CGMA: Global Management Accounting Designation Launched by AICPA and CIMA

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By Anne Rosivach
 
In a joint venture, the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) have launched a new global accounting designation – Chartered Global Management Accountant (CGMA) – that recognizes the unique skills of professional management accountants working in business. 
 
The CGMA is available to members of both organizations. AICPA members can explore the benefits of the designation for free until July 31, 2012. After that, a designation fee of $150 ($100 for CGMAs who are members of both the AICPA and a state society) will be added to their AICPA renewal form. The CGMA is free for CIMA members.
 
Benefits of the CGMA
 
The new designation gives professional accountants access to information, tools, products, and a global network. Some of the benefits listed on the CGMA site include:
  • Website and publications: Access to CGMA publications, including CGMA Magazine and the CGMA Newsletter.
  • Community/Global Network: Connect to a global network of peers via CGMA's online community.
  • Tools: Planning tools, checklists, decision trees, an enterprise risk management assessment tool, and real-world case studies.
  • Reports: Research, tools and techniques, and strategic insights from experts on key issues facing businesses in the global economy.
  • Professional development: Online courses, webinars, digital publications, and conferences are available at special pricing for CGMA holders.
Experience requirements for AICPA members
 
To qualify for the CGMA credential, AICPA members must meet just one of the CGMA experience requirement options. The options are a minimum of: 
  • Three years of financial (including internal audit) or management accounting experience in business, industry, or government; or 
  • Two years of financial or management accounting experience plus one year in public accounting; or 
  • Three years of financial/management accounting experience on a consulting basis; or 
  • Three years in a management accounting role focused on the management and operation of an accounting firm. 
 
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This new designation waters down and confuses the CPA title.  Since when is a professional designation achieved simply by paying an annual due and meeting time threshold?  I find the new designation obsurd.

Absurd and money to the AICPA. Also waters down and confuses the CMA title.