ICMA Pakistan Prospectus 2019 PDF Free Download
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Lead The Business World
With ICMA Pakistan
CMA is a Qualification which enables you to become
CEO / CFO / CIA / CS and provides opportunities to serve in
every sector of the economy in Pakistan & abr oad at
Corporate Leadership positions
Institute of Cost and Management Accountants of
Pakistan is a Professional Accounting Organisation
that empowers you to become competitive locally
and globally. Being a member of ICMA Pakistan will
help you reach the height of your career. The
corporate sector, striving for business growth,
profitability and sustainability, is facing challenges to
remain competent and transparent while adopting
emerging business opportunities. It is a dire need of
the time for professionals to align themselves to
efficiently respond to the changing world of business
for which competent professionals are required with
the comprehensive knowledge and competency in
financial and non-financial areas. ICMA Pakistan is
just the Institute to teach you these skills. Presently,
the Institute has more than 7,000 members. These
members are serving on senior management positions
such as CEOs, CFOs, COOs, CIAs, Company
Secretaries, Financial Analysts, Public Practitioners,
Management Consultants, etc. Apart from high
demand in the corporate sector, the CMA qualification
from ICMA Pakistan provides opportunity to its alumni
and members to practice the profession.
President’s Message
The Institute supported formation of international and regional associations and got the honor of
becoming their founding member. The Institute has a membership of International & Regional
accounting associations such as International Federation of Accountants [IFAC], Confederation of
Asian and Pacific Accountants [CAPA] and South Asian Federation of Accountants [SAFA]. ICMA
Pakistan is also the only participant of International Integrated Reporting Council in Pakistan.
I welcome you onboard and look forward for you to be a valuable addition to the Institute’s highly
recognized members’ network adding value to the economy of our country.
Members of National Council
Zia ul Mustafa Awan, FCMA
CFO & Business Administrator,
Pakistan Expo Centres Private Limited
Shehzad Ahmed Malik, FCMA
Chief Executive Officer,
Shehzad Malik Management Consultants (Pvt) Ltd
Shaham Ahmed, FCMA
Staff General Manager Finance,
Pak Suzuki Motor Co. Ltd.
Ather Saleem Ch., FCMA
Member Tribunal, Anti-Dumping,
Government of Pakistan
President Vice President Honorary Secretary Honorary Treasurer
Anis-Ur-Rehman, FCMA
Additional Director Finance,
Pakistan Civil Aviation Authority (PCAA)
Member
Khawaja Ehrar Ul Hassan, FCMA
EVP, Group Head Compliance & Risk,
House Building Finance Co.
Member
Khalid Mehmood, FCMA
Chief Financial Officer,
NBP Fund Management Ltd.
Member
Awais Yasin, FCMA
Company Secretary,
Lahore Electric Supply Co. (LESCO)
Member
Jameel Ahmad, FCMA
Dep uty Governor,
State Bank of Pakistan
Govt. Nominee
Sumaira K. Aslam
Chief Financial Analyst/ Deputy Chief Cost
Accounts Officer, Finance Division
Government of Pakistan
Govt. Nominee
Muhammad Kamran Shahzad, ACMA
Deputy Chief Cost Accounts Officer,
Finance Division Government of Pakistan
Govt. Nominee
Muhammad Anwar Shaikh
Chief Cost Accounts Officer/ Additional
Finance Secretary, Finance Division,
Government of Pakistan
Govt. Nominee
03 ICMA Pakistan Prospectus 2019
Institute of Cost and Management Accountants of
Pakistan is an excellent place for learning, capacity
building and professional grooming. We make sure
that this learning should be imparted in a befitting
academic environment. For this purpose, we provide
best faculty and state of the art environment to
develop professional abilities and capabilities of
students. Besides this, we also provide the students
with certain “Distance Learning” options. We are
committed to educating tomorrow’s leaders and for
that we do not leave any stone unturned to provide
the best academic environment within our campuses
across the country. CMA qualification from ICMA
Pakistan will help you rise to the top and will empower
you to become locally and globally competitive. I am
sure that the time spent at ICMA Pakistan and the
membership designations will make you a real
contributor towards the development of economy
of the country.
Executive Director’s Message
Branch Councils
UK Saudi Arabia UAE
Peshawar Quetta Faisalabad Multan
Karachi IslamabadLahore
Canada
Australia
ICMA Pakistan Prospectus 2020
Vision
To be the Preference in
Value Optimization for Business.
Mission
To develop Business Leaders through imparting
quality education and training in financial and non-financial
areas to bring value addition in the economy.
Core Values
Competence
Innovation
Transparency
Professionalism
Ethics
A chartered institute of professional accountants and business leaders
International Affiliations
Being a leading professional Institution of Pakistan, apart from performing due role within the country, ICMA Pakistan
is contributing towards world economy which is in the phase of innovation and globalization. The Institute, while
realizing its role towards global economy, supported formation of international and regional associations and got
the honor of becoming their founding member.
The Institute has a membership of following International & Regional accounting associations and it is actively involved
in promoting the profession of accounting across the globe:
IFAC is the global
organization for the
accountancy profession
dedicated to serving the
public interest by
strengthening the profession
and contributing to the
development of strong
international economies.
IFAC comprises of 179
members and associates in
130 countries and
jurisdictions, representing
approximately 2.5 million
accountants in public
practice, education,
government service, industry,
and commerce.
The Confederation of Asian
and Pacific Accountants
(CAPA) represents national
professional accounting
organizations in the Asia-
Pacific region. Today, CAPA
has a membership of 31
accounting organizations in
24 jurisdictions.
CAPA is by far the largest
regional accounting
organization and its
geographical reach spans
half the globe.
SAFA is a forum of
professional accountancy
bodies and is committed to
position, maintain and
develop the accountancy
profession in SAARC Region
and ensuring its continued
eminence in the world of
accountancy; in the public
interest and towards broad
economic development of
the region.
Presently, nine accounting
bodies of SAFA represent
over 250,000 professional
accountants.
