CIMA full form. History and MOU with professional bodies

What is the CIMA full form

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

The CIMA Qualification

The CIMA qualification combines accounting, finance, and management with the business skills and techniques needed for professional success. It provides an individual with a comprehensive understanding of all aspects of business management, including financial reporting, tax laws, business strategy, and risk management.

The qualification is structured in several levels, starting from the Certificate Level and progressing through to the Professional Qualification, culminating in the prestigious Chartered Global Management Accountant (CGMA) designation, which is awarded jointly by CIMA and the American Institute of Certified Public Accountants (AICPA).

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.

• 1919: CIMA was founded in the UK as the Institute of Cost and Works Accountants (ICWA) to meet the growing need for a professional body focused on the training and qualification of management accountants.
• 1920: The first ICWA examinations are held, setting the foundation for the professional qualification process.
• 1957: The institute changes its name to the Institute of Cost and Management Accountants (ICMA) to better reflect the expanding role of management accountants in both cost and management disciplines.
• 1972: ICMA received a Royal Charter, significant professional recognition, and an excellence mark. This Royal Charter enhances the institute's authority and status in management accounting.
• 1986: The institute adopts its current name, the Chartered Institute of Management Accountants (CIMA), to emphasize the chartered status awarded by the Royal Charter and its focus on management accounting.
• 1996: CIMA introduces the CIMA Code of Ethics, the first for management accountants, underscoring the profession's commitment to ethical practice.
• 2009: CIMA becomes a founding member of the Global Management Accounting Principles (GMAP), alongside the American Institute of CPAs (AICPA), aiming to set a global standard for management accounting practices.
• 2011: The Chartered Global Management Accountant (CGMA) designation is launched and jointly awarded by CIMA and AICPA to members and students who meet rigorous education and experience requirements, representing a significant milestone in the global recognition of management accounting.
• 2015: CIMA and AICPA announced that they would form a joint venture to promote the CGMA designation and advance the science of management accounting globally.
• 2017: CIMA members vote to integrate with the AICPA under the Association of International Certified Professional Accountants, creating a unified global body representing the interests of public and management accounting professionals.
• 2020: CIMA continues to evolve its syllabus, introducing the 2019 Professional Qualification to ensure that the CIMA qualification remains relevant in an increasingly digital and rapidly changing business world.

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. 

Why Should you do CIMA

Doing CIMA offers the following benefits to finance professionals

• Holistic Business Perspective:
• 98% of CIMA-certified professionals report enhanced strategic decision-making abilities.
• CIMA-trained accountants contribute to an average 20% increase in financial efficiency for their organizations by integrating strategic insights with financial data.
• Strategic Management Focus:
• Organizations led by CIMA professionals see a 15% higher success rate in navigating market disruptions than those without.
• 85% of CIMA graduates play a crucial role in strategic planning within their first year in leadership.
• Corporate Finance and Risk Management:
• CIMA certification is linked to a 25% improvement in risk assessment accuracy in financial strategies.
• Firms with CIMA-certified professionals report a 30% better resilience to financial crises, attributed to robust financial planning and risk management.
• Performance Management and Ethical Governance:
• 90% of businesses report improved governance and ethical business practices after employing CIMA-certified professionals.
• Companies with CIMA-trained accountants show a 40% higher compliance rate with new sustainability reporting standards.
• Global Economic Insight:
• CIMA-certified professionals working in multinational corporations contribute to a 10% improvement in global market expansion strategies.
• 75% of CIMA graduates are found to lead initiatives that directly contribute to sustainable global economic practices.
• Empowerment Through Knowledge:
• 95% of CIMA members believe the certification has significantly increased their career opportunities and earning potential.
• CIMA professionals are three times more likely to ascend to senior leadership roles within their first five years.

Advantages of the CIMA full form Qualification

Discover the Unique Advantages of the CIMA full form Qualification: A Pathway to Global Recognition, Professional Growth, and Strategic Expertise

• Dual Qualification and Global Recognition: CIMA certification opens the path to the CGMA designation through a partnership with AICPA, enhancing global job market appeal.
• Expansive Global Network: Over 172,000 members and students in 160 countries, with ties to 4,500+ companies, broadening job opportunities.
• Flexible Study Schedule: This program offers a pace-adjustable learning path, ideal for professionals balancing career advancement with current job responsibilities.
• Cost-Effective Learning: The full course is offered at GBP 3,900 over three years, making it an affordable route to understanding management accounting.
• Immigration Benefits: Recognized in Australia and Canada, with collaborations that offer preferential immigration benefits.
• Widely Valued by Top Firms: I am sought after by leading global companies such as Ford, Siemens, Barclays, and many more for finance and management roles.
• Commitment to Professional Development: Continuous resources, workshops, and seminars for members to stay at the forefront of management accounting.
• Curriculum Aligned with Global Standards: Ensures qualifications are applicable worldwide, preparing professionals for diverse business environments.
• Critical Factors for Exam Success: Success in CIMA exams is linked to younger age, part-time tuition, and specific study materials like BPP textbooks.
• Qualification Designed for Employer Needs: The syllabus is crafted to be relevant and coherent, directly addressing what employers look for in professionals.
• Quality Assurance in Education: The Quality Through Partnership (QTP) scheme since 1994 ensures high-quality CIMA tuition and learning.
• Enhanced Value from Work Placements: Work placements offer a pathway to professional membership of the CIPD, integrating career development with qualification efforts.

Closing comments on CIMA Full form

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!