Canadian Immigration and ACCA, CIMA, CFA or CMA

[Toronto_Boy]

Dear ad2478 and Other Students

Don’t be confused with flood of information. Sometimes more than required information negatively effects one’s decisions. At this stage of life, simply pay attention to whatever studies you are doing. After that, select a core designation and work hard to get it. After core designation, go for second/support/specialized designation of the industry you would actually be working in. Moreover, internet (in a global village) is a great source of information, but be considerate that we all have scarce resources including time and efforts etc. So, it should be used in effective, efficient, and goal oriented manner.

In my view, designations can be divided in two types i.e. (1) Group A Core designations, which are CA, CMA, ACCA, CIMA, CPA, CGA, or CFA, and (2) Group B Specialized/ Support designations, which may be CIA, CISA, CFE, or FRM etc., though for some people these may be core too, for example, for a person who has some base qualification (business or non-business) and, somehow, directly gets a job in internal audit department of an organization, or for a person with IT background involved in info. system audits in audit firm etc.

As my personal suggestion, drop-outs of core designations too should consider Group B designations, in order to substantiate their knowledge/experience, and as Plan B. Off-course, holders of Group A designations may get another core or Group B designation anytime.

So, I am trying to say that, at initial stage of career planning, students should consider core designations first. This is my personal view that may be different from other.

Further, I would strongly suggest students to practice and improve their skills in searching information independently with objective state of mind, critical thinking, synthesize, filter, summarize, construct and deduce logical conclusions. It would help them a lot during studies and later on, in professional life. This is one of the objectives of whatever designation you are working for. It simply means, do your homework first, before asking other.

Moreover, control over variations in human emotions is also an important area that should be dealt with during preparation for designations which need great efforts and endurance. Unexpected results cause frustration, avoidance, and eventually escape/exit. Students should consider ways to vent frustration and also emotion counseling through discussion with other students in similar situation. Therefore, if it is not allowed on this forum, or if already there is no such forum exist for students of ICAP/ ICMAP/ or other designations in Pakistan, students should consider to form groups on Yahoo Groups (that is a free service) to discuss their issues/views. It may also provide them medium to exchange study material or hints for solutions (not the actual solution). Students may also go on other forums like following to see how other students in other countries are coping with such problems.

http//www.cpanet.com/cpa_forum/default.asp

http//www.analystforum.com/phorums/

Above were some of the suggestions that I wanted to give after browsing some of the threads of this forum and by assessing student problems.

Now, I come to ad2478 questions

Here is the link for FRM, do some research by yourself that would help to develop your skills. Please feel no offence.
http//www.garp.com/frmexam/

http//www.garp.com/frmexam/industry.aspx

Generally speaking, we all study about market, credit, and operational risks and their measurement, management, and minimization in core (i.e. Group A) designations. Perhaps, CFAs study more, as compared to other designations, about such topics in their curriculum. However, it is relatively new and much specialized designation. Usually, CFAs or those who are already in relevant jobs go for FRM. Still, it can be beneficial for other designated accountants who are in stewardship positions like CFOs or for external/ internal auditors who are involved in measurement of various risks, specially from management of operational risks point of view. In my view, it is more relevant in developed countries and in sophisticated markets. Introduction and use of specialized designations in Pakistan, in any case, is not a bad idea. But again, in my view, the people in Pakistan who are already in relevant jobs should consider it. Try to get a job by a fresh student after FRM could be difficult, even in developed countries, and specially in Pakistan. Most of the employers either don’t know about it or simply don’t require it from a fresh student, even here or in US.

Regarding your second question, financial manager is quite comprehensive term, so for the sake of limiting, I assume you mean CFO, COO, or Controller. In my view, risk manager, analyst v/s. CFO/COO/Controller are specialized and segregated functions. Take it this way, risk managers or analysts are only a part (though vital) of an organization and are not directly responsible for overall (at macro level) survival of organization. Whereas, CFO would be directly responsible for survival and growth of organization, and would be monitoring/ overseeing/ and managing other aspects of organization too for which risk managers and analysts are not responsible for. As compared to this, at lower levels of organization, in medium cadre of jobs, or in a small organization where responsibilities are not segregated sophisticatedly, risk managers/analyst/financial managers may be interchangeable, depending on circumstances.

Again, please feel no offence, but don’t be confused with such details. There are so many things which you would learn with time and efforts in education. In my view, things you are concentrating on, should not be your objective at this stage. Don’t burn your bulbs unnecessary. Save your energy and focus it on existing studies. Learn how to control mind that keeps escaping from existing study difficulties toward distant glittering things. I hope you would take it positively.


Regards