Recognizing the Unique Expertise of Management Accountants Worldwide
On May 23, the AICPA governing Council unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). The credential advances the science of management accounting, while supporting and growing the U.S. CPA as the worldwide standard of professional excellence in accounting. It also recognizes the unique competencies and expertise of management accountants who are leading the world’s most successful organizations and providing employers with the best professional management accounting talent to drive sustainable business outcomes.
Credential to Launch First Quarter of 2012
Beginning in the first quarter of 2012, AICPA voting members will be automatically eligible for the credential upon verifying three years of qualifying experience. CPAs who are members of both the AICPA and their state CPA society will receive a special discounted annual fee to maintain the CGMA credential.
In addition to management accountants, the CGMA may appeal to members or CPAs working in other environments. For example, members in public accounting whose primary responsibilities are focused on the management and operations of a firm may consider pursuing this credential to highlight these specific skill sets to their clients and within their markets.
Resources and Professional Development to Support CGMAs
CGMAs worldwide will have access to relevant and timely resources, a proprietary website housing resources to help them develop management accounting competencies, collateral to promote the CGMA to their employer and a global social online network and community. To guide their professional development for continuous improvement throughout their careers, CGMAs will tap into a competency self-assessment tool. This new platform will help them understand the skill sets they need to remain relevant and valued in the rapidly changing business world and identify courses of action to meet their objectives.
Raising the Science of Management Accounting Worldwide
The AICPA and the CIMA recognize their unique responsibility to help members understand the issues and opportunities presented by the increasingly global nature of accounting and business. The CGMA credential will demonstrate members’ expertise in such areas as partnering strategically with management to make more informed decisions, helping organizations manage change, risk and uncertainty, protecting corporate assets, and promoting operational efficiency and effectiveness. Alongside their U.S. CPA designation, the CGMA credential will show their expertise as objective financial professionals contributing to the success of businesses.
Through this joint venture, the AICPA and CIMA will leverage the collective power of more than 550,000 members to advance the science of management accounting worldwide, substantially benefitting the public, members and students. The CGMA credential delivers value to those CPAs practicing in both business, industry and government and public accounting.
Started in 1919, CIMA is the largest and one of the most respected international management accounting professional associations, representing more than 183,000 members and students in 168 countries. CIMA’s curriculum prepares students and professionals in the business, industry, government and not-for-profit arenas for two accounting credential programs.
CIMA has created strong relationships with employers, universities and high-school level academies and maintains strong visibility in countries, such as the UK and Ireland, India, China, South Africa and Australia. With its commitment to upholding the highest ethical and professional standards, and to ensuring public confidence in management accounting, CIMA is the AICPA’s ideal partner in the CGMA.
To Learn More
For more information about the CGMA and what it means for the profession, we invite you to view this video of AICPA President & CEO, Barry Melancon discussing the new credential and joint venture and read the press release.