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A CIMA qualification is respected worldwide and is undoubtedly a well-paying qualification that offers many opportunities. 

Here, we’ll give you a quick snapshot of the job opportunities available, your earning potential with a CIMA qualification, and how the pay scale varies per job and location.

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What is CIMA?

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CIMA stands for the Chartered Institute of Management Accountants. It’s the world's largest professional body of Management Accountants, with over 227,000 members in 179 countries.

The organisation works with employers to help train accountants and financial managers across the UK. In fact, it is the most popular choice for management accountants working towards the Cert. BA or CIMA Certificate in Business Accounting.

There are many benefits to earning a CIMA professional qualification, from becoming more attractive to potential employers to learning real-life skills. It will also boost your earning potential and your salary will increase as you move through the CIMA qualification.
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CIMA Qualification: Roles, Average Annual Salary, and Benefits

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If you’re CIMA qualified, you can work in bank management positions and take care of strategic functions in any organisation in any industry.

‍Typically, you can earn up to £63,000 (reward included) in the UK, which can escalate up to £129,000 per year as you grow professionally.

You can also earn while you learn with CIMA. Thus, students can earn an average of £32,000 basic salary per year plus £2,790 bonuses. 

The CIMA professional qualification comprises three levels, and as you move through such qualification, your earning potential also increases as follows:

• Operational level - £30,000
• Management level - £32,000
• Strategic level - £39,000

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1. Operational Roles

Junior Financial Analyst

You are responsible for reporting to a senior analyst to structure and document financial management solutions and make recommendations. You likewise oversee and develop the database used for data analysis.

Depending on the organisation’s structure, you can be a part of the finance or accounting department. Your average annual salary as of January 2023 can reach £26,366. [1]

Financial Analyst

You help companies make the most out of their finances. You provide advice and guidance on how they should invest in bonds or stocks and assess which investments could bring an optimal return. Your average annual salary is up to ​£36,547.[2]

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2. Management Roles

Financial or Chartered Management Accountant

Your responsibility is to develop, prepare, and analyse the financial information of a company or organisation’s management team. You help them make well-informed decisions to secure economic growth, stability, and profitability. Your average annual salary is between £41,300 – £50,500. [3]

Business Analyst

Duties include providing support to senior management to make commercial decisions. 

Risk management, financial modelling, and business partnering are some of the skills needed to become a successful business analyst.

You’ll need good communication and management accounting skills to explain complex financial information in layman’s terms. Your average annual salary is up to £45,314. [4]
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3. Strategic Professional Roles

Financial Controller

Responsible for overseeing the preparation of financial reports or statements and ensuring insightful data from those reports. A financial controller may also be tasked with compliance with government regulations and analysis of financial data. Your average annual salary is up to £57,671. [5]

Financial Manager

As a finance manager, you generally oversee a company's or organisation's financial health to ensure continued viability. You supervise important functions, including determining profitability, monitoring cash flow, producing accurate financial information, and managing expenses.

The CIMA qualification salary for a financial manager ranges from £55,000 to £65,000 per year. [6]

Finance Business Partner 

You work closely with a business unit to create active and real partnerships with management and operations. Your role is to provide real-time analysis and support and be a trusted adviser, assisting decision-making. Your average annual salary is up to £62,788 with additional cash compensation of £2,324 - £17,820 [7]

Chief Financial Officer

Being the highest-ranking financial professional in an organisation, you are responsible for the fiscal health of that business. 

Your responsibilities include, but are not limited to, ensuring expenses and revenues stay in balance, building a top-notch accounting and finance team, obtaining funding, making recommendations on acquisitions and mergers, and working with department heads to craft budgets and analyse financial data.

The required skills to be a CFO includes excellent management and supervisory skills, great organisational and analytical skills, excellent verbal and written communication skills, and proficiency in accounting computer application systems.

‍Your average annual salary ranges from £110,244 to £175,000. [8,9]

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Location Makes a Difference In Salary

Remember that with all the CIMA salaries we listed above, how much a CIMA-qualified professional can earn will still vary depending on location. 

For instance, CIMA graduates who started their careers in London earn more than those in Peterborough or Chester. Newly-qualified CIMA graduates can earn about £50,000– 55,000 annually in London. 

Don’t worry, though; your salary range will naturally increase as you advance to a higher position. Eventually, you still have bigger bonuses and higher salaries than industry averages. Plus, there’s a global recognition of your qualification.

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The World Is Your Oyster With a CIMA Qualification

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We hope this guide on CIMA salaries has given you a clear idea of the anticipated compensation and vocation scopes for CIMA.

So, begin your CIMA journey today, and you’ll have that winning edge in the job market. You can even start your own business someday, and your CIMA certification will be an excellent foundation for that dream.

‍If we have teased you enough on how much earning potential there is with CIMA qualification, start studying online for as little as £34 per CIMA subject with VIVA's award-winning courses. 

‍We offer best-in-class mock exams, live webinars and on-demand tuition vs traditional tuition providers. Start studying here.

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Article Resources:

[1] https://uk.indeed.com/career/junior-financial-analyst/salaries

[2] https://uk.indeed.com/career/financial-analyst/salaries

[3] https://www.roberthalf.co.uk/salary-guide/accounting-finance

[4] https://uk.indeed.com/career/business-analyst/salaries

[5] https://uk.indeed.com/career/financial-controller/salaries

[6] https://www.roberthalf.co.uk/salary-guide/accounting-finance/finance-manager-salaries

[7] https://www.glassdoor.co.uk/Salaries/london-finance-business-partner-salary

[8] https://uk.indeed.com/career/chief-financial-officer/salaries

[9]https://www.roberthalf.co.uk/salary-guide/accounting-finance/chief-financial-officer

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