AICPA Council Approves New International Designation

In a unanimous vote on May 23, the AICPA Council approved a motion to partner with the London-based Chartered Institute of Management Accountants (CIMA) to create a new international management accounting credential, the AICPA announced in a press release.

The new credential -- chartered global management accountant (CGMA) -- will be issued by the joint venture on behalf of the AICPA and the CIMA, with membership remaining with the existing organizations.

AICPA voting members in the U.S. with at least three years of background working in management accounting or in a financial management role would qualify to obtain the new credential on an accelerated route, according to the AICPA press release from March. Non-voting members in the U.S. would not be eligible to acquire the designation at all.

The AICPA estimates that the new venture would cover more than 550,000 members and students worldwide between the two organizations.

The AICPA would own 60 percent of the venture which is to be governed by a board of directors with 50/50 representation from the AICPA and CIMA and a rotating chairman.

In the Americas outside the United States, non-U.S. CPAS are eligible to obtain the designation as AICPA international associates following what the AICPA calls a “rigorous assessment process,” after which they become automatic members of the CIMA.

Once they’ve attained the designation, all holders would be required to commit to an ongoing, self-directed program of continuing career development and competency maintenance focused on management accounting, leadership and strategy, according to the AICPA press release from March.

According to the AICPA, the new CGMA credential won’t be available until 2012.