The Cyprus Institute of Marketing' (CIMA) was established in 1978 and is situated in Nicosia and Limassol. It is registered with the Cyprus Ministry of Education and is the first Business School to be established in Cyprus and among the older tertiary education providers in Cyprus. In addition to marketing, CIMA offers programs in tourism, banking, insurance, computer & financial studies and European studies. It operates a membership association and awards its own recognised Diplomas, Advanced Diploma, Bachelors, a Post Graduate Diploma and an MBA. It's MBA was ranked 16th in Europe according to www.findyourMBA.com In 1984, a daughter school was opened in Limassol, the second largest city in Cyprus. Diplomas are also awarded through local entres around the world and through distance-learning by The Cyprus Institute of Marketing Ltd (Reg BVI). The Cyprus Institute of Marketing is Institutionally Approved by the Open University (UK) and its B.Sc. in Business Administration is validated by Open University (UK) providing the opportunity to its students to acquire the Open University degree in 3 years while in Cyprus.