The CIMA Global Business Challenge is an international competition designed to bring out the best in potential business leaders among young undergraduates. The competition consists of analyzing, reporting and presenting on a CIMA case study.
Teams from all over the world; UK, Ireland, Hong Kong, Sri Lanka, India, China, Malaysia and Singapore are invited to participate in the preliminary round, where the winners from each country will compete in the final in Singapore.
All universities in Sri Lanka were invited to participate in the competition. From the entries received, four teams have been short listed to compete in the Sri Lanka national finals scheduled to be held on July 18 at CIMA Sri Lanka Division.
The Director of Education for CIMA Dr. R.G. Jelly said, â€œWith the worldâ€™s economy facing turbulent times, never before has there been a greater need for organizations to train and develop their people to manage the impact of these changes.
The Chartered Institute of Management Accountants (CIMA) with the new changes in its syllabus effective from 2010 remains true to its long and proud history of providing finance professionals with a different style in management accountingâ€.
â€œWe are obviously living in a world where businesses are constantly changing and in addition to this the recent downturn experienced in the world economy has largely affected how business enterprises function and operate.
The Chartered Institute of Management Accountants (CIMA), Sri Lanka division and the Sri Lanka Association of Software and Service Companies (SLASSCOM) partnered to promote Sri Lanka as a global center of excellence for Finance and Accounting BPO industry.
Sri Lanka is fast emerging as a niche Center of Excellence (CoE) for Finance and Accounting Outsourcing (FAO) with us having the second largest pool of UK qualified accounting professionals in the world. Recent Global Services magazine survey ranks Sri Lanka among the top 20 centers of excellence for FAO in the world. Leading global companies such as WNS, Amba Research, Quattro and HSBC have set up their FAO centers in Sri Lanka among several other local and international companies to take advantage of the growing pool of highly qualified accounting professionals in Sri Lanka.
Employers these days want to attract talented, well qualified people, who can â€˜doâ€™ rather than just â€˜knowâ€™; â€˜applyâ€™ rather than being â€˜theoreticalâ€™, and they want to â€˜Retainâ€™ efficient people whom they see as an â€˜investmentâ€™ that can create a competitive advantage.
Nurturing talent â€“ the time is now! is the topical subject of the CIMA HR Leadersâ€™ Breakfast Forum held on 16 June at Ceylon Continental Hotel. The key note speaker Dr (Hon) Robert G. Jelly, Director of Education, CIMA will deliberate on how HR Leadersâ€™ can nurture employees and build teams that remain relevant, up to date, internationally transferable and flexible, whilst adding value and competitive advantage to the organisation.
The Chartered Institute of Management Accountants (CIMA) will launch its updated professional qualification, CIMA Future on June 15 and 16 2009 in Sri Lanka.
Dr. Robert Jelly the Director of Education at CIMA will conduct workshops on the 2010 syllabus for CIMA tuition providers and students. Developed in conjunction with the University of Bath, the new qualification follows extensive research and contributions from more than 4,500 employers and other stakeholders worldwide. As an employer-led body, CIMA is the only professional accountancy qualification that is reviewed and updated every four years to ensure it remains the most relevant international accountancy qualification for business. The first examinations on the new qualification will be held in May 2010.
The Chartered Institute of Management Accountants (CIMA) has elected its first Asian-born (Sri Lankan born) President. Aubrey Joachim (FCMA) who was elected at the 90th CIMA AGM held at the Queen Elizabeth II Conference Centre, London, yesterday.
Now a management coach, providing training programmes across Australia, New Zealand, South East Asia, South Asia, the Middle East and Southern Africa. He has been a prolific presenter and conference speaker for over 14 years and regularly authors articles on management topics for professional journals.
Joachim was educated at St. Josephâ€™s College and St.
