College SA College of Management Accounting: Management Accounting Studies
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What is Management Accounting?
Management Accounting is concerned with the ways in which accounting information is made available to managers within organisations to enable them to make informed business decisions. Management Accounting combines accounting, finance and management with cutting edge techniques needed to run a business successfully.
Chartered Management Accountants help businesses to adapt to changing environments in order to maintain profitability and improve their value. They would perform financial functions while also providing information and advice to aid decision-making with regards to a company's future.
The Chartered Institute of Management Accountants (CIMA) is the world's largest professional body of management accountants and its qualifications are highly sought after in the field of Management Accounting. CIMA Global's members are qualified to work in various sections of an organisation, not only in finance, which certainly distinguishes prospective employees with CIMA qualifications from other applicants. The skills they are taught through CIMA studies include analysing information, formulating business strategies, identifying and managing risk, planning, budgeting, and communicating their findings to non-financial managers.
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- CIMA Certificate in Business Accounting
- CIMA Professional Qualification: Operational Level
- CIMA Professional Qualification: Managerial Level
- CIMA Professional Qualification: Strategic Level
- CIMA Professional Qualification: T4 part (A) and T4 part (B)
The CIMA Certificate in Business Accounting forms the basis of further Management Accounting Qualifications and is ideal for students who need an introduction into the world of Management Accounting, Financial Accounting and Business. This programme provides the fundamentals of Business accounting so that students can become familiar with the basic business and management principles. Attention is also given to basic Business Economics and Business Law, as the ultimate role of a Management Accountant is to give sound advice based on these principles. The first step in becoming a Chartered Management Accountant is mastering the fundamentals of Accounting.
This programme builds on the fundamentals of Accounting and Management to teach students how decisions are made and performance is evaluated. As the courses build on each other, you first need to complete the CIMA Certificate in Business Accounting before you can start with this course.
The CIMA Professional Qualification: Operational Level is the first of three levels of exams building towards the end goal of becoming a qualified Chartered Management Accountant. There are three exam papers prescribed at each level, so before students can attempt the T4 part (A) and part (B) programme, they need to pass all nine exams and obtain their full Professional Qualifications at these three levels.
Please Note: Although it is possible for students to study an Operational Paper in one pillar and a Management Paper in other pillar, we advise students to first pass the Operational Level before attempting the Management Level, as they need to pass all six papers at these two levels before they can move on to the Strategic Level.
After obtaining the CIMA Professional Qualification: Operational Level, students can move on to the CIMA Professional Qualification: Managerial Level. Once again, before enrolling for this programme, students need to complete the CIMA Certificate in Business Accounting.
The main focus is placed on analysis, so students can expect to learn more about the following: monitoring and evaluating financial information, monitoring monthly forecasts, evaluating accounting performance, analysing tax principles, interpreting and communicating financial data to non-financial managers, implementing risk management and internal controls, informing key strategic decisions, etc.
Please Note: Although it is possible for students to study an Operational Paper in one pillar and a Management Paper in other pillar, we advise students to first pass the Operational Level before attempting the Management Level, as they need to pass all six papers at these two levels before they can move on to the Strategic Level.
The CIMA Professional Qualification: Strategic Level Course is the last level of Professional Qualification. Before entering this programme, you first need to complete the CIMA Certificate in Business Accounting, the CIMA Professional Qualification: Operational Level and the CIMA Professional Qualification: Managerial Level.
This CIMA qualification builds on the fundamentals of analysis to teach students how to interpret their findings and make predictions accordingly. The main focus is placed on developing strategies, so students can expect to learn more about the following: formulating business strategies, formulating financial strategies, formulating risk and control strategies, negotiating projects or loans, offering advice on improving business performance, offering advice on business planning, etc.
The final course in this group is the CIMA Professional Qualification: T4 part (A) and T4 part (B). To enter this programme, you first need to complete the CIMA Certificate in Business Accounting, then the CIMA Professional Qualification: Operational Level, followed by the CIMA Professional Qualification: Managerial Level, and finally the CIMA Professional Qualification: Strategic Level Course. In total, students should now have passed all nine exams prescribed in the previous three levels. They are also required to gain four years relevant working experience before attempting this final test.
The T4 part (A) and T4 part (B) programme consists of a practical exam to test your professional competence in Management Accounting. You would need to use all your acquired skills and accounting techniques to make decisions in a simulated business environment. In other words, you would be presented with specific data about a certain company and be expected to make business decisions based on what you have learned during the previous three levels. Your success would depend on how well you execute this exam and exhibit your knowledge, as becoming a qualified Chartered Management Accountant would place you in a position of great power and responsibility. By passing this exam and obtaining the T4 part (A) and T4 part (B) qualification, employers would have complete confidence in your ability to ensure their company's financial success.
CIMA and the South African Qualifications Authority:
The Chartered Management Accountant qualification is registered with the South African Qualifications Authority (SAQA) at Level 7. The SAQA NQF registration number is 20400.
The CIMA Professional Qualifications in Management Accounting (Managerial level) is registered with SAQA at level 6. The SAQA NQF registration number is: 24406
The CIMA Certificate in Business Accounting (Certificate level) is registered with SAQA at level 5. The SAQA NQF registration number is: 24418.
