lead the business world with icma pakistan · members are serving on senior management positions...

Lead The Business World With ICMA Pakistan

CMA is a Qualification which enables you to become

CEO / CFO / CIA / CS and provides opportunities to serve in

every sector of the economy in Pakistan & abroad at

Corporate Leadership positions

Institute of Cost and Management Accountants of

Pakistan is a Professional Accounting Organisation

that empowers you to become competitive locally

and globally. Being a member of ICMA Pakistan will

help you reach the height of your career. The

corporate sector, striving for business growth,

profitability and sustainability, is facing challenges to

remain competent and transparent while adopting

emerging business opportunities. It is a dire need of

the time for professionals to align themselves to

efficiently respond to the changing world of business

for which competent professionals are required with

the comprehensive knowledge and competency in

financial and non-financial areas. ICMA Pakistan is

just the Institute to teach you these skills. Presently,

the Institute has more than 7,000 members. These

members are serving on senior management positions

such as CEOs, CFOs, COOs, CIAs, Company

Secretaries, Financial Analysts, Public Practitioners,

Management Consultants, etc. Apart from high

demand in the corporate sector, the CMA qualification

from ICMA Pakistan provides opportunity to its alumni

and members to practice the profession.

President’s Message

The Institute supported formation of international and regional associations and got the honor of

becoming their founding member. The Institute has a membership of International & Regional

accounting associations such as International Federation of Accountants [IFAC], Confederation of

Asian and Pacific Accountants [CAPA] and South Asian Federation of Accountants [SAFA]. ICMA

Pakistan is also the only participant of International Integrated Reporting Council in Pakistan.

I welcome you onboard and look forward for you to be a valuable addition to the Institute’s highly

recognized members’ network adding value to the economy of our country.

Members of National Council

Zia ul Mustafa Awan, FCMACFO & Business Administrator,

Pakistan Expo Centres Private Limited

Abdul Wasey Khan, FCMAGroup Director Internal Audit,

FAV Group of Companies

Shehzad Ahmed Malik, FCMAChief Executive Officer,

Shehzad Malik Management Consultants (Pvt) Ltd

Muhammad Yasin, FCMAChief Financial Officer,

Jamshoro Joint Venture Limited, Associated Group

President Vice President Honorary Secretary Honorary Treasurer

M. Iqbal Ghori, FCMADirector Strategic Planning,

Sadaqat Ltd.

Member

Abid Lateef Lodhi, FCMAChief Executive Officer,

Central Power Purchasing Agency Guarantee Ltd., Ministry of Energy, Government of Pakistan

Member

Ather Saleem Ch., FCMAMember

Anti-dumping Appellate Tribunal

Member

Ghulam Mustafa, FCMAChief Executive Officer,

Tariq Qazi Management Consultant

Member

Jameel Ahmad, FCMADep uty Governor,

State Bank of Pakistan

Govt. Nominee

Sumaira K. AslamAdditional Secretary/ DCCAO,

Cost Accounts Organization, Finance Division, Government of Pakistan

Govt. Nominee

Shaukat HussainCommissioner, SECP

Govt. Nominee

Abdul Hameed PashaDeputy Auditor General (Policy),

Auditor General of Pakistan

Govt. Nominee

03 ICMA Pakistan Prospectus 2019

Institute of Cost and Management Accountants of

Pakistan is an excellent place for learning, capacity

building and professional grooming. We make sure

that this learning should be imparted in a befitting

academic environment. For this purpose, we provide

best faculty and state of the art environment to

develop professional abilities and capabilities of

students. Besides this, we also provide the students

with certain “Distance Learning” options. We are

committed to educating tomorrow’s leaders and for

that we do not leave any stone unturned to provide

the best academic environment within our campuses

across the country. CMA qualification from ICMA

Pakistan will help you rise to the top and will empower

you to become locally and globally competitive. I am

sure that the time spent at ICMA Pakistan and the

membership designations will make you a real

contributor towards the development of economy

of the country.

Executive Director’s Message

Branch Councils

UK Saudi Arabia UAE Australia

Peshawar Quetta Faisalabad Multan

Karachi IslamabadLahore

ICMA Pakistan Prospectus 2020

VisionTo be the Preference in

Value Optimization for Business.

MissionTo develop Business Leaders through impartingquality education and training in financial and non-financialareas to bring value addition in the economy.

Core Values

Competence

Innovation

Transparency

Professionalism

Ethics

A chartered institute of professional accountants and business leaders

International AffiliationsBeing a leading professional Institution of Pakistan, apart from performing due role within the country, ICMA Pakistanis contributing towards world economy which is in the phase of innovation and globalization. The Institute, whilerealizing its role towards global economy, supported formation of international and regional associations and gotthe honor of becoming their founding member.

The Institute has a membership of following International & Regional accounting associations and it is actively involvedin promoting the profession of accounting across the globe:

IFAC is the globalorganization for theaccountancy professiondedicated to serving thepublic interest bystrengthening the professionand contributing to thedevelopment of stronginternational economies.

IFAC comprises of 179members and associates in130 countries andjurisdictions, representingapproximately 2.5 millionaccountants in publicpractice, education,government service, industry,and commerce.

The Confederation of Asianand Pacific Accountants(CAPA) represents nationalprofessional accountingorganizations in the Asia-Pacific region. Today, CAPAhas a membership of 31accounting organizations in24 jurisdictions.

