Differences Between CPA and CIMA

 Getting a degree in school is not the end of your requirements especially if you take a Bachelor of Science in Accountancy. If you want to get promoted and want your salary raised, you have to pass the tests and earn a license to become a CPA or a CIMA. If you’re not exactly sure of what you want to be, here are some quick facts regarding the differences between a CPA and a CIMA.

Perhaps, “CPA” is a more popular term than CIMA. “CPA” stands for “Certified Public Accountant.” Though individuals who graduated with an accountancy degree can still apply for accounting-related jobs. Their salary is not as high as the ones who get their CPA license. A CPA title is given to any individual who successfully passes the examinations conducted by the UCPAE (United Certified Public Accountant Examination). Once you pass the CPA exam, you are also eligible to practice your profession in any state in the United States.

If you are a CPA, many organizations will want you rather than an unlicensed accountant. Having passed the CPA exam increases your competency and skills. You only have to prove to them that you are really qualified. Also, you can practice being a CPA on your own aside from being employed. If you are a CPA, you’ll perform activities in financial planning, estate planning, financial accounting, corporate finance, and many more. Since you are a licensed professional, you have greater responsibilities. To be able to renew your CPA license, you have to attend accounting-related seminars as your continuing education. So as not to forget what you learn in school, you can also do some self-study.

Formerly, the CIMA, or Chartered Institute of Management Accountants, was known as the Institute of Costs and Works Accountants in 1919. CIMA has its main headquarters in the United Kingdom. It is a professional body concerned with the management of accounting in the United Kingdom and other parts of the world. It is considered to be the biggest management accounting body in the world since it has more than 172,000 members.

What does CIMA do? It affords the opportunity to accounting graduates the qualification equivalent to a master’s degree. If you have passed CIMA’s 15 examination series, you’ll be able to obtain their qualification. The only condition you need to fulfill is to pass their exams, and you need to have at least three years of management accounting practice.
Studying and learning is a never-ending process. Though others become successful, even if they don’t have a degree, try to do what you know. There’s nothing wrong in engaging yourself for several examinations and qualifications to reach your goal. As long as you have the heart for it, you can do what you know is best. Being a CPA and a qualified CIMA adds to your ego as a professional which not all people are able to do.

Summary:

1. “CPA” stands for “Certified Public Accountant” while “CIMA” stands for “Chartered Institute for Management Accountants.”
2. A CPA title is given to any individual who successfully passed the examinations conducted by the UCPAE (United Certified Public Accountant Examination).
3. CIMA is the largest professional body concerned with the management of accounting in the United Kingdom and other parts of the world.
4. Being a licensed CPA and a qualified CIMA allows you to open the gate of opportunities that lies ahead. Among their benefits are job promotions and an increased in wages or salary.
5. Most organizations and companies prefer working with licensed CPAs and qualified CIMAs because of their proven record of qualification and competency.