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Q: Can you tell us about AFP? A: The Association for Financial Professionals (AFP) in Bethesda, Maryland, serves members in corporate treasury and financial management. AFP provides professional certification, continuing education, public policy research, development of industry standards, financial tools and publications, training and career development, and representation to legislators and regulators. AFP members are drawn from a wide range of industries, comprising corporate practitioners (two thirds) and banks and other financial services providers (one third). The typical corporate practitioner member has 16 years of experience in the profession and works for a company with more than $1 billion in annual revenues. These members hold positions as CFO, vice president of finance, treasurer, assistant treasurer, director, financial analyst, or cash manager. Although most of our members are from the United States and Canada, we are growing internationally as well - both in membership and in the services we offer to our members. The UK based financial information web site GT News recently joined AFP and is now part of our family of organizations. In Education and Training, we are very excited about growth in the size and scope of our custom training offerings. AFP can specially design educational programming - either self-directed or instructor led - for organizations of any size and type. Q: What are the certificates offered by the AFP? A: AFP sponsors the Certified Treasury Professional™. The CTP and its predecessor certification, the Certified Cash Manager™ (CCM), are often cited as required or preferred credentials in employment listings of the nation’s most respected companies. More than 15,000 individuals have earned either the CTP or CCM, and nearly 2,000 individuals choose to sit for the CTP examination each year. Under a global licensing program, it is now possible to sit for the CTP exam in a growing number of countries outside the United States. The exam tests mastery of a core body of knowledge defined and updated by industry experts. Q: Who should pursue the CTP certification and what are the benefits and opportunities? A: Anyone working in Treasury and Cash management either in the United States or internationally and is looking to develop and validate their skills should consider CTP certification. More and more employers, faced with critical staffing decisions, are looking at the CTP certification as an added value in prospective employees. In fact, many organizations seek people who are certified. With the national focus on the Sarbanes-Oxley Act and reviews of the mutual fund and corporate irregularities, the CTP certification is even more valuable. Q: What are the benefits of being a member of AFP? A: There are so many - to list them all here would be cumbersome - but allow me to highlight a few that might be of interest to your readers: Certification As discussed earlier, AFP offers CTP certification, and examination preparation tools in both a self study and instructor led format. Events AFP's Annual conference attracted over 6500 treasury professionals and service providers to Boston, Massachusetts October 21-24, 2007. The conference included educational sessions, networking events, the usual large exhibit hall, etc. A highlight was our keynote speaker this year, former GE CEO Jack Welch. Our conference in 2008 will be in Los Angeles in October. In addition to our annual conference, we offer smaller forums around the United States focusing on Risk Management, Payments, Retail Industry, and Canadian Issues. In May of 2008 we are running our Global Treasurers Forum in Chicago focusing on the challenges and opportunities of working internationally. Education In addition to exam preparation seminars, AFP has a broad menu of open enrollment seminars around the United States on a variety of topics inclusing: Seminars Cash Management Fundamentals, Cash Flow Forecasting Techniques Seminar, Financial Risk: Identification, Measurement and Management Techniques Seminar, Electronic Payments and international cash management. International International resources that might be of interest to your readers include: Canadian Finance News www.AFPonline.ca - Canadian resources and news www.gtnews.com - over 2,500 global news articles, special reports, surveys, white paper www.ChinaForum.com - only finance community focused on China NEWS General AFP publications for AFP members include: Online Headlines weekly e-newsletter Exchange magazine, 10 issues annually Risk!, Futures in Finance and Payments monthly e-newsletters Accounting and Financial Reporting topical e-newsletter EconWatch - weekly summary of economic data Press Room - current and archived press releases Podcasts RESEARCH 2007 Compensation Survey 2007 Liquidity Survey 2007 Payments Fraud Survey Tools AFP members also have access to a number of tools that can assist them in their daily jobs: Key Rates Service Country Profiles Bank Relationship Management Tools RFP Resource Center Career Center Learning System Discussion