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{{Short description|Body concerned with global managerial accounting}}
{{Infobox accounting body
{{Use British English|date=October 2024}}
|name_in_local_language= <!--Give name in other languages other than English here -->
{{Use dmy dates|date=October 2024}}
|abbreviation = CIMA
{{Infobox organization
|image = CIMA logo.jpg
| name = Chartered Institute of Management Accountants (CIMA)
|image_border =
| image = CIMA-Logo-1280x647.jpg
|alt = CIMA logo
| caption =
|image_caption = CIMA's current corporate logo
| logo_caption =
|motto = <!-- Motto or tag line -->
| abbreviation = CIMA
|predecessor = The Institute of Cost and Management Accountants
| motto =
|formation = {{Start date and years ago|1919|04|18}}
| predecessor = The Institute of Cost and Management Accountants
|legal_status = [[Royal charter|Chartered]] body
| merged =
|objective = <!-- focus as e.g. education and licensing of professional accountants etc -->
| successor =
|headquarters = London, {{Flag|UK}}
| formation = {{Start date and age|1919|03|}}
|coords = <!-- Coordinates of headquarters using {{coord}} -->
| founder =
|region_served = <!-- Name of the country or regional block or global -->
| founding_location =
|membership_num = <!-- No of members -->
|students_num = <!-- No of students -->
| extinction = <!-- use {{end date and age|YYYY|MM|DD}} -->
| merger =
|members_designations = ACMA and FCMA
| type =
|language = [[English language|English]]
| tax_id = <!-- or | vat_id = (for European organizations) -->
|highest_officer_title = <!-- position of the highest ranking officer like President, Chairman, Governor etc.. --> |highest_officer_name = <!-- name of the above person -->
| registration_id = <!-- for non-profit org -->
|second_officer_title = <!-- position of the second ranking officer like Vice President, Deputy Chairman etc.. --> |second_officer_name = <!-- name of the above person -->
| status = [[Royal charter|Chartered]] body
|third_officer_title = <!-- position of the third ranking officer like Secretary, CEO etc.. -->
| purpose =
|third_officer_name = <!-- name of the above person -->
| headquarters = London {{postcode|EC|2}}<br />United Kingdom
|fourth_officer_title = <!-- position of the fourth ranking officer like Treasurer, CFO etc.. -->
| location =
|fourth_officer_name = <!-- name of the above person -->
| coords = {{Coord|51|31|10.4874|N|0|5|13.1994|W|display=inline,title}}<ref>{{cite web |title=Contact us |url=https://www.aicpa-cima.com/help/contact-cima |website=AIMA - Contact Us |publisher=Association of International Certified Professional Accountants |access-date=22 June 2021}}</ref>
|administering_organ = Council
| region =
|IFAC_membership_date = October 7, 1977
| services =
|additional_data_name1 = <!-- Optional data1 name -->
| products =
|additional_data1 = <!-- Optional data1 -->
| methods =
|additional_data_name2 = <!-- Optional data2 name -->
| fields =
|additional_data2 = <!-- Optional data2 -->
| membership = 115,000 (2020)
|additional_data_name3 = <!-- Optional data3 name -->
| membership_year =
|additional_data3 = <!-- Optional data2 -->
| language =
|num_staff =
| owner = <!-- or | owners = -->
|website = {{url|http://www.cimaglobal.com}}
| sec_gen = <!-- or | gen_sec for General Secretary -->
|remarks =
| leader_title = President
|former name =
| leader_name = Sarah Ghosh, FCMA, CGMA
| leader_title2 = Deputy President
| leader_name2 = Simon Bittlestone, FCMA, CGMA
| leader_title3 = CEO
| leader_name3 = Andrew Harding
| leader_title4 =
| leader_name4 =
| board_of_directors =
| key_people =
| main_organ =
| parent_organization =
| subsidiaries =
| secessions =
| budget =
| budget_year =
| affiliations = Association of International Certified Professional Accountants
| revenue = {{decrease}} {{USD|361.37 million}} (2020, including [[American Institute of Certified Public Accountants|AICPA]])
| expenses = {{decrease}} {{USD|324.89 million}} (2020, including [[American Institute of Certified Public Accountants|AICPA]])
| staff =
| staff_year =
| volunteers =
| volunteers_year =
| students =
| students_year =
| website = {{url|https://www.aicpa-cima.com}}<br />{{url|http://www.cimastudy.com}}
| remarks =
| formerly = Institute of Costs and Works Accountants
| footnotes = <ref>{{cite web |title=Association Annual Report |url=https://www.aicpa-cima.com/about-us/annual-report.html |website=Association Annual Report |publisher=Association of International Certified Professional Accountants |access-date=22 June 2021 |archive-date=9 November 2022 |archive-url=https://web.archive.org/web/20221109142620/https://www.aicpa-cima.com/about-us/annual-report.html |url-status=dead }}</ref>
}}
}}


