State Board Report

February 2012

On January 31, the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants launched their new joint designation, “Chartered Global Management Accountant” (CGMA). On the same day, the Institute of Management Accountants, which has been awarding its Certified Management Accountant (CMA) designation for 40 years, pointed out that for the new program, “the absence of proper testing and assessment during the three-year grandfathering period – in which U.S. CPAs who meet basic experience criteria and pay a fee will receive the CGMA designation – is troubling. Equally concerning is a six-month, free auto-enrollment period in which CPAs who meet the education criteria automatically become CGMAs and are then required to ‘opt out.'”

The IMA’s certification affiliate has issued more than 34,000 CMA certificates to individuals who have passed a multi-part examination. Their position statement says: “As IMA continues to support the growing field of management accounting, the organization also hopes that all accounting associations keep sight of the ultimate mission to responsibly serve individuals, the profession, and society by assuring the skills of management accountants are verified and fully aligned with the needs and standards of today’s business.”

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