I think my passion for Management Accounting started out during the first semester of my senior year as an Accountancy student in college. It was the first time I ever encountered Cost Accounting and I was immediately fascinated by the practical applications. It definitely was not the easiest subject but I found myself being more diligent in this one more than any of my other subjects. Since then, I had always been more excited and interested about taking other Management Accounting courses until my 5th year in college. I guess it was the less rigorous and stringent rules involved in Management Accounting against Financial Accounting.
During that time, I seriously considered taking on work as a Cost Accountant in a private company by the time I graduated. So while my classmates were gunning for the Chartered Financial Analyst (CFA) certification, I was already playing with the idea of eventually being certified as a Certified Management Accountant (CMA).
It took me 4 years before I actually decided to finally pursue my CMA. Between the time I graduated and got my CMA, I got my Certified Public Accountant (CPA) license, pursued a career as a tax professional in a Big 4 auditing firm, and finally landed a position as the Head of Budget & Planning in one of the top food kiosk operators in the Philippines. It is a position I currently hold today and was one of the keys that eventually led me to get my CMA to benefit both my professional development and achieve my organization’s objectives. I was excited to finally be a management accountant in action and help my company lay out the groundwork of the budget and planning system that it follows today. I was fortunate enough that my superior, herself a college instructor and long-time supporter of learning, and upper management supported my desire to pursue this certification and agreed to sponsor my review and exams. And so I started the 6-month journey under the umbrella of Insights Financial Review Services.
It was not easy juggling the demands of a full-time job and finding time to prepare for the exams. I do have to say that taking the exams as a working professionals granted me a different and valuable perspective in approaching situational problems through real-life situations I may have encountered at work, lessons which I will not find in any textbook.
Weekends were spent in review classes and I dedicated at least 2 hours each weeknight to make sure I covered all the materials and answer at least 50 multiple choice questions. Consistency was key in keeping my study rhythm and making sure I don’t slack off even on the busiest of work days.
My scheduled exams came at one of the most hectic points during the year when projects were at their busiest and the budget season was kicking in. After sitting through each exam, I did not mind the wait as I went about business as usual.
When the results came late one night in November, I was overwhelmed with happiness at seeing the words of congratulations from the IMA and excitedly shared to my family, friends, and colleagues who tirelessly supported me throughout.
I didn’t expect to be overwhelmed again on January the following year when I got a text message from Insights CMA Review that I had actually landed a Certificate of Distinguished Performance award given by the ICMA Board of Regents, and had the chance to receive the it personally in San Diego at the prestigious IMA’s 100th Annual Conference.
All I can think about when I look back at my CMA journey and those 3 letters I can now attach to my name was how thankful I am for getting more than I bargained for when I started. It may have taken me longer than most but I eventually got there with the help of Insights CMA Review, the supportive management of my organization, family, friends and colleagues.
About the author:
Pat graduated magna cum laude in BS Business Administration and Accountancy from the University of the Philippines Diliman and is a licensed CPA since 2014. She is currently the Budget & Planning Manager of one of the most beloved snacking companies in the Philippines and does financial consultancy for selected clients. She enjoys watching sitcoms and reading during her free time and is a proud dog parent to Muffin.
How do you tell a story when its climax is yet to unfold?
It’s a question I was tempted to ask Sir Angel, my mentor – but better decided not to. After all, I’ve already said “sure” to the task, hadn’t I?
So here I am. After passing hours of thoughts adrift and heaving sighs I lost count on, let me share to you my CMA journey…
It was the in-between of finals week and graduation when I was formally introduced to the path of becoming a CMA. Though snippets about a certification for management accountants had been going around before, it was too short-lived to turn “interests” into actual “commitments”. On top of that, my mind is already preoccupied on planning that out-of-the-country vacation I have been saving for so long. Singapore, Hong Kong, Cambodia, Thailand, Malaysia were in fact among the places pinned; and setting foot on the land of Wiley, Gleim or Hock is absolutely far off the grid.
However, my life – as always – had been an endless string of ironies.
