Chartered Institute of Management Accountants
From Wikipedia, the free encyclopedia
The Chartered Institute of Management Accountants (CIMA) is a United Kingdom professional body that offers a qualification in management accountancy, focusing on accounting for business.
It is one of a number of professional associations for accountants in the UK and Ireland (others include the ACCA, the ICAEW, the ICAI, the ICAS and CIPFA). Its particular emphasis is on developing the management accounting profession within the UK and worldwide.
CIMA is a member of the Consultative Committee of Accountancy Bodies and the International Federation of Accountants.
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[edit] History
CIMA was founded in its current form in 1919 under the title "The Institute of Cost and Works Accountants" (ICWA). It specialised in the development of accounting technique 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.
The Institute changed its name from ICWA to the Institute of Cost and Management Accountants (ICMA) in 1972 then to the Chartered Institute of Management Accountants (CIMA) in 1986 after the granting of a Royal Charter. Although based in the UK, it is active worldwide, particularly in current and former Commonwealth countries. Its membership has grown from 15,000 in 1970 to 65,000 in 2005. It has played a role in founding fraternal professional bodies such as the Institute of Cost and Works Accountants of India and the Institute of Management Accountants (USA).
[edit] Activities
CIMA operates a degree standard scheme of qualifying examinations, which all prospective members have to pass. It is also 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. CIMA publishes a monthly journal, supplied free to members and registered students, called 'Financial Management' ('Management Accounting' prior to 1998). CIMA also publishes a quarterly journal called 'Management Accounting Research', mainly for an academic readership.
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 education scheme. The latter is a recent innovation intended to ensure that members keep up to date with latest theory and technique.
CIMA's governing body is its Council, comprising members elected from its regional branches. Each of the branches has its own committee and is responsible for much of the 'grass roots' activity. Activity such as qualification development is undertaken from the London head office.
[edit] Membership
CIMA has two grades of full membership:
- Associate - designated by the letters ACMA
- Fellow - designated by the letters FCMA
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 candidates work experience but who do not need be members of CIMA or even accountants.
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.
[edit] Strategic Alliances
CIMA members have access to a number of strategic alliance agreements, including:
- An accelerated route to Associateship of the Association of Corporate Treasurers Details
- A mutual recognition agreement with the Society of Management Accountants of Canada Details (pdf)
- A strategic alliance with the Institute of Chartered Accountants of Australia Details
- On 26 September 2006, CIMA announced a joint qualification program with the New Zealand Institute of Chartered Accountants Details
The following is not based on strategic alliances but rather the policies of other accounting bodies (and are not reciprocal):
- For full members of CCAB organisations including CIMA for over 5 years, a direct entry route to membership of the Institute of Chartered Accountants in England and Wales is available Details
[edit] Development
In recent years, CIMA has been party to merger talks with other professional accounting bodies, most notably with the ICAEW in 1995. These talks have never produced an outcome, largely because of the reluctance of individual members to accept the possible change in their professional status that might be involved.
In its early years, CIMA was known as the innovative hands-on accounting body and was always a little more radical than the other bodies. For example, it was the first accounting body to introduce marketing, business strategy and computing systems into its suite of examinations.
