American Institute of Certified Public Accountants and Chartered Institute of Management Accountants agree to offer new CGMA designation

New AICPA-CIMA designation -- Chartered Global Management Accountant -- to advance knowledge and practice of management accounting worldwide

LONDON / WASHINGTON, DC (May 23, 2011) – The governing bodies of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants, headquartered in London, today agreed on creation of a new professional designation, the Chartered Global Management Accountant, that will be a worldwide standard of professional excellence in management accounting.

With approval now given by the AICPA and CIMA councils, the two accounting bodies will create the new CGMA designation to give management accountancy a higher profile in the United States and promote the professional development of management accountants across the globe. Backing the new CGMA designation will be an AICPA-CIMA joint venture with international resources and experience in management accounting, business and cultural knowledge.

CIMA president George Glass said: 'We are delighted that management accountancy is to be given a strong new global impetus by this joint venture. This advances our strategic aims and will ensure management accountants, committed to strict ethical standards, will receive world-class support in a fast-globalising world.'

'This is truly an historic moment for management accounting and the accounting profession worldwide.' AICPA chairman Paul Stahlin said. 'Our joint venture with CIMA creates long-term strategic value for our members and literally opens up the world for US CPAs in management accounting.'

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Below are some of my reaction with regards to the above ;

1. It boosts and enhance CIMA qualification as it is now recognized beyond CIMA traditional market and make CIMA qualification more attractive and appeals to North America including Canada market;
2. Support the efforts of "normalization" of Accounting Standards between IFRS and GAAP;
3. The buzzword now is globalization, leveraging, networking and bigger . With the combined members of both institutions, it will make the syllabus and qualification more relevant in today's world;
4.Branding, positioning and marketing of the qualifications will be more aggressive and I suppose reducing and optimizing the cost. Shall I anticipate lower membership fees and more access for CPD requirements ;
5. No issue of "American " or " British" system as those who choose to become member of this institute will enjoy the best of both system

My only feedback is why the designation is quite long ? Is it being diplomatically correct when they agreed what designation it shall be ?

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