Page 1

CIMA IRELAND NETWORK NEWS LEADERS IN BUSINESS INTERVIEW Sean Shine FCMA,CGMA, Accenture

OVER 60 YEARS A CIMA MEMBER Dan Cowhie FCMA, CGMA

2014 GALA DINNER AND GRADUATION 2015 CIMA PROFESSIONAL SYLLABUS

SPRING 2014


CONTENTS Message from CIMA Ireland Chair, Louise Connaughton FCMA, CGMA

1

Leaders in Business interview with Sean Shine FCMA, CGMA, Accenture

2

Golden Jubilarians

4

CIMA Diploma in Islamic Finance

4

Dan Cowhie FCMA, CGMA – over 60 years a CIMA member

5

New area structure

6

2014 gala dinner and graduation

6

Members in Practice services

7

CIMA November 2013 exam results

8

Graduation Ceremony

8

Supporting your CIMA

8

2014 CIMA Global Business Challenge

9

Certificate level tuition

9

Making the most of your SEPA investment – John Shiels, AIB

10

CIMA Ireland BSTAI schools quiz finalists

12

Student study planner

14

2015 professional qualification syllabus

16

Masters gateway tuition

17

Member events

17

MY CIMA account

17

Undergraduate student awards

18

Case study - Alex O’Brien ACMA, CGMA

20

CIMA Ireland internship programmes

21

MSc in Strategic Management Accounting

21

FM magazine joins the digital revolution

22

Ethics

22

Benevolent fund

23

Fear vs. fair – David Farrell ACMA, CGMA, RSM Farrell Grant Sparks

24

NETWORK NEWS | SPRING 2014


PAGE 1

WELCOME A message from CIMA Ireland Chair Louise Connaughton FCMA, CGMA Welcome to the spring 2014 edition of Network News. In this issue we cover some of the highlights of 2013 and look forward to a vibrant 2014. Continuity and innovation are at the heart of a sustainable, vibrant organisation. CIMA has consistently taken an innovative approach, both globally and here in Ireland, to underscore that continuity and to ensure sustainability of the institute. In this regard a number of initiatives are currently underway including the restructuring of the CIMA Ireland area network and the introduction of the 2015 syllabus as well as the FDI forum launched last autumn and which underscores the CGMA designation. The value and importance of sustainability was highlighted to me by two events during the final quarter of 2013. The first was our annual celebration of Jubilarians where we commemorate those members who had achieved milestones in their membership ranging from 25 years through to 60 years. At the other end of the spectrum was the CIMA BSTAI annual schools quiz in which over 816 Junior Cert Business Studies students representing 111 schools participated and which lays the foundation for the emergence of future CIMA members and business leaders.

CIMA is now the third largest professional

accounting body in Ireland and is represented at the highest levels in organisations and enterprises across the island of Ireland. Continuity and sustainability have underpinned the Institute here in Ireland with innovation at its core. This is further highlighted both by founding member and Jubilarian Dan Cowhie’s interview and by our Leaders in Business interview with Accenture’s Sean Shine, Head of Health and Public Service Practice for the Europe, Africa and Latin America (EALA) region. The former is more than a nostalgic glimpse at our past it is in fact an important record of the drive, determination and pioneering spirit that today underpins the growth of CIMA here in Ireland. It is thanks to those seedlings planted by Dan Cowhie and his colleagues that provided the impetus for an institute that would grow and expand, attracting and steered by a committed and innovation leadership including former past president Sean Shine. CIMA is now the third largest professional accounting body in Ireland and is represented at the highest levels in organisations and enterprises across the island of Ireland including indigenous business, FDI and the public sector and which counts 8,000 members and growing.

Today to be a member of CIMA Ireland is to be part of a network of highly influential business leaders, with membership representing financial and strategic decision makers in organisations that drive the economies of the Republic of Ireland and Northern Ireland. At global level the establishment of the CGMA designation has further strengthened your Institute as a truly global organisation. Moreover, there are now 218,000 members and students operating in 177 countries. As we look to the future CIMA Ireland will continue to evolve. The new area structure follows the successful merger of the Republic of Ireland with its Northern Ireland counterpart to establish CIMA Ireland in June 2011. Specifically the aim is to replicate the benefits of scale achieved by the merger whilst maintaining and building on the vibrancy of the individual branches for an even stronger network. The establishment of a new area structure will provide for greater scale and depth of numbers that will serve to attract even more new members, thereby helping to consolidate CIMA Ireland’s position as the largest CIMA membership market outside of the UK, a new dynamic that will ultimately feed into the global network. Remaining relevant is vital to any organisation none more so than CIMA with its emphasis on CPD. CIMA has therefore introduced an updated syllabus for its professional qualification and new assessment methods which will take effect from January 2015. This updated syllabus and assessment bridges the skills gaps of newly qualified finance professionals worldwide, meeting the employability needs of both business and people. Our objective is to produce competent and confident management accounting professionals who guide and lead their organisations to sustainable success. Finally as CIMA’s experience has shown a sustainable institute is driven by hard work, a commitment to innovation and a forward focus. Key to this is the active participation of the membership. As we move to the new area structure we encourage you to support your Institute through participation in the area network and in the organisation. We strongly urge you to put yourselves forward for election to key roles on the new area committees. Louise Connaughton FCMA, CGMA CIMA Ireland Chair

NETWORK NEWS | SPRING 2014


PAGE 2

LEADERS IN BUSINESS INTERVIEW Sean Shine FCMA, CGMA, Accenture Interviewed by Frank Dillon, business journalist

The CIMA qualification proved a vital building block in the career of Accenture’s Sean Shine, as he is more than happy to acknowledge. The Limerick-man has risen through the ranks of the international consulting firm, holding a range of senior global positions. How CIMA laid the foundations for a high flying career The CIMA qualification proved a vital building block in the career of Accenture’s Sean Shine, as he is more than happy to acknowledge. The Limerick-man has risen through the ranks of the international consulting firm, holding a range of senior global positions. He is currently head of health and public service practice for the Europe, Africa and Latin America (EALA) region, with responsibility for 28 countries. EALA is one of three regions that Accenture organises its global practices around. Sean attributes much of his success to the grounding in finance that he received when he studied for the CIMA qualification that he received in 1992. However, finance wasn’t his first choice. Sean graduated from UCC with a civil engineering degree and joined the consulting business of Arthur Andersen in 1985. His career continued - via Andersen Consulting - and into Accenture. ‘The job prospects for a civil engineer in the mid-1980s were not good – worse than they are today in fact - as there was very little construction happening given the poor state of the economy and I decided early on this was not an area I was going to practice in,’ he recalls. Arthur Andersen offered the prospect of combining work with further education and looking at the options available, Sean realised that the CIMA qualification would match his needs perfectly. ‘I liked the fact that the focus was on cost and management accounting, the very broad nature of the subject material we studied and the fact that it was not an audit focussed exam. Being able to combine work and study at the same time was very effective, what I was learning in the classroom helped me in the office and vice-versa,’ he says. Sean thoroughly enjoyed the three years he spent studying at night. The class, he recalls, was a good mix of people, like himself, who were

NETWORK NEWS | SPRING 2014

starting out on their careers and those who had already risen to become finance directors, marketing directors and even CEOs, in some cases. It clearly suited his talents - as not alone did he receive first place in Ireland in his exams in 1990 but also came third globally. To this day, the education that he received through CIMA is relevant to his work. ‘Today, when I find myself in a room with accountants and finance directors, I can hold my own because of the technical grounding I received from my studies. I am not blinded by the numbers if you like and when that comes across, I find it is easier to get to the heart of issues quickly with the people I am working with,’ he notes.

