CIMA

Value World CIMA Global AccountantCIMA and RSA call on wisdom of the crowd to help develop a common framework for measuring the contribution people make to business outcomes

CIMA and RSA (The Royal Society for the encouragement of Arts, Manufacturers and Commerce) are calling on finance professionals across the country to contribute their expertise and experience to the development and application of a practical framework to help businesses better understand the value and risk people bring to their organisations.
By signing up to the Valuing Your Talent Challenge, finance experts can join professionals from the HR and management disciplines in developing and refining a human capital framework for measuring the full extent of the value created and risk generated by the nature and composition of their workforces and organisational structures. In later stages of the Challenge, they will be tasked with finding ways of making the framework easy to apply in practice, so that it can ultimately help businesses improve workforce skills and productivity and, in turn, organisational outcomes and performance.
 
The Valuing Your Talent (VYT) initiative, first launched in November 2013, is a collaboration between the UKCES, CIPD, CIMA, CMI, RSA and Lancaster University. Since November the project team has been drawing together a wide base of research, knowledge and practical experience in how best to understand and measure human capital. By identifying the organisational enablers and barriers that affect enterprise performance, the team has created a common framework for valuing human capital.
 
The Valuing Your Talent Challenge provides the opportunity to have a widespread debate and gain feedback from all those who have an interest in the measurement and understanding of people and organisational structures – particularly those who will ultimately have responsibility for implementing the framework in their organisations. Facilitated by the RSA as part of its RSA Premiums series, the Challengewill run on an open and free-to-access social media platform over a period of 3 months, beginning on 10 March 2014.
 
The first phase, lasting to 31 March, will allow anyone with an interest in this work to sign up and share their feedback on the framework, their insights into the opportunities and challenges of valuing human capital, and any case studies of how they have successfully reflected the value of their people.
 
At the end of this phase, the VYT partners will summarise the insights and update the framework accordingly. The Challenge will then move into an Open Innovation phase, from early April until mid May, where participants can suggest innovative and practical ways to apply the framework – for example through new methods, tools, technologies or resources – so that it is useful for businesses and other organisations. There will be a pot of £10,000 in prize money up for grabs for the best ideas.
 
All the insights and innovations generated by the Challenge will feed directly in to the final framework and research report to be published in the summer. The framework will be free and open to all, designed to encourage shared thinking and the development of more consistent practices across all sectors, for organisations large and small.

Charles Tilley FCMA, CGMA, Chief Executive, CIMA, said: 

Charles Tilley, Chief Executive CIMA

Charles Tilley, Chief Executive CIMA

Measurement and analysis of talent continue to be a weakness for many organisations. Employees are the main source of competitive advantage, or disadvantage, and so all businesses need to be able to understand the value that their people create. They must be aware of whether their investment in talent is working.

 
It seems out of place that investors do not always have access to data about the ‘people power’ behind a company’s outcomes and financial achievements. You simply can’t realise the true value of an organisation without an effective means of accounting for its workforce. This is what we are looking to achieve through the Valuing your Talent initiative.

Julian Thompson, Director of Enterprise at the RSA, said: 

The big idea behind this Challenge is that the issue of human capital measurement and management is too important, too complex and too sensitive to local context, for any one group of specialists to develop or determine good approaches. HR practitioners, management consultants, academics, business leaders, accountants and employees obviously all have a key part to play. But arguably previous attempts have failed to catch on because models have been developed in isolation from each other, and/or on a closed, proprietary basis.
 
This experimental Challenge hopes to be the start of an ongoing open innovation community on the topic of better human capital valuation. Innovation is more likely when this community is diverse. That’s why we also want to invite creative ‘outsiders’ such as designers, developers, innovators and analysts from other disciplines to be part of the process.
 
But diverse collaboration is only possible when there is a shared foundation. The VYT framework provides a common focus for innovation around human capital value, but one that we expect to be continuously enriched and improved.
 
