Foreign funded development project are extremely important for the development of any other DC. Most of the times delays in implementations of these projects not only hamper the development process of over all economy but also results in project failure. Such delays can be minimize through adoption of prudent financial as well as performance management tools.
For better financial and performance management , authorities reponsible for implementation of such projects should focus on :
- Development of appropriate financial and management accounting tool in PMUs
- Implementation of result based budgeting
- Strong risk management mechanism, continuous development of internal controls
- Independent and strong internal audit function
- Timely financial reporting based on IPSAS presenting true and fair view of financial position and performance
- Development of IT tools to strengthen financial and performance management
- Better project design keeping in view the capacity of DMC and existing laws
- Carry out timely audit and develop capacity of staff responsible for conducting audit vis-a-vis country systems,donors requirements and understanding of project management
Happy Mentoring Young Professionals!
Over the weekend I was helping the DePaul IMA Student Chapter Board and found myself preaching something very important… Accounting isn’t just about numbers, taxes and financial statements. Accounting goes much deeper. So deep we look past the numbers and begin to search to better understand how our organization is “Accounting for Change.”
There is a social impact organizations make that need to be measured, interpreted and understood so organizations can better help communities and ensure their time, efforts and capital is being used to create positive change. Currently the college curriculum focuses on audit, tax treatments, financial reporting but nothing on accounting for change? Nothing on “How Accountants can help improve an organization’s Corporate Social Responsibility Model.” Should this change?
I think so! I strongly feel there needs to be more of an emphasis on developing Ethical, Accounting Leaders that are well balanced in both their
How to be a good team leader:
Teamwork is absolutely necessary in business approach for seeking successful results; it involves cooperation among others toward a common desired objective. A team is normally comprised of a number of members, a leader, and a common target.
Becoming a team leader is a tremendous investment. It is essential for a leader to have the knowledge about the audiences, the team, and the objectives, and should give a total commitment to the team. The leader must clearly align his plans with the goals of his team and the organization’s target. He / She should be familiar with the solutions for broad range of problems. The leader must have courage and be a decision maker to encourage his team and persuade them to follow him / her and have faith in his instructions.
I was just wondering what is the first periority of Toronto Chapter members?
1. work hard
3. find a new job
4. studying CMA (USA)
5. other studies (please specify)
7. other (please specify)
I work for a supermarket chain. I started at 16 as a bagger in one of our stores and looking back I’m convinced that the experience I got dealing with a broad group of people shaped my personality for the better. Let me explain.
One of the first things we’re taught is the ’10-Foot Rule’: If you’re within 10 feet of a customer, smile and say hello. It couldn’t get any simpler. So many conversations were sparked by following that rule because I didn’t confine myself to just using it while I was on the clock. Not only do you feel good about initiating an interaction, the other person feels good because they got noticed in a positive way.
Empathy is another trait we’re taught: put yourself in the other person’s shoes. How would you react to this situation if you were them? It’s easy to assume the other person is wrong and to discount what they’re saying, but as is usually the case, the easy path is not always the best path to follow. Just like yours, the other’s view of the situation is shaped by experience and what s/he needs or is trying to accomplish right now. You have to understand the differences between your two approaches in order to find common ground and come up with a mutually-agreeable solution.
Happy Mentoring Young Professionals!
Today, I would like to share with you the following site: http://50waystogetajob.com/
I came across this website randomly and truly enjoyed what I saw. The website walks you through step-by-step on your job search with the following categories:
- Finding My Purpose
- Learning New Skills
Life is full of unexpected turns. In my case, I reluctantly gave up my professional accounting career after a brief stint as staff auditor at one of the premier auditing firms in the Philippines in obedience to my parent’s wishes. It would be a twenty-year wait before I would return to the corporate world as an accountant in 2009. I believe God had planned all this for me after all.
2009 was the year when my CMA journey actually started. Though I had then often observed with envy that young professionals nowadays have multiple credentials in the form of acronyms annexed to their names, such as CPA, CMA, CFA, CFE, among others, I just wished hard that I could return to my younger days to add at least one of these prestigious credentials to my name but sadly I did not take the necessary steps to pursue that desire.
