CGMA FAQs
For State CPA Societies
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
Table of Contents
CGMA Overview .............................................................................................................................. 4
What is the CGMA designation? ................................................................................................. 4
What is management accounting? .............................................................................................. 4
What benefits are available to CGMAs?...................................................................................... 4
What is the importance of having a global management accounting designation?................... 5
If I am a business, industry and government CPA active in my state, but not in global business,
why would I be interested in the CGMA? ................................................................................... 5
Why did the AICPA and CIMA create the CGMA? ....................................................................... 5
When will the CGMA designation be available? ......................................................................... 5
How much does the CGMA cost? ................................................................................................ 5
CGMA Eligibility and AICPA Membership ........................................................................................ 6
Who is eligible to receive the CGMA? ......................................................................................... 6
I already have a management accounting designation/credential from another organization,
am I eligible for the CGMA? ........................................................................................................ 6
How will the CGMA affect the benefits of AICPA members who do not obtain the designation?
..................................................................................................................................................... 6
Do state CPA society members who qualify as CGMAs receive any additional benefits? .......... 7
I am a member of a state CPA society, but not of the AICPA, how can I become a CGMA? ...... 7
I am a member of a state CPA society, but not of the AICPA, if I join the AICPA to become a
CGMA, will I receive a savings on my AICPA membership? ........................................................ 7
How can I become a Regular (voting) member of the AICPA? .................................................... 7
Can the continuing education I earn to renew my AICPA membership also be used to renew
my CGMA membership? ............................................................................................................. 7
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
Do CGMA-related continuing education courses count toward renewing my AICPA
membership and CPA license? .................................................................................................... 7
AICPA/CIMA Joint Venture .............................................................................................................. 8
What is the partnership and joint venture between the AICPA and CIMA? ............................... 8
What is CIMA? ............................................................................................................................. 8
Why did the AICPA decide to partner with CIMA in this joint venture? ..................................... 8
Will the joint venture create a new membership body? ............................................................ 8
How will the joint venture be governed? .................................................................................... 9
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
CGMA Overview
What is the CGMA designation?
The Chartered Global Management Accountant (CGMA) is the new global designation
that elevates the profession of management accounting and recognizes the skills and
experience of designees globally. Created through a joint venture between and
powered by the resources and reputations of the American Institute of Certified
Public Accountants (AICPA) and the Chartered Institute of Management Accountants
(CIMA), the CGMA showcases the valuable work that U.S. CPAs in business, industry
and government do on behalf of organizations worldwide. The CGMA complements
the U.S. CPA designation and adds power to designees’ résumés by demonstrating
their business acumen, ethics and commitment. It provides a way for all CPAs
working in corporate finance or business functions—whether in small private
companies or multinational public companies—to reinforce their professional
credibility and gain access to extensive competency-enhancing resources.
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, including managing business opportunities,
providing a framework of solutions and best practices and guiding strategic decisions.
Management accountants are business professionals at the heart of management
accounting. They are trusted to guide critical business decisions and drive strong
business performance. They combine financial expertise and business acumen to
achieve sustainable business success. Management accountants have an
understanding and experience of business that goes well beyond financial accounting.
Some management accountants work in a finance function, while others put their
broader business training to use across the organization, often in the roles of Board
Director, Chairman, CEO or CFO.
What benefits are available to CGMAs?
From January 31-July 31, 2012, CGMAs have exclusive access to the CGMA website
(www.cgma.org) and the many publications, tools and resources housed there, for
an introductory period. Upon the January 31 launch of the designation,
www.cgma.org will host numerous jointly-developed resources and content,
including:
An online social network of management accountants worldwide
Thought leadership reports
Webcasts
Frequent communication on current issues
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
CGMA Magazine, A digital international magazine for management accountants
What is the importance of having a global management accounting
designation?
