cima: qualification, innovations and the future of finance
TRANSCRIPT
CIMA: Qualification, Innovations and the Future of
Finance
Trevor Robertshaw
Manager - Employer Relations
CIMA – Chartered Institute of Management Accountants
• Est 1919 – CIMA is the worlds largest body of
professional Management Accountants
• Part of the Association of International
Certified Professional Accountants
• Once qualified, a CIMA graduate receives the
CGMA Chartered Global Management
Accountant designation
• The CGMA Qualification is recognised worldwide
• We are a global organisation
696,000+members and students
192living in
countries and territories
172,000employed by
firms and employers
30served by
staff and
representative offices
55supporting
credentials, designations,
diplomas and certificates
Global Qualification:
What differentiates a CIMA management accountant
from a traditional accountant?
Management Accountants - Future
• Analyse data to make business decisions
• Create reports for internal business use
• Look at the future, not just the past
• Are responsive to business needs
• Measure financial AND operational
performance
• Can focus on specific parts of the business
• Look at both qualitative and quantitative data
4
Traditional Accountants - Past
• Analyse past financial performance for
regulatory reporting
• Create reports to satisfy external
regulations
• Reports are in line with prescribed
requirements
• Measure financial data only
• Focus on the entire organisation
• Compile data as set points of the year,
according to legislation
• Look at quantitative data only
What is Management Accounting?
Learn to look beyond the numbers!
CIMA members are highly valued in business because they can:
Guide critical business decisions
Provide valuable strategic advice
Combine financial expertise and business
Apply knowledge to create growth
Provide strong leadership and managerial skills
Successfully manage risk
The range of companies we work with:
Professional services
and consulting
Retail Telecommsand IT
Transport, travel and leisure
Engineering and manufacturing
Financial services
FMCGPublic sector and not-for-profit
Media & Publishing
Types of roles CIMA people work in:
Information Management
Roles
• Business Analysis Manager
• Head of Programme
Management
• Director of Information
Technology
Consultancy Roles
• Management consultant
• Finance and risk consultant
• Senior Managing consultant
Finance Roles
• Finance Director
• Finance Business Partner
• Management Accountant
Commercial Roles
• Commercial Director
• Marketing Manager
• Management Consultant
Operations Roles
• Human Resources Manager
• Project Manager
• Operations Director
Executive Roles
• Chief Executive
• Managing Director
• Chief Financial Officer
Don’t take our
word for it!
“I hold a number of positions across the business ranging from buying and
merchandising finance to a more central group reporting role.”
Richard Kinney, Head of finance – Customer Experience – Marketing, ASOS
CIMA and the Future of Finance
5,500 finance
professionals
2,000
organisations
150 countries
1) What are finance doing now?
2) What will finance be doing in the future?
3) What competencies are needed to stay relevant?
Future of Finance is driven by…
Globalisation Geopolitics Consumer
empowermentTechnology Demography
Technology impacting the finance function:
Deloitte. Crunch Time: Finance in a digital world (2016)
NOW
FUTURE
Source: McKinsey, Where machines could replace humans – and where they can’t (yet)
Which roles are most at risk through automation?
Where finance professionals might be replaced by machines…
4 work
days
16,000
work daysHUMAN SYSTEM
MACHINE
LEARNING (AI)
SYSTEM
Not using Robotic Process Automation (RPA) is the business equivalent of walking on the motorway.
Only 3% of companies surveyed believe their finance teams have the digital skills needed - KPMG
Creating a vision for the future; initial findings:
https://www.cgma.org/resources/future-of-finance.html
The CIMA Qualification
The CGMA Competency framework:
Chartered Global Management Accountant
Data
strategy
Data
analytics
Data
visualisation
Digital
costing
Digital
strategy
Digital
technologies
Cyber
security
Business
models
Ecosystem
analyses
Integrated
reporting
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New to the CIMA qualification:
The CIMA Professional
Qualification
Professional Exams
• 9 Objective tests: 90 minute exams
on demand.
• 3 Case studies: 3 hour synoptic
exams available in Feb, May, Aug
and Nov.
Length
• Between 3 and 5 years on average.
Work experience
• 3 years’ PER work experience is
required for CIMA membership
Certificate BA Exams
• 4 Objective tests: 2 hour exams -
any order - on demand.
Pearson Vue Test Centers
• On-line or test centre exams
Exemptions
Exemptions for relevant degrees
You could be entitled to exam
exemptions.
For example:
BSc (Hons) Finance & Accounting
degree will be awarded the following
exemptions:
Exemptions are FREE!
Check your availability for exam
exemptions:
cimaglobal.com/exemptions
New - CIMA Exam blueprints:
• Operational, Management and Strategic Levels
• Updated annually
• 3 documents, one per level
• 4 sections
• Overview
• Case study exam business simulation
• Objective test representative tasks
• Appendices (formulas etc.)
https://www.cimaglobal.com/examblueprints
22
New - On-Line Exams and Free Re-Sits:
On-Line or Test Centre Exams
• Objective Tests
• Case Studies
Free exam re-sits:
• For all exams up to 31st July (except Management and
Strategic Level case studies).
Further details – Exam FAQ’s - here, free resits - here
Different ways to study
With a tuition provider
There are a wide range of different study methods to choose from:
Online with cimastudy.com
CIMA study texts and materials
A combination of all the above
Explore all options at the CIMA Study Shop:
cimaglobal.com/study-shop
There are a range of benefits available as part of being a CIMA student, including:
News and events
• FM Magazine
• Webinars
• Local events
Lifestyle
• NUS card
• A range of home
and lifestyle discounts
Community and networking
• Grad Club
• CIMA UK Facebook
Student Group
Study Support
• CIMA Study planner
• CIMAStudy.com
• CIMAglobal.com
• Student welcome pack
• Account management
support
Career and professional development
• CIMA MY JOBS
• Employer recognition
• Online salary calculator
Student benefits
Manage your CIMA journey -
Your portal to success
Schedule CIMA exams
Access exam results
Access syllabus resources
Start recording your work experience
Why CIMA?
26
Further EducationLinks to real world situations
Courses which adapt to the world we live in to focus on digitilisation
Worldwide recognition CIMA is known worldwide and
therefore does not limit the capability to travel with your qualifications
On demand examsFlexibility around normal life
Quick adaption to online exams during COVID
Focus on BusinessMore than just accounting knowledgeNot only financially qualified but trained in business and risk management
Ongoing commitment Continually invest time into professional development on a yearly basis
Benefits to organisationShow commitment to upholding ethical behavioursTaught to act in specific manners with a solid basis of a variety of skills and behaviours
Daniella Grosso – Finance Graduate DHL
1
Apply for free exemptions2
Register as a CIMA student
3 Choose your study method
4 Schedule your exam
Getting Started
Contact CIMA:
Talk to a CIMA adviser on the phone
Call 0208 849 2251
facebook.com/CIMAGradClub
twitter.com/CIMA_GC
instagram@mycimalife
Questions - Chatbox