CIMA loans/grants etc

NickJW

Hi All

My finance manager (who is also my direct boss) keeps recommending that I take a course in CIMA to help at work. Although I'm not trained, I already do many basic finance related jobs such as processing wages (he gives the final approval obviously), monetary statistics, general bookkeeping etc. My main role is general admin, but I tend to do anything which is thrown at my - HR, finance, quality assurance etc and have always 'learnt on the job'. I've been in the company for 10 years now.

The problem is they don't want to pay (understandable in this economy I guess). I've searched extensively online and the course costs appear to be very expensive.

I understand that there are no grants available, but are professional qualifications such as CIMA or potentially ACCA covered by any sort of grant?

He seems to want me to do the research, and I know that because I'm 29 I don't appear to be eligible for any apprenticeship scheme - though he has indicated that the company will approve me/recommend me as long as no costs are incurred to them.

I apologize if it's in the wrong part of the thread, but I'm in a slight dilemma here. Yes, I think it would be great to advance my career, but if it means taking out a loan (I became completely debt free March 2011), I don't know if it's something I should put on hold.

Thanks in advance for any assistance anyone can provide me.

dizzyrascal

Not sure if you would get a Career Development Loan but it is a the right sort of level. Have a look here
If not then these things are usually paid for by employers. You also need to make sure that your employers will give you study and exam leave on top of your normal leave, they will directly benefit from you doing this qualification so they should do this.
You will be much more valuable to them if you are CIMA qualified so it would also be worth asking about increases in salary.
You can talk to CIMA themselves and ask what people normally do for funding if they are not sponsored.

NickJW

Thank you very much - it gives me room to think about my options. I will speak to my boss and say to him that if he wants me to do it so badly he should offer some sort of financial assistance (even if it means giving me a no/low interest loan as an 'advance' signed agreement and deducting a set amount from my wages on a monthly basis).

Otherwise, the career development loan seems like a sound option as well.

Lokolo

I don't think a career development loan would be necessary. The exams aren't expensive, its the courses that are.

The courses are around £600-700, whereas the exams are <£100 each.

http://www.bpp.com/professional-qualifications-course-details/d/professional-qualifications/CIMA/63?p

These are one of the course providers who I would recommend. I would be asking your manager to pay for a course for each exam.

It will take you a minimum of 3 years though to complete.