For professionals in accounting and finance, obtaining multiple globally recognized certifications can significantly boost career prospects and salary potential. One common question candidates ask is whether holding a Certified Management Accountant (CMA) qualification helps secure exemptions in other exams, particularly for the ACCA (Association of Chartered Certified Accountants). The good news is that it does, but there are specific nuances to the exemption process.

In this blog, we’ll take a deep dive into the relationship between the CMA and ACCA certifications, the strategic partnership between ACCA and IMA (the body behind CMA), and how you can leverage these exemptions to fast-track your career.

ACCA-IMA Strategic Partnership: Opening Doors for Candidates

In June 2012, a significant announcement was made in the world of accounting and finance—the ACCA and Institute of Management Accountants (IMA) formed a strategic partnership. This collaboration aimed to broaden the global reach of both certifications and offered mutual benefits to candidates pursuing either the ACCA or CMA.

At its core, the partnership was seen as a response to the alliance between AICPA and ICMA, but it also marked a pivotal moment for CMA and ACCA aspirants by making the qualification process more flexible and accessible.

What Does This Partnership Mean for CMA and ACCA Candidates?

If you’re considering pursuing both the CMA and ACCA certifications, this strategic partnership translates into several key benefits. The most significant of these benefits comes in the form of exemptions—both for CMA holders pursuing ACCA and ACCA members pursuing CMA.

Let’s break it down into two categories.

Exemptions for CMA Holders Pursuing ACCA

If you are a CMA and are considering adding the ACCA qualification to your resume, you may be eligible for exemptions from certain ACCA exams.

Exemptions Pre-2016

Before January 1, 2016, CMA holders were eligible for exemptions from seven ACCA papers, which included:

• F1: Accountant in Business
• F2: Management Accounting
• F3: Financial Accounting
• F4: Corporate and Business Law
• F5: Performance Management
• F8: Audit and Assurance
• F9: Financial Management

This arrangement provided a significant advantage to CMA holders looking to fast-track their journey through the ACCA exams.

Exemptions Post-2016

As of January 1, 2016, the exemption policy was revised. CMA holders are now exempted from three papers:

• F1: Accountant in Business
• F2: Management Accounting
• F3: Financial Accounting

Though the number of exemptions has been reduced, CMA holders still enjoy a considerable benefit by bypassing these foundational papers, allowing them to focus on the more advanced ACCA exams.

Additionally, all Foundation in Accountancy (FIA) papers are still exempt for CMA holders, providing more flexibility and a streamlined path to completing the ACCA qualification.

Exemptions for ACCA Members Pursuing CMA

If you are an ACCA member and are looking to earn the CMA certification, the partnership between ACCA and IMA offers key exemptions and benefits as well. Here’s what you need to know:

Waiver of the Bachelor’s Degree Requirement

The most significant benefit for ACCA members is the waiver of the bachelor’s degree requirement. Normally, to qualify for the CMA exam, candidates must have a bachelor’s degree in any discipline. However, ACCA members—regardless of whether they hold a degree—are automatically eligible to sit for both Part 1 and Part 2 of the CMA exam. This removes a significant hurdle, particularly for ACCA members who may not have pursued a formal degree but still hold professional qualifications.

Other CMA Certification Requirements

While the bachelor’s degree requirement is waived for ACCA members, they still need to fulfill the following conditions to earn the CMA title:

• Pass both parts of the CMA exam: This includes Part 1 (Financial Planning, Performance, and Analytics) and Part 2 (Strategic Financial Management).
• Two years of relevant work experience: ACCA members must complete at least two years of professional experience in management accounting or financial management.

By meeting these requirements, ACCA members can earn the CMA certification, expanding their credentials and enhancing their career prospects in management accounting.

The ACCA-CMA Mutual Recognition Agreement (MRA): A Missed Opportunity

In June 2013, ACCA and IMA celebrated the one-year anniversary of their strategic partnership by announcing a Mutual Recognition Agreement (MRA). The agreement would have allowed for even greater exemptions between the two qualifications, making it easier for candidates to earn both certifications.

However, in August 2013, the organizations decided not to proceed with the MRA. One of the primary reasons for scrapping the agreement was the concern that it could create a “fast-track” route for candidates to earn multiple qualifications without fully mastering the content, thereby potentially devaluing both certifications.

Despite the MRA not moving forward, the January 2013 exemptions remain valid, allowing ACCA members without bachelor’s degrees to qualify for the CMA exam.

Additional Updates and Clarifications

While the ACCA-IMA partnership has remained strong over the years, candidates should note that exemptions and benefits may change over time. For example, certain benefits that existed before 2016 have been modified in more recent years, and future updates may occur based on the evolving needs of the professional world.

It is always a good idea to consult the official ACCA and IMA websites for the most current information on exemptions and qualifications. You can also use the ACCA exemption enquiry tool on their website to determine your eligibility.

Why Pursue Both CMA and ACCA?

For finance professionals, holding both CMA and ACCA certifications can be a powerful combination. Here’s why:

1. Global Recognition: Both CMA and ACCA are globally recognized certifications that demonstrate a high level of expertise in accounting, management, and strategic decision-making.

2. Diverse Career Opportunities: Earning both qualifications allows you to work in a wide range of industries, from corporate finance to management accounting to auditing.

3. Competitive Advantage: Holding dual certifications can set you apart from your peers, opening doors to higher-level positions, better salary prospects, and leadership opportunities.

4. Specialization: While ACCA is broader in its approach, covering financial accounting and audit, CMA is specialized in management accounting and strategic financial management. This allows professionals to build deep expertise in both areas.

Conclusion: Make the Most of Your Career with CMA and ACCA

The partnership between ACCA and IMA has created opportunities for professionals to advance their careers by pursuing both the CMA and ACCA certifications. Whether you are an ACCA member looking to add the CMA qualification or a CMA holder exploring the ACCA pathway, the exemptions and mutual recognition make it easier to achieve your professional goals.

With the right strategy and dedication, earning both certifications can significantly enhance your credibility, broaden your skill set, and lead to exciting opportunities in the global finance industry. Always check the latest guidelines on exemptions and qualifications to stay updated on any changes, and make informed decisions for your professional journey.