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The Future of Management Accounting Understanding the New Chartered Global Management Accountant (CGMA) Credential.

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Presentation on theme: "The Future of Management Accounting Understanding the New Chartered Global Management Accountant (CGMA) Credential."— Presentation transcript:

1 The Future of Management Accounting Understanding the New Chartered Global Management Accountant (CGMA) Credential

2 CGMA Today’s Agenda ■ Background ■ The Role of Management Accountants ■ Introducing the CGMA ■ Delivering Opportunity ■ Resources for Growth and Development ■ Partnering with CIMA ■ Conclusion

3 CGMA Background

4 CGMA Global Landscape

5 CGMA Credential for BIG ■ Questions with which we wrestled: How do we respond to the desire of members in BIG for a management accounting credential that builds on their CPA certificate? How do we improve the quality and scope of resources offered to CPAs in management accounting? How can we enhance, deepen and accelerate the CPA’s international influence and reputation? How can we solidify the role management accountants play on behalf of the public interest? ■ The answer we arrived at: Showcase BIG members’ expertise in management accounting by establishing a new global credential and providing appropriate resources for growth and development.

6 CGMA Role of Management Accountants

7 CGMA Who Are Management Accountants? ■ Understand how parts of the business fit together ■ Support and drive the right decisions ■ Are strategic leaders and business partners ■ Are on the front lines developing business strategy protecting corporate assets minimizing risk managing relationships – internal and external assuring high organizational integrity ■ Work in the public interest

8 CGMA The CPA’s Commitment to the Public Interest Management Accounting Contribution Public Interest Economy Sector Company Finance Team Management Accountant 8

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

10 CGMA Management Accounting

11 CGMA The Enterprise Pillar

12 CGMA The Performance Pillar

13 CGMA The Financial Pillar

14 CGMA Introducing the CGMA

15 CGMA What is the CGMA? ■ Chartered Global Management Accountant ■ Global designation that elevates the profession of management accounting ■ Powered by AICPA and CIMA ■ Launch expectation January 2012 ■ Six month trial following launch ■ AICPA/State Society discount

16 CGMA CPA Pathway Upon Launch ■ Until January 1, 2015, AICPA members must meet one of the following qualifications: Three (3) years of experience working in a financial/management accounting capacity in business industry or government OR two (2) such years plus one (1) year of public accounting experience: -Experience must be in the field of financial/management accounting. Those with experience in internal and governmental auditing qualify as well. -Personal financial services do not qualify for this purpose. Three (3) years of experience working in a financial/management accounting role on a consulting basis; Three (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.

17 CGMA CPA Pathway After January 1, 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 2015. Assessment will test differences between CPA Exam and CGMA Study Guide

18 CGMA Delivering Opportunity

19 CGMA Elevating the Profession of Management Accounting

20 CGMA Personal Marketing Jane Smith, CPA, CGMA

21 CGMA Resources for Growth and Development

22 CGMA Relevant and Timely Subject Matter ■ Thought leadership reports ■ Cutting-edge research ■ Webcasts ■ Global community and forum ■ Continuing professional development ■ Professional publications ■ CGMA Magazine ■ Content developed specifically for management accountants

23 CGMA Thought Leadership Unlocking Business Intelligence (BI) Understanding the components Strategy and building the business case for BI Vendor Landscape Improving decision making Building World Class Business for the Future Challenges and Opportunities Planning Horizons – Thinking Long-term Defining, Balancing Short- and Long-term Goals Water Scarcity Report – Apocalypse H 2 O Accounting for the true value of water Understanding and managing the risks The Management Accountant’s role

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

25 CGMA Online Self-Assessment Learning Platform ■ Based on several characteristic financial positions / role profiles ■ Assesses strengths and opportunities for improvement Practical Skills Behavioral Traits Cognitive Abilities ■ Provides value to credential holders and the marketplace Career Pathway (Individual) Continuous Improvement (Individual) Organizational Development (Employer)

26 CGMA Partnering with CIMA

27 CGMA What is CIMA? ■ Chartered Institute of Management Accountants ■ Based in London, founded in 1919 ■ Largest professional body of management accountants

28 CGMA ■ Promote a new globally recognized management accounting designation ■ Leverage the power of more than 550,000 collective members ■ Advance CPA as a premier professional accounting credential across the globe 28 The AICPA-CIMA Joint Venture

29 CGMA Growing Worldwide Presence

30 CGMA Growing Worldwide Presence Note: Unshaded areas represent fewer than 1,500 CIMA members/students (Includes Regular Members and Students)

31 CGMA Growing Worldwide Presence

32 CGMA CIMA’s Marketing Influence

33 CGMA Conclusion

34 CGMA 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

35 CGMA 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

36 CGMA Questions?

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