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CIMA (The Chartered Institute of Management Accountants) and ICAI (The Institute of Cost Accountants of India) have signed a historic MoU to allow proven ICAI members to fast-track in qualifying for the globally recognized and prestigious Chartered Global Management Accountant (CGMA) title, which recognizes the most talented and committed management accountants with the knowledge, skills and discipline to drive strong business performance on a global platform.

As per the MoU between CIMA and ICAI, proven members of ICAI would be given exemptions in 16 out of 17 papers of CIMA qualification - Certificate in Business Accounting (5 exemptions) and the Professional Qualification (11 exemptions). Hence, a proven 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, proven members of the ICAI must demonstrate three years relevant experience (as per Practical Experience Requirement specified by CIMA) to obtain CIMA membership, along with the globally acclaimed and prestigious CGMA (Chartered Global Management Accountant) designation.

Fiona Harvey, Executive Director – Marketing & Sales, speaking from CIMA global headquarters in London, said “We are highly pleased to offer ICAI members with the special entry route to complete and obtain the coveted CGMA designation. The CGMA title provides finance professionals with the global recognition of a chartered management accountant, and showcases their value around the world across the domain of business and finance.”

In parallel, CIMA members can pursue ICAI membership through a pathway route. Proven CIMA Members (designated CGMA) 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 & Soft Skills Training at the Intermediate Course and from undergoing ‘Industry Oriented Training Program’ at the Final Course.

Debasish Biswas, Country Head, CIMA India, said “We are excited about this strategic tie-up between CIMA and ICAI, which would enable both long-standing, professional bodies to embrace and strengthen the emerging dominance of management accounting professionals across the world. CIMA and ICAI are also committed to jointly create and publish research papers, thought leadership features and industry relevant reports which would facilitate the Indian industry, both in private and public sector”.

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