The Chartered Institute of Management Accountants (CIMA) is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.

CIMA is one of a number of professional associations for accountants in the UK and Republic of Ireland. Its particular emphasis is on developing the management accounting profession within the UK and worldwide. CIMA is the largest management accounting body in the world, with more than 172,000 members and students in over 168 countries, CIMA has grown to be one of the most widely accepted and respected professional qualification in the unique cusp of the fields of Management and Accounting.

Founded as the Institute of Cost and Works Accountants (ICWA) in 1919 in the UK, the institute was rechristened as Institute of Cost and Management Accountants (ICMA) in 1972 and again as Chartered Institute of Management Accountants (CIMA) in 1986. In 2008, CIMA established a centre for the study of management accounting with the Indian Institute of Management Calcutta (IIM-C).

The natural question that comes to one’s mind on hearing such a qualification in the field of Finance is: How does it compare with the more popular options in the Indian context such as Chartered Accountancy (CA)/ Chartered Financial Analyst (CFA) etc. The institute claims that CIMA course has more management accounting, more business strategy, and more financial strategy compared to a Chartered Accountant/ Chartered Financial Analyst, and is hence more tuned to “business” requirement. In simpler terms, CIMA is more in-line with the core  Management” issues than the rest.

What’s the difference between CIMA and other accounting bodies? CIMA’s qualification is driven by the needs of business to produce financially qualified business leaders. The syllabus and examinations are distinguished by their relevance to business and their dedicated focus on developing the financial, non-financial and management skills needed to sustain organisational success. Earning the spurs There are a number of entry routes into CIMA.People don’t have to have a degree necessarily.

One can start CIMA after Class XII, in which case the entry route would be the CIMA Certificate in Business Accounting consisting of 5 modules and having computer-based assessment which one can take any time throughout the year. One could complete this in 3 months or 6 months or any other timeframe depending on ones own pace and comfort level. People can come in with a relevant degree which is usually a BBA or B.Com or an Accounting and Finance programme. If one is B.Com (Hons.) from Delhi University one is exempted from the first level, otherwise such graduates enter at the first (operational) level. For a bright student, it should take somewhere between 2 to 3 years. However, there are special gateways for people with an ICWA or an MBA and they can complete the course in just one-and-a-half years. There is no time limit as such; it is left to the individual.

Following are the entry routes for CIMA course:
• 12th Pass – For CIMA entry you should have Qualified Senior School certificate 10+2
• Graduate – Graduate from CIMA accredited university will directly get the entry in operational level
• CMGA route – MBA from CIMA accredited university will get the entry directly in strategic level by taking CMGA exam.
• CPGA route- ICWA will get the entry directly in Strategic level by taking CPGA exam. Structuring the course At every level an award has been built-in that provides a student the option to step-in and step-out at any point and if he steps-off in the middle of the qualification he is not left high and dry. At each level, there are certain skills that the student is expected to deliver.

There are four levels:
1) Certificate Level
2) Operational Level
3) Managerial Level and
4) Strategic Level

That can be seen from the name of the level, the Operational level is more about operational knowledge, and it is about the knowledge of transactions. Managerial level is about  management and monitoring, and Strategic level is about strategic decision-making. All-in-all, there are 14 exams one has to clear or get exemption to become a full-fledged professional CIMA member.

Business & Accounting Certificate It makes business management sense with accounting qualification Certificate in Business Accounting.This is CIMA’s entry level accounting qualification for students with little or no accounting background. It is also a recognised qualification in its own right which is valued by employers. It is CIMA’s entry level qualification.- Qualification Structure

The certificate includes five subjects:
1. Fundamentals of management accounting
2. Fundamentals of financial accounting
3. Fundamentals of business mathematics
4. Fundamentals of business economics
5. Fundamentals of ethics, corporate

governance and business law Exam regulations
1. All five subjects can be studied at your own pace and tested at any CIMA accredited computer based assessment centres around the world.
2. You can sit for the five certificate subjects in any order and in any combination to suit your requirements
3. All certificate exams are computer based and can be taken at any time Is there  training / classroom teaching? No. Unlike a CA where articleship with a trained CA is mandatory, CIMA does not mandate training requirement as a pre-requisite. Study centers are present in different cities like Christ University in Bangalore, HL College in Ahmedabad, LIBA in Chennai, KJ Somaiya in Mumbai, Piron in Delhi, and one can find the detailed listing on www.cimaglobal.com/India.CIMA  conducts exams in 240 exam centers in 90 countries on the same date. They are all uniform, the content, assessment, curriculum,is the same and that’s the basis of their standard. Each of these exams is of 3 hours of duration.These can be taken at anytime throughout the year and at the location of one’s choice. CIMA has nine exam centers in India. The centers are British Council in many cities, and in addition all the colleges which are the study centers conduct the exams on their own campus.

CIMA qualified accountants manage the most viable aspects of Business such as: o Advise managers about the financial implications of projects to Explain the financial consequences of business decisions
o Formulate business strategy
o Monitor spending and financial control
o Conduct internal business audits
o Explain the impact of the competitive landscape

Career Options for CIMA Professionals and Students CIMA professionals works with small and medium sized business, Public sector, Business sector to support, train and develop staff. CIMA qualification could take you round the world around as it is recognised a global qualification because everyone studies the same syllabus. CIMA qualified students and members are in key financial management roles across these sectors: Such As
o Chief administrative officer
o Head of customer operations
o Head of group strategy and planning
o Relationship manager
o Business analyst/information analyst
o Sales planning manager
o Business manager
o Change consultant
o Management consultant
o Project manager

CIMA Important Dates & Fee Registration Fees Registration can take place at any time, however if you wish to take part in specific paper based examination sessions, the following deadlines apply: For the May Exams Register by 31 January For the November Exams Register by 31 July On registration you will be asked to pay an initial subscription fee. Then on each year, an annual subscription fee will be due. As you enter for exams or claim exemptions, a payment will be requested. The following fees are applicable in 2010 (and are subject to change without any written notice) CIMA Qualification Fees Initial Registration £60 Subscription £90 *Re-registration fee £60 Exam/Exemption fees Certificate Level £44 Operational and Management Level £69 Strategic Level £74 Top CIMA £95 Recognition That is a tough call. CIMA is yet to be approved or accredited as a higher education qualification by any arm of the state or university. So it either makes you eligible for Govt or advertised PSU jobs, though some PSUs might give weight to CIMA qualifications. Higher studies too are not an option as of now. As Dr Robert Jelly, Executive Director, CIMA says, “It’s an individual passport because it enables you to progress within the company you are working with.