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www.ctcpas.org
T
he American Institute of CPAs
(AICPA) and Chartered Institute
of Management Accountants
(CIMA) are proposing to join forces to
integrate the Chartered Global Man-
agement Accountant (CGMA) designa-
tion into the future of the AICPA and
the accounting profession. The goal
is to give accounting professionals an
internationally recognized competency
designation that doesn't require being
a CPA.
What is a CGMA designation?
Headquartered in London, CGMA is
the leading globally recognized man-
agement accounting designation. Cur-
rently, the CGMA is the world's largest
professional body of management ac-
countants. Its mission is to help people
and businesses to succeed in the pub-
lic and private sectors.
Worldwide, 150,000 management ac-
countants hold the CGMA designation.
In order to attain the CGMA desig-
nation, non-CPAs must complete a
minimum of 36 months of relevant
management accounting experience
and complete no fewer than four ex-
ams, which include three objective
assessments and the final CGMA
Strategic Case Study. Because of the
rigor required to attain CPA status,
CPAs pursuing the designation need
only complete the CGMA Strategic
Case Study.
Why is the AICPA proposing this
joint membership now?
In a constantly evolving and changing
regulatory environment, professional
standards are critical. As business ex-
pands globally, the joint venture will
help accounting professionals differ-
entiate themselves by achieving a high
level of competency. With the propos-
al, the joint venture would allow the
AICPA to have members in 91 percent
oftheworld'scountriesand33offices
in the U.S. and abroad.
This proposal will also give the AICPA
a bigger platform to talk with students
and graduates about the benefits of
the CPA and CGMA designations and
the options across public and man-
agement accounting.
What are the next steps?
The joint venture was proposed at the
October 2015 AICPA Council meeting
and the Council voted to go forward
with the joint venture. The AICPA is
asking state CPA societies to partici-
pate by educating students, faculty,
and members of the accounting pro-
fession of the benefits of the CGMA
designation for accountants who are
not CPAs.
The CTCPA Board of Directors will
meet to formally discuss whether it
will support the joint proposal at its
January 2016 meeting. We will share
additional developments as they be-
come available.
AICPA Council News
AICPA Looking for Support of Joint Venture with Chartered Institute
of Management Accountants and Potential Partnership with
State CPA Societies
8
The goal is to give
accounting professionals
an internationally recognized
competency designation
that doesn't require
being a CPA.