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Financial Management, 63 Portland Place, London W1B 1AB;

Change of the century

I have been reading CIMA's magazine for over 50 years and never has there been such a major change as in the new issue. It is truly a magnificent step into the 21st century. You and your staff deserve congratulations.
William H Hill

Top performers

I read your article on the arts sector with interest ("Arts nouveau", FM, September). Common perceptions that the performing arts are extravagant luxuries and elitist are not supported by the facts -- 20 per cent of the seats at the Royal Opera House (ROH), 50 per cent of those at the English National Opera (ENO), and 100 per cent of the seats at a Rambert Dance Company performance cost less than a seat at a premier league football match.

More people attend the ROH or the ENO in a year than watch some premier league football clubs at home in a season. And, while salaries of many footballers are over 1,000 [pounds sterling] a week, many in the arts are employed only for part of a year, at barely more than the minimum wage.

The arts is a major employer and brings in 2 billion [pounds sterling] from tourism annually -- far more than the state funding required to support it. Most importantly, the way in which the arts enrich our life is a performance indicator too valuable to measure.
Geoff Hunt BSc FCMA
Director of finance and administration,
Rambert Dance Company

Qualified disapproval

I interpret the response of Mike Jeans to the question of whether the word "accountant" could be dropped from the institute's name, (Letters, FM, October) as an admission that the name CIMA is changing.

I studied to pass professional chartered accounting examinations, not an MBA. I have a degree in accountancy, but that's not the same as a chartered accountancy qualification. I also know several MBAs and have studied the syllabus, and the qualification is not of the same quality. Why should we devalue a respected professional accounting qualification by dropping "accountant" from the name?

I am sure that other professions would not give us the same respect if we become "financial managers". How often do CIMAs develop balanced scorecards, compared with the number of times they advise on accounting policy and interpretation of accounts? And what will the new CIMA status be? Will we be the "new" university peripheralised by the "proper" universities?

Mike Jeans asks whether the name matters and hopes people see CIMA as a body of professional financial managers. I hope that potential students see CIMA as both professional financial managers and as professional accountants. I am a chartered management accountant and that's why I was employed.
Steve Aitken

North Atlantic drift

Ray Barrington's letter about my confusing the issue (FM, October) exposes a different use of words. I use British English, in which financial management and accounting are subsets of management accountancy, which is a subset of accountancy. That is why we have accounting standards, but the ICAEW journal is Accountancy.

Unfortunately, the US word for accountancy is accounting, which confuses matters. This was made worse when the then ICMA adopted the terminology of the NAA in America so we could join forces in IFAC (so our magazine was called Management Accounting). Meanwhile the president talks about our twin pillars being management and accounting but, according to our charter, they are management and accountancy.
David Allen


I have just received the second new-look CIMA magazine and I am even more disappointed than when I received the first one. It is a sad departure from the well-appreciated formula of Management Accounting. I have been a student and then member of CIMA for nearly 30 years, and I found at least one article of practical value in nearly every issue of Management Accounting. The last two issues contained none.

I would like to see a blend of the old Management Accounting and journals such as Harvard Business Review and Sloan, in which technical content is as much an underlying force as wide breadth of practical business topics covered.
Sarath Amukotuwa

Global trend-setter

The new Financial Management is a very welcome change. The new look is a job well done. Congratulations. A review of global trends would confirm that changes must be incorporated at regular intervals to stay ahead of the others. CIMA's magazine has always been a trend-setter. Apart from the appealing presentation, the magazine's material has improved tremendously. Keep up the good work.
Samantha De Silva
ACMA Saudi Arabia

Light, but not fantastic

Unlike some of my fellow members, I decided to wait until the second edition of Financial Management appeared before I made any comments on the new name and style. The latest edition confirms my earlier views -- light, fluffy and totally without substance. Probably the worst professional journal I have flicked through.
David Cafferty
ACMA, chair, CIMA Fraud and Risk
Management Group

News and improved

Thank you very much for Financial Management, particularly for the news items on e-commerce and software management. The magazine is extremely informative and I read every page. I receive many professional journals and Financial Management is one of the best I have ever come across.
Fawwad-uz-Zafar Siddiqi
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Publication:Financial Management (UK)
Article Type:Brief Article
Date:Nov 1, 2000
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