Peter Cheese, the Chief Executive of the CIPD, and Dr. Anthony Hesketh, lead researcher on the Valuing Your Talent project, will be discussing the principles of the framework at the CIPD’s HR Analytics Conference in London on 12 March 2014. To book your place, visit cipd.co.uk/hr-analytics

Tanya Barman, Head of Ethics at CIMA, and her team have produced the below video to highlight the importance of ethics in our ever-changing business world. The video looks at the 2008 financial crises and beyond in addition to consequences of bad business behaviour.

Tanya Barman speaks to Global Accountant about ethics and business.

What is your responsibility at CIMA?

is responsible for CIMA’s ethics and responsible business programme for its members and students. Prior roles include responsible business, organisation development and international management positions in both commercial and non-profit organisations in UK, USA, South Africa and Asia.

What does ethics mean to you?

It is doing the right thing and acting with integrity. What does that mean?  A good test is would you feel uncomfortable if others knew your actions?  How would it look in the papers, or if someone you respected knew. Chances are if it doesn’t feel right – it’s not right.  Or, put another way, do you want to be a good example or a horrible warning?  Think of Enron – now most famous as an ethics case; a case study on how not to conduct business.

Is ethical behaviour good or bad for business? Why?

Performing and trading ethically in the long term is increasingly shown to be good for business.

You could make strong returns, and a lot of money, in the short term but it may not be based on a sound business model – there may be high risks, it could well breach best practice, regulation or be illegal.  Think of some of the big companies that disappeared virtually overnight.  There are certain actions that, if they were in the public domain, could ruin a business’ reputation and brand.  That’s “a road to ruin” – as  a recent report on risk management spells out (link)

What is your view on speculative wealth creation as a an ethical issue?

There is an ongoing debate about speculation and its effect on the markets and overall global economy.  In essence, speculation is transactions made with the sole purpose of making a profit from changes in price (which could go up or down).  Some may argue this is gambling.  Others dispute that.

Recently speculation has been in the spotlight in relation to energy prices, the property bubble, currency fluctuation  and in relation to food prices.  Critically, it is argued that money can be made by the speculators (the individuals, firms and funds)  but unrelated parties can lose out, with potentially high political-economic costs.  It is this that makes it an area of ethical concern and debate.  At present speculation on food prices is a focus area.  Prior to the G20 meeting last year 450 prominent global economists signed a letter raising this, asserting “With around 1 billion people enduring chronic hunger worldwide, action is urgently needed to curb excessive speculation and its effects on global food prices”.   There is still no resolution on the issue.

What should be of concern is that the value of the global derivatives market is currently estimated to be at a staggering $1.4 quadrillion. That’s 16 zeros or a thousand million million. No one is quite sure what that means.

With the ever growing competition, companies are under pressure to find the lowest-cost providers and typically are free to look globally to find them. How does this effect those who are doing business in countries which do not share the same ethical values as others or simply local customs are considered illegal in the UK? How can businesses manage this risk?

It is true that there is not a level playing field in relation to business conduct globally.  But increasingly there is debate, and importantly regulation and legislation, around these issues, and some of it, such as the UK Bribery Act and US Foreign Corrupt Practices Act, can have global reach.  In relation to the FCPA, some global firms are paying fines in the $US billions for ethical transgressions.

In research for an upcoming report, we have found that in some of the rapidly emerging markets, the adoption of codes and systems to address ethical concerns in organisations we surveyed are at a high of  80%. This is a good sign.  However, having the policies in place has often overtaken corporate cultural change.  In a more global business environment, many multinational organisations are facing greater pressure to adopt more stringent ethical practices, not least from the investors.  However, these may conflict with the local practices and challenges faced in particular countries. Globally we have seen public dissent against corporate and government misdemeanors.  Collective action on the ground can help counter unethical practice and this is growing.  United Nations Global Compact local chapters can be worth joining to better understand what other firms are doing. www.globalcompact.org The Institute of Business Ethics also has guidelines on company codes and practice. www.ibe.org

Do financial markets care about ethics?