While bracing myself for a last round of battle against one of my management subjects, Sir Randell, an accounting instructor in our college who is also under the mentorship of Sir Angel and not to mention among the new CMA passers, approached and offered me the ticket to this wholly unexpected trip. On the same day, I received a Facebook friend invite from “The Angel Valdenor Secerio” and upon accepting, was asked if I am interested in discussing the details of the program. As I said, I’m already set to what I want to do after graduation and NOTHING can pull me out of it. But perhaps inquiring “a little” about this opportunity will not hurt. Besides, this man is but a stranger who is miles away and the person I could least expect to drive me down a detour.
I underestimated him though – and missed the most obvious sign. The man is named “Angel” for a damn good reason! Not only was he prompt in responding to my questions but had the tenacity of a real angel as well when I almost let the chance slip away.
My justifications on turning down the offer at first were: too expensive (despite the privilege of availing a student discount), too soon (final exams are not even over), too late (already singing “Leaving on a Jet Plane”), too risky (could be a scam), too tired (give me a break) and the list went on. But truth is, all my excuses boils down to this…I was simply too scared – of the uncertainty, by the thought of failing and of the soundness of my capabilities.
In reconsidering the offer, I had to read and reread Sir Angel’s message countless of times until a point where I had to weigh between which taste I’d rather endure later on – the temporary bitterness of failure or the perpetual pungency of curiosity. Obviously, with fingers crossed, I picked the former. At an instant, my course is changed by two brief words, “I’m in”.
From there, everything seemed to have gone so fast. Before I can even make sense of what I just put myself into, I am officially a member of IMA (Institute of Management Accountants) and had registered for a 2-part exam.
The review stage was rigorous and demanding. And when an e-mail promises voluminous test drills? Buckle up because, indeed, “voluminous” knows how to live to its promise. With no exaggeration, it was my four-year undergrad accounting exams jammed in a three-month review. Through every unfamiliar intricate topic aggravated by the sweltering summer heat came the strong urge to desert the flight. But I’ve already taken off and lost sight of the ground hence there is no going back.
Then days turned into weeks…weeks into months…and alas, I have arrived at my destination (or checkpoint rather)! The actual exam is certainly everything you can expect from securing such a world-class title. It will not only drain your energy but also all that confidence you’ve earnestly tried to build-up during the months of review. And just when you thought you’ve scaled the most difficult phase, the agony of waiting will immediately prove you wrong – an agony from which I am yet to be released.
In view of this, I still couldn’t offer much on the “secret formula” to passing. However, in the context of taking risks, here’s what I’ve learned.
Everything starts and ends with you. The world can throw all the best opportunities on your way but it’s up to you to seize them. I’m not saying that the answer should always be a yes. It’s okay to take a moment and ask yourself, “Can I do this?” Definitely. “Will I succeed?” Well, that’s where risk comes aboard. You may or you may not. Nevertheless, you will realize as you go along that the more precious intangibles – such as the new bonds and lessons – are the ones that truly make the whole journey worth taking. But just in case you do fail…Guess what? You are not the first in history and life goes on! As for the climax of my story, I can only imagine the Big Boss from above calling out, “Coming soon, Erika”.
What started only as a vision has now become a reality. With the increase in the number of professionals in the finance and accounting industry, constant learning and update is critical to maintain one’s competitive edge. Taking an international license not only shows your mastery and knowledge on the subject matter, but also indicates your commitment to excellence in the global sense. With a number of certifications to choose from, it is but natural to be confused on which path to take. But one thing’s certain, be it CIA, CMA, CFA, CISA and the likes, each is very promising, it will just depend on what you love doing the most.
Being an auditor, a financial analyst, and now, a management accountant, I have realized that analyzing data and reporting it for management has been one of the most enjoying and fulfilling things for me. During these days, I met Mr. Angel Secerio, the executive director of the Insights Financial Review Services, a professional review course provider for US CPA, CIA and CMA in Manila. Like a stray cat, he took me in as a student and gave me the opportunity to push through the management accountant career.
