CIMA UK is a great institute (accountancy body) in Management Accountancy fields. I happily opted for it because of its strength even though I had always wanted to be an Entrepreneur and I started my first company in 2006 at age 22.
I passed all my CIMA exams a few months ago. CIMA requires fulfilling of professional experience of about 3 years to be awarded membership as an ACMA. The discussion of this Professional Experience always revolves around about getting a job in industry and going through different roles. We all know that running a company specially starting a company requires you to take on multiple roles which require working on accountancy, legal matters and taxation matters. I have been able to handle most of these roles because of my education.
I was disheartened that I couldn’t fulfill professional experience requirements because I was not an employee of some other big company that could authenticate/verify my experience. So, I emailed CIMA regarding this matter and to my amusement I got a clear response that made my day. It looked like from the tone of email that CIMA has given thought about Entrepreneurs for Professional Experience requirements.
Here is the quoted part from email
To start I would like to clarify our practical experience requirements to you. Please note you do not need to be working with various jobs or even with reputable corporations. You could work for any size company in any industry, well known or not, as long as you meet the requirements.
The purpose of the practical experience requirements is to maintain our prestige, and ensure we only qualify the best of the best. To ensure this, we require our members to have experience with common management accounting practices. The types of experience we require can be found via the following link:
If you own your own business you may still gain the experience listed in the above link. However, keep in mind this experience must be verified by parties other than yourself. Generally this would be a line manager/boss, but in the case of an entrepreneur could be a bank manager, external auditor, or company accountant.
So please do not think we limit the opportunity for those employed by smaller firms/self employed, because we recognize all experience in the same light.
I hope this answers your query.
This should be good information for anyone who is doing CIMA and is worried about Professional Experience part of qualification.
P.S. The accountancy qualification gives a lot of advantage in starting business. The amount of money saved in accountant and lawyer fees and the ability to take advantages of tax exemptions can be used to strengthen business.