ICMA Profile

Lead The Business World
With ICMA Pakistan

CMA is a Qualification which enables you to become
CEO / CFO / CIA / CS and provides opportunities to serve in
every sector of the economy in Pakistan & abroad at
Corporate Leadership positions
Executive Director’s Message
Institute of Cost and Management Accountants of
Pakistan is an excellent place for learning, capacity
building and professional grooming. We make sure
that this learning should be imparted in a befitting
academic environment. For this purpose, we provide
best faculty and state of the art environment to
develop professional abilities and capabilities of
students. Besides this, we also provide the students
with certain “Distance Learning” options. We are
committed to educating tomorrow’s leaders and for
that we do not leave any stone unturned to provide
the best academic environment within our campuses
across the country. CMA qualification from ICMA
Pakistan will help you rise to the top and will empower
you to become locally and globally competitive. I am
sure that the time spent at ICMA Pakistan and the
membership designations will make you a real
contributor towards the development of economy
of the country.
03 ICMA Pakistan Prospectus 2019

Branch Councils
Karachi Lahore Islamabad
Peshawar Quetta Faisalabad Multan
UK Saudi Arabia UAE
Australia Canada
Vision
To be the Preference in
Value Optimization for Business.
Mission
To develop Business Leaders through imparting
quality education and training in financial and non-financial
areas to bring value addition in the economy.
Professionalism
Ethics Innovation
Core Values
Transparency Competence
ICMA Pakistan Prospectus 2020

International Affiliations
Being a leading professional Institution of Pakistan, apart from performing due role within the country, ICMA Pakistan
is contributing towards world economy which is in the phase of innovation and globalization. The Institute, while
realizing its role towards global economy, supported formation of international and regional associations and got
the honor of becoming their founding member.
The Institute has a membership of following International & Regional accounting associations and it is actively involved
in promoting the profession of accounting across the globe:
International Confederation of South Asian The International International Corporate

Federation of Asian and Pacific Federation of Integrated Reporting Governance Network
Accountants (IFAC) Accountants (CAPA) Accountants (SAFA) Council (IIRC) (ICGN)
Since 1974 Since 1980 Since 1984 Since 2018 Since 2020
IFAC is the global The Confederation of Asian SAFA is a forum of The International Established in 1995 as
organization for the and Pacific Accountants professional accountancy Integrated Reporting an investor-led
accountancy profession (CAPA) represents national bodies and is committed to Council (IIRC) is a global organisation, the
dedicated to serving the professional accounting position, maintain and coalition of regulators, International Corporate
public interest by organizations in the Asia- develop the accountancy investors, companies, Governance Network's
strengthening the profession Pacific region. Today, CAPA profession in SAARC Region standard setters, the mission is to promote
and contributing to the has a membership of 31 and ensuring its continued accounting profession effective standards of
development of strong accounting organizations in eminence in the world of and NGOs. corporate governance
international economies. 24 jurisdictions. accountancy; in the public and investor stewardship
interest and towards broad The coalition is promoting
IFAC comprises of 179 CAPA is by far the largest economic development of communication about
members and associates in regional accounting the region. value creation as the next
130 countries and organization and its step in the evolution of
jurisdictions, representing geographical reach spans Presently, nine accounting corporate reporting.
approximately 2.5 million half the globe. bodies of SAFA represent
accountants in public over 250,000 professional
practice, education, accountants.
government service, industry,
and commerce.
A chartered institute of professional accountants and business leaders

Recognized by Higher Education
Commission of Pakistan (HEC)
For the purpose of employment and higher education, the Higher Education Commission of Pakistan
(HEC) recognizes the ICMA Pakistan qualification equivalent to Master's degree.
Higher Education
Commission of Pakistan
ICMA Pakistan Prospectus 2020

Contents
About ICMA Pakistan 01
Land your Dream Job with ACMA / FCMA 02
ACMA / FCMA with ICMA Pakistan 03
Never Put a Limit on your Dreams 04
CMA Competency Framework 05
Pathway towards ACMA/FCMA Designation 07
Education Methodology 11
Practical Corporate Training Program 23
Examination System 27
Management Accountants as Corporate Leaders 28
A chartered institute of professional accountants and business leaders

About ICMA Pakistan
More than 15,000 Students, 7,000 Members and
thousands of professional linkages.
ICMA at a Glance
7,000 700 15,000

Members Certified Directors Students
200 10 200
Employees Education Campuses Faculty Members
1,200 110 Presence in more than

Employers Public Practicing 40
Firms Countries

Land your dream job with ACMA/FCMA designation
What is ACMA/FCMA?
Associate Cost and Management Accountant (ACMA) and Fellow Cost and Management Accountant (FCMA) are
two levels of membership status of ICMA Pakistan.
The students, on qualifying examinations and meeting practical experience requirements, are awarded membership
of the Institute which is a professional and legal status to join the fraternity of Institute’s members. Valued and
respected, the designations next to your name convey to employers and society that you are the right business
leader who can steer the sustainable success of the organisation you work for.
ACMA/FCMA designations set our members apart from the rest. Our members enjoy recognition as forward thinking,
financially qualified business leaders who are not only in high demand within the country but are also recognised
outside Pakistan.
A chartered institute of professional accountants and business leaders 02

