Technical Knowledge & Case Writing
Technical knowledge is very important part for PA exam. Many students do not have enough exposure to previous courses on account of long time gap. Also students found migrating from different countries and obtained exemption from courses studied in their countries. PA exam test the knowledge of students on main concepts they learned and passed out earlier. This knowledge is very important to solve MCQ (Multiple Choice Questions) and case analysis.
PA exam are evaluated on the basis of competencies identified by the student. They expect in depth analysis of the response along with professional approach. Points are allotted on the basis of identification, analysis, alternatives and relevant and effective recommendation. Students are required to identify direct and indirect (integrated) competencies in case analysis. Some time students are required to identify hidden competencies as well.
Effective writing is another important skill required to pass PA exam. Answer should be very well drafted, concise, clear and with easy to flow language. This requires lot of practice for physical writing. You need to have the professional skills (technical knowledge) so you are providing the “meat” for the discussion. A wonderful write-up of a non-relevant issue is of no use to the reader. On the other hand, you need to be able to show your knowledge in a clear, coherent manner that the reader can understand and be able to use in his/her decision-making. A professional response integrates a discussion of the appropriate technical knowledge with a clearly communicated writing style. It is important to apply conceptual knowledge and exercise judgment. You will have to use your knowledge to solve practical problems. This means you will have to know what parts of that knowledge are relevant in a given situation. You also will need to be able to identify the problem from the facts provided. You will have to consider alternatives, analyze them using your core knowledge and exercise your judgment in choosing one alternative. Finally you must support your recommendation with a logical argument flowing from your analysis. Write your answer with proper heading and sub-headings; do not write case analysis like a story. There are many competencies that marker need to assess form your response, and therefore well-organized professional write up is the key to get success in the final exam.
Budget and Budgetary Control system:
Budget is a financial document prepared prior to the beginning of a financial period. It consists of a planned financial data about expected outcome for the next year. Budget document is prepared for both revenue and capital expenditure.
For manufacturing industries, budget preparation starts right from the preparation of Sales Budget.Sales department indicates expected sales target based on the past year data and future year trend. It consists of product-wise quantities and prices both. On the basis of Sales budget, Production department prepare, department-wise, process-wise budget,clearly identifying, requirement of materials, stores, spares, labor requirement, utilization of machinery and all manufacturing overhead expenses.
On the basis of sales and production budget, finance department prepare administration and sales expenses based on past year data. He also prepare detail capital expenses budget in consultation with all department head and CEO.
After compilation of all data, CFO prepares budgeted financial statements and expected requirement of finance for long term and short term bank finance
Budgetary Control System:
At the end of each month budgeted data are compared with actual and detail variance analysis statements are generated. In ERP system, statements are available on line. Analysis of significant variance will be reported to the management for future action to control cost. A forecast for the balance period is also prepared for planning and managerial decisions
Webinar vs Classroom
Since last one decade or so, the concept of E-learning is getting more and more popular. Due to rapid growth in internet, development of faster network and extensive use of appliance like tablets, smart phone and others devices had created new environment of faster learning. Now a day, students are remaining very busy with the continuous learning process along with on the floor jobs. They have very limited availability of time, rather could not afford to waste precious time. E-learning is therefore one stop solution for this. Students therefore prefer to study on-line rather than attending classroom in the educational institute and or with coaching classes.
Advantages of Webinar as against class room teaching:
- Saving in time and cost of to and fro travelling
- Option to hear the recorded lecture at leisure
- Option to save the file on line, can save cost of printing
- Learn from a far long distance and can improve career option
- Can hear the voice more precisely with the use of headphone
- It is very flexible and also useful to many students who are sick and have some dis-ability to attend classes
- Improved and close interaction between students and instructors
- It moves faster — e-learning courses progress up to 50 percent faster than traditional courses
The CGA designation offers professionals a truly distinctive edge. Employers and clients recognize that CGAs possess outstanding dedication and competence. Time and again, CGAs are sought after for senior financial management positions and are able to command substantial salaries.
As accounting business leaders, CGAs provide strategic counsel, financial leadership and overall direction across all sectors of the economy.
It is said that CGA is fastest growing accounting designations in Canada.The biggest achievement is that it has been here for more then 100 years. yes 100 years. It has gone through 100 years of changes / updates to make this designation ever stronger.
CGA goes beyond numbers, and therefore direct the organisation to achieve their mission and vision. Today in every sector of Canada, you will find CGA in Accounts and Finance department
Why Hire a CGA ?
