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imran Hasnain
Junior

United Arab Emirates
86 Posts

Posted - Jan 11 2009 :  11:10:48 AM  Show Profile
Respectable friend,

Can you tell me what is the recognition of CPA from Institute of Certified Public Accountants of Pakistan.

Warm regards,

Imran Hasnain
00971-50-2213250

mroneflower
Senior

United Kingdom
310 Posts

Posted - Jan 11 2009 :  3:25:52 PM  Show Profile
CPA is not recignised in Pakistan.

Khalid
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faizee
Junior

Pakistan
50 Posts

Posted - Jan 12 2009 :  12:53:10 PM  Show Profile
i think khalid has gone mad.

dear imran,
CPA is recongnised in pakistan.The Institute of Certified Public Accountants of Pakistan (ICPAP) has established close networking relationship with leading educational institutions and professional bodies across the world. The Institute of Certified Public Accountants of Pakistan has reciprocal arrangements with Institute of Financial Consultants (IFC) Vancouver, Canada and Institute of Accounting Technician (IAT), Canada. Further, International Research Association, UK has allowed exemption in Level I and Level II of their LIFA support program to our qualified members.


Although chartered in USA and Canada, The Institute of Financial Consultants (IFC) and Institute of Accounting Technician (IAT), are International Professional Organizations with members throughout the world.

If you want further information don't hasitate to contact me.
regards,
Faizan
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Rashid Sohail
Unregistered Trainee

Pakistan
1 Posts

Posted - Jan 19 2009 :  3:44:25 PM  Show Profile
quote:
Originally posted by faizee

i think khalid has gone mad.

dear imran,
CPA is recongnised in pakistan.The Institute of Certified Public Accountants of Pakistan (ICPAP) has established close networking relationship with leading educational institutions and professional bodies across the world. The Institute of Certified Public Accountants of Pakistan has reciprocal arrangements with Institute of Financial Consultants (IFC) Vancouver, Canada and Institute of Accounting Technician (IAT), Canada. Further, International Research Association, UK has allowed exemption in Level I and Level II of their LIFA support program to our qualified members.


Although chartered in USA and Canada, The Institute of Financial Consultants (IFC) and Institute of Accounting Technician (IAT), are International Professional Organizations with members throughout the world.

If you want further information don't hasitate to contact me.
regards,
Faizan

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Pracs
Partner

United Kingdom
1542 Posts

Posted - Jan 20 2009 :  03:26:14 AM  Show Profile  Send Pracs an ICQ Message
quote:
Originally posted by faizee

i think khalid has gone mad.

dear imran,
CPA is recongnised in pakistan.The Institute of Certified Public Accountants of Pakistan (ICPAP) has established close networking relationship with leading educational institutions and professional bodies across the world. The Institute of Certified Public Accountants of Pakistan has reciprocal arrangements with Institute of Financial Consultants (IFC) Vancouver, Canada and Institute of Accounting Technician (IAT), Canada. Further, International Research Association, UK has allowed exemption in Level I and Level II of their LIFA support program to our qualified members.


Although chartered in USA and Canada, The Institute of Financial Consultants (IFC) and Institute of Accounting Technician (IAT), are International Professional Organizations with members throughout the world.

If you want further information don't hasitate to contact me.
regards,
Faizan



Sorry to spoil this for you, but none of the above institutes you mention above have any credibility . IFC gives (or atleast gave out) reciprocal membership to any one with a degree, and LIFA keeps sending me email on a regular basis exempting me of level 1 and 2, despite the fact that I have never applied to them (and every email says its my last time to avail this.)

None of the above are IFAC members/associate/affiliates:

http://web.ifac.org/about/member-bodies

You'd expect atleast ICPAP and IAT to be associated with IFAC.

Let us know if ICPAP has any recognition with HEC or another regulator ?
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faizee
Junior

Pakistan
50 Posts

Posted - Jan 20 2009 :  04:02:10 AM  Show Profile
dear pracs
i have already contancted the secretary general of ICPAP and there is a institute for CPA in Pakistan if you don't beleive then go to islamabad and see there office,w think you will satisfied.
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Toronto_Boy
Manager

Canada
676 Posts

Posted - Jan 20 2009 :  10:08:57 AM  Show Profile
Dear Faizee and other students

I second to Pracs above post. I would not suggest to waste your time, money and energies on this ICPAP thing. New institutes are good, but don't be victim of unreputed organizations/ associations. Sorry, but Canadian and US associations you are naming, even have minimal recognition.

