In order to know about Subjects in CIMA, it is necessary to know what CIMA is.
It is the most popular, leading and largest professional body of management accountants in the world, with a totally distinctive management accounting, financial accounting and business-focused subjects. Resultantly, it produces confident and competent lot of CGMAs with ability to lead their organizations and contribute towards success of their related organization.
After studying it, you can have better knowledge and skills that the employees are looking for, and you are able to adjust in any organization or business whether it is small or large, belonging to any area of the world.
CIMA stands for Chartered Institute of Management Accountants, which is a UK-based professional accountancy body. It targets and emphasizes on the training business accountants, and represents financial managers and accountants as well. They work in various industries, commerce, non-profit private and public organizations. The basic idea behind it is related to strategies for used in various businesses.
The aim of CIMA is to provide qualification to students, train and support its members and contribute and protect the public interest. There are over 88,000 students in CIMA, with 70,000 members in 161 countries. Moreover, it is internationally recognized in the field of financial qualification for business and is considered worthy in this manner.
It provides a professional degree concentrating towards management accounting. It trains people for private practice, and prepares them to work in various fields including external audit and taxation issues. It teaches them technical skills for strategic advice-making, risk-management and decision-making.
Grades of Membership
It has two grades if full membership
Associate – Designated by the Letters ACMA
To be admitted as an Associate, a candidate must have completed the below mentioned things:
- A period of qualifying practice of at least three years, documented and signed by appropriate witnesses
- Passed the institute’s 18 qualifying examinations, including 3 integrated case study exams under 2015 syllabus
- Been proposed membership by two individuals who have direct experience of the candidate’s work experience.
Fellow- Designated by the Letters FCMA
In order to become a Fellow, a candidate ACMA must needs to have an appropriate experience at a senior level.
In the past, CIMA has offered forms of association which do not amount to full membership.
What function does the Chartered Management Accountants perform?
The chartered management accountants are supposed to do the following tasks:
- To advise managers about the financial implications of projects.
- To explain the financial consequences of business decisions.
- To formulate business strategy.
- To monitor spending and financial control.
- To conduct internal business audits.
- To explain the impact of the competitive landscape.
- To bring a high level of professionalism and integrity to business.
3 stages of professional qualification
It contains 3 stages which are as follows:
1. Operational level
The first level of the Professional Qualification is known as Operational level which further consists of three computer based assessments and one case study. It teaches you about how to perform the following tasks:
- To prepare financial statements.
- To provide management accounting information.
- To use appropriate tools for decision making through a broad understanding of business.
After the successful completion of this level, you will receive the CIMA Diploma in Management Accounting.
2. Management level
This is the second level of the Professional Qualification and further consists of three computer based assessments and one case study. It teaches you about how to:
- Prepare group accounts.
- Make pricing and product decisions based on a robust analysis.
- Manage projects and relationships.
- On completion, you receive the CIMA Advanced Diploma in Management Accounting.
3. Strategic level
This is the third level of the Professional Qualification. It consists of three computer based assessments and one case study.
It teaches you about how to:
- Formulate financial strategy
- Manage strategic relationships
- Manage risk
- Use the competencies gained at operational and management levels.
Strategic Alliances of CIMA
CIMA has access to the following strategic alliances. These include:
- Institute of Chartered Accountants of Pakistan (ICAP)
- Chartered Institute of Management Accountants (CIMA)
- Institute of Cost and Management Accountants of Pakistan (ICMAP)
- An accelerated route to Associateship of the Association of Corporate Treasurers
- Society of Management Accountants of Canada
- A mutual recognition agreement with CPA Australia
- A strategic alliance with the Institute of Chartered Accountants of Australia
- New Zealand Institute of Chartered Accountants
- Institute of Cost Accountants of India
- Strategic Alliance with the Institute of Cost and Management Accountants of Pakistan (ICMAP)
- Alliance with AICPA to establish and promote a new, internationally recognized designation for management accounting — the Chartered Global Management Accountant (CGMA).
- South African Institute of Chartered Accountants
Benefits of having CIMA Degree
Having a CIMA degree in your hand can provide you the following benefits:
- Accelerate your career
- Boost your salary
- Help you get work in MNC’s, management consultancies, banks, not for profit and public sector organizations
- Help you work around the world with CIMA.
- You will be awarded the Chartered Global Management Accountant (CGMA) designation helping you to recognize and show your professional and leadership skills
- Give you a right mix of skills, knowledge and experience
Objective Tests Included in Subjects in CIMA
There are 9 professional papers tested using Objective Tests, which are available on demand and you are allowed to select a date you want to take. These tests include a range of short answer questions such as multiple choice, drag and drop, hot spot and fill in the gap questions. You will be required to answer 60 questions in 90 minutes and the passing marks are 70 percent.
List of all Subjects in CIMA
- E3- Strategic Management
- P3- Risk Management
- F3- Financial Strategy
Management Level (CIMA Advanced Diploma in Management Accounting)
- E2- Project and Relationship Management
- P2- Advanced Management Accounting
- F2- Advanced Financial Reporting
Operational Level (Award= CIMA Diploma in Management Accounting)
- E1- Organizational Management
- P1- Management Accounting
- F1- Financial Reporting and Taxation
Certificate Level (Award= CIMA Certificate in Business Accounting)
- BA1- Fundamentals of Business Economics
- BA2- Fundamentals of Management Accounting
- BA3- Fundamentals of Financial Accounting
- BA4- Fundamentals of Ethics, Corporate Governance and Business Law