Since 1974 Since 1980 Since 1984
International
Federation of
Accountants (IFAC)
Confederation of
Asian and Pacific
Accountants (CAPA)
South Asian
Federation of
Accountants (SAFA)
The International
Integrated Reporting
Council (IIRC)
Since 2018
The International
Integrated Reporting
Council (IIRC) is a global
coalition of regulators,
investors, companies,
standard setters, the
accounting profession
and NGOs.
The coalition is promoting
communication about
value creation as the next
step in the evolution of
corporate reporting.
Established in 1995 as
an investor-led
organisation, the
International Corporate
Governance Network's
mission is to promote
effective standards of
corporate governance
and investor stewardship
International Corporate
Governance Network
(ICGN)
Since 2020
ICMA Pakistan Prospectus 2020
Higher Education
Commission of Pakistan
For the purpose of employment and higher education, the Higher Education Commission of Pakistan
(HEC) recognizes the ICMA Pakistan qualification equivalent to Master's degr ee.
Recognized by Higher Education
Commission of Pakistan (HEC)
A chartered institute of professional accountants and business leaders
Contents
About ICMA Pakistan 01
Land your Dream Job with ACMA / FCMA 02
ACMA / FCMA with ICMA Pakistan 03
Never Put a Limit on your Dr eams 04
CMA Competency Framework 05
Pathway towards ACMA/FCMA Designation 07
Education Methodology 11
Practical Corporate Training Program 23
Examination System 27
Management Accountants as Corporate Leaders 28
01 ICMA Pakistan Prospectus 2020
About ICMA Pakistan
More than 15,000 Students, 7,000 Members and
thousands of professional linkages.
7,000
Members
700
Certified Directors
15,000
Students
ICMA at a Glance
200
Employees
10
Education Campuses
200
Faculty Members
1,200
Employers
110
Public Practicing
Firms
Presence in more than
40
Countries
What is ACMA/FCMA?
Associate Cost and Management Accountant (ACMA) and Fellow Cost and Management Accountant (FCMA) are
two levels of membership status of ICMA Pakistan.
The students, on qualifying examinations and meeting practical experience requirements, are awarded membership
of the Institute which is a professional and legal status to join the fraternity of Institute’s members. Valued and
respected, the designations next to your name convey to employers and society that you are the right business
leader who can steer the sustainable success of the organisation you work for.
ACMA/FCMA designations set our members apart from the rest. Our members enjoy recognition as forward thinking,
financially qualified business leaders who are not only in high demand within the country but are also recognised
outside Pakistan.
Land your dream job with ACMA/FCMA designation
02A chartered institute of professional accountants and business leaders
03 ICMA Pakistan Prospectus 2020
Whether you have Intermediate / A - Level (12 years of education), Graduation (14 years of education),
Post Graduation (16 years of education) or any other equivalent qualification r ecognized by HEC
and professional certification obtained from the IFAC member bodies given on the ICMA website,
you may join CMA Qualification at ICMA Pakistan to earn ACMA/FCMA designations.
ICMA Pakistan employs a dedicated team of professionals who will be with you at every step to
support and guide you towards your career success.
Top 6 reasons to acquire ACMA/FCMA Designation:
ACMA/FCMA with ICMA Pakistan
Flexible
study options
2
Earn well
3
Global recognition
4
Enhance your
business expertise
and financial
acumen
5
Employers
trust
ICMA Pakistan
6
Recognised by
HEC & Government
of Pakistan
1
04A chartered institute of professional accountants and business leaders
Management Accountants join the world of professionals after they graduate and have numerous
career options available to them. Our members ar e leading in following roles, around the world:
Never put a limit on your dreams
Chief Executive Officer Chief Financial Officer Chief Operating Officer
Chief Internal Auditor Chief Project Officer Chief Cost Accounts Officer
Company Secretary Business AnalystManagement Consultant
and many more
CMA Competency Framework
Management and Leadership:
Qualified CMAs have diversified skills in the field of Management Accounting and Management. CMAs hold pivotal
managerial positions in the corporate sector due to their competencies over the basic management functions, team
motivation, resources optimization, strategic goals achievement and risk management. Management and leadership
competency enables CMAs to:
Develop strategic goals aligned with the organization’s long-term plans and resources.
Identify and focus on critical areas where risks arise and devise strategies to transform the threats into opportunities
and wipe out those risks.
Think strategically and act proactively to meet organization needs under the Global Economic Challenges and
Competitions.
Promote collaboration by unifying teams, setting common goals and incentivizing collaborative working.
Devise policies, standards and procedures.
Governance, Laws and Ethics:
The CMAs have assumed the role of business advisors who understand the dynamics of Laws, Governance and
other regulatory directives.
These competencies are used by
CMAs to help corporations run
smoothly on practical, ethical and
legal bases and establish a foundation
for continued growth and success by
interacting with regulators and other
stakeholders. By acquiring
Governance and Ethics competencies
CMAs can:
Manage corporate affairs to
protect long term interests of the
stakeholders.
Analyze the impact of relevant
legislations, policies and
procedures on alternative
business decisions.
Liaise tax matters with tax
authorities within regulatory
frameworks to finalize tax liability
in complex and other situations.
Comply with all commercial laws
to provide for standardization of
the legal underpinnings of
business transactions.
Ensure implementation of
Corporate Governance Practices
and Professional Code of Ethics.
Advise and report on all legal
issues of organizations.
05 ICMA Pakistan Prospectus 2020
Business Acumen and Decision Making:
CMAs provide necessary information to management for taking short and long term decisions in Corporate environment.
These competencies give insight to analyse revenue channels, marketing activities, controlling, monitoring, budgeting
and other financial decisions in order to find the most profitable business model by curtailing costs in an efficient
manner. The CMAs have competencies to:
Classify cost elements and align cost classification, costing methods and techniques to get maximum profit from
Business operations.
Evaluate decision alternatives using analytical techniques and make recommendations.
Recommend to senior management and the board for best utilization of funds by analyzing different investment
alternatives using qualitative and quantitative techniques.
