All about CIMA Qualification
This post is a comprehensive guide that will help you take the CIMA qualification exams in the best way possible. You will learn about the program, exam criteria, exam format, fees, strategies to deal with CIMA qualification. The information is articulated in the following structure:
- What is CIMA Qualification
- CIMA Qualification Completion Criteria
- What do you earn
- Why Pursue CIMA Qualification
- CIMA Exam Format
- CIMA Exam Weights/Breakdown
- CIMA Qualification: Fee Structure
- CIMA Exam Results & Pass Rates
- CIMA Study Material
- Strategies: Before the Exam
- Strategies: During the Exam
- Deferral Policy
- Useful CIMA Exam Prep Resources
What is CIMA Qualification?
CIMA Qualification is a globally recognized credential awarded by the Chartered Institute of Management Accountants, the UK, for those interested in pursuing a career in the specialized field of management accountancy. CIMA has over 88,000 students and 70,000 members in 161 countries. What sets apart this finance certification from most others is its focus on accountancy as related to business management more than anything else. Apart from an understanding of financial and accounting fundamentals, it offers a comprehensive view of strategic and risk management that is integral to successfully manage a business.
- Management Accountant
- Finance Manager
- Financial Analyst
- Internal Audit Manager
- CIMA has a 4-tier exam structure broadly divided into certificate and professional levels.
- CIMA Qualification in Business Accounting is the foundation level, including 5 computer-based on-demand objective tests of a 2-hour duration each.
- CIMA professional level studies are divided into 3 learning pillars, including enterprise, performance, and financial aspects. Each of these pillars is further sub-divided into operational, management, and strategic levels. This results in 3 exams at each of the levels.
- CIMA professional level exams include three 90-minute computer-based on-demand objective tests at each of the operational, management, and strategic levels. At each of these levels, a 3-hour long case study has to be undertaken in order to qualify for the next level.
- CIMA Qualification exams can be taken at any time of the year and in any order, but all five of them have to be completed to earn the certification.
- CIMA Professional level exams can be taken in the following time window:
- Objective tests at each of the operational, management, and strategic levels can be taken at any time of the year.
- For Case study exams at each of these levels, four windows have been provided in the months of February, May, August, and November. Within each window, exams will be available for 5 days from Tuesday to Saturday.
CIMA certificate level tests the knowledge of students in business and accounting fundamentals with 5 objective tests designed for the purpose. This is followed by CIMA professional level, designed to acquaint students with operational, management, and strategic aspects. Each of the levels has three 90-minute objective tests, each devoted to specialized areas of business management. Students must also clear a 3-hour case study exam to progress to the next level. To sit for strategic level exams, students must have completed all the exams of operational and management levels.
There are no specific eligibility criteria for CIMA Qualification in Business Accounting. It is an entry-level certification that can be pursued by those with little knowledge of accounting, but a good grasp of mathematics and English is essential along with interest in studying accountancy.
The eligibility criteria for CIMA professional-levels are as under:
- A basic level of proficiency in accounting or business studies is required to pursue CIMA Operational Level studies. Candidate should hold any one of these qualifications to fulfill this requirement:
- CIMA Qualification in Business Accounting
- Master’s in Accounting or MBA
- Membership of ICWAI, ICMAP or ICMAB
- Membership of an IFAC body
- Any relevant qualification to get an exemption from the CIMA Certificate in Business Accounting
- To pursue Management Level studies, one should have successfully completed CIMA Operational Level studies as well as Operational Case Study.
- To pursue Strategic Level studies, one should have completed both operational and management level studies successfully along with their respective case studies.
CIMA Qualification Completion Criteria
Candidates need not possess some specific qualifications to enroll for a Certificate in Business Accounting. An interest in accounting and proficiency in mathematics and English are enough for the purpose. There are 5 exams at this level to help students become acquainted with the fundamentals of accounting and related areas. These exams can be taken in any order at any time of the year, and the average completion time for the certificate level is one year. The minimum passing marks for each of the exams is 50%, and on completion of all 5 exams, students earn the certification and advance to a professional level.
The professional level is divided into 3 pillars, namely, enterprise, management, and financial. Each of these pillars is further divided into three areas at each of the progressive levels, including Operations, management, and Strategy. This results in a structure of three knowledge areas being covered at each of these three levels, requiring students to appear for a total of 9 Objective Test (OT) exams of 90-minutes duration each. In addition, after completing all 3 exams at each of the levels, they have to clear a 3-hour long case study exam, which tests their ability to apply the concepts covered at that level to solve real-world situations. Only after completing the case study exam for any level students can advance to the next level. Passing marks are 50% for each of the exams at each of these levels.
Students can appear for individual OT exams in any order for Operational and Management levels but can only appear for Strategic level exams are completing both of these levels. On average, students complete all 12 professional qualification exams (including case study exams) in 4 years.
On completion of all 3 levels, students must provide 3-year relevant professional work experience to earn Membership of CIMA.
What do you earn?
- On completion of the CIMA Certificate in Business Accounting, students can use the designation of CIMA Cert BA after their name to indicate the certification.
- Completion of CIMA Operational Level earns the CIMA Diploma in Management Accounting
- Completion of CIMA Management Level earns the CIMA Advanced Diploma in Management Accounting
- After completion of the CIMA Strategic Level, candidates need a minimum 3-year relevant practical work experience to be verified by the institute. This would help them become a CIMA Member and also earn the prestigious designation of Chartered Global Management Accountant (CGMA).
Why Pursue CIMA Qualification?