There are a growing number of global investors who do care. They believe that progressive companies understand that long-term value is enhanced by embedding long-term sustainability considerations into their business strategy and the value of disclosure to investors.  This will help capital to be allocated to more sustainable, responsible companies and strengthen the long term sustainability of financial system.  Signatories to the United National Principles for Responsible Investment (PRI) are increasing every year and they are exploring the issues around the short term nature of the market.   Click here to go to the Sensible Stock Exchange website.

Can management accountants help businesses make ethical decisions? How?

Global management accountants can be highly effective in playing what CIMA believe is a key role in supporting ethical business, not least with the growing importance of integrated reporting www.theiirc.org. Drawing on both their training and understanding of professional ethics, as well as their skills in obtaining, analysing and acting upon management information, they are equipped to guide their organisations to long-term sustainability and success.

Does CIMA have an ethical policy that its members and trainees can refer to in a situation of need for guidance? Where can they find this?

CIMA members and students are required to comply with the CIMA code of ethics and to adopt the fundamental principles to their working lives. If they don’t comply they can lose their professional standing.  CIMA has a range of resources, reports, blogs, case studies and videos  to assist them, including our new animation outlining the code. Click here to go to the CIMA Ethics website.

CGMA_logo

CIMA and the AICPA have proposed a comprehensive framework to bring consistency to management accounting practices around the world and help organisations to make smarter, faster decisions for the long-term amidst growing complexity and change.

The draft framework, entitled ‘Global Management Accounting Principles: 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.

Charles Tilley FCMA, CGMA, Chief Executive of CIMA, said:

Charles Tilley, Chief Executive CIMA

Charles Tilley, Chief Executive CIMA

Over the last few years, we have all seen how globalisation and the break-neck pace of technological progress are making change harder to predict and organisations more vulnerable.

We may now be seeing encouraging signs in the global economy, but we cannot afford to be complacent. We must learn the lessons of the last six years. On its own, financial reporting, with its focus on past activity, is not enough. To be confident of a successful future over the long-term, organisations must adopt a robust management accounting system that encompasses their financial reporting. This in turn will provide investors, customers and the general public with a greater confidence.

Management accountants have the ability and judgement to make objective, ethical decisions that consider the public interest. But the quality of management accounting remains varied. Our Principles will enable organisations to leverage both financial and, importantly, non-financial data. They will provide the forward-looking focus and link different parts of an organisation in a way that many still lack.

The draft Principles outline the values and qualities that represent best practice management accounting on a global scale. They include guidance on preparing relevant information, modelling value creation, communicating with impact and establishing the professional values of management accountants. The framework will include a diagnostic tool which will help businesses and institutions to ensure that they are making the most efficient use of key information.

Charles Tilley continued:

We are asking businesses and other relevant organisations across the globe to tell us how our draft framework can best meet their fast-changing needs. By working together, we can contribute to a comprehensive system fit for our era of uncertainty that will, put simply, make business better.

World Global AccountantThe consultation will reach across CIMA and the AICPA’s network of 177 countries. The two institutes joined forces to launch the Chartered Global Management Accountant (CGMA) designation in 2012 and are working together to highlight the importance of management accounting in today’s economic climate. A series of national and international events is planned, including local employer round-tables and meetings with leading business thinkers from all sectors and all geographies.

The consultation will close on 10 May 2014. To learn more and respond to the consultation, please visit: http://www.cimaglobal.com/principles

The draft Principles have already attracted considerable support from within the business community.

Douglas Flint, Group Chairman of HSBC Holdings, said:

In my view, management accounting is a critical aspect of the finance function because it informs the board, investors and management why the numbers are what they are, not just what the numbers are. So I believe that the introduction of a set of global management accounting principles will be very welcome to businesses around the world, and I would urge businesses to input into this important consultation

Paul Druckman, CEO of the International Integrated Reporting Council, said:

Great management accounting has long been a critical part of helping businesses and organisations deal with an ever-widening set of challenges. With a focus on value creation and relevance of information, there is synergy between the Global Management Accounting Principles and Integrated Reporting. We should all support this plan to put in place a consistent global management accounting framework, which will help more and more organisations deliver value over the long-term.

