Institute of Cost and Management Accountants of Pakistan

Institute of Cost and Management Accountants of Pakistan In the name of Allah, most gracious most merciful Career Counseling & Guidance Seminar Tuesday, April 22, 2008 Fatimiyah College (Girls Section) Presentation by Mr. Salman Ahmed Rizvi, Admission Officer, Southern Region

An Introduction to ICMAP

Our Theology – Extracted from the Book of Qura’an and let a scribe write it down between you with fairness; Institute of Cost & Management Accountants of Pakistan Our Vision “To be the Preference in Value Optimization for Business” Mission Statement “To develop strategic leaders through imparting quality education and training in Management Accounting, to continually set and upgrade professional standards and to conduct research bringing value-addition to the economy”

Institute of Cost and Management Accountants of Pakistan - An Introduction n Established in 1951 n A Statutory Body of Government of Pakistan established under Cost & Management Accountants Act, 1966 to regulate and promote the profession of Management Accounting n Sole Provider of Management Accounting Professional Qualification in Pakistan

Institute of Cost and Management Accountants of Pakistan ICMAP at a Glance n n n Founded by Mr. Muhammad Shoaib, Former Finance Minister of Pakistan who himself was a Cost & Management Accountant. He later rose to become the Finance Minister of Pakistan and Senior Vice President, World Bank Managed and governed by the National Council consisting of 8 elected members and 4 members nominated by the government Professional Certification of ACMA & FCMA Over 3, 000 Members and over 500 qualified i. e. , total to 3, 500 Approx. 25, 000 enrolled Students and more than 10, 000 active registered students Nationwide Network at 12 Centres & overseas examination facilities centers

Institute of Cost and Management Accountants of Pakistan Organization of the Institute n n n Branch Councils (7) Secretariat (Nationwide 168 Staff) Functions - Education - Corporate Relations -Admin. and Personnel n National Council (12 members) Standing Committees (4 committees) Non-Standing Committees (8 committees) - Examination - Research - Internal Audit - Members’ Facilitation - Finance Regions - Southern (4 centres) - Central (4 centres) - Northern (4 centres) - Overseas Exam Facilities

Institute of Cost and Management Accountants of Pakistan Branch Councils Karachi n Lahore n Islamabad n Multan n Faisalabad n Peshawar n Quetta n

Institute of Cost and Management Accountants of Pakistan Organization Hierarchy – Functional Setup

Institute of Cost and Management Accountants of Pakistan ICMAP Regions and Centres SOUTHERN REGION KARACHI CENTRAL REGION NORTHERN REGION LAHORE ISLAMABAD MULTAN PESHAWAR FAISALABAD ABBOTABAD SARGODHA KOHAT (Gulshan-e-Iqbal) KARACHI (City Campus) HYDERABAD QUETTA Overseas Exam. Facilities at Toronto - Canada, Dubai - UAE and Riyadh - Saudi Arabia

Institute of Cost and Management Accountants of Pakistan ICMAP Collaboration and Recognition INTERNATIONAL AFFILIATION INTERNATIONAL / NATIONAL RECOGNITION Institute of Management Accountants (IMA, USA) The Chartered Institute of Management Accountants (CIMA, UK) International Federation of Accountants (IFAC) The Society of Management Accountants (SMA, Canada) The Association of Certified Chartered Accountants (ACCA, UK) Certified General Accountants (CGA, Canada) The Institute of Internal Auditor (IIA, USA) The Institute of Corporate Secretaries of Pakistan (ICSP) The Institute of Chartered Accountants of Pakistan (ICAP) International Accounting Standards Board (IASB) South Asian Federation of Accountants (SAFA) Confederation of Asian and Pacific Accountants (CAPA) Pakistan Institute of Public Finance Accountants (PIPFA)

