For most college graduates, passing the challenging licensure exam that marks them as qualified professionals is a key goal. While simply passing or even ranking in the top 10 is impressive, imagine not only passing but achieving the top score worldwide!
Shannen Jagwani, an alumna of the UST-Alfredo M. Velayo College of Accountancy at the University of Santo Tomas (UST), accomplished exactly that by securing the “highest global score” in the certified management accounting (CMA) exams for the May-June 2023 cycle.
Photo courtesy: The Varsitarian website (UST’s official student publication)
As reported by “The Varsitarian,” UST’s official student publication, in an article by Hannah Joyce V. Andaya on October 5, 2023, this certification is internationally recognized for management accountants. Shannen, who graduated cum laude from UST in 2022, shared in an interview her strong belief that excelling in the CMA exam will open doors not only for her but for other passers, providing chances to deepen their expertise and apply their skills both in the Philippines and abroad.
For her remarkable performance, Jagwani was honored with the Priscilla S. Payne Award for Outstanding Student Achievement. Additionally, she passed the Certified Public Accountant (CPA) licensure exam in October 2022.
Unlike the CPA exams regulated locally by the Philippine Regulation Commission, the CMA certification is recognized globally, allowing successful candidates to pursue accounting careers internationally. According to reports, the CMA exam results are not publicly disclosed.
Photo courtesy: Francia Denise M. Arizabal/The Varsitarian
The Institute of Management Accountants, which represents over 140,000 accountants worldwide, oversees the CMA exams, which took place on May 22 and June 20 at Ateneo de Manila University for Philippine-based candidates.
The CMA exams consist of two parts and have a 50-percent passing rate globally.
It evaluates examinees based on 12 competencies, according to The Varsitarian’s website:
- External financial reporting decisions
- Planning, budgeting, and forecasting
- Performance management
- Cost management
- Internal controls
- Technology and analytics
- Financial statement analysis
- Corporate finance
- Decision analysis
- Risk management
- Investment decisions
- Professional ethics
Congratulations, Shannen! You bring immense pride not only to your family and alma mater but to the entire Philippines!