By Ramani KANGARAARACHCHI
Organisations that abandon strategic thinking not only run the risk of undermining the chances of advancing their business when the economy improves but they also endanger their ability to weather the storm, said CIMA Global President Glynn Lowth making a presentation on â€˜Strategy under stress and managing strategy in a downturnâ€™ held at JAIC Hilton Colombo on Tuesday.
Glynn Lowth, CIMA Global President
Lowth was in Sri Lanka to make this presentation to coincide with the CIMA 90th anniversary and the event was organized by the project SMED of the Federation of Chambers of Commerce and Industry of Sri Lanka.
The CIMA Spellmaster , a spelling competition introduced to promote and develop the English language skills of students island-wide in a fun and competitive manner, will be conducted this year as well, on a more elaborate scale announced, CIMA Regional Director Bradley Emerson at a press conference concluded in Colombo.
With the year 2009 being declared the year of English and IT, the spellmaster programme will help full fill the mission and the approach of the government to make English as a life skill in all corners of Sri Lanka
Going with the branding of the popular reality shows, this year the competition will be branded as the â€œCIMA Spellmaster Season 2â€. The new concept launched last year witnessed Ronali Perera of Holy Family convent, Bambalapitiya emerging as the Spellmaster from amongst 1,200 students from 240 schools. Asmara Agus of Crescent School International and U.Thakshanth of R. K. M. Sri Koneswara Hindu College, Trincomalee was placed 2nd and 3rd respectively. A noteworthy observation was that from the 20 finalists 15 were from the outstations and the final 6 consisted of only 2 students from Colombo. H. N. Gayana Madushani of Southlandsâ€™ College, Galle, S. M. Gaajathry of Uduppiddy Girls' College, Jaffna and B. Kapilan of Hartley College, Jaffna secured the 4rth, 5th and 6th places.
Glynn Lowth, CIMA World President, will speak to Bankers at a Breakfast meeting scheduled to be held on Tuesday, May 26 at the Ceylon Continental.
Organisations across the globe are facing uncertain and challenging times which bring with it numerous risks and opportunities at the same time.
Of all the challenges, `Finance' tends to take top priority.
Thus it is a pleasure for CIMA to be associated with the Bankers Club of Sri Lanka to share a few thoughts and insights on "Leading in a downturn".
Glynn, with his immense practical experience gained in Industry and Finance whilst working at major multinational companies which have seen many paradigm shifts in their markets, is well suited to speak on how businesses can deal with the challenges in a downturn, the importance of managing risk through the business cycle and identifying and capitalizing on the opportunities that arise.
CIMA (Chartered Institute of Management Accountants) students are masters of their own destiny according to the findings of the first ever global survey of students training to qualify as a Chartered Management Accountant. While over four fifths (83%) are confident they will keep their current position for the coming twelve months, 60% are considering moving. Indeed only 9% of students cite job security as a primary career motivator.
Ray Perry, Director of Brand, CIMA, said: â€œDespite the current economic climate and the toughest job market in decades, CIMA students remain confident of their job security. The portability of the qualification is also demonstrated as one in five CIMA students surveyed intend to move abroad in the next two years.â€
CIMA partnering MTV, launched â€œRevision Lectures on TVâ€. The CIMA Sri Lanka Division bi-annually organizes revision lectures for its students to ensure that they are well equipped to succeed in their exams.
Speaking on the program Regional Director CIMA Bradley Emerson saidâ€, â€œAt CIMA, we are continuously looking for innovative ways to meet the needs of our students.
It is in line with this objective that this year CIMA in partnership with MTV piloted this project to conduct a series of revision lectures for students of the managerial level.
We are most grateful to MTV for initiating such a novel concept and to all our lecturers who at a very short notice, readily accepted our request to be on the programâ€.
It's sometimes difficult to identify the true meaning of "professionalism." Many individuals use professionalism as a facade to cover their lack of ability to perform their job effectively. Others use it for intimidation to gain power. Still others use it as a way to impress the unknowing.
However, it seems that very few individuals use it for its original intent---to provide a foundation for effective communications and efficient performance.
