The Importance of a CMA Counselling Session

Congratulations, you are interested in the CMA accounting designation. Now what?

The decision to pursue an accounting designation is filled with careful consideration and an eye to future goals both professionally and personally. Knowing this, it is important that you get all the information you need to make an informed decision.

Perhaps you have read through a CMA Path Brochure, visited the CMA Manitoba website, attended a CMA Information Session or talked to a family member or friend who is a CMA. These are all good sources to start your research and obtain more information about the designation.

The next step is to arrange a CMA Counselling Session which will further educate you on the program requirements, expectations and support provided. During this step, we will ask to receive a copy of your academic transcripts so that a transcript evaluation can be prepared for the counselling session.

During the session which usually lasts about an hour, Petra Noack Menzies (Program Administrator) will sit down with you to get to know you better, provide an overview of the program requirements, and most importantly answer your questions. A review of your transcript will also be provided such that if any missing requirements are identified, helpful guidance will be provided.

There is a lot to consider with a decision to pursue a CMA designation and a counselling session will help you make sense of it all.

Reality Check: Learning Doesn’t End at Graduation

As I write this, students at various post-secondary institutions are busily involved in final examinations. For some, this time signifies the end of a journey; the end of studying, exams, papers, group projects. It’s Graduation time!

Hold on a moment.

Don’t get mad at me for being the messenger of bad news. Certainly it is important to take time to celebrate the achievement of graduating. It is a time to reflect on the journey and recognize those that have helped you along the way. But the end of studying and learning? Not so fast.

Reflecting upon my own graduation from university, I recall the last thought on my mind was going back to school or embarking on some sort of research to determine what I was going to learn next. I wanted to get as far away from books as possible and focus on other interests that I had put on hold while going to school. 

However, during that period of my life and ever since, I’ve come to respect and appreciate the importance of a commitment to continued learning. You need to take some time to look at the long-term. Where am I at now? What skills and knowledge do I currently possess? Where would I like to be in 10 years? What sorts of specialized knowledge or further training will I require in pursuit of my goals? These types of questions are not always easy to answer but are worth the time to consider.

Part of differentiating yourself is your belief in and commitment to life-long learning. Development will further enhance your knowledge and skill set to not only be a subject matter expert, but a positive contributor in your organization and community. 

So graduates, enjoy the celebration and time to re-charge your batteries! But don’t forget, learning doesn’t stop after your last exam.

 

 

 

These students are “smart cookies”

This week I am grateful to once again be a volunteer external examiner for RRC’s Business Administration Entrepreneurship Practicum (EP) presentations. A few weeks ago, I was provided a business plan for an intriguing venture that has developed a concept around delicious cookies. I am looking forward to the team presentation this week!

What is the Business Administration Entrepreneurship Practicum?
Students who are in the final year of the Business Administration program have to complete the Entrepreneurship Practicum. As described in the outline provided to examiners, “the purpose of the assignment is to provide an opportunity for the students to develop and demonstrate business related skills such as research, report writing, time and project management, networking with the business community and self-directed teamwork.” Groups consisting of ten or more students spend the year applying course knowledge by developing a business plan for a fictitious venture.

How are the business plans judged?
The Entrepreneurship Practicum assignment consists of a final written business plan to be submitted as well as an oral presentation before an External Examiner Panel. External examiners are primarily made up of members from the business community who volunteer their time to read and grade the business plan as well as provide helpful suggestions after the presentation. Feedback from the examiners contributes towards final grades in the course.

Why do I volunteer as an external examiner?
If you have ever created or reviewed a business plan, you know how much time and effort is required to development one. I am consistently amazed at the hard work, commitment and creativity displayed by the students to complete this assignment. It is no small feat especially with most students being enrolled in a full course schedule and the struggles that exist to align schedules to meet as a group regularly. I am pleased that RRC offers a course like this as entrepreneurship is an important driver for our economy in Manitoba. Whether students plan to launch their venture or simply meet the requirements for a learning exercise, the lessons learned will serve them well in to the future. And quite honestly, how could I not learn from these talented students? It is a rewarding experience for all involved.

