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OCTOBER/NOVEMBER | 2016 issue 100
EDITION
BADiBANGA PROMesse Appointed CiMA Regional Vice President
This issue, cleverly coined the platinum edition to align with the
notion of the ‘Platinum Jubilee’, has coincidentally become both our
birthday issue and my first issue as the Africa Regional Vice President.
Over the years, The Bottom Line Newsletter has been our first line
of communication, having covered the biggest stories and the biggest
names associated with CIMA and in the management accounting
profession in Africa. The first newsletter was published in 2000 and
since then some of the biggest topics covered include:
2004 – The Constitution of the Southern African Region of CIMA
2012 – The launch of the CGMA designation
2012 – The Constitution of the Africa Regional Board
2013 – CIMA’s first President from the Africa Region, Malcolm Furber
2014 – The launch of the Global Management Accounting Principles
2015 – CIMA’s launch of computerised assessments
2015 – CIMA South Africa’s 60th anniversary
2016 – The CIMA AICPA Joint Venture Evolution
We have created a special edition cover celebrating all of CIMA’s people
– our members, employers, staff, students and stakeholders and have
selected photo’s from some of our most memorable moments.
It feels right to be starting my journey at this point; having the
opportunity to celebrate the past and eagerly await the future.
Especially, as we begin to strengthen our Joint Venture with the AICPA,
we will build on the strengths from our history to accelerate our
strategy and expand opportunities for CGMA’s in Africa.
In this edition you will read more about me and my background, the
annual October offer, CIMA students achieving great accolades, decision
making in business and our interactions with various stakeholders.
If you would like to share your views or get in touch with the team
working on the Bottom Line Newsletter email [email protected]
I look forward to my new position as Vice President and hope to have
you along the journey to growing market penetration of the CIMA
qualification in Africa increasing visibility of the brand and relevance
of our offering.
Enjoy your read!
Badibanga ‘Badi’ Promesse
Regional Vice President: Africa
NOTe FROM THe Vice President
“Hello and welcome to our 100th edition!”
cimaglobal.com | cgma.org The Platinum edition | October / November | 2/8
Global strategy expert, Badibanga ‘Badi’ Promesse MBA, ADM, Dip AIBM
fin has been appointed Regional Vice President (RVP) at CIMA Africa.
Badi assumed his new role on 1 August.
Badi has been in the employ of CIMA since 2010 as a Strategic
Account Director reporting into Global Corporate Relations where
he led CIMA engagement with global financial services groups and
other multinational companies. As the RVP he is charged with the
responsibility of leading the region’s direct activities by managing its
operations and driving both growth and strategy across Africa.
His role will also be instrumental as CIMA and the AICPA move to
implement a newly formed accounting professional association as
endorsed by their members. The new association will come into effect
in January 2017 and will represent over 600 000 current and next-
generation professionals.
Said Samantha Louis, outgoing Regional Director: “Badi’s expertise in
relationship management will be vital in delivering the CIMA Africa
Regional Board strategy of developing the public sector and raising
capital to fund students via organisations such as the World Bank and
Africa Development Bank. As he is already part of CIMA’s market facing
team, he will be able to be up and running really quickly.”
Said Badi:“I commend Samantha Louis for her outstanding leadership
quality and management style that saw the region grow tremendously
over the years. I intend to build on her solid foundation to take CIMA
Africa to a new level of success”.
Badi has vast knowledge in the areas of business management, finance
and strategy. He is currently preparing for his PhD in Knowledge
Management.
The CIMA Certificate in Business Accounting (CertBA) syllabus has been
updated and assessments under the updated syllabus will commence on 11
January 2017.
Following a similar process to the 2015 update of the CIMA professional
qualification, the CertBA syllabus update comes after extensive consultation
with educators and organisations around the world. Thus ensuring you a
qualification that is relevant to employer’s need.
The update has resulted in a reduction in the number of subjects from
5 to 4 due to the removal of the standalone subject: Fundamentals of
Business Mathematics (C03). This subject, has not been very popular with
students, however it remains fundamental throughout the entire CIMA
qualification and has therefore been redistributed across three subjects of
the Certificate level. This will allow for the teaching and assessment of
Business Mathematics in the context of business therefore putting theory
into practice.
The 2017 update aligns the CertBA with the Professional Qualification
creating a closer relevance to the three pillars of the Professional
Qualification and embedding the CGMA Competency Framework which
identifies the skills finance professionals need to drive the success of their
organisations.