Perform cost planning, analysis and evaluate performance management system on the basis of Financial and
non- Financial indicators.
Define responsibility centers for achieving efficiency and effectiveness in business operations.
Reporting & Analysis:
CMAs are expert in evaluating financial transactions from book keeping to reporting of financial statements as per
accounting and financial reporting standards. CMAs are proficient in analysis of financial statements for management
and external stakeholders and also depicting how a company is performing over a specific period of time. Under
the Reporting and Analysis Competency, CMAs learn to:
Support external financial reporting by implementing new accounting and reporting standards in correlation with
the local regulatory pronouncements.
Figure out appropriate treatment associated with unusual or complex transactions i.e., lease, goodwill, financial
instruments, group accounting and determine the resulting impact.
Implement accounting policies, in letter and spirit.
Explicate the quantitative and qualitative characteristics of financial statements.
Assist management in preparing consolidated statements of a single company and group of companies with
recommendations for adequate treatment of intercompany transactions and reporting.
Comprehend social and environmental issues which are likely to be the most important to stakeholders and
report them in published accounts.
Technology and Innovations:
To keep up with new technologies replacing many of the accounting skills traditionally in demand, CMAs need to
refine and perfect their skills in a variety of areas. These skills enable the CMAs to analyze, design and operate the
information system, develop and maintain its security, perform system audit and innovate easier and optimum
business solutions to align the organization’s data strategy to its business strategy in the digital era. Technology and
Innovation competencies enable CMAs to:
Enhance business performance using technology to analyze data, to solve problems and bring innovation to
business operations and financial processes.
Assess the critical threats to technology and information systems and identify the optimum solutions to effectively
tackle such threats.
Transform and simulate the data using digital technologies to gain insights, support decision making and provide
alternate solutions.
Integrate the technology advancement with business life cycle and provide innovative solutions over each phase
of business cycle since business setup.
Ensure availability, utility, integrity, control and security of data.
06A chartered institute of professional accountants and business leaders
07 ICMA Pakistan Prospectus 2020
Start your journey whether you have Intermediate / A - Level Certificate / under graduate / post graduate degree or
professional certification of the IFAC member bodies.
ICMA Pakistan takes full account of the fact that people may want to commence/continue their studies at different points.
Hence, we have flexible entry routes for various academic backgrounds. Our expert team of professionals will assess your
previous qualification documents to guide you towards the most suitable entry route.
Pathway towards ACMA/FCMA designation
Entry Route
12 Years of Education
Level 1 Level 2
Operational
Managerial
Strategic
Practical
Corporate
Training
Program
O1. Fundamentals of Financial Accounting
O2. Business Economics
O3. Business Communication and
Report Writing
M1. Fundamentals of Cost &
Management Accounting
M2. Enterprise Management
M3. Management Information Systems
O4.
Fundamentals of Management
O5. Business Mathematics & Statistical
Inference
O6.
Commercial Laws
M4.
Financial Accounting & Corporate
Reporting
M5.
Advanced Management Accounting
M6.
Corporate Governance, Business
Laws & Ethics
S1. Advanced Financial Accounting &
Corporate Reporting
S2. Audit & Assurance
S3. Business Taxation
S4. Strategic Management Accounting
S5. Strategic Financial Management
S6. Strategic Management
PM1. ERP Solutions and Practical
Aspects of Accounting & Auditing
Procedures
PM2. Financial Modelling and
Management Reporting
PM3. Practical Aspects of Banking and
Finance
PM4. Practical Aspects of Taxation
PM5. Practical Aspects of Business Laws
PM6. Communication Skills
08A chartered institute of professional accountants and business leaders
– Start your ACMA journey at Operational level 1 of CMA Qualification
– A-levels certificate holders may apply for waiver from following 3 courses subject to having studied and
passed relevant courses:
O1 - Fundamentals of Financial Accounting
O2 - Business Economics
O5 - Business Mathematics & Statistical Inference
–Intermediate certificate holders in Commerce may apply for waiver from O1 – Fundamentals of Financial Accounting
– Combine your studies with full-time/part-time employment in public/private sector
– Study at your own pace in a classroom or through distance learning
– Typically, students spend around 4 years to complete the qualification
Level 1 Level 2
Managerial
Strategic
M1. Fundamentals of Cost &
Management Accounting
M2. Enterprise Management
M3. Management Information Systems
S1. Advanced Financial Accounting &
Corporate Reporting
S2. Audit & Assurance
S3. Business Taxation
M4.
Financial Accounting & Corporate
Reporting
M5.
Advanced Management Accounting
M6.
Corporate Governance,
Business Laws & Ethics
S4.
Strategic Management Accounting
S5.
Strategic Financial Management
S6.
Strategic Management
Entry Route
14 years of Education
– Graduates with 14 years education background in Commerce or Business Studies may further build
their business knowledge
– Start your ACMA journey at Managerial level 1 of CMA Qualification
– Get a head start in job market by boosting your degree with pr ofessional qualification
– Combine your studies with full-time/ part-time employment in public/private sector
– Study at your own pace in a classroom or through distance learning
– Typically, students spend around 2 years to complete the qualification
09 ICMA Pakistan Prospectus 2020
Level 1 Level 2
Managerial
Strategic
S1. Advanced Financial Accounting &
Corporate Reporting
S2. Audit & Assurance
S3. Business Taxation
M4.
Financial Accounting & Corporate
Reporting
M5.
Advanced
Management Accounting
M6.
Corporate Governance, Business
S4.
Strategic Management Accounting
S5.
Strategic Financial Management
S6.
Strategic Management
Entry Route
16 years of Education in Commerce / Business Studies
Fast track your route towards CEO/CFO/CIA/CS with ACMA designation for Post Graduates with 16 years education
background in Commerce or Business Studies
– Start your ACMA journey at Managerial level 2 of CMA Qualification
– Get a head start in job market by boosting your degree with professional qualification
– Combine your studies with full-time/part-time employment in public/private sector
– Study at your own pace in a classroom or thr ough distance learning
– Typically, students spend around 1.5 years to complete the qualification
Level 1 Level 2
Managerial
Strategic
M1. Fundamentals of Cost &
Management Accounting
M2. Enterprise Management
M3. Management Information Systems
S1. Advanced Financial Accounting &
Corporate Reporting
S2. Audit & Assurance
S3. Business Taxation
M4.
