INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN
- ICMAP CULTIVATING CORPORATE LEADERS TO LEAD BUSINESS ORGANIZATIONS
July 07 - 13, 2008
The Institute of Cost and Management Accountants of Pakistan (ICMAP) was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for regulating the profession of Cost and Management Accounting. Mr. Muhammad Shoaib, former Finance Minister of Pakistan, founded the Institute and was also its first President. In 1951, the Institute was established and incorporated under the name of 'Pakistan Institute of Industrial Accountants, but later in December 1976, the name of the Institute was changed to 'Institute of Cost and Management Accountants of Pakistan" by an Act of Parliament.
ICMAP is the only recognized institution in Pakistan to award professional certification of Management Accounting. Presently, around 3,500 members of ICMAP are holding senior positions in trade, commerce, industry, government in Pakistan and abroad. A good number of them are employed abroad. The number of active registered students is over 13,000, which makes ICMAP one of the largest professional institutions in Pakistan. The Institute is progressing keeping its vision, "to be the preference in value optimization for business" whereas its mission is "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." Our core values are Integrity, Competence, Proactivity and Innovation.
Management Accountants play a vital role in sustainable growth of industrialization and economy of the country by virtue of their professional qualification and multidimensional experience in all phases of business and industrial operations. Management Accountants enable the management to take appropriate decisions of the business by using their technical competencies and skills. Being member of the senior management team, they successfully render the following services:
* Member of the top management team to select the right courses of action at the right time;
* Ensuring optimum utilization of available resources;
* Planning and control of business operation;
* Developing an effective Management Information System (MIS);
* Analyzing investment and preparation of feasibility and project reports;
* Carrying our cost reviews;
* Conducting performance evaluation;
* Diagnosing industrial sickness and suggesting remedial measures;
* Providing assistance in tax and other legal matters;
* Developing standard and actual costing systems;
* Analyzing overall business and operational data and recommending corrective measures;
* Suggesting alternatives to improve productivity by identifying areas of wastages, leakages and inefficiencies or invisible losses;
* Contributing to Total Quality Management (TQM);
* Assisting in decision-making process at all levels of management;
LEARNING AT ICMAP
The professional education opens new avenues of success for entrants. The learning environment and faculty at ICMAP develop students' skills and transform them into highly competent accounting & finance professionals with strong leadership attributes that revolutionize students' career with uninterrupted and life-long progress. ICMAP curriculum is carefully designed so as to develop the competency and capability of the individuals in management accounting, finance, internal control, process improvement, supply chain etc. affairs as required by the Industrial sector. On becoming CMA, these individuals inculcate strategic planning and decision-making skills into their respective organizations.
At ICMAP, students are developed to become professionally qualified Cost and Management Accountant and the platform assures them to achieve the same status in due course of time. Being member of this elite fraternity opens doors of the corporate sector for high profile career in the field of Finance and Accounting. By joining ICMAP, students will be benefited with the following academic and other facilities:
Learning is a life-long process and it is also true for Management Accounting profession. Education at ICMAP follows a philosophy which not only inculcate theoretical concepts but also emphasizes on building professional competency by improving communication, presentation and interpersonal skills which are always the prime requirement of the corporate sector. Besides this, class participation, test and assignments prepare students to work in any critical situation. The Institute provides opportunity to students to share industry's knowledge through guest speaker sessions and industrial visits. Apart from classroom learning, ICMAP also ensures practical exposure of students through one-year mandatory work experience in the corporate sector. The highly qualified and experienced faculty members of which most of them are from the corporate sector, utilize modern training equipment to facilitate learning process. In the year 2005, ICMAP has introduced its new syllabus. The new syllabus conforms to the requirements of the international standard setting bodies of the profession, such as International Federation of Accountants (IFAC) and International Accounting Standards Board (IASB). It was upgraded in 2006 to bring it further in line to international requirements and this is a continuous process. At the same time, it is competitive with the syllabi of other comparable professional bodies in Pakistan, in the region and in the world. The syllabus is also responsive to the needs of the employer in Pakistan, as qualified members are trained to contribute value towards their organizations. More importantly, the syllabus is designed and adjusted keeping in view of the needs of our students and the educational resources we have. The syllabus is also responsive to the changes taking place in the area of Information Technology (IT) and other external factors influencing and revolutionizing the way business is done.
A total number of 21 courses are taught, which total to 93 credit hours. In Pakistan, generally, a master's degree requires a course work of about 60 credit hours. The rigor of the ICMAP course work is much greater than a master's degree. The course work exposes the learner to different areas such as Financial and Managerial Accounting, Management and Marketing, Information Technology, Business Communication, Law and Taxation, Auditing, Economics and Mathematics and Statistics.
The study suits to the needs of both full time and part time students. There are three main syllabus delivery mechanisms: Coaching (Morning & Evening) Classes, Correspondence Course and Internet Based Distance Learning Courses. The Institute has recently introduced Internet based Distance Learning Program (IBDLP) to facilitate correspondence students. The IBDLP method of learning by using digital technology for learning purposes will allow students to enjoy the flexibility while availing spirit of coaching classes. The programme will provide lectures in a digital format so students may get multimedia-based learning and acquire knowledge conveniently by remaining outside class environment.
The ICMAP operates 13 centres across Pakistan, in all the provinces and major cities, giving enough access and flexibility to carry on and continue studies from anywhere in Pakistan. Uniform and consistent instruction is delivered across all centers.
The quality and cost usually go side by side, but ICMAP is an exception. It has been doing a national and social service by providing high quality professional education at a very nominal cost, quite affordable by the lower to middle income groups. Yet, the facilities provided to the students are comparable with any leading institution. Despite having very low fee structure, the Institute provides generous financial assistance to the less privileged students on the basis of need and merit.
