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Building a Foundation for the Future of Management Accounting

CGMA-wordcloudThe strength of the tallest buildings lies within their foundations. As the CGMA designation continues to grow, I’d like to tell you a little about the foundation that makes it so strong. 

The CGMA designation was created to help people and businesses succeed. As we head towards 2015, there are a several major releases from the AICPA and CIMA, culminating in a universal exam in January 2015. These releases are the foundational building blocks of the designation.

So much of what we do is grounded in research with employers around the globe to find out what competencies they require to drive better business. Time and time again, business leaders have told us that it’s not adequate for finance professionals to merely navigate—the need to steer business and have the capability to make critical decisions.

Last week, the AICPA and CIMA proposed a consultation draft of the Global Management Accounting Principles©, providing a framework against which CFOs, their senior finance professionals, and non-executive directors with strategic and financial oversight can benchmark their practices and processes and identify where improvements are desirable. Please consider reviewing the proposal and offering feedback during the consultation period ending May 10, 2014.

Another major result of our employer research is a competency framework that shows the skills and competencies finance professionals need to help drive the success of their organisations. The final competency framework will be released this spring, but the comprehensive research allowed for the development of the updated CIMA syllabus—also launched last week.

The updated syllabus is the foundation of the CGMA program and designation. It bridges skills gaps worldwide, ensuring that CGMAs remain valued and respected by businesses.

To assess the competencies laid out in the framework and taught via the syllabus, an integrated case study will be launched in January 2015. All CGMA candidates, regardless of whether they followed the AICPA or CIMA route, will be required to pass the exam and fulfill practical experience requirements to become designation holders.

Our objective is to produce competent and confident management accounting professionals who are able to guide and lead their organizations to sustainable business success. The updated syllabus and exam bridges skills gaps of newly qualified finance professional worldwide, meeting the employability needs of both business and people.

Arleen Thomas, CPA, CGMA, Senior Vice President - Management Accounting and Global Markets, American Institute of CPAs.

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