The Chartered Global Management Accountant: A Necessary Professional Credential or an Unncessary Irritant Between the AICPA and IMA?
The AICPA announced two weeks ago that it was initiating a new credential, the Chartered Global Management Accountant (CGMA) effective January 31. Members of the AICPA are allowed to "test drive" the designation through July 31; thereafter, experience requirements (generally three years in a management, consulting or finnacial management setting) and annual dues of $150 ($100 if a member of a state CPA society) will be required to maintain the CGMA status. No specific testing of technical skills is presently required; an omission which the IMA vigorously criticized in its review of the designation.
Perhaps the AICPA is trying to use the CGMA to increase its international presence; perhaps there was significant demand within the AICPA which I was unaware of for a management accounting designation. On the surface, however, it is hard for me to see this as anything but an unnecessary irritant in AICPA--IMA relations. As an academic who took two weeks of thought before publishing this, an AICPA-IMA feud does little good for anyone; especially college accounting faculty who want student post-graduate workplace options to be as inclusive as possible in an iffy economy.