Since our last communication, I have spent most of my time in opening up new markets for ICMA. This has taken me to China and Vietnam, and also ICMA is about to finalise an MOU to open its first program in Europe, in Cypress. Once, these negotiations are finalised, I will bring you more information.
China, as always, remains very difficult to penetrate. We already have a program running via a university in China at the Nanjin University of Finance and Economics, but a broader market remains elusive. However, the head of our Hong Kong Provider, Mr Allen Wong is a dynamic miracle worker, and I have great hopes for China. It is unfortunate that China is the manufacturing centre of the world, but the only accountants that have made any headway there are the scorekeeping financial accountants! China’s need for expert management accountants is great, but they don’t know it yet.
On the education front, the MBA (CMA Conversion) program from the University of Southeastern Florida that was the subject of a personal email to you was well received by CMA members, with about 50 enrolling in the first week. However, the University has had temporarily put its programs on hold till its licence is reviewed. The issue is that licensing boards are yet to catch up with the concept of a university fully built on MOOC philosophies. Therefore, as most CMAs have learnt in their studies, whilst there are significant advantages in being a “First Mover”; there are disadvantages as well, as often new regulation has to be devised. The second mover has fewer costs, as the first mover has paved the way.
So keep your eyes on this space.
Professor Janek Ratnatunga
CEO, ICMA Australia