Financial Accounting & Corporate
Reporting
M5.
Advanced Management Accounting
M6.
Corporate Governance, Business
S4.
Strategic Management Accounting
S5.
Strategic Financial Management
S6.
Strategic Management
Entry Route
Post Graduates with Non-Commerce /
Business Studies Education
Laws & Ethics
Laws & Ethics
10A chartered institute of professional accountants and business leaders
Want to change your career or run your own business? CMA Qualification is your route to the board room
– Start your ACMA journey at Managerial level 1 of CMA Qualification subject to attending three
weeks classes of Basic Accounting Course (BAC)
– Get a head start in job market by boosting your degree with professional qualification
–Combine your studies with full-time/part-time employment in public/private sector
– Study at your own pace in a classroom or through distance learning
– Typically, students spend around 2 years to complete the qualification
Professional Qualification Holders
Already have a professional qualification?
ICMA Pakistan recognises and has agreements with Professional bodies locally & internationally. Graduates and students
of local and international professional bodies may visit ICMA Pakistan website: www.icmap.com.pk or the nearest campus
for details of applicable entry routes and waivers in courses.
11 ICMA Pakistan Prospectus 2020
Education Methodology
ICMA Pakistan offers flexible
study options to suit student's lifestyle
and commitment. A student can
Study full time or part time at
any ICMA Pakistan campus (morning
and evening classes are available), or
Study through 'Distance Lear ning Programme'
In order to support students, faculty at ICMA Pakistan
include in their lectures:
Learning Methodology
Classroom Lectures
Presentations
Case studies
Review of Journal
Updation of Laws
E-Lear ning
Role Model sessions
Group Discussions
Situation Analysis
Industry visits
Guest Speeches
Executive Coaching
12A chartered institute of professional accountants and business leaders
Syllabus Outline
Operational Level-1
O1 – Fundamentals of Financial Accounting
Part Syllabus Content Area Weightage
A 10%
Conceptual, System and Regulatory Framework
1. Accounting Nature and Objectives
2. Introduction to Financial Accounting
3. Accounting Regulatory Framework
4. Accounting Concepts and Conventions
B 50%
Accounting Systems and Accounts Preparation
5. Source Documents and Books
6. Double Entry and Ledger accounting
7. Trial balance and Financial statements
8. Accruals and prepayments
9. Tangible non-current assets
10. Intangible non-current assets
11. Bad debts and allowances for receivables
12. Provisions and Contingencies
13. Accounting for Inventories
14. Accounting for Sales Tax
15. Accounting for Payroll
16. Bank Reconciliations
17. Control accounts
18. Correction of Errors
C 40%
Final Accounts
19. Sole traders' accounts
20. Company accounts
21. Manufacturing accounts
22. Incomplete records
23. Income and expenditure accounts
24. Statements of cash flows
25. Financial Ratios
Total 100%
O2 – Business Economics
Part Syllabus Content Area Weightage
A
60%
1. Nature & Scope of E Commerce
2. Consumer's Behavior & its Analysis
3. Organization
4. Return to Shareholders
5. Demand & Supply Analysis
6. Price Elasticity
B 40%
11. Functions of the Financial System
12. Domestic Institutions and Markets
13. Foreign Exchange Markets
14. Macroeconomic: Trade Cycle
15. Macroeconomic: The Role of Government
16. International Context
Total 100%
Following are subject wise indicative grids and weightage, detailed contents of each course may be viewed
on ICMA Pakistan website at https://www.icmap.com.pk/syllabus.aspx
7. Price Instability and Government Measures
8. Cost Behavior
9. Profit Maximization
10. Competition, Market Effects and
Government Measures
13 ICMA Pakistan Prospectus 2020
O3 – Business Communication and Report Writing
Part Syllabus Content Area Weightage
A 35%
Fundamentals of Effective Business Communication
1. Introduction
2. Communication in Organization
3. Oral Communication
4. Interpersonal Communication (IPC)
5. Written Communication
B 40%
Crafting Business Messages, Reports, Proposal and Memos
6. Business Letters 7. Report Writing
C 15%
Case Analysis and Presentation Skills
8. Case Method of Learning 9. Pr esentation Skills
Total 100%
D 10%
Employment and Group Communications
10. Employment Communication 11. Group Communication
Operational Level-2
O4 – Fundamentals of Management
Part Syllabus Content Area Weightage
A 30%
Introduction to Management
1. Management Definition and Functions
2. Basics of Management Process
3. Key concepts in Management
B 55%
Management of Relationships
4. Control
5. Leadership and Motivation
6. The financial function; conflict
7. Negotiation and communication
8. Culture
C 15%
Global Business Environment
9. Social, political and economic context
10. Type of organization
11. Gover nance and Regulation
Total 100%
14A chartered institute of professional accountants and business leaders
O5 – Business Mathematics & Statistical Inference
Part Syllabus Content Area Weightage
A 40%
Business Mathematics
1. Basic Mathematical Techniques
2. Formulae and Equations
3. Derivatives
4. Compounding and Discounting
5. Basic Investment Appraisal
B 60%
Statistics and Statistical Inference
6. Data and Information
7. Collection and Presentation of data
8. Averages
9. Dispersion
10. Correlation and Linear Regression
11. Index numbers
12. Probability
13. Normal distribution
14. Estimation & Testing
15. Sampling & Sampling Frequency
Distribution
16. Forecasting - Time series
Total 100%
O6 – Commercial Laws
Part Syllabus Content Area Weightage
A 10%
1. Introduction to Legal System of Pakistan
B 70%
2. The Contract Act, 1872
3. Sales of Good Act, 1930
4. Partnership Act, 1932
5. Negotiable Instrument Act, 1881
Total 100%
C 20%
6. PPRA Ordinance, 2002, (Public Procurement Regulatory Authority)
7. PPRA Rules, 2004
15 ICMA Pakistan Prospectus 2020
Managerial Level - 1
M1 – Fundamentals of Cost & Management Accounting