CIMA is meant for students and professionals who are willing to explore much-wider learning areas related to accountancy. Instead of focusing merely on the finance and accounting part, certificate and professional levels of CIMA help develop a deeper understanding of business management and expand their functional domain to be able to help businesses make better strategic decisions and improve performance. Some of the advantages of pursuing CIMA Qualification are:
- This accreditation program may not assure immediate job growth or higher perks but would certainly help professionals step into roles that require management skills as well, along with good accounting capabilities. This widens the career scope for professionals, and potential career growth can be much higher in the long run.
- The unique learning structure of the program helps break the mold of traditional accountancy and prepares students to deal with advanced strategic and risk management-related issues from an accountancy perspective.
- Students get an opportunity to study management accountancy as a specialized field, which gives them an edge over most other finance certifications and adds greater credibility in the eyes of prospective employers.
CIMA Exam Format
The CIMA Certificate in Business Accounting is an Objective Test (OT) Exam wherein there are 50 questions that you need to answer in a duration of 2 hours. Below are the papers and their focus areas.
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The CIMA Operational Level is an Objective Test (OT) Exam, which you need to answer in a duration of 90 minutes. The case study exam is of 3 hours duration. Below are the papers and their focus areas.
The CIMA Management Level is an Objective Test (OT) Exam, which you need to answer in a duration of 90 minutes. The case study exam is of 3 hours duration. Below are the papers and their focus areas.
The CIMA Strategic Level is an Objective Test (OT) Exam, which you need to answer in a duration of 90 minutes. The case study exam is of 3 hours duration. Below are the papers and their focus areas.
CIMA Exam Weights/Breakdown
Students should have a proper idea of subject wise exam weightage so they can prepare well for high weightage knowledge areas. Knowledge of weightage distribution can prove to be very valuable in developing and implementing an effective study plan for CIMA exams at any of the levels.
The entire guide on the syllabus has been explained by the Institute in this CIMA Global PDF Guide.
CIMA Qualification: Fee Structure
Following is the fee structure to register yourself for the CIMA Exam.
For current course prices, it will cost around GBP 1800 if a student completes CIMA in a total duration of 3 years and clears every exam on the first attempt. However, the cost of any study materials purchased and any coaching would have to be accounted for separately.
Students have to pay a one-time registration fee and an annual subscription fee for the entire course duration. Apart from that, for each exam, they sit, and exemptions sought (if any), students would be charged separately.
CIMA Exam Results & Passing Rates
Below is the graphical representation of the pass percentage.
- Overall exam pass rate: Percentage of students who have passed the exam after one or more attempts.
- First-time pass rate: Percentage of students who have passed the exam on the first attempt.
- Exam pass rate: Total exams passed / total exams taken.
The pass rates are for the certificate, professional level, and case study exams held between 2 January and 31 December 2015.
CIMA Study Material
- Students can pursue the CIMA program on a full-time or part-time basis, in online or blended mode, depending on their individual suitability.
- Students opting for self-study can buy Official CIMA textbooks that can be purchased at cimapublishing.com and can sign up for CIMA Aptitude to take practice tests and timed mock tests to help you assess how exam-ready you are.
- Students can also enroll for highly structured online learning courses at CIMAstudy.com for a cost.
- Those who prefer full-time or blended learning can search for nearby tuition provider,s which is considered one of the best ways to go about CIMA exams.
Strategies: Before the Exam
Follow a Study Plan:
Set aside some specific amount of time to cover certain sections of the course content and define a rough learning outcome. On completing a specified learning area, take a practice test to see what you have learned and identify weak areas that require additional effort.
Choose What Suits You Best:
Studying longer and harder isn’t always the best strategy; instead, focus on studying smarter. There are several recommended study strategies out there but try to identify which one works for you best and stick to that.
Opt for an online study module at CIMAstudy.com that suits your study requirements and get access to online learning material. This also gets you access to CIMA Aptitude, where you can take mock tests to assess your exam readiness.
Time Management Is the Key:
Take as many practice exams as possible to benefit from a good amount of exposure to exam-style questions and learn how to deal with time pressure during the exam.
Make A Concerted Effort for Case Study Exams:
Case study exams test the knowledge of all three study areas covered at each of the professional levels. Focus on real-life situation based assessments to prepare well. Online mock tests can be a good choice for the same.
Strategies: During the Exam
Use Your Reading Time Intelligently:
There are 20 minutes of reading time before the exam starts. You cannot open the answer book or write on it during this time, but you can study the question paper and devise a plan of action on how to tackle the exam.
Understand First, Answer Later:
As a matter of principle, always read carefully and try to understand what exactly is being asked. Remember, you won’t receive any credits for including information not relevant to the question.
Offer A Structured Response:
Try to provide an answer which has good structure and relevant content. Make it a point to re-read questions and make sure you have answered all parts of the question.
Manage your Time:
Divide available time beforehand in such a way that you know how much time you should devote to any question based on its credits and do not spend too much time on a single question. Instead, go on to attempt other questions and come back to it later if possible.
In case you are unable to appear for a scheduled exam, you can choose to reschedule:
- Up to 48 hours before a Certificate in Business Accounting exam.
- Up to 48 hours before an objective test.
- While the exam registration period is open for case studies.
You cannot reschedule an exam later than these times.
Useful CIMA Exam Prep Resources
CIMA connect Study guides • Pre-seen and post-exam material for the case study exams • Past questions and answers • Subject-specific articles written by experts.
This has been a guide to CIMA Qualification Exam. Here we discuss what the CIMA exam is, why you should pursue it, its fees, exam structure, passing strategies, etc. You may also have a look at the following articles –