ACMA/FCMA with ICMA Pakistan
Whether you have Intermediate / A - Level (12 years of education), Graduation (14 years of education),
Post Graduation (16 years of education) or any other equivalent qualification recognized by HEC
and professional certification obtained from the IFAC member bodies given on the ICMA website,
you may join CMA Qualification at ICMA Pakistan to earn ACMA/FCMA designations.
ICMA Pakistan employs a dedicated team of professionals who will be with you at every step to
support and guide you towards your career success.
Top 6 reasons to acquire ACMA/FCMA Designation:
1 2 3
Recognised by
Flexible
HEC & Government Earn well
study options
of Pakistan
4 5 6
Enhance your
Employers
business expertise
Global recognition trust
and financial
ICMA Pakistan
acumen

Never put a limit on your dreams
Management Accountants join the world of professionals after they graduate and have numerous
career options available to them. Our members are leading in following roles, around the world:
Chief Executive Officer Chief Financial Officer Chief Operating Officer
Chief Internal Auditor Chief Project Officer Chief Cost Accounts Officer
Company Secretary Business Analyst Management Consultant
and many more

CMA Competency Framework
Management and Leadership:
Qualified CMAs have diversified skills in the field of Management Accounting and Management. CMAs hold pivotal
managerial positions in the corporate sector due to their competencies over the basic management functions, team
motivation, resources optimization, strategic goals achievement and risk management. Management and leadership
competency enables CMAs to:
 Develop strategic goals aligned with the organization’s long-term plans and resources.
 Identify and focus on critical areas where risks arise and devise strategies to transform the threats into opportunities
and wipe out those risks.
 Think strategically and act proactively to meet organization needs under the Global Economic Challenges and
Competitions.
 Promote collaboration by unifying teams, setting common goals and incentivizing collaborative working.
 Devise policies, standards and procedures.
Governance, Laws and Ethics:

The CMAs have assumed the role of business advisors who understand the dynamics of Laws, Governance and
other regulatory directives.
These competencies are used by

CMAs to help corporations run
smoothly on practical, ethical and
legal bases and establish a foundation
for continued growth and success by
interacting with regulators and other
stakeholders. By acquiring
Governance and Ethics competencies
CMAs can:
 Manage corporate affairs to
protect long term interests of the
stakeholders.
 Analyze the impact of relevant
legislations, policies and
procedures on alternative
business decisions.
 Liaise tax matters with tax
authorities within regulatory
frameworks to finalize tax liability
in complex and other situations.
 Comply with all commercial laws
to provide for standardization of
the legal underpinnings of
business transactions.
 Ensure implementation of
Corporate Governance Practices
and Professional Code of Ethics.
 Advise and report on all legal
issues of organizations.

Business Acumen and Decision Making:
CMAs provide necessary information to management for taking short and long term decisions in Corporate environment.
These competencies give insight to analyse revenue channels, marketing activities, controlling, monitoring, budgeting
and other financial decisions in order to find the most profitable business model by curtailing costs in an efficient
manner. The CMAs have competencies to:
 Classify cost elements and align cost classification, costing methods and techniques to get maximum profit from
Business operations.
 Evaluate decision alternatives using analytical techniques and make recommendations.
 Recommend to senior management and the board for best utilization of funds by analyzing different investment
alternatives using qualitative and quantitative techniques.
 Perform cost planning, analysis and evaluate performance management system on the basis of Financial and
non- Financial indicators.
 Define responsibility centers for achieving efficiency and effectiveness in business operations.
Reporting & Analysis:

CMAs are expert in evaluating financial transactions from book keeping to reporting of financial statements as per
accounting and financial reporting standards. CMAs are proficient in analysis of financial statements for management
and external stakeholders and also depicting how a company is performing over a specific period of time. Under
the Reporting and Analysis Competency, CMAs learn to:
 Support external financial reporting by implementing new accounting and reporting standards in correlation with
the local regulatory pronouncements.
 Figure out appropriate treatment associated with unusual or complex transactions i.e., lease, goodwill, financial
instruments, group accounting and determine the resulting impact.
 Implement accounting policies, in letter and spirit.
 Explicate the quantitative and qualitative characteristics of financial statements.
 Assist management in preparing consolidated statements of a single company and group of companies with
recommendations for adequate treatment of intercompany transactions and reporting.
 Comprehend social and environmental issues which are likely to be the most important to stakeholders and
report them in published accounts.
Technology and Innovations:

To keep up with new technologies replacing many of the accounting skills traditionally in demand, CMAs need to
refine and perfect their skills in a variety of areas. These skills enable the CMAs to analyze, design and operate the
information system, develop and maintain its security, perform system audit and innovate easier and optimum
business solutions to align the organization’s data strategy to its business strategy in the digital era. Technology and
Innovation competencies enable CMAs to:
 Enhance business performance using technology to analyze data, to solve problems and bring innovation to
business operations and financial processes.
 Assess the critical threats to technology and information systems and identify the optimum solutions to effectively
tackle such threats.
 Transform and simulate the data using digital technologies to gain insights, support decision making and provide
alternate solutions.
 Integrate the technology advancement with business life cycle and provide innovative solutions over each phase
of business cycle since business setup.
 Ensure availability, utility, integrity, control and security of data.

