Where can I get more information?
1. Is ICMA (Australia) linked to other accounting bodies?
The Institute of Certified Management Accountants (Australia) is
an independent Australian body. Its patrons are Bill Dix, formerly the Chairman
of Qantas and Ford, and Professor John Miller, formally Director of Consumer Affairs
and President of CPA Australia.
The Institute distributes the world-class "CFO Magazine”, published
by the Australian Financial Review to all its members. The ICMA's research journal,
the 'Journal of Applied Accounting Research' is co-edited by Prof Garry Marchant
of the University of Melbourne and Professor Janek Ratnatunga of Monash University.
It is not linked to any other professional
body like IMA (USA), CIMA (UK), SMA (Canada), etc
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2. What are the other professional accounting bodies in Australia?
The Institute of Chartered Accountants of Australia (ICAA) and CPA
Australia are the two large accounting bodies in Australia. There are two smaller
bodies, the National Institute of Accountants-NIA (that was operating previously
at the Diploma/'Accounting Technician' level) and the Institute of Certified Management
Accountants-ICMA (operating at the Masters degree 'Accounting Specialist' level).
The education programs of the ICMA mainly consist of a Graduate
Conversion Program for non-accounting graduates and a Certification (CMA) program
for accountants. In Australia and other countries, these subjects are taught within
university masters degree programs such as the MBA and Master of Professional Accounting
programs. As such, whilst the NIA originated as a professional body for those holding
Technical College Advanced Diplomas, and the Chartered and CPA qualifications are
for undergraduate degree holders, the ICMA is a specialised body at the post-graduate
end of the profession. In fact, most members have masters’ degrees or are already
qualified as a CA or CPA, and must have at least 5 years relevant professional experience.
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3. How recognised is the ICMA?
The ICMA is registered under the Associations Incorporations Act 1981 (Vic.) with
members entitled under its Rules to use the post-nominals ‘Certified Management
Accountant (CMA)’, ‘Associate Management Accountant (AMA)’, ‘Graduate Management
Accountant (GMA)’, "Registered Cost Accountant (RCA)", and ‘Management Accounting
Affiliate (MAA)’ membership categories.
True “recognition” is, however, only earned in the market. As a new body, having
just over 2,500 members (with over 1,500 CMAs), it is already well recognised in
its niche market, as a specialist qualification for already qualified 'generalist'
accountants who which pursue a professional qualification undertaking two advanced
subjects at the Masters Degree level.
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4. Tell me more about the Grades of Membership?
All information on Membership is available from the Membership section at www.cmawebline.org
5. If I have a recognised accounting qualification, do I still have
to become a GMA or AMA first?
No, you may wish
to undertake the CMA subjects as a student member, and upon completion, apply for
CMA membership directly if you have over 5 years relevant experience.
6. Do I have the relevant experience?
All information on relevant experience is available from the Membership section
at www.cmawebline.org
7. How do I qualify to become a CMA?
Those with an "Accounting" background (such as an accounting degree, CA or CPA)
need to do 2 specialist electives to get the CMA certification as follows:
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8. What do you mean by “recognised” accounting qualification?
A recognised accounting qualification is either :
1.
An undergraduate degree with an accounting specialisation
(at least 25% of the degree must be accounting and finance subjects) from an “accredited”
university, or
2.
An postgraduate degree (e.g. MCom, MBA) with
an accounting specialisation (at least 25% of the degree must be accounting and
finance subjects) from an “accredited” university, or
3.
A professional accounting qualification from
a body granted a Royal Charter or Government Charter. Most “Certified” bodies are
also acceptable, however, in some countries, as the word “Certified” is not a restricted
term, there are some accounting bodies using “certified” in their title that would
be unacceptable to the ICMA as a recognised accounting qualification, or
4.
Those holding membership of the following accounting
professional bodies HAVE been recognised in the past by the ICMA as having a recognised
accounting qualification.
·
All Chartered Accounting bodies worldwide
·
AICPA (USA)
·
CPA Australia
·
MIA (Malaysia)
·
MICPA (Malaysia)
·
ICPAS (Singapore)
·
ICWA (India)
·
ICMA (Pakistan)
·
ICMA (Bangladesh)
·
CIMA (UK)
·
CACA (UK)
·
ICSA (UK)
·
CGA (Canada)
·
SMA (Canada)
·
CPA (Philippines)
·
ICMA (PNG)
·
CPAC (China)
·
LACPA (Lebanon)
·
CPA Ireland
·
Saudi Organisation of CPAs (Middle-East)
Note: CMA members of IMA USA are required to complete 2 units of
the GMA Stage 4 program: Financial Management and Financial Statement Analysis.