Organizations are increasingly tied to the global economy and are affected by an
interconnected web of complex variables. The role and responsibilities of the finance
function are evolving in response to these global forces. There is unmet global
demand to recognise and standardize the value that management accountants
uniquely add to creating sustainable success. U.S. CPAs in business, industry and
government work with key employers and influencers worldwide. The goal of the
CGMA is to build the leading global management accounting designation for business
across the world. The CGMA further showcases the value that U.S. CPAs in business,
industry and government bring to both local and global organizations.
If I am a business, industry and government CPA active in my state, but not
in global business, why would I be interested in the CGMA?
Your CPA tells the world you have the mastery of financial reporting, an
understanding of regulations, laws and standards and the technical and analytical
skills to do outstanding work. The CGMA, on top of your CPA, further recognizes the
work you do that doesn’t fall under the CPA umbrella. The CGMA provides an
opportunity for you to showcase your value to businesses around the world, whether
you work in a local business or a global one. The CGMA provides an additional
opportunity for local commerce as CGMAs become more well-known worldwide,
global businesses will look to U.S. CPA, CGMAs for guidance at the state and local
level and for assistance in navigating the U.S. market.
Why did the AICPA and CIMA create the CGMA?
The CGMA was created to increase the recognition and desirability of management
accounting worldwide, to complement the U.S. CPA designation and help U.S. CPAs
and CIMA members stand out as leading management accounting professionals.
CGMAs benefit from the enhanced reputation and network of peers represented by
the AICPA-CIMA joint venture, and further develop their careers with the publications,
resources and tools available on cmga.org.
When will the CGMA designation be available?
The CGMA designation will launch January 31, 2012.
How much does the CGMA cost?
Registration for the CGMA is $150 per year. Dual state CPA society-AICPA members
receive a $50 savings, making the cost $100 per year.
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
CGMA Eligibility and AICPA Membership
Who is eligible to receive the CGMA?
From the CGMA designation launch January 31, 2012, until January 1, 2015, AICPA
Regular (voting) members must meet one of the following criteria to be eligible for
the CGMA.
A minimum of:
•
Three years of financial (including internal audit) or management accounting
experience in business, industry, or government; or
•
Two years of financial or management accounting experience plus one year in
public accounting; or
•
Three years of financial/management accounting experience on a consulting
basis; or
•
Three years in a management accounting role focused on the management
and operation of an accounting firm.
Note: Personal financial services experience does not qualify for eligibility.
Between launch and January 1, 2015 there will not be an exam requirement.
Starting in January 2015, qualifying members will take a computer-based
assessment to earn the CGMA designation.
Current CIMA members may choose to use the CGMA designation alongside their
existing FCMA or ACMA designation. All CIMA members, current and future, will
receive the new CGMA designation automatically.
I already have a management accounting designation/credential from
another organization, am I eligible for the CGMA?
AICPA Regular (voting) members who meet the CGMA qualifying requirements and
full CIMA members are eligible to obtain the CGMA. Non-members of both the AICPA
and CIMA who hold management accounting designations/ credentials from other
organizations may indeed be eligible for the CGMA if they are eligible and willing to
become AICPA voting or CIMA members. Find out more about AICPA membership.
Find out more about CIMA membership.
How will the CGMA affect the benefits of AICPA members who do not obtain
the designation?
Non-CGMA members of the AICPA will continue to receive the benefits, resources,
affiliations, events and discounts they currently receive.
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
Do state CPA society members who qualify as CGMAs receive any additional
benefits?
State CPA society members who are also Regular (voting) members of the AICPA will
receive a $50 savings on the $150 annual CGMA enrollment fee, making CGMA
enrollment $100/ year. In addition, state CPA society members may use the CGMA
designation and try out all the CGMA resources and tools on cmga.org for an
introductory period from January 31 until July 31, 2012. After July 31, 2012, all
CGMAs will have the opportunity to continue with their CGMA through the annual
AICPA dues process.
I am a member of a state CPA society, but not of the AICPA, how can I
become a CGMA?