The '''Chartered Institute of Management Accountants''' (CIMA) is a [[United Kingdom]]-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.
'''The Chartered Institute of Management Accountants''' ('''CIMA''') is the global professional [[management accounting]] body, based in the United Kingdom. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.


CIMA is one of a number of [[British qualified accountants|professional associations for accountants]] in the UK and [[Republic of Ireland]]. Its particular emphasis is on developing the [[management accounting]] profession within the UK and worldwide. CIMA is the largest management accounting body in the world, with more than 172,000 members and students in over 165 countries.<ref>http://www.cimaglobal.com/About-us/</ref>
CIMA is one of the [[British qualified accountants|professional associations for accountants]] in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest and the oldest management accounting body in the world, with 115,000 members and 6,500 CGMA students in 2020.<ref>{{cite web |title=Association Annual Report |url=https://www.aicpa-cima.com/about-us/annual-report.html |website=Association Annual Report |publisher=Association of International Certified Professional Accountants |access-date=22 June 2021 |archive-date=9 November 2022 |archive-url=https://web.archive.org/web/20221109142620/https://www.aicpa-cima.com/about-us/annual-report.html |url-status=dead }}</ref>


The Chartered Global Management Accountant ([[Chartered Global Management Accountant|CGMA]]) qualification has the academic standing of a [[master's degree]] in the UK (recognised at Level 7 by [[National Academic Recognition Information Centre|NARIC]]).<ref>{{Cite web |date=17 November 2014 |title=News |url=https://www.ecctis.com/News.aspx?NewsID=402 |access-date=2021-08-25 |website=www.ecctis.com}}</ref>
CIMA is a member of the [[Consultative Committee of Accountancy Bodies]] and CIMA is withdrawing its membership from the CCAB (Consultative Committee of Accounting Bodies) on 2 March 2011.CIMA also is a member of the [[International Federation of Accountants]].


== History ==
== History ==
{{Unreferenced section|date=October 2024}}
CIMA was founded in 1919 as "The [[Institute of Cost and Works Accountants]]" (ICWA). It specialised in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making.
CIMA was formed in March 1919, as the Institute of Cost and Works Accountants, by a group of legal professionals and businessmen who wanted to develop an approach to accounting that would meet the demands of a rapidly changing business world. Industrialisation had led to large scale, complex businesses providing unprecedented challenges in management. Employers needed a new form of in-house accountant to provide, in addition to accounts, better analysis of cost and of operations to inform performance management. The new institute soon gained the backing of leading industrialists including, Lord Leverhulme who became its president.


