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18 Mar 2011
CIMA'S TIE-UP with the US accountants intends to promote management accounting globally.
Speaking to Accountancy Age, CIMA chief executive Charles Tilley said that the move to create new designatory letters for experienced CIMA and AICPA members would highlight and differentiate the work undertake by management accountants.
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"It's about a common designation for management accounting. Post the financial crisis people are recognising [its importance]," said Tilley.
The deal also promotes the institutes in areas in which they have little foothold - the US for CIMA and internationally for the AICPA.
The institutes will share resources to provide their members with services to enhance their skillsets, and they will also work together on thought leadership.
Tilley denied that CIMA's decision to quit the UK institute umbrella body CCAB was influenced by its tie-up with the AICPA. "There is no relationship between the two whatsoever."
The deal is subject to both institute councils' agreement, which will take place at the end of May. The institutes will begin working together at the start of 2012 if agreement is reached.
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Visitor comments Add your comment
What CIMA and AICPA joint venture is about?
Many forum members are talking about reciprocal recognition between AICPA and CIMA. Please be remembered that for reciprocity of audit rights to occur CIMA must be a recognised auditing body in UK.
Accountancy age repeats what Charles Tilley previously said “the move to create new designatory letters for experienced CIMA and AICPA members would highlight and differentiate the work undertake by MANAGEMENT ACCOUNTANTS” in that the joint venture is about promotion of management accounting not statutory audit.
Moreover, Charles Tilley indicates that “The deal also promotes the institutes in areas in which they have little foothold - the US for CIMA and internationally for the AICPA” where common interest is for AICPA helps to promote CIMA recognition in America and CIMA assists AICPA with international expansion.
Posted by: George Lee, 06 Apr 2011 | 14:23
CIMA recognition in America
Let’s look in this way.
CIMA does not offer CBA examination in United States and it only operates 5 special examination centers across various states. Do you know how many students actually sit for CIMA professional examinations in United States? I guess it won’t be more than 20ish.
Imagine a CIMA fresh graduate comes to an interview room and tenders his/her CIMA certificate to the prospective employer, you know what? The interviewer just scratches his/her head trying to figure out what CIMA stands for.
On the contrary if someone brings a membership certificate of CIMA which also bears AICPA logo to attend a job interview, I guess this candidate would stand a higher chance of getting the job than ACCA or CIPFA member in United States.
Posted by: George Lee, 07 Apr 2011 | 19:01
CIMA and AICPA
As a CIMA qualified accountant working extensively in USA and with US clients this is a great move. The market for our skills just lot a whole lot bigger.
Posted by: Simon Gardiner, 08 Apr 2011 | 09:07
CIMA and AICPA JV: Look before we leap
I know there has been lots of discussion on this and I can quite understand the euphoria.
However we need to consider the nature of the accounting profession in the US.
If you are interested and is a CIMA member/student, many strategic issues have been brought up in a CIMAsphere discussion.
Please have a look and be informed accordingly. We all want this JV to succeed.
http://community.cimaglobal.com/discussions/management-accounting/notice-about-cima-and-aicpa
Posted by: C K Tang, 08 Apr 2011 | 21:10
CIMA in the spotlight
Even if council of CIMA and/or AICPA finally don’t approve the joint venture, both Institutes win a lot in terms of marketing and publicity. Perhaps the aim of this joint venture is to raise the profile of CIMA in United States and US CPA certification in Middle East and Asia.
Posted by: Simon Cheung, 10 Apr 2011 | 11:50
What is behind the JV deal between AICPA & CIMA?
Some CIMA members suggest CIMA to form strategic alliance with sister institute in the United States (i.e. US IMA) but they just don’t get it.
AICPA did reach consensus with US IMA that this AICPA & CIMA joint venture will not hurt the interest of IMA in United States. That explains why only those holders of new designation in America but outside United States are eligible for International Associate membership of AICPA. Therefore US IMA welcomes AICPA & CIMA deal to promote the importance and profile of management accountant in United States.
On the other hand, CPA holders of this designation will become member of CIMA otherwise they are not obliged to pay membership subscription to CIMA.
Posted by: Simon Cheung, 15 Apr 2011 | 12:13