The Chartered International Management Accountant – CIMA certification is one of the essential qualifications for strategic leadership roles as it empowers the profession and practice of international management accounting. Earning the CIMA qualification is recommended for business, finance, and accounting professionals who aspire to move into strategic roles and closer to boardrooms.
The qualification enables the participants to gain knowledge of principles, frameworks, and techniques necessary for business continuity, growth, and success by driving corporate and business strategies. Let’s elaborate more here.
The need for international management accounting
The world of business, trade, and economics has turned global. The factors like globalization, technology, online marketplaces, global supply chains, multinational banking, economic disruption, and the current pandemic situation have turned most of the industries and businesses global. So, the conventional management accounting may not serve the purpose and beat the competition.
It becomes essential to add the capabilities of synthesis, analysis, reporting, and decision-making in order to survive, compete, and grow. The qualification enables the professionals to:
• Feeding data, taking decisions on competitiveness, expansion, procurement, tax management, and billing
• Developing systems, metrics, processes, and practices of business decision-making at globally distributed units of the organization
• Identifying, measuring, managing, and reporting risks to individual units and the entire organization as well
In brief, as an international management accountant, you will be able to provide information for global managers, assist in managing global units, measure the performance of each business unit, assess the organization’s competitiveness, and motivate managers across units.
Let’s move forward and understand how to obtain this CIMA certification, the eligibility criteria, and other essentials.
Technically, any aspirant holding a Bachelor’s degree from a nationally/globally recognized institution or university can apply for the CIMA charter qualification. The individuals may or may not have work experience.
However, participants having a professional certification in accounting or professional membership associations are eligible to register through the fast track CIMA professional pathway. Likewise, the participants with MBA qualification in accounting, finance, or related finance disciplines can register via the fast track CIMA Master’s pathway.
CIMA program structure:
The program has two segments – foundational management accounting and international finance and accounting.
Foundational management accounting comprises major topics like framework; business, strategy, and international competitiveness; financial management and decision-making in business; accounting principles and techniques for managers; risk management in business and accounting treatment; financial statements analysis for managerial accountants; cost structuring, product costing, and activity-based costing; business valuation; capital investments and budgeting.
The segment-2 comprises the analysis of the international business environment, international accounting practice, decision-making in international finance, international accounting harmonization, international financial reporting issues, Forex risk management, international taxation in managerial accounting, transfer pricing in global corporations, corporate governance and ethics in global organizations, and technology in global management accounting.
How to become a CIMA Charter holder:
Once you meet the prescribed candidacy requirements, you should get registered for the program and pass the prescribed exams. If you register through CIMA Master’s pathway, you need to take one, unified CIMA pathway exam. And, if you get registered through CIMA’s professional pathway, then you need to take two exams for each of the two CIMA segments.
The general trend is 80% of the program registrants manage to complete their exams within six-nine months.
The Validity period for the CIMA qualification:
The validity of the qualification is life-long and it never expires. After the first three years, i.e., fourth-year onward from the year you earned the qualification, you need to attend an online CIMA Review Webinar for a nominal maintenance fee. For more details, you can visit the site here. It is a single-session program featuring expert talks and presentations on the latest trends and best practices.
The CIMA certification journey is a must for every professional in business accounting and finance as the major attraction here is creating an impact at the global level. Get certified with CIMA today and stay updated on trends and advances in international management accounting.