CAPA is by far the largestregional accountingorganization and itsgeographical reach spanshalf the globe.

SAFA is a forum ofprofessional accountancybodies and is committed toposition, maintain anddevelop the accountancyprofession in SAARC Regionand ensuring its continuedeminence in the world ofaccountancy; in the publicinterest and towards broadeconomic development ofthe region.

Presently, nine accountingbodies of SAFA representover 250,000 professionalaccountants.

Since 1974 Since 1980 Since 1984

InternationalFederation of

Accountants (IFAC)

Confederation ofAsian and Pacific

Accountants (CAPA)

South AsianFederation of

Accountants (SAFA)

The InternationalIntegrated ReportingCouncil (IIRC) is a globalcoalition of regulators,investors, companies,standard setters, theaccounting professionand NGOs.

The coalition is promoting communication aboutvalue creation as the nextstep in the evolution ofcorporate reporting.

The InternationalIntegrated Reporting

Council (IIRC)

Since 2018

ICMA Pakistan Prospectus 2020

Higher EducationCommission of Pakistan

For the purpose of employment and higher education, the Higher Education Commission of Pakistan

(HEC) recognizes the ICMA Pakistan qualification equivalent to Master's degree.

Recognized by Higher EducationCommission of Pakistan (HEC)

A chartered institute of professional accountants and business leaders

ContentsAbout ICMA Pakistan 01

Land your Dream Job with ACMA / FCMA 02

ACMA / FCMA with ICMA Pakistan 03

Never Put a Limit on your Dreams 04

CMA Competency Framework 05

Pathway towards ACMA/FCMA Designation 07

Education Methodology 11

Practical Corporate Training Program 23

Examination System 27

Management Accountants as Corporate Leaders 28


About ICMA Pakistan

More than 15,000 Students, 7,000 Members andthousands of professional linkages.

7,000Members

400Certified Directors

15,000Students

ICMA at a Glance

200Employees

10Education Campuses

200Faculty Members

1,200Employers

110Public Practicing

Firms

Presence in more than

40Countries

What is ACMA/FCMA?

Associate Cost and Management Accountant (ACMA) and Fellow Cost and Management Accountant (FCMA) aretwo levels of membership status of ICMA Pakistan.

The students, on qualifying examinations and meeting practical experience requirements, are awarded membershipof the Institute which is a professional and legal status to join the fraternity of Institute’s members. Valued andrespected, the designations next to your name convey to employers and society that you are the right businessleader who can steer the sustainable success of the organisation you work for.

ACMA/FCMA designations set our members apart from the rest. Our members enjoy recognition as forward thinking,financially qualified business leaders who are not only in high demand within the country but are also recognisedoutside Pakistan.

Land your dream job with ACMA/FCMA designation

02A chartered institute of professional accountants and business leaders


Whether you have Intermediate / A - Level (12 years of education), Graduation (14 years of education),

Post Graduation (16 years of education) or any other equivalent qualification recognized by HEC

and professional certification obtained from the IFAC member bodies given on the ICMA website,

you may join CMA Qualification at ICMA Pakistan to earn ACMA/FCMA designations.

ICMA Pakistan employs a dedicated team of professionals who will be with you at every step to

support and guide you towards your career success.

Top 6 reasons to acquire ACMA/FCMA Designation:

ACMA/FCMA with ICMA Pakistan

Flexiblestudy options

2

Earn well

3

Global recognition

4Enhance your

business expertiseand financial

acumen

5Employers

trustICMA Pakistan

6

Recognised byHEC & Government

of Pakistan

1


Management Accountants join the world of professionals after they graduate and have numerous

career options available to them. Our members are leading in following roles, around the world:

Never put a limit on your dreams

Chief Executive Officer Chief Financial Officer Chief Operating Officer

Chief Internal Auditor Chief Project Officer Chief Cost Accounts Officer

Company Secretary Business Analyst Management Consultant

and many more

CMA Competency Framework

Management and Leadership:Qualified CMAs have diversified skills in the field of Management Accounting and Management. CMAs hold pivotalmanagerial positions in the corporate sector due to their competencies over the basic management functions, teammotivation, resources optimization, strategic goals achievement and risk management. Management and leadershipcompetency enables CMAs to:

Develop strategic goals aligned with the organization’s long-term plans and resources. Identify and focus on critical areas where risks arise and devise strategies to transform the threats into opportunities

and wipe out those risks. Think strategically and act proactively to meet organization needs under the Global Economic Challenges and

Competitions. Promote collaboration by unifying teams, setting common goals and incentivizing collaborative working. Devise policies, standards and procedures.

Governance, Laws and Ethics:The CMAs have assumed the role of business advisors who understand the dynamics of Laws, Governance andother regulatory directives.

These competencies are used byCMAs to help corporations runsmoothly on practical, ethical andlegal bases and establish a foundationfor continued growth and success byinteracting with regulators and otherstakeholders. By acquiringGovernance and Ethics competenciesCMAs can:

Manage corporate affairs toprotect long term interests of thestakeholders.

Analyze the impact of relevantlegislations, policies andprocedures on alternativebusiness decisions.

Liaise tax matters with taxauthorities within regulatoryframeworks to finalize tax liabilityin complex and other situations.

Comply with all commercial lawsto provide for standardization ofthe legal underpinnings ofbusiness transactions.

Ensure implementation ofCorporate Governance Practicesand Professional Code of Ethics.

Advise and report on all legalissues of organizations.


