25 January 2012, WednesdayManagement accountants help guard against economic crisis, moreso in times of inflation, Gulzari Babber, President, CIMA tells Sangeeta Yadav
- Tell us more about the Chartered Institute of Management Accountants?
The Chartered Institute of Management Accountants (CIMA) was founded in 1919 and is the world’s leading and largest professional body of Management Accountants. It has 1.95k members and students operating in 176 countries. The institute prepares management accountant professionals and financially trained business leaders.
- Why is Management Accountancy considered one of the best career options?
Last year, because of inflation, people found it difficult to save money and manage their businesses. Management and accountancy goes hand in hand. It is not only about the numbers game. It prepares professionals on how to run a successful business. It teaches skilled people a strong sense of competency, problems solving, decision making, business leadership and financial planning. The accountants will guard us against economy crisis. It makes sure that the business is maintained and grows from strength to strength. The accountants will tell you what will happen in future. Hence, there is a lot of scope in this field. Qualified students get to work in industry, commerce, public sector and NGOs.
- Can you elaborate on the Global Business Challenge…
It is a case study competition wherein a real life business situation will be given to test students on their skills of business leadership, decision making and problem solving. Students are supposed to come out with comprehensive solutions and convince judges at the same time.
We started in 2009 with a participation of 5, 700 students from eight countries and 125 universities. In 2011 there were approximately 20,000 students from 17 different countries and 400 plus universities that took part. This year (2012) we have 22 countries participating along with 115 teams from just India.
- What is the format of this competition?
There will be four rounds — regional, regional finals, India finals and global finals. In first round each participating team will be required to analyse the case study based on a given scenario. In the second, they do a presentation (a summary of their same report) to the judges who are senior business leaders. We’ll be announcing six regional final winners in the coming week. The regional final team will compete in the India final in Mumbai. They will be required to give a presentation based on the material from the first two rounds to answer a series of questions from the panel of judges. The final one team from India will compete for Global finals against 22 other countries like Australia, Bangladesh, mainland China, Ghana, Hong Kong in July 2012 at Colombo, Srilanka.
- What will the winning team take away?
We have cash rewards, gadgets and other interesting internship and employment opportunities for the winners at every level.
The fact that the competitors will have the opportunity to represent their country at the global level and compete with the best of the best is a big reward in itself. They will also have the opportunity to interact with people from other countries.