LIBRARY & STUDY AREAS
The Libraries at ICMAP centres house latest books on core and related subjects, journals and magazines of national and international repute. The libraries have vast study area which accommodates students for self-study. The individual study area provides uninterrupted study environment and allows students to focus on their studies. In addition to the facility of self-study, every centre has a dedicated area for group discussions where students exchange their learning with their class fellows and seniors.
The objective of Institute's examination system is to ensure validity, reliability and integrity of examinations' data and information communicated and reported as recommended by IFAC. It further reassures that the students have acquired required professional capabilities & competence through designing and conducting standardized and authentic assessment for students. Throughout this assessment process, minute measures are taken to make the entire system transparent enough to gain and sustain the confidence of all stakeholders especially that of students in the system. The examinations are held twice a year in May (Spring) and November (Fall). The passing percentage is 50% for a subject. A strong feedback system has been put in place through which students are well informed about their shortcomings in the examinations by reading examiners' comments. Similarly, faculty is updated on the performance of their students in each exam by providing them the class-wise result statistics. Moreover, faculty comments regarding examination papers are sought for further improvement in the quality of the examinations from time to time.
INTERNSHIP & PLACEMENT
The Corporate Relations Department locates internship opportunities for students and arranges jobs for part-qualified and qualified students and members. The department functions as a placement bureau and HR Consultancy for employers and continuously monitors the jobs advertised and jobs available in the corporate sector. It keeps a close liaison with organizations both in public and private sectors. The bureau scrutinizes the CVs in the CV Bank, matches the job requirements with respect to qualifications and experience and refers suitable candidates to the organizations who approach the Institute for this purpose.
RESEARCH & PUBLICATIONS
The Research Department is instrumental in terms of brining about awareness amongst the students and members regarding changes taking place in the corporate sector. The department works in close coordination with the government legislative bodies to develop industry specific Cost Accounting standards and rules and suggests amendments and improvements from time to time. The department publishes "Research and Technical Updates" to keep the members updated about profession and related areas.
The Publication Section of the Institute publishes "Management Accountant", bi-monthly journal and monthly newsletter. MA is an official journal of the Institute which benefits both members and students and is widely circulated amongst top executives in the corporate sector. The journal updates its readers on International Accounting Standards, new management concepts, changing business scenarios and spectacular developments taking place in Information Technology. It facilitates students to keep them informed of current changes and forthcoming challenges of the business world in general and Pakistan's business sector in particular. The monthly e-newsletter keeps its stakeholders aware of Institute's activities and progress.
The state-of-the-art computer labs at all ICMAP centres ensure information technology learning and its application in Management Accounting and Financial Management. The labs are not only equipped with all requisite software included in the curriculum but also supplementary software packages useful for Management Accountants in the practical field.
ADMINISTRATION & FINANCE
The Admin. Department of the Institute contributes in maintaining congenial academic environment. The Finance department assists students in resolving their fee and financial assistance matters.
CONTINUING PROFESSIONAL DEVELOPMENT
The Institute's Branch Councils and Regions organize seminars, workshops and conferences for its members and students respectively as part of continuous professional training and development. The students through participation in these events can keep themselves updated with the current business, trade and industry issues and challenges. The eminent local and foreign speakers from the profession and industry are invited to share their knowledge and experience on various subjects including interpersonal skills development.
The Associate membership - Associate Cost and Management Accountant is offered to candidates who have passed all courses of six stages and comprehensive examination and further completed all requirements to become member which includes professional work experience of three years in Financial or Management Accounting and completion of 20 CPD hours in addition to meeting any other requirement(s) set by the Institute's Council. Such candidates are given the title of 'ACMA'. The ACMAs become eligible for fellowship i.e. 'FCMA', once they successfully complete post associate ship work experience of five years in a senior position in Finance & Accounts Department or related work and completion of 20 CPD hours per year in addition to meeting any other requirement(s) set by the Institute's Council.
The Members' Section of the Institute processes membership application. The section takes all required steps leading for members' satisfaction.
LOCAL & INTERNATIONAL AFFILIATION & COORDINATION
The institute is one of the seven institutes in the field of management accounting spread all over the world. Its members are serving on the key committees of the leading accounting bodies of the world. The institute itself is an active member of different regional and international bodies. The members of the institute get exemptions if they seek to pursue professional qualifications from overseas institutes, such as CIMA (UK), SMA (Canada), etc. The Institute is an active member of International Federation of Accountants (IFAC); International Accounting Standard Board (IASB); ∑ International Auditing and Assurance Standards Board (IAASB); Confederation of Asian & Pacific Accountants (CAPA); and South Asian Federation of Accountants (SAFA). The Institute also coordinates locally with ICAP, ICSP, PIPFA and other government and regulatory organizations to promote profession of Management Accounting in Pakistan.
In short, ICMAP is committed to become the professional institute of choice for the prospective students aspiring for a rewarding career in business; private, public and government institutions seeking expert business advice; individuals and organizations having business related training and development needs; and, more significantly, the employers looking business leaders to steer their organizations in this rapidly globalizing, technologically advancing, knowledge-based and hyper-competitive world.
We invite you to become a member of an elite fraternity of qualified Finance and Accounting professionals i.e., Finance Managers, General Managers/ Directors Finance and Chief Financial Officers and even to higher management positions such as Chairman, Managing Director, CEO's and COO's etc, so you may serve the business and industry to contribute to the growth and development of economy.
If you still have some questions in your mind, please feel free to contact us or if you have made up your mind to step forward to acquire this professional qualification, then please contact us for admission during admission sessions either in May / June or November / December. Looking forward to answering your queries and seeing you enrolled as ICMAP alumni.