Business Acumen and Decision Making:CMAs provide necessary information to management for taking short and long term decisions in Corporate environment.These competencies give insight to analyse revenue channels, marketing activities, controlling, monitoring, budgetingand other financial decisions in order to find the most profitable business model by curtailing costs in an efficientmanner. The CMAs have competencies to:

Classify cost elements and align cost classification, costing methods and techniques to get maximum profit fromBusiness operations.

Evaluate decision alternatives using analytical techniques and make recommendations. Recommend to senior management and the board for best utilization of funds by analyzing different investment

alternatives using qualitative and quantitative techniques. Perform cost planning, analysis and evaluate performance management system on the basis of Financial and

non- Financial indicators. Define responsibility centers for achieving efficiency and effectiveness in business operations.

Reporting & Analysis:CMAs are expert in evaluating financial transactions from book keeping to reporting of financial statements as peraccounting and financial reporting standards. CMAs are proficient in analysis of financial statements for managementand external stakeholders and also depicting how a company is performing over a specific period of time. Underthe Reporting and Analysis Competency, CMAs learn to:

Support external financial reporting by implementing new accounting and reporting standards in correlation withthe local regulatory pronouncements.

Figure out appropriate treatment associated with unusual or complex transactions i.e., lease, goodwill, financialinstruments, group accounting and determine the resulting impact.

Implement accounting policies, in letter and spirit. Explicate the quantitative and qualitative characteristics of financial statements. Assist management in preparing consolidated statements of a single company and group of companies with

recommendations for adequate treatment of intercompany transactions and reporting. Comprehend social and environmental issues which are likely to be the most important to stakeholders and

report them in published accounts.

Technology and Innovations:To keep up with new technologies replacing many of the accounting skills traditionally in demand, CMAs need torefine and perfect their skills in a variety of areas. These skills enable the CMAs to analyze, design and operate theinformation system, develop and maintain its security, perform system audit and innovate easier and optimumbusiness solutions to align the organization’s data strategy to its business strategy in the digital era. Technology andInnovation competencies enable CMAs to:

Enhance business performance using technology to analyze data, to solve problems and bring innovation tobusiness operations and financial processes.

Assess the critical threats to technology and information systems and identify the optimum solutions to effectivelytackle such threats.

Transform and simulate the data using digital technologies to gain insights, support decision making and providealternate solutions.

Integrate the technology advancement with business life cycle and provide innovative solutions over each phaseof business cycle since business setup.

Ensure availability, utility, integrity, control and security of data.



Start your journey whether you have Intermediate / A - Level Certificate / under graduate / post graduate degree or

professional certification of the IFAC member bodies.

ICMA Pakistan takes full account of the fact that people may want to commence/continue their studies at different points.

Hence, we have flexible entry routes for various academic backgrounds. Our expert team of professionals will assess your

previous qualification documents to guide you towards the most suitable entry route.

Pathway towards ACMA/FCMA designation

Entry Route

12 Years of Education

Level 1 Level 2

Operational

Managerial

Strategic

PracticalCorporateTrainingProgram

O1. Fundamentals of Financial Accounting

O2. Business Economics

O3. Business Communication andReport Writing

O4. Fundamentals of Management

O5. Business Mathematics & StatisticalInference

O6. Commercial Laws

M1. Fundamentals of Cost &Management Accounting

M2. Enterprise Management

M3. Management Information Systems

M4. Financial Accounting & CorporateReporting

M5. Management Accounting

M6. Corporate Governance, BusinessLaws & Ethics

S1. Advanced Financial Accounting &Corporate Reporting

S2. Audit & Assurance

S3. Business Taxation

S4. Strategic Management Accounting

S5. Strategic Financial Management

S6. Strategic Management

PM1. ERP Solutions and PracticalAspects of Accounting & AuditingProcedures

PM2. Financial Modelling andManagement Reporting

PM3. Practical Aspects of Banking andFinance

PM4. Practical Aspects of Taxation

PM5. Practical Aspects of Business Laws

PM6. Communication Skills


– Start your ACMA journey at Operational level 1 of CMA Qualification

– A-levels certificate holders may apply for waiver from following 3 courses subject to having studied and

passed relevant courses:

O1 - Fundamentals of Financial Accounting

O2 - Business Economics

O5 - Business Mathematics & Statistical Inference

– Intermediate certificate holders in Commerce may apply for waiver from O1 – Fundamentals of Financial Accounting

– Combine your studies with full-time/part-time employment in public/private sector

– Study at your own pace in a classroom or through distance learning

– Typically, students spend around 4 years to complete the qualification

Level 1 Level 2

Managerial

Strategic






M6. Corporate Governance,Business Laws & Ethics







Entry Route

14 years of Education

– Graduates with 14 years education background in Commerce or Business Studies may further build

their business knowledge

– Start your ACMA journey at Managerial level 1 of CMA Qualification

– Get a head start in job market by boosting your degree with professional qualification

– Combine your studies with full-time/ part-time employment in public/private sector

– Study at your own pace in a classroom or through distance learning

– Typically, students spend around 2 years to complete the qualification


Level 1 Level 2

Managerial

Strategic










Entry Route

16 years of Education in Commerce / Business Studies

Fast track your route towards CEO/CFO/CIA/CS with ACMA designation for Post Graduates with 16 years educationbackground in Commerce or Business Studies

– Start your ACMA journey at Managerial level 2 of CMA Qualification– Get a head start in job market by boosting your degree with professional qualification– Combine your studies with full-time/part-time employment in public/private sector– Study at your own pace in a classroom or through distance learning– Typically, students spend around 1.5 years to complete the qualification

Level 1 Level 2

Managerial

Strategic













Entry RoutePost Graduates with Non-Commerce /

Business Studies Education


Want to change your career or run your own business? CMA Qualification is your route to the board room

– Start your ACMA journey at Managerial level 1 of CMA Qualification subject to attending threeweeks classes of Basic Accounting Course (BAC)

– Get a head start in job market by boosting your degree with professional qualification– Combine your studies with full-time/part-time employment in public/private sector– Study at your own pace in a classroom or through distance learning– Typically, students spend around 2 years to complete the qualification

Professional Qualification Holders

Already have a professional qualification?