Its very important to understand that every association/institute that is linked with USA/ Canada, does not have much repute. There are many associations which only exist on paper or two rooms office.

Purpose of my post is just to save you guys from remorse later. Go for already tested education/association.

Regards

Edited by - Toronto_Boy on Jan 21 2009 10:24:34 AM
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Pracs
Partner

United Kingdom
1542 Posts

Posted - Jan 21 2009 :  01:52:21 AM  Show Profile  Send Pracs an ICQ Message
quote:
Originally posted by faizee

dear pracs
i have already contancted the secretary general of ICPAP and there is a institute for CPA in Pakistan if you don't beleive then go to islamabad and see there office,w think you will satisfied.



Ofcourse they will have an office and may have a good course outline also, but unless they are recognised by an authority, its of no value. Just because they are connected to American or Canadian associations does not guarantee authenticity. Let, me give you an example, Punjab Uni is the oldest in Pakistan, some constituent colleges may have the lowest teaching standards and/or outdated syllabi but the degree is recognised (both in Pakistan and overseas) compared to say xyz business college (good campus, perhaps better syllabi and teachers but no recognition, ie HEC does not recognise it). Which one would you go for?

Ofcourse, the decision is yours.
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kamranACA
Partner

Pakistan
2499 Posts

Posted - Jan 21 2009 :  1:14:19 PM  Show Profile
Dears,

The suggestions given by Pracs and Tronto_boy are in fact of great importance.

There are almost 6 or 7 professional institutes/bodies in Pakistan. However, unlike ICAP and ICMAP all others are not that recognized and in my personal view carry no worth for the students to make a good career.

ICPAP is also an association not for profit registered as a company under section 42 of the Companies Ordinance, 1984 and its qualification has not so far been recognised by HEC. Further, it has no representation at bodies like SAFA and IFAC. I, unfortunately, never saw a single person any where working with this CPA during my whole career and I, being in profession, believe this CPA requires much effort and time to bring some worth for its members AND off course this may come out to be merely a hope.

I wish people to start their career with prudent decision.

Regards,


KAMRAN.

Edited by - kamranACA on Jan 21 2009 1:19:32 PM
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imran Hasnain
Junior

United Arab Emirates
86 Posts

Posted - Feb 07 2009 :  11:22:59 AM  Show Profile
I heard that the CPA qulification is recognized by the ministery of education and ministery of foreign affairs of paksitan.is it true
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kamranACA
Partner

Pakistan
2499 Posts

Posted - Feb 07 2009 :  12:22:43 PM  Show Profile
Dear,

It must be asked from the ministeries.

Might you guys have heard that HEC has gone almost insolvent due to severe financial crunch with relevant ministeries of the federal govt? I saw it in news papers.


KAMRAN.

Edited by - kamranACA on Feb 07 2009 12:25:26 PM
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Pracs
Partner

United Kingdom
1542 Posts

Posted - Feb 08 2009 :  5:11:02 PM  Show Profile  Send Pracs an ICQ Message
quote:
Originally posted by kamranACA

Dear,

It must be asked from the ministeries.

Might you guys have heard that HEC has gone almost insolvent due to severe financial crunch with relevant ministeries of the federal govt? I saw it in news papers.


KAMRAN.



That's a shame, they did some real nice work, perhaps the government should wake up from its deep slumber and do some thing, or will it let it run down the drain like other institutions.

