On the one-year anniversary of their strategic partnership, IMA® and ACCA (Association of Chartered Certified Accountants) announced a new strategic initiative for the global finance profession, Financial Leadership and Performance.
This initiative to support the career development goals of CFOs and other aspiring professionals was officially launched on June 23 during IMA’s Annual Meeting of Members at the start of the IMA 94th Annual Conference & Exposition in New Orleans.
Also at that meeting, the two organizations signed a Mutual Recognition Agreement, which was approved by the ICMA® Board of Regents and ACCA’s Council.
Pictured left: Barry Cooper, ACCA’s president, and John Macaulay, CMA, IMA’s Chair 2012-2013, sign a Mutual Recognition Agreement at IMA’s Annual Conference & Exposition in New Orleans.
The Mutual Recognition Agreement enables members of both organizations, subject to standard conditions of membership, a clear pathway to one another’s credentials based on a rigorous content and curriculum review: IMA’s CMA® certification or ACCA’s professional membership.
Under the agreement, which becomes effective early next year, IMA members who have completed the CMA qualification and undertaken the following requirements shall be considered to have met the education, examination, and experience requirements to be a qualified member of ACCA: (1) Pass ACCA’s three Essentials exams – P1 Governance, Risk and Ethics, P2 Corporate Reporting, and P3 Business Analysis; (2) complete ACCA’s Professional Ethics module; and (3) complete or document an additional year of practical experience.
In turn, ICMA will grant the CMA certification to those ACCA qualified members who have passed the exam parts P4 Advanced Financial Management and P5 Advanced Performance Management, as well as to those ACCA members who have passed the comparable two parts in prior syllabi. All other ACCA qualified members can waive part 2 (Financial Decision Making) of the CMA exam and would be required to pass part 1 (Financial Planning, Performance, and Control) to become certified as a CMA.
For complete information on the agreement, please see a list of frequently asked questions.
As part of the Financial Leadership and Performance initiative, ACCA and IMA will support professionals through a variety of resources:
- A new co-sponsored website (www.roleofcfo.com) – A resource for finance leaders, containing ACCA and IMA reports, research, and insights.
- CFO Pathways – A research report covering the future of CFOs’ work, their role, and changing career paths.
- Continuing Professional Development/Continuing Professional Education – Resources that focus on financial leadership and performance, including articles, webinars, videos, and e-learning courses.
In the press release announcing the agreement, Barry Cooper, ACCA’s president, said, “Both our credentials are the result of rigorous qualification and assessments, with a clear commitment to producing ethical, reputable and high performing members. Together, we understand the issues and drivers of success for the CFO and the finance team. The announcements made today, including flexible pathways to our respective exams and compelling CFO resources, are indicative of our commitment to sustainable organizational success.”
John Macaulay, CMA, IMA’s Chair 2012-2013, added, “Collectively, ACCA and IMA represent 653,000 members and candidates, with a unique global network of 89 offices and centers around the world, including more than 200 local chapter communities. With today’s announcements, we have the opportunity to deliver even more value to the global profession, supporting CFOs and those aspiring toward that goal. We will continue to support excellence in management accounting through tested certification.”
For additional information about this strategic initiative, please find more information here.
ACCA (Association of Chartered Certified Accountants) is the global body for professional accountants with 162,000 members and 426,000 students in 173 countries worldwide. It offers business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management. For more information, please visit www.accaglobal.com.
Know more about ACCA and CMA at PMTC Global