ICMA Pakistan recognises and has agreements with Professional bodies locally & internationally. Graduates and studentsof local and international professional bodies may visit ICMA Pakistan website: www.icmap.com.pk or the nearest campusfor details of applicable entry routes and waivers in courses.


Education Methodology

ICMA Pakistan offers flexible

study options to suit student's lifestyle

and commitment. A student can

Study full time or part time at

any ICMA Pakistan campus (morning

and evening classes are available), or Study through 'Distance Learning Programme'

In order to support students, faculty at ICMA Pakistan

include in their lectures:

Learning Methodology

Classroom Lectures Presentations Case studies Review of Journal Updation of Laws E-Learning

Role Model sessions Group Discussions Situation Analysis Industry visits Guest Speeches Executive Coaching


Syllabus Outline

Operational Level-1

O1 – Fundamentals of Financial Accounting

Part Syllabus Content Area Weightage

A 10%Conceptual, System and Regulatory Framework1. Accounting Nature and Objectives2. Introduction to Financial Accounting

3. Accounting Regulatory Framework4. Accounting Concepts and Conventions

B 50%

Accounting Systems and Accounts Preparation5. Source Documents and Books6. Double Entry and Ledger accounting7. Trial balance and Financial statements8. Accruals and prepayments9. Tangible non-current assets10. Intangible non-current assets11. Bad debts and allowances for receivables12. Provisions and Contingencies

13. Accounting for Inventories14. Accounting for Sales Tax15. Accounting for Payroll16. Bank Reconciliations17. Control accounts18. Correction of Errors

C 40%

Final Accounts19. Sole traders' accounts20. Company accounts21. Manufacturing accounts22. Incomplete records

23. Income and expenditure accounts24. Statements of cash flows25. Financial Ratios

Total 100%

O2 – Business Economics


A60%

1. Organization2. Return to Shareholders3. Demand & Supply Analysis4. Price Elasticity5. Price Instability and Government Measures

6. Cost Behavior7. Profit Maximization8. Competition, Market Effects and

Government Measures

B 40%

9. Functions of the Financial System10. Domestic Institutions and Markets11. Foreign Exchange Markets

12. Macroeconomic: Trade Cycle13. Macroeconomic: The Role of Government14. International Context

Total 100%

Following are subject wise indicative grids and weightage, detailed contents of each course may be viewed

on ICMA Pakistan website at https://www.icmap.com.pk/syllabus.aspx


O3 – Business Communication and Report Writing


A 35%

Fundamentals of Effective Business Communication1. Introduction2. Communication in Organization3. Oral Communication

4. Interpersonal Communication (IPC)5. Written Communication

B 40%Crafting Business Messages, Reports, Proposal and Memos6. Business Letters 7. Report Writing

C 15%Case Analysis and Presentation Skills8. Case Method of Learning 9. Presentation Skills

Total 100%

D 10%Employment and Group Communications10. Employment Communication 11. Group Communication

Operational Level-2

O4 – Fundamentals of Management


A 30%Introduction to Management1. Management Definition and Functions2. Basics of Management Process

3. Key concepts in Management

B 55%

Management of Relationships4. Control5. Leadership and Motivation6. The financial function; conflict

7. Negotiation and communication8. Culture

C 15%Global Business Environment9. Social, political and economic context10. Type of organization

11. Governance and Regulation

Total 100%


O5 – Business Mathematics & Statistical Inference


A 40%

Business Mathematics1. Basic Mathematical Techniques2. Formulae and Equations3. Derivatives

4. Compounding and Discounting5. Basic Investment Appraisal

B 60%

Statistics and Statistical Inference6. Data and Information7. Collection and Presentation of data8. Averages9. Dispersion10. Correlation and Linear Regression11. Index numbers12. Probability

13. Normal distribution14. Estimation & Testing15. Sampling & Sampling Frequency

Distribution16. Forecasting - Time series

Total 100%

O6 – Commercial Laws


A 10%1. Introduction to Legal System of Pakistan

B 70%2. The Contract Act, 18723. Sales of Good Act, 1930

4. Partnership Act, 19325. Negotiable Instrument Act, 1881

Total 100%

C 20%6. PPRA Ordinance, 20027. PPRA Rules, 2004 (Public Procurement Regulatory Authority)


Managerial Level - 1

M1 – Fundamentals of Cost & Management Accounting


A 20%

The Nature, Source and Purpose of Management Information1. Introduction to costing and

performance measurement2. Introduction to management accounting

3. Sources of data4. Cost classification5. Cost behavior

B 20%Cost Accounting System6. Accounting for Materials7. Accounting for Labour

8. Accounting for Overheads

Total 100%

C 40%

Cost Accounting Techniques and Methods9. Absorption and marginal costing10. Job, Batch and Service costing11. Process costing

