Landing a job as a CIMA graduate is an important step in your career. However, the process of going through the interview can be quite overwhelming. In order for you to pass your interviews with ease, we have compiled a guide on the 10 must-have interview questions and answers for all aspirant CIMA grads. And you can download it for free!
Why Interview Preparation is Important
How well a job interview turns out is dependent on the extent of preparation made. When it comes to a CIMA graduate, there is just not much problem in that, since they can demonstrate both knowledge and skills, which may be enough to fit their competencies above the other candidates. Employers want someone who is competent in a technical sense, but it is also important that the candidate has demonstrated adequate preparation and confidence. It has been said that the whole preparation makes you answer the questions reflectively, announce your accomplishments, and manage fluently whatever questions they may throw at you that you did not foresee.
The Value of Preparation
Preparation is not only in preparing oneself with expected answers. It is knowing the company, its culture, and the nuances of the job you are attending an interview for. Company research can become proof of your real interest and dedication. This is definitely going to help you leave a positive impression on your interviewers.
Standing Out in the Crowd
Good candidates are prepared, so they are more articulate and less nervous. They answer curveball questions with confidence and can offer good examples of their strengths. This level of preparation generally makes the difference between similarly qualified candidates.
The CIMA Diploma
The [CIMA diploma](https://www.imas-sa.co.za/cima-south-africa-courses/) is a very important qualification that gives one all the skills and knowledge required in management accounting and financial management. This opens a world of opportunity for your careers and strongly grounds your professional growth. IMAS (Institute Of Management Accounting and Strategy) offers extensive CIMA courses that guarantee your success in careers.
What is the CIMA Diploma?
The CIMA Diploma is within the qualification framework of the Chartered Institute of Management Accountants (CIMA). The diploma has been designed to offer students a strong foundation in management accounting, financial accounting, and business principles. The diploma includes some important issues, such as financial reporting, budgeting, and cost management.
Benefits of the CIMA Diploma
Having a CIMA Diploma clearly indicates one’s commitment to professional development and proves broad knowledge of the main financial principles. It is also globally recognized and can help a lot in seeking employment. Also, it is a way to pass on to higher CIMA qualifications, which will further increase your job opportunities.
10 Must-Have Interview Questions & Answers
1. Tell me about yourself.
- Answer: Quite often, this is the opening question in any interview, and it acts as an icebreaker. Summarize briefly but comprehensively your education, professional background, and major achievements. Highlight takeaway experiences and skills that directly apply to the role. For example, “I am a CIMA graduate with three years of experience in management accounting. In my past role at XYZ Company, I was responsible for managing budgeting processes and contributing to cost-saving initiatives, hence increasing our profit margins by 15%.”
2. What led you to undertake a CIMA qualification?
- Answer: This question assesses your will and determination toward that cause. Let me know how interested you are in the field of management accounting and how the CIMA qualification is situated to realize that ambition of your career. For instance, “I went for CIMA because it was wide enough in scope. It promised depth in learning of financial and management accounting. Also, the global recognition of this qualification was in line with my ambitions for working in strategic financial management.”
3. Can you translate a complex financial concept into layman terms?
- Answer: This is testing your ability to communicate difficult information and ideas in a manner that everybody can easily understand. Choose a concept of your ease, like maybe budgeting or variance analysis, and translate the concept into layman’s language. For example, “One major concept is variance analysis, a tool used to compare budgeted financial performance with actual performance. It helps in noting where we are either overspending or underperforming and opens room for corrective actions in said areas.”
4. Tell me about a time when you had to use your analytical skills to solve a problem.
- Answer: Use the STAR method: describe a specific situation or task, what you did, and the outcomes of how your analytical skills made a difference. “At my former job, we had some surprises in budget overages. I did a full-blown variance analysis of the situation to get at the root causes and suggested some cost-saving strategies that brought us back online with our budget.”
5. How do you keep current with accounting standards and regulations?
- Answer: Discuss the different journals, online courses, seminars, and professional networks you’ve subscribed to in order to stay up to date. For instance, “I read accounting journals on a regular basis and also attend some of the webinars organized by CIMA and participate in their professional forums to keep myself updated on changes in accounting standards and regulations.”
