Difference between CMA and CIMA?

The students are confused about these two courses the most. So, to help out students this article is written and it will provide you the difference in both the courses and will guide you to choose the right one for you.

Certified Management Accountant:

CMA is globally recognized as a certified program in financial accounting and strategic management. The certification is offered by ICMA (Institute of Certified Management Accountants) and IMA (Institute of Management Accountants). The headquarters of IMA is located in New Jersey, the U.S. and has reached across 140 countries. CMAs work in corporate, finance, accounting, and strategy teams in a company. They can also parse the data from many sources to improve performance. Besides, they also work as risk managers, cost accountants, budgeters, FP&A managers, corporate accountants, financial strategists, management accountants, and executive decision-makers.

Chartered Institute of Management Accountant:

CIMA is globally recognized as the career qualification in Business and Finance. It was established in 1919. It is considered as the largest professional accountant management with 2,20,000 members who are working in 182 countries. The qualified professionals in CIMA work in the field of Project Finance, Corporate Finance, Business Analysis, Financial Reporting, Risk Management, Treasury Management and so on.

CMA vs CIMA:

No. of Levels:

CMA has one level and has two parts. The first one is for Planning and Financial Reporting. The second part is about Financial Decision Making.

CIMA has three levels named as Management, Operational, and Strategical level.

Subjects:

CMA covers Financial Decision Making, Cost Accounting, Decision Analysis, Financial Planning, Professional Ethics, Investment Decisions, Budgeting, and Forecasting.

CIMA covers Risk management, Relationship management, Advanced financial reporting, Management accounting, Strategic management, Financial strategy, Financial strategy, and Financial strategy.

Mode / Duration of Exam:

CMA: The candidate needs to sit for 2 exams. Each exam contains 100 multiple choice questions & two essay questions.

CIMA: The exams are split into two steps. Initially, clear the 90 minutes’ objective test and then need to sit for a 3-hour case study.

Job Opportunities / Job titles:

CMA: Financial Accountant, Cost Accountant, Management Consulting, Financial Risk Manager.

CIMA: Media, Publishing, Sport, Fashion, and many other industries.

Educational Requirements:

CMA aspirants must receive a bachelor’s degree in the accredited university.

CIMA aspirants should hold a high school diploma at least. However, exam exemptions are based on each person’s qualifications.

Importance of CMA:

CMA course develops the decision making capability and helps the organizations to improve their efficiency and productivity. CMA course helps the students improve their managerial skills. The scope of CMA is not limited to finance. Many countries accept the employee with the CMA certification.

CIMA course is designed to equip the skills in business management and financial education to the students. CIMA tied-up with Commonwealth countries which leads to a better global presence than CMA. It also boosts the earning potential in the finance and business sectors.

Conclusion:

The article covers the complete information about the two courses. In comparing CMA and CIMA, there is neither best nor waste. I hope, this article will help you make the right choice for you according to your interest. Happy Learning! Stay Home, Stay Safe!!

To know more, please visit the website https://www.simandhareducation.com/certified-management-accountant/#home