12. Process costing, joint productsand by-products

D 20%Standard Costing13. Standard costing 14. Variance analysis

M2 – Enterprise Management


A 35%

Operations Management1. Operations management and its

importance for Management Accounting2. Types of production3. Plant maintenance

4. Production planning and control5. Productivity and Efficiency Evaluation6. Quality Management

B 20%Human Capital Management7. Human Resource Management 8. Human Resource Practices

Total 100%

C 25%

Marketing Management9. Marketing and business strategy10. Marketing plans, branding and

communications

11. Developments in marketing

D 20%Enterprise Management12. Enterprise performance management 13. Performance measurement tools


M3 – Management Information Systems


A 50%

Information Systems1. Emerging Technology in E-Business2. Infrastructure and Operations3. Information and Databases

4. Systems acquisition / developmentprocess

B 50%

IT Audit5. The Process of Auditing Information

Systems6. Governance and Management of IT7. Auditing Infrastructure and Operations

8. Auditing Systems Acquisition /Development Process

9. Information Security Management (ISM)10. Business Continuity and Disaster Recovery

Total 100%

Managerial Level - 2

M4 – Financial Accounting & Corporate Reporting


A 5%Regulatory and Conceptual Framework1. The regulatory framework 2. The Conceptual Framework

B 85%

Single Company Financial Accounts3. IAS 1 (Revised) Presentation of Financial

statements4. Reporting Financial Performance5. Other Reporting6. Accounting for non-current assets7. Intangible non-current assets

8. Impairment of Assets9. Leases10. Statements of Cash Flows11. IAS 2 Inventories and Short term WIP12. Share Based Transactions and Financial

instruments

Total 100%

C 10%Accounting for Taxation13. IAS 12: Income taxes


M5 – Management Accounting


A 15%Forecasting and Budgeting Techniques1. Forecasts 2. Budgeting

B 15%Standard Costing and Variance Analysis3. Standard Costing 4. Variance Analysis, Interpretation and Profit

Reconciliation

Total 100%

C 20%

Project Appraisal Methods5. Capital Investment decisions6. DCF techniques of investment appraisal7. Taking account of taxation and inflation

8. Additional aspects of investment decisionmaking

D 15%Cost Analysis9. Break Even Analysis 10. Limiting factor Analysis

E 20%Modern Costing Techniques11. Marginal Cost Analysis12. Activity Based Costing

13. Throughput and Back flush Accounting14. Environmental costing

F 15%

Managing Short-term Finance15. Working Capital Management16. Cash flow forecasts17. Cash Management

18. Receivables & Payables Management19. Inventory Management


M6 – Corporate Governance, Business Laws & Ethics


A 60%

Companies Act, 2017, Relevant Rules and Regulations1. Companies Act, 20172. Companies (Incorporation)

Regulations, 20173. Securities Act 2015

4. Listed Companies (Code of Corporate Governance) Regulations, 2019

B 10%Special Companies5. Modaraba Companies and Modaraba

(Floatation and Control) Ordinance, 19806. Non Banking Finance Companies

Total 100%

C 15%

Other Laws, Regulations and Professional Ethics10. Pakistan Stock Exchange Rule Book 11. Anti-money Laundering Act, 201012. Professional Ethics

D 15%Secretarial Practices13. Company Secretary, Functions and

Responsibilities14. Meetings, Resolutions and E-filing

7. The Companies (further issue of shares) Regulations, 2018 8. Listed Companies (Buy-Back of Shares) Regulations, 2019 9. Public Offering Regulations, 2017


Strategic Level -1

S1 – Advanced Financial Accounting & Corporate Reporting


A 20%

Matters Related to Recognition and Measurement1. Substance over form2. Financial instruments3. Employee benefits

4. Share-based payments5. Asset valuation and Changing prices

B 30%

Group Financial Statements6. Introduction to group accounting7. Consolidated statement of financial position8. Consolidated statement of comprehensive

income9. IAS 27, IFRS 10, IFRS 3 (Revised),

IFRS 1310. Effect of Non-controlling interests

11. Acquisition of a Subsidiary during itsaccounting period

12. Consolidated Statement of comprehensiveincome

13. Consolidated Statement of changes inEquity

14. Associates and Joint ventures

Total 100%

C 25%Complex Group Topics15. Changes in group structures16. Complex group structures

17. Foreign currency18. Group statements of cash flows

D 15%Performance Reporting19. Ratios and trend analysis20. Earnings per share IAS 33

21. Segment reporting IFRS 8

E 10%External Reporting22. Advancement in Financial Reporting 23. Advancement in Non-Financial Reporting


S2 – Audit & Assurance


A 10%1. Audit framework and Regulation

B 55%

2. Planning and risk assessment GeneralPrinciples and Responsibilities

3. Risk Assessment and Response toAssessed Risk

4. Internal Control5. Internal Audit6. Audit Evidence7. Collecting Audit Evidence

C 20%8. Using the Work of Others 9. Audit Conclusions and Reporting

D 15%10. Cost Audit

Total 100%

S3 – Business Taxation


A 60%Income Tax1. Income Tax Ordinance, 2001 2. Income Tax Rules, 2002

B 30%Sales Tax3. The Sales Tax Act 19904. The Sales Tax Rules 2006

Total 100%

C 10%Indirect Tax5. Federal Excise Act and Rules


Strategic Level -2

S4 – Strategic Management Accounting


A 25%

Cost Planning, Analysis and Techniques1. Cost Planning2. Cost Analysis3. Cost Management Techniques