Pathway towards ACMA/FCMA designation
Start your journey whether you have Intermediate / A - Level Certificate / under graduate / post graduate degree or
professional certification of the IFAC member bodies.
ICMA Pakistan takes full account of the fact that people may want to commence/continue their studies at different points.
Hence, we have flexible entry routes for various academic backgrounds. Our expert team of professionals will assess your
previous qualification documents to guide you towards the most suitable entry route.
Entry Route
12 Years of Education
Level 1 Level 2
O1. Fundamentals of Financial Accounting O4. Fundamentals of Management
O2. Business Economics O5. Business Mathematics & Statistical

Operational Inference
O3. Business Communication and
Report Writing O6. Commercial Laws
M4. Financial Accounting & Corporate

M1. Fundamentals of Cost &
Reporting
Management Accounting
Managerial M2. Enterprise Management
M5. Advanced Management Accounting
M6. Corporate Governance, Business

M3. Management Information Systems
Laws & Ethics
S1. Advanced Financial Accounting &

S4. Strategic Management Accounting
Corporate Reporting
Strategic S2. Audit & Assurance
S5. Strategic Financial Management
S6. Strategic Management

S3. Business Taxation
PM1. ERP Solutions and Practical

Aspects of Accounting & Auditing
Practical Procedures PM4. Practical Aspects of Taxation
Corporate PM5. Practical Aspects of Business Laws
PM2. Financial Modelling and
Training Management Reporting
Program PM6. Communication Skills
PM3. Practical Aspects of Banking and
Finance

– Start your ACMA journey at Operational level 1 of CMA Qualification
– A-levels certificate holders may apply for waiver from following 3 courses subject to having studied and
passed relevant courses:
O1 - Fundamentals of Financial Accounting
O2 - Business Economics
O5 - Business Mathematics & Statistical Inference
– Intermediate certificate holders in Commerce may apply for waiver from O1 – Fundamentals of Financial Accounting
– Combine your studies with full-time/part-time employment in public/private sector
– Study at your own pace in a classroom or through distance learning
– Typically, students spend around 4 years to complete the qualification
Entry Route
14 years of Education
Level 1 Level 2
M1. Fundamentals of Cost & M4. Financial Accounting & Corporate

Management Accounting Reporting
Managerial M2. Enterprise Management M5. Advanced Management Accounting
M3. Management Information Systems M6. Corporate Governance,

Business Laws & Ethics

Corporate Reporting S4. Strategic Management Accounting
Strategic S2. Audit & Assurance S5. Strategic Financial Management
S3. Business Taxation S6. Strategic Management
– Graduates with 14 years education background in Commerce or Business Studies may further build
their business knowledge
– Start your ACMA journey at Managerial level 1 of CMA Qualification
– Get a head start in job market by boosting your degree with professional qualification
– Combine your studies with full-time/ part-time employment in public/private sector

Entry Route
16 years of Education in Commerce / Business Studies
Level 1 Level 2

Reporting
Managerial M5. Advanced Management Accounting

Laws & Ethics
S1. Advanced Financial Accounting & S4. Strategic Management Accounting

Corporate Reporting
Strategic S2. Audit & Assurance
S5. Strategic Financial Management
S6. Strategic Management

S3. Business Taxation
Fast track your route towards CEO/CFO/CIA/CS with ACMA designation for Post Graduates with 16 years education
background in Commerce or Business Studies
– Start your ACMA journey at Managerial level 2 of CMA Qualification
– Typically, students spend around 1.5 years to complete the qualification
Entry Route
Post Graduates with Non-Commerce /
Business Studies Education
Level 1 Level 2

M1. Fundamentals of Cost & Reporting
Management Accounting
Managerial M2. Enterprise Management
M5. Advanced Management Accounting

M3. Management Information Systems Laws & Ethics

Corporate Reporting S4. Strategic Management Accounting
Strategic S2. Audit & Assurance S5. Strategic Financial Management
S3. Business Taxation S6. Strategic Management

Want to change your career or run your own business? CMA Qualification is your route to the board room
– Start your ACMA journey at Managerial level 1 of CMA Qualification subject to attending three
weeks classes of Basic Accounting Course (BAC)
Professional Qualification Holders
Already have a professional qualification?
ICMA Pakistan recognises and has agreements with Professional bodies locally & internationally. Graduates and students
of local and international professional bodies may visit ICMA Pakistan website: www.icmap.com.pk or the nearest campus
for details of applicable entry routes and waivers in courses.

Education Methodology
Learning Methodology
ICMA Pakistan offers flexible
study options to suit student's lifestyle
and commitment. A student can
 Study full time or part time at

any ICMA Pakistan campus (morning
and evening classes are available), or
 Study through 'Distance Learning Programme'
In order to support students, faculty at ICMA Pakistan

include in their lectures:
 Classroom Lectures  Role Model sessions

 Presentations  Group Discussions
 Case studies  Situation Analysis
 Review of Journal  Industry visits
 Updation of Laws  Guest Speeches
 E-Learning  Executive Coaching

Syllabus Outline
Following are subject wise indicative grids and weightage, detailed contents of each course may be viewed
on ICMA Pakistan website at https://www.icmap.com.pk/syllabus.aspx
Operational Level-1
O1 – Fundamentals of Financial Accounting
Part Syllabus Content Area Weightage
Conceptual, System and Regulatory Framework
A 1. Accounting Nature and Objectives 3. Accounting Regulatory Framework 10%
2. Introduction to Financial Accounting 4. Accounting Concepts and Conventions
Accounting Systems and Accounts Preparation