Those holding membership of the following accounting (and related)
bodies HAVE NOT been recognised in the past by the ICMA as having a recognised accounting
qualification.
·
Non-CMA members of IMA (USA)
·
Association of International Accountants (UK)
·
Association of Cost and Executive Accountants (UK)
·
Society of Certified Management Accountants (Sri Lanka)
·
Society of Company and Commercial Accountants (UK)
·
Society of International Accounting Technicians (UK)
·
International Institute of Certified Management Accountants
(USA)
·
Associate of the Institute of Co-operative and Management
Accountants, (Malaysia).
·
CPA International (there are many bodies with this name operating
in different countries)
·
Institute of Financial Accountants (UK)
·
Chartered Financial Management Analyst (USA)
·
Chartered Portfolio & Investment Manager (USA)
·
Chartered Trust and Estate Planner (USA)
·
Certified Economic Policy Analyst (USA)
·
The Registered Financial Planners Institute (USA)
·
Society of Registered Financial Planners Limited (HK)
·
Institute of Financial Consultants (Certified Financial Consultant)
·
Association of Financial Planners (UK)
·
Chartered Business Administrator (USA)
·
Chartered Business Administrator (Canada)
·
Canadian of Institute of Professional Accountants
·
Institute of Professional Financial Managers (IFC USA),
·
American Academy of Financial Management (AAFM-USA)*
·
Institute of Professional Financial Managers (UK)
·
Association Of Certified Fraud Examiners (USA)
·
The Institute of Commercial & Financial Accountants of
Southern Africa (South Africa)
·
Association of Certified Management Accountants (UK)
·
Institute of Chartered Accountants of the Commonwealth
·
Association of Certified Public Accountants (U.K.)
·
Institute of Executives and Managers (U.K.)
·
Institute of Service Industries Management (U.K.)
·
The Institute of Co-Operative and Management Accountants,
Malaysia.
·
Association of Incorporated Secretaries and Administrators
(U.K.)
·
Institute of Certified Public Accountants (New Zealand)
·
Institute of Certified Management Accountants of New Zealand
·
All members of the U.K. based Confederation of Independent
Accountancy Bodies (CIAB).
* The AAFM conducts non-examination seminars leading to a host of
post-graduate sounding certifications such as Master Financial Professional, Certified
Cost Accountant etc., all of which are NOT recognised by ICMA for membership purposes.
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9. What do you mean by an “accredited” university?
In most countries the word University is a protected name, and granted to institutions
after significant demonstration of academic rigor and research scholarship. However
in some countries the word “University” is registered as a business name, and degrees
are granted for “life experience”. A majority of such universities are in the USA
and UK, but there are some in Asia, Europe and Africa. The ICMA considers as “accredited”
only those universities accredited by the 5 regional accrediting agencies in the
USA, or those that have a Royal Charter as a university in the UK. In most other
countries, as the word “University” is strictly controlled, the ICMA will recognise
all such institutions registered in their countries as universities.
Those holding “degrees” of the following “Universities” HAVE NOT been recognised
in the past by the ICMA as having a recognised university degree.
-
Pacific Western University (USA)
-
Columbia Pacific University (USA)
-
American University of Asia (Sri Lanka)
-
American University of London
-
Browns International University
-
Michigan International University (USA)
-
European University of Ireland
-
Fairfax University (USA)
-
Clayton University (USA)
-
Newport University (USA)
-
International University (USA)
-
Rushmore University (USA)
-
Somerset University (UK)
-
Southern Pacific University (S.P.U.) (St. Kitts & Nevis)
-
Washington International University (USA)
-
Preston University (USA) and affiliated campuses around the world
-
Sussex College of Technology (UK)
-
Rochville University (USA)
-
Calamus International University
-
Royal International University (Virgin Islands)
-
Wisconsin International University
-
Wessex University
-
Canadian College of Professional Management
-
Cosmopolitan University, Chile
-
Atlantic International University, USA
-
Pebble Hill University, USA
-
Mist University
-
Irish University Business School
-
Novus University (USA)
-
Canadian School of Finance and Management (Postgraduate Diploma in Management Accounting)
-
American College of Computer & Information Sciences
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[Please see www.unidegree.com (under
"Accreditation") for a full list of unaccredited universities]
10. Which Universities and other providers conduct subjects accredited
by ICMA in the CMA Program?
