ICMAP recently conducted a counselling session on careers in management accounting: attended by professionals business and trade.
Q. I am a commerce student and wish to pursue management accounting. Would it be wise to pursue an Management Accounting course or an MBA in finance instead?
A. Most accounting qualifications train you for private practice including working on audit and tax issues, whereas an MBA trains you to deal with situations in business. Management accounting, on the other hand, prepares you for a holistic career in business including the technical as well as management aspect. So decide your goal and make your choice accordingly. Further most of the industries in Pakistan are facing the problem of unabated increase in the COG, due to which sustainability is a core concern. Hence we strongly recommend CMA will equip you with the latest facets being used in the advance countries of the world. ICMAP has launched intake of intermediate students and trained them to lead them to CAM which ultimately end up with CMA. Many of the management accountants today are finding a good place in the field of ERP, Enterprise Risk Management, Business model and designing, and Supply Chain Management.
Q. Once I pursue a course in management accounting, do I need to get any certifications to be employable?
A. Organisations today look for competencies rather than the qualifications of potential employees. Organizations generally look for core skills and competencies that a role demands in individuals rather than a specific degree. If however, the role you are seeking to play in a firm requires you to have knowledge and skills beyond what a management accounting qualifications provides, then you may want to add another suitable qualification to your resume.
Q. I am confused between becoming an independent Certified Accountant and pursuing management accounting with a firm. Which of the two has more benefits in terms of job security and higher earning?
A. Unlike traditional accountants, who focus on maintaining a record of past financial issues, management accountants essentially assess future business possibilities of business houses. They grasp opportunities and shape the future of organisations. Typical roles in an organisation, which a management accountant starts with include budgeting, cost control, risk management, forecasting, (including statistical analysis and projections) and project management Certified Accountant qualification offered by other professional institutes . To set up independent practice as a Cost & Management Accountants in Pakistan, you need an Institute of Cost and Management Accountants of Pakistan (ICMAP) membership.
Q. I have been working as management accountant with a firm for the last two years and now wish to set up my own management accounting firm. What is the scope of such a business in Pakistan? Will additional certifications from foreign agencies such as IMA help my business?
A. As mentioned earlier, you need to be a member of the ICMA to practice as a Cost & Management Accountant in Pakistan. Other international qualifications in management accounting may help you gain a global perspective of business, which in turn may aid you in acquiring and supporting multinational clients in your practice.
Q. What are the skills and qualifications required to succeed in this profession?
A. To succeed in any area of business or profession today, one needs to have a strong understanding of the current business environment and its needs. Whatever skills or knowledge you possess must be relevant to today's business needs. The application of your skills in solving business issues and the ability to analyse management information and transform it into business objectives and decision, are crucial to lead you towards becoming a good management accountant.
MANAGEMENT ACCOUNTANT DAY COMMITTEE MEMBERS
-- Hassan A. Bilgrami
-- President ICMAP
-- Mohammad Hanif
-- Vice President ICMAP
-- Khalid Mehmood
-- Co-ordinator
-- Ahsan Elahi Vohra
-- Anis-ur-Rehman
-- Muhammad Yousuf
-- Ahsan Ali Syed
-- Muhammad Amir Zaheer
-- Imran Shiwani
-- Syed Adnan Hussain Shah
-- Attaullah A. Rasheed
-- Muhammad Shafi Zakria