CIMA full form. History and MOU with professional bodies

CIMA full form

CIMA is known as the "Chartered Institute of Management Accountants". It is a UK-based professional body with a presence across 190 countries or more. 

It is the most preferred qualification as it combines financial business, accounting, and management accounting. The capability opens numerous options; you may opt for banks, audit firms, investment banks, IT sectors, and even e-commerce and can choose positions in Treasury Management, Corporate Finance, Business Analysis, Financial Reporting, Financial Analysis, Project Finance, and Risk Management. 

CIMA qualified also get the CGMA (Chartered Global Management Accountant) designation, a position introduced after the collaboration of CIMA and AICPA, two of the world's most prestigious entities.

CIMA is the world's largest and oldest management accounting body, with 650000 members and students. Let's look at its history.

History of CIMA

CIMA (The Chartered Institute of Management Accountants®), the world's largest professional body of management accountants, was established in 1919. The founder of Unilever, Lord Leverhulme, was the 1st President of CIMA. 

It was initially started as an ICWA, which later became CIMA. Its establishment goes back to WWI when traditional accounting methods seemed unsatisfactory; hence, CIMA was born, a new institute focusing on the innovative concept of cost accounting.

• In 1976, CIMA was acknowledged as one of the top professional bodies in the UK. The chartered body also plays a vital role in observing UK government standards.
• In 2014, CIMA launched the Global Management Accounting Principles (Principles) with the American Institute of Certified Public Accountants.
• In 2016, CIMA sponsored the creation of the world's first management accounting standard: Guide to Management Accounting Principles. The measure, published by the British Standards Institute, codifies a universal framework for best practices in decision-making.  
• In 2017, CIMA collaborated with the American Institute of CPAs®, with mutual agreement, formed an Association of International Certified Professional Accountants® (the Association) to cater to the public and management accountants worldwide. The JV provides continuous professional development services, funding academic research, developing thought leadership, monitoring professional standards, maintaining a code of ethics for members, and working with external tuition providers and assessment services to provide the best study and examination experience.
• It is also working with corporates and sponsoring leading-edge research.
• The collaboration of AICPA and CIMA has strengthened and empowered the world's most highly-skilled accountants with additional degrees, i.e., CGMA. 
• Currently, 4500 global organisations are in partnership with CIMA and 6,96,000 members in around 192 countries. 

WHAT CIMA OFFERS ITS MEMBERS?

CIMA membership makes you an authorised associate of the Association of International Certified Professional Accountants® (the Association). This membership boosts your career and business and opens numerous doors on an international level; it gives you a platform where you can connect to accounting and financial professionals from various domains. 

WHAT ARE THE BENEFITS OF CIMA MEMBERSHIP

The benefits are numerous: 

• World Class Education: CIMA gives you an internationally recognised finance and business qualification.  
• Job Opportunities: 15000 jobs are posted daily in its career hub. CIMA-qualified candidates are the first choice of employers. You must upload an updated resume and sign up for the job alerts. Along with this, you have the option to visit the Career Advice section to gain knowledge on the latest industry trends. 
• Learning Resources: A series of carefully curated learning resources, podcasts, thought leadership content, and quizzes covering the prominent digital topics that are shaping businesses right now.
• Financial Management magazine: Candidates are entitled to free bimonthly issues of Financial Management magazine, which gives the latest news, insights, and opinions from the industry. 
• Access to CIMA research: As a CIMA member, you get access to the latest thinking from the world’s leading management accounting association. The research team funds academic programs, publishes industry-leading insight, and partners with organisations worldwide. It helps to learn from the best global examples of improved business performance and sustainability.
• Subscription of CGMA Essentials: Get 12 months of unlimited access to a library full of webinars. 
• CIMA Fellowships: Once qualified as a CIMA Fellow, you become part of an elite business community. 
• Connect with the world: You can connect with a network of 650,000 members and students. 

MOU BETWEEN CIMA AND ICMAI

On 31 January 2015, CIMA and the Institute of Cost Accountants of India (ICMAI) signed the MOU (Memorandum Of Understanding) intending to allow ICMAI members to fast-track in qualifying for the globally recognized and prestigious Chartered Global Management Accountant (CGMA) title.

As per the MoU, ICAI members are eligible for exemptions in 16 out of 17 papers of CIMA qualification — Certificate in Business Accounting (5 exemptions) and the Professional Qualification (11 exemptions).

Hence, only the exam paper, i.e. The Strategic Case Study Exam, has to be given to complete the CIMA professional qualification.

Once the examination is cleared, you need to showcase three years of relevant experience to get the CIMA membership and the globally acclaimed and prestigious CGMA (Chartered Global Management Accountant) designation.

Similarly, CIMA members can pursue ICAI membership. They get an exemption from Foundation papers and ten papers from Intermediate and Final courses. Hence, only 6 papers need to be cleared for ICAI. CIMA members are exempted from 100 hours of compulsory computer and communication, and soft skills training at the intermediate course and from undergoing the ‘Industry Oriented Training program’ at the final course.

MOU WITH SRM INSTITUTE OF SCIENCE AND TECHNOLOGY (FORMERLY KNOWN AS SRM UNIVERSITY)

The Department of Commerce of the Faculty of Science and Humanities and the School of Management, SRM Institute of Science and Technology, has signed an MOU with CIMA UK to provide its students with a globally recognized professional qualification in Management Accounting. Students enrolled in Under Graduate - Commerce and Management programs will get an opportunity to attain CIMA qualification while pursuing their UG degree.

Closing comments

CIMA is the perfect place to start your journey into management accounting. With over 210,000 members in 178 countries, CIMA offers a wealth of resources and opportunities for professional development. So what are you waiting for? Find out more about CIMA today! And be sure to check out Eduyush's selection of CIMA KAPLAN books and CIMA BPP online training to help you on your way!