5. Source Documents and Books 13. Accounting for Inventories
6. Double Entry and Ledger accounting 14. Accounting for Sales Tax
7. Trial balance and Financial statements 15. Accounting for Payroll
B 8. Accruals and prepayments 16. Bank Reconciliations 50%
9. Tangible non-current assets 17. Control accounts
10. Intangible non-current assets 18. Correction of Errors
11. Bad debts and allowances for receivables
12. Provisions and Contingencies
Final Accounts
19. Sole traders' accounts 23. Income and expenditure accounts
C 20. Company accounts 24. Statements of cash flows 40%
21. Manufacturing accounts 25. Financial Ratios
22. Incomplete records
Total 100%
O2 – Business Economics
1. Nature & Scope of E Commerce 7. Price Instability and Government Measures
2. Consumer's Behavior & its Analysis 8. Cost Behavior
A 3. Organization 9. Profit Maximization
4. Return to Shareholders 10. Competition, Market Effects and 60%
5. Demand & Supply Analysis Government Measures
6. Price Elasticity
11. Functions of the Financial System 14. Macroeconomic: Trade Cycle

12. Domestic Institutions and Markets 15. Macroeconomic: The Role of Government
B 40%
13. Foreign Exchange Markets 16. International Context
Total 100%

O3 – Business Communication and Report Writing
Fundamentals of Effective Business Communication
1. Introduction 4. Interpersonal Communication (IPC)
A 35%
2. Communication in Organization 5. Written Communication
3. Oral Communication
Crafting Business Messages, Reports, Proposal and Memos

B 40%
6. Business Letters 7. Report Writing
Case Analysis and Presentation Skills

C 15%
8. Case Method of Learning 9. Presentation Skills
Employment and Group Communications

D 10%
10. Employment Communication 11. Group Communication
Total 100%
Operational Level-2
O4 – Fundamentals of Management
Introduction to Management
A 1. Management Definition and Functions 3. Key concepts in Management 30%
2. Basics of Management Process
Management of Relationships
4. Control 7. Negotiation and communication
B 55%
5. Leadership and Motivation 8. Culture
6. The financial function; conflict
Global Business Environment

C 9. Social, political and economic context 11. Governance and Regulation 15%
10. Type of organization
Total 100%

O5 – Business Mathematics & Statistical Inference
Business Mathematics
1. Basic Mathematical Techniques 4. Compounding and Discounting
A 40%
2. Formulae and Equations 5. Basic Investment Appraisal
3. Derivatives
Statistics and Statistical Inference

6. Data and Information 13. Normal distribution
7. Collection and Presentation of data 14. Estimation & Testing
8. Averages 15. Sampling & Sampling Frequency
B 60%
9. Dispersion Distribution
10. Correlation and Linear Regression 16. Forecasting - Time series
11. Index numbers
12. Probability
Total 100%
O6 – Commercial Laws
A 1. Introduction to Legal System of Pakistan 10%
2. The Contract Act, 1872 4. Partnership Act, 1932

B 70%
3. Sales of Good Act, 1930 5. Negotiable Instrument Act, 1881
6. PPRA Ordinance, 2002, (Public Procurement Regulatory Authority)

C 20%
7. PPRA Rules, 2004
Total 100%

Managerial Level - 1
M1 – Fundamentals of Cost & Management Accounting
The Nature, Source and Purpose of Management Information
1. Introduction to costing and 3. Sources of data
A 20%
performance measurement 4. Cost classification
2. Introduction to management accounting 5. Cost behavior
Cost Accounting System

B 6. Accounting for Materials 8. Accounting for Overheads 20%
7. Accounting for Labour
Cost Accounting Techniques and Methods

9. Absorption and marginal costing 12. Process costing, joint products
C 40%
10. Job, Batch and Service costing and by-products
11. Process costing
Standard Costing
D 20%
13. Standard costing 14. Variance analysis
Total 100%
M2 – Enterprise Management
Operations Management
1. Enterprise Management 4. Plant maintenance
A 2. Operations management and its 5. Production planning and control 35%
importance for Management Accounting 6. Productivity and Efficiency Evaluation
3. Production Technique 7. Quality Management
Human Capital Management

B 20%
8. Human Resource Management 9. Human Resource Practices
Marketing Management
10. Marketing and business strategy 12. Developments in marketing
C 25%
11. Marketing plans, branding and
communications
Enterprise Management
D 20%
13. Enterprise performance management 14. Performance measurement tools
Total 100%

M3 – Management Information Systems
Information Systems
1. Emerging Technology in E-Business 4. Systems acquisition / development
A 50%
2. Infrastructure and Operations process
3. Information and Databases
IT Audit
5. The Process of Auditing Information 8. Auditing Systems Acquisition /
B Systems Development Process 50%
6. Governance and Management of IT 9. Information Security Management (ISM)
7. Auditing Infrastructure and Operations 10. Business Continuity and Disaster Recovery
Total 100%
Managerial Level - 2
M4 – Financial Accounting & Corporate Reporting
Regulatory and Conceptual Framework
A 5%
1. The regulatory framework 2. The Conceptual Framework
Single Company Financial Accounts

3. IAS 1 (Revised) Presentation of Financial 8. Impairment of Assets
statements 9. Leases
B 4. Reporting Financial Performance 10. Statements of Cash Flows 85%
5. Other Reporting 11. IAS 2 Inventories and Short term WIP
6. Accounting for non-current assets 12. Share Based Transactions and Financial
7. Intangible non-current assets instruments
Accounting for Taxation

C 10%
13. IAS 12: Income taxes
Total 100%

M5 – Advanced Management Accounting
Forecasting and Budgeting Techniques
A 15%
1. Forecasts 2. Budgeting
Standard Costing and Variance Analysis

B 3. Standard Costing 4. Variance Analysis, Interpretation and Profit 15%
Reconciliation
Project Appraisal Methods