Advances in technology and globalisation made business ever more complex over the 20th century and the role of the accountant in business became more significant. It expanded to include provision of a wider range of information and the emphasis shifted from accounting to management.
In October 1944 the Institute of Cost and Works Accountants organisation in [[Ireland]] was formed.<ref>[http://www2.cimaglobal.com/cps/rde/xchg/SID-0A82C289-0C77ED98/live/root.xsl/1074.htm Our History - CIMA] - History of the CIMA in Ireland</ref>


The status of management accounting as a distinct branch of the accounting profession was recognised by the granting of a [[Royal charter#United Kingdom|Royal charter]] in 1975.
The institute changed its name from ICWA to the Institute of Cost and Management Accountants (ICMA) in 1972 and subsequently to the Chartered Institute of Management Accountants (CIMA) in 1986, after the granting of a Royal Charter. A global Accounting qualification based in the UK, which is particularly active in Commonwealth countries. Its membership has grown from 15,000 in 1970 to 79,757 members and 92,909 students in 2009.<ref>[http://www.cimaglobal.com/Documents/About%20us%20docs/Annual%20review%20and%20publications/CIMA_AR09_FINAL.pdf CIMA Annual Report 2009] - History of the CIMA in Ireland</ref> It has played a role in founding fraternal professional bodies such as the [[Institute of Cost and Management Accountants of Pakistan]],[http://www.icmab.org.bd The Institute of Cost and Management Accountants of Bangladesh][[Institute of Cost and Works Accountants of India]] and the [[Institute of Management Accountants]] (USA).


== Activities ==
== Activities ==
CIMA operates a [[academic degree|Masters degree]] standard scheme of fifteen qualifying examinations for prospective members. It is active in promoting local education, training and management development operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former [[Eastern bloc]] countries. It publishes a monthly journal, supplied free to members and registered students, called '[[Corporate finance|Financial Management]]' ('[[Management Accounting]]' prior to 1998). CIMA also publishes a quarterly journal called '[[Management Accounting Research]]', mainly for an academic readership.
CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management'.


CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme.
CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and a continuing professional development education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the '[[grass roots]]' activity. Activity such as qualification development is undertaken from the London head office.


In 2011, CIMA left the Consultative Committee of Accountancy Bodies (CCAB).<ref>http://www.cimaglobal.com/Pages-that-we-will-need-to-bring-back/Old-site-pages1/Old-site-pages/About-us/Press-office/Press-releases/2011/March-2011/CIMA-withdraws-from-the-CCAB/ {{Dead link|date=February 2022}}</ref>
CIMA's governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the '[[grass roots]]' activity. Activity such as qualification development is undertaken from the London head office. The London office is also the location for the annual UK Final of the [[Global Management Challenge]], a strategic management competition for university students, which CIMA sponsors.


In 2012, CIMA and the American Institute of Certified Public Accountants created the CGMA designation (Chartered Global Management Accountant). The designation recognises the most talented and committed management accountants. The CGMA is the most widely held management accounting designation in the world with more than 150,000 designees; it is educationally equivalent to a master's degree. The designation is built on extensive global research to maintain the highest relevance with employers and develop the competencies most in demand. CGMA professionals are business strategists who can link the board's objectives with those of organisation's, guiding critical business decisions and creating sustainable business success.
In July 2009 CIMA added an online community - [http://community.cimaglobal.com CIMAsphere] - to its website. The community consists of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and also the general audience.


In 2014, CIMA, with the American Institute of Certified Public Accountants, launched the Global Management Accounting Principles. The Principles were endorsed by UK business leaders including [[Ian King (businessman)|Ian King]], Chief Executive, BAE Systems and Howard Orme, Director General, Finance & Commercial, Department for Business Innovation & Skills.<ref>{{cite news |last1=King |first1=Ian |last2=Orme |first2=Howard |last3=Read |first3=Nick |last4=Tyler |first4=David |last5=Bull |first5=Ian |last6=Yea |first6=Philip |last7=Lever |first7=Ken |date=23 October 2014 |title=New set of accounting principles can help drive sustainable success |newspaper=Financial Times |url=https://www.ft.com/content/0b595a98-59fa-11e4-8771-00144feab7de#axzz3uNsFcN5U}}</ref> The CGMA Competency Framework was also launched in 2014. The framework shows the range of technical, accounting and finance skills that management accountants need to do their jobs and consists of four knowledge areas: Technical Skills, Business Skills, People Skills and Leadership Skills, all underpinned by Ethics, Integrity and Professionalism.
CIMA has just announced a strategic alliance with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Association of International Certified Professional Accountants. The new designation is to be operated under a joint venture with AICPA. In the Americas outside the United States, non-U.S. CPAs could obtain the new designation as AICPA International Associates after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of the Chartered Institute of Management Accountants after the same assessment process.


