The Institute was established in 1951 with the name of 'Pakistan Institute of Industrial Accountants (PIIA) and later it was chartered by legislative Assembly of Pakistan vide Cost and Management Accountants Act, 1966. By virtue of the CMA Act, the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) has the authority to regulate and promote the profession of Management Accounting in Pakistan and provide education, examine competencies and confer internationally recognised post-graduate professional certification. Mr Mohammad Shoaib (Late), former Finance Minister of Pakistan, was the Founder President of the Institute.
The Institute is the founder member and affiliate of the following professional accounting bodies at the international and regional levels:
-International Federation of Accountants (IFAC)
-Confederation of Asian and Pacific Accountants (CAPA)
-South Asian Federation of Accountants (SAFA)
After qualifying and fulfilling the prescribed requirement of membership, the Institute awards the designations of Associate Cost and Management Accountant (ACMA) and Fellow Cost and Management Accountant (FCMA).
Presently, Institute has more than 5,000 members. These members are serving on senior management positions such as CEOs, CFOs, COOs, CIAs, Company Secretaries, Financial Analysts, Public Practitioners, Management Consultants, etc, hence making significant contributions towards business growth and economic development.
The Institute, currently, has over 15,000 students, more than 200 faculty members, over 260 employees, 07 regional Branch Councils, 11 education campuses in Pakistan and 15 examination centres in Pakistan and overseas.
The Insitute maintains a tradition of excellence by imparting education and conferring certification of high significance to the business world and society. The Institute ensures high standards in the areas of education, examination, memberships, corporate trainings, CPD, research, publications, technical support, public practice, management consultancy, quality assurrance, international affiliations and corporate relations.
The Institute also provides technical and professional support to the government and regulators such as Ministry of Finance, SECP, FBR, SBP etc in developing economic policies, procedures and standards to ensure a better and conductive business and corporate environment.
Education
Education at ICMA Pakistan follows a philosophy which inculcates theoretical concepts along with trusted professional competence. The equal importance is given towards developing communication, presentation and interpersonal skills which are always the prime requirement of the corporate sector. The Institute, currently, has more than 15,000 students across the country and overseas. The Education's curriculum introduced in 2012 is based on three pillars having 18 courses and 04 practical training modules. The curriculum is of international standards and recognised globally. The Institute has a fleet of nation-wide over 200 qualified and experienced faculty members.
Examination The Institute's examination assesses students' competencies with respect to knowledge and skills acquired as per prescribed course outline. The examination system has been carefully developed to meet requirements of International Education Standards (IES) prescribed by International Federation of Accountants (IFAC). Throughout the assessment process, specific 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 February (Spring) and August (Fall). After conclusion of coaching sessions, the students are given sufficient time to prepare for examination.
Membership
The students on qualifying examinations and meeting mandatory membership requirements are awarded membership of the Institute which is a professional and legal status to join the fraternity of Institute's members. The membership is a life-long association which tends to continue by paying prescribed annual subscription fee. Currently, the Institute has over 5,000 members in Pakistan and abroad. Out of total members, about 20% of members are serving abroad which shows the contribution of the Institute towards global economic development.
Membership Designation
The membership status is of following two levels:
-- ACMA (Associate Cost and Management Accountant)
To become an Associate member, a qualified student has to complete following requirements:
-- Pass all courses of studies and training modules
-- Industry experience of 3 years
-- Earn at least 20 CPD hours
-- FCMA (Fellow Cost and Management Accountant)
To become a Fellow member, an Associate member has to fulfill following requirements:
-- Post-Associate ship Industry experience of 5 years at senior management level
- Earn at least 20 CPD hours
Continuing Professional Development
To keep members and students in particular and other professionals in general, the Institute as part of Continuing Professional Development (CPD) regularly organises nation-wide trainings, seminars, workshops and conferences. The CPD activity helps in the capacity building and is essential for a professional to remain updated with the changes taking place in the profession. At an average, in a year, more than 2,000 CPD hours are nation-wide conducted at the Institute.
Webinars
The Institute has Webinar Technology to facilitate its members in particular especially those living overseas and far flung areas and other professionals in general.
Directors' Training Programme
The Securities and Exchange Commission of Pakistan (SECP) approved Directors' Training Programme (DTP) of the Institute. This is an opportunity for top management executives which includes Board Members, CEOs, CFOs, COOs, Directors, etc to learn and bring them at par to best and latest management practices and also to fulfill the requirement set under Code of Corporate Governance by SECP. The Institute, on successful completion, confers the status of "Certified Director" to participants of Directors' Training Program. Till date the Institute has organized 9 DTPs and 120 "Certified Directors" have successfully completed the programme from ICMA Pakistan.
Diploma in IAS | IFRS
In order to develop experts in the application of financial reporting standards in compliance to internationally accepted accounting framework, the Institute is conducting Diploma in IAS / IFRS. The program has been developed to enhance knowledge of IAS / IFRS and to provide swift and proficient solution to Finance and Accounting professionals. Due to IAS / IFRS international acceptance in over 115 countries, the program is highly demanded among the professionals.
Research & Publications
The research and development function of the Institute conducts studies on the areas of national and international importance and those which are of professional significance for members in particular and others in general. Management Accountant is the official Journal of the Institute. Other periodical publications are e-Newsletter, Pre- budget proposals and post-budget commentary.
Technical Support
The Institute is continuously updates its members and industry through a regular Technical Updates in the areas of (i) Updation in IAS, IFRS and ISA; (ii) Amendments in Tax and Corporate Laws; and (iii) Economy and Business News. The Institute, being a sole professional body to regulate the profession of Cost and Management Accounting, is the authority to develop cost accounting standards and guidelines. The Institute also develops cost accounting guidelines for the industry so as to provide them tools and techniques to improve production and cost effectiveness. The Institute provides technical support to Securities and Exchange Commission of Pakistan (SECP) in the issuance of Cost Accounting Record Orders (CAROs) for the industry.
Public Practice
A member willing to do practice receive Certificate of Practice which is a license for members to do public practice and management consulting functions and act as liquidator, trustee, executor, administrator, arbitrator, receiver, adviser or as representative for costing, financial, company law and taxation matters or may take up an appointment that may be made by Federal Government or Provincial Government or a Court of Law or any other authority established under law, or may act as the secretary of a company in the professional capacity. Today, Management Accounting firms are providing excellent professional services to manufacturing, services and financial sectors..
Corporate Relations
The Corporate Relations function of the Institute assists students in their career development. It creates training and internship opportunities for students and helps in bringing awareness about the role of profession of management accounting in the industry. Keeping in view that corporate sector is ultimate beneficiary of Management Accountants; the Corporate Relations function invites dignitaries from the corporate sector and takes various steps to strengthen relationship with corporate sector.
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