Part Syllabus Content Area Weightage
A 20%
The Nature, Source and Purpose of Management Information
1. Introduction to costing and
performance measurement
2. Introduction to management accounting
3. Sources of data
4. Cost classification
5. Cost behavior
B 20%
Cost Accounting System
6. Accounting for Materials
7. Accounting for Labour
8. Accounting for Overheads
Total 100%
C 40%
Cost Accounting Techniques and Methods
9. Absorption and marginal costing
10. Job, Batch and Service costing
11. Process costing
12. Process costing, joint products
and by-pr oducts
D 20%
Standard Costing
13. Standard costing 14. Variance analysis
M2 – Enterprise Management
Part Syllabus Content Area Weightage
A 35%
Operations Management
1. Enterprise Management
2. Operations management and its
importance for Management Accounting
3. Production Technique
4. Plant maintenance
5. Production planning and control
6. Productivity and Efficiency Evaluation
7. Quality Management
B 20%
Human Capital Management
8.Human Resource Management 9.Human Resource Practices
Total 100%
C 25%
Marketing Management
10. Marketing and business strategy
11. Marketing plans, branding and
communications
12.Developments in marketing
D 20%
Enterprise Management
13.Enterprise performance management 14.Performance measurement tools
16A chartered institute of professional accountants and business leaders
M3 – Management Information Systems
Part Syllabus Content Area Weightage
A 50%
Information Systems
1. Emerging Technology in E-Business
2. Infrastructur e and Operations
3. Information and Databases
4. Systems acquisition / development
process
B 50%
IT Audit
5. The Process of Auditing Information
Systems
6. Gover nance and Management of IT
7. Auditing Infrastructure and Operations
8. Auditing Systems Acquisition /
Development Process
9. Information Security Management (ISM)
10. Business Continuity and Disaster Recovery
Total 100%
Managerial Level - 2
M4 – Financial Accounting & Corporate Reporting
Part Syllabus Content Area Weightage
A 5%
Regulatory and Conceptual Framework
1. The regulatory framework 2. The Conceptual Framework
B 85%
Single Company Financial Accounts
3. IAS 1 (Revised) Presentation of Financial
statements
4. Reporting Financial Performance
5. Other Reporting
6. Accounting for non-current assets
7. Intangible non-current assets
8. Impairment of Assets
9. Leases
10. Statements of Cash Flows
11. IAS 2 Inventories and Short term WIP
12. Share Based Transactions and Financial
instruments
Total 100%
C 10%
Accounting for Taxation
13. IAS 12: Income taxes
17 ICMA Pakistan Prospectus 2020
M5 – Advanced Management Accounting
Part Syllabus Content Area Weightage
A 15%
Forecasting and Budgeting Techniques
1. Forecasts 2. Budgeting
B 15%
Standard Costing and Variance Analysis
3. Standard Costing 4. Variance Analysis, Interpretation and Profit
Reconciliation
Total 100%
C 20%
Project Appraisal Methods
5. Capital Investment decisions
6. DCF techniques of investment appraisal
7. Taking account of taxation and inflation
8. Additional aspects of investment decision
making
D 15%
Cost Analysis
9. Break Even Analysis 10. Limiting factor Analysis
E 20%
Modern Costing Techniques
11. Marginal Cost Analysis
12. Activity Based Costing
13. Throughput and Back flush Accounting
14. Environmental costing
F 15%
Managing Short-term Finance
15. Working Capital Management
16. Cash flow forecasts
17. Cash Management
18. Receivables & Payables Management
19. Inventory Management
18A chartered institute of professional accountants and business leaders
M6 – Corporate Governance, Business Laws & Ethics
Part Syllabus Content Area Weightage
A 60%
Companies Act, 2017, Relevant Rules and Regulations
1. Companies Act, 2017
2. Companies (Incorporation)
Regulations, 2017
3. Securities Act 2015
4. Listed Companies (Code of Corporate
Governance) Regulations, 2019
B 10%
Special Companies
5.Modaraba Companies and Modaraba
(Floatation and Control) Ordinance, 1980
6.Non Banking Finance Companies
Total 100%
C 15%
Other Laws, Regulations and Professional Ethics
10. Pakistan Stock Exchange Rule Book
11. Anti-money Laundering Act, 2010
12. Professional Ethics
D 15%
Secretarial Practices
13.Company Secretary, Functions and
Responsibilities
14.Meetings, Resolutions and E-filing
7.The Companies (further issue of shares)
Regulations, 2018
8. Listed Companies (Buy-Back of
Shares) Regulations, 2019
9. Public Offering Regulations, 2017
19 ICMA Pakistan Prospectus 2020
Strategic Level -1
S1 – Advanced Financial Accounting & Corporate Reporting
Part Syllabus Content Area Weightage
A 20%
Matters Related to Recognition and Measurement
1. Substance over form
2. Financial instruments
3. Employee benefits
4. Share-based payments
5. Asset valuation and Changing prices
B 30%
Group Financial Statements
6. Introduction to group accounting
7. Consolidated statement of financial position
8. Consolidated statement of comprehensive
income
9. IAS 27, IFRS 10, IFRS 3 (Revised),
IFRS 13
10. Effect of Non-controlling interests
11. Acquisition of a Subsidiary during its
accounting period
12. Consolidated Statement of changes in
Equity
13. Associates and Joint ventures
Total 100%
C 25%
Complex Group Topics
14. Changes in group structures
15. Complex group structures
16. Foreign currency
17. Group statements of cash flows
D 15%
Performance Reporting
18. Ratios and trend analysis
19. Earnings per share IAS 33
20.Segment reporting IFRS 8
E 10%
External Reporting
21.Advancement in Financial Reporting 22.Advancement in Non-Financial Reporting
20A chartered institute of professional accountants and business leaders
S2 – Audit & Assurance
Part Syllabus Content Area Weightage
A 10%
1. Audit framework and Regulation
B 55%
2. Planning and risk assessment General
Principles and Responsibilities
3. Risk Assessment and Response to
Assessed Risk
4. Internal Contr ol
5. Internal Audit
6. Audit Evidence
7. Collecting Audit Evidence
C 20%
8. Using the Work of Others 9. Audit Conclusions and Reporting
D 15%