In 2016, CIMA sponsored the creation of the world's first management accounting standard: ''Guide to management accounting principles''. The standard, published by the [[British Standards Institute]] codifies a universal framework for best practice in decision making. Organisations including Sky, The Environment Agency, Fujitsu, the NHS and Siemens had input into its development. It is designed as a best-practice guide to management accounting, allowing organisations to benchmark their finance function and unlock the full contribution that management accountancy can make. The specification is based on the Global Management Accounting Principles, created in 2014 by CIMA and the American Institute of Certified Public Accountants.<ref>[https://www.cgma.org/content/dam/cgma/resources/reports/downloadabledocuments/global-management-accounting-principles.pdf Global Management Accounting Principles]</ref>
Currently only full members of any one of the Global Accounting Alliance (GAA) institutes is eligible to become an AICPA International Associate member. CIMA members will be eligible to become an AICPA International Associate member once the new strategic alliance is approved by the respective governing councils.
http://www.aicpa.org/INTERESTAREAS/INTERNATIONAL/MEMBERSHIP/Pages/default.aspx
http://www.globalaccountingalliance.com/Alliancebodies1.html


In 2017, members of CIMA and the [[American Institute of Certified Public Accountants]] (AICPA) formed the [[Association of International Certified Professional Accountants]] to unite and strengthen the accounting profession globally.{{Citation needed|date=October 2024}}
CIMA is proactive to tie up with American CPA since European companies will be forced to use US GAAP and accounting rules following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG.

Both CIMA & AICPA governing Councils approved a proposal to create the Chartered Global Management Accountant (CGMA) credential through a joint venture. Together the AICPA and CIMA will establish and promote the CGMA and advance the U.S. CPA as a worldwide standard of professional excellence in accounting.


== Membership ==
== Membership ==
CIMA has two grades of full membership:
CIMA has two grades of full membership:
*Associate - designated by the letters ACMA
* Associate – designated by the letters ACMA
*Fellow - designated by the letters FCMA
* Fellow – designated by the letters FCMA


A CIMA Associate or Fellow is permitted to use the suffix letters ACMA or FCMA together with CGMA (Chartered Global Management Accountant) after their name.
To be admitted as an associate a candidate must have:
*completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses
*passed the institute's 15 qualifying examinations
*been proposed and seconded for membership by two individuals who have direct experience of the candidate's work experience but who do not need to be members of CIMA or even accountants.


To become a Fellow a candidate ACMA must, in addition, have appropriate experience at a senior level.
To be admitted as an Associate, a candidate must have:
* completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses,<ref>{{cite web |url=https://www.cimaglobal.com/Studying/Becoming-a-cgma/ |website=CIMA |access-date=25 May 2019|title=CIMA - Becoming a CGMA }}</ref>
* passed the institute's 16 qualifying examinations (or have a verified exemption), including 3 integrated case study exams under 2019 syllabus.<ref>{{cite web |url=https://www.cimaglobal.com/Studying/Starting-out/ |website=CIMA |access-date=25 May 2019|title=CIMA - Starting out }}</ref>


To become a Fellow, a candidate ACMA must, in addition, have appropriate experience at a senior level.
In the past, CIMA has offered forms of association which do not amount to full membership, for example an "Affiliate" membership class was promoted in the 1970s.

In the past, CIMA has offered forms of association that do not amount to full membership, for example, an "Affiliate" membership class was promoted in the 1970s.


