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Orbit Institutes' Presentation on CPA CMA Diploma in IFRS
The document discusses the importance and benefits of getting certified in accounting and finance. It notes that there is a skills shortage and that CFOs need employees with competencies beyond what traditional education provides. There is also a growing demand for certification due to increasing complexity, a focus on ethics, and globalization. Certification provides benefits like competitive advantage, commitment to excellence, personal satisfaction, professional recognition, and career positioning. It then discusses popular certification programs like the CPA, CMA, and DipIFR and provides an overview of the eligibility requirements, exam structure, and review courses available to prepare for each.
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Orbit Institutes' Presentation on CPA CMA Diploma in IFRS
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- 2. There is aSkills Shortage CFOs are telling us they need more than what the educational system currently provides: •College accounting curricula do not cover in enough depth the critical skills needed on corporate finance and accounting teams •CFOs need to raise the competency of their teams •There exists a skills gap at all levels, including the business analytical level •Planning and analysis identifying “advanced” or high potential finance and accounting staff
- 3. A Demand forCertification The demand for training & certification globally has substantially increased and continues to increase as a result of: • Arising complex financial and accounting (general, management and cost accounting) practices and concepts globally • A renewed focus on business ethics. Companies must now critically examine their entire accounting process • Business in a global economy, where adapting to other cultures and understanding global business perspectives and regulations are extremely required • Increased competition in a globalized environment
- 4. Benefits of Certification Competitive Advantage Commitment ToExcellence Personal Satisfaction Professional Recognition
- 5. Certification gives youa Prestigious Career Positioning Distinguish Yourself Knowledge
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- 7. Certified Public Accountant CPA (USA) Gatewayfor Global Opportunities
- 8. What is CPA? •Certified Public Accountant • Top accounting credential in U.S. • Governed by the American Institute of Certified Public Accountant ( AICPA) U.S • CPA License is issued by one of the 55 states boards of the U.S that authorizes the holder to practice as a CPA • Equivalent to the CA Qualification in India.
- 9. Benefits of beinga CPA
- 10. Earning Potential What youcan earn as a CPA. Balance sheets, annual reports, and financial forecasts are the accountant’s stock and trade. But what happens when you run the numbers on the profession itself and specifically the CPA designation? Take a look. The $1 million dollar advantage It’s true. Over the course of a 40-year career, a CPA can earn as much as $1 million more than a non-certified accountant. CPA's can earn up to 10% more than their non- credentialed counterparts. *Per 2012 Robert Half Salary Guide
- 11. Companies hiring CPA’sin India
- 12. The 3 E’s Eligibility,Education & Exam
- 13. Eligibility Requirements Indian Graduateshaving an Associate’s degree from an accredited university with relevant educational requirements in accounting and business You are eligible to sit for CPA Exam if you are : •Chartered Accountants • ICWAs • Company Secretaries •MBAs •Post Graduates with accounting background •Commerce Graduates
- 14. Eligibility Requirements Orbit Institutesis here to help you meet eligibility requirements to sit for the CPA exam. If you don’t meet the educational requirements, we have solutions for you. • U.S. Degree equivalency Transform your Bachelor of Commerce degree into a U.S Degree • Graduate Credit Options Prepare for the CPA Exam & simultaneously earn academic credits - Enroll through DeVry University’s Keller Graduate School of Management and complete the required coursework.
