CMA Professional Education Program Stage 2 – Registered Cost Accountant (RCA)

The RCA will give you an advanced understanding of financial reporting, economics, international business law and taxation, as they apply to the cost accounting profession, as well as an understanding of the broader international business environment.

Entry Requirements: Certificate (NZQF Level 4) in Accounting or equivalent.

Subjects:

  • Financial Economics
  • International Business Law & Governance
  • Business Analysis & Audit
  • International Business Taxation

Equivalency: The New Zealand Qualifications Authority (NZQA) has evaluated the Registered Cost Accountant (Micro-credential) delivered by the Institute of Certified Management Accountants New Zealand and has assessed it to be equivalent to 40 credits (40×10 notional learning hours) at Level 5 on the New Zealand Qualifications Framework (NZQF). (Diploma Level).

Syllabi:

5. Financial Economics

Objectives: On completion of this subject students should have a basic understanding of the methodology and principles of economics; have a basic understanding of micro and macroeconomics; be able to present arguments and make decisions in the economic environment. The techniques available to evaluate financial performance and risk are also covered.

Synopsis:

  • describe the economic and financial environment within which businesses and government organisations operate
  • explain how market systems operate and the role of specialist institutions within the markets
  • appreciate reports in the financial press about economic developments, the financial markets and their implications for industry and commerce
  • understand the techniques available to evaluate financial performance and risk.

6. International Business Law & Governance

Objectives: On completion of this subject students should be able to appreciate alternative business enterprises internationally, namely sole proprietorships, partnerships, companies and trusts; recognise the general laws which apply to such business entities internationally and appreciate the development of corporate governance regulation in different countries. The applicable comparative legislation is that of the country the student is sitting the examinations in.

Synopsis:

  • explain the principles of business law which underpin competence in management accounting
  • apply legal principles to business problems
  • advise managers and directors on the main legal issues which arise in the course of a management accountant’s work.
  • understand the need for corporate governance regulation.

7. Business Analysis & Audit

Objectives: On completion of this subject students should be able to revise basic mathematical concepts and skills so that they are able to understand and perform a wide variety of basic mathematical processes that are necessary for analysing business operations; become competent in the basic use of statistical tools and techniques their applications to solve problems in business; and become competent in the use of statistical data in order to be more effective in business planning, forecasting, performance evaluation, auditing and management.

Synopsis:

  • appreciate the basic management of operations
  • apply relevant management science techniques in practical business situations
  • understand how some techniques of managerial economics are used in business decision making
  • derive management information from data using computers where appropriate to help solve problems.
  • Use statistical information in numerous business applications such as planning, forecasting, performance evaluation, and internal auditing.

8. International Business Taxation

Objectives: On completion of this subject students should be able to identify the taxation issues that arise from a range of transactions and to understand international tax issues; including assessable income and exempt income; allowable deductions; special classes of taxpayers including trusts, partnerships and companies; objections and appeals; capital gains tax; fringe benefits tax; superannuation; eligible termination payments; tax collection; and tax avoidance.

Synopsis:

  • Advise managers on the application of the principles of taxation to decision making
  • Apply the rules of statute and case law through computation and advise on compliance
  • Apply taxation knowledge to the process of formulating corporate plans.

Practical Experience Requirements: No practical experience is required to obtain the RCA designation.

Delivery Partners: The CMA(NZ) Professional Education Programme is available via a Recognised Provider Institution or via the ICMA(NZ)’s online provider, the WITS Global Business School.

Post-Nominal: On completion of Stage 2 of the CMA Professional Education Program individuals may describe themselves as a Registered Cost Accountant of New Zealand – RCA(NZ) of the ICMA(NZ).

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