Commence from the industry:

Steve Marshall, Chairman, Balfour Beatty, said:

The reality is that until now there hasn’t been high quality guidance about how management accountants should support and assist their companies in how they look at their value model, but that will change with the introduction of these new guidelines.”

Shannon Anderson, Professor of Management at the University of California, said:

CIMA and AICPA have taken an important step in developing a framework that highlights the centrality of management accounting and governance practices to value creation. We see that management accounting is not simply a collection of tools or practices, but a continual process of articulating, executing, and evaluating the strategy and business model for delivering value.

CIMA_Logo Global AccountantCIMA has announced strong growth figures for 2013 as the institute continues to expand its presence around the globe. Over 33,500 new students joined CIMA last year, taking the total member and student population to more than 218,000.

CIMA, already the world’s largest professional body of management accountants, enjoyed substantial growth in both new and emerging markets. The UK, Malaysia, India, Russia and South Africa all saw record numbers of new students choosing to register with CIMA to work towards their CGMA designation and other qualifications. CIMA also added over 5,500 members globally, with membership in China increasing by 40%.

Andrew Harding FCMA, CGMA, Managing Director, CIMA, said: 

Andrew Harding CIMA Global AccountantI am delighted that we have continued to see strong growth in key and developing markets. This is further evidence that young people and employers across the world see CGMA as a vital designation for a successful career in business and finance.
 We are committed to helping people and businesses to succeed in a tough climate. It was particularly pleasing to see an increase in students in a number of emerging markets which will become future economic powerhouses.
Our highly successful joint venture with the American Institute of CPAs continues to gather pace as the CGMA designation is embraced by businesses across the world. The importance of the designation is emphasised by a population of over 130,000 CGMA professionals who are shaping the strategic direction of organisations ranging from start-ups to global giants.
 

Rise Increase Global AccountantIn economies experiencing rapid growth, companies need to ‘aim high’ in their management of accounting and employment practices down the supply chain.

Forging relationships with value and meeting labour standards are essential for achieving competitiveness throughout the supply chain and both are the focus of a new ESRC-funded research project from Sheffield University Management School.

The three-year project aims to explore the current role, and future potential, of supply chain accounting in facilitating complementary HR practices and improved labour standards within the automotive and textile industries in Brazil and South Africa.

Principle Investigator Professor Pauline Dibben, Associate Dean for Research at Sheffield University Management School, explained:

SCA-Emp looks at the extent to which companies in the textile and automotive sectors consider employment practices in their accounting. However, not just that – it is whether they work well with their supply chain, understand, and engage with them.

This research will be fascinating, especially since the formal economy is so important in South Africa and Brazil, where many workers do not have formal employment. It will be interesting to see the extent to which organisations keep careful accounts on social issues such as the number of women working and how much they are paid, how many disabled people they employ and how they manage people from different ethnic backgrounds.

The investigating team includes an international spread of academics from different disciplines to ensure a comprehensive degree of coverage. Professor Dibben is joined on the project by Sheffield University Management School colleagues Professor John Cullen and Professor Phil Johnson, together with Professor Geoffrey Wood from the University of Warwick, Professor Luiz Miranda and Dr Juliana Meira from the Federal University of Pernambuco Brazil, and Dr Debby Bonnin from the University of KwaZulu-Natal, South Africa. Two PhD students, Caroline Linhares and Gareth Crockett, complete the team.

The team draws on expertise in employment relations, supply chain accounting, supply chain management, and research methods, and is supported by a strong advisory board boasting academics and practitioners from three countries, whose knowledge and experience will be highly complementary to the international project. The advisory board includes members of the CIPD and CIMA.

Promoting labour standards and influencing change are key aims of SCA-Emp, as well as formulating a project of high academic value and strong research impact.

