CIPFA, the Chartered Institute of Public Finance and Accountancy, and the University of Papua New Guinea (UPNG) have signed a Memorandum of Understanding (MoU), which will for the first time offer the opportunity for its public finance graduates to become CIPFA members.
Graduates of the Bachelor of Public Finance and Accountancy (BPFA) course at UPNG will already have significant knowledge of public sector accountancy, acquired through five years of study and practical experience. The accelerated route has therefore been tailored to ensure students are equipped with complementary and comprehensive training.
The MoU will also mean that CIPFA will be working directly with the university to help improve public financial management (PFM) within the country. To achieve this, CIPFA will provide a range of training and consultancy services.
The signing of the ceremony took place at CIPFA’s head office in London with Rob Whiteman, CIPFA Chief Executive, and Vincent Malaibe, Acting Vice Chancellor, University of Papua New Guinea, in attendance.
Rob Whiteman said: “It is fantastic news that CIPFA and the University of Papua New Guinea have come together to sign this MoU. We are confident that it will reap significant benefits for public financial management in the country by boosting skills and capacity.
“We are greatly excited by the accelerated route, which is a world first for CIPFA. It will allow the Institute to welcome new members into its fold, who will bring a wealth of knowledge of international public financial management to the Institute.”
About fast-track route to CIPFA membership
The accelerated route means that, to gain CIPFA membership, graduates do not have to study for CIPFA’s examined modules. CIPFA will ensure that the curriculum and syllabus of the BPFA are consistent with the requirements of the CIPFA IPFM qualifications and membership standards. Students who successfully complete the degree course will be eligible for Affiliate membership. Graduates of the BPFA with at least five years’ experience in public financial management can become full members with the appropriate designations.
CIPFA is the professional body for people in public finance. It represents approximately 14,000 members who are public finance leaders and officials in the United Kingdom and overseas, specialising in high quality public financial management and governance for organisations in, and providing support to, government and public services. Its members work throughout the public sector, in national audit agencies, in major accountancy firms, and in other public and private sector bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications is the foundation for a career in public finance. It also champions high performance in public services, translating its experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance.
The UPNG is the first National University of the country mandated by the constitution under the University of Papua New Guinea Act 1983 to train and develop PNG’s human resources in order to contribute to national development. Its range of academic programs, research centres and training facilities, and highly qualified staff give an added advantage to provide training for capacity building purposes. School of Business and Public Policy is one of the five Schools of the University of Papua New Guinea. The Accounting Division of the School of Business and Public Policy offers Bachelor of Public Finance and Accountancy (BPFA) since 2015 among other diploma and degree programs in accounting.