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The Chartered Institute of Management Accountants (CIMA) is the global professional management accounting body, based in the United Kingdom. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.
Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold (COGS) and inventory valuation.
The CPA exam is a sixteen-hour exam tested in four separate sections. All candidates are required to take the same three core sections and a discipline section of their choice. [2] As many as two sections can be taken in a given day or each section can be taken on separate days. [citation needed] A detailed overview of each exam is as follows: [3]
Candidates are given 3 hours to complete the multiple choice section and one hour to complete the essays. Candidates must show their work for the essay questions in order to receive credit. Parts 1 and 2 of the CMA exam are scored on a scale of 0–500 with a candidate's raw score converted to a uniform scaled score against all exam candidates.
The Chartered Institute of Public Finance and Accountancy (CIPFA) is a UK based organisation for accountants who work in the public sector, accounting firms and other professional bodies where management of public funds are required.
Instead of being available all year round, IQEX is only offered for three weeks in October or November each year. Results are sent directly to the candidate by NASBA (normally in February, following the exam in November) The fee to sit IQEX is USD845 as a first time candidate, and USD795 as a re-examination candidate.
Trainees may only write QE 2 or PPE after they have passed QE 1 and upon the completion of a minimum of 18 months of a three-year training contract. After completing their training contract and passing both QE 1 and QE 2 or PPE, candidates are required to register with SAICA in order to use the Chartered Accountant [CA(SA)] designation.
The institute offers qualifications, training and professional membership. It holds the UK licence to award the Certified Financial Planner (CFP) designation. Amongst the qualifications offered is the Diploma in Capital Markets which covers the areas of securities, investment, compliance, derivatives, corporate finance and operations. [2]