Abdul Sheikh Receives Outstanding Accounting Professional MBA Award

 

Abdul Ghani Sheikh

Dr. Andrew Bargerstock and Abdul Sheikh

In May 2015, program director Andy Bargerstock presented the award for the most outstanding Accounting Professionals MBA graduate to Abdul Ghani Sheikh. This is not the first time Sheik has received an award while at MUM. In August 2011, he participated on the Baldwin Team, the first team at MUM to place first in the Capsim Foundation Simulation—an online business simulation.

Winning Capsim Team 2011

Sheikh sees his achievements as being a good role model for his four children. “It doesn’t matter how old I am, I came back to school, achieved my goals. If Dad is going to school and achieving, then they are inspired to do it, too.” Sheikh’s daughter, Saadia, graduated with a B.A. degree with honors this Spring soon after Sheikh received his MBA degree. His son enters the NASA high school competition every year–and

Saadia Sheikh

his team usually ranks high, too. Sheikh acknowledges the sacrifices his wife and children have made so that he could come to MUM, and stays in contact with them every day on Skype and by phone.

Sheikh searched for a long time for the right master’s program in business before he found the MBA for Accounting Professionals program at MUM. He feels that the block system, taking one subject at a time, is a more effective way to learn, and that having healthy, organic, vegetarian food, also plays a role in the learning process, as well as the TM program. “The professors and staff deserve big credit” Sheikh says, for being helpful, friendly, and “like family.” As 90% of students come from out of town, the family-like campus creates a “peaceful environment and develops peaceful minds” which helps build success for students.

Sheikh approaches each task at work as a challenge and applies many innovative ideas. He worked on a school board of education in California, at the United Nations, and at Unicef, and this has broadened his vision and added valuable skills. Sheikh is currently employed as a staff accountant for the Maharishi Foundation in Fairfield, Iowa.

Religion is also important to Sheikh, “Any religion must be practiced or it doesn’t give benefit. If we want to achieve world peace, then everyone should practice their religion. The message is the same in all religions.”

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Lean Accounting Article Accepted by IMA

An article written by MBA faculty members Dr. Andrew Bargerstock and Ye Shi has received favorable review for publication in an upcoming issue of Strategic Finance, the monthly peer-reviewed journal of the Institute for Management Accountants (IMA).

The article entitled, “Leaning Away from Standard Costing? – Reconciling Lean Accounting Theory and Practice,” examines an inconsistency in Lean accounting theory and practice related to use of standard costing in US manufacturing enterprises that utilize Toyota-style process improvement techniques.

As much of the Lean Accounting literature suggests, when Lean manufacturing is properly implemented, standard costing becomes another form of waste because variance analysis is replaced by work cell metrics that are considered to be superior methods for production control. Yet, both field reports and a 2013 research study conducted by Manjunath Rao at Maharishi University of Management indicate that the majority of mature lean manufacturers continue to utilize standard costing and variance analysis. This article sheds new light on possible reasons for this dichotomy including lack of knowledge about lean accounting, deeply entrenched institutional histories of standard costing, and inertia sustained by legacy enterprise resource planning systems.

This publication continues a pattern of recognition for MUM in the research field of lean accounting through the IMA and annual Lean Accounting Summit. Dr. Andrew Bargerstock was awarded Excellence in Lean Accounting Professor in 2009. Dr. Manjunath Rao was chosen as the Lean Accounting Student of the Year in 2011 for his PhD dissertation research that was partially funded by IMA. Ye Shi was honored as the Lean Accounting Student of the Year in 2013 for her work in teaching and writing case studies while pursuing her PhD. In 2011 and 2013, Dr. Bargerstock and Dr. Manjunath Rao published articles in Management Accounting Quarterly on the lean accounting research conducted at MUM.

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Two MBA Teams from MUM Finish Top 15% in Simulation

 Class of March 2015

Dr. Andrew Bargerstock, Director of MBA Programs at Maharishi University of Management (MUM) in Fairfield, Iowa, announced that both MBA teams from MUM finished in the Top 15% of 68 graduate-level teams who participated recently in an online business decision-making simulation. The teams finished in 95th and 88th percentiles.