Today, when I find myself in a room with

accountants and finance directors, I can hold my own because of the technical grounding I received from my studies. Sean’s career progressed quickly after qualification with various senior roles in Ireland and he became a partner in Andersen Consulting in 1998 and managing director for Revenue and Tax in the global practice. He then moved to running the global government CRM (customer relationship management) practice in 2002. ‘Governments around the world were beginning to take a much greater interest in CRM, starting to see citizens in the same way as the private sector did its customers. It was an exciting time to be working with government clients around the world, helping them to work more efficiently and effectively with citizens,’ he recalls. Further roles since have seen him oversee many large-scale projects around making public services more responsive and accessible to citizens including the Ireland Revenue Commissioners, Revenue OnLine system (ROS). ROS provides customers with a quick and secure facility to file tax returns, pay tax liabilities and access their tax details online 24 hours a day.


PAGE 3

Growing Accenture’s health business in EALA is a big part of Sean’s current portfolio and while needs differ across the region he is responsible for, a common denominator is that spend on national health is increasing each year across most markets. ‘People are living longer and demands on health services are therefore increasing. A common challenge for our clients is how best to drive better value across their organisation - doing more with less. Technology is a key enabler of cost efficiency and must form part of the overall solution,’ according to Sean. He cites the digitisation of medical records and other new health related technologies that can help drive operational efficiencies, speed up patient diagnosis and ultimately deliver better patient outcomes. ‘The data these new healthcare solution provide will prove invaluable in the future, enabling health care providers to identify healthcare trends and clusters that they can plan for and respond to.’

CIMA is a very forward looking organisation

and recognise the importance of having a vibrant employer base whose needs they understand and are aligned with. Living in South Dublin, Sean’s current role involves regular travel, typically working in two or three different countries every week. ‘I meet with clients and direct the work of our teams in various locations each week. It is vital to have regular check in with clients and our local teams to ensure projects are on time and budget, and of course if an issue arises I get involved directly to help resolve.’ Interestingly, Sean says that while he spends a considerable amount of time in airports and aeroplanes, he finds it best not to work while in transit. ‘Without wanting to, you overhear and you see things that you really shouldn’t so I tend to use most of my travel time when possible for leisure reading,’ he explains.

However, Sean also makes use of the state of the art videoconferencing suite Accenture has installed at its Dublin office on Grand Canal Square in Dublin’s docklands. This meeting facility allows him to hold video meetings with colleagues and clients around the world, reducing his travel time and carbon footprint. Sean’s connection with CIMA is one that he is committed to and has maintained strongly over the years. A committee member since 1994, he became president of the Dublin District branch in 1997 and president of the Republic of Ireland council in 2001. ‘This was a great honour and I would like to think that I had an active presidency and contributed during my tenure to the valuable work of the Institute. It was a very rewarding experience for me personally too. The contacts made at that time have been invaluable to me over the years both locally and internationally.’

People are living longer and demands on health

services are therefore increasing. His advice for those considering taking the CIMA qualification is to be very clear on what their career goal is and whether they want to become auditors or cost and management accountants. For those who do undertake to study with CIMA, he says there is a strong recognition amongst employers of the commitment that is required of those who combine work and study to achieve a CIMA qualification. Sean continues to attend CIMA events whenever he is in Dublin and has assisted the Institute on a global basis in consultations about the future development of the qualification and how to ensure its relevance to employers such as Accenture both locally and internationally. ‘CIMA is a very forward looking organisation and recognises the importance of having a vibrant employer base whose needs they understand and are aligned with. This collaboration with business is what makes the CIMA qualification the most relevant global finance qualification for business today. It’s a win/win for both sides,’ he says.

NETWORK NEWS | SPRING 2014


PAGE 4

JUBILARIAN CELEBRATIONS Seven members of CIMA celebrated the 50th anniversary of membership with one celebrating 60 years.

CIMAERS B MEM

y

rsar

ive Ann

tions

bra Cele

Pictured at a commemorative event in CIMA were: Front row from left are Joe Parker, Bernard Cullen, Michael Walsh, Dan Cowhie Francis Farrelly, Dick Long; Back row; John Sweeney and Bernard Meade

CIMA DIPLOMA IN ISLAMIC FINANCE BLENDED TUITION PROGRAMME - FEBRUARY 2014 Due to Ireland’s increasing importance as a Western hub for Islamic finance, CIMA Ireland is pleased to announce the commencement of its next CIMA Diploma in Islamic Finance (CDIF) blended learning tuition programme. This programme will commence in February 2014 and will include input from leading Shari’ah academics. CIMA’s blended tuition package includes: • initial kick-start session  • online and hard copy study materials • four revision seminars in Dublin with input by leading Shari’ah academics

CIMA’s Islamic finance qualifications have won an award to recognise their world-leading status in the industry. We were unanimously chosen as ‘Best Islamic finance education provider 2013’ by the Global Islamic Finance Awards (GIFA) committee. This programme will be delivered over the period from 20 February to 19 June 2014. Should you be interested in joining this programme and have missed the kick-start session, please contact the CIMA Ireland office at 01 6430400. Next CDIF programme will commence in September 2014. Students who have enrolled on this course represent a wide variety of backgrounds from sectors as diverse as aviation, telecommunications, public service, manufacturing, advisory, legal, banking and FDIs. In developing the CDIF, CIMA has worked closely with the International Institute of Islamic Finance Inc. to provide a relevant and highly applicable qualification.

• one accounting tutorial seminar. The CDIF qualification will be awarded upon successful completion of four individual certificates: 1. Islamic Commercial Law 

This course is a must for those pursuing a career

in Islamic finance and I highly recommend it. Fiachra Farrell, Treasury Specialist

2. Islamic Banking and Takaful  3. Islamic Capital Markets and Instruments 4. Accounting for Islamic Financial Institutions

Should you require any further details or if you or a colleague would like to register for the CDIF please contact CIMA Ireland office at: T. +353 (0)1 6430400 or E. cima.ireland@cimaglobal.com For more information visit: www.cimaglobal.com/cdif

NETWORK NEWS | SPRING 2014


PAGE 5

DAN COWHIE – OVER 60 YEARS A CIMA MEMBER

sometimes with a little help from the companies they worked in. Nobody was paid but a lot was achieved. We had the Taoisigh of the day at our dinners and become a very prestigious organisation’ he says.

A twinkle comes readily to the eye of Dan Cowhie as he recalls the early days of what is now CIMA in Ireland.

In line with Ireland’s economic growth and increased business confidence the Irish membership was also growing. It had reached a scale where the next step in the organisation’s evolution was to establish a Republic of Ireland Council reflective of the critical mass and importance of the membership in Irish commerce. The Irish membership lobby put forward strong arguments in its favour. Following a vigorous and sustained campaign fittingly, in 1966, the Republic of Ireland Council of the Chartered Institute of Management Accountants was established. Brendan Fitzgerald became its first Chairman, followed by Frank Peard and then John O’ Callaghan (Cork). An informal agreement was brokered that the presidency be shared between Dublin and Cork in the early years, Dan recalls.

Now 91 years of age, Dan was one of the leading figures in the establishment of the present institute in Ireland and has given great service to it in its various incarnations over the years including presidency of the Dublin and District branch and president of the Republic of Ireland council in 1969 and 1970. A native of Kilkenny, Dan’s first job was in Esso where he worked as a store man during the years of the Second World War. Ambitious to get on, he sought a meeting with the secretary of the company (effectively the CEO) and asked for a move. When one was not forthcoming, Dan decided to look for a new position and applied and got a position as a cost clerk at the Fry Cadbury company. ‘There were three mantras there at the time; sales, quality and management accounting. I was strongly encouraged to study cost accounting and so I enrolled in the Dublin branch of the Institute of Cost Accounting in April 1946,’ Dan recalls. The institute was run as an outpost of London, had only around 20 students and given the conditions prevailing immediately after the war, books were a scarce commodity. Nonetheless, Dan made immediate and in some cases lifelong friends with the small dedicated bunch of students he met there. The lecturers were dedicated and worked students through their paces. With the pressures of study and work, Dan had to sacrifice his sporting interests in rugby, tennis and cricket but the effort was worth it, he says.

