Ismail Rahman (Head of Emerging Markets, CIMA) : The Mauritian economy has been an amazing success story

The CIMA Conference will be held in November. What are the main themes that will be explored during this event?

Finance professionals have to tech-up within the next three years or risk being left behind and replaced. Most finance teams and professionals are not developing their skills fast enough to account for the impact of artificial intelligence, robotic process automation and other technologies according to re-inventing finance for a digital world, a study released by CIMA earlier this year.

During this 2-day free CIMA Conference, which we are organising in collaboration with Routes Advisory, we will present CIMA’s GCMA CFO Programme to the leaders in Mauritius during an evening of networking, opportunities and entertainment on November 29. On November 30, we have two awareness sessions for students, parents, entrepreneurs and managers, namely a panel discussion on future of finance and talk on future of management accounting. In the afternoon, we are offering finance professionals a Free CIMA CPD course entitled Accounting Made Easy.

We will also share the findings of the Future of Finance, white paper Re-inventing finance for a digital world and showcase how CIMA will help guide organisations through an extraordinary time of change, and ensure it provides members and students with the right skills and competencies to meet the needs of the modern business world. 

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How do you assess the contribution of CIMA to the accountancy profession?

The Chartered Institute of Management Accountants (CIMA) was created in 1919 and gone on to become the world’s largest body of management accountants, educating and representing professionals who lead finance and business. And, since 2017, the organisation has been backed by the Association of International Certified Professional Accountants, hence combining the strengths of the American Institute of CPAs (AICPA) and CIMA to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 657,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. It also awards the Chartered Global Management Accountant (CGMA) designation. The overall aim of the Association is to drive a dynamic accounting profession around the world, bringing together public practice and management accounting.

CIMA is committed to meeting the employability needs of its members and students. In an increasingly digital world, rapid changes in technology are creating challenges for the current business models of organisations. It is also making it difficult for business leaders and employees to create and preserve value. Against this digital backdrop, it is imperative that finance professionals build the necessary technical skills, people, and digital skills and a sound understanding of their organisation. This will make them capable of providing the insight their organisations need to craft and successfully execute their strategies.

CIMA’s motto is to create future business leaders. Is the qualification gaining popularity in Mauritius?

CIMA has been present in Mauritius for a very long time and has supported the education and development of individuals wanting to develop their careers as finance and business professionals. What has changed from our end is that we are now more active on the African continent, including Mauritius, and our efforts have increased to support students and create future business leaders. We are seeking to grow the network of Chartered Global Management Accountant (CGMA) designation holders to help serve the growing needs of the Mauritian economy and ensure it has access to professionals with the right skills and experience to move the country forward.

The CIMA Professional Qualification is one of the most recognised qualifications for finance professionals worldwide and will help anyone looking to work in the world of business and management. It is also distinct from other accounting qualifications because of its focus on business. Completing the CIMA Professional Qualification and becoming a CGMA designation holder shows you have the skills and knowledge needed to work in various business and finance roles, not just accountancy jobs.

Becoming a CGMA designation holder is also accessible. CIMA offers pathways to people at all stages in their career. In Mauritius, CIMA has teamed up with the University of Mauritius to offer students the opportunity to get a degree while studying towards your CIMA Professional Qualification. With Routes Advisory we are launching the Certification in Business Accounting (Cert BA), our entrylevel and stand-alone qualification designed for people with little or no accounting background. It equips highschool and university graduates with the finance and business skills they need for a career in finance, as well as a career as an entrepreneur. It also enables students to pursue a career in management accounting by completing the CIMA Professional Qualification and earning their CGMA designation, demonstrating their global professional value by showcasing leadership, people, digital and financial skills.

Finance professionals, such as senior managers, CEOs and CFOs that already have a strong foundation in finance can fast-track to the higher levels of the CIMA Professional Qualification via special entry routes for pathways, designed to recognise their experience in finance. During the two-day CIMA Conference on the 29 and 30 of November, we will present our CFO route to the CIMA Professional Qualification and CGMA designation. 

What are the career prospects for the holders of the CIMA qualification?

As a CGMA, there are multiple career options available to you in a variety of finance and business roles. As well as strong accounting fundamentals, the CIMA Professional Qualification teaches strategic business and management skills. By passing your assessments, one of the CIMA Professional Qualification benefits is that you have proven the ability to grasp both theory and practice, which can be applied in a range of business settings. Your training in business management means you can advise on strategy and risk management.