The CAPSIM Foundation Simulation is a continuous event available on-line where participant teams earn points for optimizing a set of both short-term and long-term performance metrics.  A team’s final score is the basis for comparison to other teams. Through the Foundation Simulation, students gain the opportunity to practice integrated decision-making in a manufacturing sector across a wide range of management functions, e.g., product design, sales forecasting, inventory management, operations management, human resources, finance, and quality management.

According to Dr. Bargerstock, in whose class the MBA Accounting event took place over a four- week period in March, “The simulation provides an opportunity for students to practice teamwork behaviors such as collaboration, negotiation, and consensus-building.  In addition, the groups think and act both strategically and tactically in a dynamically changing competitive environment.  We feel it is critical for MBAs who possess keen technical skills, to also practice higher-level executive behaviors.  The Capsim results speak well about the readiness of our MBAs for the professional workplace.”

Organized in groups of 3-5 students for this simulation, MUM’s MBAs have finished #1 in the world in 2011, 2013, and 2014.  Over the past four years, 18 of 19 MUM teams have finished in the Top 15th percentile in the graduate level competition.  Looking back to the six-month period ending March 17, 2015 with 68 eligible MBA teams, Capsim Client Relations Consultant, Anthony Illuzzi, confirms that MUM’s Andrews Team finished at the 95th percentile and the Baldwin Team finished in 88th percentile.

According to Dr. Bargerstock, MBA schools shown in Top 10th percentile reports during the Foundation Simulation included California State University, Villanova, Drexel, Alfred Laurier University, and University of Houston. A full list of participant universities is not published by Chicago-based CAPSIM, the nation’s leading provider of business simulations.

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Alumni Profile: Ganesh Baniya 2012

Ganesh Baniya, MBA, CPA, CMA

Ganesh Baniya, Accounting Manager at The Washington Post in Washington, DC, graduated with his MBA from MUM in May of 2012 with a GPA of 3.99.  While a student in the MBA Accounting Program, Ganesh passed all parts of the Certified Management Accounting Exam, and his Capsim Foundation Simulation team finished #1 in an international business competition against more than 100 MBA teams.  At graduation ceremonies in 2012, Ganesh was named Most Outstanding MBA Accounting Professional.

Prior to joining MUM, Ganesh had become a CPA or equivalent in Nepal, India, and Australia, and had achieved certification as an International Financial Reporting Standards professional.  He was a top executive with one of the largest airline companies in Nepal.

Since departing MUM campus, Ganesh continues to practice Transcendental Meditation and provides financial support for MBA achievement awards.  Ganesh Baniya is married and blessed with two children.

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5 MBA Teams from MUM finish Top 15% in Simulation

#1: Han Wan (China), Ishwar Pokharel (Nepal), Naveed Abbasi (Pakistan), Eveline Kinyuy (Cameroon), Shuhui Xing (China)

Dr. Andrew Bargerstock, Director of MBA Programs at Maharishi University of Management (MUM) in Fairfield, Iowa, announced that all five MBA teams from MUM finished in the Top 15% of 101 graduate-level teams who participated recently in an online business decision-making simulation. The teams finished #1, #3, #5, #9, and #15.

The CAPSIM Foundation Simulation is a continuous event available on-line where participant teams earn points for optimizing a set of both short-term and long-term performance metrics.  A team’s final score is the basis for comparison to other teams. Through the Foundation Simulation, students gain the opportunity to practice integrated decision-making in a manufacturing industry across a wide range of management functions, e.g., product design, sales forecasting, inventory management, operations management, human resources, finance, and quality management.

