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Are you wondering how much it would cost to earn the globally recognized qualification CIMA this year? This blog post has you covered. We have meticulously calculated all the costs of obtaining the CIMA qualification.
With this comprehensive guide, you can plan your finances accordingly and pursue your dream of becoming a Chartered Management Accountant. So, whether you are just starting your research or ready to dive in, keep reading for a complete rundown of the qualification cost in 2023. [1]
CIMA Registration Fees
Candidates must pay CIMA membership and registration fees to join the organization and obtain a qualification. The registration fee is a one-time payment that covers the cost of processing your application and creating your CIMA account.
- One-time CIMA registration fee for new members - £95
- Re-registration Fee - £95
- Management Accountant Gateway registration – £95
- CIMA Professional Gateway assessment registration – £425
- CIMA Masters’ Gateway assessment registration – £425
Keep in mind that registration and subscription fees are for a 12-month period beginning on January 1 and ending on December 31, which covers a single calendar year, and they are subject to change.
CIMA Subscription Fees
CIMA subscription fees refer to the annual fee that members of the Chartered Institute of Management Accountants must pay to maintain their membership status and access the organization's resources and services.
- Students - £130
- Students who passed Strategic Case Study exam - £300
- New student - (first year's subscription fees are free)
It's important to note that subscription fees are subject to change and must be paid before March 31 to keep your membership active. These fees provide access to benefits such as exclusive events, networking opportunities, and CIMA's online learning resources.
CIMA Exemption Fees
Fortunately, there are no fees for exemption applications across all levels of the CIMA qualification, ranging from the Certificate in Business Accounting to the Strategic level. Suppose you have already attained the necessary knowledge and skills through prior studies or work experience. In that case, you can request an exemption and proceed to the next level without incurring additional charges.
CIMA Exam Fees
Taking the CIMA exams requires candidates to pay a fee that covers the cost of the exam and associated administrative expenses. By understanding these costs associated with taking CIMA exams, candidates can better prepare for the expenses involved and ensure that they are financially ready to pursue their CIMA qualification.
CIMA Certificate in Business Accounting
This entry-level qualification provides a solid foundation in business and accounting. It is designed for individuals with little or no accounting background, regardless of their education or work experience.
The certificate consists of four subjects:
- Fundamentals of Business Economics
- Fundamentals of Management Accounting
- Fundamentals of Financial Accounting
- Fundamentals of Ethics, Corporate Governance, and Business Law.
- Objective tests - £110 (per exam)
CIMA Professional Qualification
This globally recognized certification can help you stand out in the job market. This qualification is designed to produce competent and confident management accounting professionals who can guide and lead their organizations toward sustainable success.
The CIMA Professional Qualification has three levels: Certificate, Operational, Management, and Strategic.
Operational Level
This level focuses on short-term decision-making and equips you with the skills to work with others in your organization, use appropriate data and technology, and make informed decisions. The Operational Level consists of three Objective Test exams (E1: Managing Finance in a Digital World, P1: Management Accounting, F1: Financial Reporting) and a Case Study exam.
- Objective tests (per exam) - £130
- Case study exam (per exam) - £225
Management Level
This level emphasizes making long-term decisions and gives you the knowledge and abilities to successfully manage people, projects, and relationships. Three Objective Test exams (E2: Managing Performance, P2: Advanced Management Accounting, and F2: Advanced Financial Reporting) and a Case Study exam make up the Management Level. You can advance to the Strategic Level after finishing this level.
- Objective tests (per exam) - £154
- Case study exam (per exam) - £232
Strategic Level
This is the final level of the CIMA Professional Qualification. This level focuses on developing strategic thinking and decision-making skills that are essential for senior management roles. The Strategic Level consists of three Objective Test exams (E3: Strategic Management, P3: Risk Management, and F3: Financial Strategy) and a Strategic Level Case Study exam.
- Objective tests (per exam) - £218
- Case study exam - £330
CIMA Study Options Costs
CIMA offers various study options for individuals who want to become qualified management accountants. These study options are designed to meet the diverse needs of students and professionals and include the following:
CIMA Tuition provider
If you're looking for a comprehensive and effective way to prepare for your CIMA exams, VIVA Financial Tuition is the solution you need. With over 120 hours of on-demand video lectures, 58 mock exams across Objective Tests and Case Studies, and several hours of live Case Study webinars per window, VIVA offers a range of resources to help you succeed.
- Pricing per VIVA Objective Test complete course - £149
- Pricing Per VIVA Case Study complete course - £199
- VIVA All Access Annual Pass - £399
The CIMA All Access Pass is a convenient option for students who plan to take two or more CIMA exams within the next year. By paying a single low yearly fee, students can gain access to all of VIVA's CIMA study resources, including all three CIMA levels and 12 CIMA courses (Objective Tests and Case Studies). This pass provides 12 months of unlimited access to a comprehensive range of study materials, making it an ideal choice for those seeking flexibility and affordability in their exam preparation.
Sample Costing For CIMA
The cost of studying for both the CIMA Certificate in Business Accounting and the CIMA Professional Qualification can vary depending on a few factors, such as study materials, exam fees, and membership fees. Here's a rough guide of the estimated cost for both qualifications.
CIMA Certificate in Business Accounting
Here is an overview of the rough costs of pursuing the CIMA Certificate in Business Accounting for over a year.
Registration and Subscription Costs
One-off registration fee - £95
Annual student subscription over one year - £0
4 x Cert BA exams - £400
Total = £495
Study Costs
4 x CIMAstudy Prime modules - £1,000
4 x CIMA Study Texts - £140
Total = £1,140
CIMA Professional Qualification
Now here's a breakdown of the rough costs for studying the CIMA Certificate in Business Accounting and Professional Qualification over three years.
Registration and Subscription Costs
One-off student registration - £95
Annual student subscription over three years - £260
9x Objective Tests and 3x Case Study exams - £2,127
Total = £2,482
Study Costs
4 x CIMAstudy Prime modules - £1,000
4 x CIMA Study Texts - £140
Total = £1,140
Takeaway
Pursuing a CIMA qualification can be a valuable investment for individuals seeking to enhance their financial expertise and career prospects in accounting and finance. However, it's essential to fully understand the costs of obtaining the qualification.
If you require any more information or would like further advice on achieving a CIMA qualification in 2023, please don't hesitate to contact us here at VIVA! We're here to provide you with all the help and support needed along your journey toward becoming a qualified Chartered Management Accountant.
Register now for VIVA All Access.
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