Lists Membership Directory Audio Library Q: How many members do you currently have? What proportions are CTP charterholders versus CTP Candidates? A: As of this morning AFP has 15,801 members and growing. About 40% of our members are CTP certified. Q: What is AFP's strategy and vision for the next 5 years? A: AFP's vision is to continue to be the preferred global resource for the finance profession. For more on AFP's strategies, I encourage you to review our annual membership report found here: http://www.afponline.org/pub/1z2a/04_05_FState.pdf Q: What tips can you give candidates who are preparing for the CTP exam? A: My best advice is to take the exam seriously. The CTP exam can certainly be mastered, but our average pass rate is just over 50% and some candidates need to attempt the exam more than once to pass. As with most challenging endeavors in life, they are best approached through careful preparation. AFP offers the Learning System Treasury as a self study product to prepare for the exam and CTP Review courses are offered in a three day format around the Untied States each year and in a Semester format at colleges and universities around the country. AFP is looking to expand all our educational offerings internationally - both in CTP preparation and in general knowledge areas for treasury professionals. Q: What are the opportunities for Certified Treasury Professionals and how does that translate internationally? A: Between January and December 2004, over 400 job postings listed the CTP/CCM certification as a required or preferred qualification. CTP holders represent about 75% of the Fortune 500 corporations. Although these numbers are US centric, the skills in the treasury profession are very transportable. Where differences exist, and as you know they can be dramatic, AFP is working to increase our educational offerings to help US based treasury professionals work effectively around the world, and internationally based professionals to work effectively anywhere! Q: What are your plans regarding AFP's international expansion? A: As with any membership organization with an international reach, we are interested in expanding our services further into Europe (GT News) and exploring Education and Training opportunities in China and Australia. Q: What is the salary range for a CTP in the US nowadays and how does it differ from that of a non-charterholder? A: Salary ranges depend on the level of the job, but based on our 2007 compensation survey the average salaries for various positions are listed below. Our research shows that on average and depending on level, CTP certification can increase salary by 10-30%. 2007 averages: CFO $186,600 VP of Finance $170,600 Treasurer $153,000 Controller $113,800 Assistant Treasurer $127,000 Assistant Controller $89,500 Q: Do you have any reading suggestions that helped you throughout your career or that you think would be helpful for the people in the industry? A: As the Director of Education and Training at AFP, I am not a financial expert, but rather one dedicated to helping financial experts reach their full potential, so I take your question very seriously. There are many books on economics and finance that I could suggest, but I suspect your readers have consumed them all. I am very interested in leadership and fan of Jim Collins' "Good to Great". I find his research that suggests that companies led by strong willed, but humble and generous individuals tend to succeed over the long term... The CTP program will be available in Beirut in Spring 2008.
MANAGING THE MATURING WORKFORCE June 2007 - Code #A077
Three key trends—the aging of workforce as a whole, projected labor shortages and baby boomers continuing to work beyond retirement age—are reshaping organizations today.1 By 2012, for example, approximately 20% of the workforce will be 55 years or older,2 and this will demand new talent management strategies. Consequently, now is the time for HR professionals to become more attuned to the implications of the maturing workforce—the term that broadly refers to workers aged 50 plus3—and its successors (e.g., Generations X and Y). Organizations can begin to capitalize on the strategic opportunities of these changing demographics by finding innovative ways to support maturing workers and using targeted strategies to attract qualified candidates from the smaller pool of experienced and younger workers. HR professionals can take an important first step by understanding the complexities and opportunities embedded in the maturing workforce.
Attracting and Retaining Mature Workers: A Business Imperative A recent survey of older workers’ expectations demonstrates that traditional retirement has become the exception rather than the norm: 79% of older workers plan to work beyond retirement and 53% would like to work part time, while only 10% anticipate a “traditional” retirement.4 At the same time, 58% of HR managers surveyed by Towers Perrin report that finding qualified applicants is more difficult today than it was five years ago, underscoring the imperative to retain mature, experienced workers.