#3 Chester team: Joel Dobgang (Cameroon), Robera Debelo (Ethiopia), Bharat Kurma (India), Alphonse Nchangang (Cameroon), Manish Kaur (India)

According to Dr. Bargerstock, in whose class the MBA Accounting event took place over a four- week period, “The simulation provides an opportunity for students to practice teamwork behaviors such as collaboration, negotiation, and consensus-building.  In addition, the groups think and act both strategically and tactically in a dynamically changing competitive environment.  We feel it is critical for MBAs who possess keen technical skills, to also practice higher-level executive behaviors.  The Capsim results speak well about the readiness of our MBAs for the professional workplace.”

#5 Digby team: Vandana Sambangi (India), Yodit Abtew (USA - Ethiopia), Kapil Thapa (Nepal), Benjamin Nalzaro (Philippines), Farley Go (Philippines)

Organized in groups of 4-5 students for this simulation, MUM’s MBAs have finished #1 in the world in 2011, 2013, and 2014.  Over the past four years, 15 of 17 MUM teams have finished in the Top 10th percentile in the graduate level competition.  Looking back to the six-month period ending July 23, 2014 with 101 eligible MBA teams, Capsim Client Relations Consultant, Anthony Illuzzi, confirms that MUM’s Baldwin Team finished at the 99th percentile (Rank #1), Chester Team finished at 97th (Rank #3), Digby Team at 95th (Rank 5th), Erie Team finished at 91st (Rank #9) and Andrews Team at 85th (Rank #15).

#9 Erie team: Rong Wen (China), Sophy Hok (Cambodia), Kashif Khan (Pakistan), Helen Gossa (Ethiopia), Nelson Figueroa (USA)

According to Dr. Bargerstock, MBA schools shown in Top 10th percentile reports during the Foundation Simulation included University of Maryland, Villanova University, University of Texas – Dallas, University of Indianapolis, Drexel University, SKEMA (France),  Mahidol University (Thailand) and Alfred Laurier University (Canada).   A full list of participants is not published by Chicago-based CAPSIM, the nation’s leading provider of business simulations.

#15 Andrews team: Munkhzul Altangerel, Udval Ganbat, Turbileg Erdembilegt, Nomin Dunburee, Tsevelmaa Tumurbaatar (all Mongolians)

The MBA Accounting Program at MUM is an international program for professional accountants and students who wish to become either a Certified Public Accountant and/or a Certified Management Accountant.  Curriculum includes courses in advanced Excel, SQL, Access, SPSS, and XBRL. Additionally, students learn the Transcendental Meditation (TM) technique as taught by Maharishi Mahesh Yogi, a simple mental technique that has been scientifically proven to relieve stress, enhance creativity and improve health and vitality. Some students indicated their practice of the TM technique helped them maintain broad awareness while focusing sharply on details.

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Jyoti Raj Adhikari Receives Outstanding Student Award

Jyoti receives award from Dr. Andy Bargerstock

Jyoti Raj Adhikari has always been an outstanding student. Born in Nepal, he studied accounting at JSS College, Dharwad, India, earning a bachelor of commerce degree with distinction, and was named Outstanding Student of the year. In 2014, he graduated from MUM’s Accounting Professionals MBA Program receiving the Outstanding Student Award.

After graduating from JSS College, Jyoti became a chartered accountant working in India and Nepal, and served as chief operating officer of Nepal’s second largest government financial institution. Although he was a highly trained accountant, he realized that he needed to improve his management and leadership skills in order to successfully perform his job.

Jyoti and his wife, who is also an accountant, had just learned the Transcendental Meditation® technique in Nepal and they were excited to discover that at MUM they could pursue the education they needed and be supported in their practice of the TM® technique.

Jyoti with his MBA class

“This is an MBA for professionals with all practical knowledge,” said Jyoti. “We have simulations, presentations, discussions, quizzes, and projects to do, so its pretty interesting.” Along with his MBA, Jyoti earned a postgraduate certification in lean accounting. Simultaneously, he studied for the Certified Public Accountant (CPA) exam and passed the test in 2012. He is currently working at a Fairfield accounting firm.