4. Externally Oriented Cost ManagementTechniques

B 40%

Pricing and Product Decisions5. Relevant Costs6. Short-term decisions7. Risk and uncertainty8. Linear programming: the graphical method

9. Linear programming: the simplex method10. Multi-product breakeven analysis11. Pricing decisions and pricing strategies

Total 100%

C 35%

Performance Management and Responsibility Centre12. Budgetary Control13. Performance Evaluation

14. Measuring performance in Divisionalisedbusinesses

15. Transfer pricing

S5 – Strategic Financial Management


A 10%Formulation of Financial Strategy1. Objectives of organizations2. Constraints on Financial Strategy

3. Forecasting and Analysis4. Financial Strategies

B 45%

Financing Decisions5. Equity finance6. Debt finance7. Leasing

8. The cost of capital9. The capital structure10. Treasury Management

Total 100%

C 45%

Investment Decisions and Project Control11. Investment appraisal techniques12. International investment13. Specific investment appraisal scenarios

14. Control of investment projects15. Business valuations16. Amalgamations and restructuring


S6 – Strategic Management


A 15%

Strategic Management and Competitive Environment1. Nature and Scope of Strategic Management2. Strategy: Introduction, Levels and

Concepts

3. General and Competitive environment

B 15%Interacting with the Competitive Environment4. Business strategy and strategy

development5. Stakeholders and corporate objectives

Total 100%

C 45%

Strategy Development and Strategic Options6. Strategic decision making7. Resource audit8. Generic strategies9. Directions and methods of growth

10. Evaluating strategic options11. Strategic marketing12. Information systems and strategy13. Issues in strategic management

D 10%Change Management14. Organizational change 15. Implementing change

E 5%Implementing Strategic Plans16. Strategic control

F 10%Risk Management17. Risk Management

Practical Corporate Training Program


PM1 – ERP Solutions and Practical Aspects of Accounting & Auditing Procedures


A 75%1. Overview of ERP 2. ERP-Financials

B 25%3. Audit Procedures

Total 100%

PM2 – Financial Modelling and Management Reporting


A 60%

MS Excel1. Getting Started with Microsoft Office Excel2. Performing Calculations3. Modifying a Worksheet4. Formatting a Worksheet5. Printing Workbooks6. Managing Workbooks7. Working with Functions8. Working with Lists9. Analyzing Data

10. Visualizing Data with Charts11. Using Pivot Tables and Pivot Charts12. Working with Multiple Worksheets and

Workbooks13. Using Lookup Functions and Formula

Auditing14. Sharing and Protecting Workbooks15. Automating Workbook Functionality16. Forecasting Data

B 20%

Microsoft Word17. Getting Started with Word18. Formatting Text and Paragraphs19. Working More Efficiently20. Managing Lists21. Adding Tables22. Inserting Graphic Objects23. Controlling Page Appearance24. Preparing to Publish a Document25. Organizing Content Using Tables and

Charts26. Customizing Formats Using Styles and

Themes27. Inserting Content Using Quick Parts

28. Using Templates to Automate DocumentFormatting

29. Controlling the Flow of a Document30. Simplifying and Managing Long

Documents31. Using Mail Merge to Create Letters,

Envelopes, and Labels32. Manipulating Images33. Using Custom Graphic Elements34. Collaborating on Documents35. Adding Document References and Links36. Securing a Document37. Using Forms to Manage Content38. Automating Repetitive Tasks with Macros


PM2 – Financial Modelling and Management Reporting


C 20%

MS PowerPoint39. Getting Started with PowerPoint40. Developing a PowerPoint Presentation41. Performing Advanced Text Editing

Operations42. Adding Graphical Elements to Your

Presentation43. Modifying Objects in Your Presentation44. Adding Tables to Your Presentation45. Adding Charts to Your Presentation

46. Preparing to Deliver Your Presentation47. Modifying the PowerPoint Environment48. Customizing Design Templates49. Adding Smart Art and Math Equations to

a Presentation50. Working with Media and Animations51. Collaborating on a Presentation52. Customizing a Slide Show53. Securing and Distributing a Presentation

Total 100%

PM3 – Practical Aspects of Banking and Finance


A 15%1. General Banking Operations

Total 100%

B 30%2. Bank Financing 3. Islamic Banking

C 25%4. Import & Export Documentation 5. Consumer Financing

D 20%6. Compliance Requirements of State Bank of Pakistan

E 10%7. Modern Trends in Banking

PM4 – Practical Aspects of Taxation


A 30%Taxation

Total 100%

B 40%Computation of Tax Liabilities

C 30%Filing of Tax Returns and Statements


PM6 – Communication Skills


A 50%Business Report Writing

Total 100%

B 50%Presentation Skills

PM5 – Practical Aspects of Business Laws


A 60%Corporate Laws1. Company's Registration2. Maintaining of Statutory Records

3. Filing of Statutory Returns and Forms

B

Total 100%

Other Laws and Procedures4. Social Security5. Employees Old Age Benefits (EOBI)6. PPRA Rules7. Human Resource (HR) Policies, Procedure and Rules

5%5%20%10%


Examination System


Realizing the global challenges and to upgrade benchmarks of best practices as prescribed by International Federation

of Accountants (IFAC), the Institute being examining body reviewed its existing standards through a study on

examination administration. The question papers of all accounting courses are set in accordance with International

Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as well as the Accounting and

Auditing Practices and Guidelines, issued by the professional bodies of Pakistan whereas courses related to Pakistani

laws and regulations i.e., Commercial Laws, Corporate Governance, Business Laws & Ethics and Business Taxations

are examined by considering all updated laws and pronouncements issued by national regulatory bodies. Question

paper patterns can be viewed at https://www.icmap.com.pk/cma_pattern_structure_question_paper.aspx. Passing

percentage in the examination of each course is 50%.