Sonia Weston, Learning Development Business Partner: Africa, said: “CIMA
understands that employability and your career is key and so the revised
Certificate in Business Accounting will help you to develop the skills and
competencies you need in order to succeed in business”.
Building on the success of the implementation of computer based Objective
Testing (OTs) as a method of assessment for the Professional Qualification,
the CertBA 2017, will also have OTs as a method of assessment.
Transition Arrangements
Examinations under the current CertBA (2011 syllabus), will run until 10
January 2017, with examinations under the revised CertBA 2017 syllabus
commencing 11 January 2017. This means that your current studies are
unaffected and you are advised to schedule your next exam as soon as
possible.
As part of CIMA’s transitional arrangements, students with a strong
knowledge of Business Mathematics can select to opt for the C03
waiver. You must note, however that the C03 knowledge will be assumed
throughout the remainder of the qualification. We would therefore
recommend that you study and sit C03 if you do not feel confident that
you have the level of mathematics required.
Students that have either passed examinations, or have been awarded
exemptions under the 2011 Syllabus, prior to 11 January 2017, will receive
credit(s) for the corresponding subject(s) within the updated syllabus.
Should you not pass a subject you are currently studying by 10 January
2016, visit CIMAConnect to obtain information relating to any additional
learning required in order to re-take the corresponding subjects under the
2017 syllabus.
For further information on the revised CertBA 2017 syllabus visit
www.cimaglobal.com/Qualifications/cert-ba/
uPDATeD CeRTiFiCATe in Business Accounting
Recruiters are increasingly advising employers, when ambition needs to match ability, CIMA is the natural choice NIKKI MARITz CEO, IBTC, South Africa.
A Case for the CGMA CNBC Management Accounting
Series, 2 November
According to a recent CGMA report titled: Business analytics
and decision making – The human dimension, it is people,
not technology, who make sense of data and give it meaning.
This means that business intelligence resides not in the data
warehouse but in the minds of people.
Unfortunately, many people have sought to overcome the
challenges associated with data analytics in the mistaken
belief that, with the right technology and new insights, better
decisions are almost a given.
Yet analytics actually have very little to do with technology. Yes,
there might be technical issues to address, but no analytical
tool can do more than augment or complement what is a
cognitive and sometimes social process. Generating insight is
an inherently human trait.
The recent CGMA report – Joining the dots: Decision making
for a new era – also highlighted how many companies are
struggling to translate data into insight and build the decision-
making skills of their senior leaders.
cimaglobal.com | cgma.org The Platinum edition | October / November | 4/8
Management accountants are ideally positioned to help a
company focus on gaining insight from data. While many
organisations are likely to have pockets where analytics
is already taking hold, accountants’ overview across the
organisation and their focus on financial performance enable
them to bring an objective ‘big picture’ perspective. However,
there is a danger that they could forfeit this privileged position
unless they go about it in the right way.
Businesses need a stronger understanding of their business
model before setting bonus policy
South Africa has the fourth-most meritocratic bonus system in
the world, according to a global poll of 6,500 financial decision
makers carried out by CIMA. However, while 72% of South
African finance professionals feel that bonuses are an excellent
way to motivate staff and guarantee long-term business
success, 46% also felt awarding bonuses based on performance
in one area of peoples’ responsibilities encourages an over-focus
on that while devoting less attention to other activities. CIMA is
therefore calling for bonus systems to be designed to encourage
long-term success rather than only short-term performance.
Of respondents whose companies operate a bonus scheme, over
a quarter (27%) of South African finance professionals feel that
bonuses for top earners, including salespeople, fund managers,
board members and more, are undeserved. As a result, CIMA is
calling for bonuses to be rethought so they reward work which
can be shown to benefit an organisation’s full business model in
both the short and long term.
Professor Wim A Van der Stede, CIMA Professor of Accounting &
Financial Management, said: “These findings reaffirm some well-
known issues of incentives related to a narrow focus on what
is rewarded and other myopic behaviors. But they also suggest
that perceptions of ‘unjustified’ bonuses, whether stemming
from ineffective incentive designs or not, can trigger resentment
and undermine employee engagement and motivation. This
hurts performance, exacerbates myopia and corrodes culture.
Designing effective incentive systems is hard, yet incentives
that may be fair may not look fair – a challenge that touches on
the issue of transparency as well as the question of both how
and how much to incentivise.”
Badibanga Promesse, Regional Vice-President commented:
“Bonuses are a trust issue as much as a financial issue. If
customers and stakeholders perceive a company to be paying
exorbitant sums to its employees, it will affect that company’s
reputation and erode the trust in which they are held. This is
something we saw time and again following the financial crisis.