Having graduated and passed the CPA licensure exam in 2009, it has already been four years since I read my textbooks and review materials. What I’ve been reading these days are just magazines, fiction books and online news articles. Hence, picking up where I left off and moving on to study mode has been a bit hard for me as I now have my work schedule to consider. Good thing with Insights, my review mates were mostly working as well; so, we share the same sentiment. As such, we helped motivate each other, on top of Sir Angel’s constant reminder, to endure and push through with the path we’ve chosen. With the weekly Sunday lecture session at Insights, at least an hour per day of online examinations, periodic comprehensive assessments; I was able to make it through the 2-part CMA examinations.
Having blessed with this new CMA title, I am more driven and excited to share this management-level skills and expertise to add value and drive business performance that can contribute to the success of the organization I am with. I know that this is only the start, but being part of the Institute of Management Accountants, I am fairly sure that my knowledge and career opportunities will expand with their best practices to maintain their members’ competitive advantage.
As a last note, I would like to give my big thanks to our Almighty Father for this wonderful blessing; as well as to Insights, Sir Angel, my reviewers, my review mates, my family and friends for sharing this bumpy yet fulfilling CMA path with me.
As a Licensed Accountant and a Masters Degree holder, I kept searching for further challenges that will make me not only a better accountant but also an excellent decision maker. Criteria such as international certification, in-depth analysis, and competitive skills are the main factors which influenced me to explore the world of CMA, the Certified Management Accountant. This certification and further studies challenged me to develop not only my scientific skills but more on my analytical ability to weigh each decision possibility and its effects.
Moving to reach my goal and dream, I had come across Mr. Angel Secerio Jr., Program Director of the exclusively accredited CMA review course provider in the Philippines, the Insights Financial Review Services. With Sir Angel and through Insights, I have come closer to my dreams to become a CMA professional in the world of work. Insights have pushed, shared and even accompanied me through my step by step registration, learning, and even processing my certification with IMA. Insights had been my close friend as I battle my difficult time management skills balancing my CMA study for the two-part examination and of course my incumbent corporate work.
As I had poured in my time, energy and even social schedules in preparing for my CMA examination, Insights helped me through its review lectures, accredited CMA books and materials, the Wiley CMA Learning System, and also evaluation examinations to test whether I am prepared for my final battle.
After all my efforts had been put into this CMA certification, I successfully and completely passed the 2-part CMA certification program last February 28, 2014. I am now bearing the certificate to put the suffix “CMA” annexed to my name. I am now more confident and competitive to be an asset not only of my company but also the greatest organization in my life…my family. I have upgraded my level of knowledge in the fields of finance, cost accounting, economics, and the most important, critical decision making. Thus, as I occupy a vital responsibility in my organization, I am now fully equipped to serve and lead as a Certified Management Accountant.
Thank you Sir Angel, Insights and of course to my family and friends who have been part of this worth taking journey!
I could still vividly remember when my dad taught me to drive a motorcycle whenever we went to the farm. His instruction was simple – ‘follow the track others drove through,’ eagerly pointing at the road lines where other riders went through. As early as then, I wanted to ask him “how about driving through a new track, and not always following others?”
Since childhood, I always had the appetite to take the roads less travelled since childhood, and that attitude was reinforced by famous people we meet in history. The inventor of Tae Bo, Billy Blanks, quoted “To succeed, particularly early in life, you have to grab on to the thing that separates you from the herd, something that you love intrinsically, and go for it, all out.”
When I entered the academe with a fresh Certified Public Accountant (CPA) License last year, a lot of people were asking why I did not choose public practice or instead work for multinational companies, since most of new passers enter audit firms or become employed with private companies. I couldn’t sign audit reports until after three years, because I know I still need to learn a lot. Global competitiveness fascinates me – such an awesome undertaking to embark on.
Barely two months after the rigors of the CPA board examination, I met Sir Angel V. Secerio through a facebook chat expressing my utmost interest (or call it obsession) in the Certified Management Accountant (CMA) credential. I was worried of the financial requirements in gaining the certification, thus I planned to take the exam later the next year. It was a huge investment, and I was half-hearted when I was given the initial forecast of fees, not until I learned of the exclusive 50% discount given to fulltime instructors. My bill would be slashed in half, and before I knew it, I was filling out the Insights registration form after being offered a flexible payment plan. I eventually agreed to schedule my exam two months after, which I was happy about, as soon as I received my review materials after Christmas of 2013.
