Hi All - As expected, earlier this week, the AICPA and CIMA (UK) approved a JV which would create a new global management accounting designation, the CGMA (Chartered Global Management Accountant). Is this a good thing, or a bad thing, or ?? for IMA. Read on.
As I have indicated previously, on the surface the launch of a new management accounting designation by two very large accounting bodies would seem to be cause for panic. While this clearly is a risk to IMA's mission, smart business managers know how to convert risk to opportunity. With all of the industry consolidation occurring, very soon if not now IMA can claim to be the world's largest and leading association focused exclusively on advancing the global management accounting profession. We continue to believe, supported by our market growth, that the CMA is the gold standard for certifying competency in management accounting.
IMA is strong financially. We have a growing global presence. We have a growing network of over 200 local chapters (communities) with passionate IMA/CMA champions. IMA needs to raise its game, and our strategic plan does just that (global board review will occur on June 4). You will learn more about IMA's strategic plan very soon. Part of our on-going strategic plan is to consider partnerships that expand IMA's footprint and influence, while staying true to our core mission.
When the largest accounting association in the U.S. recognizes management accounting as critical to the value chain, is that a bad thing? My view is that if the market pie grows, and if you have a great product with great people, you will do well. You need to think in a transformational manner, though, and think in terms of the value you are delivering every day to your stakeholders. Finally, coming from a large telecom, I know that size does not trump agility, service and community.
What do you think? Let me know.
Thanks,
Jeff