Category Archives: CFA

IMA and ACCA Announce New Global Strategic Initiative and Mutual Recognition Agreement

On the one-year anniversary of their strategic partnership, IMA® and ACCA (Association of Chartered Certified Accountants) announced a new strategic initiative for the global finance profession, Financial Leadership and Performance.

This initiative to support the career development goals of CFOs and other aspiring professionals was officially launched on June 23 during IMA’s Annual Meeting of Members at the start of the IMA 94th Annual Conference & Exposition in New Orleans.

Also at that meeting, the two organizations signed a Mutual Recognition Agreement, which was approved by the ICMA® Board of Regents and ACCA’s Council.

Pictured left: Barry Cooper, ACCA’s president, and John Macaulay, CMA, IMA’s Chair 2012-2013sign a Mutual Recognition Agreement at IMA’s Annual Conference & Exposition in New Orleans.

The Mutual Recognition Agreement enables members of both organizations, subject to standard conditions of membership, a clear pathway to one another’s credentials based on a rigorous content and curriculum review: IMA’s CMA® certification or ACCA’s professional membership.

Under the agreement, which becomes effective early next year, IMA members who have completed the CMA qualification and undertaken the following requirements shall be considered to have met the education, examination, and experience requirements to be a qualified member of ACCA: (1) Pass ACCA’s three Essentials exams – P1 Governance, Risk and Ethics, P2 Corporate Reporting, and P3 Business Analysis; (2) complete ACCA’s Professional Ethics module; and (3) complete or document an additional year of practical experience.

In turn, ICMA will grant the CMA certification to those ACCA qualified members who have passed the exam parts P4 Advanced Financial Management and P5 Advanced Performance Management, as well as to those ACCA members who have passed the comparable two parts in prior syllabi. All other ACCA qualified members can waive part 2 (Financial Decision Making) of the CMA exam and would be required to pass part 1 (Financial Planning, Performance, and Control) to become certified as a CMA.

For complete information on the agreement, please see a list of frequently asked questions.

As part of the Financial Leadership and Performance initiative, ACCA and IMA will support professionals through a variety of resources:

 

A new co-sponsored website (www.roleofcfo.com) – A resource for finance leaders, containing ACCA and IMA reports, research, and insights.

CFO Pathways – A research report covering the future of CFOs’ work, their role, and changing career paths.

Continuing Professional Development/Continuing Professional Education – Resources that focus on financial leadership and performance, including articles, webinars, videos, and e-learning courses.

In the press release announcing the agreement, Barry Cooper, ACCA’s president, said, “Both our credentials are the result of rigorous qualification and assessments, with a clear commitment to producing ethical, reputable and high performing members. Together, we understand the issues and drivers of success for the CFO and the finance team. The announcements made today, including flexible pathways to our respective exams and compelling CFO resources, are indicative of our commitment to sustainable organizational success.”

John Macaulay, CMA, IMA’s Chair 2012-2013, added, “Collectively, ACCA and IMA represent 653,000 members and candidates, with a unique global network of 89 offices and centers around the world, including more than 200 local chapter communities. With today’s announcements, we have the opportunity to deliver even more value to the global profession, supporting CFOs and those aspiring toward that goal. We will continue to support excellence in management accounting through tested certification.”

For additional information about this strategic initiative, please find more information here.

ACCA (Association of Chartered Certified Accountants) is the global body for professional accountants with 162,000 members and 426,000 students in 173 countries worldwide. It offers business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management. For more information, please visit www.accaglobal.com.

 

Know more about ACCA and CMA at PMTC Global

Exam Super Surprise, It Doesn’t Matter!

Here we are more than a week after the exam results and the elation hasn’t worn off for those that passed. Nor has the disappointment gotten any better for the candidates that did not make the cut. Statistically, about half of you are looking forward to the end of your studying and the other half are wondering if you want to continue in the process.

Whether it comes as a cruel reality or a reassuring truth, the fact is, it doesn’t matter whether you got good news or bad last week. It really doesn’t!

I’m not saying that the CFA charter is not a significant milestone and something worthwhile. I am glad I took the challenge and made it through. What I am saying is that it is just part of a continuing process in your life as an analyst.

While passing the exam might help you land a job, failing the exam won’t keep you from getting one. Networking and persistence will trump the CFA charter in the job search any day of the week.

Not passing the exam also does not mean you will not be a good analyst or investment professional. Everyone that failed this year’s exam will eventually pass, given enough determination and hard work, the same amount of determination and hard work that are prerequisites to being successful in the industry.

The only difference between those that pass the exams sooner rather than those it takes a few extra years is that the early birds realize one indisputable truth a few years earlier.Passing the CFA exams does not mean you are done studying!

I do more reading now than I did while studying for the CFA exams. The only difference is that now, I have to find the material instead of having it all delivered to me in a series of texts. I have to find and study a company’s annual and quarterly reports. I have to study any press releases and news reports. I have to find and study other analyst opinions on the company and the industry. I have to find and study the specific industry’s trade journals. I have to study the macro trends that are going to affect the industry.

Beyond the ‘studying’ you will do to analyze your coverage universe or group of investment products, you will also need to keep on top of the general regulatory environment, changes in tax code and accounting principles, and the newest paradigms in wealth management.

It mays seem a dismal truth for many, the idea that hard hours of studying never really end, but I don’t mind it at all. Why? Because I have embraced it as a part of being a true professional, as a part of being the best in my career.

In fact, I have embraced the idea of this life-long process so completely that when someone asks what I do for fun, I have a hard time not saying, “I like to read some of the trade journals or surfing the web for new ideas on accounting gimmicks.”

Maybe I’m a nerd and just love this stuff too much but you really do need to find some joy in it. The industry is extremely demanding on its analysts, especially the new ones. Your first three years as an analyst, you will put in far more time ‘studying’ than you ever did for the CFA exams. Those thinking about dropping out of the CFA program because they are tired of studying may want to reevaluate their chosen career path.

Think of it this way, in your career as an analyst just as with the CFA exams, there will be a minimum passing score but not a maximum passing score. The minimum score is not published and is always changing depending on the size of the candidate pool and their knowledge. Falling behind this MPS once or twice will not doom your career but you need to continuously improve on your score to be a better professional.

‘til next time, happy studyin’

Courtesy: Joseph Hogue, CFA

 

Know more about CFA program: www.pmtcglobal.com/cfa.html 

Find out Average ACCA salaries in U.A.E

UAE had been quite a good market for Pakistani accountants whether partly qualified CAs or ACCAs. Moreover, our engineers had much demand over there. However, the situation in UAE, after the economic crisis, is heard to be not very good right now any layoffs is a continuous phenomena.

UAE is not diversify economy especially Dubai emirates, here major or only sector you can say is construction/real estate industry or its supporting industries. Other industry is shipping/cargo & Foods sector.

Employees with a Chartered Certified Accountant: ACCA (Association of Chartered Certified Accountants) Certification

Salary Ranges by Job
Job Title
National Salary Data (?)
AED 0 AED 210K AED 420K
Accountant

44 salaries
AED 36,407 – AED 215,424
Financial Controller

8 salaries
AED 45,781 – AED 412,707
Senior Auditor

6 salaries
AED 44,219 – AED 195,334
Assistant Accountant

6 salaries
AED 24,202 – AED 61,042
Auditor

6 salaries
AED 58,958 – AED 102,550
accounting-and-finance-salaries-uae2
Country: United Arab Emirates | Currency: AED | Updated: 25 Jul 2013 | Individuals Reporting: 146