Unlocking the True Value: Understanding the Cost of CIMA Qualification

Are you considering pursuing a CIMA (Chartered Institute of Management Accountants) qualification but unsure about the costs involved? Look no further. In this article, we delve into the true value of obtaining a CIMA qualification and break down the costs associated with it.

Becoming a CIMA-certified professional opens up numerous opportunities in the field of management accounting. With the ever-increasing demand for skilled professionals in finance and accounting, a CIMA qualification can provide you with a competitive edge in your career.

However, it’s crucial to understand the cost implications before embarking on this journey. From registration fees to exam fees, study materials, and ongoing maintenance costs, there are various expenses to consider. By understanding the full cost of obtaining a CIMA qualification, you can plan your finances effectively and make an informed decision.

The cost of CIMA qualification

The cost of obtaining a CIMA qualification varies depending on several factors, including the level of the qualification, the study mode, and the country you are studying in. However, there are some common expenses that you should be aware of before enrolling in the program.

Understanding the different components of CIMA qualification cost

The cost of obtaining a CIMA qualification can be broadly classified into the following categories:

• CIMA Registration and Subscription Costs
• Tuition Fees
• Study Materials
• Exam Fees

Taking the Operational Level CIMA qualification as an example, we will look at the various costs of studying CIMA.  Remember, a full CIMA professional qualification requires at least three such levels of study (four, if you require the initial Certificate in Business Accounting).

1. Registration and Subscription Costs

Before you can start taking CIMA exams, you will first need to register with CIMA.  CIMA charge a registration fee of £95.  This is a one-off expense (unless for any reason your CIMA membership lapses and you need to re-register).  This fee covers the administrative costs associated with processing your application and maintaining your student records.

CIMA also charge an annual subscription fee of £130 per year.  For new students, the first year’s subscription is free (once you have paid the registration fee).

2. Tuition Fees and Professional Training Costs

One of the most significant expenses associated with a CIMA qualification is tuition fees. The cost of tuition varies depending on the level of the qualification and the study mode.

There are many tuition options available, but they can be broken down into three main categories:  Live Classroom study, On Demand study (online using pre-recorded materials) and Self Study

            (i). Live Classroom

For most people being in a live classroom environment, and having easy access to tutors to clarify understanding and ask questions, is the most effective way of learning. Of great importance is the ability to get marking and feedback on mock tests, particularly for Case Studies.   Nowadays, the larger tuition providers have online classrooms as well as physical classrooms, thus eliminating any travel difficulties for students.

Given the need for expert tutors’ time, this type of learning is also the most expensive.  The cost for a single module of classroom tuition (say, F1 – Financial Reporting) ranges from between £1,070 to £1,309 (depending on location). 

The cost of tuition for the Case Study can be between £1,465 and £1,789.  The Operational Level qualification is made up of three modules and the Operational Case Study, and some tuition providers give a discount for booking all four courses at the same time.  Therefore, a good estimate at the cost of live classroom tuition for the entire Operational Level would be around £4,400.

            (ii). On Demand study (using pre-recorded materials)

This method of study has the advantage that the student can study at a time and pace that best suits them and they get some of the advantage of having a tutor explaining the concepts.  On the downside, it can be harder to concentrate and engage with pre-recorded material.  Also the benefit of interaction with an experienced tutor is reduced (although some courses do allow opportunities to chat with tutors or receive feedback on tests).

The cost of pre-recorded learning ranges from £500 to £800 per module from the more established tuition providers (BPP & Kaplan).  Tuition for the Operational Case Study can be between £700 to £930.  Again, discounts can be obtained when all four courses are purchased together. 

An estimate of the cost of online pre-recorded tuition for the entire Operational Level would be around £2,400.

If this is your preferred method of study, it is worth looking at what smaller tuition providers can offer.  Some providers offer subscription models for as low as £400 per year.  If you are aiming to finish Operational Level within a year and are OK with potentially receiving a lower level of tutor input, this approach could deliver significant savings.

