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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…

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