This is a first amongst professional bodies in the accounting sector as CIMA sets the new sector standard to encourage accessibility and social mobility in efforts to help create a diverse, dynamic and future-ready accounting profession.
A statement issued by CIMA said, effective August 1, 2019, the change will apply to all new exemption applications made by students registered to study for the CIMA Certificate in Business Accounting and the CIMA Professional Qualification.
The change comes about to encourage more CIMA students to start their studies and further support their career development.
Backed by the Association of International Certified Professional Accountants (AICPA), the unified voice of CIMA and the AICPA, the CIMA Professional Qualification is recognised around the world as the most relevant finance programme for professionals seeking a career in business.
Updated in January 2019, it now also includes trending and futurefocused topics such as digital strategy, blockchain and artificial intelligence, to help CIMA students reach their full potential and navigate change in a digital business world.
There are currently over 117,000 students across 156 countries progressing towards completing their CIMA Professional Qualification and earning the Chartered Global Management Accountant (CGMA) designation.The Regional Vice President of CIMA Africa, Mr Tim Simba, explained that the removal of the exemption fee has the potential to help CIMA students contribute to building new skills, furthering their career and uplifting their communities:
“The CIMA qualification and CGMA designation equips CIMA students, whether they are high school or university graduates or working professionals, with the skills they need to progress their career and uplift their communities by contributing positively to society.
The removal of exemption fees will make accessing the Qualification easier, and in the process assist CIMA students to develop the skills they need to further their careers and contribute to a flourishing economy,” he said.
The Chief Executive, Management Accounting of AICPA, Mr Andrew Harding FCMA, CGMA, said
“CIMA students come from many different backgrounds and countries with a variety of educational experiences and qualifications, and the Institute believes that students should not be put at a disadvantage for undertaking prior learning in the accounting field.
"By removing a significant barrier to entry into CIMA qualifications, we want to offer the opportunity to build a successful and sustainable career to as many individuals as possible and help create a diverse, dynamic and future-ready workforce," he said.
He continued: “We are setting a new standard for the accounting profession, and hope that other professional bodies will join us in delivering greater accessibility and equity in to the profession.”
The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants.
As part of The Association of International Certified Professional Accountants (the Association) its members and students operate in 179 countries, working at the heart of business.
CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations.