Associate of Chartered Institute of Management Accountants - Explained
What is an Associate of the Chartered Institute of Management Accountants
Written by J. Mance Gordon
Updated at April 18th, 2024
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What is an Associate of the Chartered Institute of Management Accountants (UK)?
The Chartered Institute of Management Accountants (CIMA) is a professional body for management accountants which provides them with qualification and training in the field of management accounting. This body is based in the UK and focuses only on business accounting.
What is the Chartered Institute of Management Accountants?
Management accounting provides vital information that is used in the decision-making process; hence it has become essential. It is utilized in companies of all sizes since it generates data managed by its owners to attain its goal and therefore it plays a significant role in the success of these companies. The primary factor for any business is income and management accounting helps managers make the decision of what to sell and how to sell it Nowadays, companies are looking to hire qualified CPAs because of the increasing importance of management accounting in the corporate sector. This has led to the introduction of the certification in management accounting. CIMA and ACMA are the most popular certificates, and they are only for experts in management accounting. However, there are some differences in these certificates as explained below.
The difference between CIMA and ACMA
CIMA is a specialized administrative accounting group that provides education and training on management accounting. This group is based in the UK and engages in corporate accounting. Experts from CIMA frequently make strategic management decisions based on their training and corporate knowledge as well as developing corporate strategies. They have been improving their skills over the years to meet the increasing demands of corporate sector management decisions. ACMA is a certificate that is provided by various accounting bodies such as India's Cost Accounting Association (ICAI) and Pakistan's Cost Accountancy Association (ICMAP). Both of these bodies are members of the International Accountants Federation (IFAC). They nurture and train the administrative accountants at a domestic and international level. ACMA is also called the cost accounting management partner, and its experts serve in a wide variety of business fields since they are considered the foundations of the organizations. This is because they collect and analyze data, implement effective management mechanisms and also participate in the planning and design process.