Hi All,
Just this past Friday, I learned that another CMA ascended to a very prominent position - selected by the SEC to be a member of the PCAOB (Public Company Accounting Oversight Board). You will be learning more about this individual soon! CMAs around the world have ascended to be CEO, CFO, Chairman of the FASB, Corporate Controllers, State Controllers and more. They earned their certification by passing a rigorous, relevant, and focused exam. The way these CMAs earned their certification, their inspiring "career stories", and their leadership development have made the profession and fellow CMAs very proud. This is especially noteworthy as the CMA is celebrating its 40th anniversary as the true gold standard of management accounting!!
You have also seen IMA's strategies and concerns regarding the Chartered Global Management Accountant (CGMA) designation, launched last Tuesday (1/31) by a Joint Venture of the AICPA and CIMA (UK). In the US, for three full years, there is NO test of competency. Rather, if you are a CPA in good standing, demonstrate three years of basic experience in management accounting, and pay a fee, you can add the CGMA designation to your business card. From an employer perspective, this process greatly concerns IMA.
The market will decide, particularly CEOs and CFOs, the best means to assure credible and competent resources in driving business performance and protecting investors with skill sets in financial planning and analysis, risk management, strategic costing and other types of decision analytics, all built on a solid foundation of ethics. READ ON ---> .....
In my 24 years in corporate life which included serving as CFO for $ billion SBUs, and my seven years at IMA, I have worked alongside literally hundreds of CPAs. One of them, whom I respect greatly, was automatically enrolled by the AICPA as a CGMA and received a lovely and highly informational welcome packet. But, he said to me "Jeff, I have no real world working experience in management accounting yet I was auto enrolled. I have no more capability in this area than I do in baking croissants". Of course, he was being somewhat sarcastic, but the point is that if management accounting is a science with highly differentiated and critical skill sets, we need to do the right thing for employers and society.
The CMA program, in its 40th year, will continue to grow and serve the profession - the right way, with mission and society front and center.
Thanks,
Jeff