CIMA, the Chartered Institute of Management Accountants ... with us docs/AAT/AAT_brochur… · Test...
Transcript of CIMA, the Chartered Institute of Management Accountants ... with us docs/AAT/AAT_brochur… · Test...
CIMA, the Chartered Institute of Management Accountants, founded in
1919, is the world’s leading and largest professional body of management
accountants, with over 171,000 students and members working at the
heart of business in 165 countries – and growing. CIMA works closely
with employers and sponsors leading edge research, constantly updating
its qualification, professional experience requirements and continuing
professional development to ensure it remains the most relevant
international accountancy qualification for business.
Contents
How will CIMA benefit me?
Case study 2 Formation Asset Management Ltd
What is management accounting?
Case study 3 Manchester Airport Plc
Exemptions
Case study 4 Tarmac Ltd
The CIMA qualification
Case study 5 Food Standards Agency
The CIMA qualification structure
Case study 6 Vision Express
What’s different about CIMA?
Case study 7 RWE npower renewables
General comparison
Continual support
01
02
03
04
05
06
07
08
09
10
11
13
15
17
19
21
23
25
27
CIMA means business
Case study 1 NET-A-PORTER.COM
Get me started
Case study 8 Severn Trent Water Ltd
Case study 9 Welsh Assembly Government
How will CIMA benefit me?The security of a professional qualification
Particularly in times of recession, CIMA makes
it possible to combine the security of holding a
professional qualification with the excitement and
reward of a career in business.
More career options
A CIMA qualification widens your career options
both within and outside financial management.
Four out of ten CIMA members work in a variety
of areas such as operations management, project
management and IT.
A globally recognised qualification
Our reputation ensures that doors will open for
you around the world. The CIMA Professional
Qualification gives you the option to work at a
senior level in many countries.
CIMA means businessBusinesses will always need accountants, especially
those that have the strategic insight to assess risk
and make vital business decisions. More than ever,
organisations need financially trained business
leaders who can help lead the way out of the
current economic downturn. That’s where CIMA
fits in.
CIMA members are better equipped to deal with business decisionsChartered Management Accountants operate
in financial and non-financial roles throughout
organisations and carry out all their training and
experience requirements within business. This
provides them with a unique insight into how their
organisations operate.
CIMA members operate at the heart of businessCIMA students and members work in small and
medium-sized companies, in practice and within
large multinationals throughout the world.
They drive success and create value by applying
leading edge techniques with a commercial and
forward-looking focus. Their in-depth understanding
of the businesses in which they operate means they
can pre-empt and adapt to the changing business
environment.
Business leadership skills
CIMA fully prepares you for business achievement.
The CIMA qualification gives you a deeper
understanding of business and offers more strategy
and management skills than any other accountancy qualification.
Huge earning potential
A recent international salary survey by an
independent researcher showed that the average
salary for CIMA qualified finance professionals is
£55,645,* with potential for your salary to rise
to £100k+.
Lifelong career support
CIMA’s lifelong learning programme – CIMA Professional Development (CPD) supports skill development throughout your career to ensure your skills are always up-to-date and relevant to business.
Based on research undertaken by CIMA and Redshift Research, both are Market Research Society Company Partners.
2CIMA means business 1 How will CIMA benefit me?
22
As a manag nt accountant I can provide the
appropriate information to enable my manager to
make the right financial decisions for the business.Teresa Platt ACMA, Change Management Accountant Welsh Assembly Government
*
21
What is management accounting?Management accounting combines accounting,
finance and management with the leading edge
techniques needed to drive successful businesses.
It is an integral part of business management.
CIMA Chartered Management Accountants have
a high level of financial and accounting expertise,
along with excellent business acumen. This makes
them versatile professionals who are forward
looking and best qualified to drive business
performance, not just measure it.
Management accountants focus on future
achievements, challenges, forecasting and
helping to influence strategies that will develop
their organisations business potential. They help
organisations establish viable strategies and
convert them into profit or into value for money.
The management accountant’s role involves:• generating and creating value through effective
strategic decision making, deployment of
resources and the formulation of business
strategy to create wealth and shareholder value
• analysing and interpreting management
information and then using that data to make
and guide essential decisions
• measuring organisational performance and
interpreting financial and non-financial reports
• applying accounting techniques, budgeting and
forecasting to help determine costs and budgets
and forecast future performance
• analysing processes and managing costs to
reduce waste
• managing risk, benchmarking and providing
business assurance.