Retaining mature workers requires that organizations offer work arrangements and benefits properly aligned with the needs and preferences of this segment of the workforce. By offering the right mix of incentives, HR professionals can boost the engagement and retention of mature workers and buffer the threat of their impending knowledge withdrawal. A survey conducted by The Conference Board illustrates several incentives that companies offer specifically to motivate and retain mature workers (see Figure 1).5
Best Practices for a Mature Workforce The availability—or lack of— flexible work options is a key reason many mature workers either continue working or decide to retire. The 2005 SHRM Future of the U.S. Labor Pool Survey Report found that providing flexible work options was the number one step that organizations were taking to prepare for baby boomers’ retirement. This report provides a snapshot of other initiatives to retain mature workers, capture their knowledge and secure their successors (see Figure 2).6
In addition, the Center on Aging and Work/Workplace Flexibility found that when companies offered older workers more control over their work hours, job autonomy and learning opportunities, these workers were more likely to continue working and thus contribute their experience and knowledge to the organization. Two work options identified as important for older worker were the ability to work full time on a flexible schedule and the option to work less than full time (e.g., phased retirement, project-based or consulting work).7 A recent study by Ernst & Young found that hiring retirees as consultants or contractors, or having an on-call pool of retirees, had the highest impact on the retention of mature workers.8
Mature, experienced employees also play a key role in transferring organizational knowledge and essential skills to less experienced employees. Organizations can leverage the business knowledge of baby boomers by using a variety of strategies to promote internal knowledge transfer and intergenerational learning. For example, Dow Chemical has a formal mentoring program that matches mature employees with a small group of protégés, and the two meet on a regular basis to check in and share business experience, with the mature worker acting as a sounding board for younger employees. Northrop Grumman encourages knowledge transfer though established “communities of practice,” which facilitate cross-division knowledge sharing via in-person meetings and online forums.9
Leveraging Generational Diversity When managing the mature workforce, it is important to keep in mind that intergenerational differences in values, preferences, working styles and career expectations have the potential to cause conflict and performance issues. However, when properly addressed and managed, generational diversity can facilitate the transfer of key knowledge and bolster organizational effectiveness.10 One way HR professionals can leverage generational diversity is by employing strategies that capitalize on similarities among generations. For example, many organizations find that younger generations value flexible work arrangements (e.g., work/life balance), while at the same time, such arrangements provide mature workers with more opportunities to continue working.11
Further, challenging work experiences promote career development and are valued across generations. An AARP survey of workers aged 50-70 found that the opportunity to gain new experiences and learn new skills was among the most important aspects of the workplace for mature workers.12 Figure 3 points to three key strategies that HR professionals can use to manage generational diversity to enhance performance of the organization as a whole.
Literature and Research
Generational Preferences for Work Environment Fit: Effects on Employee Outcomes13 Past research suggests that failure to understand generational differences and align workplace policies to generational needs can negatively affect retention and productivity. This study considered how potential differences between generations (Generations X and Y and baby boomers) affect work environment fit and job outcomes. Study results showed that work environment fit and goal orientation (desire to work in an organization that provides job challenges, participation and strong expectations for accomplishment) were found to be more important to Generations X and Y, compared with the baby boomers, and predicted their satisfaction with and intention to remain with the organization. According to this study, relationship fit (desire to work in a relationship-oriented work environment) was found to be the primary need driving the level of job satisfaction of mature workers.
