Institute of Cost and Management Accountants of Bangladesh
Encyclopedia
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet
, Dhaka
, Bangladesh
is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce.
As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants
(IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA).
ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK.
The Institute is entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and take other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standard with the ultimate objective of developing Bangladesh's human and natural resources to ensure common welfare and to enrich our shared future.
After completing all professional levels and a three-month internship, an internee will become a qualified CMA (Cost and Management Accountant). Qualified CMAs with three years' practical experience are eligible for Associate membership (ACMA), while Fellow membership (FCMA) is offered for at least five years' post associateship experience in responsible positions in the relevant professional fields and fulfilling other professional requirements.
Nilkhet
Nilkhet is a neighbourhood in Dhaka, the capital city of Bangladesh. It is sandwiched between Dhaka University to the east, Mirpur Road and New Market to the west, and Elephant Road to the north...
, Dhaka
Dhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
, Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce.
As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA).
ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK.
Vision
The Institute’s vision is:to help Bangladesh become an industrialized nation by promoting and regulating the Cost and Management AccountingManagement accountingManagement accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control...
profession towards market economyMarket economyA market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
to enhance economic competitiveness and quality of life.
Mission
The Institute’s mission is to develop, equip and promote Cost and Management Accounting profession by maintaining highest professional standard of its members in order to enable them to provide better services to the society.The Institute is entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and take other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standard with the ultimate objective of developing Bangladesh's human and natural resources to ensure common welfare and to enrich our shared future.
International Association
ICMAB is a member of the following international accounting bodies:- International Federation of AccountantsInternational Federation of AccountantsInternational Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) - Confederation of Asia Pacific Accountants (CAPA)
- South Asian Federation of Accountants (SAFA)
- International Accounting Standard Board (IASB)
Syllabus and Training
ICMAB's syllabus and training is one of the toughest in Bangladesh which is updated regularly to adapt with the changing business environment. A student required to complete 20 courses and an internship to qualify as a Cost & Management Accountant. The current syllabus includes Accounting, Communication and Office Management, Quantitative Techniques, Economics And International Business, Information Technology, Law, Taxation, Governance and Strategic Management.Membership
ICMAB has two grades of full membership:- Associate, designated by the letters ACMA
- Fellow, designated by the letters FCMA
After completing all professional levels and a three-month internship, an internee will become a qualified CMA (Cost and Management Accountant). Qualified CMAs with three years' practical experience are eligible for Associate membership (ACMA), while Fellow membership (FCMA) is offered for at least five years' post associateship experience in responsible positions in the relevant professional fields and fulfilling other professional requirements.
National and international recognition
The ICMAB qualification is recognised by many professional bodies nationally and internationally. The bodies that have granted exemption to ICMAB members or qualified students are:- The Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA), UK - Institute of Management AccountantsInstitute of Management AccountantsInstitute of Management Accountants is a professional organization headquartered in Montvale, New Jersey more than 60,000 professionals worldwide...
(IMA), USA - The Society of Management Accountants of CanadaSociety of Management Accountants of CanadaThe Society of Management Accountants of Canada, also known as Certified Management Accountants of Canada and CMA Canada, awards the Certified Management Accountant designation in Canada.-Activities:...
(CMA Canada) - Certified General Accountants Association of CanadaCertified General Accountants Association of CanadaThe Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
(CGA-Canada) - Institute of Public Accountants (IPA), Australia
- Association of International AccountantsAssociation of International AccountantsThe Association of International Accountants is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.AIA is recognised by the UK...
(AIA), UK - Institute of Chartered Accountants of BangladeshInstitute of Chartered Accountants of BangladeshThe Institute of Chartered Accountants of Bangladesh is the national professional accountancy body in Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation....
(ICAB) - Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.CIMA is one of a number of professional...
(CIMA), UK