Institute of Cost and Management Accountants of Pakistan ICMAP Certification & Designation 1. One year Post Graduate Certificate in Accounting 1. (will be issued after passing up to Stage-2) 2. 3. (will be issued after completion of all stages and fulfilling membership requirements) Two year Post Graduate Certificate in Cost & Management Accounting (will be issued after passing up to Stage-4) Cost & Management Accounting Final Certificate (will be issued on completion of all stages) Associate Cost and Management Accountant (ACMA) 2. Fellow Cost and Management Accountant (FCMA) (will be issued after ACMA and fulfilling fellowship requirements)

Institute of Cost and Management Accountants of Pakistan ICMAP’s Intake Criteria n Graduate degree or Master’s degree holder in any discipline or member of any professional body approved by the Institute’s Council subject to graduation n Minimum 18 years of age on the date of application

Institute of Cost and Management Accountants of Pakistan Who has to Appear in the Entry Test n n B. Com. (3 rd division) Graduates of other disciplines (2 nd & 3 rd division). An equivalent qualification approved by the National Council A candidate who has appeared in the final examination of a bachelor degree and is waiting for the examination results. If such candidate passes the Entry Test, he/she will be granted a provisional admission. However, registration will be granted only when he/she passes the degree examination

Institute of Cost and Management Accountants of Pakistan Exemption from the Entry Test n n n n n 1 st division graduates of any discipline B. Com (2 nd Division) Master’s degree holders Holders of BE, MBBS, LLB, CSS, FPSC & PCS Intermediate / FE-I & II / passed up to module D of MFC Scheme (ICAP) Members / Intermediate of PIPFA (formerly AAT) subject to holding bachelor's degree Members / Intermediate of the Institute of Corporate Secretaries of Pakistan Graduates serving abroad Graduates seeking admission in distance learning (correspondence) programme Member of any other professional Institute approved by the ICMAP Council

Institute of Cost and Management Accountants of Pakistan Provisional Admissions Candidates who have appeared in the final examination of a bachelor degree and are awaiting results. If such candidates pass the Entry Test, they will be granted a provisional admission. However, registration will be granted only when he/she passes the degree examination.

Institute of Cost and Management Accountants of Pakistan Study Options & Medium of Instructions There are three study options available for the CMA Course : n Coaching n Correspondence (Distance Learning Program) n Internet Based Distance Learning Program (IBDLP) English is the Medium of instruction and examination at ICMAP

Institute of Cost and Management Accountants of Pakistan One year Post Graduate Certificate in Accounting Code Stage-1 S-101 Fundamentals of Financial Accounting S-102 Business Economics S-103 Business Law S-104 Business English Code Stage-2 S-201 Fundamentals of Cost and Management Accounting S-202 Management and Marketing S-203 Business Mathematics & Statistics S-204 Introduction to Information Technology

Institute of Cost and Management Accountants of Pakistan Two year Post Graduate Certificate in Cost and Management Accounting Code Stage-3 S-301 Financial Accounting S-302 Business Taxation S-303 Cost and Management Accounting – Performance Appraisal S-304 Presentation & Communication Skills Code Stage-4 S-401 Advanced Financial Accounting and Analysis S-402 Integrated Management S-403 Corporate Laws and Secretarial Practices

Institute of Cost and Management Accountants of Pakistan Cost and Management Accounting Final Certificate Code Stage-5 S-501 Financial Reporting S-502 Management Accounting - Decision Making S-503 Risk Management and Audit Code Stage-6 S-601 Strategic Financial Management S-602 Information Systems and I. T. Audit S-603 Management Accounting - Business Strategy

Institute of Cost and Management Accountants of Pakistan Progression / Study Scheme Cost and Management Accounting Final Certificate Comprehensive Examination Stage 6 Stage 5 Two-year Post Graduate Certificate in Cost & Management Accounting Stage 4 Stage 3 One-year Post Graduate Certificate in Accounting Stage 2 Stage 1

Institute of Cost and Management Accountants of Pakistan Course Exemptions* Total Courses 21 n n n n MBA/M. Com ………………… 09 MPA ………………………. . 08 Members of PIPFA/ICSP …………… 07 MA/B. Com/BBA/B. Sc. ……………. 03 BBA Honors …………. . ……………. . 05 M. Sc ………………………. . . 04 B. E. ……………. 02