10. Cost Audit
Total 100%
S3 – Business Taxation
Part Syllabus Content Area Weightage
A 60%
Income Tax
1. Income Tax Or dinance, 2001 2. Income Tax Rules, 2002
B 30%
Sales Tax
3. The Sales Tax Act 1990
4. The Sales Tax Rules 2006
Total 100%
C 10%
Indirect Tax
5. Federal Excise Act and Rules
21 ICMA Pakistan Prospectus 2020
Strategic Level -2
S4 – Strategic Management Accounting
Part Syllabus Content Area Weightage
A 25%
Cost Planning, Analysis and Techniques
1. Cost Planning
2. Cost Analysis
3. Cost Management Techniques
4. Externally Oriented Cost Management
Techniques
B 40%
Pricing and Product Decisions
5. Relevant Costs
6. Short-term decisions
7. Risk and uncertainty
8. Linear programming: the graphical method
9. Linear programming: the simplex method
10. Multi-product breakeven analysis
11. Pricing decisions and pricing strategies
Total 100%
C 35%
Performance Management and Responsibility Centre
12. Budgetary Control
13. Performance Evaluation
14. Measuring performance in Divisionalised
businesses
15. Transfer pricing
S5 – Strategic Financial Management
Part Syllabus Content Area Weightage
A 10%
Formulation of Financial Strategy
1. Objectives of organizations
2. Constraints on Financial Strategy
3. Forecasting and Analysis
4. Financial Strategies
B 45%
Financing Decisions
5. Equity finance
6. Debt finance
7. Leasing
8. The cost of capital
9. The capital structure
10. Tr easury Management
Total 100%
C 45%
Investment Decisions and Project Control
11. Investment appraisal techniques
12. International investment
13. Specific investment appraisal scenarios
14. Contr ol of investment projects
15. Business valuations
16. Amalgamations and restructuring
22A chartered institute of professional accountants and business leaders
S6 – Strategic Management
Part Syllabus Content Area Weightage
A 15%
Strategic Management and Competitive Environment
1. Nature and Scope of Strategic Management
2. Strategy: Intr oduction, Levels and
Concepts
3. General and Competitive environment
B 15%
Interacting with the Competitive Environment
4. Business strategy and strategy
development
5. Stakeholders and corporate objectives
Total 100%
C 45%
Strategy Development and Strategic Options
6. Strategic decision making
7. Resource audit
8. Generic strategies
9. Directions and methods of growth
10. Evaluating strategic options
11. Strategic marketing
12. Information systems and strategy
13. Issues in strategic management
D 10%
Change Management
14. Organizational change 15. Implementing change
E 5%
Implementing Strategic Plans
16. Strategic control
F 10%
Risk Management
17. Risk Management
Practical Corporate Training Program
23 ICMA Pakistan Prospectus 2020
PM1 –
ERP Solutions and Practical Aspects of Accounting & Auditing Procedures
Part Syllabus Content Area Weightage
A 75%
1. Overview of ERP 2. ERP-Financials
B 25%
3. Audit Procedures
Total 100%
PM2 – Financial Modelling and Management Reporting
Part Syllabus Content Area Weightage
A 60%
MS Excel
1. Getting Started with Microsoft Of fice Excel
2. Performing Calculations
3. Modifying a Worksheet
4. Formatting a Worksheet
5. Printing Workbooks
6. Managing Workbooks
7. Working with Functions
8. Working with Lists
9. Analyzing Data
10. Visualizing Data with Charts
11. Using Pivot Tables and Pivot Charts
12. Working with Multiple Worksheets and
Workbooks
13. Using Lookup Functions and Formula
Auditing
14. Sharing and Protecting Workbooks
15. Automating Workbook Functionality
16. Forecasting Data
B 20%
Microsoft Word
17. Getting Started with Word
18. Formatting Text and Paragraphs
19. Working More Efficiently
20. Managing Lists
21. Adding Tables
22. Inserting Graphic Objects
23. Controlling Page Appearance
24. Preparing to Publish a Document
25. Organizing Content Using Tables and
Charts
26. Customizing Formats Using Styles and
Themes
27. Inserting Content Using Quick Parts
28. Using Templates to Automate Document
Formatting
29. Controlling the Flow of a Document
30. Simplifying and Managing Long
Documents
31. Using Mail Merge to Create Letters,
Envelopes, and Labels
32. Manipulating Images
33. Using Custom Graphic Elements
34. Collaborating on Documents
35. Adding Document References and Links
36. Securing a Document
37. Using Forms to Manage Content
38. Automating Repetitive Tasks with Macros
24A chartered institute of professional accountants and business leaders
PM2 – Financial Modelling and Management Reporting
Part Syllabus Content Area Weightage
C 20%
MS PowerPoint
39. Getting Started with PowerPoint
40. Developing a PowerPoint Presentation
41. Performing Advanced Text Editing
Operations
42. Adding Graphical Elements to Your
Presentation
43. Modifying Objects in Your Presentation
44. Adding Tables to Your Presentation
45. Adding Charts to Your Presentation
46. Preparing to Deliver Your Presentation
47. Modifying the PowerPoint Environment
48. Customizing Design Templates
49. Adding Smart Art and Math Equations to
a Presentation
50. Working with Media and Animations
51. Collaborating on a Presentation
52. Customizing a Slide Show
53. Securing and Distributing a Presentation
Total 100%
PM3 – Practical Aspects of Banking and Finance
Part Syllabus Content Area Weightage
A 15%
1. General Banking Operations
Total 100%
B 30%
2. Bank Financing 3. Islamic Banking
C 25%
4. Import & Export Documentation 5. Consumer Financing
D 20%
6. Compliance Requirements of State Bank of Pakistan
E 10%
7. Modern Trends in Banking
PM4 – Practical Aspects of Taxation
Part Syllabus Content Area Weightage
A 30%
Taxation
Total 100%
B 40%
Computation of Tax Liabilities
C 30%
Filing of Tax Returns and Statements
25 ICMA Pakistan Prospectus 2020
PM6 – Communication Skills
Part Syllabus Content Area Weightage
A 50%
Business Report Writing
Total 100%
B 50%
Presentation Skills
PM5 – Practical Aspects of Business Laws
Part Syllabus Content Area Weightage
A 60%
Corporate Laws
1. Company's Registration
2. Maintaining of Statutory Records
3. Filing of Statutory Retur ns and Forms
B
Total 100%
Other Laws and Procedures