So, first the scholarships got chopped of (including some that were already sanctioned) and now this Alas. Sorry didn't want to make it 'political' at all
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Pracs
Partner

United Kingdom
1542 Posts

Posted - Feb 08 2009 :  5:16:03 PM  Show Profile  Send Pracs an ICQ Message
quote:
Originally posted by imran Hasnain

I heard that the CPA qulification is recognized by the ministery of education and ministery of foreign affairs of paksitan.is it true



Imran, I may sound conservative here, but the question to be asked is if its not an IFAC member/associate its has got no worth whatsoever. Merely being recognised by a certain ministry does nothing for me atleast. If the HEC does not recognise it (or is not in the process of doing so) the qualification will not even have any academic standings !!
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hasnain0099
Unregistered Trainee

Pakistan
14 Posts

Posted - Apr 13 2009 :  10:26:55 AM  Show Profile
ICPAP though at the moment is a new one in pakistan by they have told me by mail that they are seeking IFAC membership and by the end of this year they will get it futhermore it offers other benifits as well like CFC (regd) membership CAT uk membership and CFA membership of ICFAP and stright through ICSP membership.ICPAP members are also exempted in CIA part4 exam nice things
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hasnain0099
Unregistered Trainee

Pakistan
14 Posts

Posted - Apr 13 2009 :  10:36:14 AM  Show Profile
quote:
Originally posted by faizee

dear pracs
i have already contancted the secretary general of ICPAP and there is a institute for CPA in Pakistan if you don't beleive then go to islamabad and see there office,w think you will satisfied.


Dear Sir,
as regard to CFC by IFC canada
quote:
Certified Financial Consultants can be drawn from a surprisingly wide range of professions, writes KS Lau

Another financial planning credential that can be attained in Hong Kong is that of Certified Financial Consultant (CFC). A relatively new designation for financial consultants and financial planners, it provides more flexibility and another choice for financial planning practitioners aspiring to earn a recognised qualification.

The designation of CFC is awarded by the Institute of Financial Consultants (IFC), a non-profit-making professional body based in Canada and the United States and registered with the National Certification Commission, USA. The institute is multidisciplinary, drawing its members from the related but separate fields of accountancy, insurance, law, funds management, tax and pensions.

The Institute of Financial Consultants - Hong Kong Branch (IFC-HK) is authorised by the IFC to advocate the CFC designation in Hong Kong. In addition, the Hong Kong University of Science and Technology (HKUST)'s College of Lifelong Learning (CL3) offers a Diploma in Professional Financial Consulting. This new programme can be completed on an intensive, part-time basis over six months. Its integrated approach enables people interested in entering a personal financial consulting and planning career to learn about contemporary finance theories, personal financial planning techniques and investment management. Graduates are also eligible to take the CFC certification examination.



Membership structure

The IFC offers two types of membership: regular and certified. Regular membership (MIFC) is provided for financial planning or consulting practitioners. The minimum entry requirements include a HKCEE certificate, over one year's practical experience in related fields and employment in a responsible financial consulting position. Apart from receiving a regular journal, regular members are entitled to use the designation MIFC.

Certified membership (CFC) is only attained by examination. In order to qualify, candidates must be full HKCEE certificate-holders. They must also possess a minimum of three years' financial consulting experience and hold a responsible position in the financial consulting industry. Finally, they must pass their certification examinations, consisting of two three-hour multiple-choice exams. The first requires the knowledge of financial statements' interpretation and analysis and practical corporate finance, while the second examines the candidate's preparedness in personal financial planning and consulting as well as investment and risk management.

Candidates do not need to pass both modules in one sitting and any pass can be retained as a credit. In addition, professionals with recognised designations are exempt from the first exam (Module 1). These include:


AHKSA/ FHKSA - Member of the Hong Kong Society of Accountants
CGA - Canadian Certified General Accountant
CMA - Certified Management Accountant (US, Canada and Australia)
CFPCM - Certified Financial PlannerCM
FCII - Fellow of the Chartered Insurance Institute (UK)
ANZIIF - Fellow of the Australian and NZ Institute of Insurance & Finance
FSA - Fellow of the Society of Actuaries
CLU - Chartered Life Underwriter (US)


K S Lau, MSc, MBA, FCCA, FCPA, CFE. An accountant by profession, Mr Lau is specialised in corporate governance and management development. He is also the co-author of Q&A: Financial Planning Exams, a popular course book preparing students for financial planning examinations. For any enquiries regarding the article, you can contact Mr Lau on
E-mail: academia@newsgroup.com.hk






Taken from Career Times 3 October 2003
Your comments are welcome at editor@careertimes.com.hk


quote:


CFC-Certified Financial Consultant-Offered by the Institute of Financial Consultants--An International Organization not based in the USA. Must Meet Education and Experience and Testing and Ethics.

