CIMA Apprenticeships:
Your Ultimate Guide
If you’re interested in a career in accounting, you may have come across the term ‘CIMA Apprenticeship’. But what exactly is a CIMA Apprenticeship? What do CIMA apprentices do? And how does one become a CIMA apprentice?
Well…you’ve come to the right place!
In this guide, we’ll walk you through everything you need to know about the Chartered Institute of Management Accountants (CIMA) and how to embark on the exciting journey of becoming a CIMA apprentice.
What is an apprenticeship?
An apprenticeship offers an outstanding opportunity to gain practical experience while earning a salary.
As a CIMA apprentice, you are not just training; you are employed in a relevant industry with a formal work agreement and holiday benefits.
Upon completing the apprenticeship, you will have gained the essential skills and knowledge to succeed as a management accountant.
Additionally, you will receive a recognised qualification and become a member of the Chartered Institute of Management Accountants (CIMA).
The duration of a CIMA apprenticeship varies depending on the programme’s level, complexity, and your prior experience.
Typically, the L7 accounting apprenticeship takes around 3 to 4 years to complete. The L7 accounting apprenticeship is designed to provide comprehensive training, ensuring that you can apply theoretical knowledge to practical tasks.
This integrated approach prepares you for a successful career in management accounting.
Explore Our CIMA Apprenticeship Programme
 |
| Learn more about Astranti’s CIMA Apprenticeship programme and take your first step today! |
Are you eligible?
Explore Our CIMA Apprenticeship Programme
|
| Learn more about Astranti’s CIMA Apprenticeship programme and take your first step today! |
Are you eligible?
To embark on a CIMA apprenticeship, you must:
- Be at least 16 years old
- Not be enrolled in full or part-time education (such as school, college, or university)
- Be employed in a relevant industry (i.e in accountancy or a finance department)
These criteria primarily apply to England, but there are also apprenticeship opportunities in Scotland, Wales, and Northern Ireland, each with its own funding bodies.
One of the key advantages of a CIMA apprenticeship is the financial support it provides. Training costs are covered by a combination of government funding and employer contributions, allowing you to focus on learning and professional development without worrying about tuition fees.
So, whether you are looking to start your first job, seeking a career change, or looking to enhance your current skills, a CIMA apprenticeship is an excellent choice. Previous qualifications, including degrees, do not disqualify you from starting an apprenticeship!
So let’s dive a bit deeper into CIMA and CIMA apprenticeships!
What are CIMA apprenticeships?
Let’s start with the basics. A CIMA apprenticeship provides a structured training programme that combines work and study to gain professional qualifications.
CIMA apprentices gain valuable experience while learning essential accounting skills. Here are some key responsibilities:
Financial reporting and analysis:
CIMA apprentices assist in preparing financial statements, analysing financial data, and providing insights to support business decisions.
Budgeting and forecasting:
They help in creating budgets, forecasting financial performance, and monitoring variances to ensure financial goals are met.
Risk management:
Apprentices learn to identify and assess financial risks, helping organisations manage these risks effectively.
Cost management:
They assist in analysing costs, identifying cost-saving opportunities, and improving cost efficiency.
Ethics and compliance:
CIMA apprentices adhere to ethical standards and ensure compliance with relevant regulations and accounting standards.
How to become a CIMA apprentice
You may be interested in becoming a CIMA apprentice, but you’ll need more than interest and good intentions; you’ll need a few things!
To become an effective CIMA apprentice, you’ll need the right qualifications, skills, and personal attributes.
Academic qualifications
To start a CIMA Apprenticeship, you’ll need to have completed the L4 Accounting Apprenticeship or the CIMA Certificate in Accounting. These qualifications provide the foundational knowledge required for the L7 Apprenticeship.
CIMA Certificate in Accounting:
This certification covers fundamental accounting principles and skills.
L4 Accounting Apprenticeship:
This apprenticeship provides practical experience and theoretical knowledge in accounting.
