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A New Credential: Advancing the Science of Management Accounting.

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Presentation on theme: "A New Credential: Advancing the Science of Management Accounting."— Presentation transcript:

1 A New Credential: Advancing the Science of Management Accounting

2 CPA Profession & Public Interest Half of state society and AICPA members are management accountants Many start in public practice (less common for younger generation) CPAs in public and management accounting are partners on behalf of the public interest Business and industry members produce the financial information the markets depend upon Public practice members audit that information All CPAs share a commitment to the core values of integrity, objectivity and competence 2

3 3 Who Are Management Accountants? Management accountants are on front lines Develop strategy and serve as business partners Manage change and uncertainty Protect corporate assets Promote operational efficiency and effectiveness Minimize risk Manage relationships with stakeholders Key to success in a globally competitive and increasingly complex world

4 Building on the CPA’s Commitment to the Public Interest Management Accounting Contribution Public Interest Economy Sector Company Finance Team Management Accountant 4

5 Management Accounting Value Progression Objective Financial Reports Strategic Business Partner Decision Enabler, Decision Maker 5

6 Chartered Global Management Accountant (CGMA) 6

7 CGMA Value Proposition 7

8 Improving competencies Webcasts on international issues -Risks to the Global Supply Chain -Managing wage inflation -Embracing mobile technology -Global economic outlook -Importance of business intelligence Online learning Improving Competencies 8

9 CGMA Value Proposition Relevant and Timely Resources Website Online social network of management accountants worldwide Thought Leadership papers Webcasts Frequent communication on current issues Digital international magazine for management accountants Relevant and Timely Resources 9

10 CGMA Value Proposition Personal Marketing Use of the credential How to tell others about my CGMA Networking Personal Marketing 10

11 Pathway

12 CPA Pathway: First Quarter 2012 CPAs have an accelerated pathway: Must be AICPA voting member, and Have 3 years of experience working in a financial/ management accounting capacity in business industry or government, OR 2 such years plus one 1 year of public accounting experience, OR 3 years of experience working in a financial/ management accounting role on a consulting basis, OR 3 years of management accounting experience gained by a U.S. CPA whose primary responsibilities are focused on the management and operation of a CPA firm. 12

13 CPA Pathway: After January 2015 PATHWAY TO MEMBERSHIP To obtain a CGMA in the United States, you must be a regular voting AICPA member EXPERIENCE REQUIREMENT Three years of management accounting experience are required EXAM REQUIREMENT Computer-based assessment starts in January

14 Value for State Society Members Dual state society and AICPA membership qualifies individuals for a discounted annual fee New resources for management accountants White papers, global community, online learning and more 14

15 Course of Study for CIMA Members

16 Learning Environment 16

17 Supported Learning Environment 17 Behavioral and Skills Assessment Individual Development Plan Customized by Job Title and Career path

18 Online Self-Assessment Learning Platform Learning model based on a number of characteristic financial positions / role profiles Ability to assess credential holder strengths and opportunities for improvement across 3 areas Practical Skills Behavioral Traits Cognitive Abilities Value to credential holders and the marketplace Career Pathway (Individual) Continuous Improvement (Individual) Organizational Development (Employer) 18

19 My Individual Development Plan CPA219Biz, CPA2Biz, Inc.-Proprietary and Confidential Information

20 Joint Venture

21 Promote a new joint designation as the international standard for management accounting Leverage the power of more than 550,000 collective members Advance CPA as a premier professional accounting credential across the globe 21

22 Complementary Global Presence 22

23 About CIMA – Chartered Institute of Management Accountants

24 CIMA Presence Details Headquartered in London, England CIMA offices spanning the globe including Europe, Asia, Africa, N. America, Australia 400 employees (70% in UK) Major Markets - UK, Ireland, S. Africa, SE Asia, Australia, Europe Members and students in 165 countries 79% of members in UK and Ireland 53% of students in UK 24

25 Being straightforward, honest and truthful Do not be associated with any information that you believe contains a materially false or misleading statement Integrity Not allowing bias, conflict of interest or the influence of other people to override your professional judgment Objectivity Ongoing commitment to level of professional knowledge / skill, based on current developments in practice, legislation and techniques Ensure appropriate training and supervision for those working under your authority Professional Competence and Due Care Do not disclose professional information unless you have specific permission or a legal or professional duty to do so Confidentiality Comply with relevant laws and regulations Avoid any action that could negatively affect the reputation of the profession Professional Behavior CIMA Code of Ethics – Principles 25

26 Conclusion

27 Opportunity for CPAs Complement your CPA with a professional credential for management accounting Access new resources focused on management accounting: website, self-directed education, white papers, webcasts Join an online social network of management accounting professionals Enhance the science of management accounting worldwide, advancing business objectives and serving the public interest Increase the voice of U.S. CPAs for advocacy efforts 27

28 Opportunity for the Profession Highlight and promote CPAs as financial leaders world-wide Highlight the work that members in business, industry and government do on behalf of businesses and in the public interest Grow and promote the CPA designation around the world Increase the competencies and skillsets of designees so that they may continue to serve businesses with expertise and integrity 28

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