5. Capital Investment decisions 8. Additional aspects of investment decision
C 20%
6. DCF techniques of investment appraisal making
7. Taking account of taxation and inflation
Cost Analysis
D 15%
9. Break Even Analysis 10. Limiting factor Analysis
Modern Costing Techniques

E 11. Marginal Cost Analysis 13. Throughput and Back flush Accounting 20%
12. Activity Based Costing 14. Environmental costing
Managing Short-term Finance

15. Working Capital Management 18. Receivables & Payables Management
F 15%
16. Cash flow forecasts 19. Inventory Management
17. Cash Management
Total 100%

M6 – Corporate Governance, Business Laws & Ethics
Companies Act, 2017, Relevant Rules and Regulations
1. Companies Act, 2017 4. Listed Companies (Code of Corporate
A 2. Companies (Incorporation) Governance) Regulations, 2019 60%
Regulations, 2017
3. Securities Act 2015
Special Companies
B 5. Modaraba Companies and Modaraba 6. Non Banking Finance Companies 10%
(Floatation and Control) Ordinance, 1980
Other Laws, Regulations and Professional Ethics

7. The Companies (further issue of shares) 10. Pakistan Stock Exchange Rule Book
Regulations, 2018 11. Anti-money Laundering Act, 2010
C 8. Listed Companies (Buy-Back of 12. Professional Ethics 15%
Shares) Regulations, 2019
9. Public Offering Regulations, 2017
Secretarial Practices
D 13. Company Secretary, Functions and 14. Meetings, Resolutions and E-filing 15%
Responsibilities
Total 100%

Strategic Level -1
S1 – Advanced Financial Accounting & Corporate Reporting
Matters Related to Recognition and Measurement
1. Substance over form 4. Share-based payments
A 20%
2. Financial instruments 5. Asset valuation and Changing prices
3. Employee benefits
Group Financial Statements

6. Introduction to group accounting 11. Acquisition of a Subsidiary during its
7. Consolidated statement of financial position accounting period
8. Consolidated statement of comprehensive 12. Consolidated Statement of changes in
B 30%
income Equity
9. IAS 27, IFRS 10, IFRS 3 (Revised), 13. Associates and Joint ventures
IFRS 13
10. Effect of Non-controlling interests
Complex Group Topics

C 14. Changes in group structures 16. Foreign currency 25%
15. Complex group structures 17. Group statements of cash flows
Performance Reporting
D 18. Ratios and trend analysis 20. Segment reporting IFRS 8 15%
19. Earnings per share IAS 33
External Reporting
E 10%
21. Advancement in Financial Reporting 22. Advancement in Non-Financial Reporting
Total 100%

S2 – Audit & Assurance
A 1. Audit framework and Regulation 10%
2. Planning and risk assessment General 4. Internal Control

Principles and Responsibilities 5. Internal Audit
B 55%
3. Risk Assessment and Response to 6. Audit Evidence
Assessed Risk 7. Collecting Audit Evidence
C 8. Using the Work of Others 9. Audit Conclusions and Reporting 20%
D 10. Cost Audit 15%
Total 100%
S3 – Business Taxation
Income Tax
A 60%
1. Income Tax Ordinance, 2001 2. Income Tax Rules, 2002
Sales Tax
B 3. The Sales Tax Act 1990 30%
4. The Sales Tax Rules 2006
Indirect Tax
C 10%
5. Federal Excise Act and Rules
Total 100%

Strategic Level -2
S4 – Strategic Management Accounting
Cost Planning, Analysis and Techniques
1. Cost Planning 4. Externally Oriented Cost Management
A 25%
2. Cost Analysis Techniques
3. Cost Management Techniques
Pricing and Product Decisions

5. Relevant Costs 9. Linear programming: the simplex method
B 6. Short-term decisions 10. Multi-product breakeven analysis 40%
7. Risk and uncertainty 11. Pricing decisions and pricing strategies
8. Linear programming: the graphical method
Performance Management and Responsibility Centre

12. Budgetary Control 14. Measuring performance in Divisionalised
C 35%
13. Performance Evaluation businesses
15. Transfer pricing
Total 100%
S5 – Strategic Financial Management

Formulation of Financial Strategy
A 1. Objectives of organizations 3. Forecasting and Analysis 10%
2. Constraints on Financial Strategy 4. Financial Strategies
Financing Decisions
5. Equity finance 8. The cost of capital
B 45%
6. Debt finance 9. The capital structure
7. Leasing 10. Treasury Management
Investment Decisions and Project Control

11. Investment appraisal techniques 14. Control of investment projects
C 45%
12. International investment 15. Business valuations
13. Specific investment appraisal scenarios 16. Amalgamations and restructuring
Total 100%

S6 – Strategic Management
Strategic Management and Competitive Environment
1. Nature and Scope of Strategic Management 3. General and Competitive environment
A 15%
2. Strategy: Introduction, Levels and
Concepts
Interacting with the Competitive Environment

B 4. Business strategy and strategy 5. Stakeholders and corporate objectives 15%
development
Strategy Development and Strategic Options

6. Strategic decision making 10. Evaluating strategic options
C 7. Resource audit 11. Strategic marketing 45%
8. Generic strategies 12. Information systems and strategy
9. Directions and methods of growth 13. Issues in strategic management
Change Management
D 10%
14. Organizational change 15. Implementing change
Implementing Strategic Plans