==Strategic alliances==
==Strategic alliances==
CIMA members have access to a number of strategic alliances, including:
CIMA members have access to a number of strategic alliances, including:
* An accelerated route to Associateship of the [[Association of Corporate Treasurers]]

* A mutual recognition agreement with the [[Society of Management Accountants of Canada]]
* An accelerated route to Associateship of the [[Association of Corporate Treasurers]]<ref>[http://www.treasurers.org/qualifying/newsyllabusftroute.cfm ACT route]</ref>
* A mutual recognition agreement with the [[Society of Management Accountants of Canada]]<ref>[http://www.cma-canada.org/index.cfm/ci_id/1104/la_id/1.htm CMA Canada agreement (pdf)]</ref>
* A mutual recognition agreement with [[CPA Australia]]
* A recognition agreement with [[CPA Ireland]]
* A mutual recognition agreement with [[CPA Australia]]<ref>[http://www.cpaaustralia.com.au/cps/rde/xchg/SID-3F57FECB-30C09F00/cpa/hs.xsl/9718_31353_ENA_HTML.htm Pathway for CIMA members to CPA Australia membership (htm)]</ref>
* A strategic alliance with the [[Institute of Chartered Accountants of Australia]]<ref>[http://www.charteredaccountants.com.au/A117410448 ICA-Australia alliance]</ref>
* A strategic alliance with the [[Institute of Chartered Accountants of Australia]]
* On 26 September 2006, CIMA announced a joint qualification program with the [[New Zealand Institute of Chartered Accountants]]<ref>[http://www.cimaglobal.com/cps/rde/xchg/SID-0AAAC544-EFD2283B/live/root.xsl/15857_16917.htm New Zealand joint qualification] on CIMA website</ref>
* On 26 September 2006, CIMA announced a joint qualification program with the [[New Zealand Institute of Chartered Accountants]]
* MOU with [[Institute of Cost and Works Accountants of India]]
* [[Memorandum of understanding]] with the [[Institute of Cost Accountants of India]]
* Strategic Alliance with the [[Institute of Cost and Management Accountants of Pakistan]] (ICMAP)
* Strategic Alliance with the [[Institute of Cost and Management Accountants of Pakistan]] (ICMAP)
* A joint venture with the [[American Institute of Certified Public Accountants]] to establish and promote a new, internationally recognised designation for management accounting — the Chartered Global Management Accountant (CGMA).
* A joint venture will be formed with AICPA to launch global management accounting designation called the Association of International Certified Professional Accountants. The certification and assessment process will be managed by CIMA and endorsed under the AICPA logo [http://www.cimaglobal.com/About-us/Press-office/Press-releases/2011/March-2011/cima-aicpa-jv/]
* Recognition from the [[South African Institute of Chartered Accountants]]

* An accelerated route to the CGMA designation for members of the [[Chartered Institute of Public Finance and Accountancy]] (CIPFA)
== Development ==
* An accelerated route to the CGMA designation for members of the Institute of Chartered Accountants, Ghana (ICAG)
In recent years, CIMA has been party to merger talks with other professional accounting bodies including the [[ICAEW]] in 1995 and again in 2005.
* [[Memorandum of understanding]] with [[CPA Canada]]: Upon passing day 2 and day 3 of the [[Common Final Examination]], CIMA members are eligible to apply for the [[Chartered Professional Accountant|CPA designation]].<ref>{{cite web |title=CIMA members seeking the Canadian CPA designation |url=https://www.cpacanada.ca/en/become-a-cpa/international-credential-recognition/international-recognition-agreements/international-members-seeking-canadian-cpa/cima-to-cpa |website=CPA Canada |access-date=1 August 2023}}</ref>


==See also==
==See also==
* [http://www.frc.org.uk/images/uploaded/documents/5th%20Edition%20Key%20Facts%20and%20Trends%20Final090807.pdf Key Facts and Trends in the UK Accountancy Profession - July 2007]
* [[British qualified accountants]]
* [[British qualified accountants]]
* [[Institute of Chartered Accountants of India]]