I was leisurely talking to close friends and celebrating the holidays, watching the TV Series Suits when I received the complete set of Wiley CMA Review Materials last December 2013. I told myself “this is it.” The size of the books was overwhelming, some twice my definition of a ‘large book’ in the undergraduate, (two books of that size), plus another two books of compressed outlines. I will be celebrating my 2nd decade birthday 3 days onwards, and there were the four Wiley books at my doorstep waving at me. I always wanted to pursue the CMA title, but that was one of the few days I smiled and jokingly told myself “be careful what you wish for”. So I scanned, smiled at every familiar topic, and got the chill with every unfamiliar topic I saw. I ended up chilling that day, so I planned out a review schedule to start after my birthday.
When work resumed in January, I started using the Wiley online testbank. It was just as overwhelming as the books, daunted at seeing the “unanswered questions” versus the “answered correctly” and “answered incorrectly.” It was then that I disapproved the thought that it was as simple as the Management Advisory Services in the Philippine CPA Board Exam. I knew a two-month preparation plus work was Herculean, certainly not enough to cover all topics, so I ended up categorizing topics according to time allocation. I lingered studying for Part 2 Exam, which covers most of the topics not taken up in the undergraduate like international investment terminologies, US GAAP vis-à-vis IFRS, investment topics unique to US, and US Laws on Financial Reporting and Auditing such as the Sarbanes-Oxley Act.
The two-month preparation was way fast-tracked. I planned a quota of 100 MCQs per day in each of the parts the test bank, but I knew I still need to read through the theory parts. Just like the BIR missing earnings targets, I always answered short of my quota per day, hence adding more and more to my backlogs. I scheduled reading during my free time in the office, but each time didn’t always finish the schedule topic, which replaced my schedule at night assigned to answering the test banks. In most instances, I got too tired after work that I needed to take a good rest. It was mad race against time, against ensuring that I covered all important topics within schedule while ensuring mastery. As the exam date drew closer from months to weeks, I honestly began to worry a lot. I prayed for the topics I did not understand, asking God to shuffle the testbank excluding those topics, or to give me only easy questions instead. The earliest sleeping time was 1AM, and I needed to be ready for work by 7AM. Nevertheless, though the stream of topics was overwhelming, the pacing and strategies of the Wiley Testbank and other Wiley materials greatly helped me to reach ‘safe-zone’ scores. Just as when you thought you learned enough after the CPA Board exam, going global demands lifetime learning. Wiley materials remind financial professionals that: “Wait, there’s more [to learn].” I travelled to Manila a day ahead of the exam schedule. I entered the building ahead of time, so I had a chance to calm down the excitement rush inside the prayer room. I entered the Prometric testing center, verified my schedule, and was instructed to leave everything in the locker, even my rosary. I only got my red hanky inside, which I needed to spread before entering the testing room. The strategy at answering MCQs was the same, you can leave questions consuming much time. On answering the essays, I typed every key as if the keyboard was moving away with time, and I knew I was making noise. On honest regard, the two exam days were filled with the rush of experiencing something new, especially when I realize, “hey, I’m in Ateneo dude!”, and it’s CMA!
The next six weeks was an ‘agony in the garden.’ Waiting for the exam result was like singing “A Thousand Years” by Christina Perri – an LSS on the line “I have died everyday waiting for you.” Of all the questions asked, all I dreamt about were the questions I knew I answered incorrectly. That was when I asked myself ‘what about the rush?’ of taking the exam with barely two months to prepare when I could have sat for the testing window in June. I remembered I was not well prepared for the February exam.
April 11. I was in Manila for an audit field work in the Philippine Cooperative Center in Quezon City. I received an SMS from Insights asking me to check my mail and give them a feedback right away. Time stood still. I occasionally sipped coffee to calm my nerves. While I was doing an aging analysis for their receivables, an unknown contact called me up. I knew it was not a domestic call, with a number extension +968, I knew it was Sir Angel. It took a bit of courage to answer my phone, and I greeted him “Hello sir!”