As numbers grew eventually, a secretary was hired, a formidable and hard-working lady called Miss Mayne who gave good service. The work eventually become too big for her and a more formal professional era was ushered in when the institute acquired an office in Mount Street and a full time director in Tony White. ‘Tony transformed things by writing to and chasing down graduates and getting them to become active members of the institute. This was really the start of the organisation growing to the huge scale that it is today so we were no longer the small guy amongst our peer accountancy institutes in Ireland,’ he says. Having exceeded 60 years membership, Dan remains an active and enthusiastic CIMA member and can be proud of the huge part that he has played in the development of the institute in Ireland.

In 1952, he passed his exams becoming an Associate Costs and Works Accountant (ACWA). The qualification was of huge benefit to his career and he progressed from being a humble cost clerk to eventually becoming chief management accountant and financial controller at what became Cadbury Ireland. In the later part of his career, he moved to the Catholic Communications Institute as its finance director. Dan kept in touch with his fellow institute members and a sense of camaraderie developed around spreading the gospel of ‘cost accounting’ around the country. The group also included figures such as Brendan Fitzgerald, Frank Peard, Bart McDonald, Packenham Walsh, John Miller and Tom Egan, travelled to places such as Galway, Limerick and Sligo to give talks. Ireland was beginning to take-off economically in the mid-1960s under the leadership of Sean Lemass and later Jack Lynch and membership started to grow rapidly as companies took a greater interest in financial management. ‘This was the era of the gifted amateur when committee members did things in their own time,

Pictured at the Jubilarian celebrations is Dan Cowhie with Nicola Glynn, CIMA Ireland Member Services Manager and Louise Connaughton, CIMA Ireland Chair.

NETWORK NEWS | SPRING 2014


PAGE 6

NEW AREA STRUCTURES ESTABLISHED Effective from May 2014, the CIMA Ireland branches will be restructured into four area networks: the Southern Area comprising the South Eastern and Cork and Kerry branches; the Western Area comprising the Midwest and West of Ireland; the Eastern Area comprising Dublin and District, and the Northern Area comprising Northern Ireland and the North West. The restructuring follows the merger between the Northern Ireland and Republic of Ireland bodies in June 2011 to form CIMA Ireland. The benefits of the all island, Northern Ireland/Republic of Ireland merger is now being replicated at branch level with the transition to the four area structure, as required by the CIMA Global Council directive, the CIMA Global Markets Committee requirement and the CIMA Ireland AMM decision. The new area structure is intended to deliver benefits collectively and individually to the membership at branch level in a similar way to that of the establishment of CIMA Ireland, today the third largest professional accounting body in Ireland, represented at the highest levels in organisations and enterprises across the island of Ireland. The new area structure will provide for greater scale and depth of numbers that will serve to attract even more new members, thereby helping to consolidate CIMA Ireland’s position as the largest CIMA membership market outside of the UK, a new dynamic that will ultimately feed into the global network.

CIMA IRELAND GALA DINNER Mr Peter O’Neill FCMA, CGMA Managing Director, IBM Ireland will be the guest of honour at the CIMA Ireland gala dinner. The black tie event will take place on Friday 28 March 2014 at 7.30pm in the Royal Hospital Kilmainham, Dublin 8. A Fellow of the Chartered Institute of Management Accountants Mr O’Neill was formerly director of IBM sales and distribution in Ireland and began his career with IBM in 1981. During his IBM career he has held a series of sales and finance leadership positions in both Europe and America, including financial controller of the IBM Technology Campus, Mulhuddart. Mr O’Neill is a former president of the American Chamber of Commerce. sponsored by

NETWORK NEWS | SPRING 2014

The intention is to maintain and build upon the vibrancy of both branches providing access to a greater range of events and networking opportunities for all our members and students. At the same time the importance of local activities is core to the success of the network and these will continue under the new structure. Particular initiatives that are and remain specific to former branches will continue within the new area structure in terms of CPD and local events, enhanced by the added benefits of an enlarged local area network.

The new area structure will provide for

greater scale and depth of numbers that will serve to attract even more new members, thereby helping to consolidate CIMA Ireland’s position as the largest CIMA membership market outside of the UK At the heart of any successful professional body is a vibrant and active member network and this has made a very significant and valuable contribution to the success of your Institute here in Ireland. We would hope to see your continued input at area level. We strongly urge you to put yourselves forward for election to key roles on the new area committees.

The annual dinner is a prestigious event in the CIMA Ireland calendar and has in the past been addressed by the President of Ireland Michael D Higgins and the Secretary General of the Dept of Finance John Moran. A large number of members, students, industry corporates and guests are expected to attend this important event which will also be a celebration of our top students and our newly admitted members. Taking place in the unique surroundings of the Royal Hospital Kilmainham bookings should be made as soon as possible. For bookings and details, contact events.ireland@cimaglobal.com.


PAGE 7

MEMBERS IN PRACTICE SERVICES Helpline A reminder that the free CIMA helpline for MiPs on legal issues can be accessed by following the directions below: Law Express currently provides CIMA members in the UK with an independent legal advice service covering employment, company and commercial, marketing and tax law. This service has now been extended to members in Ireland.

Anti-money laundering online course CIMA also provides a free online course on anti-money laundering for its UK MiPs. CIMA Ireland is in the process of adapting the UK version in order to meet Irish legislation and this service should be available shortly to Irish members.

2014 annual MiP conference - ‘Opportunity knocks: how to build successful businesses’ Date: Friday 20 and Saturday 21 June 2014 Venue: Heythorpe Park, Enstone, Chipping Norton, Oxfordshire OX7 5UF This annual conference is a must for all CIMA MiPs, organised by MiPs, for MiPS. Learn how to build a successful business and lots more. A great networking opportunity for both existing and aspiring MiPs. See the CIMA website for further details, including booking options and rates.

Alliance with Irish Tax Institute – become a CIMA affiliate CIMA affiliates will receive the following tax information: •

TaxFax – the essential tax technical update every Friday

Daily news summary – top tax media stories

Technical bulletins on topical tax developments which typically issue every three weeks

Details of upcoming tax events and networking opportunities

The annual subscription for CIMA affiliates is €130 plus VAT.

To access the support helpline, members are required to email prof.standards@cimaglobal.com with the title ‘Law Express telephone referral’ in the subject box. Please also quote your CIMA ID number. Members are then given a telephone number to call, along with a code to quote. This service is available from 8am to 8pm, Monday to Friday (excluding bank holidays) and covers the following specific topics: 1. Commercial law – agency/competition; agency regulations; banking; contract; data protection; debt; indemnity liability insurance; insolvency; insurance; intellectual property; new business contracts; terms of personal indemnity

2. Company law – Companies Acts; company secretarial; directors rules and responsibilities; shareholders issues 3.

Employment law – contract terms; disciplinary procedure; discrimination; dismissal; dispute with agency; duration of employment; harassment/bullying at work; holiday entitlement; maternity; pre-employment; privacy and communication issues; redundancy; restrictive covenant; sick pay; statutory matters (not maternity related); termination; terms and conditions; unfair dismissal; wrongful dismissal.

OmniPro – fulfill your CPD requirements as a CIMA MiP OmniPro, a leading provider of educational and support services to accountants in Ireland, are offering a number of courses of particular interest to MiPs. Courses are offered through a blend of online and live sessions covering the issues most relevant to accountants in practice. For full details see www.omnipro.ie/cpd-courses.

NETWORK NEWS | SPRING 2014


PAGE 8

CIMA NOVEMBER 2013 EXAM RESULTS Congratulations to all CIMA students who successfully passed the November 2013 exam sittings.

Ireland 1st place rankings

CIMA Ireland students were well placed in the world rankings including first and second for F1 with corresponding outstanding results for the CIMA Ireland rankings. Details of world and country rankings are listed below.

