Since setting up its first Middle East office in Dubai 15 months ago, the Chartered Institute of Management Accountants (CIMA), a global body which trains students and professionals for careers in finance, has seen student and member numbers reach 2,500.
CIMA Middle East regional manager Geetu Ahuja spoke to Muscat Daily about the growing number of CIMA members, the need for employees to continually update their skills and the rising popularity of Islamic finance courses in Oman.
Has there been an increase in CIMA students in Oman?
We have seen a tremendous increase in popularity in Oman. Initially, students accessed CIMA courses online. People were quite happy taking information off the website, studying on their own, and taking their tests at centres like the British Council. But with our operations now in the Middle East, things have changed. The kind of response we have had from people coming out of schools to professionals has been tremendous. We need to have tuition support for universities and schools because the culture here is of face-to-face learning rather than self-study.
It was mostly professionals at first, but since opening our regional office we have seen student numbers rise as well. We are speaking to a couple of universities who are now looking to embed the CIMA qualification in their syllabus. Right now we are talking to the College of Business and Finance, they are looking at starting something soon. They are planning to launch it this year.
Can the increased demand be put down to an increased need for employees in the financial sector?
I believe one of the main reasons for this demand is our qualification structure. It goes across the board from business management to finance. A lot of individuals are not sure how they want their careers to progress. But an across-the-board qualification can help one achieve flexibility within an organisation as well as international opportunities. The demand is going to increase. Employers are taking a key interest in making sure that this qualification is generated in-house.
CIMA is expanding through different channels for us, as CIMA members understand both financial and non-financial data, which is critical for businesses. Our certifications give them an edge, helping them to not only understand businesses, but also what is happening internationally. Employers not only want team players these days, they are also looking for business partners, which they get through CIMA members.
What is the importance of training for careers in business?
CIMA is known as the best preparation for an international career in business, where we make you financially qualified business leaders. Employers are always on the lookout for local talent. So if Omanis are equipped with skills that employers are looking out for, this will be a great development not just for the region but also internationally. As of now, the majority of our students here are expatriates, but the number of Omanis is growing by the day. It is all because of awareness. Expatriates have come from parts of the world where CIMA has been in existence for a long time, so they are aware of it. In this part of the region, it is very recent. But in recent months we have seen an increase in interest among the local population, which is indicative of the desire for personal and professional growth. There are already 2,500 students and members across the GCC, which is huge considering how long we have been in the region. The pass rate is currently about 65 per cent.
What are the changing needs for financial professionals and school leavers in Oman looking at a career in finance?
Continuing professional development is very vital on the personal and corporate front because upgraded skills enable you to come up with cost-effective solutions. Time is of the essence, so reaching targets and beyond in a cost-effective and timely manner is important. That is only possible if you have adaptable skills.
Employers are no longer looking for just team members who come in, do their daily work and leave. They are now looking for business partners who can come in and help their businesses grow beyond boundaries. For this, you need to make sure team members are able to contribute to the organisation as a whole and that is only possible if you have an understanding across the three main pillars of an organisation, which are business, performance and finance. The CIMA certifications are equipped to embed skills. Our certificate level course gives one strong fundamentals. To have these is sufficient to structure your professional life. If your fundamentals are right, there is nothing that can come in terms of hurdles.
How popular is your Islamic finance course in Oman?
Islamic finance is gaining in popularity by the day, and is becoming a commercial success across the world. It is almost a RO20bn market now and CIMA is the only global body that offers Islamic finance qualifications that are globally recognised. With our Islamic finance structure, you go through four modules covering commercial law, takaful (Islamic insurance), Islamic markets and instruments and accounting for Islamic financial institutions. These four modules give you the inside and outside of Sharia-compliant products. This has been such a big success that we have now introduced a diploma in Islamic finance which gives you greater insight.
The Islamic finance course is picking up in Oman as well. In other parts of the GCC it is already popular. In Muscat we have seen quite a bit of movement. We are quite pleased with the numbers we have seen here in Oman.
© Muscat Daily 2011
