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CIMA (The Chartered Institute of Management Accountants) and ICWAI (The Institute of Cost and Works Accountants of India) have signed an historic agreement to allow mutual advanced entry for students into both of the accountancy bodies’ professional examinations.

Shri Prem Chand Gupta, the Indian Honorable Union Minister for Corporate Affairs, announced the signing of the agreement at an event today (9 January) in New Delhi, India. The MoU (Memorandum of Understanding) was signed by Kunal Banerjee, President, ICWAI, Sanjay Bhargave, Chairman, Training Education Facilities & IT Committee, ICWAI, CIMA’s President Glynn Lowth, CIMA’s Chief Executive Charles Tilley and Robert Jelly, CIMA’s Director of Education.

The MoU between CIMA, the only international professional body with a sole focus on training finance professionals in business and government, and the ICWAI, India's leading management accounting body, has been agreed by the governing bodies of both Institutes and also by the Indian Ministries of Corporate Affairs and External Affairs.

This agreement will serve to both strengthen the professional accounting links between two of the world’s leading economies and provide highly skilled professional accountants for the global labour market enabling both institutes to work together to enhance recognition of the profession and their professional bodies.

The MoU introduces a new CIMA Professional Gateway examination (available from May 2009) for ICWAI students who have successfully completed the whole of the ICWAI professional examination, enabling a ‘fast track’ route into CIMA’s Strategic level examinations, final tests of professional competence and ultimately CIMA Membership. CIMA students wishing to gain Membership of the ICWAI have a ‘fast track’ route to ICWAI Membership.

The CIMA President Glynn Lowth said in London:

“Management accountancy is a truly global profession and the signing of this Memorandum of Understanding reflects this. This historic collaboration with our Indian colleagues will enable both institutes to highlight the benefits of a professional management accountancy qualification, to share best practice and to train and develop the global business leaders of the future.”

Kunal Banerjee, President of ICWAI, commented:

“The MoU with CIMA heralds an era of opening up of globalisation for Indian students. Never before have Indian students had an opportunity on this scale to attain international accounting recognition at such a fast pace. We believe we have taken India closer to the nucleus of global management accounting with this MoU."