E2: John Donnelly, Dublin

World rankings, P3 person

E1: Caroline Kelleher, Dublin and Joseph O’Reilly, Dublin F1: Brian Phelan, Dublin P1: Barra Cryan, Dublin

F2: Maureen Liddy, Clare P2: Paul Flood, Louth E3: Tara Carty, Antrim

F1: Brian Phelan, Dublin - 1st in the world and 1st in Ireland

F3: Tina Joynt, Dublin

F1: Paul Cunningham, Dundalk - 2nd in the world and 2nd in Ireland

P3: Brian Jones, Fermanagh

F1: Olwn Hughes, Dublin - 13th in the world

T4B: Hannah Casimir, Monaghan

E2: John Donnelly, Dublin - 4th in the world and 1st in Ireland

Masters gateway: Liam Foy, Cork

E2: Caroline Kelleher, Dublin - 14th in the world and 2nd in Ireland P3: Brian Jones, Fermanagh - 14th in the world and 1st in Ireland

GRADUATION CEREMONY

SUPPORTING YOUR CIMA

The graduation ceremony for newly admitted CIMA members will take place on Friday 28 March 2014 at the Royal Hospital Kilmainham. The graduation will include a reception at 4.00pm for graduates and their guests with the graduation ceremony commencing at 5.00pm sharp. The maximum number of guests per graduate is two adults.

Each year CIMA Ireland organises a number of open evenings and presentations in colleges across Ireland for prospective CIMA students. At these events we showcase the qualification and how students can start studying CIMA. We are currently seeking to build a database of members and students who would be willing to come along to an event in your area and give a short presentation on your experiences of studying the qualification and how this has helped you in your career. If you are interested please contact cima.ireland@cimaglobal.com.

This year, in a new departure, CIMA Ireland will also host its gala dinner on the same evening as the graduation ceremony at the Royal Hospital Kilmainham. Newly admitted members are invited to attend the dinner. To confirm attendance and secure tickets graduates should contact Nicola or Jean at events.ireland@cimaglobal.com.

NETWORK NEWS | SPRING 2014


PAGE 9

CIMA CHALLENGES IRISH STUDENTS TO BECOME THE GLOBAL BUSINESS LEADERS OF THE FUTURE Ambitious students across the world have the opportunity to gain global exposure and business skills for the future, courtesy of the CIMA Global Business Challenge (GBC).

Team Fusion from Financial University under the Government of the Russian Federation in Russia, were crowned champions at the 2013 global final held in South Africa. The team beat over 16,000 international students and applicants before being assessed by a panel of industry expert judges from organisations around the world to emerge as global champions.

The 2014 CIMA GBC, which is being held in partnership with Barclays, is an international business management competition open to undergraduates of public and private colleges and universities. The competition is designed to showcase potential young business leaders. It provides students with a fantastic opportunity to showcase their ability on a global scale. It has previously led to internship opportunities at various global companies.

Each team will have to analyse, report and present on a CIMA case study. The winning team from each region will be flown to the global final in Mumbai, India, in August to compete against 23 other regions for the title of global champions. The Irish final, sponsored by Dublin Business School, will take place on Friday 13 June at IT Tallaght.

CIMA is proud to launch the sixth Global

Business Challenge. The GBC has become a stage on

Barclays is pleased to support the CIMA Global

Business Challenge as global headline partner. The challenge offers bright, business-focused undergraduate students an opportunity to experience first hand some of the real challenges faced by global organisations today, and to develop their business skills and knowledge. Jane Clark, Barclays Head of Campus Recruitment for Europe and Asia Students must register for the Ireland final by 21 March 2014, by contacting Fiona.arnold@cimaglobal.com.

which the best and brightest students from across the globe can show their talents. Many of the world’s most respected business leaders have qualified with CIMA. The competition represents a real opportunity for global businesses to find the leaders of the future. Andrew Harding FCMA, CGMA Managing Director CIMA The teams taking part will come from across five continents: Australia, Bangladesh, China, Ghana, Hong Kong SAR, India, Indonesia, Ireland, Malaysia, the Middle East, Myanmar, Nepal, New Zealand, Pakistan, the Philippines, Poland, Russia, Singapore, South Africa, Sri Lanka, Thailand, the UK, Vietnam and Zambia.

FACE TO FACE TUITION FOR CIMA CERTIFICATE LEVEL STUDENTS Part-time tuition is now offered in three locations across the island of Ireland: • Independent Colleges, Dublin • Cork Institute of Technology • Belfast Metropolitan College

For full details on these programmes please visit www.cimaglobal.com/certificatetuition Students looking for extra support during your studies can now just email our team of expert advisers and they will answer your questions - cba.ireland@cimaglobal.com

NETWORK NEWS | SPRING 2014


PAGE 10

MAKING THE MOST OF YOUR SEPA INVESTMENT By John Sheils Senior Relationship Manager, AIB We have now passed the original SEPA migration deadline of the 1 February 2014. In January, due to slower than expected migrations across the SEPA zone, the European Commission allowed for an extended six month window to accommodate companies who were having difficulties with their migrations. Individual member states are allowed to decide how much of this extension they will need to minimise disruption to payment processing. IPSO (Irish Payment Services Organisation) has agreed with the Irish banks an extension to the 31 March 2014, is all that will be required to accomplish full SEPA migration in Ireland. With all the time and effort spent, including possible system upgrades and/or replacements to ensure your company was SEPA compliant on time, it’s now time to look at making the most of your investment.

CREDIT TRANSFERS Companies who submit credit transfer files are in one of two categories. Firstly, either the heavy lifting is done and they have perfected the SEPA XML format or secondly they are using their old EMTS file which their bank is converting for them, as an interim solution. For those who have perfected the XML version, it is now time to make the most of the benefits which SEPA brings by looking to; •

Consolidate accounts and banking partners across Europe. One Euro account in a SEPA member state is the same as any other, companies should look at streamlining their banking arrangements. This should reduce time spent administering and reconciling multiple bank accounts and managing multiple banking relationships. You should look to bank with whichever bank gives the most favourable offering, both in terms of price, service and systems. The common template provided by the ISO20022 file format, means that only minimum changes should be required to adapt your system to different bank’s file formats

Move away from making individual payments, manually input on bank systems and make greater use of bulk uploading payment files. EMTS files restricted users to uploading a file containing Euro payments to the 26 counties within the Republic of Ireland. Going forward, at a minimum, companies can upload a file containing Euro payments to the 33 countries of the SEPA zone. In addition AIB has developed a multicurrency bulk file offering, which will allow you to upload a file containing nearly any currency. This will save time and effort for both in putters and authorisers by only having to upload and authorise one file containing all your payments rather than each individual payment.

Make greater use of the data, such as invoice numbers and payment file details which be can be included in the XML payment file. This information can be used to assist reconciliation for both the debtor and creditors, with certain fields being sent with the payment while others will be made available to the debtor, to assist with rejected or returned payments.

These changes will be particularly important in the context of e-Day, the 19 September 2014. From this date it is intended the public sector will no longer write cheques to business users, nor will the public sector accept cheques from business users. This is aimed at encouraging the move away from inefficient payment methods and towards lower cost methods. CIMA members in both the public and private sector will need to adjust their payment methods to accommodate this change. Companies should take some time to ensure all their payments are sent in the most efficient way, not only in terms of the cost of the payment, but also in terms of time spent on input, authorisation and reconciliation of their payments. For those members, whose company is using a bank’s file conversion service, they are missing out on these efficiencies. Those companies should seek to move towards XML as soon as they can, ahead of the 2016 EU deadline.

DIRECT DEBITS Irish business expressed significant concern about the ability of debtors to access a ‘no questions asked refund’ for up to eight weeks after each collection under the SEPA Core Scheme. In response, a business scheme to facilitate inter-company collections was developed, to reduce the risks associated with business to business direct debits post SEPA. The new SEPA Direct Debit Business Service (SBS) has been operational since the 1 December 2013 and will run until 1 February 2016, when it is envisaged the Pan European B2B scheme will be rolled out by the Irish banks. The service will operate within the SEPA Core Direct Debit Scheme and requires creditors to seek agreement from their debtors to be debited under the scheme by completion of a waiver document. In order to collect under the SBS scheme a creditor must 1)

NETWORK NEWS | SPRING 2014

Only use it to debit businesses: In order for SEPA direct debits to be collected from a debtor under the SBS, the debtor must not be a consumer. A consumer is defined as a natural person who in payment transactions covered by the Payment Services Directive (EU Directive 2007/64/EC) is acting for purposes other than his trade, business or profession. (continues on next page)


PAGE 11

2)

Require a debtor confirmation to be signed: This is a signed agreement between the debtor and creditor confirming the debtor’s eligibility for the SBS and the waiving of their rights in relation to the ‘no questions asked refund’. It must be signed by a person who is authorised to sign on behalf of the company and must be made available to the debtor bank where a request for a refund has been received.