In his free time, Jyoti honed his public speaking and leadership skills at Toastmasters and volunteered for several officer roles. In addition, he created a website about Nepal and started doing philanthropic work to help Nepali high school children with their education.

Jyoti with his family

“Jyoti is an outstanding example of an accounting professional with solid skills who comes to America, enrolls in a skill-focused MBA at Maharishi University of Management, and rises to a high level of competency due to his commitment to both passing the CPA exam and improving his technical skills,” said Dr. Andrew Bargerstock, director of the Accounting Professionals MBA. ”I am very pleased to see his accomplishments.”

First published in Achievements magazine, June 22, 2014.

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Maharishi University of Management Wins National Ethics Case Study Award

Ye Shi and Dr. Andrew Bargerstock

Faculty members Dr. Andrew Bargerstock and Ye Shi were awarded with the Best Case Study in the 2014 Carl Menconi Ethics Competition, sponsored by the Institute of Management Accountants (IMA).  The article about the case study will be published in the July issue of Strategic Finance, a monthly journal from IMA that focuses on professional practices in management accounting and finance.

The case developed by Bargerstock and Shi spotlights the dilemma of a fictitious Melissa Parks, an XBRL specialist at a company that manufactures large-scale water purification systems that are sold to government and private institutions, primarily in third-world countries. One day on her way to work, Parks hears a radio report about a large multinational corporation receiving a $250 million fine from the Securities & Exchange Commission (SEC) for violations of the Foreign Corrupt Practices Act, a U.S. law that forbids financial payments to foreign officials for the purpose of procuring a business contract. This prompts Parks to recall a conversation she overheard recently at work, which at once makes her suspect that her company also might be engaged in practices that violate the Act. Parks must then decide what to do with her knowledge – perhaps at the risk of her own career advancement.

“The case really looks at the ethical decision an employee must make to ‘do the right thing’ when the easiest, and most convenient, path is to do and say nothing,” explained Bargerstock.

The overall goal of the Menconi Case Competition is to develop teaching cases around ethical issues affecting management accountants and finance professionals. The IMA Statement of Ethical Professional Practice acts as a valuable resource for guiding professional action. Through the Menconi recognized cases, published by the IMA, accounting educators get the opportunity to explore with students, the path to proper action in professional accounting activities.

According to Dr. Bargerstock, Director of MUM’s MBA Programs, “In this post-Enron era, both educators and accounting professionals understand the importance of a heightened level of discussion about when and what to do when they are faced with a moral dilemma. The Menconi case studies series provides a springboard for undergraduate and graduate-level thinking about ethical behaviors for our next generation of accountants. Instructor Shi and I feel fortunate to have contributed to this dialogue.”

This accomplishment continues a pattern of recognition from the IMA for the accounting faculty and Ph.D. students at MUM. In 2009, Dr. Bargerstock was named Excellence in Lean Accounting Professor at the Lean Accounting Summit. In 2011, Manjunath Rao was named Lean Accounting Student of the Year and shortly, thereafter, he received a research grant from the IMA for his PhD dissertation research completed in 2013. Bargerstock and Rao published two articles in the IMA’s quarterly academic journal, Management Accounting Quarterly in 2011 and 2013. In October, 2013, Ye Shi was named IMA’s Lean Accounting Student of the Year for her work in teaching and writing case studies while pursuing her Ph.D. at MUM.

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MUM MBA Teams Again Place in Top 10th Percentile in Business Competition

They did it again! This year marks the fifth consecutive year that MUM’s MBA teams have placed in the top 10th percentile of the CAPSIM Foundation Business Simulation, an international online business decision-making competition.

Lin Zhu, Chunyu Guo, Jilin Wang, Lisi Li (all from China)

In March 2014, MUM’s three MBA teams placed in the top 10th percentile, finishing at the 97th, 92nd and 91 percentiles, among 179 MBA teams that participated during the six-month window ending in March 2014.  MUM’s teams consisted of 13 students from eight countries.

