The Chartered Institute of Management Accountants (CIMA) and The Associates of Cost and Management Accountants (ACMA) offer two different paths to obtaining an accounting designation in the United States.
CIMA provides a more business-oriented approach than ACMA. CIMA graduates will be qualified to pursue careers in management accounting, cost accounting, internal auditing, information technology, and other business-related positions.
ACMA allows for a broader range of career options within the field of financial accountancy. They also have an Associate Certification option that is not available with CIMA.
CIMA Vs. ACMA
CIMA is a global organization with members in more than 140 countries. ACMA is a national organization with members in Australia who study and live there.
The Chartered Institute of Management Accountant became the first accounting body to offer a stand-alone qualification in management accountancy back in 1988. The Associates of Cost and Management Accountants are an international organization with branches all over the world.
The Chartered Institute of Management Accountant is focused on management accounting, financial statement analysis, corporate governance, strategic management accounting, investment appraisal, and risk assessment. It is also responsible for developing international standards for management accountants.
ACMA’s focus is more on applied areas of finance such as capital budgeting, fixed asset valuation, and depreciation studies. ACMA also focuses on matters related to taxation, auditing, and other financial matters.
CIMA offers a broader scope of topics that it covers across different sectors, including IT/IS Audit, Financial Accounting Standards Board
CIMA provides a broad selection of subjects and courses to students. This certification offers students advanced insight into various business practices, covering topics such as financial accounting standards, information technology auditing, and many more.
What is CIMA?
CIMA (The Chartered Institute of Management Accountant) is an institute that offers financial and management training and qualifications to develop the skills of accountants and other finance professionals.
CIMA is a professional body for management accountants. The Chartered Institute of Management Accountants was founded with the objective to provide the right kind of training to the accountants so that they can assist in managing their business finances with ease.
The Chartered Institute of Management Accountants is the world’s leading qualification for management accountants. They are the only internationally recognized qualification for this occupation, which means that they are recognized around the world.
CIMA qualifications are globally recognized and accredited by professional bodies, government agencies, employers, and most importantly, by the CIMA community itself.
CIMA is the world’s professional body for management accountants. The Chartered Institute of Management Accountant aims to be the global authority on accountancy and business management.
What is ACMA?
ACMA is an organization that aims to promote the concept of accountancy as a profession.
ACMA is an association for professionals who work in accounting. The ACMA’s goal is to promote excellence in cost, management, and financial accounting through support, education, training, certification, research, advocacy, and networking.
ACMA offers many different educational opportunities for professionals in the field of accountancy. These opportunities include both seminars and webinars with topics ranging from management accounting to corporate governance. The ACMA also runs an annual National Conference, which focuses on the development of innovative solutions to the challenges faced by today’s management accountants.
The Associates of Cost and Management Accountants (ACMA) is the largest international professional accounting association for cost and management accountants. ACMA has more than 75,000 members in over 75 countries, spanning the globe.
ACMA was founded to promote the profession of cost and management accountancy worldwide, to enhance knowledge of related subjects, to develop professionalism among its members, and to encourage their continuing education. Membership is open to all qualified individuals irrespective of gender, race, or creed.
Difference Between CIMA and ACMA
CIMA is a professional body. It is based out of the UK, while ACMA is a professional body that is a member of CIMA
CIMA trains students in business accounting & management accounting while ACMA trains students in management accounting
CIMA offers courses in Enterprise Operations, Financial Operations, and Performance operations at the primary level. CIMA’s secondary-level courses include Enterprise Management, Financial Management, and Performance Management. CIMA offers courses in Enterprise Strategy, Financial Strategy, and Performance Strategy at the final level while ACMA offers Financial Accounting, Cost Accounting, Business Mathematics, Statistics, Business Economics, Enterprise Management, Commercial Law, Strategic Financial Management, Investment Analysis, Corporate Financial Reporting, Cost and Management Audit, Portfolio Management, Professional Ethics, and Tax Management and Practices courses.
CIMA’s exam is divided into four levels. The first three levels are based on the three-course levels. The fourth and final level consists of two parts: the first is based on an individual’s three-year experience, and the second is a case study exam, while the ACMA exams are divided into three sections. There are four papers in the first section. The second section is divided further into two parts, each with four papers, and the third part follows the same pattern as the second part.
At CIMA, for each level of examination, a fee of Rs One lakh is required, while ACMA requires a fee of between Rs 60,000 and Rs 75,000 to be paid.
Conclusion
There are a number of differences between the two institutes. However, the key difference is that CIMA is not a membership organization, and ACMA is. This means that those who want to become a member of CIMA need to go through a process as it is not open to all. In contrast, an individual does not need to be a member of ACMA in order to have their qualifications recognized.
CIMA’s certification requirements for gaining their qualification also differ from ACMA’s requirements. CIMA requires at least four years of professional experience, whereas ACMA requires three years of accounting experience and one year each in related fields such as finance or management accounting.