Have you ever found yourself with sub-standard CIMA study material?

Have you ever wished that you could afford more exam style questions to practice or enrol onto an online course?

Have you ever worried that you’re never going to pass an exam because you’re self-studying and have limited resources to help you prepare?

Don’t worry if you have.  You’re not alone.

In fact, it’s a common problem amongst CIMA students whose employer doesn’t fund their training (you have already asked your employer, right?)

After all, I’m sure you know there’s lot of things to pay for as a CIMA student.

There’s your initial registration fee…your annual subscription fee…any exemption fees…each exam fee…your study texts and revision kits…your mock exams…

And of course there’s the option of benefiting from expert tuition – via classes or online – which is the biggest financial outlay of all.  This is because you’re paying for the time and resources of an experienced tutor who knows what it takes to get students to pass their CIMA exams.

And so it’s perfectly natural to be worried about how you’re going to pay for all this.

But the truth is, there’s a price for doing something and a price for not doing something. (I’m sure you’re already familiar with the concept of opportunity cost).

You see, you either pay more for expert tuition and an easier journey to CIMA qualification…or you pay more in time, effort and frustration, if you do it the hard way and go it alone.

Now, I know that passing your CIMA exams – and becoming fully qualified – means a lot to you.  After all, it can open doors to a better career, a significant annual salary, and a more enjoyable lifestyle for you and your loved ones.

And I know you want to get there as fast as possible without wasting your valuable time.

So that’s why I wrote this article today, to offer you 5 possible ways you can pay for all your study needs.  And as a result, take the accelerated route to CIMA qualification and enjoy all the rewards that it brings (trust me, it’s worth it).

But before I get into the 5 sources of possible funds, I want you to consider your mindset about money.

It’s very easy to use language like “I can’t afford it “ or “I don’t have enough for that.”  And I must admit I still fall into that trap every so often myself.  But this is detrimental to your success.  Because you’re creating an excuse in your mind as to why you can’t do something.  And this in turn is stopping you from making serious progress with your studies and ultimately your career.

Instead, you need to think about what your priorities are.

For instance, where does your money go right now? Could you shift some of your current outgoings, from things that aren’t really that important, to investing in yourself (and your future) so that you can make CIMA qualification a reality?

For me, when I had to re-sit my CIMA exams (and there were quite a few) I had to fund my tuition on my own (as my employer only paid for first attempts).  So I did without a car whilst I was studying and instead of renting or buying an apartment, I stayed with my parents until my exams were done.

Was it easy to do without those things?  No. Definitely not.

Was it worth it? Hell yeah.

As soon as I qualified and was earning a significantly higher salary, I was not only renting a new-build apartment in the heart of London but also was able to afford a round-the-world trip taking in the likes of Sri Lanka, Vietnam, Cambodia, Australia, New Zealand, Fiji and the West Coast of America.

Here are some photos I took along the way…

 

 

 

 

 

 

Now, if all your money is being spent on more important things than your CIMA studies, then fair enough.  I’m just saying: give it some thought.

Okay, let’s get to the 5 options where more funds could come from…

#1  Sell Any Unwanted/Unnecessary Items

It’s worth thinking about whether you own anything that you don’t really need right now.

Are there any luxury items you can do without until you qualify?  Perhaps you have a car that you hardly use which could free up some much needed cash if you sold it.   Or if you do need to keep a car , could you trade it in for a cheaper model and then upgrade once you’ve qualified and are earning a higher salary?

Do you have any jewellery you could sell or any unwanted furniture?  There’s a whole host of things that people are willing to pay for on ebay etc and so it may be a useful way to raise money to pay for your studies.

And of course, you may have some study materials that you no longer need which you could sell second hand to a student who needs them.

#2 Make a Sacrifice or Two

Ask yourself: “What am I willing to give up until I qualify?”

Now, some of the following ideas may be uncomfortable for you to consider, and feel free to reject them straight away, but I just want to try and get you thinking about whether your money could be better spent on your studies.

Of course, it will all depend on what’s meaningful to you.

Could you give up something like cancelling your Sky TV subscription, doing without the latest smartphone, or not renewing your gym membership (and exercising at home or outdoors instead)?

Could you cycle or run to work instead of paying for a train season ticket?

Or are you willing to do something a bit more drastic to relieve the pressure you’re under to complete the qualification as quickly as possible…

Could you rent out a room in your house?  Or move to a cheaper location?

Would you be willing to give up a bit of independence and freedom in the short term by moving back home with your parents?  How about putting holidays abroad or wedding plans on hold?

The money you save here could be quite substantial.  And by using these funds to pay for expert tuition, you’ll be guaranteed to qualify much sooner.   And as you’ll be earning far more money than you are now – as a qualified CIMA member – imagine the house, holidays, and wedding you’ll be able to afford as a result …

It may just be worth the short term pain for the long term gain.

#3  Create the Money

This is more of a fun way to generate sufficient funds to pay for your qualification

You see, pretty much everyone has a talent, skill or experience that other people value and are willing to pay for.  Even if you just think of them as second nature.

Perhaps you’ve mastered a musical instrument, or are proficient in a second language, that you could teach to beginners in your local area.

Truth is, you don’t even need to be expert to teach such things.  You just need to know more than the person paying to learn from you.

If you do speak more than one language, could you offer translation services as a side business?

Could you offer coaching or consultancy in the line of work you do as a day job? Perhaps doing data entry, bookkeeping or management accounts for local small businesses?  Or offering Excel training to colleagues?

Are you skilled in arts and crafts?  Perhaps you’re good at knitting or sewing and can make clothes to sell to friends and aquaintances.  Or maybe create and sell your own line of jewellery and accessories.

An easier way to get started may be to open a specific savings account for your CIMA studies.  You could then transfer a fixed amount of your salary each month into this account which would only be used to pay for tuition or study materials.

Worth a thought?

#4 Borrow the Money

Again, this may be an idea you’re uncomfortable with but I thought it was worth raising.

After all, once you’re qualified and earning a significant salary, you should be able to easily pay the money back.

So if you do have parents…other family members…an employer… who may be willing to give you a loan to fund your studies,  it’s worth at least thinking about whether to ask them.

The worst they can say is no.

Plus you’ll have a lot more motivation to crack on with your CIMA studies and get them completed.   This is because you’ll have the accountability of paying back the loan.  Chances are, you’ll be qualified (and earning more money for yourself) a lot sooner than if you scratch around trying to study on limited resources

#5 Make a Trade/Exchange

Do you have something of value you can swap?

Perhaps you’re friends with, or know, a CIMA tutor with whom you can help in some way in return for tuition.

Or maybe you know a fellow student who will be willing to swap their unwanted study materials in return for something of equal value that you can offer them in exchange.

Conclusion

It’s important to remember your CIMA studies are not a sunk cost.  They are an investment in you:  to improve your skills…enhance your career prospects…increase your take home pay…and move you closer to making your dream lifestyle a reality.

And just as you learn with project appraisal, in your CIMA studies, an investment up front can lead to a very profitable outcome for a number of years into the future.

So spend some time this week thinking about the different ways you could raise the funds to pay for your CIMA studies.   To start, just pick one of the five ideas from above and see what you can come up with.

Cheers,

Matt