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CIMA Programme design and the International Education Standards

CIMA Programme design and the International Education Standards

CIMA Programme design and the International Education Standards: We welcome the IAESB’s work on reviewing all of the IESs and the objective of the review with regard to this standard, which is: • To ensure that aspiring professional accountants acquire appropriate and sufficient practical experience to demonstrate competence in undertaking the role of a professional accountant   before assuming the role. In response to the specific matters requested by the IAESB, these are comments are provided in response to the seven questions given.   Specific Response

CIMA Programme design and the International Education Standards: Do you find that the outcome‐based, input‐based and combination approaches offer sufficient alternatives for effectively meeting the standard’s requirements for IFAC member bodies to establish their preferred approach to measure practical experience?

Yes, this gives a range of options for the professional bodies to undertake a preferred option. CIMA’s preferred method is the combination approach. A further suggestion is that work‐based experience, which for accountancy professional students can be very varied, should be identified as core and supplementary by nature ; specific periods of each be required within the assessment and drive the content of the competency map, skills assessment  and  development log. The combination approach is also good preparation for students in relation to their subsequent   input  to CIMA’s CPD Programme which picks up on the reflective outcomes based element. Question 2: In considering the role of the supervisor in directing the aspiring professional accountant’s practical experience, the IAESB is proposing to define a supervisor as follows: “is a professional accountant who is responsible for guiding and advising aspiring professional accountants and for assisting in the development of the aspiring professional accountant’s competence”.

CIMA Programme design and the International Education Standards: Do you agree with the definition? If not, what amendments would you propose to the definition? This definition is insufficient in scope for some of CIMA’s students, as they may be employed by the SME sector and be directly supervised by a professional manager, who may not be a qualified professional accountant. These students gain virtual mentoring through the CIMA support services and website and via regional events. The Assessment of all students is also undertaken by a group of Assessors guided by the Membership Panel, all of which are FCMAs (globally recruited Fellows of the Institute).

CIMA Programme design and the International Education Standards

The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.

CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.

CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.

CIMA Programme design and the International Education Standards

The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.

In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.

In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.

CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.

CIMA Programme design and the International Education Standards

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CIMA Programme design and the International Education Standards

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