- Sets new sector standard to encourage accessibility and social mobility in efforts to help create a diverse, dynamic and future-ready accounting profession
The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, has announced that it will end the practice of charging exemption fees for new students, who hold a relevant degree or qualification, to encourage accessibility and social mobility.
This is a first amongst professional bodies in the accounting sector in the UK.
Effective from 1 August 2019, the change will apply to all new exemption applications made by students registered to study for the CIMA Certificate in Business Accounting and the CIMA Professional Qualification. The change comes about to encourage more CIMA students to start their studies and further support their career development.
Backed by the Association of International Certified Professional Accountants, the unified voice of the CIMA and AICPA, the CIMA Professional Qualification is recognised around the world as the most relevant finance program for professionals seeking a career in business. Updated in January 2019, it now also includes trending and future-focused topics such as digital strategy, blockchain and artificial intelligence, to help CIMA students reach their full potential and navigate change in a digital business world.
There are currently over 117,000 students across 156 countries progressing towards completing their CIMA Professional Qualification and earning the Chartered Global Management Accountant (CGMA) designation.
Venkkat Ramanan FCMA, CGMA, Regional Vice President – Asia Pacific said: “This is an essential step taken by the institute to enable CIMA students from various backgrounds and countries to have the opportunity to enhance their pathway in the accounting field. It also allows more individuals to be part of our mission in driving a dynamic accounting profession worldwide that are skilful and competent for their future employers”.
From 1st August 2019, CIMA students who apply for exam exemption(s) will no longer have to pay a fee for any exemptions granted for eligible prior learning.
For students who have been awarded and already paid for exemptions between 1st January and 31st July 2019, and who will be taking an exam between 1st August and 31st December 2019. CIMA will credit these students’ accounts with the difference between the previous and new 2019 exam fees on a monthly basis over the remainder of 2019. This credit can be used towards the 2020 subscription fee.
For new and existing students who have entered the CIMA Professional Qualification through gateway and experiential programs fees will remain the same.
The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants. As part of The Association of International Certified Professional Accountants (the Association) its members and students operate in 179 countries, working at the heart of business. CIMA members and students work in industry, commerce, and the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders.
The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 657,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.