CIMA Practicing License

[SeanBrown25]

Hi all,

I currently work as a finance business partner and I am looking to take on some self employed work for some small businesses, providing them with management accounting services and supporting cash flow management.

It is my understanding that to comply with CIMA's regulations I must obtain a practicing license before offering these services.

I have checked the CIMA mip checklist and looked over the CV requirement. There are elements of the application such as some statutory work including tax advice that I do not have sufficient experience in. However, I am not looking to provide these services. Would this prevent me from obtaining a practicing license? I have sufficient experience in the services that I am looking to offer.

 

[MyAccountantOnline]

Hi all,

I currently work as a finance business partner and I am looking to take on some self employed work for some small businesses, providing them with management accounting services and supporting cash flow management.

It is my understanding that to comply with CIMA's regulations I must obtain a practicing license before offering these services.

I have checked the CIMA mip checklist and looked over the CV requirement. There are elements of the application such as some statutory work including tax advice that I do not have sufficient experience in. However, I am not looking to provide these services. Would this prevent me from obtaining a practicing license? I have sufficient experience in the services that I am looking to offer.

I'd ask CIMA direct. I think you'll find most of the professional bodies are very helpful.

 

[DontAsk]

It is my understanding that to comply with CIMA's regulations I must obtain a practicing license before offering these services.

Anyone can comply with (or at least follow) regulations Unless they are a closed shop who don't publish their secrets.

Do you really need to be a chartered member to work in your field? Yes, it will probably open more doors, but...

Too many pf these medieval guilds are really only in it for themselves.

 

[Daybooks]

If you are offering any paid accountancy services ( not employment ) using your CIMA qualification then you must register as a member in practice. By default CIMA will become your anti money laundering supervisor. You will also need professional indemnity insurance and you will need a continuity partner.

Simple preparation of books or management accounting will fall into its net.
If you were to take a look at CIMA’s publication of its disciplinary cases - many are for non registration. As you are asking I am sure you will not be the next.

 

[Daybooks]

Anyone can comply with (or at least follow) regulations Unless they are a closed shop who don't publish their secrets.

Do you really need to be a chartered member to work in your field? Yes, it will probably open more doors, but...

Too many pf these medieval guilds are really only in it for themselves.

The accounting bodies are there to promote professional high standards. CIMA like other professional bodies with a Royal Charter have their objectives publicly available as here

CIMA Royal Charter Bye-laws and Regulations

CIMA's Royal Charter Bye-laws and Regulations

www.aicpa-cima.com

CIMA is a closed shop in terms of membership as this is by both qualification and proven practicable experience but has no secrets in its operations or objectives.

You are correct that anyone can follow regulations but a key difference is that we are subjected to supervision and have to prove our compliance. This includes continual professional development and compliance with anti money laundering regulations.

You do not need to be a chartered member to work in our field but if you wish to use your qualification or the description of chartered management accountant then you need to be a CIMA member and abide accordingly.

“Yes, it will probably open more doors, but...”

… but what?

“Too many pf these medieval guilds are really only in it for themselves.”

CIMA’s objective is defined in its Royal Charter and am sure this applies to others. If that means they are in it for themselves then what is the problem?

I know some accountants without a recognised qualification that I would trust over some ‘qualified’ accountants every day of the week and I have also met some qualified accountants for whom I question the validity of their qualification.

Similarly I know unqualified accountants for which I fully understand why they are unqualified.

You could employ me to do your electrical wiring project or engage a qualified electrician. Tip: choose the qualified electrician for the same reason I do!