Orbit Institutes' Presentation on CPA CMA Diploma in IFRS

63
Importance of Getting Certified

Transcript of Orbit Institutes' Presentation on CPA CMA Diploma in IFRS

Page 1: Orbit Institutes' Presentation on CPA CMA Diploma in IFRS

Importance of Getting Certified

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There is a Skills 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

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A Demand for Certification

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

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Benefits of Certification

CompetitiveAdvantage

CommitmentTo Excellence

PersonalSatisfaction

ProfessionalRecognition

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Certification gives you a Prestigious Career

Positioning DistinguishYourself Knowledge

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The Certification Programs

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Certified Public Accountant

CPA (USA)Gateway for Global

Opportunities

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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.

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Benefits of being a CPA

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Earning Potential

What you can 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 advantageIt’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

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Companies hiring CPA’s in India

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The 3 E’sEligibility, Education & Exam

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Eligibility Requirements

Indian Graduates having 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

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Eligibility Requirements

Orbit Institutes is 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 equivalencyTransform your Bachelor of Commerce degree into a U.S Degree  

• Graduate Credit OptionsPrepare for the CPA Exam & simultaneously earn academic credits - Enroll through DeVry University’s Keller Graduate School of Management and complete the required coursework.

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Education Requirements

• US equivalent 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

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Uniform CPA Exam

Four Independent 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 jurisdictionExam is administered at Prometric Testing

CentersExam can be taken in UAE

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CPA Exam Format

The CPA exam questions are composed of:• Multiple choice questions • Task based simulations • Essay questions

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Financial Accounting &

Reporting

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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%

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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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Audit & Attestation

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Audit and Attestation Content

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Audit and Attestation 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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Regulation

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Regulation - Content

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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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Business Environment &

Concepts

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Business Environment & Concepts Content

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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

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CPA Examination Schedule

The candidates can choose to appear in computer-based CPA exams during the first two months of each calendar quarter.

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Becker’s CPA Exam Review

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The Becker Difference

53out of 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 examSince 2005, almost 90% of all Watt Sells award winners prepared with Becker

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A complete CPA Review 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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The Becker Difference

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Diploma in International Financial Reporting

Dip IFRReport in the language the world understands.

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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.

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Diploma in International Financial 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.

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Course Duration

•The ACCA Diploma 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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Eligibility & Exam

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Eligibility

• The DipIFR is 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)

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What’s the exam like?

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 authority2. Elements of financial statements3. Presentation and additional disclosures4. Preparation of external financial reports for single entities5. Preparation of external financial reports for combined entities6. Preparation of external financial reports for joint ventures

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Exam & Assessment

•There are 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

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DipIFR Learning System

Becker Professional 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

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Certified Management Accountant

CMA (USA)

Gold standard of achievement in accounting and financial management.   

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About the CMA Credential

• 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

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The Value of the 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

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Competitive Advantage

• Most of 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

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Who Benefits from the CMA Credential?

Those who benefit from the CMA credential:

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The CMA Exam & Eligibility Requirements

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The CMA Exam Content

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

Management25%

Internal Controls 15% Investment

Decisions 20%

ProfessionalEthics 5% Professional

Ethics 5%

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The CMA Exam Content

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 WindowsJanuary-February;

May-June; September-October

Testing WindowsJanuary-February;

May-June; September-October

Passing Grade Approximately 72% Passing Grade Approximately 72%

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CMA Examination Schedule

The CMA exam is CBT offered at Prometric centers in India. Parts 1 and 2 can be given during the following three testing window

Testing WindowJanuary – FebruaryMay -JuneSeptember - October

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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

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Eligibility Criteria

• To be eligible for CMA certification, you must fulfill all of the following requirements:

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Wiley IMA CMA Learning System

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About The Institute of 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

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Wiley IMA CMA Learning 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 calculationso End-of-section questions, with explanations, to test your understandingo Retired sample essay questions - 28 in Part 1 and 25 in Part 2 - with answerso Tips on exam preparation and study planningo An extensive reference bibliography

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The Online Test Bank 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

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Orbit Institutes

Your Professional Development & Training Destination

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• Leading provider of 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

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The Orbit Advantage

Why study 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.

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Orbit Institutes offer Internationally Recognized Certification and Diploma programs in the field of Accounting , Auditing Finance

Courses offered at Orbit

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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 / 1250E: [email protected]: http://orbitinstitutes.com