The Hong Kong Institute of Certified Public Accountants (HKICPA) and the Chartered Institute of Management Accountants (CIMA) have entered a five-year agreement of mutual examination paper exemptions (MEPE) from the HKICPA Qualification Programme (QP) and the CIMA Professional Qualification.

Under the agreement, members of the HKICPA will have an expedited route to both the CIMA Professional Qualification and the Charted Global Management Accountant designation. All HKICPA members are exempted from 14 out of 16 CIMA examinations.

CIMA members are eligible for exemptions from the Module A (Financial Reporting) and Module B (Corporate Financing) examinations of HKICPA's QP up to the June 2020 session. With the introduction of the new QP, exemptions will be for Module 11 (Financial Reporting) and Module 12 (Business Finance) with effect from the December 2020 session.

HKICPA chief executive and registrar Margaret Chan said: “The agreement not only signifies the closer relationship of our two organisations but also HKICPA’s commitment to advance the accounting profession development in Hong Kong.

“This agreement opens up opportunities for HKICPA members to become members of CIMA and the Association of International Certified Professional Accountants, easing their path to gain another world-leading qualification and strengthening their competitiveness.”

Association of International Certified Professional Accountants chief executive of management accounting Andrew Harding said: “The agreement will help increase the number of qualified management accountants in Hong Kong and bring together students, academics, accounting professionals and business experts to further strengthen and promote the profession across the region. It highlights our ongoing commitment to building a strong accounting profession across the world.

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“Finance professionals who earn a dual designation through this agreement will have the opportunity to gain the skills and competencies they need to succeed in our tech-led, global business world. By combining their management and financial accounting knowledge, they will be able to help businesses improve their performance and seize new opportunities.”