The AAT Accounting Qualification If you have completed the AAT Accounting Qualification, you are one step closer to achieving your potential in business. The AAT qualification provides an excellent foundation in finance and accounting, giving you the opportunity to boost your career and become a Chartered Management Accountant.
AAT people identify CIMA as the natural next step to becoming a business professional. About one in nine CIMA students study via the AAT route.
ExemptionsAAT Technician Level
Successfully completing the NVQ/SVQ pathway or
the Diploma pathway qualifications will exempt you
from the CIMA Certificate in Business Accounting.
This allows you to begin studying at the operational
level of the CIMA Professional Qualification.
AAT Foundation and Intermediate Level
If you’ve yet to complete the AAT Accounting Qualification you can still register with CIMA. But you will first be required to complete the entry level qualification, the CIMA Certificate in Business Accounting, if you plan to sit the operational level CIMA exams.
Note: Exemptions offered may not be the same for overseas students.
For more details about exemptions visit www.cimaglobal.com/aatexemptions
02What is management accounting?3 Exemptions
24
AAT provided with a solid foundation for
continuing onto CIMA and a very clear basic
accounting knowledge.Debby Proudfoot ACMA, Management Reporting Accountant Manchester Airport Plc
The CIMA qualificationThe CIMA Professional Qualification is regularly
updated in line with the challenges and
opportunities presented by a constantly evolving
marketplace.
It is built on three learning pillars: enterprise,
performance and financial. Each pillar contains three
subjects; one each at operational level, management
level and strategic level.
On successful completion of the operational level
subjects you will be awarded the CIMA Diploma
in Management Accounting. On successful
completion of the management level subjects you
will be awarded the CIMA Advanced Diploma in
Management Accounting.
To qualify as a Chartered Management Accountant
and secure the designatory letters ACMA after your
name, you will need to sit and pass the nine papers
of the syllabus and achieve the requirements of the
Test of Professional Competence in Management
Accounting.
Test of Professional Competence in Management AccountingCIMA’s unique Test of Professional Competence in
Management Accounting brings together practical
experience and education. There are two parts to
the Test of Professional Competence in Management
Accountanting: Part A Initial Professional
Development – Work Based Practical Experience
and Part B Case Study Examination.
You can complete parts A and B in any order once
you have passed the strategic level examinations,
although we recommend that you work on both
elements concurrently.
CIMA’s Professional Qualification was recognised
in 2009 as equivalent to an MSc degree by the
National Academic Recognition Information Centre,
the UK’s independent body that assesses and scores
qualifications from around the world.
Part AInitial Professional
Development – Work Based Practical Experience.
Award - Member of the Chartered Institute of Management Accountants
Man
agem
ent
leve
lPr
ofes
sion
alco
mpe
tenc
e le
vel
Stra
tegi
c le
vel
Ope
rati
onal
leve
l
Paper E3
EnterpriseStrategy
PerformanceStrategy
Financial Strategy
Paper P2
PerformanceManagement
Paper F2
Financial Management
EnterpriseOperations
EnterpriseManagement
PerformanceOperations
FinancialOperations
Award - CIMA Advanced Diploma in Management Accounting
Award - CIMA Diploma in Management Accounting
Paper E1 Paper P1 Paper F1
Paper P3 Paper F3
Paper E2
Pre-requisite entry requirements (e.g AAT NVQ/SVQ or Diploma Pathway qualifications, CIMA Certificate in Business Accounting).
Part B Case Study
Examination based on pre-seen and unseen material.
Enterprise pillar
Performance pillar
Financialpillar
T4Test of Professional Competence in Management Accounting
2The CIMA qualification5 The CIMA qualification structure
26
What’s different about CIMA?CIMA is the only accountancy body that fully
prepares its members for business achievement.
No other professional accountancy body is
aligned as closely to the needs of business or is as
internationally respected.
The CIMA qualification is a unique combination of
theoretical, practical and applied knowledge, all of
which defines the CIMA difference.
Employers around the world acknowledge CIMA
as the global quality standard in management
accounting.
What are the key differences between CIMA and some of the other bodies?
ACCACIMA members have broad business and
management skills and are better qualified to deal
with business decisions and changes that affect the
entire organisation, while ACCA is more focused on
financial accounting issues.
CIPFA
CIMA trains students for commercial life, in both
public and private sectors, while CIPFA focuses on
the public sector. More than 80% of CIPFA members
work in public practice.