Many CGMA designation holders pursue commercial and strategy-based roles, such as commercial analysts and financial analysts. In such positions, you will operate across teams and departments, providing a link between finance and operations. An alternative is to look for financial management positions, such as financial manager or financial controller. These roles potentially put you on the path to becoming a finance director or CFO in the future. CGMA designation holders also go on to lead functions likes Marketing, IT, HR, as well as roles such as Managing Director and CEO.

Professionals with a CIMA Professional Qualification have the commercial skills and knowledge to work board-level positions, making the big decisions which drive organisations forward. Many professionals rise through the ranks into senior roles, either remaining in the finance function or taking on more general or project-specific briefs. The most talented and ambitious can become the Chief Executive Officer or Managing Director. The FTSE 100 CEO Tracker has shown that having a finance background is an advantage for professionals looking to reach the CEO’s chair – the most common expertise shared among FTSE 100 CEOs is a background in finance. Our members and students can be found in many industries such as financial services, retail, telecoms and IT, FMCG and consultancy amongst many other sectors. 

According to the IMF, the global economy is experiencing a “synchronised slowdown”. What is your take on this?

The latest economic indicators of both developed and emerging economies are going South. However, as Professor Eswar Prasad of the Brookings Institution said earlier this year, this slowdown does not yet appear to be heading for a global recession, but all parts of the world economy have been losing momentum.

My appreciation of this situation is that the global economic balance of power is shifting. The power and value add to the global economy is slowly but surely shifting from the traditional global superpowers like the US, EU and China towards emerging economies including the African continent. This year has been a notable one in African economic history with the African Continental Free Trade Area (AfCFTA) coming into effect.

One of the more stark economic data points about Africa is just how little African countries trade with each other – representing just 16% of total continental trade in 2014. Brookings’s analyst Landry Signé estimates that if AfCFTA works as intended, Africa will have a combined consumer and business spending of $6.7 trillion by 2030. Africa will not only supply the raw materials, which are in our Smartphones, but produce and market the next generations of intelligent phones.

My view on the “synchronised slowdowns” of the global economy; there are more opportunities for countries which take the appropriate strategic decision in this disruptive ecosystem. Mauritius is well positioned to support and leverage the African dream. 

How do you rate the performance of the Mauritian economy?

The Mauritian economy has been an amazing success story. The government is investing a lot in infrastructure which will have a multiplier effect on private sector investments including foreign direct investments. The recent upward ranking of the country in the Ease of doing business confirms that the country is on the right path. CGMA designation holders have an opportunity to share their business skills in their organisations and contribute positively to economic growth in their communities.

How can the accountancy contribute to the vision of making of Mauritius a high-income economy?

Mauritius faces the challenge of managing its transition to a knowledge-based high-income economy driven by innovation and productivity growth. Currently, the Island does not possess exploitable fossil fuel and relies on petroleum to meet energy needs. However, information and technology, seafood, and tourism have emerged as important sectors that attract investment. The key resource which it is dependent on is its human capital and people with the right skills.

Knowledge-intensive services sectors are expected to continue to play an important role in driving growth, which may further aggravate the shortage of skilled labour and resulting trend towards higher skills premiums and resulting wage inequality.

Going forward, Mauritius has the opportunity to strengthen its policies targeted at developing skills in line with the changing economic landscape. The country should also continue to encourage gender equality in the labour market to reduce the gender wage gap. According to the World Bank, to tackle high youth unemployment, Mauritius can focus in two areas. One, improving the connection between education and training systems and the labour market so that people can learn the skills required for today’s and tomorrow’s jobs. Two, consolidating fragmented employment programs and linking them more closely with education policies and employer demand in order to create a comprehensive approach including on-the-job training, short classroom training, lifeskills training, labour market intermediation services, and career guidance.

CIMA is committed to training future generations and upskilling professionals to address these challenges. Based on comprehensive research into the future of finance, CIMA, backed by the Association of International Certified Professional Accountants, overhauled its Professional Qualification and lifelong learning programs this year to address the skills employers expect of them, and to meet the growing demand to embrace technology. This has allowed us to develop a CGMA Competency Framework for the future and we have developed our syllabus and assessment process to deliver the skills that employers will need. 

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