CMA USA vs. CIMA UK: The Difference in Salary, Career Opportunities and Exemptions
After you qualify for your 12th exam, you get a limited amount of time to choose your next career route. If you are looking to pursue your career in accounting and finance or business management, there are several courses available like ACCA, CMA, or CIMA that are undoubtedly worth considering for students who want to work outside of India or who are exploring that option when the time comes.
The article is crafted to provide a brief overview of the CMA USA vs. CIMA UK, explaining each point. You are not sure about which of the two to take and would like to see some key differences between them. Before we begin, you should know that IMA provides CMAs in the US. However, the Chartered Institute of Management Accountants offers the CIMA credential in the UK.
Since the CMA and CIMA have been in existence for a long time, many applicants find it difficult to decide which distinction would be most appropriate for them.
Which one should you pick, even if both are regarded credentials and provide prospects for people who wish to live and work overseas? Allow me to explain certain factors to you.
Qualification Requirments
You might be thinking about how much time and qualification you will need to devote to obtaining the designation before deciding which one to pursue.
Candidates for the CIMA must pass 15 qualifying exams, as opposed to the CMA’s requirements of a bachelor’s degree and passing a two-part exam. Candidates must also obtain a supervisor’s recommendation and finish three years of relevant job experience.
Since the testing windows are open for two months, three times a year, you can finish both of your examinations in a year or less, even though the CMA needs two years of relevant work experience.
CMA USA vs. CIMA UK: Exam Pattern and Structure
The format of the CMA USA and CIMA exams differs as well. Parts 1 and 2 of the CMA consist of two essay questions and 100 multiple-choice questions. There are three hours of multiple-choice questions and one hour of essay questions in the four-hour exam. Depending on center availability, the two-hour computer-based CIMA exam can be administered at any time during the month.
The CIMA results are made public right away. You have 180 minutes to respond to a case study, and the findings are announced after a month. Four times a year, in February, May, August, and November, the case study can be attempted.
CIMA UK vs. CMA USA: Exemptions
Only the CIMA UK exemptions are available when comparing the exclusions offered by CMA USA. An applicant can obtain an exemption in one of two ways:
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CA Certification:
In India, those who have earned their CA certification and are members of the ICAI are exempt from 16 of the 17 papers after finishing the CA Inter. Attendance at a single strategic case study is mandatory. They just need to have three years of experience to be eligible for CIMA membership.
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Following ACCA or MBA:
The candidate will not be required to submit the first eleven papers if they have already finished the ACCA or MBA. They need to pass the CIMA gateway exam in order to qualify. They might begin at a strategic level after exemption. Furthermore, tax exemption is required for those who are exempt from specific paperwork.
Career Opportunities
For the suitable candidate, there are numerous CMA USA vs. CIMA UK job openings because of the high demand in the banking industry. Gaining a job as a management accountant, accountant, accounting assistant, financial data analyst, or business analyst is possible with a CIMA degree. In addition, CMAs can pursue careers as cost accountants, internal auditors, budget analysts, risk managers, and financial controllers.
Salary Trends
A CMA can make an average salary of $100,000 annually as a fresh graduate, whereas a CIMA earns around £63,000 on average.
The average salaries will be shown by the CMA USA and CIMA UK salary trends. The salary a candidate receives depends on their qualifications and the organization they work for.
CIMA vs. CMA: Which is better to pursue?
Both the USA CMA and the CIMA are great options for gaining financial knowledge. Any of these courses will undoubtedly result in higher pay, better career opportunities prospects, and even overseas internships. Your interest should be the only consideration when deciding between CIMA and CMA US. When making this crucial choice, you must consider every factor that will support your position. Which is better, CIMA or US CMA? While CIMA is a desired qualification to work in the UK or Europe, CMA is better recognized in the US.
Frequently Asked Questions (FAQs)
Q: Is the CMA USA equivalent to the CIMA UK?
Ans: While CIMA is a desired qualification to work in the UK or Europe, CMA is better recognized in the US.
Q: Is CMA in demand?
Ans: The demand for US CMA professionals is continuously going high. Companies are increasingly acknowledging the significance of CMA professionals, leading to better opportunities for CMA professionals.
Q: Is CMA USA certification in India enough to get a job?
Ans: CMAs are acknowledged as essential members of the financial and strategic management communities in the United Kingdom. CMAs can find a variety of jobs in the UK’s diversified economy and global commercial centers, with salaries varying depending on experience, industry, and location.