The Foundation Simulation results are scored based on formulas for both short-term and long-term performance metrics under the Balanced Scorecard Concept which evaluates corporate performance across four perspectives: financial results, customer satisfaction, internal business processes, and learning & growth. The total score earned by each team is the basis of comparisons to other MBA teams that participated in the simulation during the previous six months, the window of comparison offered by CAPSIM.

Habibah Anis (Pakistan), Kedir Eslaman Misbah (Ethiopia), Potu Raju Kasani (India), Bijaya Adhikari (Nepal)

Each of the eight rounds of competition requires well-integrated, executive level decisions concerning product pricing, building customer awareness, product innovation, automation of production facilities, controlled expansion of capacity, cost control, training and development of personnel, and sound financing strategies.

Based on previous experiences with his MBA teams, Professor Bargerstock credits the Capsim Foundation Simulation with providing an opportunity for students “to practice teamwork behaviors such as collaboration, negotiation, and consensus-building. The groups need to think and act both strategically and tactically,” he emphasizes, “like an executive management team in a dynamically changing environment with competitors.”

Gezahegn Alebachew Sete (Ethiopia), Jiatong Li (China), Mahdi Ghandhari Alavijeh (Iran), Xiaoyan Liu (China), Sangvat Sok (Cambodia)

The Foundation Simulation was adopted to gain third-party assessment of the value of MBA education at MUM. “Now, after four straight years of Top 10th percentile finishes,” Bargerstock reflects, “we are delighted to see a consistent pattern of results that suggests our students will be competitive in the global job market.”

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XBRL Certification Prep Course Added to MBA Program

MBA Accounting students at MUM are gaining certification in a new worldwide standard for exchanging financial and accounting information that is required by some agencies of the US government as well as governments of other countries. MUM is the first university in the world to offer XBRL certification training as an academic course.

Extensible Business Reporting Language (XBRL)

The new standard is called XBRL, or Extensible Business Reporting Language. XBRL is a formal markup language, with some similarities to computer programming, that systematically defines business facts, values, contexts, units, and more in order to exchange financial information.

A Highly Marketable Skill

According to Dr. Bargerstock, the XBRL standard is rapidly spreading worldwide. In the U.S. both the Securities Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) require that all data reported to them use XBRL.

The Netherlands has adopted XBRL as a government-wide standard of reporting accounting and financial information.

“We want our students to be on the cutting edge,” Dr. Bargerstock said. “This new system is challenging to learn, but after an accountant is certified, he or she will be highly sought after by the many large institutions who are now having to prepare their data in XBRL. This will give our students another credential that will make them attractive in the US and international job markets.”

Students, Faculty Earn Certification

XBRL International, which developed this new standard, offers web-based learning and testing to certify basic knowledge of XBRL. Dr. Bargerstock and eight of his students have earned XBRL certification.  According to XBRL International, Maharishi University of Management is the first university to offer XBRL instruction and certification training as part of the curriculum.  XBRL is offered as a one-credit course in MUM’s MBA Accounting program.

During the Fall 2013 semester, the following students became XBRL certified: Zhuo Jiang, Hailemariam Zikarge, Pradip Shrestha, Mekdes Hailekiristos, Yeabsira Tadesse, Mark Nelson, Gregory Sarplah, and Kingsley Sikot.

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Standard Costing Very Costly, New Research Shows

Lean Accounting expert, Andrew Bargerstock, PhD, Director of Maharishi University’s MBA Programs, will present new research findings that show for the first time, empirical evidence of the waste inherent in Lean manufacturing companies that still use a standard costing accounting model. His talk, “The failure of standard accounting systems in Lean companies,” will be presented this week at the local chapter of the Institute for Management Accounting (IMA) during their Fall Conference in Cedar Rapids, Iowa.

Fairfield, Iowa (PRWEB) November 12, 2013

Lean Accounting expert, Andrew Bargerstock, PhD, Director of Maharishi University’s MBA Programs, will present new research findings that show for the first time, empirical evidence of the waste inherent in Lean manufacturing companies that still use a standard costing accounting model. Lean management principles are based on the generic elements of organizational development from companies like the Toyota Motor Corporation who build long-term customer loyalty while streamlining operational processes.

