CIMA certification — What it is and why is it important?
CA stands for Chartered Accountant; it is an Indian professional accountancy qualification awarded after passing exams conducted by the Institute of Chartered Accountants of India (ICAI), which regulates chartered accountant education and practice in India. They are accountants who perform audits at different levels; they may be able to sign tax and financial reporting forms and documents. The five key knowledge areas that applicants must demonstrate mastery of to pass the CA test are taxation, regulation, auditing and assurance, financial accounting and reporting, business and corporate law, and financial accounting and reporting.
Why is it necessary to obtain an add-on certification?
For some aspiring accountants, a CA degree is everything they want to achieve in their finance and accounting careers. However, for others, adding extra chartered qualifications or certifications to their CV may be necessary if they aim to captivate recruiters from top companies. Earning the Chartered Investment and Management Accountant (CIMA) certification after CA can be valuable if prospects want to work in investment or management accounting.
We’ll now take a closer look at some of the most important aspects of earning the CIMA certification.
What exactly is CIMA?
· CIMA qualification emphasizes topics of investment and management accounting rather than financial accounting, which CAs are already familiar with.
· The best part is that earning CIMA provides CAs with knowledge in areas they may never have had the opportunity to learn formally, such as international business, strategy, global management accounting, international finance and forex management, and, of course, accounting technology and automation.
· CIMA-certified accountants benefit from the aforementioned insights since it enhances their perspective and qualifies them for higher-level, strategic projects that involve financial intelligence production and management through accounting.
What are the benefits of CIMA qualification for CAs?
Though the Chartered Investment and Management Accounting (CIMA®) certification shares a small portion of its core accounting curriculum with the CA of the ICAI, CIMA focuses on accounting that has a direct impact on an organization’s innovation capability, profitability, progress, and self-sufficiency rather than financial and disclosure accounting.
For professionals who have completed or are in the process of completing their chartered qualification:
· Earning the CIMA certification signifies that professionals have demonstrated globally recognized expertise in management accounting and investment accounting. This dual specialization opens up professional opportunities in investment accounting and management accounting, in addition to financial accounting, for qualified and prospective CAs.
· The CIMA certification is internationally recognized, preparing professionals for employment and life in any country.
· CIMA-certified aspirants are in high demand not just by Fortune 500 companies and big domestic and global multinational corporations, but also by high-end employers such as brokerage firms, hedge funds, investment banks, mutual funds, accounting, and finance KPOs and consulting firms.
· CIMA-certified CAs are equipped for jobs that demand knowledge of foreign tax and accounting rules.
To wrap up…
A specialized worldwide qualification such as CIMA® becomes relevant since it expands global opportunities while also using a CA’s existing experience in accounting, auditing, and taxation. Having both CIMA and CA on your resume might increase your income by 15 to 20 percent. In addition, the possibility of advancement and promotion will increase the pay raise.