- 15. Education Requirements • USequivalent Bachelor’s degree or higher • Most states require 150 semester hours: Equivalent to a masters degree Specific number of accounting core credit needed • Some states allow a candidate sit for the CPA Exam with 120 credit hours
- 16. Uniform CPA Exam FourIndependent Sections: • Financial Accounting and Reporting (FAR) - 4 hours • Auditing and Attestation (AUD) - 4 hours • Regulation (REG) - 3 hours • Business Environment and Concepts (BEC) - 3 hours Exam can be taken in any state or jurisdiction Exam is administered at Prometric Testing Centers Exam can be taken in UAE
- 17. CPA Exam Format TheCPA exam questions are composed of: • Multiple choice questions • Task based simulations • Essay questions
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- 19. Financial Accounting &Reporting Content Financial Accounting & Reporting Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements 17% - 23% Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures 27% - 33% Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures 27% - 33% Governmental Accounting and Reporting 8%-12% Not-for-Profit (Non-governmental) Accounting and Reporting 8%-12%
- 20. Financial Accounting &Reporting Structure • Three multiple-choice question (MCQ) testlets containing 90 questions • One testlet containing seven short, task-based simulations (TBS) • 15 MCQs and 1 TBS are pretest questions • Passing Grade 75
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- 22. Audit and AttestationContent
- 23. Audit and AttestationStructure • Three multiple-choice question (MCQ) testlets containing 90 questions • One testlet containing seven short, task-based simulations TBS • 15 MCQs and 1 TBS are pretest questions • Passing Grade 75
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- 26. Regulation - Structure •Three multiple-choice question (MCQ) testlets containing 72 questions • One testlet containing six short, task-based simulations (TBS) • 12 MCQs and 1 TBS are pretest questions • Passing Grade 75
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- 28. Business Environment &Concepts Content
- 29. Business Environment &Concepts Structure • Three multiple-choice question (MCQ) testlets containing 72 questions • Three written communication tasks • 12 MCQs and 1 written communication task are pretest questions • Passing Grade 75
- 30. CPA Examination Schedule Thecandidates can choose to appear in computer-based CPA exams during the first two months of each calendar quarter.
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- 32. The Becker Difference 53outof 59 2014 CPA Top Scorers prepared with Becker! The AICPA has announced the 2014 Elijah Watt Sells award winners, recognizing the top performers on the CPA exam Since 2005, almost 90% of all Watt Sells award winners prepared with Becker
- 33. A complete CPAReview focused on your success Becker Professional Education provides you with everything you need to succeed on exam day. With our 2015 CPA Exam Review, you can study anywhere, anytime from any internet-connected computer or download materials and work offline. You can also access the course from popular mobile devices such as iPad, iPhone and Android devices when you’re on the go. Your progress will automatically synchronize between your devices so you can pick up right where you left off • 160 hours of expert instruction • Over 6,500 multiple choice questions • Over 250 task-based simulations that mirror the exam • Two full final practice exams per part with the content and functionality of the actual CPA Exam • Study Roadmap to help you navigate what to study and how much time to devote to each topic • Comprehensive textbooks and eBooks • Interactive Study Planner to help you develop an optimum study plan tailored to your preferences
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- 35. Diploma in International FinancialReporting Dip IFR Report in the language the world understands.
- 36. Dip IFR :The World’s Financial Reporting Language • To offer you career boosting results through learning, Orbit Institutes has teamed up with Becker Professional Education to bring ACCA’s (The Associated of Chartered Certified Accountants) Diploma in International Financial Reporting (DipIFR) •This is a major milestone since IFRS (International Financial Reporting Standards) is quickly becoming a worldwide set of regulations, and so knowing how to apply them is a must for any accounting professional who wants to get ahead in the global economy.
- 37. Diploma in InternationalFinancial Reporting (DipIFR) The Diploma in International Finance Reporting (DipIFR) is offered by the Association of Certified Chartered Accountants (ACCA). •ACCA is a global organization with students and members in 170 countries. • With a solid reputation for over 100 years, the ACCA is recognized and respected internationally. •This diploma is essential for finance professionals not already familiar with the principles of International Financial Reporting Standards (IFRS). •It builds on the technical and practical know-how gained from recognized country-specific accountancy qualifications and relevant work experience.
- 38. Course Duration •The ACCADiploma in International Financial Reporting (DipIFR) is professional certification and will enable you to gain knowledge of accounting policies and pronouncements which are becoming a benchmark on the global platform for reporting and disclosure of financial information. The course covers a period of 12 days. •The Two Day Review Course gives you an insight into the latest accounting principles and pronouncements under IFRS.