From
time to time, the Institute grants Recognised Provider Institutions
(RPI) status to organisations in branch locations in Australia and overseas. The
following organisations have been authorised to provide training to both prospective
and current members of the Institute.
·
Wharton Institute of Technology and Science (WITS), Australia
·
Australian Institute of Finance and
Management (AIFM), Australia
·
The Institute of Chartered
Accountants in Sri Lanka (ICASL), Sri Lanka
·
Imperial College of
Business Studies (ICBS), Sri Lanka
·
IPMI (Indonesian Institute for
Management Development), Indonesia
·
Multimedia College (MMC),
Malaysia
·
Business Sense,
Inc. Philippines
·
D'Souza Financial
Services (Mumbai), India
·
First Canvas Training Ventures Pvt.
Ltd., India
·
Graduate School
of Management (Pacific), PNG
·
HBS for Certification and
Training, Lebanon
·
Wisdom
Group of Institutions (UAE)
The following CMA Branches also can be contacted for their training
programs via ICMA Recognised Provider Institutions (RPIs) :
·
cmaglobal
·
cmaaustralia
·
cmahongkong
·
cmaphilippines
·
cmaindia
·
cmasingapore
·
cmalebanon
·
cmadubai
·
cmapng
·
cmasrilanka
·
cmamalaysia
·
cmachina
·
cmaeurope
·
cmaafrica
Further, the Institute has accredited a number of universities
to provide in-house training and examinations of the CMA programme. These universities
are as follows :
·
Monash
University (AUS)
o MBA 5050: Strategic Cost Management
o MBA 5030: Strategic Business Analysis
·
Deakin University (AUS)
o MAF754 Enterprise Risk Management
o MAA710 Business Advisory Services
·
Central Queensland University
(CQU) (AUS)
o Management Accounting Systems
o Strategic Cost Management
·
Griffith
University (AUS)
·
Macquarie University (AUS)
o ACCG828: Management Control Systems
o ACCG811: Management Accounting: Strategy and Control
·
Sydney University (AUS)
o ACCT 6006: Advanced Managerial Accounting
o ACCT 6005: Management Control Systems
·
University of South Australia (AUS)
·
ACU National (Australian
Catholic University) (AUS)
o ACCT605-Strategic Resource Management
o ACCT 605-Strategic Managerial Accounting
·
University of Balamand
(Lebanon)
o Advanced Management Accounting
o Advanced Strategic Management Accounting
·
Royal Roads University
(Canada)
o Advanced Management Accounting
o Advanced Strategic Management Accounting
·
Educatis University (Switzerland)
o Advanced Management Accounting
o Advanced Strategic Management Accounting
·
University of Utara
Malaysia (Malaysia)
o Advanced Management Accounting
o Advanced Strategic Management Accounting
·
University of Hong Kong (Hong
Kong)
o Advanced Management Accounting
o Advanced Strategic Management Accounting
·
Jubilee University (PNG)
o Strategic Cost Management
o Strategic Business Analysis
·
Manchester Business
School Worldwide (University of Manchester) South East Asia Centre
o Entry into MBA Program for those holding
CMA qualification
·
Parahyangan Catholic University
o Strategic Cost Management
o Strategic Business Analysis
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11. Is there a membership category for those who don’t have an accredited
degree or approved professional qualification, but still interested in managerial
accounting?
Due to overwhelming interest in managerial accounting in recent times, there are
many individuals who may not have formal qualifications in managerial accounting,
but either practice as such, or wish to have an interest in the field.
As such, the Institute has a new membership category for such individuals, Management
Accounting Affiliate with the use of the post-nominals MAA, with open entry for
those with either 2 years supervisory managerial experience or 3 years of running
one’s own business. This category of members would be required to undertake an approved
continuing professional development (CPD) program within 2-years of being granted
such membership.
The membership benefits include the use of the post-nominal MAA,
access to website, research monographs, 6 issues of the On Target Newsletter and
the monthly Journal (currently the Australian CFO magazine).
12. Is the PNA Qualification of the NIA recognised as an
accounting degree equivalent qualification by ICMA?
As a Professional National Accountant (PNA) of the National Institute of Accountants,
Australia, you may have an accounting degree. If so, you only need to do the 2 CMA
subjects. If however, you have obtained your PNA under a “grandfather” clause without
an accounting degree, then you would need to undertake the 4 GMA conversion program
subjects for GMA and AMA status, and the two CMA subjects for CMA status.