3)

Obtain a business service creditor ID: A new creditor ID will be required to signify that the collection has been made through the SBS. A Business Service Creditor OIN will have the form IEXXSDD111XXX, where ‘X’ represents digits to be provided to you by your bank.

4)

Adjust the creditor name field in the direct debit file: Direct debits generators will be required to submit separate files if collecting under both the core and SBS. When submitting under the business scheme the creditor’s name field is preceded by ‘B8S’ to identify the collection as being made through the business scheme. This would mean the creditor’s name would look like ‘B8S ABC Ltd’ in the file and on the debtor’s statement.

It is important to note that apart from the refund waiver for authorised transactions; all other aspects and requirements of the SEPA Core Scheme must be adhered to.

The work is nearly completed, it’s now time to maximise the return on your investment. If you would like to explore these suggested next steps further, please feel free to contact me on 01 6417689 or john.f.sheils@aib.ie John Sheils is a senior relationship manager in AIB and is responsible for advising clients on their treasury and cash management exposures.

Advance Your Career with Ireland’s Leading Tax Qualification AITI Chartered Tax Adviser (CTA) Summer Course Starting April 2014

Location: Dublin and Online Flexible Study Times: Lectures take place at weekends (April – October) or Study Online when it suits you

CIMA Exemptions: >

CIMA members are exempt from 3 out of 4 papers of AITI Fundamentals: Part 1

>

CIMA students who have completed the CIMA certificate level exams are eligible for exemptions from our law and accounting modules

AITI Chartered Tax Advisers (CTA) hold senior tax and financial positions in 30 of the Top 50 companies in Ireland Join over 28,000 Chartered Tax Advisers (CTA) working globally in tax

Talk to Eimear Fetherston today on +353 1 663 1748 or email efetherston@taxinstitute.ie www.taxinstitute.ie

NETWORK NEWS | SPRING 2014


PAGE 12

CIMA BSTAI JUNIOR CERT BUSINESS QUIZ The regional heats for the CIMA/Business Studies Teachers Association of Ireland (BSTAI) Junior Cert business quiz took place across seven venues nationwide last October and November.

Regional winners - LYIT heat

A total of 816 Junior Cert business studies students comprising 204 teams and representing 111 schools competed for a place at the national final which will take place on 30 April at LIT Tipperary, Thurles. The annual event is organised by CIMA in association with the BSTAI. Pictured are the regional winners who will compete for the all-Ireland title on 30 April.

Regional winners - WIT heat

Regional winners pictured from are students from Sligo Grammer School from left are Nicola Glynn, CIMA, Junsung Jeon; Cameron Hill; Phildema Lipsett, Teacher; Russell Nairn; Rowan Kelleher; Andrew Wood Martin and Mairead Kerr, Northern Area CIMA.

Regional winners - LIT heat

Pictured are St Kieran’s College B team from Kilkenny who are winners of the regional heat for the CIMA BSTAI Junior Cert Business Quiz which took place at WIT. Pictured are Ciaran Lennon, Cahal McCauley, Cian Burke, Eamonn Fennelly and Niall Connolly, Teacher. Presenting the prize was Eric Rochford, CIMA. In first place at the LIT Heat was Hazelwood College, Dromcolliher. Photographed from left are Nicola Glynn, CIMA; Margaret Griffin, Teacher; Laura Stack, Teacher Noel O’Grady; Grainne Buckley; Jack Carroll; Norma O’Sullivan and Geraldine Furlong, CIMA Western Area Chairperson.

NETWORK NEWS | SPRING 2014


PAGE 13

Regional winners - AIT heat

Regional winners – IT Tallaght heat 2

Loreto High School Beaufort, Rathfarnham, was the second winning team in the CIMA Dublin area heat at IT Tallaght. Pictured are Marina Taylor, Teacher; Claire Layden-Daly; Roisin O’Hanlon; Jean Cuthbertson, CIMA; Eimear Butler; Caoimhe Gaughan and Catherine McAndrew.

Athlone Community School was the winner of the AIT regional heat. Pictured are Nicola Glynn, CIMA; Fiachra Lennon; Gavin Kelly; Mrs Anglela Campbell, Teacher; Shane Gibbons; Rónán Campbell and Brendan Doyle, AIT Head of Department Accounting and Business Computing.

Regional winners - CIT heat Regional winners – IT Tallaght heat 1

Holy Faith Secondary School Clontarf was one of two winning teams in the CIMA Dublin Area heat at IT Tallaght. Pictured are Nicola Glynn, CIMA with winners Ali Connolly; Kate Collins; Danielle Maxwell; Christine Parcon and Cora Williams, Deputy Principal.

Colaiste An Spioraid Naoimh school from Bishopstown, Cork are winners of the regional heat which took place at CIT. Pictured are students Dylan Morley; Cormac Larkin; Dylan Foley and Adrian Tsang with Karen O’Shea, Chair of the CIMA Cork and Kerry and Ruth Vance, CIT CIMA Advocate.

Regional winners - NUIG heat

Pupils from St Raphael’s College Loughrea School won the West of Ireland regional heat. Pictured are: Mary Clisham, CIMA West of Ireland Chair; Eoin Kenninghton; Sinead Corry; Eoghan Monahan; Alexander Elliot; Nicola Glynn, CIMA and teacher Miriam Gleeson.

NETWORK NEWS | SPRING 2014


PAGE 14

YOUR 2014 CIMA WALL PLANNER JAN

FEB

MAR

APR

MAY

M

JUN Z

R... EMINDE

T

try is exam en out te level Certifica ar round! Check ye t2014 l er al /c en om op aglobal.c www.cim for more info

Subscription fee payment due

W

1

New Year’s Day

T

2

Bank Holiday (Scotland only)

F

3

S

4

1

S

5

2

M

6

3

Exam entry opens for May professional exams

3

1

4

2

1

5

3

2

6

4

3

7

5

T

7

4

4

8

8

5

5

9

T

9

6

6

10

F

10

7

7

11

S

11

8

8

12

S

12

9

9

13

M

13

10

10

14

T

14

W

15

T

16

F

17

S

November exam results

W/C 13TH RCH L FOR MA MATERIA NAL PROFESSIO AND MAY AILABLE EXAMS AV

11

W/C 10TH ADMISSION ADVICE AVAILABLE FOR DOWNLOA D

11

15 Deadline for May professional exam entry. All

12

level exams must be completed successfully 12 certificate 16 by this date for eligibility to sit professional exams

Closing date for May professional exam entry (5pm)

W/C 7TH SEEN RELEAS E FOR MAY/SEPT EXA MS

6 7

Closing date for May T4 extra exam entry

1

W/C 5TH ADMISS AVAILAB ION ADVICE LE FOR DO WNLOAD

6

10

7

11

8

W/C 14TH ADVICE ADMISSION LOAD E FOR DOWN BL ILA AVA

12

9

13

10

Deadline to apply for additional time for May T4 extra exams

14

11

15

12

16

13

17

14

18

15

14

18

15

15

19

S

19

16

16

20

M

20

17

17

21

18

18

22

20

Professional exams

19

19

23

21

Professional exams Professional exams

22

4

9

18

21

3

5

13

W

2

8

14

Closing date for March extra exam entry

SLEEP M

Early May bank holiday

13

T

ZZ

ORE Aim for ei ght hours feel refre of deep sle shed and ep to read (including y... for anything! exams)

2

W

Z

Z

1

R

www

17 Good Friday

Easter Monday (excl. Scotland)

16

19

17 18

20

20

Closing date for late entries, changes, fees and extra time for May professional exams (5pm)

21

21

March extra exam results released

25

22

22

26

24

21

26

23

23

27

25

22

M

27

24

Professional extra exams

24

28

26

T

28

25

Professional extra exams

25

29

27

24

W

29

26

Professional extra exams

26

30

28

25

T

30

27

Professional extra exams

27

29

26

28

Professional extra exams

28

30

27

31

28

T

23

F

24

S S

F

31

Deadline to apply for additional time for March extra exam entry

Cut-off date to register and submit exemptions to ensure eligibility for May exam diets

S

29

S

30

M

31

NETWORK NEWS | SPRING 2014

24

22

25

23

20

AST ALWAYS EAT BREAKF

your abolism and keeps It boosts your met which means you sugar levels balanced er long for can concentrate

Please be aware these exam dates/deadlines may change. Please visit www.cimaglobal.com/study2014 for further details.