There are three major accounting credentials valued in Canada. CGA, CMA and CA. Although they are up for merger in future. Talks and negotiations are underway. We will talk about employers benefiting from CGA in this section. If employer is trying to look for someone with auditing experience? Someone who has experience with auditing and strategy? Someone who has strategic background and approach ? Then CGA is the perfect candidate.
CGAs are known as a actual doers. When CGA is hired. They are the ones who have dipped in credits and debits all the time. If a CGA has worked three years on core skills with reconciliation, month end tasks and journal entries. They will be equipped to know base of accounting which will make them comfortable to do more complex analytical job. When accounting is learned from root levels it will make stronger when the approach comes towards different systems including ERP’s , forecasting system , planning work and consolidation tools.
When CGA is hired then employer can assure that they have hired someone who has 2 years of approved, full time experience at financial management and complex accounting level. All CGA’s have a lots of industry ready made experience. Also CGA will only receive there qualification if they have worked on all three persuits. They have worked on junor tasks as well as senior tasks. The main benefit as an employer is that you are hiring candidate with lots of experience and knownledge in acccounting. When CGA is hired. Employer is hiring an accountant’s accountant, technologically sound professional with lot of real industry experience, the one who will have no problem picking the basics of your business.
When CGA is hired. Employer is hiring an accountant’s accountant, technologically sound professional with lot of real industry experience, the one who will have no problem picking the basics of your business.
CGA Salaries – Surveys , Records , Data
After looking into different sites I was able to locate some interesting data around CGA’s Current 2013 Salary Trends .
1) Robert Half keeps doing active surveys and following is there extract for 2013
CGA Salaries From Robert Half
2) I came across survey done by Glassdoor.com
3) I came across survey done by Indeed.com
CGA’s can work in following Senior Level Positions.
Chief Financial Officer
Gives programmatic and operational help to the company. Chief Financial Officer takes charge of the financial unit. He will also act as a spokesperson for the financial related issues. Chief Financial Officer will deal with President or CEO. He may help Chief Operating Officer on many strategy or financial related matters which may relate to budget management, cost benefit analysis, future analysis needs and procuring new ways of funding.
They take care of everyday accounting modules like accounts payable, cash management , payroll and accounts receivable. They may also take care of monitoring financial reporting , analysis , manage investments , prepare budgets and manage insurance programs. They often direct special projects like internal audits, generate reports on corporate tax returns.
Director of Finance
They have to do through strategies of the organization, and will report to executive director. They are very participative manager. They lead and develop organization’s team to enhance following areas: finance, business planning, budgeting, human resources , IT and administration. They constantly act to increase quality programming and build capacity.
They analyze data affecting investment programs, such as stability, price, yield , trends , investment risks and economic influences. Analyze basic economic, industrial and corporate developments obtained from investment banking firms, financial publications and services, trade publications, local sources, local agencies. They analyze financial information to produce trends in business, industry , and economic conditions for making apt decisions in investments.
Benefits of CGA Part 2
In most of the industries with variety of developmental stages, they will need very strong professional they can rely on. This is why many accountants stand on good positions at all the major financial positions in most of the sections of our economy not just in Canada but also worldwide.
An accountant, you are relied on as the main financial tool to the business. This will allow any accountant working to know most of the organization in depth. In return the knowledge gained will make you suitable and well placed for promotions and many more opportunities they might occur in future.
CGA‘s do not just play with mighty numbers. On behalf of the company they take many splendid authoritative positions, co-ordinate in setting up the deals, provide invaluable strategy lookout and lot more.
One of the former chairman of the Financial Accounting Standards Board quoted, “The non-specialist specialist – that is, someone who is enough of a generalist and smart enough to work in a lot of different areas – is going to be a very valuable person.”
There are many surveys done. One of them by Robert Half International concludes that Chairman , CEO’s says that they would recommend any new accountant to those starting their field in accounts. The best one is undoubtedly general accounting.
Benefits of CGA
Taking CGA as a credential puts you a chance to make some serious money. Either you are looking for working in some big shot multinational company or you are willing to run your own business. You necessarily have that talent to make yours a rewarding career any part of the globe. Most importantly you will be free to make your work timing you have always thought of. You can now find time for the things that you were dreaming before.
Best part of being a CGA student is you can start putting the knowledge to work. You do not have to think about choosing between school and work ?. The sparking motivation factor is this 75% of CGA students are happily making 75k and plus. The next best part is the skills you will adept will be applied to work and your work will make you learn more skills. This way you are rewarded right away.