Finance for engineers – 25% discount for Engineers Ireland members
08 May 2014
In response to growing demand for financially savvy engineering professionals, Engineers Ireland and the Chartered Institute of Management Accountants (CIMA) are offering members a mechanism through which they can acquire a thorough grounding in business and finance. CIMA Ireland has aligned for the delivery of the CIMA Certificate in Business Accounting to Engineers Ireland members. This certificate is tailored for those new to the world of finance, providing an understanding of the uses of accounting information in planning, controlling and decision-making.
All Engineers Ireland members are exempt from one of the five modules – business mathematics (C03). Members with additional relevant qualifications may also be eligible for more exemptions.
Damien Thorne (BSc in Structural Engineering; Bolton Street DIT and Trinity College) is a chartered engineer and runs his own business, Thorne Consulting Engineers. He completed the CIMA Certificate in Business Accounting (CBA). With a background primarily in structural and civil engineering design and construction, Thorne is also a qualified site suitability assessor specialising in single dwelling wastewater management and a qualified building energy rating assessor.
“I wanted to further my professional development and attain new skills that could possibly open more doors for me. My skills were primarily based in project design and bringing projects to successful completion, so I felt this qualification would broaden my skills into more financial elements of business and industry,” he explained. “I also felt it would give me more financial experience in managing my own business.”
The CBA has contributed to his role, he continued. “The skills in accounting are actually not a million miles from the skills in engineering – lots of logic and mathematics so the cross over isn’t too dramatic. They’re just applied in a slightly different way.
“Being self employed, I have to calculate quite a lot of fee proposals. Engineers tend to focus on the design and pay less attention to the very important aspect of business finance,” he added. “The CBA has increased my financial knowledge and improved my organisational skills. I now calculate fee proposals in a systematic way that’s related to all the expenses of my business. I also focus more on improving the processes in my business and achieving greater efficiency.”
With regard to studying for the CIMA exams, Thorne acknowledged that there was a lot of material to study, but said it was relatively straightforward once he has set a realistic timetable and stuck to it. “I have a family and I work full time, so I decided to set myself a target of one exam per three-month period. I completed the certificate in 12 months,” he said.
If someone had more spare time, he surmised, it would be feasible to complete the exams in six-to-nine months. “The online study means you’re not wasting time travelling to and from lectures, although as you’re studying at home alone, sometimes it takes a bit longer to grasp certain elements of the course,” Thorne added. “There’s online support from CIMA which I found great for when I had questions to ask.
“I also attended two exam revision classes before two of the more difficult exams, just for the extra bit of support. These were relatively cheap, were held on Saturdays and were great for face-to-face contact,” he concluded.
CIMA is hosting a number of open evenings throughout the country in June. This will be an ideal opportunity to come and speak to CIMA advisors about the CIMA Certificate in Business Accounting. Click here to view dates and locations of open evenings. Alternatively, email firstname.lastname@example.org or phone (01) 643 0400.http://www.engineersjournal.ie/2014/05/08/finance-for-engineers-25-discount-for-engineers-ireland-members/http://www.engineersjournal.ie/wp-content/uploads/2014/05/Finan-1024x681.jpghttp://www.engineersjournal.ie/wp-content/uploads/2014/05/Finan-300x300.jpgNewseducation,finance