CMA vs CIMA - Which is Right For You?

If you're looking to become a CMA in the United States then you probably already know that it is overseen by the Institute of Management Accountants or IMA as it is most commonly referred to. In the United Kingdom however, the CMA designation equivalent is handled by the Chartered Institute of Management Accountants - aka. the CIMA.

Both institutes have been around for quite a long time and are well known around the world. The CIMA however, has a much larger presence globally, boasting over 218,000 registered members and students. While still an impressive presence, the IMA has only 70,000 members and students.

Both the CMA and CIMA are respected qualifications, so which one should you choose? Here are a few things you may want to consider first:

International Presence

The CIMA is well known in several countries, but known more so than the United Kingdom and commonwealth. Though the IMA rules in the USA, the CIMA dominates in the global field.

The IMA has been steadily growing over the past few years and has been furthering its global reach. It is now well known in China and throughout the Middle Eastern countries.

Here is a very quick breakdown of which designation is most popular based on location:

Educational Requirements and Exam

To earn your CMA designation, you must first have a bachelor’s degree and pass a 2 part exam. Candidates are required to posses 2 years of relevant work experience as well. Testing windows are open for 2 months three times a year, so it is possible to earn your designation rather quickly if you study hard and pass on the first try.

The CIMA on the other hand, requires their candidates to pass 15 qualifying exams. Additionally, these candidates must complete 3 years of work experience in a relevant field and get an endorsement from their supervisors.

In terms of time commitment and effort, the CMA is slightly more favorable to get your hands on. Though neither designation is easier or better per se, your choice should really come down to which will give you the most opportunities in the country you wish to work from.

Earning Potential

Salary is one of the many (if not the most) important factors you will consider when deciding between the CMA vs CIMA.

As of 2012, the national average earning of a CMA qualified employee in the USA was $112,625. According to surveys in the UK, the average CIMA member earned ￡61,816. Though the average CIMA earning in the UK is nearly twice the national average, it still does not compare to that of a US CMA.

As of exchange rate in November 2015, a CIMA salary would only convert to approximately $95,388. That’s just under $20,000 dollars than a USA CMA. Definitely something worth considering in the long run.

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