The Chartered Institute of Management Accountants (CIMA) and Institute of Cost Accountants of India (ICAI) have signed a memorandum of understanding (MoU) to allow ICAI members to fast-track in qualifying for Chartered Global Management Accountant (CGMA) title.
As per the MoU, the proven members of ICAI will be given exemptions in 16 out of 17 papers of CIMA qualification — Certificate in Business Accounting (five exemptions) and the Professional Qualification (11 exemptions). Hence, ICAI member needs to take only one assessment — the Strategic Case Study Exam — to complete the CIMA professional qualification.
After completion of the strategic case study exam, the ICAI members must demonstrate three years relevant experience (as per practical experience requirement specified by CIMA) to obtain CIMA membership, along with the globally acclaimed CGMA designation.
In parallel, CIMA members can pursue ICAI membership through a pathway route. They would be able to obtain exemption from appearing in the ICAI foundation course and 10 papers from intermediate and final course. This translates into taking six papers at the intermediate and final course.
CIMA members will also be exempted from undergoing 100-hours compulsory computer training and communication and soft skills training at the intermediate course and from undergoing ‘Industry Oriented Training programme’ at the final course.