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- 40. Eligibility • The DipIFRis a specialized designation rooted in the realities and projected development of accounting. This is why you are only eligible if you fall into one of the following categories: •Qualified professional accountants and auditors (according to their national accounting standards) who actively practice their profession •Non-qualified practitioners with three years’ of relevant accounting experience (a letter from the employer must be provided as proof)
- 41. What’s the examlike? To be awarded the DipIFR you must pass a single three hour written exam (pass mark is 50%). The exam can be taken in June and December at any of ACCA’s over 350 exam centers around the globe. The key topics covered are: 1. International sources of authority 2. Elements of financial statements 3. Presentation and additional disclosures 4. Preparation of external financial reports for single entities 5. Preparation of external financial reports for combined entities 6. Preparation of external financial reports for joint ventures
- 42. Exam & Assessment •Thereare two examination sessions each year - in June and in December. Assessment • The Diploma will be assessed by one written examination which lasts for three hours and can be taken at British Consulate Offices in India. • The pass mark is 50%. • The Diploma will be examined at one of ACCA's examination centers. ACCA operates over 300 examination centers at each examination session. •The examination fee is GBP 211
- 43. DipIFR Learning System BeckerProfessional Education is a Gold Approved Learning Partner – content (ALP-c) status. This title of recognition was awarded by the Association of Certified Chartered Accountants (ACCA). Becker International empowers you with a complete collection of study materials and online programs to prepare you for the DipIFR. You get complete coverage of the syllabus, a question bank full of examination standard questions and realistic mock examinations. The learning system includes: • Study System and Study Overview •Monitoring Test I and Monitoring Test II •Mock Exam •Study Question Bank •Revision Question Bank •Supplement (showing the updates in the material from the last sitting of the exam)4
- 44. Certified Management Accountant CMA (USA) Goldstandard of achievement in accounting and financial management.
- 45. About the CMACredential • The CMA is the advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance • The CMA is tailor-made for accounting and finance professionals at all levels, whether you want to enhance your value to your current organization or expand your career potential • Earning the CMA will make you part of a network of over 30,000 credentialed peers worldwide
- 46. The Value ofthe CMA: to Organizations Reflects employees' current and relevant expertise hence providing added value to your organization Helps achieve the organization competitive edge in the corporate world Helps develop creative solutions for complex problems Reflects a commitment to staying abreast of latest business developments Helps stay financially safe in a volatile environment by applying the latest financial and accounting techniques and modelling
- 47. Competitive Advantage • Mostof the companies are encouraging their employees to be enrolled in the CMA program to send a prestigious image to the market • Compared to U.S. CPA, CFA, CMA in Canada, CMA in U.K, and ACCA in U.K. • Multi-national corporations are incorporating the CMA certification as part of their professional development programs for employees • On average, an accountant with CMA certification will make 25% more than accountants without certification • On average, an accountant with both CMA and CPA Certifications will make 32% more than accountants without certification
- 48. Who Benefits fromthe CMA Credential? Those who benefit from the CMA credential:
- 49. The CMA Exam& Eligibility Requirements
- 50. The CMA ExamContent Part I Financial Planning, Performance and Control Part II Financial Decision Making Planning, Budgeting and Forecasting 30% Financial Statement Analysis 25% Performance Management 25% Corporate Finance 25% Cost Management 25% Decision Analysis and Risk Management 25% Internal Controls 15% Investment Decisions 20% Professional Ethics 5% Professional Ethics 5%
- 51. The CMA ExamContent Part I Financial Planning, Performance and Control Part II Financial Decision Making 4-hour exam 3 hours 100 multiple-choice questions 4-hour exam 3 hours 100 multiple-choice questions 1hour two Essays 1hour two Essays Testing Windows January-February; May- June; September- October Testing Windows January-February; May- June; September- October Passing Grade Approximately 72% Passing Grade Approximately 72%