Ahead of the Curve: How MITRE Recruits and Retains Older Workers14 Retaining and recruiting mature workers—with valuable experience and skills—requires that organizations foster work environments and develop initiatives that align with the values and needs of the baby boom generation. This case study reports on the MITRE Corporation’s successful practices aimed at developing, motivating and retaining mature workers. Eight initiatives have proven to be effective HR interventions for recruiting and retaining mature workers: (1) phased retirement program; (2) Reserves at the Ready (employees classified at part-time on-call, who work on short-term projects on an as-needed basis); (3) MITRE Retiree Association (a network of retirees who meet quarterly to exchange and share information with management on retirement issues); (4) continuing education and training programs through the MIRTE Institute enabling employees to continue developing their knowledge and skills; (5) a flexible work environment (e.g., flextime, compressed workweek, telecommuting, job sharing, phased return from leave, civic time and paid time off bank); (6) wellness programs (e.g., employee assistance program, health screenings); (7) mentoring opportunities; and (8) a defined contribution retirement plan. Offering a wide range of initiatives helps MITRE retain key employees, such as technical experts, and contributes to its continued business success.
Preserving Knowledge Legacies: Workforce Aging, Turnover and Human Resources Issues in the U.S. Electric Power Industry15 The aging of the workforce is expected to cause high levels of turnover, resulting in the loss of short- and long-term knowledge critical to organizational functioning. To gain a better understanding of the consequences and opportunities of age-related turnover, this research explored core HR issues and implications resulting from the aging of the U.S. workforce in the electric power industry. Results of the study suggest that HR professionals will be confronted with the challenge of replacing skilled workers and developing new leaders. Yet, age-related turnover presents many opportunities to address key HR issues, including increasing employee engagement and diversity, transitioning to a performance-oriented culture, and aligning formal and informal organizational structures to further performance. Study results pinpoint the loss of knowledge and experience as the main link between negative or positive outcomes of age-related turnover, indicating that organizations that employ initiatives to capture and retain knowledge and experience of mature workers can minimize the negative impact of turnover. Establishing communication, advice and knowledge networks and focusing on training that promotes organizational learning and knowledge transfer are two ways that HR professional can address the issue of knowledge loss of mature workers.
In Closing Organizations that wish to remain competitive in the future must adapt their talent management practices in tandem with the shifting demographics of today’s workforce. Two key talent management strategies that organizations should focus on are retaining older workers and optimizing generational diversity. By addressing the values, needs and preferences of each segment of the workforce, HR professionals can leverage the expertise and knowledge of the mature workforce to build an effective employee base for the future.
Endnotes 1 Towers Perrin (for AARP). (December, 2005). The business case for workers age 50+: Planning for tomorrow’s talent needs in today’s competitive environment. Retrieved from www.aarp.org. 2 Toossi, M. (2004). Labor force projections to 2012: The graying of the U.S. Workforce. Monthly Labor Review, 127, 37-57. 3 Towers Perrin (for AARP). (December, 2005). The business case for workers age 50+: Planning for tomorrow’s talent needs in today’s competitive environment. Retrieved from www.aarp.org. 4 Pitt-Catsouphes, M., & Smyer, M.A. (July 18, 2005). Older workers: What keeps them working? Issue Brief, 01. Chestnut Hill, MA: Center on Aging & Work/Workplace Flexibility ay Boston College. 5 Munson, H. (2003). Valuing experience: How to motivate and retain mature workers. The Conference Board. www.conference-board.org. 6 Collison, J. (2005). 2005 future of the U.S. labor pool survey report. Alexandria, VA: Society for Human Resource Management. 7 Christenson, K. (July 18, 2005). Getting the right fit: Flexible work options and older workers. Issue Brief, 03. Chestnut Hill, MA: Center on Aging & Work/Workplace Flexibility at Boston College. 8 Ernst & Young. (January, 2006). The aging U.S. workforce: Employers challenges and responses. Retrieved from www.ey.com. 9 Towers Perrin (for AARP). (December, 2005). The business case for workers age 50+: Planning for tomorrow’s talent needs in today’s competitive environment. Retrieved from www.aarp.org. 10 The Conference Board. (2004). Managing the mature workforce. Retrieved from www.conference-board.com. 11 Bell, S. N., & Narz, M. (February, 2007). Meeting the challenges of age diversity in the workplace. The CPA Journal, 77, 56-59. 12 [1]AARP. (2003). Staying ahead of the curve 2003: The AARP working in retirement study. www.aarp.org. 13 Westerman, J. W., & Yamamura, J. H. (2007). Generational preferences for work environment fit: Effects on employee outcomes. Career Development International, 12, 150-161. 14 Albright, W. D., & Cluff, G. A. (2005). How MITRE recruits and retains older workers. Journal of Organizational Excellence, 24, 53-63. 15 Ashworth, M. J. (2006). Preserving knowledge legacies: Workforce aging, turnover and human resource issues in the U.S. electric power industry. International Journal of Human Resource Management, 17, 1659-1688.