T4 extra exam

Spring bank holiday

19

23

29 30

= Check the app each month for the new issue of FM magazine

May T4 extra exam results


PAGE 15

w.cimaglobal.com/CIMAachieve

JUL

AUG

SEP

OCT

NOV

DEC

1

St. Andrew’s Day (Scotland only)

1

1

YOU’VE GOT MAIL!

2

r month your inbox every othe Don’t forget to check ent magazine, Velocity. for our global CIMA stud

M

2

T

3

W

4

T

2

3

1

3

4

2

5

3

5

F

6

4

1

6

S

7

5

2

7

S

8

6

3

8

M

Exam entry opens for November professional exams

4

1

5

2

6

3

7

4

8

5

9

7

9

6

10

8

7

11

9

10

May exam results

Summer bank holiday (Scotland only)

Deadline for November professional exam entry. All certificate level exams must be completed successfully by this date for eligibility to sit professional exams

lobal.com/velocity Sign up at www.cimag

W/C 6 OCT RELEASE FOR NOV/MARCH EXAMS

Closing date for November T4 extra exam entry

W/C ADMIS SION AD 3RD VICE AV AILAB LE T4 EX TR A EXAM S

9

T

5

10

W

6

11

4

November T4 extra exam results

T

11

8

12

7

12

F

12

9

13

11

8

13

S

13

10

14

12

9

14

S

15

13

10

15

M

11

16

T

12

17

W

14 15

11 W/C 14TH

W/C 11TH ICE ADMISSION ADV DOWNLOAD AVAILABLE FOR

10

W/C 13T ADMISSION ADV H ICE AVAILABLE PROFESSIONAL EXAMS

16

14

13

17

15

14

18

Closing date for late entries, changes, fees and extra time for November professional exams (5pm)

16

13

18

T

15

19

September extra exam results released

17

14

19

F

19

16

20

18

15

20

S

20

17

21

19

16

21

S

18

22

20

17

22

M

19

23

21

18

23

T

20

24

22

19

Professional exams Professional exams

16

FOR SEPTEM NOVEMBER BER AND ` PROF EXAMS AV ESSIONAL AILABLE

17 18

21

Closing date for September extra exam entry

November 2012 exam results released

22 23

Deadline to apply for additional time for September extra exam entry

12

Deadline to apply for additional time for November T4 extra exam entry

Professional exams

W

24 T4 extra exam

T F

24

21

25

23

20

25

Christmas Day

25

22

26

24

21

26

Boxing Day

26

23

27

25

22

27

S

27

24

28

26

23

28

S

29

27

24

29

M

30

28

25

30

T

31

W

28

25

Summer bank holiday (excl. Scotland)

29

26

Professional extra exams

30 31

Cut-off date to register and submit exemptions to ensure eligibility for November exam diets

27

Professional extra exams

29

26

28

Professional extra exams

30

27

29

Professional extra exams

31

28

30

Professional extra exams

31

MAKE THE MOST OF PROCRASTINATING

and thoughts Share your tips, advice book page on our CIMA UK face /cimauk www.facebook.com

29 30

T

RELAX Y

OUR MIN

D

Make th em and stre ost of your br eak tim physical ngthen your m e ental an health w d ith a yo ga sessio n

F S S M

NETWORK NEWS | SPRING 2014


PAGE 16

CIMA LAUNCHES INNOVATIVE 2015 PROFESSIONAL QUALIFICATION SYLLABUS Updated syllabus informed by business and industry insight through extensive employer consultation Drawing on its extensive global research into employer needs, CIMA has launched its 2015 Professional Qualification syllabus at an event in central London.

The competencies identified by top employers are core accounting and finance skills, business acumen, people skills and leadership skills. This insight has been instrumental in creating a syllabus designed to meet the needs of both students and employers to support better business. New topic areas relevant to accounting in business, such as managing big data, finance function transformation and sustainability have been included with integrated case studies added at each level of the qualification to consolidate learning and reflect real-life work situations.

In response to growing concern about rising youth unemployment around the world, CIMA has produced an innovative syllabus focused on equipping the finance professionals of the future with the skills to meet the business needs of today and tomorrow.

CIMA is committed to supporting the

next generation of global finance leaders and ensuring that our members stay at the forefront of developments in the business world throughout their careers. When designing the 2015 syllabus, we set out to enhance its relevance to employers, to ensure the rigour of the related examinations and to align the learning experience of candidates to the real world of business. I feel we have succeeded in this. Charles Tilley FCMA, CGMA Chief Executive, CIMA For the qualification to remain relevant and enhance the employability of members, CIMA’s global research led to the development of a competency framework and a new assessment process addressing the skills and competencies employers require from their finance team. The research conducted involved face-to-face meetings with leading organisations in the UK, US, South Africa and Malaysia, roundtable discussions in 13 countries and a global questionnaire to over 3,000 participants.

Major changes have also been made to the assessment of candidates in line with developments in the use of technology in education and industry. Students will now benefit from online assessment and exams on demand – through a partnership with Pearson VUE – allowing them to choose their own pace of progression. Students who complete the CIMA qualification earn the Chartered Global Management Accountant designation formed by the AICPA and CIMA to highlight the importance of management accounting in today’s economy.

www.cimaglobal.com/2015

NETWORK NEWS | SPRING 2014


PAGE 17

MASTERS GATEWAY TUITION

MEMBER EVENTS

CIMA Ireland is offering a series of condensed seminars and mock exam practice for the May 2014 Master’s gateway entry. If you are self studying, these seminars may be of interest. Seminars will be held in Dublin, Cork and Waterford, commencing in February/March.

CIMA Ireland holds member events in various locations across the island of Ireland. Don’t miss out – visit www.cimaglobal.com/irelandevents for a full listing of upcoming member events.

For full details visit: www.cimaglobal.com/revisionseminars

YOUR MY CIMA ACCOUNT 2014 subs Don’t forget CIMA subs are now due so make sure to renew your subscription with CIMA for 2014. Keep your career on track and continue your journey to success. Renew online in your MY CIMA account or phone: +353 (0)1 643 0400/+44 20 8602 0861.

2014 SUB

S

CONTACT DETAILS

EXAM ENTRY

Contact details Keep your personal details up to date to ensure you are receiving the most relevant information from CIMA. This can be done in your MY CIMA account.

Professional exam entry May 2014 professional level exams will take place on the 20, 21 and 22 May. Exam entry is open until 5pm on Thursday 13 March, so if you have not yet registered for your exams you can do so in your MY CIMA account.

NETWORK NEWS | SPRING 2014


PAGE 18

UNDERGRADUATE CIMA ACHIEVEMENT OF EXCELLENCE AWARDS

Eoin Langan, AIT; Trevor Farrell, CIMA prizewinner; Colm Murphy, CIMA Ireland; Owen Ross, Head of Dept of Business Studies AIT Eoin Langan, AIT; Karen McDonald, CIMA prizewinner; Colm Murphy, CIMA Ireland; Owen Ross, Head of Dept of Business Studies AIT

Eoin Langan, AIT; Rebecca Murphy, CIMA prizewinner; Colm Murphy, CIMA Ireland; Owen Ross, Head of Dept of Business Studies AIT

Christian Coady, GMIT prizewinner presented with his CIMA award by Mary Clisham, CIMA West of Ireland.