“Hey Randell how’s everything?”
“Okay lang po ako sir. Nasa Manila po ako, nakafield po sir. May result na raw po pero ichecheck ko po mamaya” I answered. I planned to secretly peek at the results after the call, so I can pretend I did not take the exam in case I fail, but I stumbled when I realized, “pero wait sir, ‘di ba may access po kayo sa account ko?”
“Hahaha. It’s ok. You passed!” was all he answered. I was like a delighted 5 year-old boy receiving a dream helicopter toy. And it took a bit of time lag to confirm: “Talaga sir? Whoah. Sure na po ba?” I came back to the ‘doubting Thomas’.
“Yes, you made it Randell!” was few of the best words I heard from a very supportive mentor. Even the staff in PCC was overwhelmed, and I couldn’t contain such excitement any further, so though it was my first time to conduct a field work in PCC, we had a good time smiling at another God’s blessing. Again, it’s CMA dude!
It took a lot of courage, self-confidence, and faith in God. Two months straight preparation brought back the exam anxiety during the CPA board, only it’s an entirely new level, and it also brought back the unwavering hope of reaching the ‘light at the end of the tunnel’. Warm congratulations from friends after conquering one of the most sought-after certifications worldwide is an honor and a privilege, indeed.
I have a long list of reasons to be thankful for, but on top of it is our Almighty God, who always conquers my stubbornness in reviewing my notes by renewing my strength every day, for his wonderful ways, for every great people he sends in my life. Again, I still could not believe that Sir Angel, whom I only met through facebook, offered me flexible payment terms for the fees barely five days after we met, mentored me all throughout my review, and was the one who called me up all the way from Oman to tell the great news. I’ve already passed the two part exam, but I am yet to meet him in person. Some might think of it as coincidence, but in reality, it’s God’s plan that’s slowly working out. Undeniably, it is one of the best pleasures in life – to witness how his blessings unfold to those who believe in him. At the end of the day, we are all, in fact, entrusted with duties to accomplish great things. In so doing, we are in turn privileged that we may help others accomplish theirs.
And as for me, great achievements spring from a steadfast commitment – a single-minded passion for what we do; an unwavering desire for excellence in the way we think and the way we work. Genuine commitment is what launches us out of bed in the morning, and through the day with a spring in every step. No matter how short the preparation time is, the most basic things should be done, quoting from the words of Padre Pio – “pray, hope and don’t worry.”
My memory is still glued at the “Congratulations!” part of my e-mail from the ICMA Senior VP, Sir Dennis Whitney. For young Filipinos with ambition, there is really no other way to go than to go global, and as for me, dreams are really one of the few great things God purposefully made without limits. Dreams are the ones which separate us from the herd. Dreams define our potentials, our motivations, and our attitude at pushing out limits – the imbued burning passion to conquer the world is every Filipino’s dream. We have just begun doing things we are known to be good at.
Taking the road less travelled such as entering the academe gives us academicians a headstart and an extra mile. My extra mile was not passing the 2-Part CMA Exam, but instead the courage to take the risk, to invest, against all odds, all out, and at all cost. The extra mile was doing things we have never done, to achieve things we have never achieved before.
It pays to move out from the crowd and dare to make a difference.
From being a scavenger of junk to being the first ever The Voice Kids Grand Winner… That is Lyca Gairanod’s Cinderella story.
Her powerful performance of Basang basa sa Ulan, originally by the local band Aegis, captured the heart of the viewers thus earning her a standing ovation not to mention getting the highest percentage of votes. From not having enough to now owning millions-worth of properties and cash prizes, her life was changed forever. After nine years of poverty, Lyca was able to turn her life around through her God-given talent in singing.
As used by Milo for its tagline, great things indeed start from small beginnings and Lyca is the epitome of this popular saying.
The kid’s story is close to my heart because it reminds me of a friend’s journey to being a Certified Management Accountant (CMA). He did not scavenge junk but instead, scavenged a lot of disappointments before he finally became a CMA.