Thank you to Taras Wasyliw, Entrepreneurship Course Leader, and all of the Entrepreneurship Course Instructors for the opportunity to participate again this year.

[Click here to read about the Entrepreneurship Practicum Trade Show students also participate in.]

No Student Left Behind

If there is a theme to some of the questions I have received from students since late last fall, it has been one of concern about what happens during the transition period if the accounting profession becomes unified. One principle of the merger discussions as stated in the Guiding Principles for Unification is that the combined accounting body would evolve in to a single designation with a new Chartered Professional Accountant (CPA) Certification Program. So what happens if you have focused studies to meet the requirements for the CMA Program?

First, it is important to note that further information on the merger discussions has been released over the last couple of months which will help ease some concerns. If you haven’t had the opportunity, I encourage you to read the following documents (they can also be accessed at www.cpacanada.ca):

• Unification Framework
• CPA Certification Program
• Manitoba Merger Proposal

With the magnitude of such a change, you can be assured that a transition would be carefully managed and communicated so that no student gets left behind. Stated in the CPA Certification Program document, “we believe it would take at least 18 months to create the new CPA certification program. This would mean at the earliest, transition timing would be:

• September 2013: The new CPA Certification Program would be launched. All new candidates would start in this program
• Fall 2015: The first CPA final examination would be offered.”

In the short-term while a CPA certification program is implemented, the CMA Strategic Leadership Program and its entrance requirements would continue to exist. So long as the CMA Program is offered, students who have an interest in completing the designation would follow the entrance requirements and complete program components. At the time of the CPA Program introduction, future students would enter the CPA Certification Program. Those individuals already in the CMA Program would complete studies and attain the CMA designation.

Students are recognized as important stakeholders in this process and CMA Manitoba will continue to provide updates and important information as it becomes available.

A Look From Within The CMA Program

“A journey of a thousand miles begins with a single step.” - Confucius

Over the last couple of weeks, a group of aspiring CMAs took their first step here in Manitoba on the journey towards attaining a CMA designation by beginning study in the 18 Month Accelerated Program. Many steps will be taken on this journey and though at times it might be challenging, those who have attained a CMA designation before them will say that the journey is well worth it.

In my continued effort in 2012 to provide useful information and commentary to students (as well as other individuals) considering the CMA designation, I want to start my first post of the New Year by sharing perspective from within the CMA Program.

Highlighted below are three individuals who are at different points on their journey to attaining the CMA designation (an 18 Month Accelerated Program Student, a Year 2 Strategic Leadership Program CMA Candidate and a CMA Executive Program Candidate). While the Executive Program is specialized for senior leaders only, all profiles can provide some valuable insight in to their experiences.

I invite you to read the short bios below and then click on the Question & Answer link at the end of this post to read what each individual has to share. As they proceed through the CMA Program,  follow-ups will be shared to provide even greater insight. A special thank you goes out to Adrian Ong, Jarrod Falk and Jennifer Lee for their time, as well as Nicole Trunzo at the CMA Manitoba Office for compiling the interviews.

• Adrian Ong (CMA Student – 18 Month Accelerated Program)
  Adrian Ong and his family immigrated to Canada in 2009 from the Philippines. Like most people, he was in search of more opportunities for himself and his family. Before immigrating, Adrian held mostly senior managerial positions focusing on the Treasury and Comptrollership functions of the companies he worked for. His degrees include a Bachelor’s Degree (BSBA – Accounting) and Master’s Degree (MBA) from the Philippines. Currently, he is working as a Senior Capital Management Analyst at The Great West Life Assurance Company. One of his happiest moments has been securing a job in Canada, allowing him to support his family.
• Jarrod Falk (CMA Candidate, Year 2 - Strategic Leadership Program)
  Jarrod Falk graduated from the Asper School of Business in 2007 with a major in accounting. After school he spent a year in Asia before starting down his career path. Upon returning to Canada he began working at Griffin Wheel; a steel foundry in Transcona. Shortly into his time at Griffin, he began the Accelerated Program to hone his accounting skills that he hadn’t used in several years. Jarrod believes that the program, while intense, was incredibly effective at preparing him for the National Entrance Exam. Today, he is the Assistant Plant Controller, supporting the company’s operations and a candidate in year two of the Strategic Leadership Program.
• Jennifer Lee (CMA Candidate - CMA Executive Program)
  Jennifer Lee has served in the Royal Canadian Air Force for over 18 years, having held a number of positions across the world - specifically in strategic and operational Comptrollership. She recognizes her work with the United Nations Mission in Sudan and in the NATO Headquarters in Kandahar, Afghanistan, where she held the position of Deputy Chief of Finance, as two highlights of her career. Currently, she is the Deputy Comptroller, 1 Canadian Air Division for the Department of National Defence. When free, she enjoys spending time with her family – twin six year-olds, Carson and Elliott, and her partner Scott.