            (iii). Self Study

Self study is not for the faint-hearted, it is you and your textbooks against the world.  It is not the easiest mode of learning, but it is certainly the cheapest.  We will look in more detail at the pros and cons and feasibility of self study in future articles, but for now it is sufficient to say that it is possible to pass CIMA with self study. 

The professional tuition cost element of self study is, of course, zero.   

3. Study Materials and Resources Expenses

To prepare for the exams, you will need study materials and resources such as textbooks, revision kits, and practice papers. The cost of study materials varies depending on the provider and the level of the qualification. 

As a rule, the core study materials are provided as part of the Live Classroom or On Demand course fees.  Students learning via self study can easily purchase text books (£30 to £40 per module) and exam practice books (£20 to £25 per module) from tuition providers. 

An good estimate for the cost of core study materials for the entire Operational Level would be £220.

4. CIMA Exam Fees

Another major expense associated with a CIMA qualification is exam fees. You need to pay a fee for each exam you take, and the cost of the exam varies depending on the level of the qualification and the country you are taking the exam in.

Exam fees are usually NOT included in the price for course tuition.

As you progress through the levels of the CIMA qualification, from the Certificate in Business Accounting through to Strategic Level, the exam fees increase.

For UK students, the cost of each Operational Level Objective Test is £130.  The cost of taking the Operational Case Study is £225.*

The total exam fees for Operational Level are £615.

Totals

Depending on the style of study employed, total costs for studying CIMA Operational Level are likely to be approximately:

Live Classroom method: £5,100

On Demand (pre-recorded) method: £3,100

Self study method: £930

In the above infographic, you can see a more detailed breakdown of the costs of studying CIMA Operational Level.

Irrespective of the study path you choose, you can maximise your chances of smoothly progressing through the levels of CIMA by ensuring you are well prepared for each exam.  At AccountExamPrep.com, we have prepared CIMA mock exams with hundreds of practice questions to help your revision of the course syllabus and to hone your exam technique.  Multiple practice tests are available for each CIMA module in our store.

Is the Cost of a CIMA qualification worth it?

Despite the significant costs involved, obtaining a CIMA qualification can provide numerous long-term benefits. Here are some of the ways a CIMA qualification can boost your career:

Increased Earning Potential

A CIMA qualification can significantly increase your earning potential. According to an AICPA survey*, the average salary of a CIMA-qualified professional in the UK is £63,000. This is significantly higher than the average salary of a non-CIMA qualified accountant.

Career Advancement Opportunities

A CIMA qualification can provide you with the skills and knowledge needed to advance your career. With a CIMA qualification, you can pursue a variety of roles in finance and accounting, including management accounting, financial analysis, and business strategy.

Global Recognition

CIMA is a globally recognized qualification, which means that you can pursue opportunities in various countries worldwide. This can provide you with a competitive edge in the job market and increase your chances of securing your dream job.

Conclusion

Obtaining a CIMA qualification is a significant investment, both in terms of time and money. However, the long-term benefits of a CIMA qualification far outweigh the costs involved. With a CIMA qualification, you can increase your earning potential, pursue various career opportunities, and enjoy global recognition.

By understanding the different components of the cost of a CIMA qualification, you can plan your finances effectively and make an informed decision. So, if you’re considering pursuing a CIMA qualification, go ahead and unlock the true value of this globally recognized qualification.

If you would like to sample how AccountExamPrep.com can help you in your CIMA journey, you can sample free CIMA questions here in one of our mini-tests. FREE Sample CIMA mini-tests » AccountExamPrep 

Alternatively, you may purchase up to 300 CIMA practice questions per module in our store: Buy CIMA practice questions » AccountExamPrep

Notes

*(Please note that exam fees are lower for students outside of Western Europe, Australia, Canada, USA & Singapore.  For students in sub-Saharan Africa, exam fees are lower still).

**Source: 2019 Association of International Certified Professional Accountants Salary Survey – Salary Insights – AICPA (aicpaglobal.com)