Certified Public Accountants (CPA) and Chartered Management Accountants (CIMA) are both professional organizations that offer certifications to qualifying members. Both certification programs have their own benefits, but which one is right for you? Here’s a look at some of the key similarities and differences between CPA and CIMA certification.
What is CPA?
CPA stands for Certified Public Accountant. A CPA is a person who has been licensed by a state board of accountancy after passing an exam and meeting other requirements, such as completing a certain amount of college-level coursework in accounting. CPAs are uniquely qualified to provide a wide range of accounting, tax, and financial services to individuals, businesses, and other organizations. They are highly trusted advisors who can help their clients make informed decisions about their finances. Whether you are looking for someone to prepare your taxes, audit your financial statements, or provide other financial consulting services, a CPA is the best professional to call.
What is CIMA?
CIMA Certified Public Accountant (CPA) is a credential that is granted by the CIMA Board of Accountancy. CIMA CPAs are certified public accountants who have met CIMA’s rigorous standards for education, experience, and ethics.
- CIMA CPAs are required to complete CIMA’s CPA examination, which covers topics such as financial accounting, auditing, taxation, and business law. CIMA CPAs must also complete CIMA’s continuing education requirements, which ensure that they keep up with the latest developments in the accounting profession.
- The CIMA credential is recognized by the accounting profession and by the general public as a mark of excellence. CIMA CPAs are highly sought after by employers and are typically well-compensated.
- CIMA members who wish to use the CPA designation must abide by CIMA’s Code of Professional Conduct, which requires them to act with integrity, competence, and due care in all aspects of their work.
Differences between CPA and CIMA
- CPA and CIMA are both highly respected qualifications in the accounting field, but there are some key differences between the two. CPA is focused primarily on financial accounting, while CIMA covers a broader range of topics, including strategic management and cost accounting.
- CPA is offered by the American Institute of Certified Public Accountants, and CIMA is offered by the Chartered Institute of Management Accountants. CPA is typically more widely recognized in the United States, while CIMA is more widely recognized in Europe and other parts of the world.
- Both qualifications require passing an exam, but CPA also has a work experience requirement. CPA candidates must have at least two years of relevant work experience before they can sit for the exam, while CIMA candidates need only one year of relevant work experience. Which qualification you choose should depend on your career goals and where you plan to work.
Conclusion
The Chartered Institute of Management Accountants (CIMA) and the Certified Public Accountant (CPA) designations are both highly respected in the accounting world. But what, exactly, are the differences between these two certifications? CIMA is a global management accounting designation that focuses on strategy, decision-making, and risk assessment in business. CPAs are accountants who have passed an exam from the American Institute of Certified Public Accountants (AICPA). They typically work with businesses to compile financial statements and offer tax advice. If you’re looking for a certification that will help you manage finances in a multinational corporation, then CIMA is likely the right choice for you.
