Understanding the New Chartered Global Management Accountant Designation
January 30, 2012
The new Chartered Global Management Accountant (CGMA) designation — aimed at recognizing the men and women who are guiding critical decisions and driving business performance — launches Tuesday, January 31.
The AICPA and the Chartered Institute of Management Accountants (CIMA), two of the world’s largest accounting bodies developed designation. In the U.S., the CGMA is available to qualified AICPA members and provides benefits to joint AICPA-state society members.
The launch of the CGMA will be marked Tuesday morning with an interactive business forum and live webcast, simulcast between New York and London.
What Is Management Accounting?
Management accounting combines financial accounting — reporting financial performance, understanding the framework of financial laws, standards and regulations and providing a compliance perspective — with additional management skills that help drive business decisions. Those additional skills include: managing business opportunities, providing a framework of solutions and best practices and guiding strategic decisions.
Management accountants are equipped to shape short- and long-term strategy, provide key insight throughout the decision-making process and maintain oversight and control of organizational capital and resource allocations.
This CGMA designation provides an additional way for CPAs working in business, industry and government — who are already connecting the dots between the finance function, strategic management and organizational performance — to showcase their talent and expertise.
The AICPA and CIMA say CGMAs are characterized by their discipline and commitment to sharpening their skills and adhering to a code of conduct and ethics. They help organizations correlate and understand financial and non-financial information across multiple functions so the business can maintain growth and perform more efficiently. CGMAs’ expertise will be rooted in either the U.S. CPA or CIMA’s curriculum, maintaining an educational and professional foundation.
The AICPA-CIMA Joint Venture
CIMA, the AICPA’s partner in establishing the CGMA, is a London-based accounting organization. CIMA’s thought leadership efforts in the area of management accounting includes improved decision making, risk mitigation, talent and building world class organizations.
Representing more than 183,000 members and students in 168 countries, CIMA has a long history of developing a broad range of resources to help individuals pursue exceptional careers and distinguish themselves in the job market. The AICPA-CIMA joint venture creates a community of more than 550,000 members and students in an effort to advance and support management accounting as well as promotes the CGMA and the U.S. CPA. Together, the two organizations hope to increase advocacy on behalf of management accounting and in the public interest and ensure a more powerful voice around the globe.
CGMA Presents Resources and Opportunity
CGMAs worldwide will have access to cgma.org, which will house resources for knowledge-building, networking and professional development. Included is CGMA Magazine, an online source for accounting news, in-depth analysis of key business issues and management accounting best practices; a global online community that will connect CGMAs to a network of peers and provide access to the best minds in management accounting. It will also provide research tools and thought leadership publications aimed at sharpening CGMAs’ business competencies.
Designation to Launch Tuesday
From Tuesday through July 31, 2012, AICPA voting members will be eligible to participate in an introductory period for the CGMA designation by verifying they meet the three year requirement for qualifying experience. To renew the CGMA beyond the introductory period, members will pay an annual fee of $150 through the annual AICPA dues renewal process. CPAs who are members of both the AICPA and their state CPA society will receive a special $50 discount off the annual fee. Starting in January 2015, qualifying AICPA members will take a computer-based assessment to earn the CGMA.
To Learn More
A real-time, interactive business forum will help the AICPA and CIMA launch the CGMA. A panel of global business leaders will discuss research findings that indicate executives are looking for management accountants to fill new roles and provide the strategy to drive growth. Register now for the free one-hour webcast.
For more information about the CGMA, visit the website starting Tuesday.