At a time when professionalism is questioned and morality tested, the CIMA Studentsâ€™ Society (CIMASS) appointed its new committee on the 24th of January, headed by 24 year old Dinushika Dissanayake, a graduate in law and a CIMA Passed Finalist.
The CIMA Sri Lanka CEO forum will be held in collaboration with Singapore Institute of Management on 26 March 2009 at Hilton Colombo. The forum will feature a presentation by Mr Mourad Mankarios, Principal Coach, SIM on the subject, â€˜Beyond the warâ€™ â€“ Building: human capital â€“ organisation â€“ economy.
Mr. Mankarios was the former Chairman and CEO of Philips Electronics Singapore Pte Ltd and has wide range of experience in areas of operations, IT and regulatory framework working in the Middle East, Africa, Netherlands and East Asia.
Mr Mankariosâ€™s deliberation will focus on how Sri Lanka can position itself to rejuvenate and reinvent its industries to become an active participant in beyond the war economy, and how strong leadership can result in building human capital and recreating viable lines of businesses. The Forum will conclude with an insightful and interesting panel discussion with an eminent line of business leaders.
The CIMA Sri Lanka CFO forum on 'History repeats - The Satyam debacle and the lessons for CFOs' will be held on March 13 at the Cinnamon Grand Hotel.
The forum will feature a timely presentation by Ravi Raman, a prasticing risk management professional.
He is a Fellow Member of The Institute of Risk Management and a Certified Information Systems Auditor of ISACA, who has keenly pursued the study of various financial failures in the last two decades and is following the recent Satyam's scandal in India.
At present he is the Chief Operating Officer of Oracle Financial Services BPO, India.
CIMA (The Chartered Institute of Management Accountants), Sri Lanka Division in collaboration with the Institute of Personnel Management Sri Lanka has organised a Mastercourse "Finance for HR Professionals" on March 11.
In today's dynamic business environment organizations need an edge over their competitors to succeed. An effective Human Resources department is an indispensable part of the success of any business.
Many senior executives admit that today, HR plays a more effective, strategic role in their organizations and believe that the application of financial analysis to HR functions can be crucial to that effort. The question is how many HR employees possess the requisite skills.
CIMA (Chartered Institute of Management Accountants) has won the prestigious Accountancy Body of the Year award at the annual PQ Magazine awards, held recently at Quaglinoâ€™s in London.
According to PQ Magazine, CIMA students applauded the recent move to more exam sittings, and reduced waiting times for exam results. The institute was also praised by students for promoting the CIMA brand and furthering their future.
PQ magazine editor Graham Hambly said: â€˜CIMA has become the listening body. The 2010 syllabus is a breath of fresh air. Melding the case study and practical experience requirements shows the instituteâ€™s commitment to producing competent accountants for the future.â€™
CIMA (The Chartered Institute of Management Accountants), the world's leading and largest professional body of Management Accountants announced that Sri Lanka was only one of two countires worldwide to secure a World Prize winner at the November 2008 examinations.
Dilshani Gunawardena won the CIMA world prize for P7 Financial Accounting and Tax Principles at the Managerial level by obtaining 96 marks proving that dedication and study can produce exemplary results. This is the second Sri Lankan to win a world prize in 2008, the first being Nilusha Fonseka for P2 Management Accounting Decision Management.
By Cheranka Mendis
The Charted Institute of Management Accounting (CIMA) inaugurated their Corporate Partner Programme 2009 based on the theme of â€œPowering up Professional Progression.â€
The CIMA Corporate Programme was initiated last year and premeditated to build relationships with leading corporate organisations in Sri Lanka; thereby attaining communal gains from CIMAâ€™s high brand recognition and compatible professionalism and values. The highly successful programme of last year has been able to â€œFacilitate a dialogue on a wide range of contemporary issues affecting business.â€
CIMA Sri Lanka will host the first Regional Technical Symposium 2009 from February 13-14, at the BMICH. It will attract over 700 members of CIMA and the business community from Sri Lanka and the Asian Region.
