CMA Professional Education Program Stage 4 – Graduate Management Accountant (GMA)
The GMA is a degree-equivalent qualification that enables students to develop a deep understanding of accounting concepts, methods, and techniques for professional practice in the business world and learn to critically apply this knowledge to solve real-world problems.
The Graduate programme has five “competency” areas as follows:
Area 1 – Basic Accounting
This area focuses on the application of fundamental accounting concepts and techniques within basic accounting systems. Such knowledge and training are required throughout the accounting profession and can be gained in any accounting environment.
Students are required to be competent in the following:
- understanding the accounting system used in an organisation;
- designing, operating, and modifying where appropriate the input processes and outputs of financial and cost accounting systems;
- recognising the nature and purpose of different basic recording techniques available, whether manual or computerised.
Area 2 – Management Accounting and Control Systems
Significant knowledge and training must be gained in this area. Management accounting concepts and techniques are the specialisation of the Institute’s members which, together with participating in the decision-making process, distinguish them from other members of the accounting profession.
Students are required to be competent in the following:
- applying appropriate costing and management accounting techniques to accounting and other data;
- structuring and preparing reports for effective communication with managers and employees at all levels and functions of the organisation;
- advising and recommending alternative courses of action based on analyses undertaken.
Area 3 – Financial Management
This area requires more direct involvement in the management of the organisation’s resources. The level of decision making and involvement with other functions is likely to be more substantial. This area acts as a platform from which many Graduate Management Accountants progress to senior financial and general management levels.
Students will normally be required to gain exposure to the following:
- the more routine and short-term financial management functions that are relevant to the needs of the organisation;
- the longer term and more strategic financial and business planning processes within the organisation.
Area 4 – Information Management
As organisations move from the industrial era to the informational era, more and more organisations are using information technology as a source of competitive advantage.
Students are required to be competent in the following:
- using spreadsheet and data-base software for the construction of financial and cost models;
- understanding financial information systems, including accounting packages;
- executive information systems and the use of information for strategic purposes;
- big data analysis and data mining for understanding targeted customer attributes on an individual basis.
Area 5 – Business Management
As organisations became more competitive, a closer focus on strategic, marketing, legal and taxation issues will be required, especially from a globalised viewpoint.
Students are required to be competent in the following:
- Understanding an organisation’s strategic aspects, and the implementation of strategies and structures to meet organisational objectives;
- The link between marketing and strategy in ensuring and organisation’s competitive positioning;
- The importance of legal and taxation issues in managing a world-class organisation.
Entry Requirements for Stage 4: Diploma (NZQF Level 6) in Accounting OR Bachelor’s Degree (NZQF Level 7) in any discipline other than Accounting, or equivalent.
Subjects:
- Financial Management
- Financial Statement Analysis
- Financial Modelling
- Managerial Accounting
Equivalency: The New Zealand Qualifications Authority (NZQA) has evaluated the Graduate Management 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 7 on the New Zealand Qualifications Framework (NZQF). (Bachelor’s Degree Level).
Syllabi – Stage 4:
13. Financial Management
Objectives: On completion of this subject students should be able to apply capital budgeting principles and techniques to investment proposals in order to facilitate optimum decision-making, understand the risk/return trade-off inherent in portfolio analysis and selection; understand how to apply techniques suitable for valuing various debt and equity securities; examine and evaluate empirical research relating to the optimum financial structure of the firm; understand the nature, purpose and limitations of financial ratios and other data to evaluate performance and credit risks; examine and understand empirical research relating to the concept of market efficiency; examine and evaluate empirical research relating to the optimum dividend policy of the firm.
Synopsis:
- find, use, and manage funds in different organisations;
- select and evaluate techniques used in treasury management and investment decision making;
- analyse the changing, competitive business environment in order to formulate financial strategy.
14. Financial Statement Analysis
Objectives: This subject seeks to describe and explain the properties of financial statement numbers, the key aspects of decisions that use financial statement information, and the features of the environment in which these decisions are made.
Synopsis:
- understand the demand and supply forces of corporate financial disclosure;
- apply analytical techniques such as common-sized statements and ratio analysis;
- consider accounting method choice on accounting numbers;
- undertake correlational and cross-sectional analysis of Financial Statements;
- consider the impact of times series properties of financial statement numbers.
15. Financial Modelling
Objectives: On completion of this subject students should be able to appreciate the role of computers in analysing the financial activities of a business and in decision support; appreciate the problems involved in the implementation of computerised financial models and spreadsheets; recognise the ways in which computer-based financial models may be used by management and evaluate commercially available financial modelling software.
Synopsis:
- apply cost accounting principles and techniques to model in all kinds of organisations;
- analyse and critically evaluate information for cost ascertainment, planning, control, and decision making;
- model and interpret cost accounting and other financial statements.
16. Managerial Accounting
Objectives: On completion of this subject students should be able to understand the decision making requirements and the information needs of management; apply management accounting principles and techniques to a wide range of situations in both service and manufacturing industries; appreciate recent developments in the theory and practice of management accounting, control systems; and appreciate the developments information technology in relation to the provision of management accounting information.
Synopsis:
- select and utilise control systems which provide management control of the organisation;
- provide management with appropriate information for control, assessing and reporting on performance, monitoring efficiency, effectiveness and value for money;
- evaluate and audit the relevance of management information systems (including information technology systems);
- advise management on the use of these systems, and on issues of personal or corporate conduct.
Practical Experience Requirements: There is no experience requirements for the GMA(NZ) professional qualification. However, a student completing the Graduate Management Accountant -GMA(NZ)- program and having 3 years or more of business experience is eligible to join as an Associate Management Accountant -AMA of ICMA(ANZ) . [Such students can enrol for the post-graduate level CMA program at any time; but must successfully complete this program and also accumulate 5-years of business experience to be eligible to obtain the designation Certified Management Accountant of New Zealand – CMA(NZ).]
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 4 of the CMA Professional Education Program individuals may describe themselves as a Graduate Management Accountant of New Zealand – GMA(NZ) of the ICMA(NZ).