CIMA SA contributes significantly to transformation of the accounting industry
CIMA, the Chartered Institute of Management Accountants, is actively transforming the accounting profession and is clearly the first choice for African accountants as evidenced by the positive annual growth trend in African students in South Africa, who have been joining CIMA in increasing numbers.
“For the last four years CIMA has registered more African students than any other single population group and this trend looks set to continue as management accounting becomes increasingly recognised around the world as a global accounting profession;” says Samantha Louis, CIMA Africa Regional Director, “this is as a result of our transformation strategy being successfully implemented.”
In 2009, for the first time, the percentage of African students registering exceeded the percentage of white students; this has continued with the gap between the two population groups widening year on year contributing to real change in the accounting profession in South Africa.
From 2005 to 2008 although the percentage of white students registering exceeded African students, when combining African, coloured and Indian students, black students registering have outnumbered white students.
Says Louis: “Five years ago we were registering new students at a ratio of one third white and two thirds African, coloured and Indian. In 2009 we saw the percentage of African students increase dramatically to more than 40% of all new students registering with CIMA in the course of a year.
“Meanwhile the percentage of white students registering has continued to decline as a percentage of overall students; and for the last two years this has dropped to less than 30% of new registrations. Importantly, although the ratios of our registration statistics are changing the demographics of our student population, our student numbers have also increased in absolute terms with double digit percentage growth year on year for the last five years. In reality this means that while all population groups are increasing, African students are registering at a faster rate. This is positive news for the transformation of the accounting profession.”
Two significant developments in the last year have contributed to the attractiveness of CIMA as a professional qualification in management accounting.
Says Louis: “The most significant development was CIMA’s joint venture with the American Institute of CPAs (AICPA) in January 2012, which launched the first truly global designation for management accountants - the Chartered Global Management Accountant (CGMA). Having a globally recognised designation, as a combined body of management accountants, has advanced management accounting as a profession overall and greatly improved employability for our members.
“A second and more recent development is that CIMA was recognised as the professional body for management accountants in South Africa at the launch of the Policy and Criteria for the Recognition of Professional Bodies and Registration of Professional Designation on the National Qualifications Framework (NQF).
“This means that we have been recognised as the professional body which contributes to the development and implementation of the education and training system and the career paths of chartered management accountants in South Africa.”
This recognition formalises the designations in the South African context, and acknowledges the completion of the CIMA professional qualification and building the relevant work experience required to achieve the designation.
The CIMA designations registered on the NQF are:
• Associate Chartered Management Accountant (ACMA), and
• Fellow Chartered Management Accountant (FCMA).
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