The Symposium is designed to address technical matters of corporate and national interest spanning the Asian Region.
The Regional Technical Symposium would include CFOs and other top finance professionals from countries such as India, China, Pakistan, Malaysia, Singapore, Hong Kong, Sri Lanka, the Middle East and the UK.
The objective of the symposium is to create awareness and stimulate an interest among the participants on management accounting and related subjects, to provide participants a forum to deliberate on broad technical issues and to address the perceived gap between the theory and practice of management accounting and to spur the participants to develop their potential further which would enable them to perform better and add value to their stakeholders in business.
HSBC recently signed an agreement with CIMA designed to help CIMA students and members manage the financial investment of the professional qualification.
The finance package from HSBC has been tailored to benefit CIMA students and members by offering low interest payment schemes on all CIMA registration, tuition and exam fees over an agreed period of time, allowing one to manage and budget for costs over a period of time without having to face high interest rates usually associated with payment plans. The offer will be available to any student, member or parent who holds an HSBC Credit Card. CIMA members and students could contact CIMA Sri Lanka Division for information.
Early next year CIMA Sri Lanka will be hosting the first Regional Technical Symposium in Colombo, which will attract over 700 members of CIMA and the business community both from Sri Lanka and the Asian Region.
It is designed to address technical matters of corporate and national interest spanning the Asian region. This event is scheduled to take place at the BMICH, main hall on 13 and 14 February 2009.
The audience for the Regional Technical Symposium would include CFOs and other top finance professionals from countries such as India, China, Pakistan, Malaysia, Singapore, Hong Kong, Sri Lanka, the Middle East and the UK.
CIMA Sri Lanka annouced the arrival of Stephen Berry author of the book Strategies of the Serengeti to Sri Lanka.
Stephen Berry MBA, BSc(Hons), FCMA, ACIB, DipFS, former CFO, is a highly qualified speaker, consultant, trainer and international MBA lecturer in business strategy. Previously a finance director and banker, Stephen has worked in the harsh climates of the corporate Serengetiâ€™s of our business world and brings practical skills and processes for real life rather than academia. He takes some complicated strategic ideas and brings them to life with the analogy of the Serengeti animals. This makes the learning memorable, colourful and unique. The vast range of available strategies become apparent and the 'words of the animals' give us strong intellectual reasons for considering them.
22 year old Surath Chandrasena created history at CIMA by being the only to Sri Lankan student, receive world prizes for all six papers at the Managerial Level examinations conducted by CIMA under its current syllabus.
Chandrasena who completed the foundation course of CIMA within a span of six months whilst awaiting entrance to the University, is now an undergraduate currently reading for a Bachelor of Business Management at Bangalore University, India under a Scholarship awarded by the Government of India and is reported to have completed the second year with the highest aggregate in his class.
CIMA students from Sri Lanka scored some of the highest marks in the world in the May 2008 exams with a few of them going on to adjudged as "Top Prize Winners" in the latest exam diet.
Amongst the winners was a World Prize Winner for the paper P2, Management Accounting Decision Management, Nilusha Anne Fonseka.
The winning students were awarded the designation of prize winner for their high scores and excellent student performances which count towards their qualification as a Chartered Management Accountant.
By Hiran H. Senewiratne
Sri Lanka could get a lot of advantages being geographically located in the Indian sub-continent. This is because India is one of the emerging economies in the world, President - Chartered Institute of Management Accountants (CIMA) Sri Lanka Gowri Shanker said.
She said Sri Lanka could develop into a main supporting country for India with the industrialisation of major cities like Chennai and Bangalore.
One of the areas we could focus on is Indian travellers to Sri Lanka with the increasing of the middle class and the disposable income. If Sri Lanka could attract at least two to three per cent of Indian travellers to Sri Lanka, it could greatly benefit us remarkably, she said.