Key skills for CIMA apprentices
Organisational and time management skills:
CIMA apprentices often handle multiple tasks simultaneously. Excellent organisational and time management skills are necessary to prioritise work, meet deadlines, and manage workloads efficiently.
Communication skills:
Effective communication is crucial in accounting. A CIMA apprentice must have strong written and verbal communication skills to prepare reports, correspond with clients, and present financial information clearly.
Analytical skills:
CIMA professionals need strong analytical abilities to interpret financial data, evaluate financial performance, and develop strategic insights.
Ethical conduct and professionalism:
Upholding ethical standards and maintaining professionalism are essential qualities for CIMA apprentices. They must adhere to professional codes of conduct, maintain confidentiality, and demonstrate integrity in their work.
How long will it take?
The duration of a CIMA apprenticeship varies depending on the level and the individual’s pace of learning.
Generally, the L7 CIMA apprenticeship takes around 3 to 4 years to complete, following the completion of the L4 accounting apprenticeship or the CIMA certificate in accounting.
What’s involved?
CIMA apprenticeships involve a blend of practical work experience and structured learning, including:
Operational Level
- E1 – Managing Finance in a Digital World: Introduces the role of finance in business, focusing on technology, data analytics, and the digital world.
- P1 – Management Accounting: Covers cost accounting, budgeting, and performance management.
- F1 – Financial Reporting and Taxation: Deals with financial statements, principles of taxation, and regulatory requirements.
- CIMA Operational Case Study: A practical exam where the apprentice will play the role of junior accountant and apply what they have learnt to a fictional company
Management Level
- E2 – Managing Performance: Focuses on organisational management, performance evaluation, and project management.
- P2 – Advanced Management Accounting: Involves advanced costing methods, budgeting, and performance analysis.
- F2 – Advanced Financial Reporting: Covers complex financial reporting standards and issues.
- CIMA Management Case Study: A practical exam where the apprentice will play the role of mid-level manager and apply what they have learnt to a fictional company
Strategic Level
- E3 – Strategic Management: Explores strategy development, implementation, and change management.
- P3 – Risk Management: Focuses on identifying, evaluating, and managing business risks.
- F3 – Financial Strategy: Deals with financial policy, investment decisions, and financial restructuring.
Workplace learning
Apprentices gain hands-on experience by working in a real-world environment, applying their knowledge to practical tasks and projects under the guidance of experienced professionals.
Assessment
The apprenticeship involves regular assessments, including exams, projects, and practical evaluations, to ensure apprentices are progressing and meeting the required standards.
End-point assessment
The end-point assessment for the CIMA Apprenticeship is a crucial part of the qualification process and consists of two main components:
1. Strategic case study exam
This exam tests apprentices on their ability to apply knowledge from the strategic level modules to real-world scenarios. It assesses their understanding of complex business issues, strategic decision-making, and problem-solving skills.
2. Portfolio of evidence
Apprentices must compile a portfolio demonstrating their practical skills and experience gained throughout the apprenticeship. This includes work-based projects, reflective accounts, and evidence of competencies met in their role. The portfolio is reviewed to ensure that all learning outcomes and professional standards have been achieved.
Off-the-job training
Off-the-job training is an essential component of a CIMA apprenticeship.
It refers to learning activities undertaken outside of the normal day-to-day working environment but still within the CIMA apprentice’s paid working hours.
This training is designed to develop the knowledge, skills, and behaviours necessary for the apprentice’s role and to prepare them for their future career.
What does off-the-job training involve?
Classroom-based learning: CIMA apprentices attend classes, either in person or online, where they are taught the theoretical aspects of accounting. This includes subjects such as financial accounting, management accounting, risk management, and business strategy.
Workshops and seminars: Interactive workshops and seminars provide opportunities for CIMA apprentices to engage with experts, discuss real-world scenarios, and deepen their understanding of complex accounting topics.
Study and revision sessions: Dedicated time for studying and revising course material helps L7 accounting apprentices to reinforce their learning and prepare for exams. This may include independent study, group study sessions, and access to learning resources.