ICAEWCIMA assesses a broader spread of content
reflecting preparation for more diverse roles in the
business environment. ICAEW is particularly geared
towards professional practice with substantially less
coverage of management accounting and business
management in comparison to CIMA.
2What’s different about CIMA?7 General comparison
28
CIMA unique
CIMA provides more emphasis
Comparator unique
Comparator provides different emphasis
• Operations• Change management• Marketing• Relationship/project management
• Taxation of corporate and non-corporate entities• External audit• Law (beyond the CIMA certificate)
• Financial accounting/ reporting• Information systems
• Operational management• Marketing• Strategic management• Business economics and law
• Business strategy• Financial strategy• Risk and control strategy
• Accounting issues specific to the public sector• External audit • Taxation (using actual tax rules)
•Audit and assurance • Public finance and policy
• Strategic risk and control• Relationship management• Information systems strategy
• Business strategy• Financial strategy• Applied management accounting techniques• Applied strategic management
• Taxation of corporate and non-corporate entities • Audit and assurance• Law (CIMA certificate covers to a certain extent)
• Financial accounting/ reporting• Assessing professional competence in areas of professional practice
ACCA CIPFA ICAEW
• HR management• Applied management accounting techniques
Based on findings of comparative research undertaken by the University of Bath School of Management. To view the
full report visit www.cimaglobal.com/difference
Summary of topic comparisons*
*
CIMA TrainingCIMA Training is an accreditation programme that
recognises the quality of training provided by
employers. If your organisation is a CIMA Training
Partner they will be able to offer you support
throughout your studies and ensure you have all the
practical experience required to successfully qualify.
However, most employers will offer some level of
support if you ask. A full listing of approximately
4,500 employers can be viewed at
www.cimaglobal.com/cimatraining
CIMA MY JOBSOur online recruitment site lists current vacancies
from employers looking for the right people to train
through CIMA. You can upload your CV or sign-up to
receive job alert emails. To find out more visit
www.cimaglobal.com/aatmyjobs
CIMA LearningCIMA has a range of study resources and guides
available to all CIMA students, regardless of your
chosen study method. These include practice
questions, pilot papers, solutions and a full revision
section. Through www.cimastudy.com you can
also access a range of online, interactive learning
and support products, including; review questions,
exam hints and feedback on answers to help you
prepare for the exam and avoid common exam
pitfalls.
Online CommunityCIMAsphere is an online community for anyone
connected with or interested in CIMA. It empowers
people to exchange ideas and knowledge that
will support, develop and advance management
accounting, and the people and organisations that
benefit from it. Join in, visit www.cimasphere.com
Get me started1. Support with fees
Find out what support your employer can give you.
This may include covering the cost to register with
CIMA. To view the latest fees, visit
www.cimaglobal.com/aatfees
If you are looking for a new job, many of our CIMA
Training partners are looking for individuals to train
through CIMA. To find a job visit,
www.cimaglobal.com/aatmyjobs
2. Register with CIMA
You can register, even if you don’t plan to study
straightaway.
The quickest and easiest way to register is by
completing our online registration process, visit
www.cimaglobal.com/aatregistration
There are two exam sittings per year. To enter for
these you need to register as a student before the
deadlines as follows:
May exams – register by 31 January
November exams – register by 31 July
3. Method of study
Choose the best study option to suit your personal
circumstances. You can attend classes part-time,
during the evening or at weekends. And if you prefer
to study from home you can do so via distance
learning. Through www.cimastudy.com you will
have access to interactive and flexible online
courses.
For a list of accredited colleges and training
providers, visit:
www.cimaglobal.com/aatcolleges
Useful linksAAT Gateway
This is a site dedicated to AAT students and
members who are considering studying with CIMA.
For more information about the AAT route, visit
www.cimaglobal.com/aatgateway
CIMA quiz
‘Who wants to be a management accountant?’ is a
short quiz that allows you to find out what type of
accountant you could be. Have a go, visit
www.cimaglobal.com/cimaquiz
Keep in touchTo receive the latest information about CIMA
relevant to you, enter your details at
www.cimaglobal.com/aatcontact
2Continual support9 Get me started
210
I feel that CIMA has prepared me to take on
whatever challenges arise. The CPD courses
and mber support will help me to
continue to progress my career.
Nia Angharad Cooke ACMA, Management Accountant RWE npower renewables