4. Social Security
5. Employees Old Age Benefits (EOBI)
6. PPRA Rules
7. Human Resource (HR) Policies, Procedur e and Rules
5%
5%
20%
10%
26A chartered institute of professional accountants and business leaders
Examination System
27 ICMA Pakistan Prospectus 2020
Realizing the global challenges and to upgrade benchmarks of best practices as prescribed by International Federation
of Accountants (IFAC), the Institute being examining body reviewed its existing standards through a study on
examination administration. The question papers of all accounting courses are set in accordance with International
Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as well as the Accounting and
Auditing Practices and Guidelines, issued by the professional bodies of Pakistan whereas courses related to Pakistani
laws and regulations i.e., Commercial Laws, Corporate Governance, Business Laws & Ethics and Business Taxations
are examined by considering all updated laws and pronouncements issued by national regulatory bodies. Question
paper patterns can be viewed at https://www.icmap.com.pk/cma_pattern_structure_question_paper.aspx. Passing
percentage in the examination of each course is 50%.
Examination of eighteen (18) courses upto Strategic Level-2 and all six modules of Practical Corporate
Training Program are Computer Based Examination [CBE] based on Multiple Choice Questions (MCQs),
Numerical Assessment Questions (NAQs) and Descriptive Assessment Questions (DAQs). Examinations are
conducted six times yearly in following months:
Computer Based Examinations:
In February, April, June, August, October, December.
Recognition for Passing Examinations
Upon passing the prescribed examinations, the following certificates are awarded by the Institute:
a) CMA Operational Level Certificate is awarded to those students who pass all the courses
up to Operational Level-2
b) CMA Managerial Level Certificate is awarded to those students who pass all the courses
up to Managerial Level-2
c) CMA Strategic Level Certificate is awarded to those students who pass all the courses up to
Strategic Level-2
d) CMA Practical Corporate Training Certificate is awarded to those students who pass all the courses
up to Strategic Level-2 and applicable modules of practical
Corporate Training.
e) CMA Final Certificate is awarded to those students who pass all courses
up to Strategic Level-2 and applicable modules of practical
Corporate Training.
Management Accountants as Corporate Leaders
Muhammad Shahzad Khan Sherwani
GM, Finance and Administration
Punjab Municipal Development Fund Company
It is my honour that I have studied from the esteemed Institution - ICMA Pakistan and it is also a
great honour for me that the institute recognised my high achievement in studies by awarding me
with D.R. PATTON Gold medal. The Institute equipped me with the latest skills which encourages
me towards achieving milestones in my practical life in corporate sector, public sector and with
donor agencies. Based on my wonderful experience, I wish for the mother institution - ICMA Pakistan
to grow with leaps and bounds to serve the future generations.
For professionals, especially related to management and finance, working for good organizations
and to be able to add value in a conducive work environment is probably a very common sole
objective. I am one of those lucky ones who achieved this very early and realized that all this is just
a baseline and there's a lot more which we need to do in order to justify our very existence. Having
a holistic view of the society, and the world we are living in, and positioning one's own self accordingly,
is of utmost importance in this regard. Try to look beyond the boundaries of home-office-home
circle and live your life at full multi-faceted potential with full energy, zeal and fervour.
M. Amir Afzal Rana
GM Systems & Audit
Beacon House Group
28A chartered institute of professional accountants and business leaders
29 ICMA Pakistan Prospectus 2020
I honestly believe that I wouldn't be where I am today without my CMA qualifications. It proved to
provide an exciting professional career even with a very humble educational, financial and family
background. After 20 years of qualification, I say with all my honesty that ICMA Pakistan is the only
institute which has created that many success stories and changed lives of thousands of qualified
members and their families. Long Live ICMA Pakistan.
Abdul Khalil
Chief Financial Officer
Lahore Knowledge Park Company
For me, ICMA Pakistan is the gateway to the world of leadership where I started my career in
Accounting & Finance and later achieved the highest prestige of this profession to become the CFO
of a listed Company. ICMA Pakistan empowered me enough with the confidence to go even beyond
to become head of sales department of different segments of a large organisation.
With the rapid and diversified evolution of global business scenarios, the need for effective business
leaders is felt more than ever before. With its vision and commitment, ICMA Pakistan is producing
such business leaders who can assume any role in the organisation in order to steer it to the highest
level of success.
Adnan Iqbal
Chief Executive Office
Buxly Paints Limited
30A chartered institute of professional accountants and business leaders
ICMA Pakistan qualification provided me a head start in my professional career by placing me at
a position ahead of the crowd. The qualification gave me enough potential to capitalize upon and
ensure smooth sailing throughout my career. I feel proud and honored in being part of this fraternity.
Ghulam Abbas�
Chief Financial Officer
Panther Tyres Limited
CMA as a qualification has lead to sustainable growth and prosperity in my career. Apart from
accounting and finance knowledge, ICMA Pakistan has given me a broad understanding of business
and economic environment thus providing the right blend of skills and knowledge to successfully
play my role as the CEO.
