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Importance of Management Accountants

Management Accounting Financial diagrams The impact of regional economies over global financial markets is intense. This past month was particularly tumultuous as investors reacted to current events and economic conditions in Europe, Asia and the U.S. The rocky ride has organizations struggling to maintain the inroads they’ve made over the last two years. Corporations must navigate the risks and opportunities to move forward. That’s why I think there is great potential for management accountants to lead businesses toward success in the future.

What makes me so optimistic? Because the skill sets of management accountants have never been more appropriate for business success. In addition to solid accounting fundamentals, management accountants’ competencies in monitoring, assessing and forecasting performance; helping colleagues understand income and costs; and assisting management in making tough decisions are critical for organizations to move in the right strategic direction.

The AICPA and the Chartered Institute of Management Accountants are preparing for the early 2012 launch of the Chartered Global Management Accountant designation. The CGMA will showcase the management accounting expertise of qualified AICPA voting members, and open up an international community of colleagues for sharing ideas and gaining knowledge. The targeted resources and continuous learning opportunities that the AICPA and CIMA are preparing will enhance CGMA holders’ business acumen and help them bring long term value to their organizations. I am excited to be a part of this effort to establish what will be a gold standard for management accountants worldwide. If you want to learn more about what the CGMA, visit the CGMA website.

Carol Scott, CPA, Vice President - Business, Industry and Government, American Institute of CPAs.

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