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By Cheranka Mendis
In its efforts to stay abreast with the rapid changes in the world of business and commerce, CIMA has initiated groundbreaking projects globally such as a computer-based assessment for all examinations, global management accountancy principles and outstanding thought leadership among members.
The year has been an exciting one for the institute globally, especially during the past few months with the introduction of the new syllabus which was kept as a highly guarded secret due to the anticipated shockwave it sent through the accounting profession as a whole.
CIMA Global President Malcolm Fuber in Sri Lanka as part of its official tour to the region took part in the Annual President’s Dinner held last week at Cinnamon Grand. Speaking at the event, Fuber noted that the new syllabus has been revolutionary in more ways than one. “Business is changing so rapidly we have got to move very fast; a lot faster than in the past. Adopting modern technology it is no longer just a choice.”
With the help of their American colleagues, the syllabus has been reviewed to be made a “truly global qualification” he said. Observing that Charted Global Management Accountant (CGMA) designation is gaining worldwide acceptance as has been recognised in South East Asia, the new syllabus will add value to the designation and encourage more to embrace the qualification through its open entry welcome.
The new syllabus objective, tests at various modules at the lower level in a 3x3 approach or matrix – which includes three levels, three modules, three pillars. “I believe we are testing in all rigorous forms,” Fuber said. “Gone are the days of question spotting. Any student out there could be sitting side by side taking the same exam and both will not get the same question. Days of question spotting at exams are really over.”
He noted that this gives the institute great enablement to examine more often. “It gives us the ability to feed back to you immediately if you failed. Also remember our qualification builds upon itself. So you may have passed but weak in one area and you can work on it before the next exam through this.”
The examinations have been designed in a manner that does not burden the employers as well as students.
Yet another advantage is that they can now start examining in other languages much easier. Fuber announced that CIMA is about to embark on examining Mandarin. “Other languages will follow.”
“The overarching case study of each level then pulls together the understanding, that knowledge of that individual. This is a great advantage – we are not only testing the depth but the breadth which in any examination is very difficult.
“The new syllabus has been designed in a manner that the institute does not have to wait every five years to do a revision to the syllabus. In fact, it will be done lot more frequently with less changes; easing the burden on tuition providers and students.”
Having met with a selection of employers, tuition providers and a representation of members, Fuber congratulated the local bodies on the manner in which they have handled the syllabus here.
Speaking on the global set of management accountancy principles launched which will have a direct impact on the accountancy profession, industry as whole, and commerce, he said: “It is a global set of principles which has now gone out to consultation.”
Fuber added: “We are looking good and we are not stopping there. Our thought leadership is outstanding. We are hitting all the hotspots that are out there in the current business world. Things like business models, innovation and risk, and employability. CIMA is heavily involved in the research to provide the tools to move forward and keep yourself up to date.”
He addressed the issue of skill shortage both in the industry and in other industries as well: “There is something wrong with the education model. We are undertaking some significant research in the likes of Gen Y/X/Z and also in the future of learning.”
Gone are the days when management accountants sit behind their desk with a spreadsheet. Companies are now demanding faster reporting which is more accurate, projective analytics – looking through the windscreen and glancing through the rear-view mirror – the area of integrated reporting which is a story book of where you were, where you are and where you will be. “That is our space.”
It is an exciting world out there, Fuber asserted – “grasp it and run forward.”
Pix by Indrarathne Balasuriya