Is there value in obtaining the Certified Management Accountant (CMA) Credential? An article in Investopedia describes the many benefits an accounting and finance professional can obtain from getting the credential. I think it is interesting that the article appears on a site called Investopedia. It is a good hint for accounting and finance professionals to embrace the CMA credential as an investment.
The article features prominent CMAs such as Ben Mulling, IMA's chair - elect and Steve Kuchen, member of IMA's Small Business Financial and Regulatory Affairs Committee. They describe how obtaining the CMA credential has helped with their career goals and exposure within the management accounting profession. Ben and Steve's reflections on their journey with obtaining their credential reminded me of my experience with becoming a CMA in 2011. I was a CPA for many years prior to making the decision to obtain the CMA credential. Why did I decide to obtain another credential? I immediately saw the value associated with the credential. The CMA credential is an excellent compliment to the CPA and other advanced accounting/finance credentials since the CMA designation confirms your competencies in accounting and finance at advanced levels. Obtaining the CMA credential provides confirmation to employers that you are capable of making crucial, sound, financial decisions for a company. That is a skill set that CFOs and Controllers look for at all levels with an accounting/finance division.
Happy Mentoring Young Professionals!
As Labor Day weekend comes to an end and we prepare ourselves to get back to the work grind I find myself in gratitude to have this extra day of rest. Too often we get consumed in our day-to-day routines which can consist of an abundance of work and little time to ourselves. Quality “ME” time is very important. It allows us to
- Realign our thoughts and refocus on what’s truly important in life
- Gather strength and energy for “bigger picture” (life) projects
- Express gratitude for what’s truly important in life e.g. time spent with loved ones
It is also important that we set GOALS for ourselves that help us focus on quality “ME” time. Our goals can be as simple as learn the piano, volunteer with a start-up or young professional group, or help fundraise for a cause. When we set personal goals for ourselves
Over the years since it's founding the Atlanta Chapter has received many honors. Recently one of them came home. A former Chapter officer contacted me and returned one of our banners from 1983! This is a real "Banner" as was awarded back then, and is a real piece of chapter history. Many of you share that history; 252 of our members (30%) have been with IMA for 20 years or more, and many of you have served as officers. Let's make sure that any artifact of our long history gets back to us so the Chapter Secretary can store them and share some of that history with the next generation of IMA Professionals.
Don R Spears
Mr. George Mullins will Present "Fraud Red Flags and What to Do When you Find Them." on September 9th, 2014 at the 5 Seasons Brewing Prado. Please see details and registration link http://www.imaatlanta.org/20140909_Dinner_Meeting.html
IMA Global and IMA Atlanta are Proud and Honored to Recognize
members celebrating 50 years of contribution with IMA in 2014/2015
Mr. Benjamin T. Selman Jr
Mr. William C. Merrick, SCMS
Mr Burton H Ginther, CMA
Mr. Virgil E. Byerly
IMA Atlanta Members Celebrating 25 Years Of Membership and
Do I have that, that others got ? this is the question many of us often thinks when we hear someone do some thing that is not usual.
I was one of those people.When I started my journey of CMA was not sure that i got the skills or have that kind of talent you know what i mean.
I saw many of my friends passing the exam but i was still not sure i can do this, I was scared of the failing so i thought of not going and delaying the exam.
Always remember this is not the right way of doing things my Mentor is my inspiration he played an important role getting me through.
He taught me these things
3- Hard Work (If its easy then all of the people have done it, you chose this and knew that it will take effort)
5- Believe in your effort
Just don't give up your dreams and work hard for them, then you will truly enjoy
Pay it forward. Three simple
words but when joined together becomes powerful enough to affect change. The
philosophy behind this phrase states that when someone does something good for
you, you have to do something good for someone else in return. To simply
describe the concept, it is like the kid’s game called “Tag”. If you know the
rules of this game, then you already have a basic understanding of how “pay it
Tag is a simple game that requires the “it” player to chase another player.
The game can continue indefinitely that’s why others have modified the rules of
the game over the years. Hence, pay it forward is like playing a modified
version of tag. When you receive a favor or experience something good out of someone
else’s generosity, you are tagged. Note that you cannot tag back the person who
tagged you. Instead, you have to do something good for another person. You have
to pay it forward. Now, imagine the great positive effect it can have if
everyone commits to doing this. After all, a game of Tag without running is Tag
made easier, right?
Happy Mentoring Young Professionals!