==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
*[http://www.cimaglobal.com CIMA Website]
* [https://www.aicpa-cima.com CIMA Website]
* [https://web.archive.org/web/20111113154007/http://www.frc.org.uk/pob/publications/index.cfm?mode=list&cID=1 Key Facts and Trends in the UK Accountancy Profession], annual publication by the [[Professional Oversight Board]]
*[http://www.ftmsglobal.com.vn/cima CIMA in Vietnam]
* [https://web.archive.org/web/20071030070927/http://www.frc.org.uk/images/uploaded/documents/5th%20Edition%20Key%20Facts%20and%20Trends%20Final090807.pdf Key Facts and Trends in the UK Accountancy Profession – July 2007]

{{IFAC Members}}
{{IFAC Members}}
{{Authority control}}


{{DEFAULTSORT:Chartered Institute Of Management Accountants}}
{{DEFAULTSORT:Chartered Institute Of Management Accountants}}
[[Category:Professional associations based in the United Kingdom]]
[[Category:1919 establishments in the United Kingdom]]
[[Category:Accountancy qualifications]]
[[Category:Accounting in the United Kingdom]]
[[Category:Accounting in the United Kingdom]]
[[Category:Accounting qualifications]]
[[Category:Management accounting]]
[[Category:Organisations based in the London Borough of Islington]]
[[Category:Organizations established in 1919]]
[[Category:Organizations established in 1919]]
[[Category:Professional accountancy bodies]]
[[Category:Professional associations based in the United Kingdom|Management Accountants]]
[[Category:Member bodies of the International Federation of Accountants]]
[[Category:Cost and management accountant]]
[[Category:1919 establishments in the United Kingdom]]

[[ru:CIMA]]
[[zh:英國會計師]]

Latest revision as of 18:27, 29 October 2024

Chartered Institute of Management Accountants (CIMA)
AbbreviationCIMA
PredecessorThe Institute of Cost and Management Accountants
FormationMarch 1919; 105 years ago (1919-03)
Legal statusChartered body
HeadquartersLondon EC2
United Kingdom
Coordinates51°31′10.4874″N 0°5′13.1994″W / 51.519579833°N 0.086999833°W / 51.519579833; -0.086999833[1]
Membership115,000 (2020)
President
Sarah Ghosh, FCMA, CGMA
Deputy President
Simon Bittlestone, FCMA, CGMA
CEO
Andrew Harding
AffiliationsAssociation of International Certified Professional Accountants
RevenueDecrease US$361.37 million (2020, including AICPA)
ExpensesDecrease US$324.89 million (2020, including AICPA)
Websitewww.aicpa-cima.com
www.cimastudy.com
Formerly called
Institute of Costs and Works Accountants
[2]

The Chartered Institute of Management Accountants (CIMA) is the global professional management accounting body, based in the United Kingdom. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.

CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest and the oldest management accounting body in the world, with 115,000 members and 6,500 CGMA students in 2020.[3]

The Chartered Global Management Accountant (CGMA) qualification has the academic standing of a master's degree in the UK (recognised at Level 7 by NARIC).[4]

History

[edit]

CIMA was formed in March 1919, as the Institute of Cost and Works Accountants, by a group of legal professionals and businessmen who wanted to develop an approach to accounting that would meet the demands of a rapidly changing business world. Industrialisation had led to large scale, complex businesses providing unprecedented challenges in management. Employers needed a new form of in-house accountant to provide, in addition to accounts, better analysis of cost and of operations to inform performance management. The new institute soon gained the backing of leading industrialists including, Lord Leverhulme who became its president.

Advances in technology and globalisation made business ever more complex over the 20th century and the role of the accountant in business became more significant. It expanded to include provision of a wider range of information and the emphasis shifted from accounting to management.

The status of management accounting as a distinct branch of the accounting profession was recognised by the granting of a Royal charter in 1975.

Activities

[edit]

CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management'.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and a continuing professional development education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the 'grass roots' activity. Activity such as qualification development is undertaken from the London head office.