Meet requirements of experience, study, education, focus on finance, financial analysis, investment management, estate planning, and banking. Highly regarded at an international level. Sort of the international financial planner designation.



CFC-Certified Financial Consultant--Here is a another one from the Institute of Financial Consultants.

Try "CFC & Institute of Financial Consultants"

Meet requirements of experience, study, education, focus on finance and banking. Excellent organization that requires diverse knowledge of investments, tax, banking, financial planning, finance, insurance and retirement, and estate planning. This credential is for investment advisors, officers, trust and banking officers, financial advisors, financial counselors, financial managers etc. You can earn the CFC along with the MIFC designation. http://www.financial-designations.8m.com/


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hasnain0099
Unregistered Trainee

Pakistan
14 Posts

Posted - Apr 13 2009 :  10:40:38 AM  Show Profile
quote:
The Institute of Financial Consultants (IFC) is an international professional organization chartered in the United States and Canada. The Institute has 8,500 members in more than 17 countries to date.


IFC offers an educational program leading to the designation of Certified Financial Consultant (CFC) issued to qualified graduates. The Institute is multidisciplinary, drawing its members from the related but separate fields of accountancy, insurance, law, funds management, tax and pensions. The Institute is forging a "new" profession that adopts the best features from these related professions and encourages the development of members’ qualifications as financial consultants on the basis of their current professional qualifications.

Financial consultants provide advice to clients in a wide variety of situations from the financial planner advising individual clients on investments to those working as corporate financial officer, portfolio manager, security analyst and investment banker in organizations as diverse as brokerage firms, mutual funds, banks, trust companies, corporate finance departments, insurance companies and other financial management firms.

IFC aims to ensure its members provide competent, ethical and objective financial advice. This is to the advantage of clients and employers, the profession and individual members of the Institute.


VISION

The vision of IFC is to be the global leader in educating and certifying financial consultants.




MISSION

The mission of IFC is to provide education and certification for financial consultants so that members qualified to use the designation Certified Financial Consultant are recognized internationally as trusted financial advisors.


The objectives of IFC are to:

offer thorough and accessible educational programs for professionals anywhere in the world to qualify as competent financial consultants.
issue the designation of Certified Financial Consultant (CFC) to qualified graduates of the education program.
ensure each member adheres to the Institute’s code of ethics.
grow public respect for, and confidence in, the profession of financial consulting.
gather and circulate current information relevant to financial consulting to Institute members.
encourage and provide opportunity for Institute members from all countries to share their knowledge and experience in financial consulting.
promote and enhance professional and career opportunities for Institute members throughout the world by maintaining the high standards of the Certified Financial Consultant designation.

MEMBERS

The Institute accepts as members individuals who have a minimum of one year of experience in financial management. Members are entitled to use the designation MIFC (Member, Institute of Financial Consultants). The Institute issues a Certificate of Membership annually to members in good standing.

Members who successfully complete the Institute’s educational program and acquire three years of experience in financial management are granted the right to use the internationally respected designation CFC (Certified Financial Consultant). The Institute issues a Certificate of Graduate Membership to members who complete all the requirements.

IFC is committed to the highest professional competence and ethical standards for the financial consulting profession. Members of the Institute must at all times comply with the content and spirit of the Institute’s Code of Ethics.

Both the Certificate of Membership and the Certificate of Graduate Membership remain the property of the Institute and shall be returned upon demand. A member may withdraw from the Institute at any time by writing to the Institute’s Board of Directors and returning the Certificates of Membership and of Graduate Membership.

Membership Benefits
There are many benefits to membership in the Institute of Financial Consultants Canada:

access to the educational program leading to the CFC designation.
the privilege of using the internationally respected CFC designation.
ongoing information on issues and trends in the field of financial consulting.
networking and information-sharing with members from around the world through the Institute’s Web site.
support from the Institute for the highest professional and ethical standards for the profession of financial consulting.
subscription to the informative bimonthly newsletter The Folio.

CODE OF ETHICS

Members have a professional obligation to clients, prospects, employers, employees, the general public and other members to act competently and ethically at all times. Members are expected to comply with the content and the spirit of the Code of Ethics in order to fulfill this professional obligation. This obligation extends to employees and others who are supervised by the member. The Institute’s Board of Directors reserves the right to discipline members who do not comply with the Code, and may terminate membership and the privilege of using the CFC designation for breaches of the Code.

