The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
ICWAI Signs MOU with CIMA, UK
CIMA (The Chartered Institute of Management Accountants) and ICWAI (The
Institute of Cost and Works Accountants of India) have signed an
historic agreement to allow mutual advanced entry for students into both
of the accountancy bodies’ professional examinations.
Shri Prem Chand Gupta, the Indian Honorable Union Minister for
Corporate Affairs, announced the signing of the agreement at an event
today (9 January) in New Delhi, India. The MoU (Memorandum of
Understanding) was signed by Kunal Banerjee, President, ICWAI, Sanjay
Bhargave, Chairman, Training Education Facilities & IT Committee,
ICWAI, CIMA’s President Glynn Lowth, CIMA’s Chief Executive Charles
Tilley and Robert Jelly, CIMA’s Director of Education.
The MoU between CIMA, the only international professional body with a
sole focus on training finance professionals in business and
government, and the ICWAI, India's leading management accounting body,
has been agreed by the governing bodies of both Institutes and also by
the Indian Ministries of Corporate Affairs and External Affairs.
This agreement will serve to both strengthen the professional
accounting links between two of the world’s leading economies and
provide highly skilled professional accountants for the global labour
market enabling both institutes to work together to enhance recognition
of the profession and their professional bodies.
The MoU introduces a new CIMA Professional Gateway examination
(available from May 2009) for ICWAI students who have successfully
completed the whole of the ICWAI professional examination, enabling a
‘fast track’ route into CIMA’s Strategic level examinations, final tests
of professional competence and ultimately CIMA Membership. CIMA
students wishing to gain Membership of the ICWAI have a ‘fast track’
route to ICWAI Membership.
The CIMA President Glynn Lowth said in London:
“Management accountancy is a truly global profession and the signing
of this Memorandum of Understanding reflects this. This historic
collaboration with our Indian colleagues will enable both institutes to
highlight the benefits of a professional management accountancy
qualification, to share best practice and to train and develop the
global business leaders of the future.”
Kunal Banerjee, President of ICWAI, commented:
“The MoU with CIMA heralds an era of opening up of globalisation for
Indian students. Never before have Indian students had an opportunity on
this scale to attain international accounting recognition at such a
fast pace. We believe we have taken India closer to the nucleus of
global management accounting with this MoU."
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