The institute of Cost and Management Accountants of Pakistan (ICMAP) was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for regulating the profession of Cost and Management Accounting. Mr Muhammad Shoaib, former Finance Minister of Pakistan, founded the Institute and was also its first President.
In 1951, the Institute was established and incorporated under the name of 'Pakistan Institute of Industrial Accountants, but later in December 1976, the name of the Institute was changed to "Institute of Cost and Management Accountants of Pakistan "by an Act of Parliament. ICMAP is the only recognised institute in Pakistan to award professional certification of Management Accounting. Presently, more than 4,000 members of ICMAP are holding senior positions in trade, commerce, industry, Government of Pakistan and as a good number of them are also employed abroad.
The number of active registered students is over 15,000, who make ICMAP one of the largest professional institute in Pakistan.
Management Accountants play a vital role in sustainable growth of industrialisation and economy of the country by virtue of their professional qualification and multidimensional experience in all phases of business and industrial operations. Management Accountants enable the management to take appropriate decisions of the business by using their technical competencies and skills.
Being member of the senior Management team, they successfully render the following services:
-- Member of the top management team to select the right courses of action at the right time
-- Ensuring optimum utilisation of available resources
-- Planning and control of business operation
-- Developing an effective Management Information System (MIS)
-- Analysing investment and preparation of feasibility and project reports
-- Carrying out cost reviews
-- Conducting performance evaluation
-- Diagnosing industrial sickness and suggesting remedial measures
-- Suggesting alternatives by identifying areas of wast ages, leakages and inefficiencies or invisible losses
Learning at ICMAP
The professional education opens new avenues of success for entrants. The learning environment and faculty at ICMAP develop students' skills and transform them into highly competent accounting & finance professionals with strong leadership attributes that revolutionise students' career with uninterrupted and life-long progress. ICMAP curriculum is carefully designed so as to develop the competency and capability of the individuals in management accounting, finance, internal control, process improvement, supply chain etc affairs as required by the industrial sector. On becoming CMA, these individuals inculcate strategic planning and decision-making skills into their respective organizations.
At ICMAP, students are developed to become professionally qualified Cost and Management Accounting and the platform assures them to achieve the same status in due course of time. Being member of this elite fraternity opens doors of the corporate sector for high profile career in the field of Finance and Accounting. By Joining ICMAP, students will be benefited with an academic philosophy which not only inculcated theoretical concepts but also emphasises on building professional competency by improving communication, presentation and interpersonal skills which are always the prime requirement of the corporate sector. The Institute provides opportunity to students to share industry's knowledge through guest speaker sessions and industrial visits.
Publications
The Research Department is instrumental in terms of bringing about awareness amongst the students and members regarding changes taking place in the corporate sector. The department works in close co-ordination with the government legislative bodies to develop industry specific Cost Accounting standards and rules and suggests amendments and improvements from time to time. The department publishes "Research and Technical Updates" to keep the members updated about profession and related areas.
The Publication Section of the Institute publishes Management Accountant, is our bi-monthly journal which has a circulation of over 15,000 and is one of the leading professional journals in Pakistan. It benefits both members and students and is widely circulated amongst top executives in the corporate sector. The journal updated its readers on Internaers on International Accounting Standards, new management concepts, changing business scenarios and spectacular developments taking place in Information Technology.
With our technical excellence; we the Management Accountants have been adding value through optimal utilisation of available resources and management of risks associated with the growth. Thus we have been acting as catalyst in the process of strengthening the corporate sector in the country.
Local and International Affiliations
The institute is one of the seven institutes in the field of management accounting spread all over the world. Its members are serving on the key committees of the leading accounting bodies of the world. The institute itself is an active member of different regional and international bodies. The members of the institute get exemptions if they seek to pursue professional qualifications from overseas institutes such as CIMA (UK), SMA (Canada), etc. The Institute is an active member of International Federation of Accountants (IFAC); International Accounting Standard Board (IASB).
International Auditing and Assurance Standards Board (IAASB); Confederation of Asian & Pacific Accountants (CAPA); and South Asian Federation of Accountants (SAFA). The institute also co-ordinates locally with ICAP, ICSP, PIPFA and other government and regulatory organizations to promote profession of Management Accounting in Pakistan.
Continuing Professional Development
The Institute's Branch Councils and Regions organise seminars, workshops and conferences for its members and students respectively as part of continuous professional training and development. The students through participation in these events can keep themselves updated with the current business, trade and industry issues and challenges. The eminent local and foreign speaker form the profession and industry are invited to share their knowledge and experience on various subjects including interpersonal skills development. Practical Training Course is offered to the Professional Students twice a year. This training consists of 8 modules spread over 8 weeks and caters the industrial and commercial knowledge in vogue.
Presently, more than 4,000 members of ICMAP are holding senior positions on Business Arena and the number of active registered students is over 15,000 which makes ICMAP one of the largest professional institutions in Pakistan.