a new credential: advancing the science of management accounting
TRANSCRIPT
A New Credential: A New Credential:
Advancing the Science Advancing the Science of Management of Management AccountingAccounting
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
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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
Building on the CPA’s Commitment to the Public Interest
Management Accounting Contribution
Public Interest
Economy
Sector
Company
Finance Team
Management
Accountant
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Management Accounting Value Progression
Strategic Business Partner
Decision Enabler, Decision Maker
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Chartered Global Management Accountant (CGMA)
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CGMA Value Proposition
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CGMA Value Proposition
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
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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
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CGMA Value Proposition
Personal Marketing• Use of the credential • How to tell others about my CGMA• Networking
Personal Marketing
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Pathway
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.
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CPA Pathway: After January 2015
PATHWAY TO MEMBERSHIP To obtain a CGMA in the United States, you must be a regular voting AICPA member
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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
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Course of Study for CIMA Members
Learning Environment
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Supported Learning Environment
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Behavioral and Skills
Assessment
Individual Development
Plan
Customized by Job Title and Career path
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)
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My Individual Development Plan
CPA219Biz,
Joint Venture
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
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Complementary Global Presence
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About CIMA –Chartered Institute of Management Accountants
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
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• Being straightforward, honest and truthful• Do not be associated with any information that you believe
contains a materially false or misleading statementIntegrity
• Not allowing bias, conflict of interest or the influence of other people to override your professional judgmentObjectivity
• 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 soConfidentiality
• Comply with relevant laws and regulations• Avoid any action that could negatively affect the reputation
of the professionProfessional Behavior
CIMA Code of Ethics – Principles
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Conclusion
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
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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
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