CIMA gains recognition in Australia and New Zealand

How is the job market for chartered management accountants developing in Australia and New Zealand? How are financial professionals there affected by global issues? We asked CIMA’s national manager, Paul Turner.

How is CIMA's presence developing in Australia and New Zealand?

The CIMA brand has grown in recognition and acceptance in recent years. New initiatives such as the CPA MRA, student recruitment and growth will help improve our brand recognition.

CIMA has been active in Australia since the early 1980s. Our branches exist in Sydney (NSW), Melbourne (Victoria), Brisbane (Queensland), Perth (WA), Adelaide (SA) and Canberra (ACT). There are over 3,800 members and students in Australia and New Zealand supported by two staff in the Sydney office.

Most members and students have come to Australia from other CIMA destinations (UK, Ireland, Sri Lanka, South Africa, Malaysia etc). However, increasingly, we are recruiting and growing students from the local population. CIMA Australia is governed by a National Executive Committee (NEC) which sets strategy and policy for Australia. Branches hold regular member and student events which are well attended.

What are the key initiatives for CIMA in the two countries?

A key focus is our student recruitment and growth strategy, with an initial focus on overseas students studying in Australian universities. Building brand recognition is another key goal. The Mutual Recognition Agreement (MRA) with CPA Australia will help us to build brand recognition.

What are some of the challenges for CIMA in Australia and New Zealand?

We face some significant challenges. The presence of two large competitors, despite our new alliances, makes it difficult for CIMA to be accepted. Employers and recruiters are coming to recognise our brand and members as professional accountants. Recently CIMA has started developing a student market in Australia as the potential to recruit overseas students in Australian universities has come to be recognised. The resourcing and funding of student recruitment initiatives is starting to grow and gain momentum.

How was the recent visit by CIMA's president?

Glynn Lowth and his wife Moya spent a week in Sydney, Canberra, Brisbane and Melbourne attending branch events and dinners. They also attended a CPA dinner to launch the MRA. Many of our members had the opportunity to meet with Glynn and Moya and to hear first hand about CIMA’s global strategy and aims. Glynn also met with the NEC and had the opportunity to learn about our local strategy and aims.

How has the financial crisis impacted CIMA members in Australia and New Zealand?

Australia generally lags around six months behind the US and Europe on economic impacts and is only now beginning to feel the effect of the financial crisis. Australia’s economy has been strong and is expected to weather the financial storm better than most OECD economies.

Our four national banks are among the top 20 global banks and are still performing strongly and remain largely unaffected by the ‘toxic assets’ issue. However, the economy has begun to slow and unemployment is on the rise. Employment opportunities are hard to come by but CIMA members are generally seen as highly skilled and valued by employers.

Links
CIMA MYJOBS lists jobs available in Australia and includes information on emigrating to Australia and New Zealand.