Examination of nine (9) courses upto Managerial Level-1 and all six modules of Practical Corporate Training Program

are Computer Based Examination [CBE] based on Multiple Choice Questions (MCQs), Numerical Assessment

Questions (NAQs) and Descriptive Assessment Questions (DAQs) and other nine (9) courses from Managerial Level-

2 to Strategic Level-2 are written examinations comprised of short answers, case studies, descriptive and objective

testing etc. Examinations are conducted four times yearly in following months:

Computer Based Examinations:

In March, June, September and December.

Written Examination:

In February, May, August and November

Recognition for Passing Examinations

Upon passing the prescribed examinations, the following certificates are awarded by the Institute:

a) CMA Operational Level Certificate is awarded to those students who pass all the courses

up to Operational Level-2

b) CMA Managerial Level Certificate is awarded to those students who pass all the courses

up to Managerial Level-2

c) CMA Strategic Level Certificate is awarded to those students who pass all the courses up to

Strategic Level-2

d) CMA Practical Corporate Training Certificate is awarded to those students who pass all the courses

up to Strategic Level-2 and applicable modules of practical

Corporate Training.

e) CMA Final Certificate is awarded to those students who pass all courses

up to Strategic Level-2 and applicable modules of practical

Corporate Training.

Management Accountants as Corporate Leaders

Muhammad Shahzad Khan SherwaniGM, Finance and AdministrationPunjab Municipal Development Fund Company

It is my honour that I have studied from the esteemed Institution - ICMA Pakistan and it is also a

great honour for me that the institute recognised my high achievement in studies by awarding me

with D.R. PATTON Gold medal. The Institute equipped me with the latest skills which encourages

me towards achieving milestones in my practical life in corporate sector, public sector and with

donor agencies. Based on my wonderful experience, I wish for the mother institution - ICMA Pakistan

to grow with leaps and bounds to serve the future generations.

For professionals, especially related to management and finance, working for good organizations

and to be able to add value in a conducive work environment is probably a very common sole

objective. I am one of those lucky ones who achieved this very early and realized that all this is just

a baseline and there's a lot more which we need to do in order to justify our very existence. Having

a holistic view of the society, and the world we are living in, and positioning one's own self accordingly,

is of utmost importance in this regard. Try to look beyond the boundaries of home-office-home

circle and live your life at full multi-faceted potential with full energy, zeal and fervour.

M. Amir Afzal RanaGM Systems & Audit

Beacon House Group



I honestly believe that I wouldn't be where I am today without my CMA qualifications. It proved to

provide an exciting professional career even with a very humble educational, financial and family

background. After 20 years of qualification, I say with all my honesty that ICMA Pakistan is the only

institute which has created that many success stories and changed lives of thousands of qualified

members and their families. Long Live ICMA Pakistan.

Abdul KhalilChief Financial OfficerLahore Knowledge Park Company

For me, ICMA Pakistan is the gateway to the world of leadership where I started my career in

Accounting & Finance and later achieved the highest prestige of this profession to become the CFO

of a listed Company. ICMA Pakistan empowered me enough with the confidence to go even beyond

to become head of sales department of different segments of a large organisation.

With the rapid and diversified evolution of global business scenarios, the need for effective business

leaders is felt more than ever before. With its vision and commitment, ICMA Pakistan is producing

such business leaders who can assume any role in the organisation in order to steer it to the highest

level of success.

Adnan IqbalNational Manager

Buxly Retail & Non Retail BusinessBerger Paints Pakistan Limited


ICMA Pakistan qualification provided me a head start in my professional career by placing me at

a position ahead of the crowd. The qualification gave me enough potential to capitalize upon and

ensure smooth sailing throughout my career. I feel proud and honored in being part of this fraternity.

Ghulam AbbasChief Financial Officer

Panther Tyres Limited

CMA as a qualification has lead to sustainable growth and prosperity in my career. Apart from

accounting and finance knowledge, ICMA Pakistan has given me a broad understanding of business

and economic environment thus providing the right blend of skills and knowledge to successfully

play my role as the CEO.

Aftab Q. MunshiChief Executive OfficerAL Habib Capital Market


It gives me utter satisfaction and elation to be the youngest female CEO of a public sector organization

in urban transport of Pakistan that is simply owing to the unmatched qualification I attainted at

ICMA Pakistan. Notably, the exquisite profession of accountancy provides auspicious avenues for

females to perform their crucial role in strategic planning as well as in robust development of the

country. For students I believe that once you make a firm decision, the universe conspires to make

it happen and for accomplishment, strive to set priorities for maintaining perfect work life balance

to embark on the path of unparalleled progress.

