Does ICWAI justifies cost efficiency ???

This forum is for sharing with members of public the information related to ICAI, Chapters, Members, Students etc.
Forum rules
This forum is for sharing with members of public the information related to ICAI, Chapters, Members, Students etc. for which there is NO DEDICATED Forum on the Portal.

Does ICWAI justifies cost efficiency ???

Postby vinayak_sahni on Thu Jan 05, 2012 9:25 pm

Many institutes worldwide set an example as to what they stand for & for purpose initiating it's establishment . We at ICWAI claim to be professionals who can add value to the organisations by devising such methodologies as make it more cost efficient & bringing it to it's strategic best . But do we really justify our claim ?? The answer to this question is that ICWAI has failed to set an example. Following are the points I would like to lay stress on :
1) Lack of online facilities : In the era where all the best institutes in the world are providing online facilities to it's students & members so as to save there Manpower & other related cost , our ICWAI is following the same old methodologies. Though ICWAI has a website but it fails to reap in benefits of cost efficiency & is not at par with websites of internationally acknowledged institutions. Not only we have to pay in monetary terms but also our identity is at stake in online revolution.
Suggestion Inefficient website never saves cost , Visit CIMA(U.K) , acknowledge the vast difference & finally improve.
2)Ignoring the benefits of effective marketing : ICWAI has never laid any emphasis whatsoever on strategic marketing. Strategic Marketing help not only to highlight the presence of any institute but also it breaks many phsycological barriers as to our role in the society.
Suggestions Advertise & Publish research studies in field not only restricted to cost & management accounatncy but also fields like financial management etc.
3)Lack of practical exposures Unlike CFA(U.S)/CIMA(U.K) our students fail drastically when faced with practical situations . We lack case studies . No importance is given to Cost accounting standards in our examinations . Specially in Management Accountancy Exam , Cost Audit paper & Valuations exams students rely heavily on RTPs.
SuggestionAtleast arrange practical workshops on how to prepare cost records , Increase the weightage of case studies in examinations , discard objective type questions specially in final examination.
4)Postal Test Papers Neither me nor any other student has ever seen any benefit of filling up sheets & sending it to icwai. It's highly unnecesary to follow such practice . Not only it amounts to high wastage of paper it also waste student's time.
suggestions Replace this practice with online time bound tests.
5)Confused identity : By large we are Finance Professionals . Make it evident to the society . This is very hard to explain , we are so blinded in making ourselves being acknolwledged as cost & management accountants that we have ignored our efficiency in the lines of financial management & strategic management.
suggestions Tie ups with Management Consulting firms like BCG , McKinsey etc , Investment firms like Morgan Stanley etc. would certainly equip our students & members in other areas in practice of value addition.

There are many other issues also which are yet to be addressed but I request our central counsel members to get notice of these basic facts.
Last edited by vinayak_sahni on Thu Jan 05, 2012 10:20 pm, edited 3 times in total.
Do not follow where the path may lead.
Go instead where there is no path and leave a trail
vinayak_sahni
 
Posts: 120
Joined: Thu Dec 15, 2011 11:49 am
Gender: Male
Country: India (in)
Full Name: vinayak sahni
Education: B.com (H) , ICWAI
Year of Membership or Passing: 2011
ICAI (CMA) Membership: N/A
Karma: 0

Re: Does ICWAI justifies cost efficiency ???

Postby kushal on Fri Jan 06, 2012 10:25 am

Very nice write-up. However, i dont think any of the suggestion will be implemented.
When I have suggested to put the timetable of GDs / Seminars online people refused to do it.
I really dont know the problem which these people have in accpeting & implementating new technologies.
Change is required but then there is nobody who is willing to change. It is easy to blame others rather than changing ourself.
kushal
 
Posts: 169
Joined: Fri Mar 05, 2010 8:25 pm
Location: Pune
Gender: Male
Country: India (in)
Full Name: Kushal Kale
Education: B.Com, Qualified as CMA
Year of Membership or Passing: N/A
Occupation: Others
ICAI (CMA) Membership: N/A
Karma: 0

Re: Does ICWAI justifies cost efficiency ???