Failing three times was not easy. It broke his self-esteem in shattered pieces. To fail once was tolerable, twice was breaking but three times? Can you just imagine how so down he felt to not make it the third time? However, like Lyca, he was determined to make his dreams happen. He perfectly knew that the only way was to take the exam again.
And so he did.
He used his disappointments to push himself to give more. He hung on to his faith that he was meant for greater things such as being a CMA, and beyond. He studied night and day and in between breaks during weekdays and was almost an anti-social during weekends. He treated his goal as if his life depended on it. He believed in himself and never entertained negative thoughts during his conquest.
After two to three months of waiting, his determination and commitment to win over his failures rendered him positive result. Alas, he passed. True enough, nothing worth having comes easy. He’s now working as a Senior Finance Analyst in one of the biggest utility companies in the Middle East.
I cannot picture the amount of positivity that my friend still has even after failing three times. Could you?
I guess it’s really just about perspective: Seeing the glass as half-full rather than half-empty.
Nonetheless, the fact that he never stopped believing in himself played a vital role on his success. His is a story that is worth sharing and also inspiring in so many ways. Perhaps, it’s through his story that we may realize that our failures do not seal our future. What we do after failing in our individual endeavor does. It is not what we achieve but the setbacks that we overcome that really matter. That’s what makes the fruit of every labor and sacrifice so much sweeter.
How we are able to rise above unfortunate situations is what makes us a better person. Like my friend, let us use our failures and struggles to better our self, equipped with the realization that obstacles are thrown our way to test us and our resolve from time to time on how much we really want to achieve our goals.
As idealists we wish to live in a utopian corporate world that is free from vices like accounting frauds and ‘white collar’ crimes. However, ever so often, we come across cases of fraud in the corporate world, across all geographies. On its surface, it might appear that entities from developed countries are faring better than emerging economies and the under-developed world in matters of preventing corporate accounting fraud. However, the reality might be shrouded by the sophistication in how frauds are committed in the modern times; cybercrimes and computer fraud proliferate which threaten our economic well-being, our private lives, and the system that protects us from abuse and harm.
By the very nature of their occupation, accountants invariably would come across such frauds in some form or the other as they discharge the duties of their office. Faced with such glaring occurrences, what should an accountant do to address such corporate frauds? The below mentioned points may be used as a guide for accountants who wish to understand their roles and responsibilities when they encounter fraud:
Subject matter expertise: Before concluding that there is something out of place in your organization’s accounts, one must understand and analyze company financials fully. For instance, the starting point may be to tally the three financial statements, namely, profit & loss statement, cash flows and the balance sheet. Most fraud signals can be detected at this level of analysis itself, as when an item or items susceptible of misappropriation sticks out as “un-ordinary”. Check, re-check and dive deeper into payment vouchers, all the way down to the source documents to ascertain that, indeed, fraud has been committed.
Articulate your concerns to superiors: It is an accountant’s duty to immediately alert superiors as soon as probably cause for the commission of fraud is established. The articulation must be data driven, not qualitative or subjective. The more quantitative the articulation, the more it is probably that your superior or persons in authority will be able to support your case. Providing hard evidence to back up your claim makes it easier for your superiors to understand your findings.
Escalation to higher management: If the discussion with superiors does not lead to any action on ground, it’s the accountant’s duty to escalate their findings and recommendations to higher management. Perhaps the management is unaware of happenings in the lower rungs of the company. It is important to communicate to them what the nature of the fraud is. Here, the communication form should be different from how you have previously communicated it to your superiors. Communicate the detail in a concise, non-technical manner complete with documentary proof and your findings; in this way, management is quickly able to grasp the crux of the matter.
It is each company’s duty to provide a workplace that adheres to pronounced ethical practices. Despite this, when an accountant witnesses or discovers anomalous and highly irregular transactions, he should be ready to face the risks involved in analyzing and reporting frauds in the workplace. While it is true that his job may be at stake, still, one must consider whether working on the wrong side of the law is going to remain unnoticed in the long run. Overlooking a crime is, sometimes, equivalent to participating in the same. Therefore, as an accounting professional, if you happen to observe an anomaly, understand the details, gather the relevant data, and report it at the opportune time.