Project
Team Project contributor: Steve Williams, Ph.D., SPHR, Director, Research Editor: Katya Scanlan, Copy Editor
Disclaimer This article is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. The Society for Human Resource Management cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information.
THE PATH TO QUALITY. . . a step-by-step guide to world-class internal auditing - Code #A078 by Trish Harris –Director of Corporate Communications
The Institute of Internal Auditors (IIA) understands that internal audit quality is not achieved overnight. Elevating quality requires not only the understanding of those performing internal auditing, but also of audit customers as well as those responsible for internal audit oversight. In addition, maintaining quality requires a concentrated commitment and diligence on the part of the chief audit executive (CAE), as an organization and its culture change.
Although quality is a key requirement of The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards), one size does not fit all. Internal audit shops exist in all sizes, of all complexities, and with differing resources and levels of experience, knowledge, and sophistication. To support these diverse internal audit shops, The IIA has developed a step-by-step guide for progressing from one level to the next.. Based on proven practices, with each level serving as a stepping stone to the next, this maturity model categorizes messages and tools that will help CAEs stay on track as they venture forward on the path to quality.
Although
quality is a key requirement of The IIA’s
International Standards for the Professional
Practice of Internal Auditing (Standards), one size
does not fit all. Internal audit shops exist in all
sizes, of all complexities, and with differing
resources and levels of experience, knowledge, and
sophistication. To support these diverse internal
audit shops, The IIA has developed a step-by-step
guide for progressing from one level to the next..
Based on proven practices, with each level serving
as a stepping stone to the next, this maturity model
categorizes messages and tools that will help CAEs
stay on track as they venture forward on the path to
quality.
LEVEL-1: Introductory
· Although quality sometimes might be
considered a subjective concept, The IIA promotes
objectively monitoring, improving, and reporting on
quality.
· The rapid growth in the field of and
demand for internal auditing has resulted in the
implementation of new internal audit activities in
many organizations for the first time.
· Results from The IIA Research Foundation’s
recent Common Body of Knowledge (CBOK) survey point
to the growth in the number of internal audit
activities established within the past few years,
and the fact that many of these new shops are not
yet up to par in regard to assessing and documenting
their quality. · Because the establishment of a new internal audit shop requires a significant commitment of an organization’s attention, time, and resources, it is realistic to expect “young” internal audit activities to grow as they go — improving and advancing in expertise, quality, and overall professionalism as time passes. It also is important to point out that such an internal audit activity can comply with the Standards along its way to the next level of maturity.
· While establishing a Quality Assurance and Improvement Program is important for all internal audit activities, it is especially critical for newly established shops, as it provides a blueprint, based on the Standards, for a quality-oriented internal audit activity.
1. Adopt The IIA’s official definition of internal auditing.
Internal
auditing is an independent, objective assurance and
consulting activity designed to add value and
improve an organization's operations. It helps an
organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and
improve the effectiveness of risk management,
control, and governance processes. 2. Achieve the appropriate reporting relationships. To ensure transparency and thwart collusion and conflicts of interests, best practice indicates that the internal audit activity should have a dual reporting relationship. The CAE should report to executive management for assistance in establishing direction, support, and administrative interface; and to the organization's most senior oversight group -- typically, the audit committee -- for strategic direction, reinforcement, and accountability.
3.
