CFA vs CIMA overview, differences, and salary structure
Each of these exams has different requirements, focus areas, and career benefits. The differences between the focus areas for both are:
| Feature | CFA | CIMA |
| Main focus | Investment and finance | Management accounting and business strategy |
| Best for | Investment professionals | Business leaders and accountants |
| Exam levels | 3 levels | 4 levels |
| Course duration | 2-3 years | 3-4 years |
| Recognition | Global | Global (Stronger in the UK & Europe) |
After qualifying for any of these exams, you will also find a big difference in your salary ranges when you start applying for jobs.
| Certification | Years of experience | Average salary (INR) |
| CFA | Fresher (0-1 year) | INR 0.7 – 16 lakhs |
| Mid-level (2-7 years) | INR 2.1 lakhs | |
| Senior level (above 8 years) | INR 2.6 – 12 lakhs | |
| CIMA | Fresher (0-1 year) | INR 0.3 – 5.7 lakhs |
| Mid-level (2-7 years) | INR 1.1 – 6.9 lakhs | |
| Senior level (above 8 years) | INR 9.9 – 12.7 lakhs |
CFA vs. CIMA: Which one should you choose in 2025?
The right choice depends on your career goals.
Choose CFA if:
- You want a career in investment banking or portfolio management.
- You enjoy analysing stocks, bonds, and financial markets.
- You prefer working in the finance and investment sector.
Choose CIMA if:
- You want to work in corporate finance or business leadership.
- You enjoy management accounting and strategic planning.
- You prefer decision-making roles in a company.
Conclusion
Now that you understand the CFA vs. CIMA overview, differences, and format, you know that both offer excellent career opportunities. If you love investment analysis, CFA is your best choice. If you prefer strategic business roles, CIMA is the better option.
Consider your interests and career goals before deciding. No certification is better than the other; rather, it all depends on what you want to achieve. So, choose wisely and shine!
FAQs
- Can I get exemptions in CIMA if I have a CFA?
No direct exemptions exist, but CFA knowledge can help with financial strategy topics in CIMA. Some universities offer credit transfers between the two programs.
- Do CFA or CIMA require renewal?
CFA holders must pay annual membership fees. CIMA professionals must also complete 40 hours of continuing education every two years to maintain certification.
- Is work experience required before CFA or CIMA?
CFA does not require work experience before starting. However, it needs four years for certification. CIMA requires three years of relevant experience before qualifying as a Chartered Global Management Accountant (CGMA).