E 5%
16. Strategic control
Risk Management
F 17. Risk Management 10%
Total 100%

Practical Corporate Training Program

PM1 – ERP Solutions and Practical Aspects of Accounting & Auditing Procedures
A 1. Overview of ERP 2. ERP-Financials 75%
B 3. Audit Procedures 25%
Total 100%
PM2 – Financial Modelling and Management Reporting

MS Excel
1. Getting Started with Microsoft Office Excel 10. Visualizing Data with Charts
2. Performing Calculations 11. Using Pivot Tables and Pivot Charts
3. Modifying a Worksheet 12. Working with Multiple Worksheets and
4. Formatting a Worksheet Workbooks
A 60%
5. Printing Workbooks 13. Using Lookup Functions and Formula
6. Managing Workbooks Auditing
7. Working with Functions 14. Sharing and Protecting Workbooks
8. Working with Lists 15. Automating Workbook Functionality
9. Analyzing Data 16. Forecasting Data
Microsoft Word
17. Getting Started with Word 28. Using Templates to Automate Document
18. Formatting Text and Paragraphs Formatting
19. Working More Efficiently 29. Controlling the Flow of a Document
20. Managing Lists 30. Simplifying and Managing Long
21. Adding Tables Documents
22. Inserting Graphic Objects 31. Using Mail Merge to Create Letters,
B 23. Controlling Page Appearance Envelopes, and Labels 20%
24. Preparing to Publish a Document 32. Manipulating Images
25. Organizing Content Using Tables and 33. Using Custom Graphic Elements
Charts 34. Collaborating on Documents
26. Customizing Formats Using Styles and 35. Adding Document References and Links
Themes 36. Securing a Document
27. Inserting Content Using Quick Parts 37. Using Forms to Manage Content
38. Automating Repetitive Tasks with Macros

PM2 – Financial Modelling and Management Reporting
MS PowerPoint
39. Getting Started with PowerPoint 46. Preparing to Deliver Your Presentation
40. Developing a PowerPoint Presentation 47. Modifying the PowerPoint Environment
41. Performing Advanced Text Editing 48. Customizing Design Templates
Operations 49. Adding Smart Art and Math Equations to
C 20%
42. Adding Graphical Elements to Your a Presentation
Presentation 50. Working with Media and Animations
43. Modifying Objects in Your Presentation 51. Collaborating on a Presentation
44. Adding Tables to Your Presentation 52. Customizing a Slide Show
45. Adding Charts to Your Presentation 53. Securing and Distributing a Presentation
Total 100%
PM3 – Practical Aspects of Banking and Finance

A 1. General Banking Operations 15%
B 2. Bank Financing 3. Islamic Banking 30%
C 4. Import & Export Documentation 5. Consumer Financing 25%
D 6. Compliance Requirements of State Bank of Pakistan 20%
E 7. Modern Trends in Banking 10%
Total 100%
PM4 – Practical Aspects of Taxation

A Taxation 30%
B Computation of Tax Liabilities 40%
C Filing of Tax Returns and Statements 30%
Total 100%

PM5 – Practical Aspects of Business Laws
Corporate Laws
A 1. Company's Registration 3. Filing of Statutory Returns and Forms 60%
2. Maintaining of Statutory Records
Other Laws and Procedures

4. Social Security 5%
B 5. Employees Old Age Benefits (EOBI) 5%
6. PPRA Rules 20%
7. Human Resource (HR) Policies, Procedure and Rules 10%
Total 100%
PM6 – Communication Skills

A Business Report Writing 50%
B Presentation Skills 50%
Total 100%

Examination System
Realizing the global challenges and to upgrade benchmarks of best practices as prescribed by International Federation
of Accountants (IFAC), the Institute being examining body reviewed its existing standards through a study on
examination administration. The question papers of all accounting courses are set in accordance with International
Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as well as the Accounting and
Auditing Practices and Guidelines, issued by the professional bodies of Pakistan whereas courses related to Pakistani
laws and regulations i.e., Commercial Laws, Corporate Governance, Business Laws & Ethics and Business Taxations
are examined by considering all updated laws and pronouncements issued by national regulatory bodies. Question
paper patterns can be viewed at https://www.icmap.com.pk/cma_pattern_structure_question_paper.aspx. Passing
percentage in the examination of each course is 50%.
Examination of eighteen (18) courses upto Strategic Level-2 and all six modules of Practical Corporate
Training Program are Computer Based Examination [CBE] based on Multiple Choice Questions (MCQs),
Numerical Assessment Questions (NAQs) and Descriptive Assessment Questions (DAQs). Examinations are
conducted six times yearly in following months:
Computer Based Examinations:

In February, April, June, August, October, December.
Recognition for Passing Examinations

Upon passing the prescribed examinations, the following certificates are awarded by the Institute:
a) CMA Operational Level Certificate is awarded to those students who pass all the courses
up to Operational Level-2
b) CMA Managerial Level Certificate is awarded to those students who pass all the courses
up to Managerial Level-2
c) CMA Strategic Level Certificate is awarded to those students who pass all the courses up to
Strategic Level-2
d) CMA Practical Corporate Training Certificate is awarded to those students who pass all the courses
up to Strategic Level-2 and applicable modules of practical
Corporate Training.
e) CMA Final Certificate is awarded to those students who pass all courses
up to Strategic Level-2 and applicable modules of practical
Corporate Training.