Members of state CPA societies who are not Regular (voting) members of the AICPA
are invited to explore and apply for AICPA membership. If you qualify for Regular
(voting) AICPA membership, you may explore CGMA qualifications at www.cmga.org.
I am a member of a state CPA society, but not of the AICPA, if I join the
AICPA to become a CGMA, will I receive a savings on my AICPA
membership?
No, the $50 savings for dual state CPA society-AICPA members applies to the annual
CGMA registration fee only.
How can I become a Regular (voting) member of the AICPA?
To be a Regular (voting) member of the AICPA, you must possess (or have
possessed) a valid U.S. CPA certificate issued by a legally constituted authority and
which was not revoked as a result of a disciplinary action, or meet the Uniform
Accountancy Act (UAA) requirements for CPA certification (150 hours of educational
experience, passing the U.S. Uniform CPA Examination, having at least one year of
work experience). Find out more about AICPA membership.
Can the continuing education I earn to renew my AICPA membership also be
used to renew my CGMA membership?
For at least the first year of the designation (January 2012 - 2013), the CPE
requirement for AICPA member CGMAs is the same as their current requirements for
maintaining the U.S. CPA designation and AICPA membership.
Do CGMA-related continuing education courses count toward renewing my
AICPA membership and CPA license?
CGMA courses will adhere to the AICPA-National Association of State Boards of
Accountancy (NASBA) CPE Standards. Subject to state requirements, they will count
towards CPE.
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
AICPA/CIMA Joint Venture
What is the partnership and joint venture between the AICPA and CIMA?
The joint venture between the AICPA and CIMA represents the efforts of two of the
world’s leading professional accountancy bodies to deliver a new global management
accounting designation, the Chartered Global Management Accountant (CGMA).
Representing collectively 550,000 members in public practice, business and
government, the partnership also expands the global presence of the U.S. CPA and
the global reach of CIMA. With the joint venture, the AICPA and CIMA will elevate the
profession of management accounting by establishing CGMA as the most valued,
globally recognized management accountancy designation with the power to benefit
members, students and society as a whole.
The CGMA designation is being offered through a not-for-profit joint venture between
the AICPA and CIMA called the Association of International Certified Professional
Accountants. The joint venture is not a membership body. It is responsible for
creating, managing and supporting the CGMA designation; advocating on behalf of
the public and management accountancy on a global scale; and managing the
execution of joint operations, where appropriate.
What is CIMA?
The Chartered Institute of Management Accountants, founded in 1919, is the world’s
leading and largest professional body of Management Accountants, with more than
183,000 members and students operating in 168 countries, working at the heart of
business. CIMA members and students work in industry, commerce, the public sector
and not-for-profit organizations. Find out more about CIMA.
Why did the AICPA decide to partner with CIMA in this joint venture?
The AICPA researched establishing a management accounting designation to
complement the U.S. CPA designation and further recognize CPAs in business,
industry and government and their contributions to business success. In analyzing
how and whether to pursue a new management accounting designation, CIMA
emerged as the best organization to work with in pursuing the AICPA’s strategic
goals. CIMA shares the AICPA’s vision for enhancing the profession and practice of
management accounting worldwide as well as promoting the U.S. CPA,
worldwide. The CGMA designation is designed to complement and augment the U.S.
CPA’s knowledge, training and expertise for members working in business, industry
and government.
Will the joint venture create a new membership body?
No, the CGMA designation will be awarded through the two existing membership
bodies: the AICPA and CIMA.
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
How will the joint venture be governed?
The following describes the ownership and the governance of the joint venture
between the AICPA and CIMA:
The joint venture is owned 60 percent by the AICPA and 40 percent by CIMA.
The joint venture board is composed of 50 percent AICPA and 50 percent CIMA
representation.
The Chair will rotate between the AICPA and CIMA on a 12-month basis.
The AICPA and CIMA will designate a senior staff member to be part of the other
organization's senior management team to achieve coordination and cooperation.
© Copyright 2012,the American Institute of CPAs. All rights reserved. Used with permission.
