The 25th of May brought a wave of excitement as the South African Institute of Chartered Accountants (SAICA) and the Chartered Institute of Management Accountants (CIMA) announced their intention to create a reciprocal agreement which would allow members of each body access to accelerated routes to dual designations of CA(SA) and ACMA. The specifications of this agreement were released on the 21st of June and were motivated by the desire to maintain and improve a dynamic accounting profession in South Africa. This ensures that the accounting profession will keep up with the rapidly changing world of today.
Individuals holding either the CA(SA) or ACMA designation should certainly be taking note of this innovative collaboration. Here is everything you need to know.
SAICA members holding the CA(SA) designation:
Will be eligible for the accelerated route to the ACMA designation if or when you have gained three years of relevant post qualification experience .CIMA has created difference routes based on your amount of relevant experience. In order to assess the relevance of the experience you’ve gained throughout your career, you will need to submit a detailed CV to CIMA and should receive a response within 2-4 weeks. Once you have received this response you will be eligible to register with CIMA and will need to follow one of these routes:
3-9 Years Relevant Experience
- Are exempt from writing 14 CIMA exams
- Will need to pass the E3 Strategic Management Exam
- Will need to pass the Strategic Case Study Exam
10+ Years Relevant Experience
- Are exempt from writing 15 CIMA exams
- Will need to pass the Strategic Case Study Exam
CIMA members holding the ACMA designation:
Will be eligible for the accelerated route to the CA(SA) designation if or when you have gained two years of relevant post qualification experience. The route to the CA(SA) is the same for everyone, except that the amount of time that you’ll be required to spend in the SAICA training programme (doing articles) depends on your amount of relevant experience:
Everyone:
- Is exempt from needing to have a completed a CTA to write the Initial Test of Competence (ITC). You have two attempts at the ITC within a 2 year calendar period, if you fail both attempts you will need to complete a CTA.
- Is exempt from writing the Assessment of Professional Competence (APC)
SAICA Training Programme:
3-9 Years Relevant Experience
- 24 months under the SAICA Training Contract
6-10 Years Relevant Experience
- Maximum of 24 months under the SAICA Training Contract but may be less based on your individual experience
10+ Years Relevant Experience
- Generally no time under the SAICA Training Contract but some time may be necessary based on your individual experience
If you have more than 6 years post qualification experience you will need to submit a detailed CV, portfolio of work, evidence from your employers and associates of the work and responsibilities you’ve fulfilled and a self-evaluation of competence against the prescribed competencies for the SAICA training programme (articles). These submissions are what will be used to assess the amount of time you will need to take part in the SAICA training programme.
Courses to assist both SAICA and CIMA members in the preparation of the various exams and training that they will need to complete as well as exam dates have already been released. Information regarding this can be found here: http://www.charterquest.co.za/cima-saica
For all other information and contact details visit: https://www.saica.co.za/LearnersStudents/Examinations/CIMARecognition/tabid/471/language/en-ZA/Default.aspx
We’re certainly very excited about the doors that this agreement will soon be opening and we are sure you are too!