“CIMA chose to work with Nilai University because it is one of the most reputable higher education institutions in the country. We want to be involved with quality partners that understand the meaning of quality education which will produce fine, well-rounded graduates,” says Irene Teng, Chartered Institute of Management Accountants (CIMA) Regional director for Southeast Asia and Australasia. Teng also said that CIMA was impressed by Nilai U’s Setara 5 / Excellent ranking by the Malaysian Qualifications Agency as well as the granting of full university status last year by the Ministry of Higher Education. She was speaking at the signing of a MoU between CIMA and Nilai University (Nilai U) at a luncheon in Flamme restaurant at the latter’s campus.
According to the terms of the MoU, students in Nilai U’s BA (Hons) in Accounting and Finance programme will receive eight exemptions from CIMA for its professional examinations:
1) Fundamentals of Management Accounting
2) Fundamentals of Financial Accounting
3) Fundamentals of Business Mathematics
4) Fundamentals of Business Economics
5) Fundamentals of Ethics, Corporate Governance and Business Law
6) Enterprise Operations
7) Performance Operations
8) Financial Operations
These exemptions will pave the way for students to realise their ambitions to become chartered accountants. When asked why students should opt for CIMA qualification, Teng explained that her organisation specialised in producing ‘Management Accountants’ which is distinct from ‘Financial Accountants’. “CIMA trains financially qualified business leaders who can do more than just count. These are people who are articulate and can solve real-life business problems,” she adds. The syllabus is reviewed every five years to ensure it is constantly up-to-date with industry trends and requirements. CIMA also actively hosts forums and roundtable discussions to gain feedback from industry leaders and CFOs.
Teng also pointed out that CIMA is a global organisation with 23 offices throughout the world. “One of the most exciting developments happened in January last year when CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA), the world’s largest accountancy association. It is a good synergy as CIMA is also the world’s largest professional body of management accountants. Together, we represent more than half a million professional accountants in all the five continents,” she emphasises. This new joint venture with AICPA offers a new professional designation – Chartered Global Management Accountant (CGMA). According to Teng, those who qualify for CIMA membership will automatically get the CGMA designation which is highly sought after.
Under the terms of the MoU, Nilai U students will have the option of sitting for one CIMA exam paper at the Certificate or Operational Level whilst pursuing their degree. Upon successful completion, these students will receive either the CIMA Certificate in Business Accounting or the CIMA Diploma in Management Accounting. “The benefit of this route is that these students will have had a taste of CIMA exams at tertiary level and know what to expect. They will also graduate with these additional qualifications which will benefit them greatly in the job market,” explains Teng.
During the luncheon, Teng and Nilai U President Prof Datuk DR Megat Burhainuddin presented prizes to students who took part in CIMA Business Simulation Games earlier in the day. Students were given a business model, in this instance – a pizza parlour, with the aim of generating maximum profits. “The games are designed to allow students to learn about decision making, communications and other vital lessons crucial in real world business environment,” says Teng.
Nilai U believes in providing students with training from organisations that will give them an added competitive edge in the employment market. Besides CIMA, Nilai U has signed MoUs with the Institute of Chartered Accountants in England and Wales (ICAEW), Malaysian Food and Beverage Executive Association (NFBEA) and Malaysian Institute of Chartered Secretaries and Administrators (MAICSA).
