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Education and IIMs — a finance and accounting professional’s perspective
Education and IIMs — a finance and accounting professional’s perspective

November 27, 2019

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IIMs are autonomous institutes under the aegis of the HRD ministry of Govt of India. They are aided financially by the HRD ministry; however, they are fairly autonomous in their administrative and academic conduction. They can also partner with academic partners to develop their courses for students according to their requirements.

They are recognized globally. While IIM Bangalore was the first to award an MBA degree, IIM Lucknow and IIM Ranchi offer post-graduate diploma, fellowship and executive programs in management to its students.

The institute has tie-ups with 24 leading B-schools across the world for student exchange. Several b-competitions, cultural and sports events are organized by various clubs, academic interest groups, and committees throughout the year.

The management programs of IIM Lucknow are accredited by the London-based AMBA association. The Association of MBAs (AMBA) is a global organization founded in 1967 which focuses primarily on international business school accreditation and membership.

The admission for the two years PGP and fellowship programs is done through Common Admission Test (CAT), while the GMAT score is used for International Programme in Management for Executives, a one-year full-time residential program equivalent to an MBA program.

Faculty at the Indian Institute of Management in Lucknow is top-notch; they are a healthy combination of academicians and industry experts. The board at IIM-L consists of people representing the industry. The faculty is also well-known for presenting papers nationally and internationally. The library too is elaborate with a handsome collection of books and journals. All these and more help IIM-Lucknow to be ranked number FOUR for the management category in the NIRF (National Institutional Ranking Framework) which is a government body.

The institute is like the other top IIMs renowned for its excellent placement track record. Getting a seat here is considered tougher than some of the better-known colleges worldwide. Unless one gets in the top few percentiles of the CAT exam, there are few chances of getting in. Besides, sectional scores and records are also under scrutiny. Post the shortlisting based on CAT, there is the equally rigorous WAT & PI process. Due to such rigorous selection procedures, IIM-L has seen several top business leaders as a part of their alumni list.

It is imperative that the current and future business leaders to be prepared for a Digital Economy to leverage Data, Technology and Domain Knowledge for Business Growth and Effectiveness. This is especially true for Finance and Accounting Professionals.

IIM- L and Wiley have come together, in collaboration with Miles Education for 2 unique programs for finance and accounting professionals. You can now earn the IIM Lucknow MDB Alumnus status with programs in

· Business & Data Analytics

· Analytics for Finance & Accounting Professionals

As a thumb rule, Indian B-schools enroll a lot of fresh out of college candidates. However, they have a rigorous selection process that begins with the CAT score preceded by a WAT and lastly, a PI. Work experience is one of the criteria where some weightage is given but it is not mandatory for candidates.

However, if you are applying at IIM-Lucknow for their executive education program for a) Business and Data Analytics OR b) Analytics for Finance & Accounting Professionals, then the following criteria must be met…

· For professionals with 2+ years’ experience (or qualified CA/CPA/CMA): Recommended WCBA for program eligibility

· For fresh graduates (without a professional qualification): Recommended CMA/CPA + WCBA for program eligibility

In Conclusion…

Driven by technology and modernization, almost every industry is at the edge of the next level of evolution. Like every other field, technology has crept into the field of finance and accounting too. A successful finance team plays a crucial role in enabling the growth of any business and wealth generation in general. Data analytics has almost become synonymous to the accounting careers now plus it is also true that accountants make the best of data scientists, exclusively because of their technical skills.

New age professionals, especially in the F&A field should be aware of the following skills and data analytics is a major part.

What’s in it for the candidate?

· Status of an IIM Alumnus

· Combined knowledge of IIM and Wiley in the field of Data Analytics

· Gaining a competitive edge over peers


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