Professional Qualification or Chartered Global Management Accountant (CGMA)
The growing popularity of international and unconventional courses in finance such as CIMA is increasing day by day in India. So what makes them different and stand apart from the conventional finance courses? Let’s explore –
The Chartered Institute of Management Accountants (CIMA) based in the UK is the largest professional body of management accountants. They along with the American Institute of Certified Public Accountants (AICPA – the body that conducts the CPA exam) conduct a highly respected global program called the CIMA Professional Qualification. The focus of this program is not just on management accounting, but also on marrying finance and accounting with strategy and decision-making. This is therefore a course more suitable for people interested in a corporate career as opposed to just public accounting practice.
Benefits of CIMA Program
A CGMA Charter holder has the following benefits
- Global accreditation, which gives them an opportunity to be a part of globally recognized professionals. CIMA has accreditation in 179 countries across the globe, including India.
- With the growing number of MNCs in India, there is a higher demand for CIMA professionals: as they’re well equipped with the challenges of the global scenario. Knowledge of foreign rules and regulations, IFRS, etc., are necessary, and CIMA prepares you for that.
- Even if you’re planning to initiate your own business, CIMA program prepares you to develop people management and communication skills, that are vital for any entrepreneur. Case studies help you understand real life industry examples, thereby, boosting your analytical skills in how to take decisions in practical scenarios.
In order to be eligible to apply for the CIMA Professional Qualification program, you should have done a basic course in business or accounting. For this, you could:
- Take up the CIMA’s own Certificate in Business Accounting (click here to learn more on this)
- Do an MBA or a Masters in Accounting
- Become a CA or a member of the International Federation of Accountants
- Have any other relevant qualification which exempts you from the CIMA Certificate in Business Accounting (click here to check if you qualify for an exemption)
The CIMA professional exam consists of 12 exams in total, spread over 3 different levels (Please read below in the section under syllabus). After completing all levels and having the required work experience, you will be designated a Chartered Global Management Accountant (CGMA).