CIMA Exemptions: Everything You Need to Know

Are you preparing for the prestigious CIMA examinations? What if you can skip a few CIMA exams if you already have some specific degrees or qualifications? Sounds too good to be true, right?  Under the CIMA exemptions, you can get some exams out of your way if you have the relevant qualifications. You will get a concession from taking specific CIMA examinations when you apply for and qualify for an exemption. This is a relief for most applicants, considering the demanding nature of the CIMA certification exams. Read on to learn more about CIMA exemptions, including why you need an exemption, CIMA exemption fees, and regulations.

Understanding CIMA Course Exemptions

The course exemptions of CIMA are specially formulated to help reduce the time that is taken to achieve a qualification when candidates hold other academic or professional qualifications in accountancy, finance, or management. Exemptions offer the chance to forego sitting for specific exams based on qualifying such as a Bachelor’s degree in relevant fields or professional qualifications like ACCA or CMA. Through these exemptions, one can save time by reducing the number of exams to be taken and enabling people to make headway toward obtaining the CGMA designation quickly. Knowing what exemptions apply to your qualification will also help you progress easily toward becoming a member of CIMA.

Why Should you Apply for an Exemption?

If you are eligible for CIMA exemptions, you should opt for them for the following reasons:

• Exemptions will help you finish your course earlier than usual. This way, you can give a jump-start to your career and have the edge over your peers.
• As a student preparing for CIMA, you will have a tight schedule. Getting a few exams out of your way will save time, effort, and money.
• CIMA values all your hard work to achieve a degree. Exemptions are a token of recognition, which can boost your overall morale.

CIMA Exemptions for Graduation

A candidate can be exempt from taking a few CIMA exams if they have a Bachelor’s degree in Accounting, Finance, Management, Economics, or other relevant fields. 

The following table summarizes the exemptions corresponding to the graduation degrees:

CIMA Exemptions after MBA

A Master’s or MBA in Accounting qualifies you for the CIMA Gateway Exam. Popularly known as the Management Level Case Study Exam, this is a CIMA exemption that directly takes you to the strategic level exams. 

Though the CIMA exemptions after the MBA look quite tempting as you can avoid giving 11 exam papers, the pass percentage is only 18%. To sit for the CIMA Gateway Exam, you must have core knowledge of the topics up to the Management Case Study Level. 

CIMA Exemptions for ACCA

In particular, anyone who has passed all 14 ACCA exams enjoys exemption from four Certificate Level exams, three Management Level exams, and three Operational Level exams, which indeed includes the one called the Operational Level Integrated Case Study Exam. This mutual recognition underlines the overlap in content between both qualifications and allows professionals from ACCA to forward their careers in management accounting effectively.

CIMA exemptions for CA

CIMA exemptions for CA mainly depend on two factors: the kind of CA qualification a candidate has and the number of years of work experience they possess.

Take this example for a better understanding. A candidate with a level 5 certificate in Accounting from SAICA and a SAICA member with more than three years of experience will qualify for different CIMA exemptions.

CIMA exemptions for CMA

The CMA certification solidifies a candidate’s expertise in strategic management and financial accounting, which CIMA recognizes and exempts applicants from taking some exams. 

To avail of the exemptions, you must check the CIMA database, which states the year of qualification and the modules required for exemptions. However, CIMA exemptions for US CMA and CMA India may vary, as one has global recognition while the other is only recognized in India.

CIMA exemptions for AAT

Many candidates go for the AAT certification to hone their accounting skills. Some even pursue the CIMA certification after AAT for better job prospects. Though it may seem like a long route, it is worth a try.

You can get exemptions from a few CIMA Certificate Level exams if you already have a Level 2 or Level 3 diploma in AAT. However, a candidate with an AAT Level 4: Technician/Diploma can bypass all the exams under the CIMA Certificate Level.

CIMA Exemptions for CFO

If you are a senior management professional like a CFO or CEO with ten years of business and finance experience, you can directly take the Strategic Case Study Exam to achieve the CIMA certification. This exemption falls under CIMA’s CFO program.

CIMA Exemption Fees

CIMA charges no exemption fees for CIMA-registered students. If you have relevant prior qualifications, then you need not sit for those particular exams and incur extra costs. It is such a beneficial policy making the qualification process more accessible and encouraging professional minds to explore CIMA membership.

Checking CIMA Eligibility for Exemption

To confirm eligibility for CIMA exemptions, one has to register as a CIMA student since only registered candidates can apply. Access the CIMA database to see how your qualifications align with exemption criteria. You will need documentation, such as transcripts, and confirmation normally takes 10-20 working days.

CIMA Exemptions: A Big Deal

CIMA exemptions simplify the route to achieving the Chartered Global Management Accountant (CGMA) designation. Time is saved, energy is conserved and financial expenditure on exams is avoided. This flexibility encourages professionals with the background to pursue CIMA and improve prospects.

What Exams Might I be Exempt From?

Exemptions are awarded based on prior qualifications. Graduates in Accounting, finance, or business may be exempt from certificate-level tests while those with an MBA can directly sit for the strategic level. ACCA, CA, and CMA professionals have their exemptions based on CIMA rules.

Conclusion

In a nutshell, CIMA exemptions provide excellent opportunities for candidates to tailor the route they need to take to acquire the CGMA qualification. CIMA simply saves time and costs by recognizing prior learning and qualifications but provokes professionals towards developing their skills in management accounting. Whether holding an MBA, ACCA, or any other applicable qualification, checking on the exemptions can make a difference in your progress within your career.

FAQ’s on CIMA Exemptions:

I hold an MBA degree. Would it be possible for me to pursue CIMA?

Yes, if you have an MBA you can use it as part of an application to do the CGMA on the Master’s Gateway route and it means you could skip straight to the Strategic Level exams.

Do CIMA exemptions have any fees?

No, there are no exemption fees for registered CIMA students. 

What are the subjects I need to complete to become a CIMA?

Subjects like economics, ethics, management accounting, financial accounting, corporate governance, business law, etc.

How does CMA India get an exemption from CIMA UK?

The members of CMA India can achieve numerous exemptions in CIMA exams via a mutual recognition agreement and can rapidly advance in the CIMA qualification process.

What are the benefits of doing CIMA after ACCA?

Pursuing CIMA after completion of ACCA enhances your management accounting skills, provides more career opportunities, and you may be eligible for additional exemptions; hence the journey to CGMA designation becomes much shorter.

Anant Bengani, brings expertise as a Chartered Accountant and a leading figure in finance and accounting education. He’s dedicated to empowering learners with the finest financial knowledge and skills.