Pictured from IT Blanchardstown are: Fiona Malone, Head of Department; Tom McGrath, Accounting Lecturer; Killian Walsh, CIMA prizewinner; Colm Murphy, CIMA and Linda McWeeney, IT Blanchardstown.

Gemma Maher, CIMA management accounting prizewinner from IT Tallaght pictured with Colm Murphy, CIMA.

Olivia McDonald receiving the CIMA Management Accounting prize, presented by Eric Rochford, CIMA South East, at the School of Business Recognition of Awards Ceremony held on 9 October 2013.

NETWORK NEWS | SPRING 2014

Una Jackman receiving the CIMA Management Accounting prize, presented by Eric Rochford, CIMA South East, at the School of Business Recognition of Awards Ceremony held on 9 October 2013.


PAGE 19

Helena Hepburn and Katherine Lynn, CIMA prizewinners for International Financial Accounting and Reporting from the MSc in Accounting programme in Queen’s University, pictured with Kevin Gormley, CIMA Ireland.

Caroline Bingham, Queen’s University CIMA prizewinner for management accounting, pictured with Karen Greene, CIMA Ireland

Katrina Cunningham, Queens University Management School, CIMA prizewinner pictured with Karen Greene, CIMA Ireland.

Mark Riley, Queen’s University CIMA prizewinner for management accounting, pictured with Karen Greene, CIMA Ireland. Parents John and Karen O’Hagan receiving CIMA award on behalf of daughter and Queen’s student, Sarah O’Hagan, with Karen Greene, CIMA Ireland.

Pictured are: Gerard O’ Donovan, Head of School of Business; Orla Flynn, Head of Faculty of Business and Humanities; Karen O’Shea, CIMA Cork and Kerry; Ronan Walsh, CIT prizewinner and Caroline O’Reilly, Head of Department of Accounting and Information Systems.

Limerick IT CIMA prizewinner Louise Gavin pictured with Geraldine Furlong, CIMA Mid West and Limerick IT academic staff.

Pictured are: Karen Greene, CIMA; Valerija Jonikane, DCU CIMA prizewinner and Dr Ruth Mattimoe, CIMA Member and Lecturer of Management Accounting.

NETWORK NEWS | SPRING 2014


PAGE 20

NETWORK NEWS CASE STUDY Alex O’Brien ACMA, CGMA is a financial analyst with Mars Inc whom he joined following a degree in Commerce International and Italian from UCD’s Quinn School of Business. Why CIMA? When I was studying for my degree I was particularly interested in the finance and strategy modules and afterwards when I was looking to gain an accountancy qualification, CIMA jumped out at me. The qualification appealed as I wanted to develop my core accountancy skills whilst strengthening my business and strategic acumen. Professionally CIMA gives you the mind set required to not only understand the numbers but to derive insights from them. Alex O’Brien ACMA, CGMA Bachelor of Commerce, UCD Financial Analyst, Mars Inc

Moreover the CIMA qualification prepares its students for success at all levels throughout a career in business, and for an ambitious young graduate it was the qualification I wanted to have with me to help me along the way.

CIMA gives you the mind set to not only

understand the numbers but to derive insights from them.

What does your role involve? I started initially in the financial control side of the finance team. Once qualified, I moved into the commercial finance side of the finance team as a financial analyst supporting the marketing and sales teams. Now my role involves analysing market trends and internal financials and providing support to the marketing and sales teams. The role is exciting as I get to work at the forefront of the business and help drive strategic decisions across different well known and loved brands such as Mars, Galaxy, Pedigree, Whiskas, Uncle Bens, Dolmio and many more.

Does the CGMA designation assist you in your current role? Having the CGMA designation means that I can easily transfer across Mars units around the world should the opportunity arise. I think of CIMA as my business passport which is internationally recognised and this allows me the freedom to consider job opportunities around the globe.

Moreover the CIMA qualification prepares

its students for success at all levels throughout a career in business.

NETWORK NEWS | SPRING 2014

How did you find studying for the CIMA exams? Studying for the exams was challenging but highly rewarding as I was developing my financial skills during each round of exams. I genuinely enjoyed the lectures and was lucky to have some inspiring lecturers who really brought the material to life. When I finished my final exam I felt that I had enough financial knowledge to excel in any role that came my way.

Having the CGMA designation means that I

can easily transfer across Mars units around the world should the opportunity arise.

How does Mars Inc provide support for you to fulfil the CIMA/CGMA professional development requirements? Mars has an excellent study support programme and has also become a recognised CIMA partner. They actively encourage associates to develop personally and provide the necessary support and training to do so. This means that my work at Mars counts towards CIMA’s personal development requirements which is great and I feel that the combination of CIMA and Mars have given me the basis for a successful and stimulating career.


PAGE 21

Create a pipeline of new talent for your business CIMA Ireland is pleased to inform you that expressions of interest are now being sought from employers wishing to participate in the CIMA Ireland 2014 undergraduate work placement programme, available across Ireland at selected universities and institutes of technology.

Those institutes and universities participating in this initiative, work together with employers to ensure those students applying for work placements are accurately matched with the human resource needs of their business.

The CIMA Ireland undergraduate work placement programme facilitates work placements with local employers for students who are currently studying and who are looking for relevant work experience in one of the business areas of accounting, finance, HR, operations management, marketing or management.

We would be grateful if you were able to share the details of this programme with your colleagues and business contacts who may wish to find out further information.

This work placement programme aims to provide employers with the opportunity to identify and access future talent and resources for their business.

View full details about these work placement programmes or contact the CIMA Ireland office at: T. 01 6430400, or E. internships.ireland@cimaglobal.com.

CIMA IRELAND MSc GRADUATES UCD Michael Smurfit Graduate Business School MSc in Strategic Management Accounting commenced last September with a cohort of students from Asia to Brazil. Co-designed with CIMA, the course, which follows on the success of the previous two year part-time course, targets high-level graduates with a solid background in management accounting, financial accounting and reporting, finance, taxation or law, seeking a long-term career with leadership-level responsibility in the finance function, advisory, accountancy, and general business.

Pictured are students from across the world taking part in this full-time one year programme, From left to right, and from East-to-West in terms of international origins: Aline Silva (Brazil); Leona Heneghan (Ireland); Miriam Edding (Norway), Julia Bing (Germany); Hanin Baraji (SaudiArabia); Chin New (Singapore); with Denis McCarthy, Director CIMA Ireland and Christoph Dreschler, Academic Director.

Pictured with Christoph Dreschler, Academic Director; Denis McCarthy, Director CIMA Ireland; Louise Connaughton, Chair CIMA Ireland and Professor Ciarán Ó hÓgartaigh, Dean of UCD School of Business, is CIMA scholarship student Leona Heneghan

NETWORK NEWS | SPRING 2014


PAGE 22

FM JOINS THE DIGITAL REVOLUTION Financial Management, CIMA’s monthly member and student magazine is now available to download as a free app. Available on iOS and Android devices, the app can be downloaded by searching for ‘CIMA FM’ in the Apple App Store, Google Play or Amazon. It will be updated monthly with all Financial Management content, plus additional features including videos and study material. The app has been launched in response to member feedback which highlighted high demand for content in digital form. As a result, from January 2014, all members and exam complete students will receive a printed copy of Financial Management magazine six times a year, and all members and students will be able to access new content on a monthly basis through the FM app.

CIMA ETHICS UPDATE: WHAT LESSONS HAVE WE LEARNT FROM THE FINANCIAL CRISIS? At CIMA’s ethics debate back in 2008, broadcaster Jon Snow commented in regard to the financial crisis: ‘It is a catastrophe of the most extraordinary scale, and bound up in its causes are ethical questions’. If we have learnt from mistakes leading up to the crisis remains to be seen. With a growing spotlight on corporate conduct, companies need to be ever more vigilant regarding risk and protecting reputation. CIMA’s new ‘ethics newsreel’ video message highlights a range of pressing business challenges, including bribery, banking scandals and human rights violations. Professionally qualified management accountants have a central part to play in restoring trust in business around the world. Members and students are obliged to uphold the highest ethical and professional standards, and this video message ties their obligations to wider economic, social and political issues. CIMA provides a range of resources and guidance to help steer members and students in the right direction. Our new edition of Ethical Lens, our e-zine with the latest ethical and sustainability news of interest to management accountants, features initiatives and developments which help counter the negative consequences of unethical actions.