Institute of Cost and Management Accountants of Pakistan HEC Equivalency Higher Education Commission (HEC) formerly University Grants Commission (UGC) has recognized ICMAP qualification as equivalent to Master’s degree for all purposes of higher qualification and for all finance and accounting jobs. Source: 1 st Meeting of the Equivalence & Accreditation Committee on 5 th and 18 th April 2003 at HEC Islamabad, www. hec. gov. pk

Institute of Cost and Management Accountants of Pakistan Fee Structure Stage Course Sr. Code Stage - 1 Stage - 2 Stage - 3 Stage - 4 Stage - 5 Stage - 6 Grand Total Comprehensive Examination Course Name Total Total Fee 11, 690 14, 445 13, 065 14, 445 15, 130 80, 465 - Exemption Exam Fee 14, 445 2, 065 17, 190 2, 200 15, 130 2, 200 16, 920 2, 620 18, 015 2, 750 96, 145 13, 900 2, 500 - Scholarship / Financial Assistance Provide professional education to as many students at low cost as possible. Following are the criteria for financial assistance: • Subsidies and Grants through Qarz-e-Hasanah • Merit Based Scholarship for fresh students • Performance Based Scholarship for existing students • Upto 100% waiver in tuition fee for needy students

Institute of Cost and Management Accountants of Pakistan Facilities at ICMAP n FACULTY On an average we recruit 200 to 250 visiting faculty members all over Pakistan in every session according to our evaluation on the basis of the following: – Students’ Feedback about the faculty in the last session (Manually & Computerized) – Faculty Analysis on the basis of Examination Result. – Regularity & dedication – Qualification and experience of teaching at Graduation / Masters level n n LIBRARIES ICMAP libraries contain best collection of books and magazines on Management Accountancy in Pakistan. Around 5000 books available for research, reference and lending. The Institute is a regular subscriber of 50 international journals COMPUTER LABS We have air-conditioned labs equipped with the latest computers, sound system etc.

Institute of Cost and Management Accountants of Pakistan Proficiency Awards n n n n M. SHOAIB GOLD MEDAL NDFC GOLD MEDAL BILLIMORIA GOLD MEDAL D. R. PATTON GOLD MEDAL KRB MEDAL CERTIFICATE OF MERIT SPECIAL CERTIFICATE OF MERIT & CASH AWARD

Institute of Cost and Management Accountants of Pakistan Teaching Methodology and Professional Development Core Learning n n n n n Lectures Assignments Presentations Guests Speaker Sessions Role Modeling Industry Visits Research Class Tests Final Assessment Professional Development n n n n Workshop Seminars Guest speaker sessions Conferences Practical training Internships Continuing professional education

Institute of Cost and Management Accountants of Pakistan Ladder to Leadership Active Members & Qualified At Top Management positions At Middle Level Management positions Overseas Over 2, 900 50% 30% 20%

Institute of Cost and Management Accountants of Pakistan Reasons to Join ICMAP n n n Professional collaboration with national and international accounting bodies / institutions New curriculum designed in accordance with requirement and guidelines prescribed by International Federation of Accountants (IFAC) Highly qualified and experienced faculty State-of-the-art library, computer labs and air-conditioned class rooms equipped with modern training aids Nationwide 12 and abroad examination centers Transparent and competency-based examination system Proficiency awards on student’s performance in ICMAP examinations Scholarship and Financial assistance for outstanding and deserving students Training programmes for personal grooming and developing interpersonal and communication skills CMAs are eligible to be appointed as CFOs and Company Secretaries under Code of Corporate Governance and Companies Ordinance, 1984; and Internship and placement services

Institute of Cost and Management Accountants of Pakistan To Conclude Learning Changes us because it enlarges the realm of our ignorance, teaching us what we do not know – but telling us then how to find it out …