Students may be exempt from certain levels in the CIMA Professional Qualification if they hold a relevant degree or prior work experience. This allows candidates with the right knowledge to fast-track the process of becoming a CGMA.
This may sound like a no-brainer to anyone aiming to complete their studies in the shortest amount of time possible. However, like most shortcuts, this can often lead to greater pitfalls further down the road.
It is worth noting that as of 30 September 2020, CIMA will be restructuring their exemption process. Students will no longer have to wait 20 working days for feedback as was previously the case. However, CIMA will no longer be offer exemptions from certain subjects within a module, as they have reduced the number of entry paths into the qualification. Exempted students will now have to enter at the begging of the level with three remaining OT’s and a Case Study examination, or at the end of the level just prior to the case study examination.
We’ve listed some of the advantages and disadvantages of the exemption process.
Who is eligible for CIMA exemptions?
CIMA exemptions are awarded to students who:
Have a qualification from a CIMA accredited programme
Have completed a degree related to the CIMA syllabus
Have an MBA or Masters in Financial Accounting
Are members of SAIPA/SAICA
Have gathered relevant work experience in a related field.
How to apply for exemptions
Step 1 – Register with CIMA. You can only apply for exemptions once you have registered as a CIMA student. The cost of registration is £77 (roughly R1700, depending on the current exchange rate).
Step 2 – Send all relevant documents (qualifications/work experience) to CIMA (documents@cimaglobal.com) for review. The exemption process is free, and you should receive a confirmation email within 72 hours.
Step 3 – Wait for exemption feedback from CIMA.
Step 4 – Accept or decline the CIMA exemptions. It is best to weigh up the pros and cons of this process before rushing into a decision.
Pros:
Time & Money Saved
The primary benefit of CIMA exemptions is the time and money saved by not having to complete the earlier levels of the qualification. Being exempted from a level also mitigates the risk of potentially failing and spending additional time and money on rewrites.
Get Extra Value for Previous Qualifications
You should always aim to maximise the return on any investment. The same applies to the countless hours and money spent on prior qualifications. By leveraging past experience, CIMA exemptions give you the opportunity to do just that.
Cons:
Knowledge Gaps
Each level within the CIMA qualification builds on the one which came before it. While your experience and past qualifications may deem you fit for an exemption, this could lead to knowledge gaps regarding smaller details or sections you have not have touched on in some time.
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