Today, finance professionals are facing many challenges due to rapid economic growth of countries such as India. To withstand with the rigorously competitive world, they need to evolve themselves and cross the traditional boundaries of finance audit and planning.
Management accountants play a significant role of a strategic business advisor to enhance business owner's decision-making process and increase company's financial returns.
In an interview, Bhaskar Ranjan Das, head - South Asia, Chartered Institute of Management Accountants (CIMA), explained about the need of management accounting and its scenario in India
Why do we need a combination of a Chartered Accountant and a manager in any organisation?
We require Chartered Accountants to account for financial transactions and ensure compliance with respect to earnings, expenditure, taxes, duties, etc. We need managers to decide strategy, business plans, operations, people, market risks, etc. Chartered Accountants account for the balance sheet. Managers account for the business.
Why do we need such institutions when we have chartered accountants institute of India?
Institutions such as the Institute of Chartered Accountants of India are required to serve as the regulator who implements taxation policies announced by government, ensure compliance by industry and individuals, and provide learning, guidance and assurance to businesses and industry.
What difference between CIMA and chartered accountants institute of India?
CIMA, the Chartered Institute of Management Accountants bridges the skills and competencies required for business and people to take decisions based on financial, economic, market, operational and other relevant information which help to meet the organization's goals. Chartered Accountants usually provide the financial and accounting information which serves as a basis for such decisions.
Will you please explain the admission procedure?
The CIMA qualification is open to any individual who is 16+ years of age. One does not require to have a commerce or accounting background to join CIMA. Interested applicants can enrol into CIMA through online application or contact our local office.
How important is the work experience to get into CIMA? OR you taking only freshers?
CIMA takes both freshers as well as experienced people into the CIMA qualification. At the highest level of the qualification (Strategic Level), the work experience helps people to appreciate areas such as financial strategy, risk management, etc. but it is not a pre-requisite. However, to become a qualified member of CIMA and earn the CGMA designation, an individual must demonstrate the required experience in appropriate functional areas.
What are the major achievements throughout the years? Tell us about the major milestones in the journey so far?
An institution which was started in the year 1919 and which has stayed relevant for businesses and corporations, globally, speaks volumes for the thought leadership and quality of research that CIMA has offered to its members over decades. While there are many major milestones in that journey, the most recent one is the elevation of our Joint Venture with AICPA (American Institute of CPAs) to make the profession stronger and bring in new research to help businesses perform globally in a fast changing landscape.
What initiatives are you taking to attract students?
We promote the CIMA qualification by conducing awareness sessions, showcasing our members from industry, holding events and roundtables which are based on our research.
What kind of initiatives have you taken to make this combination education acknowledged amongst Indian?
We engage with well-known universities in India such as Christ University, Manipal University, Amity University, etc. to offer the CIMA qualification to students along with their UG and PG programmes.
How has been the placement scenario of the institute? Please elaborate on the kind of companies and salaries that are offered at your institute.
CIMA qualified students are employed in both multinational as well as local organizations such as HP, Unilever, Accenture, Vodafone, Barclays, RBS, Shell, SCB, Wipro, Infosys, and many others. The annual salary package of a CIMA qualified professional varies from Rs 13 lakh to Rs 27 lakh. This is based on our 2016 salary survey.
What kind of efforts is CIMA carrying out to improve alumni networks?
CIMA members are present in organizations in public sector, private sector and even in government. We have quarterly meets for our members in different cities across the country.
What kind of extra-curricular activities are students involved in at the institute? How important do you think these activities are in an overall personality development?
CIMA does not have a physical institute or campus across the world. We set the standards, the syllabus and the assessments. Education Partners offer the learning support to CIMA students, either through face-to-face or online delivery mechanisms.
Any message for the students who are seeking a career in the same field?
Students need to learn continuously to stay relevant, especially in a fast changing world. That is what organizations value the most. A CIMA qualification ensures quality and relevance for both individuals and industry, across the world.
