Commerce graduates career options: MBA or CIMA? Just completed your Commerce Graduation? Confused between CIMA and MBA to enhance your professional career? Here’s breakdown on MBA vs CIMA – which option you may go for other than CA..
Commerce graduates career options are not very many. The most popular ones being Accounting or MBA. When you think of a finance career, it is usually CA, CMA (earlier known as CWA), MBA, which come to your mind. These qualification holders are the top finance professionals in India.
But with a funnel system of examinations, these exams have a very low passing rate and are not necessarily everyone’s cup of tea. The MBA market is quite saturated and pass-outs from lower rung B-schools are struggling to even find jobs. So what are your alternatives?
Global certificate courses in India such as CFA, CIMA, CFP, IFRS, etc. are gaining popularity because of quality and relevance of content, international acceptability and other factors. Let’s look at CIMA, one such qualification in more detail.
What is CIMA?
Chartered Institute of Management Accountants (CIMA) is a management accountancy program aimed at students who wish to pursue their career aiming at making strategic decisions, analyzing data, conducting risk analysis, solving problems and being the brains behind business decisions.
What’s great about CIMA?
- Different Role: A management accountant’s profile is quite different from that of a financial accountant. With so much real-time data available at the finger-tips, managers want candidates who can help them make smart decisions, by analyzing data.Imagine how exciting it can be to make decisions on the basis of historical data, make predictions & build strategies!
- Best of Both Worlds: Curriculum is quite interesting, with a combination of both CA and MBA. You’ll not only become financially literate, but will also be able to understand other functions like marketing/strategy/human resources and therefore be able to appreciate the business context..
- Practical Training: There is emphasis on case study preparation, which requires you to study industries, the recent happenings, and how they influence companies operating in them.
- A different perspective: CIMA is a breather from regular studies, thanks to the combination of theory and practical test which prepares you for employment as well as entrepreneurship. In short, it has all the features that can help you skill sets necessary for 21st century.
- Global Certification: Accredited by CIMA Institute based in UK, since the course has global recognition in 179 countries, this can be your chance to pursue an accountancy career abroad.
- Earn While You Learn: While pursuing CIMA you can undergo internship and gain relevant work experience which is mandatory to earn the CFA charter.
- Salary Scale of CIMA in IndiaCurrently, limited information is available on salary inputs of CIMA passed candidates. Referring to sites such as PayScale, since, the course is relatively lesser known in India other than traditional courses.
Year-wise salary data of CIMA qualified candidates in India.
Median Salary by City
Demand of CIMA candidates is on a global scale, however, in India, typically, you’ll find demand of CIMA professionals in Tier I cities particularly. Also, CIMA professionals are typically required by MNCs who need professionals working in a global environment. According to Payscale, the hottest employer currently is the Big 4 audit firm Ernst & Young. While every qualification polishes different set of skill sets, it depends on the job profile as to the nature of candidate they are looking forward to. MNCs are realizing the specialized nature of skill sets that CIMA professionals are possessing, hence, you’ll find need for CIMA qualified candidates increasing every-day.