Aftab Q. Munshi
Chief Executive Officer
AL Habib Capital Market
31 ICMA Pakistan Prospectus 2020
It gives me utter satisfaction and elation to be the youngest female CEO of a public sector organization
in urban transport of Pakistan that is simply owing to the unmatched qualification I attainted at
ICMA Pakistan. Notably, the exquisite profession of accountancy provides auspicious avenues for
females to perform their crucial role in strategic planning as well as in robust development of the
country. For students I believe that once you make a firm decision, the universe conspires to make
it happen and for accomplishment, strive to set priorities for maintaining perfect work life balance
to embark on the path of unparalleled progress.
Mariam Khawar
Chief Executive Officer
Lahore Transport Company
Government of Punjab
Choosing Accountancy Field and specially joining ICMA Pakistan was one of my best decisions in
life. ICMA Pakistan is not only the best education institute but a family. After 14 years of passing
final exams, ICMA Pakistan is still providing best learning opportunities and helping for career growth.
Today I am a proud ICMAPIAN who is serving his nation through professionalism, dedication and
honesty which I had learned from my prestigious institute. Thank you ICMA Pakistan for realising
my dreams.
Muhammad Aamir Zakee
Chief Financial Officer &
Company Secretary
Water and Sanitation Services
Company, Abbottabad
32A chartered institute of professional accountants and business leaders
Accounting is an exciting and noble profession. The professionalism and honesty of accountants
make people trust the financial picture of a single company and the whole economy. My message
is to stay true to your profession and never stop growing and learning. Competence, honesty and
a professional attitude will take you to your goals in life and earn you professional respect, which I
believe is the ultimate goal.
Abid Hussain
Executive Director
Securities and Exchange
Commission of Pakistan
Shaham Ahmed
Staff General Manager Finance
Pak Suzuki Motor Company Limited
“CMA qualification - a qualification of choice” opened many doors for me in my career. After gaining
a prestigious and highly respected qualification, I can confidently quote from my own experience
that you can work at the highest levels of accountancy, finance or business not only locally but
internationally. Today, I am leading accounts department of one of the biggest manufacturing
industries based on my CMA qualification from ICMA Pakistan.
33 ICMA Pakistan Prospectus 2020
I am proud to be a CMA as I contribute in professional life towards my organization due to skills I
learned. Some examples of the tasks I am incharge of are:
Re-organized the company structure and improved systems by the identification of problems
and advising the solutions
Build and maintain effective controls over the financial systems of the organization
Work for the community by involvement in social networking
It is indeed a right time to be a Management Accountant.
Abdul Shakoor
GM Finance
Haroon Fabrics (Pvt) Limited
Achieving the hard target is a lifetime joy. Being CMA is your complete introduction. The three letters
“CMA” instantly describe yourself, that you are intelligent, hardworking, trustworthy, professional
and ethical. You serve the society by safeguarding it on economic front and enhancing value addition
of business. I am holding the office of Company Secretary of a listed company. My responsibility
is to keep my company a responsible corporate citizen. Being CMA, I am well equipped with required
skills and knowledge to smartly manage my responsibilities and earn respect for my profession.
Sehrish Ishtiaq
Company Secretary
NetSol Technologies Limited
Islamabad Campus
ICMA Pakistan Building, Plot No. 16,
Sector H-9, Islamabad.
Tel : +92-51-9265213, +92-51-9265215-18
(Ext:103-106), UAN 051-111 262 092,
Cell: 0312-9650859, Fax: 051-9265212
E-Mail: admissions.nr@icmap.com.pk
Quetta Campus
ICMA Pakistan Campus
Pearl Institute of
Management &
Information Technology ,
Alamdar Road, Quetta
Cell: 0300-8389748,
Tel: qut@icmap.com.pk
Multan Campus
ICMA Pakistan Building
ICMAP Street, Shalimar Colony , Bosan Road, Multan.
Cell: 0300-7304530, Tel: +92-61-9330482
E-Mail: mul@icmap.com.pk
Faisalabad Campus
ICMA Pakistan Campus
335-B People's Colony No.1,
Off Satiana Road, Faisalabad.
Tel: +92-041-9220103, 9220151-52,
E-Mail: fsd@icmap.com.pk
Peshawar Campus
ICMA Pakistan Campus,
House No. 15-B(1), Old Jamrud Road,
University Town Peshawar
Tel: +92-91-9216068, +92-91-9216213,
Cell: 0333-5962790,
E-Mail: psw@icmap.com.pk
Lahore Campus
ICMA Pakistan Building 42,
Ferozepur Road, Lahor e, Pakistan.
Cell: 0332-4455890 &
0320-4455890
Tel: +92-42-99214695
Fax : 042-99214699.
E-Mail: admissions.cr@icmap.com.pk
Main Campus – Karachi
North Nazimabad Campus
ICMA Pakistan Campus, C-19, Block-D,
Near Five Star Chowrangi, North Nazimabad, Karachi.
Cell: 0311-8956968, Tel: +92-21-99333254
E-Mail: admissions.nnc@icmap.com.pk
Gulshan-e-Iqbal, ICMA Pakistan Building
ST-18/C, ICMAP A venue, Block 6,
Gulshan-e-Iqbal, Karachi 75300,
Cell: 0334-3103198, Tel: +92-21-99243598,
Ext: 208, 209, E-Mail: admissions.sr@icmap.com.pk
Soldier Bazar Campus, ICMA Pakistan Building
Plot No. 36/41, Hussain Shah Shaheed Road,
Soldier Bazar, Karachi - 74400. T el: 0332-2327380,
E-Mail: admissions.sr@icmap.com.pk
Hyderabad Campus
Plot # B1-8/34, Hyderabad Railway Employees Cooperative
Housing Society (HRECHS), Auto Bhan Road,
Unit # 2, Latifabad, Hyderabad.
Cell: 0334-2889972 & 0335-2889972
Tel: +92-22-3821321-23, E-mail: hyd@icmap.com.pk
