The Institute of Cost & Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important national human resource need through a steady flow of professional management accountants to occupy leading positions in the corporate world.
ICMAP has over 5000 members, who hold senior positions in trade, commerce, industry and government in Pakistan and abroad. The number of active registered students is around 15000, which makes ICMAP one of the largest professional institutions in Pakistan.
The Management Accountants produced by the Institute, have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, more than 60% ICMAP Members occupy top to middle management positions in industry, financial institutions, consultancy firms etc., as Chief Executive Officers, Managing Directors, Chairpersons, General Managers, Controllers, Directors of Finance, Company Secretaries, etc.
Organisations over the years have turned increasingly complex and the Management Accountants have enhanced their knowledge and sharpened their skills to meet the challenge of change, becoming more important players in the management decision-making. Their training, during this period, has been modified gradually to cover the best financial and business practices with information management skills.
In a business, the role of professional Management Accountants is like brain in the human body. It collects data, analyses it, plans for the future, puts in place an effective control mechanism and operates an emergency alarm system. This being so, the economy is greatly indebted to the contribution of professional Management Accountants.
Management Accountants are trained to turn knowledge into profit and they are successfully competing in the employment market for senior positions even in the general management areas. Now Management Accountant is more a business manager, who understands the dynamics of business as an organic whole, rather than being a typical "finance man" with tunnel vision.
Some of the areas where qualified Management Accountants can contribute towards better corporate governance are highlighted as under
- Breaking down of cost/expenditure into functions and processes to facilitate cost control at each operational level.
- Developing standards for all operating areas and evaluating actuals with the standards.
- Analysing overall business and operational data.
- Suggesting alternatives to improve productivity.
- Identifying areas of wastages, leakages and inefficiencies or invisible losses.
- Ensuring optimum utilisation of available resources.
- Deploying informative tools for an efficient management
- Contributing to Total Quality Management (TQM).
- Assisting in decision-making process at all cadres of management.