13. Do I have to sit exams to become a CMA?
If you are a qualified
accountant, and have over 20-years relevant experience you be exempted from having
to sit for exams (under ICMA’s 20-year rule). However you still have to attend and
follow the CMA course and do the assessments within it when it runs, even though
you then do not then have to sit the exams. Those having between 10-20 relevant
experience have a choice of sitting the 2-paper exams OR writing a 2,000 word assignment.
They too have to attend and follow the CMA course and do the assessments within
it when it runs.
14. Where do the Courses run?
Courses run in Universities (as university subjects in Masters degree
programs) and via ICMA accredited Recognised Provider Institutions.
Courses run in Australia, Singapore, HK, Indonesia, Malaysia, Papua
New Guinea, Macau, India, Dubai, Canada, The Philippines, Lebanon, China and Sri
Lanka. Details are posted on www.cmawebline.org.
15. Can I do the CMA program by Distant Education?
The following providers run the CMA subjects via the internet.
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16. If I don’t have an accounting degree, can I still become a CMA?
Those with degrees in fields other than accounting need to do four prerequisite
(conversion) subjects, before they do the above two, i.e.:
Completion of these four subjects will give you Graduate Management Accountant (GMA)
status, and if you have three years relevant experience, Associate Management Accountant
(AMA) status.
17. If I have an MBA (but don’t have an accounting degree), can I still
become a CMA?
Those with MBA degrees (whose first degree is in a field other than
accounting) need to do two prerequisite (conversion) subjects, before they do the
two CMA subjects, i.e.:
·
Financial Modelling (Accounting with Excel modelling)
·
Financial Management
·
Strategic Cost Management
·
Strategic Business Analysis
However, as most MBAs have an “accounting” and “corporate finance”
subject as part of their core subjects in the MBA, most MBA gradustes will need
to do only :
·
Strategic Cost Management
·
Strategic Business Analysis
Some MBA graduates may have done one or both of these as electives.
Evidence of completion of these four subjects (via your MBA or via an ICMA Educational
provider) will give you Certified Management Accountant (CMA) status, and if you
have five years relevant experience.
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18. If I am a part qualified accountant, can I still become a CMA?
Those who are part qualified students of recognised professional
bodies (such as those only needing to do the final stage of CIMA or ACCA) need to
do four prerequisite (conversion) subjects, before they do the above two, i.e.:
·
Financial Modelling (Accounting with Excel modelling)
·
Financial Management
·
Management Accounting
·
Financial Statement Analysis
Completion of these four subjects will give you Graduate Management
Accountant (GMA) status, and if you have three years relevant experience, Associate
Management Accountant (AMA) status.
Those who have less
than the one but the final stage in a recognised professional exam, will need to
contact the Recognised Provider Institution in their countries to determine which
extra subjects from the Graduate program they would need to undertake.
19. If I have an Australian TAFE Advanced Diploma, can I still become
a CMA?
Those holders of Australian TAFE Advanced Diplomas in Accounting
need to do the GMA conversion subjects, before they do the above two, i.e.:
GMA Stage 4 :
·
Financial Modelling (Accounting with Excel modelling)
·
Financial Management
·
Management Accounting
·
Financial Statement Analysis
Completion of these
eight subjects will give you Graduate Management Accountant (GMA) status, and if
you have three years relevant experience, Associate Management Accountant (AMA)
status.
20. Will I get University Credit for the subjects I do with ICMAin a
MBA Prgram?
Most Australian and overseas MBA programs do the following two subjects
as part of their core :
·
Accounting [i.e. Financial Modelling (Accounting with
Excel modelling)]
·
Corporate Finance [i.e. Financial Management]
In most circumstances only two further electives are required for
a non-accounting degree holder to complete the CMA program subjects. Thus a non-accountant
can get an MBA, CMA by doing two electives, in addition to their two core MBA units,
as follows:
·
Strategic Cost Management
·
Strategic Business Analysis
If you have completed the CMA program
by examination, then most MBA programs will give between 2-4 credit exemptions
in the MBA. For this reason it has been extremely popular since 1997, and over 400
masters degree students in Australia, Singapore, HK, Indonesia, Malaysia and Sri
Lanka have taken advantage of this stream to obtain the CMA certification along
with their Masters degree.
21. Is the CMA qualification recognised for immigration into Australia?
The Institute does not enter into correspondence as to if CMA is a recognised qualification
for purposes of migration requirements to Australia. It is aware, however, that
some CMAs have obtained migration to Australia on a case-by-case basis.
22. Where can I get more information?
ICMA provides all
information on its website, www.cmawebline.org. If you have any other queries, you
can direct your questions to our Executive Director at info@cmawebline.org, who
will in turn forward your email to the relevant section/person.
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