NETWORK NEWS | SPRING 2014

In the latest edition of Ethical Lens we look at the new Integrated Reporting Framework, the post-2015 UN development agenda, and the challenges with scarcity of natural resources. Also read about what we can learn from the Lance Armstrong scandal, and find out where your country rank on Transparency International’s Corruption Perception Index. Read Ethical Lens www.cimaglobal.com/ethicallens Watch the ‘ethics newsreel’ www.cimaglobal.com/newsreel


PAGE 23

CIMA IRELAND BENEVOLENT FUND The CIMA benevolent fund here in Ireland supports members and their dependents facing difficulties and hardship caused by serious illness, bereavement, unemployment and other misfortunes.

The fund is most appreciative of the support given by the members. Nevertheless, in recent years, the economic climate has had an adverse affect on a number of our members and fund expenditure is again exceeding its income. CIMA Ireland is therefore asking members to consider making a contribution to the fund.

Established in 1992, the fund has helped many members through difficult and stressful times for themselves and their families. Member’s contributions, both financial and advisory, have contributed enormously. Economic conditions, illness and or bereavement continue to prevent some members achieving the success they had expected in their careers. In most cases this is a temporary setback. Where there is a young family involved, the consequences can be particularly distressing. The people the fund has assisted have heart warming stories in which situations of despair have become manageable, and rectified over time thanks to the contributions by CIMA Ireland membership.

There is no fixed amount asked or expected as every contribution is valuable, but donations in the range of €30 to €50 tend to be the standard. Some members exceed this amount significantly and we acknowledge this extra generosity. Members who wish to contribute to the fund can do so by completing the standing order form. All contributions whether by standing order or once off payment are most appreciated.

STANDING ORDER – ANNUAL PAYMENT Bank Name (The Manager): Account Name:

Account No:

Branch Address:

Sort Code:

On the

day of

each year commencing on the

day of

(in words)

to the following account:

CIMA Benevolent Fund

IBAN number: IE03BOFI90149037010974

pay the sum of €

BIC code: BOFIIE2DXXX

Bank of Ireland, Baggot Street, Dublin 2 My/Our account will at all times contain sufficient funds to enable payment to be effected on the due date: Signed: Date:

Address:

Note: This instruction cancels any previous instruction in favour of the above named under this reference. After returning form, please allow 3-4 weeks for standing order process to be completed. Please return to: Nicola Glynn, Member Services Manager, CIMA Ireland, 5th floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Republic of Ireland.

NETWORK NEWS | SPRING 2014


PAGE 24

FEAR VS. FAIR – EXPOSING THE COMPANY’S OPPORTUNITY IN AN INDEPENDENT REVIEW OF THEIR BUSINESS. By David Farrell, ACMA, CGMA Our experience shows that the owner/managers, initially at least, dread the thought of someone undertaking an Independent Business Review (‘IBR’) of their business. The fear that there is a hidden agenda and that they will not receive a fair review can often permeate. This is particularly relevant given the instigator of the process is often a major creditor and it follows an often prolonged period of underperformance. The reality is that, whether the review is commissioned by a key creditor or by the company itself, the conclusions and recommendations should not be any different. It is an opportunity for an objective, unbiased in-depth assessment of the business. It identifies the strengths/weaknesses and risks/ opportunities for the company with clear practical proposals that fit/ reposition the strategic direction for the company. An IBR is a flexible tool and depending on the scope, can assist in a full top-to-bottom review of operations and strategy or can be narrowly focused to address any areas of concern. IBR Benefits: Directors can leverage off this knowledge to address any short term cashflow haemorrhage. Informing the company’s key stakeholders as advocates in their approach to protect the company’s underlying value should act as an opportunity to restore trust and instil confidence. Having addressed immediate cost and capacity issues, an IBR can assist in analysing the revenue streams, separating the profitable from the unprofitable and identifying growth opportunities by recognising and exploiting the core competencies that give the company their competitive advantage. Identifying the drivers of both successes and failures is fundamental and the effective linking of ‘cause and effect’ will negate risks, exploit positives and deliver better performance. Key business drivers and performance assessment opportunities: The drivers to consider include: • Market – is it a highly competitive/profitable market? Can they compete in this or other markets? •

Sector – which sector is labour/cost intensive and profit shy? Can capacity be flexed for the profitable sector?

Products/service – identify lowest cost/highest margin?

Customer – is there over dependence on specific customer(s)? What is their competitive advantage vs. competitors and can this be maintained? If not – diversification of consumer/product/ service is required.

Technology – are effective analytical tools in place for usable MIS? Are opportunities to leverage off technology to improve profitability/customer service explored? Process /operations – is the company lean? Are there simplified robust processes and controls to ensure efficient and cost effective delivery?

NETWORK NEWS | SPRING 2014

Key areas of performance assessment to consider can include: •

Financing – Is there a mixture of liquidity, short term and long term debt? Is working capital managed properly or are financing their suppliers or customers working capital requirements to the detriment of their own?

Financial management – is the finance function capable? Are reliable and robust regular management accounts and rolling budgets produced? Can they identify, analyse and implement steps to eradicate budget variances?

Operations management – are resources allocated and structured effectively to improve operational performance? Is there communication of MIS to add value across the supply chain and adhere to internal control procedures?

Management/human resources – are they informed, know the market, the product, the drivers of the business? Do they produce realistic challenging targets and motivate staff to deliver? Can they recognise shortcomings and act to bring in outside expertise? The ability to combine the former and latter is vital in demonstrating the company’s credibility to their major creditors and company shareholders, the importance of which cannot be understated.

Responsibility of directors to act: There is no doubt given recent high profile business failures, that the directors of a company are acutely aware of their responsibilities to their various stakeholders (Shareholders, employees, creditors, clients and suppliers etc.). Acting fast to address underperformance is critical. As Henry Ford once said, ‘It has been my observation that most people get ahead during the time that others waste.’ The IBR service reduces in effectiveness, the longer the implementation phase is delayed and when signs of distress are apparent, the greater the potential for crisis. Key signs of distress that a company should look out for include: • Poor cash management, working capital constraints • Highly geared and/or unsustainable debt and/or repayment levels • Breaching of Supplier terms/banking covenants • Loss of and/or overdependence on key client(s)/key product(s) Conclusion: If trading performance has continually not met projections, major creditors will have lost faith. The pre-emptive step of instigating an IBR can be an important opportunity to rehabilitate trust and instil confidence in the management. Alternatively, if the IBR process is instigated by a major creditor, early co-operation enables a thorough review, identifying potential improvements to stabilise and grow with creditor support. Accordingly, the above should act as a catalyst to instigate continual selfassessment and implement change initiatives for performance improvement. David is a qualified accountant with over 12 years relevant experience in banking, insolvency and restructuring having worked in the credit department of AIB head office and AIB NAMA in Dublin before joining RSM Farrell Grant Sparks over two years ago.


PAGE 26 www.fm-magazine.com • December 2013

Why businesses should encourage staff to blow the whistle on malpractice

FM magazine is now available as an app. Download it to view all the usual FM content, plus exclusive app-only features, interviews, videos and study materials.

Download your free app now...

For more information about the FM NETWORK app,NEWS | SPRING 2014 visit www.cimaglobal.com/fmapp


CIMA Ireland 5th floor, block E Iveagh Court, Harcourt Road Dublin 2, Ireland

T. +353 (0)1 6430400 E. cima.ireland@cimaglobal.com www.cimaireland.com

Follow the CIMA on Twitter

www.twitter.com/cima_news

Follow the CIMA on Facebook

www.facebook.com/cimaireland

228 cima ireland network news spring(web2)  
Read more
Read more
Similar to
Popular now
Just for you