Click here to read a Question & Answer interview with each participant.

Balancing the technical mindset

Earlier this week, I had the opportunity to speak before a group of aspiring engineers at the University of Manitoba. This might come as a bit of surprise. Why would CMA, an accounting designation, be talking with engineering students?

The key to the answer is professional diversity.

The CMA designation complements an engineer’s technical base with an added financial and strategic focus. Combining these skill sets provides a strong foundation for business leadership roles and an enhanced perspective, especially in multi-disciplinary meetings.

In opening a dialogue with engineering students, we are able to provide clarity on how the CMA goes hand-in-hand with a P.Eng. Additionally, students can complete some elective studies through a business or accounting minor which will be an asset in entering the CMA Program in the future.

For another perspective on this topic, please read the CMA Profile of Dave Wardrop, CMA.

Want a job? Be careful what you post.

Credit: Kashmir Hill - http://blogs-images.forbes.com/kashmirhill/

Social media has quickly transformed the landscape of how we connect with one another and access information. Through this rise, it has also been interesting to watch the effect it has had on hiring practices. Many companies now use social media channels to promote new job opportunities or to seek out potential candidates. The other side of this trend is that many employers now use these very same channels to review candidates (numbers vary depending on the study but I have seen some very high percentages of employers who acknowledge they review candidates on social media sites).

This post is not meant to support or condone these practices nor will I debate the issue of privacy with what you post online. The reality is whether you like it or not, employers will very likely use social media to review whether you are a suitable fit for their organization. The choice becomes whether you as a student completely ignore this fact or realize that you have to take responsibility for what you post.

The graphic I reference above (credit Kashmir Hill) points to some of the reasons surveyed employers did not hire a candidate after searching them through social media. Even with privacy controls, consider that online there is no guarantees of privacy. Be mindful and careful on what you share as it can live on for a very long time and even impact future employment.

Managing That Student Stress

It’s tough being a student. Your time is stretched in every direction and sometimes it can almost seem too much. I am reminded of the stress in being a student especially at this time of the year when midterm exams are occurring at many of the post-secondary institutions in Manitoba.

While I have no magic solution for making all that stress disappear, I do want to take a moment to offer some ideas on how to manage (perhaps even minimize) some of it. Feel free to share your tips in the comments!

• Exercise – As @TypeACubed suggested on our @cmamb Twitter Account, “Boxing and Pan Am Boxing Club! There is nothing like hitting the bag and sweating out the stresses of the day.” Whether it is boxing, running or playing team sports, exercise is a great way to release stress and re-energize.
• Get More Sleep – What is that? I realize it is easier said then done as a student. but take care of yourself and make sure you are getting adequate rest.
• Take time for Friends – When opportunities arise, take time in your schedule to meet up with friends. Friends are there for you and can be a sounding board for the stress and challenges you are experiencing.
• Tune in to something else – Put some music on or put on that favourite TV show to watch. These little “breaks” can help you in coping with all that stress.
• “Staycation” – If you ever watched the show Corner Gas you might recall actor Brent Butt taking a “staycation” – essentially dreaming about vacationing in an exotic location without actually going anywhere. Reality is, not all students are in a position to take vacations away during school. Instead, have a mini-vacation and find some fun activities you can do locally to get out, have fun and relax.

