How CIMA creates the business leaders of the future

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1 How CIMA creates the business leaders of the future In the global marketplace it has never been more important for companies to employ financial experts who can work across the business and help to drive it forward. This is where the Chartered Institute of Management Accountants (CIMA) comes in. CIMA trains the business leaders of the future by giving them the tools to analyse a business s financial performance and advise on the best strategy for sustainable success. All over the world, organisations in both the private and public sectors are waking up to benefits of bringing chartered management accountants into the heart of the business. Management accountants are a different breed to conventional accountants. CIMA s members are trained to work with the business and look at the future rather than simply processing financial information from the past. When US President Barrack Obama used the language of management accounting in some of his key addresses, we can be sure that the profession has truly made its mark in the global arena. On several occasions, Obama has stressed the need to understand cost structures, to optimise capacities and to address efficiencies. It is reassuring that a world leader of Obama s stature has built management accounting into the DNA of his vision for the future. While other accountancy qualification focus on reporting and processes, CIMA students are shown how to use financial information to add value to the business and drive it towards greater success. Once qualified, CIMA members can move into a wide variety of roles both financial and non-financial. You only have to look at some of the institute s most prominent members such as Douglas Flint, chief financial officer and executive director of risk and regulation at HSBC bank, Andrew Higginson, chief executive of Tesco s e-retailing and person finance division, and Charles Allen executive chairman of music giant EMI to see that the CIMA qualification provides an ideal foundation for future business leaders. In fact, the CIMA professional qualification officially offers the best route for those looking to develop a business career via an accountancy qualification. Independent research carried out by the University Of Bath School Of Management in the UK contrasted the CIMA syllabus and exams with those of eight other bodies and compared our business focus with theirs. The research found that CIMA s syllabus consistently provides more business and financial strategy than any other. The CIMA qualification therefore provides an ideal springboard for the most talented and the most ambitious to achieve their full potential.

2 A gateway to a great career As one of the BRIC economies, Russia is at a stage where management accountants can play a key role in taking the country to long-term, sustainable success. This is because management accountants are uniquely trained to ensure that an organisation receives the right information, in the right place, for the right purpose. This is particularly important in the rapidly expanding global marketplace. To support this development, CIMA Russia has formed a partnership with PricewaterhouseCoopers to offer a new diploma specifically tailored for the Russian market. The CIMA Diploma in Performance Management offers two clear benefits. Firstly, the diploma trains finance professionals in one of the key areas of the CIMA qualification performance management. In completing the two modules, students will learn how to assess whether a long term project is viable and how to prepare budget forecasts. They will also learn methods of managing costs and how to evaluate and manage the performance of different units of an organisation. The diploma is also the first qualification offered by a global professional body to focus on management accounting topics in the Russian language. Students who study for the diploma will join a CIMA community of 172,000 members and students in 165 countries. Diploma graduates may also be interested is completing the full CIMA syllabus. As a company develops across the global village, the consolidated results are no longer the defining indicator. Success at local level is more illustrative than the consolidated figures and key performance indicators need to be developed to reflect this. Increasingly, it s the non-financial information that tells the story - and management accountants are ideally placed to make sure that businesses are using the right information to measure the true success of a company, not just its financial activity. Increasingly, companies will need to work out how to marry the drive for growth with the drive for sustainability. Ultimately, it will be down to management accountants to find the right formula. Underpinning the quality of the CIMA qualification is the institute s commitment to ensuring that its members adhere to business excellence and a clear ethical code. Once qualified, all our members must take part in our scheme for continuing professional development (CPD). This ensures that they keep up-to-date with the latest technical and commercial developments in their field and provide their employers with cutting-edge skills.