Professor Dibben added:

We want to establish a formula for best practice – much of the project is about developing a supply chain accounting and employment practices toolkit. It will benefit a number of parties, including academics, since supply chain, accounting and employment are not brought together in research very often, and the project should therefore contribute toward the development of supply chain accounting and global commodity chain theory. It is also exciting because we are focusing our research on South Africa and Brazil – two emerging economies. Accountants, CEOs, CFOs, HR specialists and other practitioners should be engaged in the progress and conclusions of SCA-Emp, as well as employment rights lawyers, politicians and practitioners in other emerging economies. However, the workers themselves are perhaps the most important stakeholders.

The team is keen for the project to help organisations become more aware of what happens in their supply chain. Labour standards are a very topical issue and public awareness is growing due to news coverage of working conditions and fatal incidents in factories all over the world. Professor Dibben wants participating organisations to benefit from being involved in the project. She hopes that from the research, they will learn where they could improve practice further.

CIMA has received the highly coveted Global Islamic Finance Awards under the ‘Best Islamic Finance Education Provider 2013’ category.

CIMA’s Regional Director, Bradley Emerson accepts the Best Islamic Finance Education Provider award at the 2013 Global Islamic Finance Awards.

CIMA’s Regional Director, Bradley Emerson accepts the Best Islamic Finance Education Provider award at the 2013 Global Islamic Finance Awards.

Now in its third year, the prestigious Global Islamic Finance Awards recognises excellence in Islamic Banking and Finance globally.

CIMA was acknowledged for its contribution to the growth of the Islamic banking and finance industry, having introduced the world’s first professional Islamic Finance course in 2008. The award highlights CIMA’s pioneering role in preparing students and professionals from the GCC region for a career in Islamic Finance.

Commenting on the achievement, Geetu Ahuja, Head of GCC, CIMA said:

We are honoured to receive this distinguished award, it is a wonderful achievement which serves to demonstrate our position as leaders in providing Islamic Finance education. We are proud to say that CIMA’s commitment to providing skilled Islamic finance professionals to sustain the industry’s growth has been recognised. We look forward to create innovative courses to further brighten the future of our students, and contribute to the growth of businesses in the Middle East.

Islamic Finance is acquiring prominence throughout the financial institutions of the world, rapidly growing from a niche industry to a mainstay of finance.  CIMA’s Diploma in Islamic Finance offers students, globally recognised Certificate in Islamic Commercial Law, Certificate in Islamic Banking and Takaful, Certificate in Islamic Capital Markets and Instruments, and Certificate in Accounting for Islamic Financial Institutions.

CIMA is the largest professional body in the world focused on management accounting and currently has 203,000 members and students operating at the heart of businesses in 173 countries.

CGMA European Summit Global AccountantCIMA and AICPA hosted their first CGMA European Conference in Westminster, London. The two-day summit (13 and 14 November 2013), enjoyed the attendance of delegates arriving from all over the continent to listen to keynote speakers who took on subject matters beyond the financials and explored the wider interests of business.

Leading minds in management accounting and business shared the latest thinking and best practice on a variety of topics including business intelligence, business models, risk and innovation, business sustainability and change management. The audience listened to insightful speeches delivered by:

  • Andrew Carfax, Enterprise Performance Management Specialist, PureApps Ltd
  • Andrew Thompson, Finance & Commercial Director, SkyIQ
  • Clare Haynes, Soft skills and organisational psychology specialist, Wildfire Ltd
  • Doug Bonthrone, former Director for Global Services Strategy, Coca-Cola
  • Gavin Donaldson, Director, KPMG
  • Julie Nerney, Change management specialist
  • Kevin Green, Chief Executive, Recruitment and Employment Confederation (REC)
  • Nick Leeson, former Barings Bank trader
  • Peter Simons, Technical specialist, CIMA
  • Robert Peston, Journalist
  • Tanya Barman, Head of Ethics, CIMA
  • Sara Kaplan, Partner, PwC
  • Susannah Clements, Deputy Chief Executive, CIPD
  • Mike Forde, former Director of Football and Executive Club Director for Chelsea F.C
  • Tom Hadley, Director of Policy & Professional Services, REC
  • Andrew Jones, Director, EAV Associates
  • Jacqui Malpass, Personal Brand Strategist
  • David Rowsby, Regional Director Europe, CIMA
  • Andy Thomson, Finance and Commercial Director, SkyIQ
  • Ellie Ulrich, Employer Account Manager, National Apprenticeships Service