CiMA has announced its representatives scheduled to
speak at the Finance indaba to be held on 13 - 14 October
at the sandton Convention Centre, Johannesburg.
Malcolm Furber FCMA, CGMA, CIMA Past President and
Badibanga (Badi) Promesse MBA, ADM, Dip AIBM fin, CIMA
Regional Vice President: Africa will both speak at the Indaba.
Says Badi: “Since 2012 CIMA has been changing the playing
field within the management accounting space firstly, the
launch of the Chartered Global Management Accounting
(CGMA) designation, the Joint Venture with the American
Institute of Certified Public Accountants (AICPA) and the
subsequent formation of a new accounting association with
the AICPA. Furthermore CIMA has gone on outreach across
Africa to finance and accounting conferences such as the Africa
Congress of Accountants and the Tax Indaba to position CIMA
as a global thought leader within the accountancy profession.
We are pleased to continue our association with the Finance
Indaba Africa and are looking forward to the engagements.”
The Global Management Accounting Principles launched by
CIMA and the AICPA in 2014 will be discussed as a solution
to quality business decision making for this era of business.
Linked to this, CIMA thought leadership research on Joining
the Dots will be highlighted as a means of connecting the most
relevant information and people from across the organisation
when making decisions.
CIMA is a Gold Sponsor of the Finance Indaba 2016.
More information on http://www.finance-indaba.co.za/
Fresh thinking for a new economy
According to recent media reports, zimbabwean
President, Robert Mugabe has, after over 15 years,
openly asked for western re-engagement in the
country’s economy, during his State of the Nation
Address.
It is against this backdrop that CIMA zimbabwe hosted its
annual conference from 15-18 September at the Kingdom
Hotel, Victoria Falls.
BusiNess ANAlyTiCs and Decision Making
CiMA’s No subs Offer
Our free subscription offer runs again until 31 December 2016.
If you know of anyone who is interested in joining CIMA, now is the time of the year to recommend CIMA to your colleagues and friends.
This offer will commence on 1 October and end on 31 December. This year, the offer has been structured as follows:
•AnybodywhoregistersinOctoberwillgettheir2017subscriptionfeeswaivedandreceive15monthsfreesubscriptionsequaling
£135 – (Oct, Nov, Dec and 2017 fees)
•AnybodywhoregistersinNovemberwillgettheir2017subscriptionfeeswaivedandreceive14monthsfreesubscriptionsequaling
£126 - (Nov, Dec and 2017 fees)
•AnybodywhoregistersinDecemberwillgettheir2017subscriptionfeeswaivedandreceive13monthsfreesubscriptionsequaling
£117 – (Dec and 2017 fees)
CiMA student, sihle Ndlovu
from KwaZulu-Natal was
awarded the first prize at
the National Department
of Agriculture, Forestry
and Fisheries Agristars
Recognition Awards, for his
successes and contribution
to the agricultural sector.
He was recognised for his particular input in the animal and plant
production category. Ndlovu was awarded a R50 000 cash prize
sponsored by the MTN South Africa Foundation. The event, which took
place on 30 June in Pretoria, was hosted by the Deputy Minister of
Agriculture, Forestry and Fisheries, General Bheki Cele, to showcase the
exceptional achievements of graduates, entrepreneurs and producers in
the agriculture, forestry and fisheries industry.
Ndlovu was recognised for his outstanding achievements as owner and
Managing Director of Mjadiya Oil Suppliers and Renewable Energy – a
company that offers both agricultural products and renewable energy.
Ndlovu is a qualified accountant and a CIMA student with only the
strategic level case study to sit. He also holds a MBA, and is currently
enrolled for a Doctor of Business Administration at the University of
Kwazulu-Natal.
Ndlovu is hugely committed to the agricultural sector and he believes:
“this is why I won – not just for what I do on my farm, there are a lot of
good young farmers, but rather for what I do outside farming and how I
help the community and the development of agriculture.”
CiMA sTuDeNT ON THe MOVeCiMA student Receives Agristars Award
BONuses CAuse ReseNTMeNT At More Than A Third Of south African Firms
CiMA sPeAKeRs At Finance indaba Africa
CiMA ZiMBABWe Collaborative Conversations To Aid economy
“So, boards need to think carefully about their bonus structure
and this applies to all levels within the business. Current schemes
often only focus on ‘hard indicators’ such as short-term revenue,
but they should also seek to reward evidence the employee is
helping the organisation plan and build for the long term.