Make a commitment to quality. Demonstrate this
commitment by developing a mission for the internal
audit activity defining the scope of work, and
delineating areas for which it is accountable and
responsible.
4.
Work to achieve the buy-in of executive management
and the audit committee. Set up meetings with them
to share your mission and philosophy on quality; and
use an IIA presentation, A Standard of Quality, as a
way to build awareness and understanding, and garner
their support. 5. Make sure each audit committee receives the IIA’s newsletter, Tone at the Top, and has access to The IIA’s brochures on the importance of internal audit quality
Technology CMA Enjoys Seat at Strategic Table - Code #A079
For the past 20 years, Ron S. Gill has built an impressive career as an experienced financial executive at some of the world’s leading technology companies. In roles ranging from senior financial analyst to chief controller, from chief financial officer to chief operating officer, Mr. Gill knows what it means to be part of the strategic team. Currently, he serves as vice president, finance at California (U.S.)-based NetSuite Inc., a provider of on-demand, integrated business management application suites that provide Accounting / ERP (Enterprise Resource Planning), CRM (Customer Relationship Management) and Ecommerce functionality for small and medium-sized businesses and divisions of large companies. As a Certified Management Accountant (CMA®), granted by the Institute of Management Accountants (IMA®, he enjoys helping his organization achieve its goals, equipped with the skills and resources he has gained as a management accountant.
Mr. Gill took the CMA exam in 2002, while CFO of the lone small company he worked at during his career. At the time, he says, “I wanted to get some kind of certification. I had already been in business for some time, and had earned an international MBA. The CPA didn’t even cross my mind, because I never wanted to enter public accounting, and so the CMA seemed the obvious choice. And I was right: getting the certification was a validation of what I already knew.” He won a Gold Medal for his outstanding performance on the CMA exam and is currently a member of the ICMA® Board of Regents, the body that oversees the CMA certification program.
After becoming a CMA, Mr. Gill spent the next five years at SAP and Hyperion, two world-class, multinational technology companies. There, he found that the skills he acquired and affirmed as a CMA were put to good use.
“There is somewhat of an old-world bias that management accounting is just cost accounting. Of course, that’s not true. Management accounting is about getting at the drivers of a business, about looking at the financial and sometimes non-financial metrics that provide the information from which to make important strategic decisions. That kind of expertise is relevant to all sorts of industries, including technology,” he said.
When Oracle acquired Hyperion in 2007, Mr. Gill decided to switch from the mammoth public companies where he had spent most of his career to NetSuite Inc., a relatively smaller private one. Among the things he has found most interesting – and helpful – in his current position is the way the finance department is increasingly able to perform its back-office accounting operations at an offshore location. The company has been able to hire excellent staff in the Philippines and has gradually been moving responsibility for its transactional functions, including billing and accounts payable there. Currently, Mr. Gill supervises a staff of about 30, almost equally split between the U.S. and the Philippines.
A key benefit of this arrangement? “As more of these transactional functions are moved offshore, Mr. Gill says, “this enables the people in the U.S. to perform more strategic tasks, such as financial reporting and providing insight on business issues.” The model also supports what Mr. Gill says IMA president and CEO Paul A. Sharman, ACMA, has asserted for some time: that “the transactional tallying of debits and credits is destined for commoditization. Instead, finance professionals add value when they are providing business insight and strategic value to the team.”
That is a position Mr. Gill has found very rewarding at his last two or three jobs. “I’ve been fortunate to have a seat at the table on the executive team where colleagues – in sales, marketing, distribution, what have you – rely on the insight of the finance representative. They look to finance to provide guidance about what the metrics tell us about the business,” he says.
Over 300 attend Morgan CFA Seminars in Beirut, Abu Dhabi and Dubai
Beirut, November 21,
2007 - Morgan
International hosted
a three-day seminar
in Dubai, Abu Dhabi
and Beirut on
November 18, 19 and
20 to launch
Stalla’s CFA
(Chartered Financial
Analyst) 2008
program material
with a demo lecture
by one of Stalla’s
leading US
instructors, Mr.
