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I lurk here but rarely post.
I appreciate the wealth of information (and humor) this forum provides.
I am an independent advisor- in the process of getting my CIMA designation
What I am looking for is a link to, and information on the subject matter covered in the Qualification Examination. I have been to the IMCA website but it was not as clear as I would like.
Has anyone here taken this exam recently. If so, any insight you can provide would be much apprciated.
Also, a link to a sample exam would be wonderful.
Thank you all in advance
I hope that you are already signed up for the CIMA designation. As of today, IMCA changed the process for how to obtain a CIMA designation. There is now an extra level if I'm getting the right information. I just got back from the Level II CIMA and am awaiting results. I don't have a practice exam, but I did use a service called Beta Education. betaeducation.com for a Level I prep and a Level II prep. In the class, the instructor provides a practice exam. The courses are well worth the money. Hope this helps.
I have my CIMA, Level I is tough, Level II at either UC Berkley or Wharton is even more difficult. You better sharpen your skills at 400 level Statistical Analysis.
Also, to retain the designation you must be in good standing with IMCA. 40 CE Credits every 2 years, 20 of which have to directly come from an IMCA event. $2000 event registration fee, airfare, hotel....plan on averaging $1500/year to hold the designation.
It is a great designation, but I will be effecient. I have never one time lost or gained any business because of it. I have been an FA for 11 years and only had 1 person ever ask me if I have a CFP. Never had anyone ask me if I have a CIMA...
If you are doing it for yourself. Great. If you are doing it because you think it will help you get business...you are wasting your money.
Thank you all for you imput and insight.
I am already registered. So I am under the Pre- July 2009 program.
I am a real "geek" when it comes to investment managment. However, math has never been my strongest subject. (That is what my financial calulator is for :)
Though I like statistics.
Actually, I am more concerned about level 1, With level 2 at least I will have a week of classes (from 6am to 830 pm) to refresh my memory
My reason for wanting to to complete this is primarily this. I was working towards my CFA, then I went from institutional to advisory so I think the CIMA makes more sense.
I have been in business for some time (I am an independent) I am not doing this to gain clients, but If I bring in 1 client because of it at least it will cover the expense.
Yeah, the 40 CEs (20) must be IMCA was somewhat of an issue. Not so much the cost, but the time away from the office..
Please keep your thoughts coming.
$1,500 a year
I will agree I have the CFP and Ihave never had a client ask me about it.
$1,500 a year to keep man that is expensive!
Good luck with your tests.
In my 20 or so years of experience I've seen the CIMA certification have as much as income and production impact as the CFP. That's zero. I think there was a survey done and posted on "onwallstreet.com" back in 07 that actually delved into this. Bottom line... there's a small but virtually non-existent difference in actual production and earnings for either or both designations. I am a CFP. It was a pain the arse and it cost me more than I've earned because of it. Just my 2 cents. Good luck
I know the "IM" stands for "in mouth." What do the "C" and the "A" stand for?
Alice - I hope this is rhetorical. We all know it stands for "c**ck" and "and Ass". My guess is LA Broker can't wait to start studying.
Personally I think if you are going to go for a designation for personal development, you should go with the CFA, but the CIMA is worthwhile for personal development.
But, like everyone said, it won't help you build a business.
CIMA is the most relevant accounting qualification for business. Becoming a Chartered Management Accountant can accelerate your career and boost your salary. It is a proven path to business success.
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