Being a CGMA is your licence to the Boardroom. TREVOR MWALE B.Com (Hons) Acc, ACMA, CGMA, MBA (Cum Laude), M.Inst.D
sihle Ndlovhu, Deputy Minister of Agriculture, Forestry and Fisheries, General Bheki Cele and sihle’s wife Zilungile Ndlovu
CiMA has updated its online salary Calculator which
allows members and students to compare their salaries
against different career factors.
The new tool uses data from the 2016 CIMA member
and student salary surveys and allows users to compare
and contrast average salaries by industry and level of
experience in their respective countries. Apart from salary
information, extra data from the survey has been included
to provide context for example, what countries members
and students want to move to and which industries
pay the best. The Salary Calculator can be found at:
salary.cimaglobal.com
Barclays Africa Head of Forensic investigations, Bruno schiemsky,
presented a fraud management workshop to members and students in
KwaZulu-Natal.
Although there are fewer major incidents of fraud being reported in the
media, the incidence of many smaller scale cases result in the loss of huge
sums of money by business.
Management accountants, whose professional training includes the analysis
of information and systems, can play a significant role in the development
and implementation of anti-fraud measures within their organisations and
ultimately prevent the loss of money. It is against this backdrop that this
workshop was presented to CIMA members and students who are finance
managers and practitioners and senior managers across sectors.
The following topics were discussed during the workshop:
• Thestructuringandoperationsofsyndicatesacrossborders
•Commonfraudtechniquesusedbysyndicates
•Bestpracticesandcutting-edgetoolsandtechniquesonfrauddetection
•Tips on how to protect yourself as an individual and as a corporate,
against fraud.
CiMA sAlARy CAlCulATOR updatedINTERACTIONS
EVENTS ROUND UP KZN FRAuD Risk Management
GHANA BRANCH immediate Past Chairman Honoured
NeW TuiTiON Providers
cimaglobal.com | cgma.org The Platinum edition | October / November | 6/8
The conference ran under the theme: ‘New economy, fresh
thinking’. It brought together some of zimbabwe’s and
neighbouring countries’ financial minds, who discussed key
financial and economic issues facing zimbabwe.
The conference was attended by CIMA members who work
at the heart of business, Government and Civil Society in
zimbabwe who collectively identifed efforts and opportunities
to resuscitate an economy. Hon. Deputy Minister for Industry
and Commerce, Iris Mabuwa, was also in attendance to set the
tone for the conference and gave strategic grounding for the
discussions that ensued. Hon. Mabuwa previously met with
CIMA President, Andrew Miskin to discuss ways in which the
accounting profession could help with current challenges in
zimbabwe.
Says Badibanga Promesse, CIMA Regional Vice President:
Africa: “As an important player in the economy in zimbabwe,
CIMA aims to help people and business to succeed.
“Recent CIMA research and work done around topics such
as the Global Management Accounting Principles, Finance
Business Partnering, Joining the dots, transparency in the
public sector and the role of the modern CFO has shown
how management accountants partner with business and
government in spearheading critical business agendas. They
contribute to decision making and performance management
bringing not only their accounting and analysis toolkit, their
overview of business and their professional objectivity but
most significantly their ability to participate in conversations,
asking the right questions and joining the dots. It is these
questions and collaborative conversations that we believe will
lead to the insights needed to improve the performance of the
zimbabwean economy.”
CiMA & MONAsH sA MOu signed
CiMA and Monash south Africa have entered into a MOu to collaborate on the advancement of the management accounting
profession in south Africa and Africa through collaborative projects. Pictured here are CiMA President Andrew Miskin and Prof Alwyn
louw, Academic President, MONAsH during the signing
CiMA is proud to welcome Cashbuild as a newly accredited Training Partner. Pictured here are
(l-R): Nadine January, Nonhlanhla Tshaka, Haroldine Jansen, yolan Dass,Gillian Mead, ismail
Rahman, lebo segoete, Peter Champion and Muziwakhe Masuku
During the Boma themed dinner evening CiMA’s Kudzai Farirayi, Badi Promesse, Tebogo Mathafeng and Paul Ngwarayi from the
Zimbabwe Branch Committee
Hon. iris Mabuwa
CiMA’s Karen Phang and Heather Bangwayo visited the Namibia university of science and Technology (NusT) on 8 september to discuss
accrediting their accounting programme so that their students can be eligible for exemptions when they graduate. Also pictured are NusT lecturers, Alfred Makosa and lameck Odada
CiMA President, Andrew Miskin visited ey and gave a presentation on joining the dots
Jonas Sowah Quaye FCMA, CGMA, Immediate Past Ghana Branch Chairman was awarded “The Plaque of the Institute” for his immeasurable service and contribution to CIMA Ghana since 2001 during the Honours Night event held on 14 September at the British Council, Accra. Jonas has served CIMA at Branch Committee level in various positions including those of Publicity Secretary, Vice President, President and Chairman. On retirement in 2012, he served as Immediate Past Chairman for two years. He was part of the African Regional Board and the African Branch Forum in 2011 and the Global Markets Committee the same year.
