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| CIMA launches updated 2015 Professional Qualification Syllabus to better equip next generation of finance professionals |
HONG KONG, Apr 1, 2014 - (ACN Newswire) - A global survey of more than 4,300 Gen Y-ers that aim to become finance professionals* conducted by the Chartered Institute of Management Accountants (CIMA) reveals that they are an aspirational generation keen to climb the corporate ladder on their own terms. The findings were then used to develop its 2015 Professional Qualification syllabus which is launched in Hong Kong today.
 | | Global CIMA Survey Reveals Gen Y is "Generation Aspiration" |
CIMA is the world's largest professional body of management accountants. The CIMA Professional Qualification is recognised worldwide as the most relevant global finance qualification for business to drive long-term success, by using financial knowledge to influence strategic decisions and manage performance.
A global association with over 218,000 members and students operating in 177 countries, CIMA has been working closely with employers, educational institutions and other stakeholders to identify ways to best equip the next generation of business professionals based on rigorous research. Globally, Gen Y is the fastest growing segment of the workforce and attracting and retaining young finance professionals has become an increasingly important question for companies around the world. According to findings of a global CIMA survey representing a selection of markets including Hong Kong, China, Singapore, UK, US, South Africa and more, 34 percent of the respondents hope to be in a senior management role by the time they are 35, with 12 percent expecting to have their own business by the age of 33 or younger. Of those looking to become self-employed, their objective was to earn approximately between HK$908,760 and HK$1,113,435 annually on average. 60 percent believe a major corporate or multinational corporation will provide the fastest career progression. Moreover, 67 percent would choose working for an employer that shares their values and were a good fit with their lifestyle over those who could offer a high financial reward.
On the basis of the Gen Y research, CIMA then compared the findings with the competencies that employers want from young finance professionals. The results indicated a clear disconnect between the skills that Gen Y thinks employers are looking for and what employers say they need. At entry level, most of Gen Y respondents said they thought employers wanted a mixture of softer skills (75 percent) and core technical skills (72 percent). In fact, 60 percent of employers expressed a clear preference for core technical skills over softer skills (24 percent). On the other hand, there is a clear indication from the survey that businesses are prepared to pay a premium for recruits who are able to perform immediately.
Drawing on these extensive global research findings, CIMA has fine-tuned its syllabus to ensure its members are best equipped to meet future business needs and to help employers recruit the best candidates who are capable of meeting the needs of the real world of business. The updated CIMA 2015 Professional Qualification syllabus - which will take effect from January 2015 - emphasizes two major aspects:
-- A new competency framework: new topic areas relevant to accounting in business, such as managing big data, finance function transformation and sustainability have been included with integrated case studies added at each level of the qualification to consolidate learning and reflect real-life work situations;
-- A new assessment process: in line with developments in the use of technology and preference of Gen Y, students will now benefit from online assessment and exams on demand through a partnership with Pearson VUE, allowing them to choose their own pace of progression.
Students who complete the CIMA qualification earn the Chartered Global Management Accountant designation, formed by the AICPA and CIMA to highlight the importance of management accounting in today's economy.
Noel Tagoe, Executive Director of Education, CIMA, said "The CIMA Gen Y survey shows an aspirational generation keen to climb the corporate ladder on their own terms. Supporting the next generation of global finance leaders and ensuring that our members stay at the forefront of developments in the business world throughout their careers is at the heart of our mission at CIMA. In this volatile climate, it is very encouraging to see the young generation aiming high and open to new experiences. I believe the new 2015 CIMA Professional Qualification Syllabus will help diminish the gap between the young and the employers; and I look forward to seeing the value added by our talented and ambitious young generation that allows businesses to maintain competitive and resilient."
Dr. Aidan Goddard, CFO & COO for Asia Pacific, L'Occitane en Provence, commented "CIMA training does not only benefit candidates, but it also helps companies to build businesses, save money and add value to projects. Where possible, I prefer to place CIMA students or members in our affiliates around the region not only to manage tasks such as reporting, forecasting and budgeting, but also to involve themselves more proactively in business development and to influence decision-making. CIMA members bring excellent analytical skills and have a natural bias to explaining why something has already happened as well as predicting possible future outcomes. This is because they develop the ability to better understand events in the context of the business situation and know how to communicate clearly. I look forward to working with more CIMA students or members as our program of study combined with professional training assures that our talent has a globally consistent approach to driving sustainable business success."
Apart from the launch on the new syllabus, CIMA believes it is crucial for organisations to adopt a robust management accounting system as globalisation and technological progress are making change harder to predict and organisations more vulnerable. However, the practice of management accounting across different organisations is varied; hence CIMA and the American Institute of CPAs (AICPA) have proposed a comprehensive framework to bring consistency to mangment accounting practices around the world.
The draft framework, entitled 'Global Management Accounting Principles(c): Driving better business through improved performance', is now out for consultation with feedback sought from businesses and institutions across the world - public and private, small and large. The consultation will close on 10 May 2014. To learn more and respond to the consultation, please visit: http://www.cimaglobal.com/principles
*Global CIMA Gen Y survey
The survey was conducted online by CIMA between the 21st June and 4th August 2013 and 4,380 completed responses were collected internationally from people the age of 15 +. A weighting formula was further applied to ensure the results are representative of CIMAs prospect population with respect to age and geographic region.
-- No of responses: 4,317 (weighted). In actual, 4,380 responses collected from a sample of 128,920 (equivalent to a 5.3% overall response rate). Weighting is calculated against CIMAs actual student recruitment in the last 5 years.
-- Average age of respondent: 27
-- Countries surveyed include Bangladesh, China, Ghana, Hong Kong, India, Ireland, Malaysia, Nigeria, Pakistan, Singapore, South Africa, Sri Lanka, UK, UAE, Zambia and Zimbabwe
-- Average annual income of current earners: between 20,000 - 24,999 for the UK only (other foreign currencies to come)
-- Gender split: 61% male / 39% female
-- Occupation split: 34% working full time / 56% studying full time
-- Educational split: 84% studying a finance based qualification and 16% on a non-finance based course
-- Nature of ambition split: 89.5% aiming for a finance based career and 9% pursuing a non-financed work future
Contact:
Chartered Institute of Management Accountants (CIMA)
Vivian Fung
Tel: (852) 3741 1956 / 9696 5649
Email: vivian.fung@cimaglobal.com
Strategic Financial Relations Limited
Ingrid Cheng / Rita Fong
Tel: (852) 2864 4836 / (852) 2114 4939
Email: ingrid.cheng@sprg.com.hk/ rita.fong@sprg.com.hk
Topic: Press release summary
Source: Chartered Institute of Management Accountants
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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