Nadine Dereze facilitated the summit which also offered several simultaneously run lectures; catering to the interest of delegates. Some of the topics delivered were:

Change Management: The Ultimate Challenge – Hosting London 2012 by Julie Nerney

Julie was precise, to the point in communicating what to expect during a project and demonstrated from vast experience. She said,

Julie Nerney Global AccountantChange is no longer an option for companies; it is the status quo and change management is fundamental to the survival of businesses and it is better to lead change, than to follow it.

No matter how exciting your goals are it is important to rehearse that goal over again to maintain its momentum before it is lost or diluted because of challenges, internal politics and other problems. Your goal should not be a surprise to anyone when you get there.

A Sustainable Business Strategy by Andrew Jones Director at EAV Associates

Andrew Joned Global AccountantCorporate reporting should be driven by proactive integrated thinking and decision-making rather than compliance requirements.

We are so dedicated to the post-reporting period of financial statements that we overlook the real value that a pre-planned sustainable approach can bring to shareholders and society said Andrew.

“The Original Rogue Trader” by Nick Leeson

The keynote speech delivered by the ex-trader who caused the collapse of Barings Bank by trading illegally, grasped the attention of the audience and raised serious concerns about the existing risks in the financial industry. As Nick talked about the time when all those around him, professional and social, thought he was “the most successful trader”, Nick was trying to recover his losses with further illegal trading.

Nick said:

Nick Leeson Global AccountantMy moral campus only existed for a small group of people and made sure their bonuses were paid; unfortunately, not the other two thousand people who worked there. Threats and challenges to businesses remain as they did back then.

The audience were sitting on the edge of their seats as they listened to Nick explain the build up to the discovery of this unethical, fraudulent trading and £826m losses he had caused.

CGMA_logoThe CGMA European Summit aimed to provide greater knowledge and understanding about subject matters and provide a platform for many valuable business and thought leaders to share their insight with accountants and business people.

This article is the first in a series of three articles to be published.

Rise Increase Global AccountantCIMA, SKS Business Services and Loughborough University reveal many SMEs are failing to use their finance function efficiently to make important management decisions. While many larger companies have applied technological advances, shared services and out-sourcing best practice to their financial processes, SMEs are typically lagging behind, despite the cost savings and higher quality of information that taking these steps can deliver.

The finance function is often misconceived as a ‘bean-counting’ operation when forward-looking management accounting can support better management decisions, deliver growth and cut costs.

John Cridland, Director General of the CBI claims:

Boosting productivity in medium-sized firms could be worth an additional £20 billion to the UK economy by 2020.

The finding reveal many smaller companies have not explored appropriate ways to outsource business functions to reduce costs, while developing core expertise to direct the business. Furthermore, many medium-sized companies aren’t using shared services business models, sharing general and administrative functions across their different business units which would thereby cut costs. Use of technology such as accounting information systems is also limited, as is the use of low-cost online technology to assist their international operations.

Sanjay Swarup, Director, SKS Business Services, commented:

The root cause of smaller company underperformance is often inefficient use of their finance function. Finance and accounting is too often misunderstood as a ‘bean-counting’ operation, when financial analysis and forward-looking management accounts are meant to help you plant and reap more beans.

In our experience, communication with prospective equity investors or loan providers becomes simpler if the company has regular and credible financial analysis of their business. This in turn ensures that businesses do not run out of cash or have insufficient resources when they need it.

Primary author of the Accounting for Growth report, Ian Herbert, Deputy Director of the Centre for Global Sourcing and Services at Loughborough University, said:

In the past 20 years, big companies have been reconfiguring, re-engineering and relocating their business support functions. These world class companies have reduced back-office costs dramatically through the use of shared service centres and outsourcing.

