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Chartered Global Management Accountant credential announced

May 23rd, 2011 Comments off

The American Institute of Public Accountants (AICPA) announced today that its governing body has approved a joint venture with the Chartered Institute of Management Accountants (CIMA) to manage a new accounting credential aimed at management accountants worldwide.  This accounting credential will be known as CGMA and stands for Chartered Global Management Accountant.  Certain members of both organizations will automatically be eligible for the new credential beginning in 2012 and there will eventually be paths to gain the credential for others as well.

“This is truly an historic moment for management accounting and the accounting profession worldwide,” AICPA Chairman Paul Stahlin said.  “Our joint venture with CIMA creates long-term strategic value for our members and literally opens up the world for U.S. CPAs in management accounting.”

CIMA President George Glass said: “We are delighted that management accountancy is to be given a strong new global impetus by this joint venture. This advances our strategic aims and will ensure management accountants, committed to strict ethical standards, will receive world-class support in a fast-globalizing world.”

CIMA is the largest professional body in the world focused exclusively on management accounting and the AICPA is the world’s largest professional accounting organization with members in a wide range of accounting and financial executive roles. Together, the new venture will cover more than 550,000 members and students worldwide.

Given that the Institute of Management Accountants in the United States already offers the CMA (Certified Management Accountant) credential, it is at least a bit interesting that CIMA chose the AICPA as their American partner.  Is the CMA credential headed for extinction? Hard to say at this point.  It may take a while for things to shake out and in the end both credentials may be held in high esteem.  Time will tell…

More information:

The Path to CFO: Is the CMA Credential Just as Important as the CPA?

September 21st, 2010 Comments off
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Photo credit: Youssef Abdelaal on flickr

The Path to CFO: Is the CMA Credential Just as Important as the CPA? « Going Concern: Accounting News for Accountants & CFOs.

There are some interesting points in the post made at the link above.  Rather than contrast the CPA and CMA credentials with the idea of promoting one or the other, there are arguments about the two credentials actually supplementing each other.

I have a feeling the IMA would be more successful if they marketed the CMA credential better, but is it in their best interest to promote the credential as an “add-on” to the CPA?  I think they would then likely alienate many of their current CMAs that only have that credential.

As a CPA who has, at times, thought about taking the CMA Exam, I just have never seen the value in earning it and I haven’t been willing to spend the money in exam fees and ongoing IMA dues to make it worth my while.

Lack of CPA Credential Hurts Job Seeker

August 11th, 2010 Comments off

In our entire lives, many of us have never seen times with high unemployment like we are seeing today.  The number of people unemployed or under-employed is as high as 35% according to some estimates that I’ve read.  With that kind of competition, any advantage one can find to stand out from the rest of the applicants can be huge.

The Wall Street Journal had a piece a couple days ago that looked at stories of real people that have struggled to find work after being the definition of “successful” for many years.  Paul Hansen was laid off as vice president and director of accounting after 23 years with Hensley Beverage Company.  He was making $90,000/year and probably would make an excellent employee in a similar capacity elsewhere. The problem is that many jobs aren’t even a possibility for him because he lacks a credential, such as CPA, to even get his foot in the door.

Mr. Hansen suspects his lack of a Certified Public Accountant credential hurt him with prospective employers. Promotions within Hensley, the only place he had ever worked as an adult, gave him a false sense of security that he would never need the CPA, he says.

So if you are considering at all pursuing the CMA or CPA credential, I offer you this example of where it could have helped one person in his job search.  Is it a guarantee of lifetime employment?  Of course not.  But there are certain jobs that require one of these just as a minimum qualification.  If your ultimate career-goal isn’t an accounting role, check out credentials that may be available to you in other fields…the more you do to differentiate yourself (think of y yourself as a product) from the rest of the crowd the more opportunities you will have to choose from.

Read more about Paul Hansen and several other job seekers at:

The U.S. Job Market: Faces — and Fates — of the Jobless. Anonymous. Wall Street Journal. (Eastern edition). New York, N.Y.: Aug 9, 2010. pg. A.6

Management Accounting Careers with IMA Chair Sandra Richtermeyer

July 29th, 2010 Comments off

For anyone interested in a career in management accounting, here is a great post from Going Concern that would be great for you to read.  It contains an interview with the IMA Chair so it is obviously coming from their perspective (that’s not a bat thing — just be aware).  Read more at this link:

More on Cost Accounting Careers with IMA Chair Sandra Richtermeyer « Going Concern: Accounting News for Accountants & CFOs.

CMA Exam Information

May 19th, 2010 Comments off

I’m not going to revinvent the wheel when Going Concern has done a nice job summarizing the details of taking the CMA Exam and the CMA credential including the move from a 4-part to a 2-part exam.  See the complete post at this link:

http://goingconcern.com/2010/04/credentials-for-accountants-certified-management-accountant/

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The Cost Accountant is Dead

April 19th, 2009 Comments off

This article discusses the new role that Cost Accountants are filling in organizations.  In fact, it replaces the term “Cost Accountant” with “Business Process Analyst” instead to reflect better the role that is being filled and the skills that are needed to succeed in the new environment.  Strategic Finance is a publication of the Institute of Management Accountants so realize that they are in the business of promoting Cost/Management Accountants and their role in organizations.  The IMA is the organization that administers the CMA (Certified Management Accountant) credential.

The Cost Accountant Is Dead; Long Live the Business Process Analyst.  Hannon, Neal J.  Strategic Finance; Dec2005, Vol. 87 Issue 6, p59-60, 2p

CMA Exam Links

April 17th, 2009 Comments off

The Certified Management Accountant (CMA) credential is a global designation that is administered by the Institute of Management Accountants.  Earning the credential requires passing a 4-part examination that, like the CPA Exam, is offered at Prometric sites in the United States.  For more information about the CMA Exam, please visit the following links:

https://www.imanet.org/certification.asp

http://www.prometric.com/ICMA/default.htm

Also, please see the PowerPoint file at the link below for more information about CMA Certification:

http://www.imanet.org/ppt/CMA%20Certification.ppt

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Benefits of Certification

April 17th, 2009 Comments off

Whatever your career goals may be, outside certification can be a way to make yourself stand out amongst your peers.  The Chair of the Institue of Managment Accountants wrote the article at the link below for Strategic Finance last fall.  It does a nice job summarizing the benefits of earning the CMA and/or CPA designation in terms of increased earnings over the course of one’s career.  I would add on to this the fact that credential holders, in my experience, are more involved in their profession and maintain more current knowledge through continuing education than non-credential holders.

Check out this link for the article mentioned above:

http://www.imanet.org/pdf/09_08_perspectives.pdf

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