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Members Plus 2021

Stay up-to-date with the latest news and information about what's happening in Ireland.

Update from Ciaran Phelan, Head of Ireland

Paul Turner

Welcome to your 2021 edition of Members Plus.

2021 has started much the same as 2020 ended however with every vaccine dose administered the light at the end of the tunnel gets ever brighter.

2020 was another very encouraging year for CIMA Ireland. From the middle of the year our students were able to take their examinations from home ensuring that they could continue to progress through the qualification despite the lockdown. We successfully brought all our member events online and not only significantly increased the numbers attending our events but also widened the geographical spread of those tuning in. Our townhalls with Bobby Kerr were particularly successful with very positive feedback from members on the topics covered. Most importantly we grew our membership base which now stands in excess of 5,600.

Theses uncertain times have led to a major transformation in how businesses operate both now and into the future with digitalisation to the forefront. The pace of change will continue to accelerate whatever happens with the pandemic and therefore CIMA must continue to support our students and members to be adaptable to the advances of the new business model.

As you are aware in 2019, we updated our syllabus to ensure our students learned the necessary digital skills to complement the technical, business, people and management skills already covered in the PQ. This has ensured CIMA students are future ready. However, our innovation has not stopped there. This month we launched our Financial Leadership Program for students, which is a 21st century method of acquiring a professional qualification. Students will continue to study the same syllabus as the traditional PQ however objective tests will be replaced by continuous assessment which examines student’s ability to understand and put into practice the skills and competencies that have been learned. They will still have to take and pass the Case studies to be certified with a Diploma in Management Accounting, an advanced Diploma and ultimately the ACMA/CGMA designation. FLP is a digital platform and the future of acquiring a professional qualification. It is a self-paced digital learning and assessment pathway to ACMA/CGMA that will provide students with the skills employers will require now and into the future. Over 100 employers attended our launch and so far, the interest in FLP has far exceeded our expectations. Future students will still have the option of the traditional route or FLP going forward and can also transfer from the traditional route to FLP which maybe a more suitable way to progress given their personal circumstances.

As the pace of change continues to accelerate Learn, Unlearn and Relearn is the future and we will support our members with the delivery of relevant CPD to continue to support our base. All members have been eligible for our digital mindset pack on renewal of their membership and we would encourage you all who have not yet downloaded the pack to do so. Our PCG store is another excellent resource for members to support upskilling. We will also continue to deliver relevant CPD events during the year with our next townhall in February. Nicola and Jean will give you plenty of notice of the other events once dates have been agreed.

In CIMA despite the current global crisis we enter 2021 with great optimism that we can play our part in supporting our members and students even more in the coming year and with every week that passes we get ever closer to normality returning to all our lives.

Please continue to stay safe and we very much look forward to supporting you as best we can this year and beyond.

King regards,

Ciaran

The UK-EU trade deal does not impact the status of the CIMA Professional Qualification in the EU

Existing recognition of professional qualifications between UK and Ireland will continue under the long-standing Common Travel Area arrangements between the UK, the Crown Dependencies and Ireland. UK and Irish regulators have worked together to ensure that this can continue post-Brexit, and we have confirmed with the Irish Auditing and Accounting Supervisory Authority (IAASA) that CIMA retains its status as a prescribed accountancy body (PAB), meaning that the CIMA Professional Qualification continues to be recognised in Ireland.

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Reflections on a Brexit trade deal

After many missed deadlines and a real risk of failure…a deal was agreed. It’s a significant achievement by both sides, but it won’t be the end of the story. It does bring certainty for many issues, but some things remain open or a work in progress.

By Simon MacAllister, FCMA, CGMA, & EY Ireland Strategy and Transactions Partner.

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What does the Irish employment market look like after almost one year living with a pandemic?

2020 was an unprecedented year that brought major economic challenges. How has the job market changed over the past ten months? And what can we expect for 2021? PeopleSource, Accounting & Finance Recruitment Specialists, provided an honest overview and assessment of the Irish job market.

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Forecasting is easy...just look at last year’s predictions! 

We can look back on a year which no-one could have predicted this time 12 months ago, one that has brought some short-term but also some long-term changes to our working lives. So, what are the likely trends in 2021?

By John Finn, Managing Director, Treasury Solutions Ltd.

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