Accredited University Graduate Explained

A popular question I have received this fall has been in regards to what the CMA Accredited University Graduate means and how to achieve it? Let me explain.

For most students interested in pursuing a CMA designation, a recognized Canadian university degree (or an approved international equivalent) in conjunction with the successful completion of CMA pre-requisites in accounting and management topics is required to challenge the CMA Entrance Exam. Graduates who have not completed all of the CMA prerequisites can complete the CMA Accelerated Program in order to challenge the CMA Entrance Exam.

In Manitoba, the B.Comm. (Hons.) accounting major program delivered at the Asper School of Business is a program accredited by CMA Canada. This means that students at the Asper School of Business who successfully complete their degree program including all CMA pre-requisite topics while maintaining a high GPA over their course work may be eligible to be waived from the CMA Entrance Exam. If approved as an Accredited University Graduate, the student would be able to proceed directly in to the CMA Strategic Leadership Program.

Students who are considering the Accredited University Graduate path need to consult with the CMA Manitoba Office while completing studies at the Asper School of Business to ensure understanding of what is required to apply for the waiver.

Meet Steve Blunt, CMA

Behind each of our CMAs in Manitoba is a unique story. This week I would like to introduce you to Steve Blunt, CMA who has made the move from Manitoba to living and working in Australia. If you have any questions for Steve, please leave them in the comments.

Which University or College did you attend?
I attended the University of Manitoba and attained my BComm (Hons) in 2001 from the Asper School of Business, with a major in Finance.

What drew you to your current field of work?
My current job came about from my wife’s decision to pursue a Master’s degree abroad. Moving from Winnipeg to Sydney, Australia provided a great opportunity to start fresh and gain experience in another business sector (to that point, all of my experience had been within the manufacturing sector). In Sydney, I took a great opportunity within the government sector. I now work for the New South Wales Department of Trade and Investment as the Senior Management Accountant for the Office of Water.

What do you enjoy most about being a CMA?
What I enjoy most is being able to apply the CMA skills in senior business functions, such as developing and implementing business strategies. The broader business mindset of the CMA enables me to act and think like a business owner rather than simply as an accountant. As a result, I’m more engaged and better able to contribute to my organization’s overall success.

What attracted you to the CMA designation?
After graduating with a major in finance, I quickly found that most finance related jobs in Manitoba were hard to get if you didn’t also have an accounting major. I was then offered a job on the condition that I pursue an accounting designation, and the best fit for me was the CMA. It was strongly recommended by several colleagues and allowed me to take the accelerated program, which saved several years of potential evening classes. The CMA Strategic Leadership Program was also more suited to my interests, and enabled me to avoid tax and auditing!

Which skills did you develop in the CMA program that have impacted your career the most?
The most important skills I’ve developed include confidence in my ideas, critical analysis of issues, and the importance of separating operational and strategic issues. Understanding the strategic issues faced in our workplace changed my attitudes towards the business decisions being made, and enabled me to develop and take on a management role. The CMA truly prepared me for that role. It also led the way for an opportunity on a senior strategic planning team, which determined and presented viable recommendations for the future direction of the company. This has been my most valuable work experience thus far.

Where do you think the CMA designation will take you in the future?
The most beneficial aspect of having an accounting designation is that there is no limit to my future potential: It will take me as far as I am motivated to go. My current goal to is gain experience to prepare myself for a senior management role, where I can apply my skills and directly affect company change.

What advice do you have for students considering an accounting designation?
Talk with people with different designations in detail about their experiences, and what limitations they see in each designation. Every designation has strengths and limitations, and most people don’t know much about the others until they’ve already completed the one program they chose. Really think about where you want your career path to go, and which designation is best suited for you.

Lastly, be realistic about the effort required to achieve your designation. Working and studying at the same time is a continuous challenge: you need to be fully committed if you want to pass.

[Note from Scott Roehl: I would like to thank Steve who graciously provided his time from across the world to answer these questions.]