SKS research indicates, in smaller companies, G&A costs are rising as a result of greater regulatory and reporting obligations and these organisations do not have the scale to make better use of technology and the new working practices.  G&A costs can easily spiral out of control as entrepreneurs concentrate on their core operations. But, new solutions are now becoming available for smaller companies to mimic the more flexible sourcing strategies of the large companies.

Peter Simons ACMA, CGMA, Technical Specialist, CIMA:

The UK’s economic recovery is dependent on the SME sector, but many smaller companies could be performing below their potential because they are not making full use of their finance professionals. Previous CIMA research has identified that SMEs do not engage management accountants as their larger competitors do, and as such they are missing opportunities.

To read more about the Accounting for Growth report click here.

Chartered Institute of Management AccountantsThe 2013 survey results for average basic salaries represent a 13% increase on equivalent 2012 figures for qualified members and a 9% increase for part qualified students. These are far above the national average salary increase of just 0.2%, as reported by the Office for National Statistics.

Qualified CIMA members and Part Qualified CIMA Trainees in the UK can expect to earn £60,655 p/a and £34,309 p/a respectively.

The survey, which was conducted by the Chartered Institute of Management Accountants (CIMA), shows the impact of professional qualifications on earning potential, salary satisfaction and the ability to realise ambitions such as moving to a new organisation, or working abroad.

Andrew Harding, FCMA, CGMA, Managing Director of CIMA, said:

Andrew Harding CIMA Global AccountantFive years after the onset of the global financial crisis our annual salary survey of the CIMA community shows optimism that the UK’s economy is finally rallying. Results indicate an ongoing trend towards greater employment stability with fewer concerns about falls in business profits, budget cuts or recruitment and salary freezes.

The key motivators at work for both CIMA members and students are flexibility or work-life balance (49%), a good working environment (47%), financial reward (43%) and a challenging workload  (39%). Skills qualified CIMA members most want to develop over the next 12 months include: leadership, strategic planning and implementation and persuading and influencing.

Only 7% of qualified members and part qualified students see themselves in the same role in three years’ time, further suggesting the presence of a high degree of mobility and promotion prospects.

Among all members and students, 23% plan to find another job over the next six months and a total of 57% expect to move job within the next two years. Of those, 89% plan to stay within the UK.

CIMA_Logo Global AccountantCIMA has announce the results of the successful seventh sitting of the new re-sit examination sessions.

All papers were offered via a number of quality tuition partners, allowing students to resit their exams and so facilitate progression through the qualification. T4 Part B Case Study on PC continues to be available for both first time and resit students globally. The number of exam centres available continues to increase, offering greater opportunity for students to resit their exams.

Noel Tagoe, Executive Director of Education at CIMA, said:

CIMA is pleased, once again, to note some strong student performances, which prove that dedication and study can produce exemplary results. Whilst the results in some papers were very pleasing, particularly Papers E1, (Enterprise Operations) and T4 part B Case Study there is clear scope for improvement in Paper F2 (Financial Management). That said it should be noted that this was taken by only a small number of candidates. Although Paper P2 (Performance Management) proved to be challenging to some candidates, there was, nevertheless a number of very good performances

Examination results letters will include a breakdown of marks by question. This, together with the post exam guides, will provide students and tutors with valuable feedback.

Paper Pass Rate (%)

Operational & Management Levels

P1 – Performance Operations 52%

P2 – Performance Management 45%

E1 – Enterprise Operations 68%

E2 – Enterprise Management 65%

F1 – Financial Operations 57%

F2 –  Financial Management 26%

Strategic Level

P3 – Performance Strategy 56%

E3 – Enterprise Strategy 56%

F3 – Financial Strategy 55%

T4 – Part B Case Study 66%

All students sitting the September exam session wishing to sit paper-based exams in November 2013 can log on to My CIMA at www.cimaglobal.com  from 12.00pm (GMT) on 20 September 2013 to 5.00pm (UK time) on 25 September 2013.