CIMA is one of the requirements that is needed to work in the accounting field. This is a very important qualification that covers a variety of accounting qualifications. It’s pertinent to have this cert through writing the CMIA examination. If you’re contemplating on what’s the cost of partaking in this assessment, then this article is for you. Continue reading as we highlight to you all you should know about CMIA — it meaning, implication, and most importantly their examination fees in Nigeria.
Before we look at the official CMIA examination fees in Nigeria, let’s swiftly go through what this is all about.
CIMA, or the Chartered Institute of Management Accountants, is the world’s largest professional organization for management accountants. This organization offers a variety of accounting qualifications for business vocations. A CIMA certificate is required if you are in company or work in the financial industry.
You are stumbling on this page because you want to know the current cost of the Chartered Institute of Management Accountants examination. This leads to the question, “How much do CIMA tests cost in Nigeria?” This question, as well as many others, will be addressed in this article. Let’s get started without further ado.
CIMA EXAMS IN NIGERIA: HOW MUCH DO THEY COST?
What does it cost in Nigeria to take CIMA exams? In this paragraph, we’ll look at the price:
FEES FOR REGISTRATION
- £77 or ₦43,505 for registration (one-time payment).
- Re-registration costs £77 or ₦43,505 (whichever is greater).
- The CIMA Professional Gateway Assessment costs £425 or ₦240,125 to register for.
- The CIMA Master’s gateway package costs £725 or ₦409,625 to register for.
- The CIMA Master’s gateway assessment costs £425 or ₦240,125 to register for.
FEES FOR EXEMPTION
- £70 (about ₦39,550) per subject certificate in business accounting
- Tests at the operational level (per subject): £90 or ₦50,850
- Case study tests at the operational level cost £145 or ₦81,925.
- £100 or ₦56,500 per topic for management level objective tests
- Exams on management case studies cost £155 or ₦87,575 respectively.
- £145 or ₦81,925 (per subject) for strategic level objective tests
- Case study tests at the strategic level cost £220 or ₦124,300.
- Fees for repeated exemptions are capped at £165 or ₦93,225.
- £55 or ₦31,075 (per subject) for a certificate in business accounting
- 70 pounds or ₦39,550 for operational level objective tests
- Case study tests at the operational level cost £115 or ₦64,975.
- Management level objective tests: £80 or ₦45,200
- Exams for management level case studies are £125 or ₦70,625 respectively.
- £115 or ₦64,975 for strategic level objective tests (per subject).
- Case study tests at the strategic level cost £185 or ₦104,525.
FEES FOR SUBSCRIPTIONS
- Students: £110 or ₦62,150
- Students who passed the T4 part B/Strategic case study test will receive £264 or ₦149,160.
- Introducing a new student (first subscription fee, up to the next October after registration)
- Fellow annual subscription: £293 or ₦165,545
- Associate annual subscription: £278 or ₦157,070
- The application price for membership is £154 (₦87,010).
- Membership application fee (direct to fellow): £241 or ₦136,165
- £87 or ₦49,155 for application (associate to fellow).
- Retired members’ annual membership (for full services): £58 or ₦32,770
- ACMA or FCMA remission: £71 or ₦40,115
- Fee for re-admission £78 or ₦44,070 for ACMA or FCMA
- Members in the field – MIP fee: £130 (₦73,450) each year
Please keep in mind that these rates may change based on the current exchange rate of payment. They are also subject to CIMA’s evaluation.
AN OVERVIEW OF CIMA
The Chartered Institute of Management Accountants is abbreviated as CIMA. CIMA presently has over 227,000 members in over 179 countries across the world.
There are two distinct CIMA certifications to choose from:
- CIMA (Chartered Institute of Management Accountants) Certificate in Business Accounting (entry-level)
- CIMA (Chartered Institute of Management Accountants) (Advanced)
The entry-level certification is a stand-alone credential that teaches students financial accounting and management fundamentals. It also includes a variety of accounting abilities, such as data analysis, forecasting performance, and financial report production. This level has no special entrance requirements.
The advanced level is categorized into three pillars, each of which is split into three levels. The student learns knowledge and abilities in several areas such as financial planning, risk management, and management accounting throughout this period. To enroll in the advanced stage, you do not need to have a CIMA entry-level certificate. You should, therefore, have a background in accounting or business studies from a reputable accounting organization.
CIMA is the gold standard in management accounting, and its credentials are recognized worldwide. Obtaining a CIMA credential is essential if you wish to develop in accounting or business management. CIMA membership is one of the requirements for many firms when it comes to filling vacancies. Finally, as an accountant or financial manager, obtaining a CIMA qualification boosts your chances and raises your wages.
KEY TAKEAWAYS: A ROUGH GUIDE TO CIMA COSTS
The cost of studying CIMA is determined by where you take exams and how you study.
It’s worth noting that CIMA’s costs are expressed in pounds. Nevertheless, we converted everything to naira using the current exchange rate.
In addition, as part of its ongoing commitment to increase the availability to their certifications and assessments around the world, CIMA exams are structured on a tiered pricing structure.
To summarize, CIMA opens the door to the world of management accounting, which offers a plethora of prospects. Accounting professionals that work with firms to live within their means are known as management accountants. They also serve as decision-makers, inventors, and forecasters in the business world.
That’s the size of this article on the official CMIA examination fees in Nigeria. We believe you now have the idea of how much to budget to write a test by the Chartered Institute of Management Accountant in the country.