Dave Rowsby Regional Director, Europe Stirling: 19th February 2013 CIMA Objectives Agenda • CIMA Overview • Going Global – Recent years: How we have changed – CGMA, The Chartered Global Management Accountant • The CIMA Syllabus ABOUT CIMA About CIMA • • • • • • About CIMA The largest Management Accounting Institute in the world 203,000 members and students in over 170 countries Offices around the world All sectors, all sizes 243 exam centres in 90 countries Joint venture with the AICPA About our students and members • • • 93% of the world’s top 100 global brands employ CIMA students and members 98% of the Times 100 graduate employers employ CIMA students and members 40% of CIMA members work outside the finance function Anywhere, Any Sector… TheRole roleof of the the management manage nt accountant CIMA: WE’RE ON A JOURNEY CIMA’s mission is … • Find out from people and businesses what they need to succeed • Search for ways that CIMA can meet those needs • Demonstrate convincingly to people and businesses how CIMA can meet their needs Finance transformation and management accounting skills Efficiency Effectiveness 9 Our value chain Reports published in 2012 Financial performance of state owned enterprises in emerging economies A case study on Pakistan Railways Managing inter-firm interdependencies in R&D investment A look at how interdependent R&D investments can be coordinated across competing firms Professional identity of management accountants: leadership in changing environments Exploring the meaning of identity and leadership for MAs as a professional group http://www.cimaglobal.com/Thought-leadership/ Reports published in 2012 • Rebooting business: valuing the human dimension • Improving decision making; Unlocking Business Intelligence • Strategic performance management in the public sector • Managing the challenges of the family business CIMA: GOING GLOBAL AICPA JOINT VENTURE AND CGMA A requirement for a different skill set? 14 CIMA nowyou gives more CIMA now gives more • CGMA is the new global designation for management accountants powered by two of the world’s most prestigious accounting organisations – AICPA (the American institute of CPAs) and CIMA. • Complete the CIMA qualification, become a CIMA member and you will also be a CGMA. What will this do for members? • More power to a CV • More job opportunities • More global connections. CGMA’s CGMAs are part of a new, worldwide network of management accounting professionals, working One global standard Code of ethics and enforcement Continuous professional development Powered by a JV between AICPA and CIMA in and advising the world’s leading corporations, private and public organisations, small businesses and start-ups. 16 SYLLABUS Imagine ... You sit in the plane and the pilot announces ... • • • • • • We will be flying you from Sydney to London The flight is approximately 24 hours We will try to get you to London but don’t count on it We might not pay attention to the signals we receive as we fly If we are unable to continue we will “land” wherever we are even if it is in the middle of shark-infested seas And by the way we don’t have life jackets ... so God help you ... What will you do? ... Will you still fly? Pilots carry us from one place to another ... • Though journey may not always smooth and comfortable • Failure is not an option because: – At best failure can be very inconvenient – At worst failure can be fatal • To succeed they have to: – – – – – Map the journey well Ensure that they have what they need to fly Plan for and manage risks Work well with others Use information well • Businesses should do the same The business of business BUSINESSES • Create value for stakeholders MANAGEMENT ACCOUNTANTS • Support and drive decision making • Manage performance • Create, preserve and report value • Ethical conscience of business BOARDS & SENIOR MANAGERS • Lead long-term sustainable success for organisation • Develop, approve, communicate and oversee strategy and business model Competencies MAs need to deliver • Core accounting skills • Leadership skills • Business Acumen Do accounting and finance work In the context of the business And lead within the organisation To influence people • People skills ETHICS, INTEGRITY & PROFESSIONALISM The CIMA Professional Qualification Equivalent to a Master’s Degree • The National Recognition Information Centre for the United Kingdom (UK NARIC) Varying levels of qualification • Certificate in Business Accounting • Diploma in Management Accounting • Advanced Diploma in Management Accounting Membership • Associate – ACMA, CGMA • Fellow – FCMA, CGMA The CIMA Professional Qualification PILLARS • • • Enterprise Performance Financial LEVELS • • • Operational Management Strategic The pillars ENTERPRISE PILLAR PERFORMANCE PILLAR FINANCIAL PILLAR How do we develop strategy and plan for its effective implementation? How do we ensure that our strategy is realistic and that we are implementing it effectively? How do we prepare and interpret financial statements to show how well we are doing and to help us make decisions? The pillars ENTERPRISE PILLAR • Where are we going? • How do we get there? • What do we need to get there? • How do we align people, culture, processes, systems and structures to deliver? PERFORMANCE PILLAR • Is our plan realistic? • What resources do we need to get there? • When and how should they be provided? • What can prevent us from doing what we set out to do? • How are we doing so far and why? • What do we need to change? FINANCIAL PILLAR • Is our plan financially viable? • How much money do we need to get there? • Where do we get the money from? • How well have we done at the end of the period? • What does it mean compared to our peers and our past performance? MA Competencies and the CIMA Qualification PERFORMANCE PILLAR • Core accounting skills FINANCIAL PILLAR ENTERPRISE PILLAR • Leadership skills • Business Acumen Do accounting and finance work In the context of the business And lead within the organisation To influence people ENTERPRISE PILLAR PERFORMANCE PILLAR • People skills ETHICS, INTEGRITY & PROFESSIONALISM ENTERPRISE PILLAR Delivering long term sustainable success involves ... ENTERPRISE PILLAR ENTERPRISE PILLAR PERFORMANCE PILLAR FINANCIAL PILLAR PERFORMANCE PILLAR FINANCIAL PILLAR PERFORMANCE PILLAR Review, report and reward Analyse and evaluate performance Monitor and measure performance PERFORMANCE PILLAR Develop and communicate strategy Align business to implement strategy ENTERPRISE PILLAR Provide resources to implement strategy ENTERPRISE PILLAR PERFORMANCE PILLAR FINANCIAL PILLAR SYLLABUS REVIEW CIMA’s mission is … • Find out from people and businesses what they need to succeed • Search for ways that CIMA can meet those needs • Demonstrate convincingly to people and businesses how CIMA can meet their needs RELEVANT Syllabus Review: Guiding Principles • Vision – To provide organisations with competent and confident MA professionals who will be able to guide and lead them to sustainable success • Enhance CIMA’s reputation with employers – Maintain relevance syllabus to employer competency needs – Ensure rigour of assessment • Enhance learning experience of students – Use the syllabus structure to drive the teaching and learning experience – Use the assessment structure and practice to drive the teaching and learning experience – If we get it right then a lot more students will acquire the skills and competencies and will pass the examinations Syllabus development phases 1 • Research to develop competency framework • 2012 2 • Develop syllabus and related assessment in line with competency framework • 2013 3 • Launch syllabus, develop learning materials, market qualification • 2014 4 • First Assessment • May 2015 CIMA: financially qualified business leaders