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New York (Jan. 31, 2013) – The Chartered Global Management Accountant (CGMA) designation has become the most prominent management accounting credential in the U.S., with 37,864 CFOs, controllers and other finance professionals holding the designation, the American Institute of CPAs announced today. The AICPA and Chartered Institute of Management Accountants launched the CGMA designation in January 2012 to elevate management accounting worldwide.
“We set out a year ago to raise the bar on management accounting — a critical discipline at the intersection of finance and strategy that helps businesses connect the dots across their organizations, manage tumultuous times and navigate a path toward long-term sustainable success,” said Barry Melancon, CPA, CGMA, and president and CEO of the AICPA. “The CGMA designation distinguishes those professionals who have achieved demanding levels of financial education and experience and provides organizations the consistency and confidence they need to operate across borders, around the world.”
The CGMA is built on the CPA foundation in the U.S., meaning those who hold the designation first trained as CPAs. They have met challenging education requirements – currently 150 hours, or the equivalent of a master’s degree in most jurisdictions – and passed one of the nation’s most rigorous professional exams. Only a third of those who start the 14-hour, 4-part Uniform CPA Examination complete it. In addition, CGMA designation holders have attained at least three years of management accounting experience, accepted a stringent code of conduct and committed to ongoing training. Outside the U.S., CGMA designees must follow an equally rigorous path through the CIMA curriculum.
U.S. CGMA designation holders are present in 91 of Fortune 100 companies, according to AICPA research, and 440 of the Fortune 500. Nearly a third work in C-suite level roles, including CEO, CFO, COO and president. Globally, there are more than 128,000 total CGMA designation holders who are helping shape 95 of the world’s top 100 brands.
“The finance function has a bigger mandate that requires broader perspective,” said Brenda Morris, CPA, CGMA, and CFO of Love Culture, a women’s clothier. “As the CFO of a young, high-growth retailer with a global supply chain and stores in more than two dozen states, I have to understand how a choice in China can influence a customer in Florida and affect results that impact our operations, employees and investors. The CGMA designation responds to this reality, identifying and growing a pool of highly-qualified talent that can tackle the opportunities and challenges created in today’s business environment.”
“As global markets continue to converge and cross border operating barriers become diminished, businesses need financial leaders who can quickly and reliably solve complex problems, unlock insights and enhance their skills at the speed of commerce,” added J. Daniel Bachrach, CPA, CGMA, and operations controller with Gate Gourmet. It is the world’s largest independent provider of catering services for airlines and railroads and delivers 200 million meals a year at 120 airports worldwide. “The CGMA designation provides the resources and stature required to meet these needs by constantly elevating the knowledge of designation holders and connecting them to a network of seasoned professionals and peers around the globe.”