A NEW ASSOCIATION formally bringing together CIMA and US institute AICPA will not dilute their brands, CIMA chief executive Charles Tilley (pictured) has claimed.
Announcing plans to launch a new association next year, Tilley told Accountancy Age that it would look to better use resources to promote their joint CGMA designation.
“It’s not the end of them,” said Tilley. “We will continue to promote management accounting; strengthening [the offering] to employers; strengthening our research; and our advocacy. We are retaining our MA focus and Royal charter.”
CIMA and AICPA have worked together since 2012, offering a global management accounting designation (CGMA) to appropriate members. The move caused some controversy, with one former CIMA president describing the joint venture as “marketing froth”. The initial venture was not put in front of members for a vote.
However, the two bodies are clearly happy enough with its progress to take another step forward. The association, which is currently unnamed, will allow for a better aligned and resourced structure to further promote the CGMA designation. “It will allow the association into push across around the world,” said Tilley. “It’s widening our global footprint.”
A consultation will be launched imminently among the member bases, before CIMA puts the decision to a vote in its April 2016 AGM. If agreed, the new association, which will be owned 50/50 between the two bodies, will be created in June.
There are currently 150,000 management accountants represented by the CGMA designation across the two bodies. The venture has seen the introduction of global management accounting principles, reflecting how to deal with the key risks accountants face, and the values they must uphold. A competency framework was also introduced to underpin the need for high-level skillsets while being objective and ethical.