Mariam KhawarChief Executive OfficerLahore Transport CompanyGovernment of Punjab

Choosing Accountancy Field and specially joining ICMA Pakistan was one of my best decisions in

life. ICMA Pakistan is not only the best education institute but a family. After 14 years of passing

final exams, ICMA Pakistan is still providing best learning opportunities and helping for career growth.

Today I am a proud ICMAPIAN who is serving his nation through professionalism, dedication and

honesty which I had learned from my prestigious institute. Thank you ICMA Pakistan for realising

my dreams.

Muhammad Aamir ZakeeChief Financial Officer &

Company SecretaryWater and Sanitation Services

Company, Abbottabad


Accounting is an exciting and noble profession. The professionalism and honesty of accountants

make people trust the financial picture of a single company and the whole economy. My message

is to stay true to your profession and never stop growing and learning. Competence, honesty and

a professional attitude will take you to your goals in life and earn you professional respect, which I

believe is the ultimate goal.

Abid HussainExecutive Director

Securities and ExchangeCommission of Pakistan

Shaham AhmedHead of AccountsPak Suzuki Motor Company Limited

“CMA qualification - a qualification of choice” opened many doors for me in my career. After gaining

a prestigious and highly respected qualification, I can confidently quote from my own experience

that you can work at the highest levels of accountancy, finance or business not only locally but

internationally. Today, I am leading accounts department of one of the biggest manufacturing

industries based on my CMA qualification from ICMA Pakistan.


It's a matter of great honour and pride for me to be a member of ICMA Pakistan. The knowledgeand skills imparted by ICMA Pakistan through rigorous study courses and practical trainings boostedmy confidence and professional competence to successfully handle the challenges of senior positionsin finance services of the government.

I'm incharge of Military Finance Wing which deals with financial matters of Ministry of Defence,Ministry of Defence Production, all Service Headquarters (i.e. GHQ, NHQ & AHQ) and other defencerelated establishments like PoF, Wah, PACB, Kamra and HIT, Taxila.

Farzand Ali AdilAdditional SecretaryMilitary Finance (BPS-21)Ministry of Finance,Government of Pakistan

I am proud to be a CMA as I contribute in professional life towards my organization due to skills Ilearned. Some examples of the tasks I am incharge of are:

Re-organized the company structure and improved systems by the identification of problemsand advising the solutions

Build and maintain effective controls over the financial systems of the organization Work for the community by involvement in social networking

It is indeed a right time to be a Management Accountant.

Abdul ShakoorGM Finance

Haroon Fabrics (Pvt) Limited


Achieving the hard target is a lifetime joy. Being CMA is your complete introduction. The three letters

“CMA” instantly describe yourself, that you are intelligent, hardworking, trustworthy, professional

and ethical. You serve the society by safeguarding it on economic front and enhancing value addition

of business. I am holding the office of Company Secretary of a listed company. My responsibility

is to keep my company a responsible corporate citizen. Being CMA, I am well equipped with required

skills and knowledge to smartly manage my responsibilities and earn respect for my profession.

Sehrish IshtiaqCompany Secretary

NetSol Technologies Limited

Islamabad CampusICMA Pakistan Building, Plot No. 16,

Sector H-9, Islamabad.Tel : +92-51-9265213, +92-51-9265215-18

(Ext:103-106), UAN 051-111 262 092,Cell: 0312-9650859, Fax: 051-9265212E-Mail: [email protected]

Quetta CampusICMA Pakistan Campus

Pearl Institute ofManagement &

Information Technology,Alamdar Road, Quetta

Cell: 0300-8389748,Tel: [email protected]

Multan CampusICMA Pakistan BuildingICMAP Street, Shalimar Colony, Bosan Road, Multan.Cell: 0300-7304530, Tel: +92-61-9330482E-Mail: [email protected]

Faisalabad CampusICMA Pakistan Campus335-B People's Colony No.1,Off Satiana Road, Faisalabad.Tel: +92-041-9220103, 9220151-52,E-Mail: [email protected]

Peshawar CampusICMA Pakistan Campus,

House No. 15-B(1), Old Jamrud Road,University Town Peshawar

Tel: +92-91-9216068, +92-91-9216213,Cell: 0333-5962790,

E-Mail: [email protected]

Lahore CampusICMA Pakistan Building 42,Ferozepur Road, Lahore, Pakistan.Cell: 0332-4455890 &0320-4455890Tel: +92-42-99214695Fax : 042-99214699.E-Mail: [email protected]

Main Campus – KarachiNorth Nazimabad CampusICMA Pakistan Campus, C-19, Block-D,Near Five Star Chowrangi, North Nazimabad, Karachi.Cell: 0311-8956968, Tel: +92-21-99333254E-Mail: [email protected]

Gulshan-e-Iqbal, ICMA Pakistan BuildingST-18/C, ICMAP Avenue, Block 6,Gulshan-e-Iqbal, Karachi 75300,Cell: 0334-3103198, Tel: +92-21-99243598,Ext: 208, 209, E-Mail: [email protected]

Soldier Bazar Campus, ICMA Pakistan BuildingPlot No. 36/41, Hussain Shah Shaheed Road,Soldier Bazar, Karachi - 74400. Tel: 0332-2327380,E-Mail: [email protected]

Hyderabad CampusPlot # B1-8/34, Hyderabad Railway Employees CooperativeHousing Society (HRECHS), Auto Bhan Road,Unit # 2, Latifabad, Hyderabad.Cell: 0334-2889972 & 0335-2889972Tel: +92-22-3821321-23, E-mail: [email protected]