3 The first choice for employers The institute also requires members to comply with its code of ethics. This ensures that chartered management accountants put principles before expediency. Our research has shown that ethics is becoming increasingly important to companies, particularly in the wake of the sub-prime mortgage scandal in Europe and the US. With all these factors combined, it is not surprising that CIMA members are the first choice for a growing number of employers around the world. CIMA s international reputation for excellence is another reason why many multinational companies prefer to develop CIMA members as their future business leaders. Indeed global brands such as Unilever, Shell, HSBC, UBS, IBM and Fujitsu incorporate the CIMA qualification into their graduate training programmes. We also consult closely with leading businesses to ensure that our syllabus remains relevant to the needs of an ever-changing market place. For this reason, the CIMA syllabus is updated every four to five years. An international reputation for excellence The institute s first class reputation means that CIMA can provide a passport to a global career. CIMA students are trained to the same high standard wherever in the world they are based. This means that employers can always rely on the quality of the qualification. Moreover, as the business world now works in a global marketplace it is essential for professional qualifications to reflect this international outlook. In essence, CIMA offers an international passport to business success. CIMA in depth The CIMA syllabus is designed to transcend borders. Because it aims to train businessfocused accountants who analyse, advise and influence corporate strategy, the qualification provides a complete toolkit to create well-rounded finance professionals. Once qualified, chartered management accountants can take their knowledge and skills anywhere in the world and utilise them in many different types of organisation. The institute recently held a special celebration to mark the election of our 80,000 th member, Salih Dal. Salih s career is a good example of the how the CIMA qualification can become an international passport to career progression. Salih was first employed by Unilever in Istanbul. He was then transferred to the company s China operations and is now working as a finance manager in Unilever s base in Singapore. As CIMA expands its presence around the world, a

4 growing number of companies are acknowledging the unique skills that CIMA members have to offer. To further enhance our members access to the international marketplace, the institute has put in place a number of agreements with other prestigious organisation. For example, CIMA has secured a mutual recognition agreement for reciprocal membership with CPA Australia, one of the world s largest accounting bodies and CMA Canada, the organisation for Canadian management accountants. This enables Russian members seeking work in these two countries to include both a national and international badge of accounting excellence to their C.V. Running in parallel with this, CIMA recently launched the CIMA Masters Gateway programme, an initiative which allows holders of MBAs to secure a fast-track route to the CIMA qualification. MBA holders can study for a single exam to gain the CIMA Advanced Diploma in Management Accounting qualification and then progress to CIMA s strategic level. CIMA s accountancy qualification is also structured to allow accessibility for different types of professional. At entry level, CIMA offers the CIMA Certificate in Business Accounting which allows non-finance professionals to secure a strong financial foundation to their business knowledge without having to complete the full syllabus. On completion of the operational level of the syllabus, students are awarded the CIMA Diploma in Management Accounting. This qualification is becoming increasingly popular with professionals working in shared services centres and for business process outsourcing companies who require a fuller understanding of management accounting. On completion of the management level, students are awarded the Advanced Diploma in Management Accounting. This level is often attained by those in middle management who wish to have a strong financial background and who wish to on focus project and people management. Those who wish to obtain the full qualification progress on through the strategic level and on to the final test of professional competence in management accounting. The institute understands that business professionals need a qualification that is flexible enough to adapt to their changing needs. For this reason, there is no time limit on completing the full syllabus.

5 Easy study options and career flexibility Another attraction is career flexibility. The skills acquired by CIMA members are not limited to the finance function. Career opportunities can be found in a variety of business partner roles including: project manager, business analyst, forensic accountant, director of change, director of operations, director of business planning, group treasurer, chief executive officer and company chairman. It also provides an excellent financial foundation for anyone wanting to start up their own business venture. The CIMA professional qualification also offers flexibility in terms of study options. The syllabus is designed to fit in with an individual s lifestyle. If you are working, you can study for the qualification in your spare time, either independently or with a training provider. If you are fortunate, you may be able to persuade your employer to help you cover the costs of your studies. Or you may find an employer who provides a full graduate training programme which includes the CIMA qualification. Whichever method you choose, you can study at your own speed and adapt your study routine to suit any changes in your personal circumstances. Finance professionals in Russia can access CIMA s syllabus and support services online. The CIMA website offers a wealth of information including past papers and exam guides. CIMAstudy.com gives access to the full syllabus (except for the final case study examination) with study support packs and mock tests. CIMA s online student magazine, Velocity, is published six times a year and provides a range of articles to help improve study and exam performance. CIMA students and members can also share their experiences through the institute s online community, CIMAsphere.com. Printed versions of CIMA s distance learning training guides written by the CIMA examiners take students from the very basics through to full exam practice and are available at

6 An elite group of business professionals A finance professional who has successfully completed the CIMA qualification and can prove that they have three years of relevant, practical experience can become a member of CIMA. A CIMA member is referred to as an Associate Chartered Management Accountant and is entitled to use the letters ACMA after their name. ACMAs who have gained at least three years of senior, strategic experience can apply for CIMA fellowship and have the letters FCMA after their name. As a CIMA fellow you will be part of an elite group of business professionals. In today s marketplace, qualified finance professionals are more in demand than ever. This should be an encouragement to anyone who is considering the next step in their career development. With CIMA under your belt, the world is yours.