Naira Depreciation Compels CIMA to Reduces Exam Fees

Raheem Akingbolu

In response to the weakened performance of the Naira against the Sterling Pound, CIMA, the Chartered Institute of Management Accountants has announced reductions in its exam fees from April 4. Reductions will range from 12.6% to 19.6% depending of the paper sat.

Africa Regional Director, Samantha Louis, said the reduction in exam fees is in response to feedback got from the body’s students and various other stakeholders in the wake of the weakened Naira.

She said: “CIMA has historically operated a single global pricing strategy for all its members and students. But the current economies in Africa and exchange rate variations dictate that we relook our strategy in the plight to support our students’ progression.”

The new pricing format applies to all students in Africa and has a tiered approach recognising the price sensitivity of this market and its prohibitive effect. In this format exemption pricing remains the same – on a single global pricing structure.

Responding to the news, Head of Nigeria, Ijeoma Anadozie said: “The new pricing strategy is in line with our vision to help people and business to succeed. It will allow more Nigerians to become CIMA members and management accountants. This in turn will help Nigerian businesses, and will power up their decision-making abilities.”

The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants, with over 227,000 members and students in 179 countries, working at the heart of business.

CIMA members and students work in industry, commerce, and the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders. Professionalism and ethics are at the core of CIMA’s activities with every member and student bound by robust standards so that integrity, expertise and vision are brought together.