Today, I would like to share with you Gandhi’s 10 Rules for Changing the World. As leaders & future leaders it is very important for us to not just be competent at our jobs but also in our hearts. This is a wonderful article to reflect on & truly think about how you can improve your life so you can help other’s improve theirs.
You may access the article & Gandhi’s 10 Rules for Changing the World here: http://www.dailygood.org/story/466/gandhi-s-10-rules-for-changing-the-world-henrik-edberg/
William T. Kernan
Chair, IMA Young Professional Advisory Committee
If you are working as a Management Accountant, your role is critical to the success of any organization. You are a key member of the team and you need to have a seat at the table for decision making. You need to have a good understanding of accounting principles and policies that your company has adopted. You need to have unquestionable integrity and most importantly, you must be an excellent business partner.
In my career, I have worked in several different accounting and finance roles in a few different organizations and I have noticed the really successful team members all are able to excel at the key items noted above. In this article, I will explore how you can be an excellent business partner.
Business partnering as a management accountant is a function where you, as a management accountant can add a lot of value to an organization. Business partnering takes many forms but first and foremost, to be an effective business partner, you need to immerse yourself in the “business” of the department or team or organization you are supporting. You need to spend time understanding the key goals of the organization you support as well as the key hurdles that stand in the way of achieving those goals. You need to be able to understand the discreet data sources that help your business partners to manage their departments. You need to be able to link the goals and hurdles to financial and non-financial metrics that can be measured on a periodic basis. Business partnering is a key skill to have as a management accountant and once you understand the business you are supporting, you can start adding value by helping the team by providing guidance and by providing reports to help measure key items of the organization's performance. Ultimately, business partnering is about building relationships within the organization you support and helping the overall organization by providing value added information to help achieve the key goals of the organization.
Happy Mentoring Young
I recently started a new
role as Controller for Near North Montessori School in Chicago and the only thing
that kept me up at night before I started were questions e.g.
As a college student, you may be thinking about ways you can leverage your academic achievements towards helping you land a professional job after graduation. Due to the increased competition for new jobs, it’s critical that students begin preparing themselves early in their college career and begin understanding what employers look for when filling vacant positions with new college graduates. There are several ways you can gain an edge before starting the job hunt. Here are three career planning tips for college students which helped me get a jump-start on my career and can help you too.
1) Get a job, internship, co-op every year! You need work experience because your future employer expects it. It is one thing to get good grades and another thing to have good work ethic and apply what you’ve learned. You can present a professional edge by interning and learning as much as possible. Pay attention to what kind of work you enjoy doing and what you don’t like to narrow down job possibilities. Even if you don’t start out with your dream job there is plenty of time to work, gain knowledge, and find out what you actually like to do.
Happy Mentoring Young Professionals!
Have you ever walked into a room and felt a weird vibe? Or have you ever met someone and your gut instinct right away tells you that the person was up to no good or can’t be trusted? What is this feeling that we get? It’s almost like a feeling of right vs wrong. It is almost as if your gut instinct has a built in ethics barometer. But what if your view on ethics is corrupt; will that mislead your gut instinct?
We develop our gut instinct from an early age when we learn right from wrong. We trust our gut instinct to help us make decisions in life and to determine if we should stay in a situation or flight. But what if we think is right is actually wrong? What if your boss is embezzling and your gut instinct tells you to look the other way because your friendship with your boss goes back 10+ years and you know his family very well. What if upper management acted unethically and asks you to help “cook the books?” Knowing you have a family to take care of and mouths to feed, do you help?
I have Finally passed CMA Part 1 In my first Attempt I got 300 at my second attempt and then 390 on my second attempt, there are people who took 5 attempts then they passed Part 1 so im really great-full to God for this accomplishment.
I'm writing because i want to share my experience to CMA candidates that after i failed in my first attempt i was so discourage but my Teacher/Mentor really supported me and we started all over again but this time we focused more on the essay.
Of-course MCQ's are 75% of the exam but Essay's are also very important i did all the MCQ's From Gliem then before one week of exam i did some mock exams that my Mentor Asif Hanif made for me i took the mocks as i was giving mock exam i also prepared for the essay.
Don'tunderestimate CMA exam but if you got hard work and a great Mentor like i got Asif Hanif you can do it.
Best wishes to all CMA candidates for the exam !