Presenting “The Plaque”, the Ghana Branch Committee Chairman, Augustine Kessie was full of praise for Jonas and urged all potential office holders to emulate his example saying the sky should not limit them in their aspirations. The citation accompanying “The Plaque” acknowledged Jonas’ role in the development and growth of the CIMA Brand and his efforts towards the recognition of the management accounting profession in Ghana. In accepting the award Jonas expressed his joy and happiness to be of service to CIMA saying. “it has been a pleasure giving back to the profession and seeing so many young talented accountants come in through the ranks. During the event, nine top performers in the 2015 examinations were awarded Certificates of Recognition, six Passed Finalists were acknowledged, 15 new ACMAs and an FCMA were recognised as well.
Guests at the honours night (l-R): Moses Temanu, Mike Tyson, stephen Asare, MacGeorge Gyimah, esther Bonsrah, Jonas
Quaye, Dr. Adelaide Kastner, Anthony Boateng, Kelvin Gyekye, Justice lartey, Gus Kessie
T: 011 728-7225e: [email protected]: www.cpmd.co.zasamzo House, 103 William Road, Norwood, 2192
T: 011 026 5828, M: 074 762 6867e: [email protected] W: www.desneytraining.co.za 128 Richards Dr, Midrand, 1682“Nurturing Business Leaders"
The good thing about my CIMA qualification is that it provides a holistic approach ALFRED RAMOSEDI FCMA, CGMA, African Bank’s head of retail operations in South Africa
Designbyiheartdesign•[email protected]
T. +27 (0) 788 8723/ 0861 CIMA SA | E. [email protected]
Heather Bangwayo is the new
education Manager based at the
Regional Office in Johannesburg.
In this role she will work to drive
student growth and employability
by building relationships with
key education institutions,
stakeholders and employers.
She will also drive the high
school pupil’s awareness program
so as to start promoting the
CIMA brand from a high school level. Between Monash
South Africa and Varsity College, she has worked in
international student recruitment for 10 years where
she accumulated extensive experience in managing
and nurturing stakeholder relationships in various
African countries whilst recruiting students to study in
South Africa.
yetunde Okunoren is the Business Development
Manager for Nigeria.
Yetunde is a self-motivated, competent marketing
and business development professional, with
diverse industry experience in Technology Solutions,
Administration and Human Resources. She is a strong
team player with attention to detail and excellent
verbal and written communication skills.
CiMA sTAFF succeed
NeW APPOiNTMeNTsin The Region
Congratulations to Paul Aninakwah, Country Manager
Ghana and samantha louis, Past Regional Director:
Africa for attaining the ACMA and FCMA designations.
Paul Aninakwah (ACMA, CGMA)
samantha louis (FCMA, CGMA)
Gauteng Mentorship Event 15 October
Ghana Pass your CIMA First Time 22 October
Ghana Nov 2016 Exam Preparation 23 October for Gateway & Management Level Case Study
Gauteng Training Partner Day 27 October
zambia Entrepreneurship 27 October and Economic Development – looking beyond formal employment
Western Cape Annual Dinner 27 October
CGMA CNBC Management 02 November Accounting Series recording
Zimbabwe Exam Preparation for 05 November Operational Level Case Study
zimbabwe 2 Exam Preparation 05 Novemberfor Gateway and Management Level
Zimbabwe 3 Exam Preparation for 05 November Strategic Level Case Study
Western Cape PER session 09 November
Gauteng Branch Gala Dinner 11 November
KzN PER Session 16 November
Gauteng PER session 23 November
Ghana PER session 30 November
Ghana ACMA to FCMA session 30 November
DATes TO DiARiseeVeNT DATe
For more information please email [email protected]
We believe that CIMA, as an internationally-recognised global business qualification, brings tremendous value to everyone in South Africa CHARISSA COUSINS
Head of Academic Operations for IBTC.