Chartered Institute of Management Accountants 1. Investigate & Analyze the Company’s History & Growth. The Chartered Institute of Management Accountants is a professional body supporting management accountants through the world by training and qualification. CIMA was founded in 1919 in UK as “The Institute of Cost and Works Accountants” (ICWA) and changed its name to CIMA in 1986. The number of its members and students has grown from 15,000 in 1970 to 183,000 in 2011 in over 168 countries. This UK based accounting qualification has been particularly popular in the Commonwealth countries.
The syllabus of CIMA contributes to understand all aspects of business so the members can work in many areas of an organisation. CIMA is a member of main federations in accounting field, like CIMA is a member of the Consultative Committee of Accountancy Bodies and International Federation of Accountants. In 2009 CIMA celebrated its 90 years anniversary. Its students and members, qualified members and major employees are CIMA’s stakeholders. 2. Identify Strengths & Weaknesses within the Company CIMA prepares people for a career in business.
It teaches skills for strategic advice, managing risk and making key decisions. Its main activities comprises operating fifteen qualifying examinations, promoting local education, training and management development operations, research and publication. One of the strengths of CIMA is recruitment of its members. In 2006, 70% of CIMA members were employed in industry and commerce. Students’ recruitment year-on-year is 30%. CIMA members earn significantly higher salaries than the national average wage in all countries.
In many developed economies this would usually be between two and three times the national average but in developing economies such as Malaysia or Sri Lanka it can be as much as six or even ten times the national average. In 2011 CIMA started the first qualification offered by a professional chartered accounting body to focus on the fast growing sector of Islamic finance – Diploma in Islamic Finance. There are several weaknesses we can talk on: CIMA qualification does not assess research skills and has no pre-qualifying educational requirement. 3.
Gather Information on the External Environment There are a lot of qualifications within the management, accounting and finance industries. Yet CIMA has rivals as Association of Chartered Certified Accountants (ACCA), American Institute of Certified Public Accountants (AICPA), The Chartered Financial Analyst (CFA). It has strategic alliances with most of these associations. Some of contents of CIMA papers are covered with other institutions papers. CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS. 4. Analyze Your Findings
The CIMA syllabus and examinations are distinguished by their relevance to business and their dedicated focus on developing the financial, non financial and management skills needed to sustain organisational success. Other above mentioned qualifications provide trainings in more concentrated areas in the industry. For potential candidates choosing one of these certificates depend on purposes they pursue. The institution does well in research area: a newly launched CIMAplus – one stop package comprising financial publications, research reports, articles, and online courses earned more than 1000 subscribers in 6 months. . Identify Corporate Level Strategy CIMA’s mission is to be the first choice for employers in qualifying and developing management accountants. CIMA claims it works to qualify students, support members and protect the public interest. CIMA is the voice of the accounting profession. The values of the institute are to be: customer focused, accountable, open, professional, and innovative. CIMA emphasizes to its customers and focused to meet their needs. One of the corporate values of CIMA is to share accurate and timely information honestly and responsibly.
The institution tends to be forward thinking and constantly develops new ideas. The goals of CIMA include to promote and develop the science of Management Accountancy and to foster and maintain investigations and research into the best means; in the interests of Members and the public, to provide a professional organisation for Management Accountants and by means of examination. 6. Analyze Implementations General Meeting is called once a year and all members of institution are invited. CIMA has a council, which make, amend regulations of the institute.
The Council exercises all the powers establish, regulate and dissolve boards and committees, which shall contain a majority of persons who are Members. It is also responsible for the control and management of the funds and financial activities of the Institute and may make provision. It has its Chief Executive and Honorary officers. To become a member one should be Affiliate or Registered Student with a minimum of three years practical experience in management accountancy, who has passed, or is exempt from exams. Applicants for membership pay an application fee and fees for exams.
Currently the fees for examinations are 45-81 GBP per exam. 7. Make Recommendations * Increase the coverage of professionals in emerging markets and developing economies: * Organizing trainings courses for accountants, managers and students in countries with developing economies; * Make an investigation of legislation, business culture and prepare special training based the results of investigation; * Use discounted membership and exams fee policy. * Develop more flexible price and exams exemption policy to students.