In 2011, CIMA left the Consultative Committee of Accountancy Bodies (CCAB).[5]

In 2012, CIMA and the American Institute of Certified Public Accountants created the CGMA designation (Chartered Global Management Accountant). The designation recognises the most talented and committed management accountants. The CGMA is the most widely held management accounting designation in the world with more than 150,000 designees; it is educationally equivalent to a master's degree. The designation is built on extensive global research to maintain the highest relevance with employers and develop the competencies most in demand. CGMA professionals are business strategists who can link the board's objectives with those of organisation's, guiding critical business decisions and creating sustainable business success.

In 2014, CIMA, with the American Institute of Certified Public Accountants, launched the Global Management Accounting Principles. The Principles were endorsed by UK business leaders including Ian King, Chief Executive, BAE Systems and Howard Orme, Director General, Finance & Commercial, Department for Business Innovation & Skills.[6] The CGMA Competency Framework was also launched in 2014. The framework shows the range of technical, accounting and finance skills that management accountants need to do their jobs and consists of four knowledge areas: Technical Skills, Business Skills, People Skills and Leadership Skills, all underpinned by Ethics, Integrity and Professionalism.

In 2016, CIMA sponsored the creation of the world's first management accounting standard: Guide to management accounting principles. The standard, published by the British Standards Institute codifies a universal framework for best practice in decision making. Organisations including Sky, The Environment Agency, Fujitsu, the NHS and Siemens had input into its development. It is designed as a best-practice guide to management accounting, allowing organisations to benchmark their finance function and unlock the full contribution that management accountancy can make. The specification is based on the Global Management Accounting Principles, created in 2014 by CIMA and the American Institute of Certified Public Accountants.[7]

In 2017, members of CIMA and the American Institute of Certified Public Accountants (AICPA) formed the Association of International Certified Professional Accountants to unite and strengthen the accounting profession globally.[citation needed]

Membership

[edit]

CIMA has two grades of full membership:

  • Associate – designated by the letters ACMA
  • Fellow – designated by the letters FCMA

A CIMA Associate or Fellow is permitted to use the suffix letters ACMA or FCMA together with CGMA (Chartered Global Management Accountant) after their name.

To be admitted as an Associate, a candidate must have:

  • completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses,[8]
  • passed the institute's 16 qualifying examinations (or have a verified exemption), including 3 integrated case study exams under 2019 syllabus.[9]

To become a Fellow, a candidate ACMA must, in addition, have appropriate experience at a senior level.

In the past, CIMA has offered forms of association that do not amount to full membership, for example, an "Affiliate" membership class was promoted in the 1970s.

Strategic alliances

[edit]

CIMA members have access to a number of strategic alliances, including:

See also

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References

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  1. ^ "Contact us". AIMA - Contact Us. Association of International Certified Professional Accountants. Retrieved 22 June 2021.
  2. ^ "Association Annual Report". Association Annual Report. Association of International Certified Professional Accountants. Archived from the original on 9 November 2022. Retrieved 22 June 2021.
  3. ^ "Association Annual Report". Association Annual Report. Association of International Certified Professional Accountants. Archived from the original on 9 November 2022. Retrieved 22 June 2021.
  4. ^ "News". www.ecctis.com. 17 November 2014. Retrieved 25 August 2021.
  5. ^ http://www.cimaglobal.com/Pages-that-we-will-need-to-bring-back/Old-site-pages1/Old-site-pages/About-us/Press-office/Press-releases/2011/March-2011/CIMA-withdraws-from-the-CCAB/ [dead link‍]
  6. ^ King, Ian; Orme, Howard; Read, Nick; Tyler, David; Bull, Ian; Yea, Philip; Lever, Ken (23 October 2014). "New set of accounting principles can help drive sustainable success". Financial Times.
  7. ^ Global Management Accounting Principles
  8. ^ "CIMA - Becoming a CGMA". CIMA. Retrieved 25 May 2019.
  9. ^ "CIMA - Starting out". CIMA. Retrieved 25 May 2019.
  10. ^ "CIMA members seeking the Canadian CPA designation". CPA Canada. Retrieved 1 August 2023.
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