6. What do you consider to be your greatest achievement in your career so far?
- Answer: Point out an accomplishment when you alluded to your skills and commitment—it must be appropriate to the position applied for. Example: “My greatest achievement was to lead a project for the simplification of our budgeting process, which reduced 30% of the preparation time and improved its accuracy.”
7. How do you handle tight deadlines and pressure at work?
- Answer: Describe an instance where you managed pressure with ease, given an example highlighting your organizational and time management skills. For instance: “During the year-end closing, I had numerous financial reports to prepare within a very short period of time. I prioritized work, delegated it when necessary, and worked extra hours; all reports were submitted timely.”
8. Can you give me a recent example of how you have contributed to cost savings in your previous positions?
- Answer: You should describe a scenario when you were able to bring about benefits through your actions that the company saved on costs. For example, “Had been able to identify the inefficiencies in our purchase process and thereby re-negotiate terms with the suppliers for better terms. This eventually brought up savings in material costs by 10%.”
9. What software and tools can you use comfortably that apply to this role?
- Answer: List the accounting software and other tools you have used in the past with which you are experienced, and explain how you have used them effectively in the past. For example, “I can work with SAP, Excel, and QuickBooks. I worked with SAP to manage all our financial transactions and QuickBooks for general day-to-day accounting. I used advanced Excel skills to model detailed financials and forecasts.”
10. Where do you see yourself in five years?
- Answer: Take the chance to let them know what you want to make of your career and how the position in question serves your long-term interest. For example, “In five years, I’d like to see myself in a key senior management role driving strategic decision-making and financial performance. This position serves me in my goal of having growth opportunity and progressive expanding leadership roles.”
How to Use These Questions for Practice
You will dramatically increase your confidence and performance by practicing these questions with a friend or mentor. You should create a mock interview environment to help simulate what exists in the real interview. Pay attention to the body language, clarity of speech, and answer structure. The more you practice, the more comfortable you will become.
Mock Interviews
Mock interviews would be most helpful. You can engage your best friend or mentor in the role of interviewee. If you possess a recording device, record the interview and note the additional changes created by the mock interviewee. Note how frequently you look the interviewee in the eye, how clear your voice is, and if you talk coherently.
After practicing, check your performance. Were you pretty confident when answering questions? Were your examples relevant and detailed? Could you display your skills and achievements? Make use of this self-evaluation to adjust your answers.
Other CIMA Graduate Tips
- Body Language: Good posture; eye contact; good use of gestures.
- Attire: If you are dressed smartly, it will work wonders, because one good impression can seal the deal.
- Punctuality: Turn up to the interview on time or just a little earlier than the time you were scheduled for to show seriousness and professionalism.
- Confidence: Speak clearly with confidence and do not mind that much if you have to pause and think for a moment before answering a question.
Body Language
Body language can go a long way in expressing the confidence and professionalism you bring in. Sit straight, make eye contact with the interviewer, and don’t fidget. Use gestures naturally to bring out points, without overdoing it.
Professional Attire
What to wear and how to wear it: First impressions do matter. Dress in professional attire appropriate for the industry. For most accounting and finance roles, that means a suit or business casual wear. Make sure your clothes are clean and well-fitted.
Punctuality
Being on time shows respect for the person who is interviewing you and illustrates that you are a responsible individual. Try to get there at least 10-15 minutes before time. This will give you some time to relax and collect your thoughts before going for an interview.
Confidence
Confidence follows from preparation. Enunciate clearly and at a good pace. If you need time to reflect on a question then it’s alright to pause for a moment and then to answer the question. It proves that you are a thoughtful, composed person.
Conclusion
Interview questions and answers can be quite scary, but if you do this correctly, you can turn them into a real opportunity to demonstrate what you know and can do. Download our free guide on the 10 must-have interview questions and answers for CIMA graduates and take the first step toward securing your dream job.
At IMAS, we do believe in supporting you on your journey into the world of work. View our CIMA Courses for more resources aimed at helping you succeed.