Management Accountants as Corporate Leaders
Muhammad Shahzad Khan Sherwani

GM, Finance and Administration
Punjab Municipal Development Fund Company
It is my honour that I have studied from the esteemed Institution - ICMA Pakistan and it is also a
great honour for me that the institute recognised my high achievement in studies by awarding me
with D.R. PATTON Gold medal. The Institute equipped me with the latest skills which encourages
me towards achieving milestones in my practical life in corporate sector, public sector and with
donor agencies. Based on my wonderful experience, I wish for the mother institution - ICMA Pakistan
to grow with leaps and bounds to serve the future generations.
M. Amir Afzal Rana

GM Systems & Audit
Beacon House Group
For professionals, especially related to management and finance, working for good organizations
and to be able to add value in a conducive work environment is probably a very common sole
objective. I am one of those lucky ones who achieved this very early and realized that all this is just
a baseline and there's a lot more which we need to do in order to justify our very existence. Having
a holistic view of the society, and the world we are living in, and positioning one's own self accordingly,
is of utmost importance in this regard. Try to look beyond the boundaries of home-office-home
circle and live your life at full multi-faceted potential with full energy, zeal and fervour.

Abdul Khalil
Chief Financial Officer
Lahore Knowledge Park Company
I honestly believe that I wouldn't be where I am today without my CMA qualifications. It proved to
provide an exciting professional career even with a very humble educational, financial and family
background. After 20 years of qualification, I say with all my honesty that ICMA Pakistan is the only
institute which has created that many success stories and changed lives of thousands of qualified
members and their families. Long Live ICMA Pakistan.
Adnan Iqbal
Chief Executive Office
Buxly Paints Limited
For me, ICMA Pakistan is the gateway to the world of leadership where I started my career in
Accounting & Finance and later achieved the highest prestige of this profession to become the CFO
of a listed Company. ICMA Pakistan empowered me enough with the confidence to go even beyond
to become head of sales department of different segments of a large organisation.
With the rapid and diversified evolution of global business scenarios, the need for effective business
leaders is felt more than ever before. With its vision and commitment, ICMA Pakistan is producing
such business leaders who can assume any role in the organisation in order to steer it to the highest
level of success.

Ghulam Abbas�
Chief Financial Officer
Panther Tyres Limited
ICMA Pakistan qualification provided me a head start in my professional career by placing me at

a position ahead of the crowd. The qualification gave me enough potential to capitalize upon and
ensure smooth sailing throughout my career. I feel proud and honored in being part of this fraternity.
Aftab Q. Munshi
Chief Executive Officer
AL Habib Capital Market
CMA as a qualification has lead to sustainable growth and prosperity in my career. Apart from
accounting and finance knowledge, ICMA Pakistan has given me a broad understanding of business
and economic environment thus providing the right blend of skills and knowledge to successfully
play my role as the CEO.

Mariam Khawar
Chief Executive Officer
Lahore Transport Company
Government of Punjab
It gives me utter satisfaction and elation to be the youngest female CEO of a public sector organization
in urban transport of Pakistan that is simply owing to the unmatched qualification I attainted at
ICMA Pakistan. Notably, the exquisite profession of accountancy provides auspicious avenues for
females to perform their crucial role in strategic planning as well as in robust development of the
country. For students I believe that once you make a firm decision, the universe conspires to make
it happen and for accomplishment, strive to set priorities for maintaining perfect work life balance
to embark on the path of unparalleled progress.
Muhammad Aamir Zakee

Chief Financial Officer &
Company Secretary
Water and Sanitation Services
Company, Abbottabad
Choosing Accountancy Field and specially joining ICMA Pakistan was one of my best decisions in
life. ICMA Pakistan is not only the best education institute but a family. After 14 years of passing
final exams, ICMA Pakistan is still providing best learning opportunities and helping for career growth.
Today I am a proud ICMAPIAN who is serving his nation through professionalism, dedication and
honesty which I had learned from my prestigious institute. Thank you ICMA Pakistan for realising
my dreams.

Abid Hussain
Executive Director
Securities and Exchange
Commission of Pakistan
Accounting is an exciting and noble profession. The professionalism and honesty of accountants
make people trust the financial picture of a single company and the whole economy. My message
is to stay true to your profession and never stop growing and learning. Competence, honesty and
a professional attitude will take you to your goals in life and earn you professional respect, which I
believe is the ultimate goal.
Shaham Ahmed
Staff General Manager Finance
Pak Suzuki Motor Company Limited
“CMA qualification - a qualification of choice” opened many doors for me in my career. After gaining
a prestigious and highly respected qualification, I can confidently quote from my own experience
that you can work at the highest levels of accountancy, finance or business not only locally but
internationally. Today, I am leading accounts department of one of the biggest manufacturing
industries based on my CMA qualification from ICMA Pakistan.

Abdul Shakoor
GM Finance
Haroon Fabrics (Pvt) Limited
I am proud to be a CMA as I contribute in professional life towards my organization due to skills I

learned. Some examples of the tasks I am incharge of are:
 Re-organized the company structure and improved systems by the identification of problems
and advising the solutions
 Build and maintain effective controls over the financial systems of the organization
 Work for the community by involvement in social networking
It is indeed a right time to be a Management Accountant.
Sehrish Ishtiaq
Company Secretary
NetSol Technologies Limited
Achieving the hard target is a lifetime joy. Being CMA is your complete introduction. The three letters
“CMA” instantly describe yourself, that you are intelligent, hardworking, trustworthy, professional
and ethical. You serve the society by safeguarding it on economic front and enhancing value addition
of business. I am holding the office of Company Secretary of a listed company. My responsibility
is to keep my company a responsible corporate citizen. Being CMA, I am well equipped with required
skills and knowledge to smartly manage my responsibilities and earn respect for my profession.

