Professions in Accounting

Monday, 21 February, 2022 06:24:13 PM

Higher Education in Malaysia > Administration > Professions in Accounting

CIMA (The Chartered Institute of Management Accountants)
Professions in Accounting

CIMA (The Chartered Institute of Management Accountants) is a leading professional body that offers an internationally recognized qualification in management accountancy focusing on accounting in business. It is the fastest growing UK based membership body in terms of members, in both the UK and worldwide and is the voice of over 88,000 students and 70,000 members in 161 countries.

Business today demands intelligent and insightful individuals with the strategic vision to understand the big picture and identify factors that determine success. CIMA places you at the heart of business decision making - no other financial qualification has this breadth of business focus. This is where management accountants are specially trained as "accountants in business".

CIMA students have identified the following as factors that have influenced their decision to register with CIMA:
- reputation and status of the CIMA Professional Qualification
- transferability of qualification
- international recognition
- range of career options available
- business focus
- practical skills development
- recommendation
- career progression opportunities
- qualification content and structure
- study support available
- range of learning options
- ease of registration process
- exemptions available
- advice and support

Professional qualification in management accounting
Based in the United Kingdom, CIMA is a leading institute that offers the professional qualification in management accounting. Chartered Management Accountants combine a high level of financial and management expertise with excellent business acumen and decision-making skills. This makes them essential to every business in all sectors covering industry, commerce, public sector and non-profit organizations.

Management Accounting
Management accounting is not about recording the past unlike financial accounting. Financial accounting involves the auditing of accounts, taxation and the preparation of financial reports for statutory requirements. Management accountants shape strategies to improve business performance.

CIMA Chartered Management Accountants typically move around the business and are qualified to engage in a wide variety of activities such as:

1- Working across the business interpreting financial data for non-financial managers.
2- Advising managers on the financial implications of project management.
3- Explaining the financial consequences of management decisions and suggesting possible courses of action.
4- Making strategic decisions and formulating business strategies to create wealth and shareholder value.
5- Monitoring spending and the effectiveness of financial control.
6- Managing risk and business assurance,
7- Cost determination and financial control.
8- Evaluating the existing financial information system and suggesting improvements.
9- Conducting internal business audits and preparing periodic financial statements for managers.
10- Explaining the impact of the competitive landscape.

The CIMA Professional Qualification structure
The CIMA syllabus is built on three learning pillars - Management Accounting, Business Management and Financial Management. Each pillar contains three subjects: two at Managerial level and one at Strategic level.
The Managerial Level consists of six papers. By completing it, you will develop decision making and management skills, as well as expertise in technical accounting. The CIMA Advanced Diploma in Management Accounting is awarded upon completion of the Managerial level.
The Strategic level consists of three papers and it focuses on key strategic issues and business practices. Through these exams, you will develop the top-level skills needed by senior management and directors.
The last examination paper is the Test of Professional Competence in Management Accounting (TOPCIMA). It is based upon a real case study set within a simulated business context. Those who attain this level will be able to transfer their strategic and practical knowledge to a 'real life' business situation.
To become a Chartered Management Accountant, you will need to complete all the exams, including TOPCIMA, and gain a minimum of three years' relevant practical experience.
Studying CIMA can be done in many ways to suit your circumstances. There are many tuition providers providing full-time, part- time or evening study Alternatively you can follow a home study programme.

Entry Routes to the CIMA Professional Qualification
There ore many ways to enter CIMA regardless of your qualification. Those with relevant qualifications such as degrees or diplomas in finance, accounting or business may enter CIMA with exemptions from specific papers, The number of exemptions you get depends on the university you graduate from and the type of degree or diploma obtained.
Those without relevant qualifications may enter CIMA by doing the CIMA Certificate in Business Accounting. This Certificate comprises five subjects - Fundamentals of Management Accounting, Fundamentals of Financial Accounting, Fundamentals of Business Mathematics, Fundamentals of Business Economics and Fundamentals.
of Ethics, Corporate Governance and Business Law. It gives you a solid grounding in the basics of management accounting, financial accounting and business. It is also a stepping stone towards the CIMA Professional Qualification.

CIMA Professional
CIMA students and members work in small and medium sized companies and multi national enterprises throughout the world. CIMA members work in blue chip organizations in automotive, aerospace, electronics, health, government, pharmaceuticals, retail, travel and tourism, transport and consultancy, plus many more.
CIMA is very flexible and allows you to have a career while at the same time studying for the CIMA qualification. The practical experience requirements can be obtained in a variety of ways - before, during or after passing the CIMA examinations,
With its emphasis on strategic business skills, the CIMA Professional Qualification broadens your career options and creates new opportunities. The following is a selection of the job roles in which CIMA Chartered Management Accountants work:
• Management accountant
• Business analyst
• Management consultant
• Project manager
• Financial manager / director
• Forensic accountant
• Director of operations
• Director of IT
• Director of business planning
• Director responsible for change
• Financial controller
• Chief finance officer
• Group treasurer
• Managing director
• Chief executive
• Chairman

CIMA Malaysia
Aside from its headquarters in London, United Kingdom, CIMA is well represented in other parts of the world, including Malaysia. The Malaysia Division office is situated in Petaling Jaya and it is the second largest Division in the world. The other branches are situated in Kuching, Penang and Johor Bharu. The Malaysia office provides a range of services to CIMA members and students residing in Malaysia.