The Chartered Institute of Management Accountants (CIMA) has announced that it will end the practice of charging exemption fees for new students who hold a relevant degree or qualification.

Taking effect from 1 August 2019, the change makes the CIMA the first professional body to remove exemption fees in the UK, and is designed to encourage accessibility and social mobility and to encourage students to start their studies and further support their career development.

Andrew Harding FCMA, CGMA, Chief Executive of Management Accounting said: “CIMA students come from many different backgrounds and countries with a variety of educational experiences and qualifications, and the Institute believes that students should not be put at a disadvantage for undertaking prior learning in the accounting field.

“By removing a significant barrier to entry into CIMA qualifications, we want to offer the opportunity to build a successful and sustainable career to as many individuals as possible and help create a diverse, dynamic and future-ready workforce.

“We are setting a new standard for the accounting profession, and hope that other professional bodies will join us in delivering greater accessibility and equity in to the profession.”

Any students who have been awarded and already paid for exemptions between 1 January and 31 July 2019, and who will be taking an exam between 1 August and 31 December 2019 will also be reimbursed by the CIMA, with the difference between the previous and new 2019 exam fees being credited to these student’s accounts.

CIMA was founded over 100 years ago and claims to be the largest professional body for managing accountants and offers a training and qualifications in management accounting and other related subjects.

The body currently boasts over 117,000 students across 156 counties who are working towards their CIMA professional qualification and earning the Chartered Global Management Accountant (CGMA) designation.

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