Postby atulseye on Fri Jan 06, 2012 7:59 pm

This is a fantastic write up. Agree with every word. I donot mean to be negative, but would not refrain from constructive criticism. We are 'cost' focused and therefore the industry has taken a narrow view . I had suggested long ago that we must go in for name change not as Cost & Management Accountant but EITHER 'Certified' ,instead of 'Cost' OR just have any other name but the word 'COST'. Corporates are confused because they think that 'cost management' is a sub domain of CA's and therefore the ICWAI professionals are redundant. I am giving you first hand validation having been in corporate finance departments of large to small companies for two decades. I believe we have done very well in the past two years in terms of enhancing the brand and pull of ICWAI to the next higher level but we are still in the infant stage as compared to sister organisation and definitely there is need and scope to do much more.

As you mentioned, marketing the profession is even poor today. I had recommended that the industry captains and bigwigs should be presented with our capabilities - it may have been done to some extent but not enough.

Besides, we will have to ensure that each student passing out should have better communication and presentation skills as they are our brand ambassadors.

I for sure, believe that Management accountants are the backbone of any organisation and with my experience in service, manufacturing and retail sectors, any board of directors / shareholders are not so bothered about compliance or GAAP but management analysis , ability to get information to decide on next steps for the organisation and this can only be done by management accountants. I believe and would project the profession as - 'management accountants' have expertise in GAAP and compliance and have a specialization in management accounting that brings value added benefits to shareholders.

I would also like to mention the lackadaisical attitude of staff & office bearers in the HQ. I have written innumerable letters and reminders to get my ICWAI ID card generated - had sent to them all details required but could never get either the card or the response in the last 12 months. This shows zero accountability, laziness and complete lack of sensitivity towards members and the profession. Definitely , there needs to be a rejig and change in mindset and the way the organisation is being managed.


The present website is good but agree that there is enough scope to improve. Frequent updation of records, member and student services, 24X7 chat access, bring in better quality of journal (quality of paper, articles & interesting articles , chat with members at the helm, discussion and interview sessions with experts on domains like investment banking, banking, direct and indirect tax, securities, M&A. I think the list could be huge depending upon how best we can visualize and expand our forward looking ambitions. We cannot keep having dreams to be numero uno but fail to take action and become complacent. We need a CEO for the Institute who has a contract with specified KPI's to enhance the capability and image of the institute to the pinnacle.

If we need to be the best institution in the country, what are the ten things we need to do quickly that are low hanging fruits, is what we must aim for while we are simultaneously working for the bigger issues of ICWAI with the government.

Like in the past , I have a passion for ICWAI and have many more suggestions to enhance the ICWAI brand to world class but would need some one at the helm to agree and take action.

But in the meanwhile, if some of these suggestions that have been mentioned by Vinayak and me are acted upon, there would be a great positive shift from what we are presently.

I thank the members who have patiently read my message.

Thanks and wishing you all a very happy and successful new year.
atulseye
 
Posts: 32
Joined: Mon Aug 18, 2008 9:40 am
Gender: Male
Country: India (in)
Education: B.COM, AICWA
Year of Membership or Passing: 1988
ICAI (CMA) Membership: Associate
Karma: 0

Re: Does ICWAI justifies cost efficiency ???

Postby vinayak_sahni on Fri Jan 06, 2012 11:21 pm

I see this portal as one the best & active portal of Indian Management Accountants . Through this I wanted to raise my voice about what exactly is lacking in making our profession widely accepted in corporate world . I respect the views & suggestions given by our senior members in helping our institute reach to the level it deserves . I again want members to shift there focus from name change issue , & acknowledge the fact that we are the only cost accountant institute in the world . To some extent it's better to have different identity rather being called as second fiddle institute to the main regulator , as is happening in most of the countries having their management accountancy institute which is not at par with their CPA & CA counterparts. There's a need for Drastic shift in the way people at helm think & the way they wanna inspire young Professionals .
Acknowledge this fact that Cost Efficiency is not restricted to manufacturing activity , We can bring about cost efficiency in many other areas like marketing , Investment , Human Resource & Entreprenurship. Someone said, for management there are MBAs & for Finance there are CAs , So where do we stand . To that "Someone" I would suggest to understand the deep insight behind the fact I just wrote about Diversity in Cost Efficiency practices .
At last I would lay my sincere thanx to members who spared their valuable time to read my post. Your views are always appreciated.
Do not follow where the path may lead.
Go instead where there is no path and leave a trail
vinayak_sahni
 
Posts: 120
Joined: Thu Dec 15, 2011 11:49 am
Gender: Male
Country: India (in)
Full Name: vinayak sahni
Education: B.com (H) , ICWAI
Year of Membership or Passing: 2011
ICAI (CMA) Membership: N/A
Karma: 0

Re: Does ICWAI justifies cost efficiency ???