E-learning and webinars: Online learning modules and webinars offer flexible, accessible ways to gain knowledge and stay updated with the latest developments in the field of accounting.
Project work and assignments: Practical assignments and projects allow CIMA apprentices to apply their theoretical knowledge to real-world situations. These projects can be directly related to their job roles, providing valuable experience and insights.
Professional development activities: Activities such as attending industry conferences, networking events, and professional body meetings help apprentices to build their professional network and stay informed about industry trends.
Requirements for off-the-job training
Minimum requirement: By law, off-the-job training must account for at least 20% of an apprentice’s paid working hours. This ensures that apprentices have ample time to focus on their learning and development.
Tracking and documentation: Employers and training providers must keep accurate records of all off-the-job training activities. This includes documenting the type of training, the duration, and how it aligns with the apprenticeship standards.
Integration with practical experience: Off-the-job training is designed to complement the practical experience gained through on-the-job activities. Accounting apprentices are encouraged to integrate their learning with their day-to-day tasks, ensuring a well-rounded development process.
Where can I work as a CIMA apprentice?
CIMA apprentices can find opportunities in various sectors, including:
Private sector:
Large corporations, SMEs, and multinational companies often hire CIMA apprentices for roles in finance, accounting, and business management.
Public sector:
Government agencies, local authorities, and non-profit organisations also employ CIMA apprentices to manage public funds and ensure financial accountability.
Consulting firms:
Management consulting firms hire CIMA apprentices to provide financial advice and strategic planning services to their clients.
Financial services:
Banks, insurance companies, and investment firms offer roles for CIMA apprentices in financial analysis, risk management, and regulatory compliance.
Average CIMA apprentice salary
The salary for CIMA apprentices varies depending on their level of qualification, experience, and location. Here’s an overview of potential earnings:
CIMA students:
£25,000-£35,000 per year
Newly qualified CIMA professionals:
Around £40,000 per year
Experienced CIMA professionals:
An average of £55,000+ per year
Moreover, CIMA professionals can advance to senior roles and earn significantly higher salaries (over £100,000), especially in large organisations and major financial hubs.
Finding the right apprenticeship
If you wish to become a CIMA apprentice, you’ll need to find a suitable apprenticeship programme. Here are some key things to look for:
Accreditation by CIMA: Ensure the apprenticeship provider is accredited by CIMA to guarantee a high standard of training and recognition.
Comprehensive training material: Look for providers that offer detailed and easy-to-understand material, simplifying complex accounting concepts.
Experienced tutors: Choose a provider with tutors who have practical experience and expertise in accounting, ensuring you receive relevant and practical training.
If you decide to embark on a career as a CIMA apprentice, you’ll have the opportunity to make a real, positive impact on businesses and their financial health. While the journey to qualification is challenging, becoming a CIMA professional could be the best decision you ever make!
If you would like to know more about becoming a CIMA apprentice, please contact us at enquiries@astranti.com or on 0800 048 7803. We’d love to hear from you!
FAQs
Q: What are the entry requirements for a CIMA Apprenticeship?
A: To start the L7 CIMA Apprenticeship, you need to have completed the L4 Accounting Apprenticeship or the CIMA Certificate in Accounting.
Q: Can I start a CIMA Apprenticeship straight from school?
A: Yes, you can start with the L4 Accounting Apprenticeship or the CIMA Certificate in Accounting directly after school and then progress to the L7 CIMA Apprenticeship.
Q: What are the career prospects after completing a CIMA Apprenticeship?
A: Completing a CIMA Apprenticeship opens up numerous career opportunities in management accounting, financial management, business analysis, and senior leadership roles.
Q: How is the CIMA Apprenticeship assessed?
A: The apprenticeship is assessed through a combination of exams, practical evaluations, and project work.
Holly Dymmock
Customer Service and Mentoring Supervisor
I hope you’ve found this guide on CIMA apprenticeships useful – but if you’ve got any further questions, leave a message and I’d be happy to help!
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