Islamabad Campus
ICMA Pakistan Building, Plot No. 16,
Sector H-9, Islamabad.
Tel : +92-51-9265213, +92-51-9265215-18
(Ext:103-106), UAN 051-111 262 092,
Cell: 0312-9650859, Fax: 051-9265212
E-Mail: admissions.nr@icmap.com.pk
Peshawar Campus
ICMA Pakistan Campus,
House No. 15-B(1), Old Jamrud Road,
University Town Peshawar
Tel: +92-91-9216068, +92-91-9216213,
Cell: 0333-5962790,
E-Mail: psw@icmap.com.pk
Lahore Campus
ICMA Pakistan Building 42,
Ferozepur Road, Lahore, Pakistan.
Cell: 0332-4455890 &
Quetta Campus 0320-4455890
ICMA Pakistan Campus Tel: +92-42-99214695
Pearl Institute of Fax : 042-99214699.
Management & E-Mail: admissions.cr@icmap.com.pk
Information Technology,
Alamdar Road, Quetta Faisalabad Campus
Cell: 0300-8389748, ICMA Pakistan Campus
Tel: qut@icmap.com.pk 335-B People's Colony No.1,
Off Satiana Road, Faisalabad.
Tel: +92-041-9220103, 9220151-52,
E-Mail: fsd@icmap.com.pk
Multan Campus
ICMA Pakistan Building
ICMAP Street, Shalimar Colony, Bosan Road, Multan.
Cell: 0300-7304530, Tel: +92-61-9330482
E-Mail: mul@icmap.com.pk
Main Campus – Karachi
Gulshan-e-Iqbal, ICMA Pakistan Building North Nazimabad Campus
ST-18/C, ICMAP Avenue, Block 6, ICMA Pakistan Campus, C-19, Block-D,
Gulshan-e-Iqbal, Karachi 75300, Near Five Star Chowrangi, North Nazimabad, Karachi.
Cell: 0334-3103198, Tel: +92-21-99243598, Cell: 0311-8956968, Tel: +92-21-99333254
Ext: 208, 209, E-Mail: admissions.sr@icmap.com.pk E-Mail: admissions.nnc@icmap.com.pk
Soldier Bazar Campus, ICMA Pakistan Building Hyderabad Campus

Plot No. 36/41, Hussain Shah Shaheed Road, Plot # B1-8/34, Hyderabad Railway Employees Cooperative
Soldier Bazar, Karachi - 74400. Tel: 0332-2327380, Housing Society (HRECHS), Auto Bhan Road,
E-Mail: admissions.sr@icmap.com.pk Unit # 2, Latifabad, Hyderabad.
Cell: 0334-2889972 & 0335-2889972
Tel: +92-22-3821321-23, E-mail: hyd@icmap.com.pk

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Lead The Business World

With ICMA Pakistan

03 ICMA Pakistan Prospectus 2019

Peshawar Quetta Faisalabad Multan

UK Saudi Arabia UAE

ICMA Pakistan Prospectus 2020

International Confederation of South Asian The International International Corporate

A chartered institute of professional accountants and business leaders

ICMA Pakistan Prospectus 2020

Land your Dream Job with ACMA / FCMA 02

ACMA / FCMA with ICMA Pakistan 03

Never Put a Limit on your Dreams 04

CMA Competency Framework 05

Pathway towards ACMA/FCMA Designation 07

Practical Corporate Training Program 23

Management Accountants as Corporate Leaders 28

A chartered institute of professional accountants and business leaders

7,000 700 15,000

1,200 110 Presence in more than

01 ICMA Pakistan Prospectus 2020

A chartered institute of professional accountants and business leaders 02

Top 6 reasons to acquire ACMA/FCMA Designation:

03 ICMA Pakistan Prospectus 2020

Chief Executive Officer Chief Financial Officer Chief Operating Officer

Company Secretary Business Analyst Management Consultant

and many more

A chartered institute of professional accountants and business leaders 04

Governance, Laws and Ethics:

These competencies are used by

05 ICMA Pakistan Prospectus 2020

Reporting & Analysis:

Technology and Innovations:

A chartered institute of professional accountants and business leaders 06

O1. Fundamentals of Financial Accounting O4. Fundamentals of Management

O2. Business Economics O5. Business Mathematics & Statistical

M4. Financial Accounting & Corporate

M6. Corporate Governance, Business

S1. Advanced Financial Accounting &

S6. Strategic Management

PM1. ERP Solutions and Practical

07 ICMA Pakistan Prospectus 2020

M1. Fundamentals of Cost & M4. Financial Accounting & Corporate

Managerial M2. Enterprise Management M5. Advanced Management Accounting

M3. Management Information Systems M6. Corporate Governance,

S1. Advanced Financial Accounting &

S3. Business Taxation S6. Strategic Management

A chartered institute of professional accountants and business leaders 08

M4. Financial Accounting & Corporate

Managerial M5. Advanced Management Accounting

M6. Corporate Governance, Business

S1. Advanced Financial Accounting & S4. Strategic Management Accounting

S6. Strategic Management

M4. Financial Accounting & Corporate

M6. Corporate Governance, Business

S1. Advanced Financial Accounting &

Strategic S2. Audit & Assurance S5. Strategic Financial Management

S3. Business Taxation S6. Strategic Management

09 ICMA Pakistan Prospectus 2020

Professional Qualification Holders

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