Competence

Members shall:

keep themselves informed of all relevant laws, regulations and professional codes
keep themselves informed of all relevant professional knowledge relating to their financial consulting practice
take on only those assignments for which they have the necessary knowledge and skills to perform competently
inform the client (or employer), where they discover they do not have the necessary knowledge and/or skills to perform competently on an assignment, and assist the client (or employer) to find the services of a professional who has the necessary knowledge and skills
base all recommendations and advice to clients on the thorough and diligent research and analysis expected of a professional financial consultant serving the best interests of the client
ensure they understand the circumstances and needs of clients so they can best meet their needs.
Integrity

Members shall:

not knowingly participate in, assist or ignore violations by a client of relevant laws, regulations and professional codes
not misrepresent their credentials, their qualifications to perform services or any other information provided to clients, prospects or employers
not act (including failure to act) in any manner that discredits the professional image of a financial consultant as a "trusted advisor"
refuse any gift, favor or other benefit that could influence, or be seen to influence, the member to act against the client’s best interests or against this Code of Ethics
comply with all relevant laws, regulations and professional codes
determine their fiduciary duty of care to each client and comply fully with that duty
make reasonable effort to avoid all conflicts of interest, immediately declare any conflict of interest to clients, seek legal advice or the advice of the Institute if necessary, and take the required action to resolve the conflict
inform clients (or employers) of their professional obligation to comply with this Code of Ethics and any other such code
charge clients fair and reasonable fees that are agreed upon in writing before work begins, and inform the client at once if any additional financial benefit is realized by the member in the course of the assignment
encourage other financial consultants to comply with this Code.
Objectivity

Members shall:

avoid any circumstance that may keep them from acting objectively and independently in the best interests of the client
disclose to clients all information that will enable clients to determine when recommendations and advice are based on fact and when on opinion, and generally to enable clients to understand the underlying rationales.
Confidentiality

Members shall:

not disclose confidential information of clients unless legally required to do so by relevant laws and regulations and/or due to illegal activity
not use confidential information of clients for personal gain or for the benefit of anyone other than the client.

CERTIFIED FINANCIAL CONSULTANT PROGRAM

The CFC curriculum is an applied, self-study program to provide candidates with the knowledge and skills required for financial management and consulting and with the ability to apply that knowledge in real-life financial management situations. The CFC examinations are rigorous tests of the candidate’s understanding of the course content and of the candidate’s ability to apply that knowledge.

Members who complete the CFC curriculum, pass the examinations are eligible to receive the Advanced Diploma in International Financial Consulting (ADipFC) from the Canadian School of Management and after acquiring three years of financial management experience are eligible to receive and use the Institute’s internationally respected designation as a Certified Financial Consultant (CFC). The Advanced Diploma carries advanced standing for up to 15 transfer credits to different MBA universities overseas such as Herriot Watt University, University of New England, City University of Washington and University of Queensland. The Institute issues this designation by means of the Certificate of Graduate Membership.http://www.ifcphilippines.com/


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imran Hasnain
Junior

United Arab Emirates
86 Posts

Posted - Jun 13 2009 :  09:51:55 AM  Show Profile
What is the worth of CPA from ICPAP if ministry of foreign affairs is attesting the degrees of ICPAP and the embassies of other coutnries and theis ministris of foreign affairs are attesting the qualification of ICPAP
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hasnain0099
Unregistered Trainee

Pakistan
14 Posts

Posted - Jul 01 2009 :  04:37:14 AM  Show Profile
please elborate futher what do you want to say
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cowlas
Unregistered Trainee

United Arab Emirates
1 Posts

Posted - Aug 28 2009 :  12:24:16 AM  Show Profile  Send cowlas a Yahoo! Message
I think having read all your suggestions,advices and concerns well well lot of people do agree with me that institute like CIMA(Chartered institute of management accountant-Pakistan) and PIPFA in the begining just launched their programs in one block or we can say in a room and they build what we see now taking years to get in the list of IFAC so things are taking times and sooner ICPAP and CFC will be recognized one
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