This is from the “Accounting Makes Cents” podcast episode #73 released on Monday, 9 September 2024.

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If you’re navigating a period of unemployment and wondering whether to pursue CIMA, this episode is for you. In today’s episode, we’re going to dive into the realities of professional qualifications, career growth, and financial success. We discuss the financial strains, lack of employer support, the motivation struggles, and the isolation that can come with studying on your own. But, it’s not all obstacles—there are also solutions and strategies to help you stay on track.

Jump to show notes.

I actually wrote a blog post back in 2017 about this, where I explored some of the ideas but it was more to do with looking at the timeline and how to prepare for the exams even though one is unemployed. I’ll be linking that post in the show notes for anyone who’s interested in reading further. This episode I want to discuss the topic in more depth.

For those who are new to the channel or are not familiar with CIMA, CIMA is a global professional management accounting body based in the UK. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in the industry and provides ongoing support and training for members.

Okay, so now that we’ve got the basics out of the way. Let’s get back on topic. I think this particular topic is a shared and relevant sentiment for most students out there, whether you’re doing CIMA or other qualifications. For simplicity, I will refer to CIMA from time to time today, but as mentioned, it can be any other professional qualification that has the same sort of structure as CIMA has. It’s common nowadays to be studying whilst working. I think there are certainly unique challenges when studying for a qualification and you’re not working.

Studying for a qualification is a huge investment in your career, but what if you’re currently not employed? I’ll try and discuss some of the pros and hurdles, so that you can better prepare if you’re thinking about going down this path, or you’re already on this path.

Why?

First off, let’s address the big question — why would someone want to study CIMA while unemployed? It might sound daunting, but for many, it’s a way to turn a tough situation into an opportunity.

Whether you’ve just been laid off, are in between jobs, or are struggling to find your first professional role, using your free time to study could be the boost your career needs. You’re gaining new skills, enhancing your resume, and showing potential employers that you’re serious about advancing your knowledge and career.

But, and this is a big ‘but,’ there are some significant challenges. It’s important to be prepared for them, especially when you don’t have the support network that often comes when one is employed.

Money

Let’s start with the most obvious challenge: money. Studying CIMA isn’t cheap. You’ve got registration fees, exam fees, the cost of study materials, and if you need extra help, perhaps even tuition fees for courses or coaching.

When you’re unemployed, you’re already facing financial pressure. You’re juggling daily living expenses with no income stream, so adding study fees on top of that can be tough. It’s doable, but it just means you’ll need to be more careful with your budget. If savings are tight, some people turn to loans, grants, or even support from family to make it through. But it’s definitely a sacrifice.

And what if you’re also applying for jobs while studying? It might be tempting to focus fully on your CIMA, but without an income stream, that pressure to secure a job can be intense. It’s dependent on the market, where you are, the types of jobs that you’re looking for, depending on your career level. Personally, I find focusing on many different things chaotic, especially trying to focus on 2 big things that could literally change your life – studies and career. Looking for work is practically a full-time job on its own, especially in a competitive market. Add in rigorous study for professional exams, and it’s easy to feel overwhelmed. It’s all about managing your time effectively. And finding that balance between a job search and your studies will be key. 

Experience

Now, onto another issue — experience. CIMA isn’t just about passing exams; it also requires a minimum of three years of practical work experience. This creates a dilemma if you’re unemployed because even if you pass the exams, you still need to tick that experience box before you can fully qualify.

PER, Practical Experience Requirements, are a critical part of earning your CIMA qualification. Alongside passing the exams, CIMA students must also demonstrate real-world work experience to ensure they’re not only knowledgeable in theory but also capable of applying their skills in practical, professional settings.

A brief overview on PER, it requires you to have a minimum of three years (36 months) of relevant work experience in a finance or accounting role. This experience is necessary to show that you’ve applied your learning in real-life situations and developed the competencies needed for management accounting.

If you’re unemployed and studying, it’s a good idea to explore internships, part-time jobs, or even volunteer roles in finance-related fields. Not only will this help meet the practical experience requirement, but it’ll also keep you engaged in the professional world and potentially open doors for future job opportunities. Additionally, previous work experience may count towards the PER if it’s relevant to CIMA’s competency framework.

Furthermore, what about employer support? Many CIMA students who are employed get financial support from their employers — they cover fees, provide study leave, even offer mentorship. If you’re unemployed, you miss out on all of that. You’re on your own to pay for your studies and manage your time. That can be really tough without external support.

I want to expand on Experience because there is also the question of how to explain the employment gap. If you’re job hunting, studying for a prestigious qualification like CIMA is a fantastic use of your time, some companies may still see a gap in your work history as a red flag. But this just  means you need to be ready to explain the value of what you’ve been doing: your new skills, your commitment to professional development. You just need to make sure they see it as a positive.

Self-discipline and motivation

So, another big challenge? Motivation. Studying without a structured routine can be tough. When you’re employed, you’re usually balancing work and study, which forces you to create a disciplined schedule. Without that daily work rhythm, it’s easy to lose focus. Suddenly, the days stretch long, and your ‘I’ll do it tomorrow’ mentality creeps in.

It’s important to set realistic goals, create a study plan, and stick to it. But, we have to acknowledge that it’s much harder to do this when you’re unemployed, especially if you’re dealing with stress from financial issues or job hunting. It’s all about finding your internal drive—and trust me, that’s easier said than done.

This journey will test your self-discipline like never before. And that’s a good thing. By setting your own goals and pushing yourself to meet them, you’re building a skill that employers value immensely — self-motivation. When you come out on the other side, not only will you have a prestigious qualification, but you’ll also have a stronger sense of resilience and independence.

Limited networking

The final challenge? Isolation. Being unemployed often means fewer networking opportunities. When you’re working, you naturally build connections with colleagues, attend industry events, and have regular contact with professionals in your field. All of this helps build your career and even opens doors to new opportunities.

When you’re unemployed, you miss out on a lot of that. You might feel isolated, which can make it harder to stay motivated and keep progressing. But here’s the silver lining: the challenge of limited networking can also be an opportunity to get creative. Without the daily interactions of a job, you have the chance to be proactive about building your professional network in different ways.

• You can find your online communities. Engage on LinkedIn, join industry groups, participate in relevant forums. It’s a great way to connect with professionals and stay updated on industry trends.
• You can virtual meet. Attend webinars and online conferences. These can offer networking opportunities and insights from industry leaders, all from the comforts of your home.
• You can join relevant associations that offer resources and networking events for members, even if you’re not currently employed.
• And my last suggestion, which is something that I do all the time, volunteer. Volunteering for finance-related projects can help you build connections and showcase your skills.

Conclusion

So, is it worth it to study CIMA while unemployed? Absolutely—but you need to go in with your eyes open. There are financial strains, motivation challenges, and practical hurdles like finding work experience. It requires careful planning, self-discipline, and sometimes even a bit of creativity to find solutions.

If you can navigate these obstacles, the rewards are worth it. The CIMA qualification opens doors to higher-paying jobs, management roles, and international opportunities. In the end, it could be the key to not only getting back into the workforce but also advancing your career significantly.

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Show notes simplified

In this episode, MJ the tutor tackles a challenging but important topic: studying for a qualification while unemployed. MJ discusses the struggles and obstacles with studying on your own, as well as some solutions and strategies to help you stay on track.