- 52. CMA Examination Schedule TheCMA exam is CBT offered at Prometric centers in India. Parts 1 and 2 can be given during the following three testing window Testing Window January – February May -June September - October
- 53. Eligibility Requirements Educational Requirements: •Bachelors Degree, in any area (including but not limited to: business, engineering, law, medical, sciences), from an accredited college or University • Any candidate who does not have a Bachelors Degree and willing to sit for the exam (even if not enrolled at university yet), can sit for both exams but will not be certified until he/she fulfills the educational requirements mentioned above within a period of seven years Professional Experience: • Candidates must complete two continuous years of professional experience in management accounting and/or financial management • This requirement may be completed prior to or within seven years of passing the examination. • Continuous part-time positions of 20 hours per week meeting the definition of qualified experience will count toward this requirement at a rate of one year of experience for every two years of part-time employment
- 54. Eligibility Criteria • Tobe eligible for CMA certification, you must fulfill all of the following requirements:
- 55. Wiley IMA CMALearning System
- 56. About The Instituteof Management Accountants • The CMA designation is offered by the Institute of Management Accountants (IMA) • The IMA was founded in 1919 • The IMA headquarters are located in New Jersey • IMA currently represents more than 60,000 accountants and financial professionals in business • It is considered as the world's largest leading organization dedicated to empowering management accounting and finance professionals • IMA's mission is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical & best business practices in management accounting & finance • The IMA approved over 250 chapters internationally
- 57. Wiley IMA CMALearning System Textbooks • Part 1 and Part 2 each include a textbook and one-year access to the Online Test Bank, to provide a full test-prep experience • Each Part's textbook contains over 500 pages of vital CMA knowledge, including: o An overview of all critical concepts and calculations o End-of-section questions, with explanations, to test your understanding o Retired sample essay questions - 28 in Part 1 and 25 in Part 2 - with answers o Tips on exam preparation and study planning o An extensive reference bibliography
- 58. The Online TestBank provides: • 850+ multiple-choice questions for Part 1 and over 1000 for Part 2 • A grade book to track your progress • Available 24/7 • Practice at your own pace and on your own schedule • One-year access for each Part or two years of access when buying both Parts at once Wiley IMA CMA Learning System Textbooks
- 59. Orbit Institutes Your ProfessionalDevelopment & Training Destination
- 60. • Leading providerof educational and Professional training services in India • Serving since 1997 • Learning Centers in 9 Major Cities across India • Pune, Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Chandigarh, Cochin, Jaipur • Trusted by 300+ Corporate in India. • The Authorized Representative of Becker Professional Education USA for CPA, DipIFR, ACCA. IMA CMA Learning Systems partner About us Orbit set out to arm professionals and graduates with a competitive edge, through globally recognized certifications, thereby making individuals the preferred choice of employers worldwide Orbit set out to arm professionals and graduates with a competitive edge, through globally recognized certifications, thereby making individuals the preferred choice of employers worldwide
- 61. The Orbit Advantage Whystudy with Orbit? With our unique blend of learning approach, delivery method options, and valuable resources and support, you can count on us to help you reach your certification goals.
- 62. Orbit Institutes offerInternationally Recognized Certification and Diploma programs in the field of Accounting , Auditing Finance Courses offered at Orbit
- 63. Thank you Questions &Answers To understand all about the CPA Qualification and the world of opportunities that go with it, we request you to : T: 020 26169533 / 1250 E: info@orbitinstitutes.com W: http://orbitinstitutes.com
Editor's Notes
- #4 New Horizons Management Consultants (Sister Company )offers Short Term Training programs in IFRS, US GAAP, US Taxation, Financial Statement Analysis, SOX and other Tailor-made Accounting and Finance courses.
- #63 New Horizons Management Consultants (Sister Company )offers Short Term Training programs in IFRS, US GAAP, US Taxation, Financial Statement Analysis, SOX and other Tailor-made Accounting and Finance courses.