Postby atulseye on Sat Jan 07, 2012 12:54 pm

Friends,
To add to what I have written, I received a response from the HQ today after I wrote to the President of ICWAI regarding the issue of non- receipt of ID Card). I really thank the President to have got me the response in 2 days time and also thank the Institute for having responded and called me accordingly).
With best regards..
atulseye
 
Posts: 32
Joined: Mon Aug 18, 2008 9:40 am
Gender: Male
Country: India (in)
Education: B.COM, AICWA
Year of Membership or Passing: 1988
ICAI (CMA) Membership: Associate
Karma: 0

Re: Does ICWAI justifies cost efficiency ???

Postby SSRK16 on Sat Jan 07, 2012 1:40 pm

Just to share my experience with ICWAI.

I never faced any problem with ICWAI administration as far as the service is concerened right from my student registration onwards. I got everything in reasonable time. Couple of times I was in tense due to non receipt of the Admit card / Hall tickets to examination which were received just one day before Examination.

When I paid the membership fee in excess of required amount on one occasion, the appropriate credit has been given, communicated to me and adjusted against future payables.

Once I ordered for some Research publications by sending DD. The publications were partly available and partly not available at that time. I have received the publications which were available with an intimation that the other publications will be sent once they are available which I got subsequently without any reminder to my full satisfaction.

Etc.,.etc.,.etc.,.

This is my experience as on today.
Thanks & Regards
CMA.Siva Rama Krishna Srirangam
Mobile:+91 9491628015
Please visit :Knowledge Repository
SSRK16
 
Posts: 721
Joined: Sun Aug 10, 2008 1:47 am
Location: Hyderabad
Gender: Male
Country: India (in)
Full Name: CMA.Siva Rama Krishna Srirangam
Education: Bcom., ACMA
Year of Membership or Passing: 1990
Occupation: Service - others
ICAI (CMA) Membership: Associate
Karma: 4

Re: Does ICWAI justifies cost efficiency ???

Postby vinayak_sahni on Sun Feb 19, 2012 6:31 pm

Today I am going to share few magazines that CIMA is sending to its student members ...My purpose is not make comparison but to show the Implementation of effective Cost Management Practices in internal functioning of the Institute.
Special Feature of these magazines are :
1)Interview of CIMA Members holding responsible position.
2)Jobs & Job Tips.
3)Targeted Magazine Country-Edition.
4)E.books Compiled with Website links , Video Messages .
5)Topic Related to Management Accountancy.
6)Distributed as E-Books Only, No Physical Distribution Globally. Helps Brand Building & Saves Cost.

For the Month of February CIMA have further Improved standards of it's Magazine , so I found it worth sharing .Do take time to read following three magazines ,very well written.

1)Pulse- India Edition-
http://www.cimaglobal.com/Documents/Our%20locations%20docs/India/cima-india-newsletter-feb-2012-final.pdf

2)Velocity - Students Magazine-
http://www.cimaglobal.com/Thought-leadership/Newsletters/Velocity-e-magazine/Velocity-2012/Velocity-February-2012/In-this-issue/

3)Financial management -
http://myemail.cimaglobal.com/mirrorlinks/financialmanagementfebruary2012studsweb.html
Last edited by vinayak_sahni on Sun Feb 19, 2012 6:32 pm, edited 2 times in total.
Do not follow where the path may lead.
Go instead where there is no path and leave a trail
vinayak_sahni
 
Posts: 120
Joined: Thu Dec 15, 2011 11:49 am
Gender: Male
Country: India (in)
Full Name: vinayak sahni
Education: B.com (H) , ICWAI
Year of Membership or Passing: 2011
ICAI (CMA) Membership: N/A
Karma: 0


Return to Information - ICAI Related


Who is online

Users browsing this forum: No registered users and 1 guest