300A chartered institute established in 1951 and constituted under Cost and Management Accountants Act, 1966
[dropcap]R[/dropcap]ealizing the need, the profession of Management Accounting came into existence in Pakistan with the establishment of the Pakistan Institute of Industrial Accountants in 1951 by a legend Finance professional, Mr. Muhammad Shoaib, who also served Finance Minister of the country and senior position at World Bank. The Institute was, later, named as the “Institute of Cost and Management Accountants of Pakistan” and now commonly known with its acronym, “ICMA Pakistan”.
The Institute is chartered under Cost and Management Accountants Act No. XIV of 1966 of the Parliament of Pakistan with the objective to regulate and promote the profession of Management Accounting in Pakistan. The activities of the Institute are governed under Cost and Management Accountants Regulations. By virtue of the authority vested-in by the Act and Regulations, the Institute has been entrusted with the responsibility to provide education, examine competencies, hold CPD programs, conduct research, provide technical support and confer internationally recognized post-graduate professional certifications and designations of Associate Cost and Management Accountant (ACMA) and Fellow Cost and Management Accountant (FCMA).
Presently, the institute has more than 5,000 members who are serving on senior management positions such as CEOs, CFOs, COOs, CIAs, Company Secretaries, Financial Analysts, Public Practitioners, Management Consultants, in the areas of management leadership, Finance, Accounting, Audit, Costing, Management Accounting, Taxation, Management, Financial Information System, Enterprise Resource Planning, Operations Management, etc hence making significant contributions towards business growth and economic development of the country. As many as over 900 members are serving abroad in more than 40 countries whereas majority of them are in USA, UK, Canada, Australia, UAE and Saudi Arabia.
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The Institute, currently, has over 15,000 students, more than 200 faculty members, over 250 employees, 07 regional branch councils, 11 education campuses, over 15 examination centres including UAE and Saudi Arabia and 06 Registered Education Providers (REPs). In addition to this, the Institute is also actively involved in providing technical support to the Ministry of Finance, Ministry of Commerce, Planning Commission, Securities and Exchange Commission of Pakistan, State Bank of Pakistan, Federal Board of Revenue, Accountant General of Pakistan, Auditor General of Pakistan, Competition Commission of Pakistan, other ministries, regulators and policy making organizations.
The Institute’s Vision is “To be the Preference in Value Optimization for Business.” The Institute’s Mission is “To develop Business Leaders through imparting quality education and training in financial and non-financial areas to bring value-addition in the economy.” The Core Values of the Institute is Competence, Innovation, Ethics, Transparency and Professionalism.
The Institute is a founding member of International Federation of Accountants (IFAC) since 1977, Confederation of Asia and Pacific Accountants (CAPA) since 1980 and South Asia Federation of Accountants (SAFA) since 1984. The Institute is nationally and internationally collaborating with following professional institutions:
INTERNATIONAL
– Certified Public Accountants (CPA) Australia
– Chartered Institute of Management Accountants (CIMA), UK
– Institute of Chartered Accountants (ICA), England & Wales, UK
– Certified Public Accountants (CPA), Ireland
NATIONAL
– Institute of Chartered Accountants of Pakistan (ICAP)
– Institute of Corporate Secretaries of Pakistan (ICSP)
– Pakistan Institute of Public Finance Accountants (PIPFA)
It is now more than 65 years that the Institute is playing its effective and vital role in the sustainable growth of industrialization and economy of the country.