Dr. Bargerstock says, “Many mature lean manufacturers continue to use standard costing when it is no longer useful. This wasteful practice costs companies millions of dollars.” Professor Bargerstock will present his findings this Thursday, November 14 at 1pm, at the regional chapter of the Institute for Management Accounting (IMA) during their Fall Conference in the Double Tree Hotel in Cedar Rapids, IA. His presentation will include a summary of the research study and a model of a three-tiered system of organizational performance metrics that drive lean innovations.

“Companies are still attached to standard costing because it is the staple of business schools emulating General Motors operational controls from the 1950s. Lean offers a new model for operational controls. Our research is the first to show that mature Lean companies who still use standard costing accounting systems are leaving money on the table,” Professor Bargerstock says.

Lean manufacturing is a sustainable, cost-saving, adaptive and highly efficient manufacturing management process originated by Toyota Motor Company in the 1980′s, and since adopted worldwide by hundreds, even thousands of manufacturers. The Lean strategy can be applied to any type of organization profit or non-profit.

Wasted money, lost profits, weaker earnings

The new research, done at Maharishi University of Management, a 4-year Iowa college of arts and sciences that integrates practice of the Transcendental Meditation® technique into its curriculum, shows that many companies using Lean manufacturing processes are not discarding standard costing, and as a result, are missing significant additional savings, losing profits and weakening the bottom line. “Companies using Lean manufacturing, but not using Lean Accounting are losing money by clinging to an antiquated costing model,” Dr Bargerstock says.

This is the first empirical study to test a prediction made by many Lean Accounting theorists, that mature lean manufacturing enterprises will discard standard costing systems. Anecdotal evidence suggested that companies may be holding onto standard costing, but no empirical study has verified the observed behavior.

In 2011 and 2013, Bargerstock and one of his PhD students, Manjunath Rao, published articles in the Management Accounting Quarterly on the research conducted at MUM. The article published in Summer 2013 MAQ is entitled, “Do Lean Implementation Initiatives Have Adequate Accounting Support?”

Dr. Bargerstock was the chair of Rao’s dissertation committee. Lean accounting experts and academics at the Institute for Management Accounting collaborated on the research. The article describes the analysis of some of the data gathered during Rao’s dissertation research. The study found that in a sample of mature lean manufacturing companies, lean accounting implementation lags behind lean operations implementation, which may give rise to inadequate accounting support in lean initiatives.

A former Fortune 500 executive and national consultant for federal and state governmental agencies and private corporations, Dr. Bargerstock was selected as the 2009 Excellence in Lean Accounting Professor by the Lean Enterprise Institute (LEI), one of the leading non-profit associations dedicated to the education and promotion of Lean Management in the country. LEI, along with the co-sponsorship of the IMA, have also recognized two of Prof. Bargerstock’s PhD students during the last three years as Lean Accounting Student of the Year.

To arrange an interview with Dr. Bargerstock, contact Paul Schaefer, Director of Marketing at MUM by cell: 719-287-6867 and email: pschaefer(at)mum(dot)edu.

See a short video of Dr. Bargerstock outlining the main points of his talk at the IMA.

Founded in 1971, Maharishi University of Management (MUM) offers Consciousness-Based℠ Education, a traditional academic curriculum enhanced with self-development programs like the Transcendental Meditation® technique. Students are encouraged to follow a more sustainable routine of study, socializing and rest without the typical college burnout. All aspects of campus life nourish the body and mind, including organic vegetarian meals served fresh daily. Located in Fairfield, Iowa, MUM is accredited by The Higher Learning Commission and offers bachelor’s, master’s, and doctoral degrees in the arts, sciences, humanities, and business. Visitors Weekends are held throughout the year. For more information, call the Admissions Office at 800-369-6480 or visit http://www.mum.edu.

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