Benjamin Jones, CFA,
CPA, MBA. The three-hour seminars demonstrated the Stalla 2008 system with a detailed explanation of the Learning system, curriculum and exam and were followed by a live learning experience with Mr. Benjamin Jones who covered a study session from CFA Level I curriculum.
The Tour was hosted by Fadi Ganni, Morgan International’s Managing Partner, Steven Chou, Becker’s Director of International Operations and Benjamin Jones, Director of Business Operations US.
The seminar attracted over 300 attendees.
“Not only was the seminar informative but the lecture given by Ben Jones was very dynamic and engaging. It had candidates participating and interacting. We look forward to hosting more seminars and other events in all our cities. We’ll keep you posted!” says Gaelle Bou Sleiman, Regional Marketing Manager for Morgan International.
The seminar introduced the mastery programs of the Stalla 2008 system. Stalla has enhanced its basic course offering to incorporate a Mock Exam and Review Package and Flashcards with additional value added resources including:
For more information on the CFA designation or registration to the program please visit www.morganintl.com or send an email to info@morganintl.com.
About Morgan:
First established in 1995 in Beirut with only one product under its portfolio, Morgan now represents leading international institutions and covers 7 programs for designations in the Accounting, Finance, Logistics and Human Resources fields. The company has extended it presence to 27 major cities in the Middle East, Europe and Asia in just over a decade stretching from Bangalore to Warsaw and servicing over 3,500 candidates per year for the following programs: CPA, CFA, CMA, CIA, CTP, PHR/SHRM, CSCP and IFRS.
Morgan accompanies
candidates to exam
site for the CIA’s
last Paper & Pencil
exam Morgan’s team was present at the exam site of the CIA’s last Paper & Pencil examination to support its students. Wednesday the 14th & Thursday the 15th of November were the last days in which candidates could sit for the CIA Exam in a Paper & Pencil format. Morgan accompanied and supported its candidates during the two exam days in Beirut and in other cities through its partners:
Morgan candidates who prepared for the exam using PRC’s (Powers Resources Corporation) review material were satisfied with their performance although a large majority thought Part I of the exam was much more difficult than expected. Starting February 2008, the IIA will begin administering its CIA Exam using Computer Based Testing (CBT). The IIA has contracted Pearson VUE to provide the CBT which candidates will be able to sit for in more than 400 Test centers worldwide. The CBT application forms will be available by January 2008 with all details of the new exam format.
The changes brought forward with the transition to CBT include:
o The CIA Exam will no longer be conducted twice per year and candidates will be able to take the exam any day within the below testing windows:
o The Exam Format includes 100 multiple choice questions in a 2 hours and 45 minutes time frame for Parts I, II, III & IV
o The fees will slightly increase but as an IIA Member candidates will pay a lower fee than Non-Members
Morgan International
in partnership with
IA Seminars runs
IFRS courses in
Dubai. Morgan International in partnership with IASeminars ran in Dubai 7 specialized IFRS seminars in November 2007. This was the second batch of seminars to be run in Dubai following the success of the May 2007 courses.
The seminars covered:
The seminars were delivered by international instructors and IFRS gurus Bill Kemp, Bobbe Barnes, Emmon Walsh and Michael Brooks. “The seminars were very successful and attracted candidates from various industries and countries including Kuwait, Qatar, KSA, UAE, Palestine, Jordan and Lebanon. Candidates were able to share hands-on experiences and real-life cases” says Nathalie Jneinati, Business Development and Research Coordinator for Morgan International. The next set of seminars is scheduled to take place in April-May 2008 with some of the courses including (but not limited to):
IASeminars is an independent training company based in London and Washington DC. IASeminars are specialist providers of a comprehensive range of international accounting and finance training courses around the world.
For more information or to register for the April-May 2008 sessions, contact us at ifrs.usgaap@morganintl.com or visit www.morganintl.com / www.iaseminars.co.uk.
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